Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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


	Year Ended December 31,
	2022		2021		2020
Income tax expense (benefit) from operations:
Current income tax expense (benefit)	$	138,248	$	144,718	$	129,647
Deferred income tax expense (benefit)	28,359		22,713		35,264
	166,607		167,431		164,911
Shareholders’ equity:
Other comprehensive income (loss)	(1,088,098)		(93,480)		314,845
	$	(921,491)	$	73,951	$	479,756

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,
	2022		%	2021		%	2020		%
Expected federal income tax expense (benefit)	$	190,325	21.0	$	191,602	21.0	$	188,304	21.0

Increase (reduction) in income taxes resulting from:

Low income housing investments	(11,443)		(1.2)	(12,115)		(1.3)	(11,913)		(1.3)
Share-based awards	(5,251)		(0.6)	(5,597)		(0.6)	(5,013)		(0.6)
Tax-exempt investment income	(8,961)		(1.0)	(6,977)		(0.8)	(5,830)		(0.6)
Other	1,937		0.2	518		0.1	(637)		(0.1)
Income tax expense (benefit)	$	166,607	18.4	$	167,431	18.4	$	164,911	18.4

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,
	2022		2021
Deferred tax assets:

Unrealized losses	$	373,175	$	—
Carryover of tax losses	2,470		5,962
Total gross deferred tax assets	375,645		5,962
Deferred tax liabilities:
Unrealized gains	—		713,879
Employee and agent compensation	86,063		93,738
Deferred acquisition costs	764,813		723,337
Future policy benefits, unearned and advance premiums, and policy claims	216,268		226,943
Other liabilities	17,479		15,738
Total gross deferred tax liabilities	1,084,623		1,773,635
Net deferred tax liability	$	708,978	$	1,767,673