Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense consists of:

(In thousands)	Current Expense		Deferred Expense		Total
December 31, 2014
Domestic	$	258,337	$	28,029	$	286,366
Foreign	12,969		3,258		16,227
Total expense	$	271,306	$	31,287	$	302,593
December 31, 2013
Domestic	$	116,802	$	47,370	$	164,172
Foreign	22,362		7,053		29,415
Total expense	$	139,164	$	54,423	$	193,587
December 31, 2012
Domestic	$	156,339	$	11,448	$	167,787
Foreign	23,029		469		23,498
Total expense	$	179,368	$	11,917	$	191,285

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax expense and the amounts computed by applying the Federal and foreign income tax rate of 35% to pre-tax income are as follows:

(In thousands)	2014			2013			2012
Computed “expected” tax expense	$	333,269		$	244,611		$	245,675
Tax-exempt investment income	(38,757		)	(40,679		)	(50,665		)
Change in valuation allowance	1,335			—			—
Impact of foreign tax rates	6,239			(4,851		)	(5,234		)
State and local taxes	2,375			2,906			(753		)
Other, net	(1,868		)	(8,400		)	2,262
Total expense	$	302,593		$	193,587		$	191,285

Schedule of Deferred Tax Assets and Liabilities

(In thousands)	2014			2013			2012
Computed “expected” tax expense	$	333,269		$	244,611		$	245,675
Tax-exempt investment income	(38,757		)	(40,679		)	(50,665		)
Change in valuation allowance	1,335			—			—
Impact of foreign tax rates	6,239			(4,851		)	(5,234		)
State and local taxes	2,375			2,906			(753		)
Other, net	(1,868		)	(8,400		)	2,262
Total expense	$	302,593		$	193,587		$	191,285

At December 31, 2014 and 2013, the tax effects of differences that give rise to significant portions of the deferred tax asset and deferred tax liability are as follows:

(In thousands)	2014			2013
Deferred tax asset:
Loss reserve discounting	$	77,216		$	87,394
Unearned premiums	165,075			149,107
Other-than-temporary impairments	45,367			49,483
Restricted stock units	60,061			52,671
Other	101,131			92,698
Gross deferred tax asset	448,850			431,353
Less valuation allowance	(1,335		)	—
Deferred tax asset	447,515			431,353
Deferred tax liability:
Amortization of intangibles	22,747			11,886
Deferred policy acquisition costs	152,001			136,635
Unrealized investment gains	175,111			148,215
Other	135,108			114,497
Deferred tax liability	484,967			411,233
Net deferred tax asset (liability)	$	(37,452	)	$	20,120