Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Total Federal Income Taxes

Total Federal income taxes were allocated as follows:

	Years Ended December 31,
	2022		2021	2020
	(In thousands)
Taxes (benefits) on earnings from continuing operations:
Current	$	15,830	42,829	(275)
Deferred	9,060		3,747	20,031
Taxes on earnings	24,890		46,576	19,756
Taxes (benefits) on components of stockholders' equity:
Net unrealized gains and losses on securities available-for-sale	(171,770)		(51,177)	92,528
Foreign currency translation adjustments	108		(4)	4
Change in benefit plan liability	3,569		3,474	(3,398)
Change in accounting	—		—	(806)
Total Federal income taxes	$	(143,203)	(1,131)	108,084

Schedule of Differences and Corresponding Tax Effects

These differences and the corresponding tax effects are as follows:

	Years Ended December 31,
	2022		2021	2020
	(In thousands)
Income tax expense at statutory rate of 21%	$	26,467	47,724	23,534
Dividend received deduction	(405)		(394)	(401)
Tax exempt interest	(1,194)		(1,263)	(1,436)
Non deductible salary expense	642		439	351
Adjustments pertaining to prior tax years	(538)		(63)	(8)
Nondeductible insurance	96		96	96
Nondeductible expenses	42		54	44
Tax rate differential for loss carryback	—		—	(2,497)
Other, net	(220)		(17)	73
Taxes on earnings from continuing operations	$	24,890	46,576	19,756

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2022 and 2021 are presented below.

	December 31,
	2022		2021
	(In thousands)
Deferred tax assets:
Future policy benefits, excess of financial accounting liabilities over tax liabilities	$	142,476	183,692
Investment securities write-downs for financial accounting purposes	1,088		735
Benefit plan liabilities	8,974		12,546
Accrued operating expenses recorded for financial accounting purposes not currently tax deductible	5,915		4,490
Accrued and unearned investment income recognized for tax purposes and deferred for financial accounting purposes	42		64
Net unrealized losses on debt and equity securities	151,284		—
Goodwill	1,315		1,696
Other	6,637		88
Total gross deferred tax assets	317,731		203,311
Deferred tax liabilities:
Deferred policy acquisition costs, sales inducement costs, and VOBA, principally expensed for tax purposes	(136,092)		(157,543)
Tax reform reserve adjustment	(26,198)		(34,942)
Debt securities, principally due to deferred market discount for tax	(5,895)		(5,611)
Real estate, principally due to adjustments for financial accounting purposes	(30)		(14)
Net unrealized gains on debt and equity securities	—		(66,696)
Foreign currency translation adjustments	(1,464)		(1,356)
Fixed assets, due to different depreciation bases	(11,729)		(13,032)
Cost of reinsurance	(16,449)		(18,834)
Funds withheld liability	(61,198)		(5,591)
Other	(809)		(858)
Total gross deferred tax liabilities	(259,864)		(304,477)
Net deferred tax assets (liabilities)	$	57,867	(101,166)