Income Tax (Tables)

12 Months Ended

Dec. 31, 2024

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
	2024		2023		2022
	(in millions of dollars)
Net Income	$	472.2	$	356.3	$	342.8
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss)
Change in Net Unrealized Gain (Loss) on Securities	(226.6)		300.6		(1,890.8)
Change in the Effect of Discount Rate Assumptions on the Liability for Future Policy and Contract Benefits, Net of Reinsurance	488.9		(256.5)		2,385.1
Change in Net Gain (Loss) on Derivatives	(51.5)		(17.0)		(19.2)
Change in Foreign Currency Translation Adjustment	1.1		0.9		(0.1)
Change in Unrecognized Pension and Postretirement Benefit Costs	12.0		(2.7)		18.9
Total	$	696.1	$	381.6	$	836.7

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
	2024		2023		2022
Statutory Income Tax	21.0	%	21.0	%	21.0	%
Policyholder Reserves	0.3		(0.6)		(1.7)
Other Items, Net	(0.3)		1.3		0.3
Effective Tax	21.0	%	21.7	%	19.6	%

Schedule of Deferred Tax Assets and Liabilities

Our net deferred tax asset consists of the following. Certain prior year amounts have been reclassified to conform to current presentation.

	December 31
	2024		2023
	(in millions of dollars)
Deferred Tax Asset
Invested Assets	$	593.2	$	354.5
Reserves	—		462.6
Employee Benefits	146.3		161.9
Other	36.8		35.8
Gross Deferred Tax Asset	776.3		1,014.8
Less: Valuation Allowance	12.1		11.0
Net Deferred Tax Asset	764.2		1,003.8
Deferred Tax Liability
Deferred Acquisition Costs	167.0		175.1
Reserves	85.9		—
Cost of Reinsurance	110.4		119.7
Other	62.2		86.6
Gross Deferred Tax Liability	425.5		381.4
Net Deferred Tax Asset	$	338.7	$	622.4

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
	2024		2023		2022
	(in millions of dollars)
Income Before Tax
Domestic	$	2,129.5	$	1,506.2	$	1,596.8
Foreign	121.8		133.9		153.2
Total	$	2,251.3	$	1,640.1	$	1,750.0
Current Tax Expense (Benefit)
Federal	$	393.1	$	440.4	$	306.5
State and Local	(8.5)		(2.5)		12.7
Foreign	47.5		14.1		154.3
Total	432.1		452.0		473.5
Deferred Tax Expense (Benefit)
Federal	59.8		(106.2)		42.7
State and Local	(0.6)		(1.5)		1.1
Foreign	(19.1)		12.0		(174.5)
Total	40.1		(95.7)		(130.7)
Total Tax Expense	$	472.2	$	356.3	$	342.8

Schedule of Unrecognized Tax Benefits Roll Forward

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

	December 31
	2024		2023		2022
	(in millions of dollars)
Balance at Beginning of Year	$	156.7	$	177.4	$	198.8
Decreases for Tax Positions Related to Prior Years	(20.7)		(20.7)		(21.0)
Lapse of the Applicable Statute of Limitations	—		—		(0.4)
Balance at End of Year	136.0		156.7		177.4
Less Tax Attributable to Temporary Items Included Above	(21.2)		(42.4)		(63.5)
Total Unrecognized Tax Benefits That if Recognized Would Affect the Effective Tax Rate	$	114.8	$	114.3	$	113.9