Federal U.S. Life Insurance Company Income Tax Return

U.S. Life Insurance Company Income Tax Return
2023 Form 1120-L
Form

1120-L

U.S. Life Insurance Company Income Tax Return

Department of the Treasury
Internal Revenue Service

For calendar year 2023 or tax year beginning

2 Life-nonlife
consolidated return

Please
print
or
type

3 Schedule M-3 (Form
1120-L) attached
Final return

B Employer identification number

Number, street, and room or suite no. If a P.O. box, see instructions.

C Date incorporated

City or town, state or province, country, and ZIP or foreign postal code

D Check applicable box if an
election has been made under
section(s):
953(c)(3)(C)
953(d)

(2)

(3)

Name change

(4)

Address change

Amended return

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2
3a
3b

Investment income (Schedule B, line 6) (see instructions) .
Capital gain net income (Schedule D (Form 1120)) . . .
Other income (attach statement) . . . . . . . .
Life insurance company gross income. Add lines 1 through 7

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10

Death benefits, etc. . . . . . . . . . .
Net increase, if any, in reserves (Schedule F, line 12)

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8
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11a
b
12

Increase in reserves under section 807(f) . . . . . .
Deduction from Reserve Transition Relief (see instructions)
Deductible policyholder dividends under section 808 . .

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11a
11b
12

13
14
15a

Assumption by another person of liabilities under insurance, etc., contracts
Dividends reimbursable by taxpayer . . . . . . . . . . . .
Interest
b Less tax-exempt interest expense

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c Balance

13
14
15c

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17
18

Deductible policy acquisition expenses (Schedule G, line 20) .
Reserved for future use . . . . . . . . . . . .
Other deductions (see instructions) (attach statement) . . .

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16
17
18

19
20
21a

Add lines 9 through 18 . . . . . . . . . . . . . . .
Subtotal. Subtract line 19 from line 8 . . . . . . . . . . .
Dividends-received and other special deductions (Schedule A, line 22) .

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21a

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19
20

22
23
24

Plus: b. Net operating loss deduction (see instructions) (attach statement) . .
Gain or (loss) from operations. Subtract line 21c from line 20 . . . . . .
Life insurance company taxable income (LICTI). Enter line 22 here . . . .
Phased inclusion of balance of policyholders surplus account (see instructions)

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26

Taxable income. Add lines 23 and 24 (see instructions)
Total tax (Schedule K, line 12) . . . . . . . .

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27a
b
c

Preceding year's overpayment credited to the current year

Tax, Refundable Credits, and Payments

Income (line 6 is reserved)

(1)

Name

Deductions (See instructions for limitations on deductions.)

E Check if:

2023

, 20

Go to www.irs.gov/Form1120L for instructions and the latest information.

A Check if:
1 Consolidated return
(attach Form 851)

, 2023, ending

OMB No. 1545-0123

Gross premiums, etc., less return premiums, etc. Enter balance .

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2
3a
b

Net decrease, if any, in reserves (Schedule F, line 12) .
Decrease in reserves under section 807(f)
. . . .
Income from Reserve Transition Relief (see instructions)

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21b
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27a
27b
27c (

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g

Tax deposited with Form 7004 . . . . . . . . . . . .
Credit for tax paid on undistributed capital gains (attach Form 2439) .
Credit for federal tax paid on fuels (attach Form 4136) . . . . .

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27e
27f
27g

h
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U.S. income tax paid or withheld at source (attach Form 1042-S) .
Elective payment election amount from Form 3800 . . . . .
Other credits and payments (see instructions—attach statement)

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27h
27i
27z

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Current year’s refund applied for on Form 4466 .

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Current year’s estimated tax payments

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28
29
30

Total payments and credits. Combine lines 27d through 27z
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Estimated tax penalty. Check if Form 2220 is attached . . . . . . . . . . .
Amount owed. If line 28 is smaller than the total of lines 26 and 29, enter amount owed .

