Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

The provision for income taxes consists of the following for the years ended December 31:


(in thousands)
	2024		2023		2022

Current income tax expense	$	152,939	$	116,877	$	68,415
Deferred income tax expense (benefit)	4,026		(1,002)		9,468

Income tax expense	$	156,965	$	115,875	$	77,883

Schedule of Reconciliation of the Provision for Income Taxes

A reconciliation of the provision for income taxes, with amounts determined by applying the statutory federal income tax rate to pre-tax income, is as follows for the years ended December 31:


(in thousands)
	2024		2023		2022
Income tax at statutory rate	$	159,029	$	118,007	$	79,055



Other, net	(2,064)		(2,132)		(1,172)
Income tax expense	$	156,965	$	115,875	$	77,883

Schedule of Deferred Tax Assets and Liabilities

Temporary differences and carry-forwards, which give rise to deferred tax assets and liabilities, are as follows as of December 31:


(in thousands)
	2024		2023
Deferred tax assets:
Other employee benefits	$	18,409	$	17,781
Allowance for management fee returned on cancelled policies	4,647		3,571
Deferred revenue	4,181		3,756
Unrealized losses on investments	3,827		7,164


Current expected credit loss allowance	2,966		2,661
Other	4,617		3,709
Total deferred tax assets	38,647		38,642
Deferred tax liabilities:
Depreciation	27,089		31,126
Pension and other postretirement benefits	12,276		14,738
Prepaid expenses	2,013		2,001







Other	3,687		2,258
Total deferred tax liabilities	45,065		50,123
Net deferred tax liability	$	(6,418)	$	(11,481)