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Federal Income Taxes | 9 Months Ended
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Sep. 30, 2019
Federal Income Taxes [Abstract] |
Federal Income Taxes | 7. Federal Income Taxes The effective tax rate is the ratio of tax expense (benefit) over pre-tax income (loss). The effective tax rate was 36% and -4% for the three and nine months ended September 30, 2019, respectively, compared to 8% and 12%, respectively, for the corresponding periods in 2018. The effective tax rate on pre-tax income is typically lower than the prevailing corporate federal income tax rate of 21% due to benefits from preferential tax items including the separate accounts dividends-received deduction and tax credits. For the three months ended September 30, 2019, the effective tax rate was higher than the marginal tax rate principally due to the effect of these preferential tax items being additive to the tax benefit at 21% from pre-tax losses associated with the third quarter annual comprehensive review of assumptions and unfavorable investment income on alternative investments. The effective tax rate for the nine months ended September 30, 2019, was also affected by these same pre-tax losses as well as realized losses and the associated tax benefit resulting from the application of the 21% corporate tax rate.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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