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31
32

Overpayment. If line 28 is larger than the total of lines 26 and 29, enter amount overpaid
Enter amount from line 31: Credited to 2024 estimated tax . .

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Sign
Here
Paid
Preparer
Use Only

21c
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24
25
26

) 27d

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. . .
Refunded

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Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
May the IRS discuss this return
with the preparer shown below?
See instructions. Yes
No
Date
Title
Signature of officer
Print/Type preparer’s name

Preparer’s signature

Date

Firm’s name

Firm’s EIN

Firm’s address

For Paperwork Reduction Act Notice, see separate instructions.

PTIN
Check
if
self-employed

Phone no.
Cat. No. 11480E

Form 1120-L (2023)

Form 1120-L (2023)

Schedule A

Page 2
Dividends, Inclusions, Dividends-Received Deduction, and Other Special Deductions (see instructions)
(a) Dividends and
inclusions

Dividends subject to proration

(c) Deductions
((a) times (b))

(b) %

1

Dividends from less-than-20%-owned domestic corporations (other than
debt-financed stock) . . . . . . . . . . . . . . . . .

1

50

2

Dividends from 20%-or-more-owned domestic corporations (other than
debt-financed stock) . . . . . . . . . . . . . . . . .

2

65

3

Dividends on certain debt-financed stock of domestic and foreign
corporations . . . . . . . . . . . . . . . . . . .

4
5

Dividends on certain preferred stock of less-than-20%-owned public utilities
Dividends on certain preferred stock of 20%-or-more-owned public utilities .

3
4
5

see instructions
23.3
26.7

6

Dividends from less-than-20%-owned foreign corporations and certain
foreign sales corporations (FSCs) . . . . . . . . . . . . .

7
8
9
10
11
12

Dividends from 20%-or-more-owned foreign corporations and certain FSCs
Dividends from wholly owned foreign subsidiaries and certain FSCs . . .
Dividends from certain affiliated companies . . . . . . . . . .
Gross dividends-received deduction. Add lines 1 through 9
. . . . .
Company share percentage . . . . . . . . . . . . . . .
Prorated amount. Line 10 times line 11
. . . . . . . . . . .

6
7
8
9
10
11
12

50
65
100
100

13

Affiliated company dividends

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13

see instructions

14

Foreign-source portion of dividends received from a specified 10%-owned
foreign corporation (excluding hybrid dividends) (see instructions)
. . .

14

100

15

Dividends from foreign corporations not included on line 3, 6, 7, 8, or 14
(including hybrid dividends) . . . . . . . . . . . . . . .

16

Reserved for future use .

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16

17a

Subpart F inclusions derived from the sale by a controlled foreign
corporation (CFC) of the stock of a lower-tier foreign corporation treated as
a dividend (attach Form(s) 5471) (see instructions) . . . . . . . .

17a

b

Subpart F inclusions derived from hybrid dividends of tiered corporations
(attach Form(s) 5471) (see instructions)
. . . . . . . . . . .

17b

c

Other inclusions from CFCs under subpart F not included on line 17a, 17b,
or 18 (attach Form(s) 5471) (see instructions) . . . . . . . . . .

0.7

Dividends not subject to proration

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17c
18
19

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19

Global intangible low-taxed income (GILTI) (attach Form(s) 5471 and 8992) .
Other corporate dividends . . . . . . . . . . . . . . .

20

Total dividends and inclusions. Add lines 1 through 19, column (a). Enter
here and on Schedule B, line 2 . . . . . . . . . . . . . .

21

Section 250 deduction (attach Form 8993)

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21

22

Total deductions. Add lines 12, 13, 14, 17a, and 21, column (c). Enter here
and on page 1, line 21a . . . . . . . . . . . . . . . .

22

Schedule B

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100

Investment Income (see instructions)

1

Interest (excluding tax-exempt interest)

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1

2
3
4

Total dividends and inclusions (Schedule A, line 20, column (a))
Rents . . . . . . . . . . . . . . . . .
Royalties . . . . . . . . . . . . . . . .

