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Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

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

($ in thousands)						2023						2022						2021
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 compensation						1,989						1,848						2,469
Stock-based compensation						(1,804)						(893)						(693)
Other						(776)						62						(1,346)
Federal income tax expense						93,174						55,300						101,473
Income before federal income tax, less preferred stock dividends						449,212						270,986						495,957
Effective tax rate						20.7		%				20.4		%				20.5		%

Schedule of Deferred Tax Assets and Liabilities

($ in thousands)						2023						2022
Deferred tax assets:
Net loss reserve discounting						$	73,175					65,907
Net unearned premiums						89,413						76,513
Employee benefits						13,777						7,064
Long-term incentive compensation						6,736						6,384
Unrealized losses on fixed income securities						74,183						110,857
Temporary investment write-downs						7,560						12,480
Other						8,080						9,824
Total deferred tax assets						272,924						289,029
Deferred tax liabilities:
Deferred policy acquisition costs						89,221						77,411
Other investment-related items, net						33,309						26,713
Accelerated depreciation and amortization						10,157						12,172
Total deferred tax liabilities						132,687						116,296
Net deferred federal income tax assets (liabilities)						$	140,237					172,733

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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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
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