Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Taxes

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

	Year Ended December 31,
	2023		2022		2021
Income tax expense (benefit) from operations:
Current income tax expense (benefit)	$	145,880	$	138,968	$	143,995
Deferred income tax expense (benefit)	77,631		68,757		99,502
	223,511		207,725		243,497
Shareholders’ equity:
Other comprehensive income (loss)	4,762		384,035		149,061
	$	228,273	$	591,760	$	392,558

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,
	2023		%	2022		%	2021		%
Expected federal income tax expense (benefit)	$	250,796	21.0	$	231,443	21.0	$	267,668	21.0
Increase (reduction) in income taxes resulting from:
Low income housing investments	(14,291)		(1.2)	(11,443)		(1.1)	(12,115)		(1.0)
Share-based awards	(4,724)		(0.4)	(5,251)		(0.5)	(5,597)		(0.4)
Tax-exempt investment income	(9,644)		(0.8)	(8,961)		(0.8)	(6,977)		(0.5)
Other	1,374		0.1	1,937		0.2	518		—
Income tax expense (benefit)	$	223,511	18.7	$	207,725	18.8	$	243,497	19.1

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,
	2023		2022
Deferred tax assets:
Unrealized losses	$	732,750	$	738,555
Carryover of tax losses	4,227		2,470
Total gross deferred tax assets	736,977		741,025
Deferred tax liabilities:
Employee and agent compensation	100,689		86,063
Deferred acquisition costs	892,149		826,254
Future policy benefits, unearned and advance premiums, and policy claims	267,564		267,802
Other liabilities	17,466		18,362
Total gross deferred tax liabilities	1,277,868		1,198,481
Net deferred tax liability	$	540,891	$	457,456