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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

Our income tax expense as presented in the consolidated financial statements is summarized as follows:

			Year Ended December 31,
			2023						2022						2021
			(Dollars in thousands)
Consolidated statements of operations:
Current income taxes			$	16,998					$	20,209					$	332
Deferred income taxes			68,135						490,926						149,431
Total income tax expense included in consolidated statements of operations			85,133						511,135						149,763
Stockholders' equity:
Expense (benefit) relating to:
Changes in other comprehensive income			203,640						(1,843,635)						207,353
Total income tax expense included in consolidated financial statements			$	288,773					$	(1,332,500)					$	357,116

Effective Income Tax Rate Reconciliation

Income tax expense in the consolidated statements of operations differed from the amount computed at the applicable statutory federal income tax rates of 21% for the years ended December 31, 2023, 2022, and 2021 as follows:

			Year Ended December 31,
			2023						2022						2021
			(Dollars in thousands)
Income before income taxes			$	297,052					$	2,431,712					$	702,786
Income tax expense on income before income taxes			$	62,381					$	510,660					$	147,585
Tax effect of:
State income taxes			2,570						2,564						5,239
Tax exempt net investment income			(632)						(4,065)						(4,715)
Non-deductible compensation			20,393						1,182						1,062
Other			421						794						592
Income tax expense			$	85,133					$	511,135					$	149,763
Effective tax rate			28.7		%				21.0		%				21.3		%

Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at December 31, 2023 and 2022, are as follows:

			December 31,
			2023						2022
			(Dollars in thousands)
Deferred income tax assets:
Net unrealized losses on available for sale fixed maturity securities			$	788,236					$	1,063,441
Investment income items			425,940						—
Amounts due reinsurer			1,208,471						1,030,759
Other policyholder funds			—						358
Deferred compensation			1,521						3,866
Share-based compensation			2,828						422
Net operating loss carryforwards			106,502						50,913
Capital loss carryforwards			38,916						—
Other			15,835						71,417
Gross deferred tax assets			2,588,249						2,221,176
Deferred income tax liabilities:
Deferred policy acquisition costs and deferred sales inducements			(1,095,569)						(976,103)
Derivative instruments			(217,220)						(145,785)
Policy benefit reserves			(1,114,394)						(612,454)
Investment income items			—						(28,778)
Other			(8,414)						(19,622)
Gross deferred tax liabilities			(2,435,597)						(1,782,742)
Net deferred income tax asset			$	152,652					$	438,434

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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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.

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 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.

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
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