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Federal Income Taxes | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  | 2023 |  | 2022
Tax at statutory rate |  | $ | 54,187 |  |  | 96,267 |  |  | 58,839 |
Tax-advantaged interest |  | (1,332) |  |  | (2,229) |  |  | (4,087) |
Dividends received deduction |  | (214) |  |  | (273) |  |  | (469) |
Executive compensation |  | 2,452 |  |  | 1,989 |  |  | 1,848 |
Stock-based compensation |  | (1,482) |  |  | (1,804) |  |  | (893) |
Other |  | (2,589) |  |  | (776) |  |  | 62 |
Federal income tax expense |  | 51,022 |  |  | 93,174 |  |  | 55,300 |
Income before federal income tax, less preferred stock dividends |  | 248,834 |  |  | 449,212 |  |  | 270,986 |
Effective tax rate |  | 20.5 | % |  | 20.7 | % |  | 20.4 | %
(b) The tax effects of the significant temporary differences that gave rise to deferred tax assets and liabilities were as follows:
($ in thousands) |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Net loss reserve discounting |  | $ | 89,653 |  |  | 73,175 |
Net unearned premiums |  | 100,053 |  |  | 89,413 |
Employee benefits |  | 13,226 |  |  | 13,777 |
Long-term incentive compensation |  | 7,106 |  |  | 6,736 |
Unrealized losses on fixed income securities |  | 66,525 |  |  | 74,183 |
Temporary investment write-downs |  | 7,987 |  |  | 7,560 |
Other |  | 5,751 |  |  | 8,080 |
Total deferred tax assets |  | 290,301 |  |  | 272,924 |
Deferred tax liabilities: |  |  |  |
Deferred policy acquisition costs |  | 100,654 |  |  | 89,221 |
Other investment-related items, net |  | 34,951 |  |  | 33,309 |
Accelerated depreciation and amortization |  | 7,908 |  |  | 10,157 |
Total deferred tax liabilities |  | 143,513 |  |  | 132,687 |
Net deferred federal income tax assets (liabilities) |  | $ | 146,788 |  |  | 140,237 |
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, 2024 or 2023. We did not have unrecognized tax expense or benefit as of December 31, 2024. We have analyzed our tax positions in all open tax years, which as of December 31, 2024 were 2021 through 2024. 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.

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