​

​

For the three months ended June 30, 

​

For the six months ended June 30, 

​

​

2025

2024

​

2025

2024

​

​

​

($ in millions)

​

Income before income taxes

​

$

503.1

​

$

443.9

​

$

532.0

​

$

1,071.0

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expected tax at the U.S. statutory rate

​

$

105.6

$

93.2

​

$

111.7

$

224.9

​

Tax credits

​

​

(22.6)

​

​

(18.7)

​

​

(52.2)

​

​

(34.9)

​

Dividends received deduction

​

​

(19.8)

​

​

(18.3)

​

​

(38.0)

​

​

(37.7)

​

Interest exclusion from taxable income

​

​

(5.7)

​

​

(6.1)

​

​

(10.9)

​

​

(11.9)

​

Impact of equity method presentation

​

​

(5.1)

​

​

(6.4)

​

​

(10.8)

​

​

(11.1)

​

Impact of noncontrolling interest presentation

​

​

(5.7)

​

​

(0.8)

​

​

(8.8)

​

​

(0.7)

​

Changes in unrecognized tax benefits – Tax Cuts and Jobs Act of 2017 rate change

​

​

(5.4)

​

​

—

​

​

(5.4)

​

​

—

​

Low income housing tax credit amortization

​

​

12.2

​

​

10.4

​

​

24.4

​

​

21.0

​

Foreign country statutory rate differential

​

​

3.4

​

​

(0.8)

​

​

13.0

​

​

(3.2)

​

State income taxes

​

​

9.8

​

​

17.4

​

​

11.7

​

​

22.1

​

Valuation allowance

​

​

0.7

​

​

13.9

​

​

1.3

​

​

15.4

​

Other

​

​

2.2

​

​

3.3

​

​

(0.4)

​

​

(1.7)

​

Income taxes

​

$

69.6

​

$

87.1

​

$

35.6

​

$

182.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Effective income tax rate

​

​

14.0

%  

​

20.0

%

​

7.0

%  

​

17.0

%