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Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

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

($ in thousands)						2022						2021						2020
Tax at statutory rate						$	58,839					106,115						63,627
Tax-advantaged interest						(4,087)						(4,514)						(4,730)
Dividends received deduction						(469)						(558)						(514)
Executive compensation						1,848						2,469						2,246
Stock-based compensation						(893)						(693)						(1,846)
Other						62						(1,346)						(2,150)
Federal income tax expense						55,300						101,473						56,633
Income before federal income tax, less preferred stock dividends						270,986						495,957						302,988
Effective tax rate						20.4		%				20.5		%				18.7		%

Schedule of Deferred Tax Assets and Liabilities

($ in thousands)						2022						2021
Deferred tax assets:
Net loss reserve discounting						$	65,907					60,227
Net unearned premiums						76,513						68,086
Employee benefits						7,064						2,787
Long-term incentive compensation						6,384						5,904
Unrealized losses on fixed income securities						110,857						—
Temporary investment write-downs						12,480						4,314
Other						9,824						2,245
Total deferred tax assets						289,029						143,563
Deferred tax liabilities:
Deferred policy acquisition costs						77,411						68,652
Unrealized gains on investment securities						—						48,082
Other investment-related items, net						26,713						27,044
Accelerated depreciation and amortization						12,172						13,198
Total deferred tax liabilities						116,296						156,976
Net deferred federal income tax assets (liabilities)						$	172,733					(13,413)

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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 https://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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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