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Income Taxes | 3 Months Ended
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Mar. 31, 2025
Income Taxes |
Income Taxes | 13. Income Taxes Effective Income Tax Rate Our provision for income taxes may not have the customary relationship of taxes to income. A reconciliation between the income tax provision at the U.S. corporate income tax rate and the income tax expense (benefit) at the effective income tax rate was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31, | ​
​ |  | 2025 |  | 2024 | ​
​ | ​ | ​ | ($ in millions) | ​
Income before income taxes | ​ | $ | 28.9 | ​ | $ | 627.1 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expected tax at the U.S. statutory rate | ​ | $ | 6.1 |  | $ | 131.7 | ​
Tax credits | ​ | ​ | (29.6) | ​ | ​ | (16.2) | ​
Dividends received deduction | ​ | ​ | (18.2) | ​ | ​ | (19.4) | ​
Impact of equity method presentation | ​ | ​ | (5.7) | ​ | ​ | (4.7) | ​
Interest exclusion from taxable income | ​ | ​ | (5.2) | ​ | ​ | (5.8) | ​
Employee compensation | ​ | ​ | (3.4) | ​ | ​ | (3.6) | ​
Low income housing tax credit amortization | ​ | ​ | 12.2 | ​ | ​ | 10.6 | ​
Foreign country statutory rate differential | ​ | ​ | 9.6 | ​ | ​ | (2.4) | ​
State income taxes | ​ | ​ | 1.9 | ​ | ​ | 4.7 | ​
Other | ​ | ​ | (1.7) | ​ | ​ | 0.2 | ​
Income taxes (benefits) | ​ | $ | (34.0) | ​ | $ | 95.1 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Effective income tax rate | ​ | ​ | (118) | % | ​ | 15 | %
​ The lower effective tax rate for the three months ended March 31, 2025, was primarily the result of a decrease in pre - tax income with no proportionate change in permanent tax differences. ​ Pillar Two Model Rules ​ We are currently monitoring global enactments of the Pillar Two model rules proposed by the Organisation for Economic Co-operation and Development, which brings forward a 15% global minimum tax. Generally, a company is required to consider the impact of new tax law on realizability of its deferred tax assets (“DTAs”), including determination of whether a change to its valuation allowance amounts is necessary. We made an accounting policy election to disregard the Pillar Two model rules when evaluating DTAs and rather recognize a current period tax expense when incurred.

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