Federal Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

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,
	2020				2019
	Amount		Rate		Amount		Rate
Income tax expense (benefit) before tax on equity in earnings of unconsolidated affiliates	$	(62,694)	22.2	%	$	59,787	18.4	%
Tax on equity in earnings of unconsolidated affiliates	3,298		(1.2)		8,497		2.6
Total expected income tax expense at the statutory rate	(59,396)		21.0		68,284		21.0
Tax-exempt investment income	(1,027)		0.4		(809)		(0.2)
Dividend exclusion	(862)		0.3		(921)		(0.3)
Miscellaneous tax credits, net	(2,395)		0.8		(1,692)		(0.5)
Low income housing tax credit expense	1,774		(0.6)		1,158		0.3
Change in valuation allowance	112		—		—		—
Other items, net	126		(0.1)		1,357		0.4
Provision (benefit) for federal income taxes	$	(61,668)	21.8	%	$	67,377	20.7	%