Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

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 income tax expense at statutory rates and the recorded income tax expense.

Years ended December 31
(In millions)	2020		2019		2018
Income tax expense at statutory rates	$	(172)	$	(257)	$	(203)
Tax benefit from tax exempt income	52		53		63
Foreign taxes and credits	2		(1)		(1)
State income taxes	(6)		(14)		(13)
Other tax expense	(7)		(4)		3
Income tax expense	$	(131)	$	(223)	$	(151)

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)	2020		2019		2018
Current tax expense	$	(180)	$	(269)	$	(171)
Deferred tax benefit	49		46		20
Total income tax expense	$	(131)	$	(223)	$	(151)

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)	2020		2019
Deferred Tax Assets:
Insurance reserves:
Property and casualty claim and claim adjustment expense reserves	$	157	$	129
Unearned premium reserves	174		153
Receivables	11		11
Employee benefits	122		127
Deferred retroactive reinsurance benefit	83		82
Other assets	143		132
Gross deferred tax assets	690		634
Deferred Tax Liabilities:
Investment valuation differences	28		40
Deferred acquisition costs	93		83
Net unrealized gains	453		264
Software and hardware	31		34
Other liabilities	19		14
Gross deferred tax liabilities	624		435
Net deferred tax asset	$	66	$	199