Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Components of Income Tax Expense (Benefit)

The following schedule discloses significant components of income tax expense (benefit) for each year presented:


	Years Ended December 31,
	2024		2023		2022
	(in thousands)
Current tax expense (benefit):
U.S. federal	$	151,544	$	698,170	$	(345,263)
State and local	5,763		14,550		4,479
Total	157,307		712,720		(340,784)
Deferred tax expense (benefit):
U.S. federal(1)	(22,612)		(686,252)		44,097
State and local	454		0		0
Total	(22,158)		(686,252)		44,097
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures	135,149		26,468		(296,687)
Income tax expense (benefit) on equity in earnings of operating joint ventures	24		(109)		(193)
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)(1)	(151,234)		(5,638)		(106,197)
Total income tax expense (benefit)	$	(16,061)	$	20,721	$	(403,077)

(1) Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

Schedule of Effective Income Tax Rate Reconciliation

The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2024, 2023 and 2022, and the reported income tax expense (benefit) are summarized as follows:


	Years Ended December 31,
	2024			2023			2022
	($ in thousands)
Expected federal income tax expense (benefit)(1)	$	204,342		$	100,305		$	(208,444)
Non-taxable investment income	(42,621)			(42,730)			(46,426)
Tax credits	(29,001)			(42,578)			(47,544)

State taxes (net of federal benefit)	4,911			11,495			3,538
Other	(2,482)			(24)			2,189
Reported income tax expense (benefit)	$	135,149		$	26,468		$	(296,687)
Effective tax rate(1)	13.9		%	5.5		%	29.9		%

Schedule of Deferred Tax Assets and Liabilities

Schedule of Deferred Tax Assets and Deferred Tax Liabilities


	December 31,
	2024		2023
	(in thousands)
Deferred tax assets:
Insurance reserves(1)	$	1,749,792	$	1,663,037
Investments(1)	1,033,856		788,425
Net unrealized loss on securities	410,718		296,749
Other	5,647		4,723
Deferred tax assets	3,200,013		2,752,934
Deferred tax liabilities:
Deferred policy acquisition cost(1)	1,227,858		946,846
Deferred sales inducements	66,686		72,791



Deferred tax liabilities	1,294,544		1,019,637
Net deferred tax asset (liability)	$	1,905,469	$	1,733,297

(1) Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.