|
(for the year ended December 31, in millions) |
2013 | 2012 | 2011 | |||||||
|
Income before income taxes |
||||||||||
|
U.S |
$ | 4,804 | $ | 2,955 | $ | 1,175 | ||||
|
Foreign |
141 | 211 | 177 | |||||||
|
Total income before income taxes |
4,945 | 3,166 | 1,352 | |||||||
|
Effective tax rate |
||||||||||
|
Statutory tax rate |
35 | % | 35 | % | 35 | % | ||||
|
Expected federal income tax expense |
1,731 | 1,108 | 473 | |||||||
|
Tax effect of: |
||||||||||
|
Nontaxable investment income |
(409 | ) | (427 | ) | (449 | ) | ||||
|
Resolution of prior year tax matters |
(63 | ) | — | (104 | ) | |||||
|
Other, net |
13 | 12 | 6 | |||||||
|
Total income tax expense (benefit) |
$ | 1,272 | $ | 693 | $ | (74 | ) | |||
|
Effective tax rate |
26 | % | 22 | % | (5 | )% | ||||