Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Total income tax expense (benefit) is allocated as follows:

	Year Ended December 31
	2023		2022		2021
	(in millions of dollars)
Net Income	$	356.3	$	342.8	$	279.6
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss)
Change in Net Unrealized Gain (Loss) on Securities	300.6		(1,890.8)		(346.9)
Change in the Effect of Discount Rate Assumptions on the Liability for Future Policy and Contract Benefits, Net of Reinsurance	(256.5)		2,385.1		622.8
Change in Net Gain (Loss) on Hedges	(17.0)		(19.2)		(9.8)
Change in Foreign Currency Translation Adjustment	0.9		(0.1)		4.2
Change in Unrecognized Pension and Postretirement Benefit Costs	(2.7)		18.9		42.1
Total	$	381.6	$	836.7	$	592.0

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax provision at the U.S. federal statutory rate to the income tax rate as reported in our consolidated statements of income is as follows:

	Year Ended December 31
	2023		2022		2021
Statutory Income Tax	21.0	%	21.0	%	21.0	%
Policyholder Reserves	(0.6)		(1.7)		2.0
Other Items, Net	1.3		0.3		(0.8)
Effective Tax	21.7	%	19.6	%	22.2	%

Schedule of Deferred Tax Assets and Liabilities

Our net deferred tax asset consists of the following.

	December 31
	2023		2022
	(in millions of dollars)
Deferred Tax Asset
Invested Assets	$	354.5	$	664.9
Reserves	462.6		116.4
Employee Benefits	161.9		158.3
Other	35.8		34.4
Gross Deferred Tax Asset	1,014.8		974.0
Less: Valuation Allowance	11.0		10.3
Net Deferred Tax Asset	1,003.8		963.7
Deferred Tax Liability
Deferred Acquisition Costs	175.1		177.7
Fixed Assets	36.7		48.9
Cost of Reinsurance	119.7		131.6
Other	49.9		44.7
Gross Deferred Tax Liability	381.4		402.9
Net Deferred Tax Asset	$	622.4	$	560.8

Schedule of Income before Income Tax, Domestic and Foreign

Our consolidated statements of income include amounts subject to both domestic and foreign taxation. The income and related tax expense (benefit) are as follows:

	Year Ended December 31
	2023		2022		2021
	(in millions of dollars)
Income Before Tax
Domestic	$	1,506.2	$	1,596.8	$	1,150.5
Foreign	133.9		153.2		110.1
Total	$	1,640.1	$	1,750.0	$	1,260.6
Current Tax Expense (Benefit)
Federal	$	440.4	$	306.5	$	180.7
State and Local	(2.5)		12.7		2.6
Foreign	14.1		154.3		29.5
Total	452.0		473.5		212.8
Deferred Tax Expense (Benefit)
Federal	(106.2)		42.7		54.0
State and Local	(1.5)		1.1		(2.2)
Foreign	12.0		(174.5)		15.0
Total	(95.7)		(130.7)		66.8
Total Tax Expense	$	356.3	$	342.8	$	279.6

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible

Our consolidated statements of income include the following changes in unrecognized tax benefits.

	December 31
	2023		2022		2021
	(in millions of dollars)
Balance at Beginning of Year	$	177.4	$	198.8	$	219.7
Decreases for Tax Positions Related to Prior Years	(20.7)		(21.0)		(20.9)
Lapse of the Applicable Statute of Limitations	—		(0.4)		—
Balance at End of Year	156.7		177.4		198.8
Less Tax Attributable to Temporary Items Included Above	(42.4)		(63.5)		(84.7)
Total Unrecognized Tax Benefits That if Recognized Would Affect the Effective Tax Rate	$	114.3	$	113.9	$	114.1