Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consists of:

(In thousands)	Current Expense		Deferred Expense (Benefit)		Total
December 31, 2021
Domestic	$	239,090	$	2,752	$	241,842
Foreign	—		10,048		10,048
Total expense	$	239,090	$	12,800	$	251,890
December 31, 2020
Domestic	$	162,305	$	17	$	162,322
Foreign	23,375		(13,880)		9,495
Total expense (benefit)	$	185,680	$	(13,863)	$	171,817
December 31, 2019
Domestic	$	124,231	$	27,616	$	151,847
Foreign	9,030		8,058		17,088
Total expense	$	133,261	$	35,674	$	168,935

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 21% for 2021, 2020 and 2019 to pre-tax income are as follows:

(In thousands)	2021		2020		2019
Computed “expected” tax expense	$	269,410	$	148,008	$	179,113
Tax-exempt investment income	(11,380)		(12,770)		(14,666)
Change in valuation allowance	2,974		46,238		(1,945)
Impact of foreign tax rates	(2,368)		6,753		7,700
State and local taxes	4,230		2,561		4,842
Other, net	(10,976)		(18,973)		(6,109)
Total expense	$	251,890	$	171,817	$	168,935

Schedule of Deferred Tax Assets and Liabilities

(In thousands)	2021		2020		2019
Computed “expected” tax expense	$	269,410	$	148,008	$	179,113
Tax-exempt investment income	(11,380)		(12,770)		(14,666)
Change in valuation allowance	2,974		46,238		(1,945)
Impact of foreign tax rates	(2,368)		6,753		7,700
State and local taxes	4,230		2,561		4,842
Other, net	(10,976)		(18,973)		(6,109)
Total expense	$	251,890	$	171,817	$	168,935

At December 31, 2021 and 2020, 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)	2021		2020
Deferred tax asset:
Loss reserve discounting	$	162,636	$	141,877
Unearned premiums	163,143		134,971
Net operating losses & foreign tax credits	88,502		90,601
Other-than-temporary impairments	5,176		5,973
Employee compensation plans	61,301		60,551
Other	54,269		59,230
Gross deferred tax asset	535,027		493,203
Less valuation allowance	(75,230)		(79,488)
Deferred tax asset	459,797		413,715
Deferred tax liability:
Amortization of intangibles	12,787		12,761
Loss reserve discounting - transition rule	19,796		24,747
Deferred policy acquisition costs	137,893		113,084
Unrealized investment gains	36,850		100,241
Property, furniture and equipment	43,186		48,235
Investment funds	101,999		77,783
Other	67,331		49,970
Deferred tax liability	419,842		426,821
Net deferred tax asset (liability)	$	39,955	$	(13,106)