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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Income Tax Expense (Benefit) from Continuing Operations (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2024			2023			2022
​	​	(in millions)
Current income taxes (benefits):	​	​	​	​	​	​	​	​	​	​
U.S. federal	​	$	217.8	​	$	81.5	​	$	(56.3)	​
State	​	​	33.3	​	​	20.1	​		20.7	​
Foreign	​	​	37.0	​	​	38.8	​		53.1	​
Tax benefit of operating loss carryforward	​	​	(3.7)	​	​	(14.5)	​		(9.5)	​
Total current income taxes	​	​	284.4	​	​	125.9	​		8.0	​
Deferred income taxes (benefits):	​	​	​	​	​	​	​	​	​	​
U.S. federal	​	​	(12.1)	​	​	(63.2)	​		1,189.7	​
State	​	​	12.7	​	​	0.1	​		8.0	​
Foreign	​	​	6.7	​	​	5.9	​		(16.2)	​
Total deferred income taxes (benefits)	​	​	7.3	​	​	(57.2)	​		1,181.5	​
Income taxes	​	$	291.7	​	$	68.7	​	$	1,189.5	​

​

Income Before Income Taxes, Domestic and Foreign (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,								​
​		2024			2023			2022
​	​	(in millions)								​
Domestic		$	1,662.1		$	412.8		$	5,766.1	​
Foreign	​	​	227.5	​	​	326.0	​	​	220.9	​
Total income before income taxes		$	1,889.6		$	738.8		$	5,987.0	​

​

Reconciliation between U.S. corporate income tax rate and effective income tax rate from continuing operations (Table)

​

​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2024		2023		2022
U.S. corporate income tax rate		21	%	21	%	21	%
Dividends received deduction	​	(4)	​	(10)	​	(1)	​
Tax credits	​	(4)	​	(8)	​	(1)	​
Impact of equity method presentation	​	(1)	​	(4)	​	—	​
Interest exclusion from taxable income	​	(1)	​	(3)	​	—	​
Foreign currency inflation	​	—	​	(1)	​	—	​
Impact of noncontrolling interest presentation	​	—	​	(1)	​	—	​
Low income housing tax credit amortization	​	2	​	5	​	—	​
State income taxes	​	2	​	2	​	—	​
Valuation allowance	​	1	​	1	​	—	​
Global Intangible Low-Taxed Income	​	—	​	7	​	1	​
Other	​	(1)	​	—	​	—	​
Effective income tax rate	​	15	%	9	%	20	%

Changes in Unrecognized Tax Benefits (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2024			2023			2022
​	​	(in millions)
Balance at beginning of period	​	$	39.3	​	$	42.2	​	$	45.5	​
Additions based on tax positions related to the current year	​	​	0.3	​	​	0.3	​		—	​
Reductions for tax positions related to the current year	​	​	(3.2)	​	​	(3.2)	​		(3.3)	​
Balance at end of period (1)	​	$	36.4	​	$	39.3	​	$	42.2	​

(1) If recognized, $1.6 million of the amount of unrecognized tax benefits would reduce our 2024 effective income tax rate. We recognize interest and penalties related to uncertain tax positions in operating expenses within the consolidated statements of operations.

Components of Net Deferred Income Taxes (Table)

​

​	​	​	​	​	​	​	​
​	​	December 31,
​		2024			2023
​	​	(in millions)
Deferred income tax assets:	​	​	​	​	​	​	​
Net operating and capital loss carryforwards	​	$	107.4	​	$	123.0	​
Tax credit carryforwards	​	​	15.2	​	​	64.2	​
Net unrealized losses on available-for-sale securities	​	​	1,250.2	​	​	1,092.9	​
Employee benefits	​	​	334.3	​	​	315.4	​
Gross deferred income tax assets	​	​	1,707.1	​	​	1,595.5	​
Valuation allowance	​	​	(71.4)	​	​	(58.8)	​
Total deferred income tax assets	​	​	1,635.7	​	​	1,536.7	​
Deferred income tax liabilities:	​	​	​	​	​	​	​
Deferred acquisition costs	​	​	(689.7)	​	​	(679.2)	​
Investments, including derivatives	​	​	(217.1)	​	​	(240.9)	​
Funds withheld embedded derivative	​	​	(651.7)	​	​	(575.5)	​
Real estate	​	​	(127.1)	​	​	(136.7)	​
Intangible assets	​	​	(355.5)	​	​	(384.2)	​
Insurance liabilities	​	​	(1,008.1)	​	​	(886.1)	​
Other deferred income tax liabilities	​	​	(85.4)	​	​	(6.3)	​
Total deferred income tax liabilities	​	​	(3,134.6)	​	​	(2,908.9)	​
Total net deferred income tax liabilities	​	$	(1,498.9)	​	$	(1,372.2)	​

​

Net Deferred Income Taxes by Jurisdiction (Table)

​

​	​	​	​	​	​	​	​
​	​	December 31,
​		2024			2023
​	​	(in millions)
Deferred income tax assets:	​	​	​	​	​	​	​
State	​	$	61.9	​	$	77.9	​
Foreign	​	​	145.2	​	​	163.2	​
Net deferred income tax assets	​	​	207.1	​	​	241.1	​
Deferred income tax liabilities:	​	​	​	​	​	​	​
U.S. federal	​	​	(1,416.1)	​	​	(1,312.9)	​
Foreign	​	​	(289.9)	​	​	(300.4)	​
Net deferred income tax liabilities	​	​	(1,706.0)	​	​	(1,613.3)	​
Total net deferred income tax liabilities	​	$	(1,498.9)	​	$	(1,372.2)	​

​

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