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INCOME TAXES (Tables) | 3 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense | The components of income tax expense are as follows (dollars in millions):
| Three months ended |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
Current tax expense | $ | 0.8 |  |  | $ | 17.3 |  |  |  |  |
Deferred tax expense | 3.2 |  |  | 16.6 |  |  |  |  |
Total income tax expense | $ | 4.0 |  |  | $ | 33.9 |  |  |  |  |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. statutory corporate tax rate to the estimated annual effective rate, reflected in the consolidated statement of operations is as follows:
| Three months ended
| March 31,
| 2025 |  | 2024
U.S. statutory corporate rate | 21.0 | % |  | 21.0 | %
Non-taxable income and nondeductible benefits, net | (0.9) |  |  | — |
State taxes | 2.4 |  |  | 2.2 |
Effective tax rate | 22.5 | % |  | 23.2 | %
Schedule of Deferred Tax Assets and Liabilities | The components of the Company's income tax assets and liabilities are summarized below (dollars in millions):
| March 31, 2025 |  | December 31, 2024
Deferred tax assets: |  |  |
Net federal operating loss carryforwards | $ | 254.4 |  |  | $ | 72.2 |
Net state operating loss carryforwards | 40.9 |  |  | 4.4 |
Insurance liabilities | 327.5 |  |  | 330.3 |
Indirect costs allocable to self-constructed real estate assets | 0.9 |  |  | 205.1 |
Accumulated other comprehensive income (loss) | 347.7 |  |  | 385.1 |
Other | 10.5 |  |  | 19.4 |
Gross deferred tax assets | 981.9 |  |  | 1,016.5 |
Deferred tax liabilities: |  |  |
Investments | (41.5) |  |  | (40.8) |
Present value of future profits and deferred acquisition costs | (189.5) |  |  | (184.3) |
Gross deferred tax liabilities | (231.0) |  |  | (225.1) |
Net deferred tax assets | 750.9 |  |  | 791.4 |
Current income taxes prepaid (accrued) | 24.2 |  |  | 27.5 |
Income tax assets, net | $ | 775.1 |  |  | $ | 818.9 |
Schedule of Operating Loss Carryforwards | We have $1.2 billion of federal life and non-life NOLs as of March 31, 2025, as summarized below (dollars in millions):
Year of expiration | Life |  | Non-Life |  | Total
NOLs expiring in 2028 through 2035 | $ | — |  |  | $ | 293.4 |  |  | $ | 293.4 |
NOLs with no expiration date | 63.1 |  |  | 855.0 |  |  | 918.1 |
Total | $ | 63.1 |  |  | $ | 1,148.4 |  |  | $ | 1,211.5 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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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://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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