Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Reconcilliation between the Company's federal income tax (expense) benefit at statutory rates and the recorded income tax (expense) benefit

The following table presents a reconciliation between the Company's federal income tax expense at statutory rates and the recorded income tax expense, excluding discontinued operations.



Years ended December 31
(In millions)	2015			2014			2013
Income tax expense at statutory rates	$	(192	)	$	(423	)	$	(447	)
Tax benefit from tax exempt income	123			119			97
Foreign taxes and credits	9			(6		)	(1		)
Other tax expense	(10		)	(9		)	(10		)
Income tax expense	$	(70	)	$	(319	)	$	(361	)

Current and deferred components of the Company's income tax (expense) benefit

The following table presents the current and deferred components of the Company's income tax expense, excluding discontinued operations.



Years ended December 31
(In millions)	2015			2014			2013
Current tax expense	$	(220	)	$	(318	)	$	(292	)
Deferred tax benefit (expense)	150			(1		)	(69		)
Total income tax expense	$	(70	)	$	(319	)	$	(361	)

Significant components of the Company's deferred tax assets and liabilities

The deferred tax effects of the significant components of the Company's deferred tax assets and liabilities are presented in the following table.



December 31
(In millions)	2015		2014
Deferred Tax Assets:
Insurance reserves:
Property and casualty claim and claim adjustment expense reserves	$	178	$	265
Unearned premium reserves	230		187
Receivables	29		35
Employee benefits	281		289
Life settlement contracts	48		46
Deferred retroactive reinsurance benefit	84		61
Investment valuation differences	29		—
Other assets	142		138
Gross deferred tax assets	1,021		1,021
Deferred Tax Liabilities:
Investment valuation differences	—		50
Deferred acquisition costs	117		226
Net unrealized gains	202		489
Other liabilities	64		65
Gross deferred tax liabilities	383		830
Net deferred tax asset	$	638	$	191