Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Tax Expense (Benefit) from Continuing Operations

	For the year ended December 31,
	2023		2022		2021
	(in millions)
Current income taxes (benefits):
U.S. federal	$	81.5	$	(56.3)	$	110.3
State		20.1		20.7		19.4
Foreign		38.8		53.1		38.0
Tax benefit of operating loss carryforward		(14.5)		(9.5)		(1.2)
Total current income taxes		125.9		8.0		166.5
Deferred income taxes (benefits):
U.S. federal		(63.2)		1,189.7		118.0
State		0.1		8.0		16.6
Foreign		5.9		(16.2)		(17.2)
Total deferred income taxes (benefits)		(57.2)		1,181.5		117.4
Income taxes	$	68.7	$	1,189.5	$	283.9

Income Before Income Taxes, Domestic and Foreign

	For the year ended December 31,
	2023		2022		2021
	(in millions)
Domestic	$	412.8	$	5,766.1	$	1,715.2
Foreign		326.0		220.9		195.7
Total income before income taxes	$	738.8	$	5,987.0	$	1,910.9

Reconciliation Between U.S. Corporate Income Tax Rate and Effective Income Tax Rate from Continuing Operations

	For the year ended December 31,
	2023		2022		2021
U.S. corporate income tax rate	21	%	21	%	21	%
Dividends received deduction	(10)		(1)		(4)
Tax credits	(8)		(1)		(2)
Impact of equity method presentation	(4)		—		(1)
Interest exclusion from taxable income	(3)		—		(1)
Foreign currency inflation	(1)		—		—
Impact of noncontrolling interest presentation	(1)		—		—
Global Intangible Low-Taxed Income	7		1		1
Low income housing tax credit amortization	5		—		—
State income taxes	2		—		2
Valuation allowance	1		—		—
Other	—		—		(1)
Effective income tax rate	9	%	20	%	15	%

Changes in Unrecognized Tax Benefits

	For the year ended December 31,
	2023		2022		2021
	(in millions)
Balance at beginning of period	$	42.2	$	45.5	$	46.9
Additions based on tax positions related to the current year		0.3		—		1.8
Reductions for tax positions related to the current year		(3.2)		(3.3)		(3.2)
Balance at end of period (1)	$	39.3	$	42.2	$	45.5

(1) If recognized, $1.6 million of the amount of unrecognized tax benefits would reduce our 2023 effective income tax rate. We recognize interest and penalties related to uncertain tax positions in operating expenses within the consolidated statements of operations.

Components of Net Deferred Income Taxes

	December 31,
	2023		2022
	(in millions)
Deferred income tax assets:
Net operating and capital loss carryforwards	$	123.0	$	86.1
Tax credit carryforwards		64.2		65.8
Net unrealized losses on available-for-sale securities		1,092.9		1,572.3
Employee benefits		315.4		305.3
Gross deferred income tax assets		1,595.5		2,029.5
Valuation allowance		(58.8)		(42.9)
Total deferred income tax assets		1,536.7		1,986.6
Deferred income tax liabilities:
Deferred acquisition costs		(679.2)		(639.6)
Investments, including derivatives		(240.9)		(224.7)
Funds withheld embedded derivative		(575.5)		(767.1)
Real estate		(136.7)		(141.0)
Intangible assets		(384.2)		(386.9)
Insurance liabilities		(886.1)		(814.3)
Other deferred income tax liabilities		(6.3)		(30.3)
Total deferred income tax liabilities		(2,908.9)		(3,003.9)
Total net deferred income tax liabilities	$	(1,372.2)	$	(1,017.3)

Net Deferred Income Taxes by Jurisdiction

	December 31,
	2023		2022
	(in millions)
Deferred income tax assets:
State	$	77.9	$	83.1
Foreign		163.2		223.8
Net deferred income tax assets		241.1		306.9
Deferred income tax liabilities:
U.S. federal		(1,312.9)		(1,051.0)
Foreign		(300.4)		(273.2)
Net deferred income tax liabilities		(1,613.3)		(1,324.2)
Total net deferred income tax liabilities	$	(1,372.2)	$	(1,017.3)