Federal Income Taxes (Tables)

6 Months Ended

Jun. 30, 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 June 30,										Six months ended June 30,
	2019					2018					2019					2018
	Amount			Rate		Amount			Rate		Amount			Rate		Amount			Rate
Income tax expense before tax on equity in earnings of unconsolidated affiliates	$	21,819		18.1	%	$	21,267		20.0	%	$	81,606		18.3	%	$	25,632		20.0	%
Tax on equity in earnings of unconsolidated affiliates	3,526			2.9		1,348			1.0		12,023			2.7		1,234			1.0
Total expected income tax expense at the statutory rate	25,345			21.0		22,615			21.0		93,629			21.0		26,866			21.0
Tax-exempt investment income	(1,109		)	(0.9	)	(836		)	(0.8	)	(1,918		)	(0.4	)	(1,679		)	(1.3	)
Deferred tax change	—			—		(600		)	(0.6	)	—			—		(909		)	(0.7	)
Dividend exclusion	(860		)	(0.7	)	(1,001		)	(0.9	)	(1,781		)	(0.4	)	(1,986		)	(1.6	)
Miscellaneous tax credits, net	(3,299		)	(2.7	)	(2,529		)	(2.3	)	(4,991		)	(1.1	)	(4,742		)	(3.7	)
Low income housing tax credit expense	1,783			1.5		1,252			1.2		2,941			0.6		2,504			2.0
Change in valuation allowance	165			0.1		2,700			2.5		165			—		2,700			2.1
Other items, net	(77		)	(0.1	)	356			0.3		1,280			0.3		392			0.3
Provision for federal income taxes	$	21,948		18.2	%	$	21,957		20.4	%	$	89,325		20.0	%	$	23,146		18.1	%