Form 1120-L

Department of the Treasury 

Internal Revenue Service

U.S. Life Insurance Company Income Tax Return

For calendar year 2023 or tax year beginning , 2023, ending , 20

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

OMB No. 1545-0123

2023

Please 

print 

or 

type

Name

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

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

A Check if:

1 Consolidated return 

(attach Form 851) 

2 Life-nonlife 

consolidated return 

3 Schedule M-3 (Form 

1120-L) attached 

B Employer identification number

C Date incorporated

D Check applicable box if an 

election has been made under 

section(s):

E Check if: (1) Final return (2) Name change (3) Address change (4) Amended return 953(c)(3)(C) 953(d) Income (line 6 is reserved)

1 Gross premiums, etc., less return premiums, etc. Enter balance . . . . . . . . . . . . . . 1

2 Net decrease, if any, in reserves (Schedule F, line 12) . . . . . . . . . . . . . . . . . 2

3a Decrease in reserves under section 807(f) . . . . . . . . . . . . . . . . . . . . 3a

b Income from Reserve Transition Relief (see instructions) . . . . . . . . . . . . . . . . 3b

4 Investment income (Schedule B, line 6) (see instructions) . . . . . . . . . . . . . . . . 4

5 Capital gain net income (Schedule D (Form 1120)) . . . . . . . . . . . . . . . . . . 5

7 Other income (attach statement) . . . . . . . . . . . . . . . . . . . . . . . 7

8 Life insurance company gross income. Add lines 1 through 7 . . . . . . . . . . . . . . . 8

Deductions (See instructions for limitations on deductions.) 

9 Death benefits, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

10 Net increase, if any, in reserves (Schedule F, line 12) . . . . . . . . . . . . . . . . . 10

11a Increase in reserves under section 807(f) . . . . . . . . . . . . . . . . . . . . . 11a

b Deduction from Reserve Transition Relief (see instructions) . . . . . . . . . . . . . . . 11b

12 Deductible policyholder dividends under section 808 . . . . . . . . . . . . . . . . . 12

13 Assumption by another person of liabilities under insurance, etc., contracts . . . . . . . . . . 13

14 Dividends reimbursable by taxpayer . . . . . . . . . . . . . . . . . . . . . . 14

15a Interest b Less tax-exempt interest expense c Balance 15c

16 Deductible policy acquisition expenses (Schedule G, line 20) . . . . . . . . . . . . . . . 16

17 Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . 17

18 Other deductions (see instructions) (attach statement) . . . . . . . . . . . . . . . . . 18

19 Add lines 9 through 18 . . . . . . . . . . . . . . . . . . . . . . . . . . 19

20 Subtotal. Subtract line 19 from line 8 . . . . . . . . . . . . . . . . . . . . . . 20

21a Dividends-received and other special deductions (Schedule A, line 22) . . . . 21a

Plus: b. Net operating loss deduction (see instructions) (attach statement) . . . 21b 21c

22 Gain or (loss) from operations. Subtract line 21c from line 20 . . . . . . . . . . . . . . . 22

23 Life insurance company taxable income (LICTI). Enter line 22 here . . . . . . . . . . . . . 23

24 Phased inclusion of balance of policyholders surplus account (see instructions) . . . . . . . . . 24

Tax, Refundable Credits, and Payments

25 Taxable income. Add lines 23 and 24 (see instructions) . . . . . . . . . . . . . . . . 25

26 Total tax (Schedule K, line 12) . . . . . . . . . . . . . . . . . . . . . . . . 26

27a Preceding year's overpayment credited to the current year . . . . . . . 27a

b Current year’s estimated tax payments . . . . . . . . . . . . . 27b

c Current year’s refund applied for on Form 4466 . . . . . . . . . . . 27c ( ) 27d

e Tax deposited with Form 7004 . . . . . . . . . . . . . . . . 27e

f Credit for tax paid on undistributed capital gains (attach Form 2439) . . . . . 27f

g Credit for federal tax paid on fuels (attach Form 4136) . . . . . . . . . 27g

h U.S. income tax paid or withheld at source (attach Form 1042-S) . . . . . . 27h

i Elective payment election amount from Form 3800 . . . . . . . . . . 27i

z Other credits and payments (see instructions—attach statement) . . . . . 27z

28 Total payments and credits. Combine lines 27d through 27z . . . . . . . . . . . . . . 28

29 Estimated tax penalty. Check if Form 2220 is attached . . . . . . . . . . . . . . . . 29

30 Amount owed. If line 28 is smaller than the total of lines 26 and 29, enter amount owed . . . . . . . 30

31 Overpayment. If line 28 is larger than the total of lines 26 and 29, enter amount overpaid . . . . . . 31

32 Enter amount from line 31: Credited to 2024 estimated tax . . Refunded . . 32

Sign 

Here

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.

