Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefits) consists of:

(In thousands)	Current Expense			Deferred Expense		Total
December 31, 2016
Domestic	$	259,539		$	3,355	$	262,894
Foreign	23,634			6,425		30,059
Total expense	$	283,173		$	9,780	$	292,953
December 31, 2015
Domestic	$	179,150		$	31,145	$	210,295
Foreign	(2,318		)	19,946		17,628
Total expense	$	176,832		$	51,091	$	227,923
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

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)	2016			2015			2014
Computed “expected” tax expense	$	313,753		$	256,210		$	333,269
Tax-exempt investment income	(37,379		)	(39,283		)	(38,757		)
Change in valuation allowance	1,420			2,702			1,335
Impact of foreign tax rates	1,984			4,447			6,239
State and local taxes	7,748			940			2,375
Other, net	5,427			2,907			(1,868		)
Total expense	$	292,953		$	227,923		$	302,593

302593

Schedule of Deferred Tax Assets and Liabilities

(In thousands)	2016			2015			2014
Computed “expected” tax expense	$	313,753		$	256,210		$	333,269
Tax-exempt investment income	(37,379		)	(39,283		)	(38,757		)
Change in valuation allowance	1,420			2,702			1,335
Impact of foreign tax rates	1,984			4,447			6,239
State and local taxes	7,748			940			2,375
Other, net	5,427			2,907			(1,868		)
Total expense	$	292,953		$	227,923		$	302,593

At December 31, 2016 and 2015, 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)	2016			2015
Deferred tax asset:
Loss reserve discounting	$	86,659		$	100,806
Unearned premiums	187,522			176,465
Other-than-temporary impairments	26,139			26,509
Restricted stock units	72,889			62,442
Other	104,130			89,761
Gross deferred tax asset	477,339			455,983
Less valuation allowance	(5,457		)	(4,037		)
Deferred tax asset	471,882			451,946
Deferred tax liability:
Amortization of intangibles	21,192			20,316
Deferred policy acquisition costs	173,481			162,344
Unrealized investment gains	238,232			115,499
Property, furniture and equipment	34,857			33,398
Investment funds	85,075			79,124
Other	53,410			48,076
Deferred tax liability	606,247			458,757
Net deferred tax liability	$	134,365		$	6,811