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2
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4

5
6

Leases, terminations, etc. . . . . . . . . . . . . . . .
Investment income. Add lines 1 through 5. Enter here and on page 1, line 4 .

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Form 1120-L (2023)

Page 3

Form 1120-L (2023)

Schedule F

Increase (Decrease) in Reserves (section 807) (see instructions)
(a) Beginning
of tax year

1
2
3
4
5
6
7

Life insurance reserves . . . . . .
Unearned premiums and unpaid losses .
Supplementary contracts
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Dividend accumulations and other amounts
Advance premiums . . . . . . .
Special contingency reserves . . . .
Add lines 1 through 6 . . . . . . .

8
9a

Increase (decrease) in reserves under section 807. Subtract line 7, column (a), from line 7, column (b)
Tax-exempt interest . . . . . . . . . . . . . . . . . . . .
9a

b
c
10

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Increase in policy cash value of section 264(f) policies as defined in section 805(a)(4)(F)
Add lines 9a and 9b . . . . . . . . . . . . . . . . . . . .
Policyholders’ share percentage . . . . . . . . . . . . . . . .

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(b) End of tax year

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6
7

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9b
9c
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8

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10

11

Policyholders’ share of tax-exempt interest and the increase in policy cash value of section 264(f) policies as
defined in section 805(a)(4)(F). Multiply line 9c by line 10
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11

12

Net increase (decrease) in reserves. Subtract line 11 from line 8. If an increase, enter here and on page 1,
line 10. If a decrease, enter here and on page 1, line 2 . . . . . . . . . . . . . . . . . .

12

Schedule G

Policy Acquisition Expenses (section 848) (see instructions)
(a) Annuity

1

Gross premiums and other consideration .

2

Return premiums and premiums and other consideration incurred for
reinsurance
. . . . . . . . . . . . . . . . . .

3
4
5

Net premiums. Subtract line 2 from line 1
Net premium percentage (see instructions)
Multiply line 3 by line 4 . . . . . .

6
7
8
9

Combine line 5, columns (a), (b), and (c), and enter here. If zero or less, enter -0- on lines 7 and 8
Unused balance of negative capitalization amount from prior years . . . . . . . . .
Combine lines 6 and 7. If zero or less, enter -0- . . . . . . . . . . . . . . .
General deductions (attach statement) . . . . . . . . . . . . . . . . . .

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(b) Group life
insurance

2
3
4
5

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6
7
8
9

10
11
12

Enter the lesser of line 8 or line 9 . . . . . . . . . . . . . . . . . . . . . . .
Deductible general deductions. Subtract line 10 from line 9. Enter here and include on page 1, line 18 . . .
If the amount on line 6 is negative, enter it as a positive amount. If the amount on line 6 is positive, enter -0- .

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11
12

13
14

Unamortized specified policy acquisition expenses from prior years . . . .
Deductible negative capitalization amount. Enter the lesser of line 12 or line 13 .

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14

15a

Tentative 60-month specified policy acquisition expenses. Enter amount from line 10,
but not more than $5 million . . . . . . . . . . . . . . . . . .

16
17a
b
18a
b
19
20

Limitation . . . . . . . . . . . . . . . . . . . .
Phase-out amount. Subtract line 15b from line 10. If zero or less, enter -0- .

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(

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$10,000,000

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17b

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18a
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18b

Current year 180-month specified policy acquisition expenses. Subtract line 17a from
line 10 . . . . . . . . . . . . . . . . . . . . . . . .
Enter 3.34% (0.0334) of line 18a

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15a
15b
16

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Current year 60-month specified policy acquisition expenses. Subtract line 16 from line
15a. If zero or less, enter -0. . . . . . . . . . . . . . . . .
Enter 10% (0.10) of line 17a .

(c) Other

1

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b

30%

Enter the applicable amount of amortization from specified policy acquisition expenses capitalized in prior years
and deductible this year. Attach statement . . . . . . . . . . . . . . . . . . . . .
Deductible policy acquisition expenses. Add lines 14, 17b, 18b, and 19. Enter here and on page 1, line 16 . .

