Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
			(in thousands)
Current tax expense (benefit):
U.S. federal	$	241,355	$	91,707	$	14,381

State and local	2,588		0		0
Total	243,943		91,707		14,381
Deferred tax expense (benefit):
U.S. federal	1,050,062		(957,427)		(305,482)

Total	1,050,062		(957,427)		(305,482)
Income tax expense (benefit)	1,294,005		(865,720)		(291,101)
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)	(362,398)		293,588		200,447
Total income tax expense (benefit)	$	931,607	$	(572,132)	$	(90,654)

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 2021, 2020 and 2019, and the reported income tax expense (benefit) are summarized as follows:


	Year Ended December 31,
	2021			2020			2019
	(in thousands)
Expected federal income tax expense (benefit)	$	1,314,467		$	(847,347)		$	(268,890)
Non-taxable investment income	(11,542)			(10,942)			(12,019)
Tax credits	(9,803)			(7,908)			(11,708)
Other	883			477			1,516
Reported income tax expense (benefit)	$	1,294,005		$	(865,720)		$	(291,101)
Effective tax rate	20.7		%	21.5		%	22.7		%

Schedule of Deferred Tax Assets and Liabilities

Schedule of Deferred Tax Assets and Deferred Tax Liabilities


	As of December 31,
	2021		2020
	(in thousands)
Deferred tax assets:
Insurance reserves	$	241,627	$	2,648,343
Investments	830,326		425,467
Other	563		539
Deferred tax assets	1,072,516		3,074,349
Deferred tax liabilities:
VOBA and deferred policy acquisition cost	109,877		879,072
Deferred sales inducements	61,970		150,065
Net unrealized gain on securities	55,683		506,543
Deferred tax liabilities	227,530		1,535,680
Net deferred tax asset (liability)	$	844,986	$	1,538,669