Income Taxes

6 Months Ended

Jun. 30, 2012

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company’s effective tax rates for the three months ended June 30, 2012 and 2011 were 35.1% and 27.0%, respectively. The Company’s effective tax rates for the six months ended June 30, 2012 and 2011 were 34.2% and 38.4%, respectively. The effective tax rates differ from the statutory rate due to the following items:

	Three Months Ended June 30,
	2012		2011
			(As revised)
Statutory rate	35.0	%	35.0	%
Dividends received deduction	(10.3	)%	(1.8	)%
Valuation allowance	10.2	%	(6.6	)%
IRS audit adjustment	—	%	—	%
Other	0.2	%	0.4	%
Effective rate for three months ended June 30	35.1	%	27.0	%
	Six Months Ended June 30,
	2012		2011
			(As revised)
Statutory rate	35.0	%	35.0	%
Dividends received deduction	(4.4	)%	(1.8	)%
Valuation allowance	3.6	%	3.9	%
IRS audit adjustment	(0.1	)%	1.1	%
Other	0.1	%	0.2	%
Effective rate for six months ended June 30	34.2	%	38.4	%

Valuation allowances are provided when it is considered unlikely that deferred tax assets will be realized. As of June 30, 2012 and December 31, 2011, the Company had a tax valuation allowance of $63.0 and $53.0, respectively, that was allocated to Net income (loss), and $(62.0) and $(52.0), respectively, that was allocated to Other comprehensive income. As of June 30, 2012 and December 31, 2011, the Company had a full valuation allowance of $11.1 related to foreign tax credits, the benefit of which is uncertain.

Tax Regulatory Matters

In the first quarter of 2012, the Internal Revenue Service ("IRS") completed its examination of the Company's income tax returns through tax year 2010. The 2010 settlement did not have a material impact on the Company's financial position.

The Company is currently under audit by the IRS and has agreed to participate in the Compliance Assurance Program for tax years 2011 and 2012.