19
20
Form 1120-L (2023)

Page 4

Form 1120-L (2023)

Schedule K

Tax Computation (see instructions)

1
2
3

Income tax. See instructions . . . . . . . . . . . . . . . . . .
Base erosion minimum tax amount (attach Form 8991) . . . . . . . . . .
Corporate alternative minimum tax from Form 4626, Part II, line 13 (attach Form 4626)

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1
2
3

4
5a
b

Add lines 1, 2, and 3 . . . . . . .
Foreign tax credit (attach Form 1118) . .
Credit from Form 8834 (attach Form 8834)

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5a
5b

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4

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General business credit (see instructions—attach Form 3800) .
Credit for prior year minimum tax (attach Form 8827) . . .
Bond credits from Form 8912 . . . . . . . . . .

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Total credits. Add lines 5a through 5e
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Subtract line 6 from line 4 . . . . . . . . . . . . . . . . .
Foreign corporations—tax on income not effectively connected with U.S. business

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6
7
8

9
10
11

Recapture of investment credit (attach Form 4255) . . .
Recapture of low-income housing credit (attach Form 8611)
Other taxes (see instructions—attach statement) . . . .

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9
10
11

12

Total tax. Add lines 7 through 11. Enter here and on page 1, line 26 .

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12

c
d
e
6
7
8

Schedule L

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5c
5d
5e

Part I—Total Assets (see instructions)
(a) Beginning
of tax year

1
2
3
4
5

Real property . . . . . . . . . . .
Stocks . . . . . . . . . . . . .
Proportionate share of partnership and trust assets
Other assets (attach statement) . . . . . .
Total assets. Add lines 1 through 4 . . . .

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(b) End of tax year

1
2
3
4
5

Part II—Total Assets and Total Insurance Liabilities (section 842(b)(2)(B)(i)) (see instructions)
Note: The information provided in Part II should conform with the “Assets” and “Liabilities, Surplus, and Other Funds” sections of
the NAIC Annual Statement.
(a) Beginning
of tax year

1
2
3
4
5
6
7
8
9
10
11

Subtotals for assets . . . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . .
Reserve for life policies and contracts . . . . . . . . . . .
Reserve for accident and health policies . . . . . . . . . .
Liability for deposit-type contracts . . . . . . . . . . . .
Life policy and contract claims . . . . . . . . . . . . .
Accident and health policy and contract claims . . . . . . . .
Policyholder’s dividend and coupon accumulations . . . . . . .
Premiums and annuity considerations received in advance less discount
Surrender values on canceled policies . . . . . . . . . . .
Part of other amounts payable on reinsurance assumed
. . . . .

12

Part of aggregate write-ins for liabilities. (Only include items or amounts includible in “total
insurance liabilities on U.S. business” as defined in section 842(b)(2)(B)(i)) . . . . . .

13
14

Separate accounts statement . . . . . . .
Total insurance liabilities. Add lines 3 through 13 .

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(b) End of tax year

1
2
3
4
5
6
7
8
9
10
11
12
13
14
Form 1120-L (2023)

Page 5

Form 1120-L (2023)

Schedule M

Other Information (see instructions)
Yes

1
2
a

Check accounting method:
Check if the corporation is a:

a

Accrual

b

No

Other (specify)

Legal reserve company—if checked, kind of company:
(1)
(2)
Stock
Mutual
Principal business:
(1)
Life insurance

(2)
Health and accident insurance
Fraternal or assessment association
Burial or other insurance company

b
c
3

Enter the percentage that the total of the corporation’s life insurance reserves (section 816(b))
unpaid losses (whether or not ascertained) on noncancelable life, health, or accident policies
reserves bears to the corporation’s total reserves (section 816(c)) . . . . . . . . . .
Attach a statement showing the computation.
Does the corporation have any variable annuity contracts outstanding? . . . . . . . .

