Federal Income Taxes (Tables)

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Effective Income Tax Reconciliation

A reconciliation of the effective tax rate to the statutory federal tax rate is shown below (in thousands, except percentages):

	Three months ended March 31,
	2019					2018
	Amount			Rate		Amount			Rate
Income tax expense before tax on equity in earnings of unconsolidated affiliates	$	59,787		18.4	%	$	4,365		21.6	%
Tax on equity in earnings of unconsolidated affiliates	8,497			2.6		(114		)	(0.6	)
Total expected income tax expense at the statutory rate	68,284			21.0		4,251			21.0
Tax-exempt investment income	(809		)	(0.2	)	(843		)	(4.2	)
Deferred tax change	—			—		(309		)	(1.5	)
Dividend exclusion	(921		)	(0.3	)	(985		)	(4.9	)
Miscellaneous tax credits, net	(1,692		)	(0.5	)	(2,213		)	(10.9	)
Low income housing tax credit expense	1,158			0.3		1,252			6.2
Other items, net	1,357			0.4		36			0.2
Provision for federal income taxes	$	67,377		20.7	%	$	1,189		5.9	%