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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Taxes.  
Reconciliation of the change in the amount of unrecognized tax benefits

 

 

($ in millions)
  2014   2013   2012  

Balance – beginning of year

  $   $ 25   $ 25  

Increase for tax positions taken in a prior year

        1      

Decrease for tax positions taken in a prior year

             

Increase for tax positions taken in the current year

             

Decrease for tax positions taken in the current year

             

Decrease for settlements

        (26 )    

Reductions due to lapse of statute of limitations

             

Balance – end of year

  $   $   $ 25  
Components of the deferred income tax assets and liabilities

 

 

($ in millions)
  2014   2013  

Deferred assets

             

Unearned premium reserves

  $ 763   $ 722  

Pension

    254      

Discount on loss reserves

    210     238  

Accrued compensation

    206     226  

Other postretirement benefits

    138     105  

Difference in tax bases of invested assets

    64     223  

Sale of subsidiary

    20     196  

Other assets

    118     96  

Total deferred assets

    1,773     1,806  

Deferred liabilities

             

DAC

    (1,076 )   (1,077 )

Unrealized net capital gains

    (994 )   (849 )

Life and annuity reserves

    (192 )   (206 )

Pension

        (136 )

Other liabilities

    (226 )   (324 )

Total deferred liabilities

    (2,488 )   (2,592 )

Net deferred liability before classification as held for sale

    (715 )   (786 )

Deferred taxes classified as held for sale

        (151 )

Net deferred liability

  $ (715 ) $ (635 )
Components of income tax expense

 

 

($ in millions)
  2014   2013   2012  

Current

  $ 1,123   $ 869   $ 295  

Deferred

    263     247     705  

Total income tax expense

  $ 1,386   $ 1,116   $ 1,000  
Reconciliation of the statutory federal income tax rate to the effective income tax rate on income from operations

 

 

 
  2014   2013   2012  

Statutory federal income tax rate

    35.0 %   35.0 %   35.0 %

Tax-exempt income

    (0.9 )   (1.8 )   (3.0 )

Tax credits

    (0.7 )   (2.2 )   (1.4 )

Sale of subsidiary

    (0.9 )   2.0      

Other

    0.2     (0.1 )   (0.3 )

Effective income tax rate

    32.7 %   32.9 %   30.3 %