4
5

plus unearned premiums and
not included in life insurance
%.
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At the end of the tax year, did the corporation own, directly or indirectly, 50% or more of the voting stock of a domestic
corporation? (For rules of attribution, see section 267(c).) . . . . . . . . . . . . . . . . . . . . .
If “Yes,” attach a statement showing (a) name and employer identification number (EIN), (b) percentage owned, and (c) taxable
income or (loss) before NOL and special deductions of such corporation for the tax year ending with or within your tax year.
Is the corporation a subsidiary in an affiliated group or a parent-subsidiary controlled group? . . . . . . . . . .
If “Yes,” enter name and EIN of the parent corporation

6

7

a

At the end of the tax year, did any individual, partnership, corporation, estate, or trust own, directly or indirectly, 50% or more of the
corporation’s voting stock? (For rules of attribution, see section 267(c).) . . . . . . . . . . . . . . . . .
If “Yes,” complete a and b below.
Attach a statement showing name and identifying number. (Do not include any information already entered on line 6 above.)

b

Enter percentage owned.

8

At any time during the year, did one foreign person own, directly or indirectly, at least 25% of (a) the total voting power of all
classes of stock of the corporation entitled to vote, or (b) the total value of all classes of stock of the corporation? . . . .
If “Yes,” enter:
a

Percentage owned and

b

Owner’s country

c

The corporation may have to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign
Corporation Engaged in a U.S. Trade or Business. Enter number of Forms 5472 attached.

9

Does the corporation discount any of the loss reserves shown on its annual statement?

10a

b

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Enter the total unpaid losses shown on the corporation’s annual statement:
(1) For the current year:
$
(2) For the previous year:
$
Enter the total unpaid loss adjustment expenses shown on the corporation’s annual statement:
$
(1) For the current year:
$
(2) For the previous year:

11

Enter the available net operating loss carryover from prior tax years. (Do not reduce it by any deduction on page 1, line 21b.)

12a

Enter the corporation’s state of domicile.

$
b

Was the annual statement used to prepare the tax return filed with the state of domicile? .
If “No,” complete c below.

c

Enter the state where the annual statement used to prepare the tax return was filed.

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13

Is the corporation required to file Schedule UTP (Form 1120), Uncertain Tax Position Statement? See instructions

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14

If “Yes,” complete and attach Schedule UTP.
Does the corporation have gross receipts of at least $500 million in any of the 3 preceding tax years? (See section 59A(e)(2) and (3).)
If “Yes,” complete and attach Form 8991.
Form 1120-L (2023)

Page 6

Form 1120-L (2023)

Schedule M

Other Information (see instructions) (continued)
Yes

15

During the tax year, did the corporation pay or accrue any interest or royalty for which the deduction is not allowed under section
267A? See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If “Yes,” enter the total amount of the disallowed deductions $

16

Did the corporation have an election under section 163(j) for any real property trade or business or any farming business in effect
during the tax year? See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . .

17

Is the corporation required to file Form 8990, Limitation on Business Interest Expense Under Section 163(j), to calculate the
amount of deductible business interest? See instructions . . . . . . . . . . . . . . . . . . . . .

18

Is the corporation a member of a controlled group? If “Yes,” attach Schedule O (Form 1120). See instructions

19

Corporate Alternative Minimum Tax:

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a

Was the corporation an applicable corporation under section 59(k)(1) in any prior tax year?
If “Yes,” go to question 19b. If “No,” skip to question 19c.

b

Is the corporation an applicable corporation under section 59(k)(1) in the current tax year because the corporation was an
applicable corporation in the prior tax year? . . . . . . . . . . . . . . . . . . . . . . . . .
If “Yes,” complete and attach Form 4626. If “No,” continue to question 19c.

c

Does the corporation meet the requirements of the safe harbor method, as provided under section 59(k)(3)(A) for the current tax
year? See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If “No," complete and attach Form 4626. If “Yes,” the corporation is not required to file Form 4626.

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No

Form 1120-L (2023)