Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Reconciliation of Federal Income Tax on Income at the Corporate Rate to the Effective Tax Rate



($ in thousands)	2014			2013		2012
Tax at statutory rate of 35%	$	68,996		50,331		13,172
Tax-advantaged interest	(12,926		)	(12,718	)	(13,285	)
Dividends received deduction	(1,121		)	(1,174	)	(1,260	)
Other	355			(52	)	1,045
Federal income tax expense (benefit) from continuing operations	$	55,304		36,387		(328	)

Schedule of Deferred Tax Assets and Liabilities



($ in thousands)	2014		2013
Deferred tax assets:
Net loss reserve discounting	$	84,502	87,967
Net unearned premiums	66,470		64,167
Employee benefits	33,721		19,912
Long-term incentive compensation plans	13,625		12,904
Temporary investment write-downs	3,939		7,586
Net operating loss	2,136		2,818
Alternative minimum tax and other business tax credits	7,826		17,042
Other	8,811		10,088
Total deferred tax assets	221,030		222,484
Deferred tax liabilities:
Deferred policy acquisition costs	63,242		59,164
Unrealized gains on investment securities	43,289		31,345
Other investment-related items, net	5,088		618
Accelerated depreciation and amortization	10,962		8,744
Total deferred tax liabilities	122,581		99,871
Net deferred federal income tax asset	$	98,449	122,613

Summary of Operating Loss Carryforwards [Table Text Block]

As of December 31, 2014, we had federal tax net operating loss carryforwards (“NOL”) of $6.1 million. These NOLs, which are subject to an annual limitation of $1.9 million, will expire between 2029 and 2031 as follows:



($ in thousands)	Gross NOL		Tax Effected NOL
2029	$	2,024	708
2030	3,999		1,400
2031	79		28
Total NOL carryforwards	6,102		2,136