Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Components of Income Tax Expense (Benefit)

The following schedule discloses significant components of income tax expense (benefit) for each year presented:


	Year Ended December 31,
	2020		2019		2018
			(in thousands)
Current tax expense (benefit):
U.S. federal	$	91,707	$	14,381	$	(422,999)

Total	91,707		14,381		(422,999)
Deferred tax expense (benefit):
U.S. federal	(957,427)		(305,482)		584,503

Total	(957,427)		(305,482)		584,503
Income tax expense (benefit)	(865,720)		(291,101)		161,504
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)	293,588		200,447		(52,510)
Total income tax expense (benefit)	$	(572,132)	$	(90,654)	$	108,994

Schedule of Income Before Income Tax, Domestic and Foreign

The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2020, 2019 and 2018, and the reported income tax expense (benefit) are summarized as follows:


	Year Ended December 31,
	2020			2019			2018
	(in thousands)
Expected federal income tax expense (benefit)	$	(847,347)		$	(268,890)		$	387,286
Non-taxable investment income	(10,942)			(12,019)			(18,954)
Tax credits	(7,908)			(11,708)			(13,694)
Changes in tax law	0			0			(193,306)
Other	477			1,516			172
Reported income tax expense (benefit)	$	(865,720)		$	(291,101)		$	161,504
Effective tax rate	21.5		%	22.7		%	8.8		%

Schedule of Deferred Tax Assets and Liabilities

Schedule of Deferred Tax Assets and Deferred Tax Liabilities


	As of December 31,
	2020		2019
	(in thousands)
Deferred tax assets:
Insurance reserves	$	2,648,343	$	1,716,039
Investments	425,467		411,788
Other	539		2,002
Deferred tax assets	3,074,349		2,129,829
Deferred tax liabilities:
VOBA and deferred policy acquisition cost	879,072		929,882
Deferred sales inducements	150,065		170,672
Net unrealized gain on securities	506,543		154,815
Deferred tax liabilities	1,535,680		1,255,369
Net deferred tax asset (liability)	$	1,538,669	$	874,460