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Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

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

($ in thousands)						2021						2020						2019
Tax at statutory rate						$	106,115					63,627						70,642
Tax-advantaged interest						(4,514)						(4,730)						(4,909)
Dividends received deduction						(558)						(514)						(443)
Executive compensation						2,469						2,246						2,985
Stock-based compensation						(693)						(1,846)						(3,253)
Other						(1,346)						(2,150)						(255)
Federal income tax expense						101,473						56,633						64,767
Income before federal income tax, less preferred stock dividends						495,957						302,988						336,390
Effective tax rate						20.5		%				18.7		%				19.3		%

Schedule of Deferred Tax Assets and Liabilities

($ in thousands)						2021						2020
Deferred tax assets:
Net loss reserve discounting						$	60,227					54,240
Net unearned premiums						68,086						60,842
Employee benefits						2,787						8,943
Long-term incentive compensation plans						5,904						5,472
Temporary investment write-downs						4,314						6,037
Other						2,245						7,195
Total deferred tax assets						143,563						142,729
Deferred tax liabilities:
Deferred policy acquisition costs						68,652						60,601
Unrealized gains on investment securities						48,082						81,142
Other investment-related items, net						27,044						14,760
Accelerated depreciation and amortization						13,198						13,322
Total deferred tax liabilities						156,976						169,825
Net deferred federal income tax liability						$	(13,413)					(27,096)

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- References

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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