Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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)	2016			2015			2014
Income tax expense at statutory rates	$	(398	)	$	(192	)	$	(423	)
Tax benefit from tax exempt income	124			123			119
Foreign taxes and credits	3			9			(6		)
Other tax expense	(7		)	(10		)	(9		)
Income tax expense	$	(278	)	$	(70	)	$	(319	)

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)	2016			2015			2014
Current tax expense	$	(142	)	$	(220	)	$	(318	)
Deferred tax benefit (expense)	(136		)	150			(1		)
Total income tax expense	$	(278	)	$	(70	)	$	(319	)

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)	2016		2015
Deferred Tax Assets:
Insurance reserves:
Property and casualty claim and claim adjustment expense reserves	$	125	$	178
Unearned premium reserves	206		230
Receivables	27		29
Employee benefits	272		281
Life settlement contracts	56		48
Deferred retroactive reinsurance benefit	117		84
Investment valuation differences	—		29
Other assets	148		142
Gross deferred tax assets	951		1,021
Deferred Tax Liabilities:
Investment valuation differences	57		—
Deferred acquisition costs	120		117
Net unrealized gains	309		202
Other liabilities	86		64
Gross deferred tax liabilities	572		383
Net deferred tax asset	$	379	$	638