Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

The following table discloses significant components of income taxes for each year presented:


	Year Ended December 31,
	2021		2020		2019
Income tax expense (benefit) from continuing operations:
Current income tax expense (benefit)	$	144,718	$	129,647	$	134,948
Deferred income tax expense (benefit)	22,713		35,264		35,449
	167,431		164,911		170,397
Shareholders’ equity:
Other comprehensive income (loss)	(93,480)		314,845		405,472
	$	73,951	$	479,756	$	575,869

Summary of Effective Income Tax Rate

The effective income tax rate differed from the expected U.S. federal statutory rate of 21% as shown below:


	Year Ended December 31,
	2021		%	2020		%	2019		%
Expected federal income tax expense (benefit)	$	191,602	21.0	$	188,304	21.0	$	195,569	21.0

Increase (reduction) in income taxes resulting from:

Low income housing investments	(12,115)		(1.3)	(11,913)		(1.3)	(11,605)		(1.2)
Share-based awards	(5,597)		(0.6)	(5,013)		(0.6)	(11,780)		(1.3)
Tax-exempt investment income	(6,977)		(0.8)	(5,830)		(0.6)	(3,192)		(0.3)
Other	518		0.1	(637)		(0.1)	1,405		0.1
Income tax expense (benefit)	$	167,431	18.4	$	164,911	18.4	$	170,397	18.3

Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:


	December 31,
	2021		2020
Deferred tax assets:
Fixed maturity investments	$	—	$	4,279
Carryover of tax losses	5,962		5,534
Total gross deferred tax assets	5,962		9,813
Deferred tax liabilities:
Unrealized gains	713,879		808,071
Employee and agent compensation	93,738		88,012
Deferred acquisition costs	723,337		688,034
Future policy benefits, unearned and advance premiums, and policy claims	226,943		257,640
Other liabilities	15,738		7,209
Total gross deferred tax liabilities	1,773,635		1,848,966
Net deferred tax liability	$	1,767,673	$	1,839,153