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Federal Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Federal Income Taxes Federal Income Taxes
(a) A reconciliation of federal income tax on income at the corporate rate (21.0%) to the effective tax rate is as follows:

($ in thousands)202320222021
Tax at statutory rate $96,267 58,839 106,115 
Tax-advantaged interest(2,229)(4,087)(4,514)
Dividends received deduction(273)(469)(558)
Executive compensation1,989 1,848 2,469 
Stock-based compensation(1,804)(893)(693)
Other(776)62 (1,346)
Federal income tax expense93,174 55,300 101,473 
Income before federal income tax, less preferred stock dividends449,212 270,986 495,957 
Effective tax rate20.7 %20.4 %20.5 %

(b) The tax effects of the significant temporary differences that gave rise to deferred tax assets and liabilities were as follows:

($ in thousands)20232022
Deferred tax assets:  
Net loss reserve discounting$73,175 65,907 
Net unearned premiums89,413 76,513 
Employee benefits13,777 7,064 
Long-term incentive compensation6,736 6,384 
Unrealized losses on fixed income securities74,183 110,857 
Temporary investment write-downs7,560 12,480 
Other8,080 9,824 
Total deferred tax assets272,924 289,029 
Deferred tax liabilities:  
Deferred policy acquisition costs89,221 77,411 
Other investment-related items, net33,309 26,713 
Accelerated depreciation and amortization10,157 12,172 
Total deferred tax liabilities132,687 116,296 
Net deferred federal income tax assets (liabilities)$140,237 172,733 
 
After considering all evidence, both positive and negative, with respect to our federal tax loss carryback availability, expected levels of pre-tax financial statement income, federal taxable income, liquidity, and prudent and reasonable tax planning strategies, we believe it is more likely than not that the existing deductible temporary differences will reverse during periods in which we generate net federal taxable income or have adequate federal carryback availability. As a result, we had no valuation allowance recognized for federal deferred tax assets at December 31, 2023, or 2022. We did not have unrecognized tax expense or benefit as of December 31, 2023.
We have analyzed our tax positions in all open tax years, which as of December 31, 2023 were 2020 through 2023. We believe our tax positions will more likely than not be sustained upon examination, including related appeals or litigation. In the event we had a tax position that did not meet the more likely than not criteria, any tax, interest, and penalties incurred related to such a position would be reflected in "Total federal income tax expense" on our Consolidated Statements of Income.