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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2025

Income Taxes

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


		For the three months ended September 30,						For the nine months ended September 30,
		2025			2024			2025			2024

		($ in millions)
Income before income taxes		$	248.4		$	(293.8)		$	780.4		$	777.2

Expected tax at the U.S. statutory rate		$	52.2		$	(61.7)		$	163.9		$	163.2
Tax credits			(19.1)			(19.9)			(71.3)			(54.8)
Dividends received deduction			(23.1)			(19.3)			(61.1)			(57.0)
Impact of equity method presentation			(7.2)			(9.8)			(18.0)			(20.9)
Interest exclusion from taxable income			(6.2)			(5.9)			(17.1)			(17.8)
Impact of noncontrolling interest presentation			(4.3)			(5.6)			(13.1)			(6.3)
Changes in unrecognized tax benefits – Tax Cuts and Jobs Act of 2017 rate change			—			—			(5.4)			—
Local country permanent tax adjustments			0.3			(6.6)			(2.5)			(4.4)
Low income housing tax credit amortization			9.7			11.9			34.1			32.9
State income taxes			6.5			5.3			18.2			27.4
Foreign country statutory rate differential			4.1			6.0			17.1			2.8
Valuation allowance			2.2			3.3			3.5			18.7
Other			(0.6)			1.9			1.8			(2.0)
Income taxes		$	14.5		$	(100.4)		$	50.1		$	81.8

Effective income tax rate			6	%		34	%		6	%		11	%