Federal Income Taxes

6 Months Ended

Jun. 30, 2016

Federal Income Taxes [Abstract]

Federal Income Taxes

6.  Federal Income Taxes

The effective tax rate is the ratio of tax expense over pre-tax income (loss).  The effective tax rate was 21% and 18% for the three and six months ended June 30, 2016, respectively.  The effective tax rate was 23% and 21% for the three and six months ended June 30, 2015, respectively.  The effective tax rate on pre-tax income from continuing operations was lower than the prevailing corporate federal income tax rate.  Differences in the effective rates and the U.S. statutory rate of 35% were the result of certain tax preferred investment income, separate account dividends-received deductions, foreign tax credits and other tax preference items.