Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Reconciliation 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)	2019			2018			2017
Income tax expense at statutory rates	$	(257	)	$	(203	)	$	(459	)
Tax benefit from tax exempt income	53			63			131
Foreign taxes and credits	(1		)	(1		)	3
State income taxes	(14		)	(13		)	(7		)
Net deferred tax asset remeasurement	—			6			(83		)
Other tax expense	(4		)	(3		)	4
Income tax expense	$	(223	)	$	(151	)	$	(411	)

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)	2019			2018			2017
Current tax expense	$	(269	)	$	(171	)	$	(243	)
Deferred tax benefit (expense)	46			20			(168		)
Total income tax expense	$	(223	)	$	(151	)	$	(411	)

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)	2019		2018
Deferred Tax Assets:
Insurance reserves:
Property and casualty claim and claim adjustment expense reserves	$	129	$	108
Unearned premium reserves	153		108
Receivables	11		15
Employee benefits	127		143
Deferred retroactive reinsurance benefit	82		79
Other assets	132		131
Gross deferred tax assets	634		584
Deferred Tax Liabilities:
Investment valuation differences	40		44
Deferred acquisition costs	83		78
Net unrealized gains	264		14
Software and hardware	34		44
Other liabilities	14		12
Gross deferred tax liabilities	435		192
Net deferred tax asset	$	199	$	392