Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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.



Years ended December 31
(In millions)	2017			2016			2015
Income tax expense at statutory rates	$	(459	)	$	(398	)	$	(192	)
Tax benefit from tax exempt income	131			124			123
Foreign taxes and credits	3			3			9
Net deferred tax asset remeasurement	(83		)	—			—
Other tax expense	(3		)	(7		)	(10		)
Income tax expense	$	(411	)	$	(278	)	$	(70	)

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.



Years ended December 31
(In millions)	2017			2016			2015
Current tax expense	$	(243	)	$	(142	)	$	(220	)
Deferred tax benefit (expense)	(168		)	(136		)	150
Total income tax expense	$	(411	)	$	(278	)	$	(70	)

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)	2017		2016
Deferred Tax Assets:
Insurance reserves:
Property and casualty claim and claim adjustment expense reserves	$	74	$	125
Unearned premium reserves	142		206
Receivables	15		27
Employee benefits	154		272
Life settlement contracts	—		56
Deferred retroactive reinsurance benefit	68		117
Investment valuation differences	—		—
Other assets	105		148
Gross deferred tax assets	558		951
Deferred Tax Liabilities:
Investment valuation differences	55		57
Deferred acquisition costs	77		120
Net unrealized gains	233		309
Other liabilities	56		86
Gross deferred tax liabilities	421		572
Net deferred tax asset	$	137	$	379