Signature of officer Date Title

May the IRS discuss this return 

with the preparer shown below? 

See instructions. Yes No 

Paid 

Preparer 

Use Only

Print/Type preparer’s name Preparer’s signature Date Check if 

self-employed

PTIN

Firm’s name Firm’s EIN 

Firm’s address Phone no.

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11480E Form 1120-L (2023) 
Form 1120-L (2023) Page 2 

Schedule A Dividends, Inclusions, Dividends-Received Deduction, and Other Special Deductions (see instructions)

Dividends subject to proration

(a) Dividends and 

inclusions (b) % (c) Deductions ((a) times (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 . . . . . . . . . . . . . . . . . . . 3 see instructions

4 Dividends on certain preferred stock of less-than-20%-owned public utilities 4 23.3

5 Dividends on certain preferred stock of 20%-or-more-owned public utilities . 5 26.7

6 Dividends from less-than-20%-owned foreign corporations and certain 

foreign sales corporations (FSCs) . . . . . . . . . . . . . 6 50

7 Dividends from 20%-or-more-owned foreign corporations and certain FSCs 7 65

8 Dividends from wholly owned foreign subsidiaries and certain FSCs . . . 8 100

9 Dividends from certain affiliated companies . . . . . . . . . . 9 100

10 Gross dividends-received deduction. Add lines 1 through 9 . . . . . 10

11 Company share percentage . . . . . . . . . . . . . . . 11 0.7

12 Prorated amount. Line 10 times line 11 . . . . . . . . . . . 12

Dividends not subject to proration 

13 Affiliated company dividends . . . . . . . . . . . . . . 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) . . . . . . . . . . . . . . . 15

16 Reserved for future use . . . . . . . . . . . . . . . . 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 100

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) . . . . . . . . . . 17c

18 Global intangible low-taxed income (GILTI) (attach Form(s) 5471 and 8992) . 18

19 Other corporate dividends . . . . . . . . . . . . . . . 19

20 Total dividends and inclusions. Add lines 1 through 19, column (a). Enter 

here and on Schedule B, line 2 . . . . . . . . . . . . . . 20

21 Section 250 deduction (attach Form 8993) . . . . . . . . . . 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 Investment Income (see instructions)

1 Interest (excluding tax-exempt interest) . . . . . . . . . . . . . . . . . . . . . . 1

2 Total dividends and inclusions (Schedule A, line 20, column (a)) . . . . . . . . . . . . . . . 2

3 Rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

4 Royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

5 Leases, terminations, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . 5

6 Investment income. Add lines 1 through 5. Enter here and on page 1, line 4 . . . . . . . . . . . . 6

Form 1120-L (2023)
Form 1120-L (2023) Page 3 

Schedule F Increase (Decrease) in Reserves (section 807) (see instructions)

(a) Beginning 

of tax year

(b) End of tax year

1 Life insurance reserves . . . . . . . . . . . . . . . . . . . . . 1

2 Unearned premiums and unpaid losses . . . . . . . . . . . . . . . . 2

3 Supplementary contracts . . . . . . . . . . . . . . . . . . . . 3

4 Dividend accumulations and other amounts . . . . . . . . . . . . . . . 4

5 Advance premiums . . . . . . . . . . . . . . . . . . . . . . 5

6 Special contingency reserves . . . . . . . . . . . . . . . . . . . 6

7 Add lines 1 through 6 . . . . . . . . . . . . . . . . . . . . . . 7

8 Increase (decrease) in reserves under section 807. Subtract line 7, column (a), from line 7, column (b) . . . . 8

9a Tax-exempt interest . . . . . . . . . . . . . . . . . . . . 9a

b Increase in policy cash value of section 264(f) policies as defined in section 805(a)(4)(F) 9b

c Add lines 9a and 9b . . . . . . . . . . . . . . . . . . . . 9c

10 Policyholders’ share percentage . . . . . . . . . . . . . . . . . . . . . . . . 10 30%

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 . . . . . . . . . . . . . . . . . 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 (b) Group life

insurance

(c) Other

1 Gross premiums and other consideration . . . . . . . . . . 1

2 Return premiums and premiums and other consideration incurred for 

reinsurance . . . . . . . . . . . . . . . . . . 2

3 Net premiums. Subtract line 2 from line 1 . . . . . . . . . 3

4 Net premium percentage (see instructions) . . . . . . . . . 4

5 Multiply line 3 by line 4 . . . . . . . . . . . . . . . 5

6 Combine line 5, columns (a), (b), and (c), and enter here. If zero or less, enter -0- on lines 7 and 8 . . . . . 6

7 Unused balance of negative capitalization amount from prior years . . . . . . . . . . . . . . 7 ( )

8 Combine lines 6 and 7. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . 8

9 General deductions (attach statement) . . . . . . . . . . . . . . . . . . . . . . . 9

10 Enter the lesser of line 8 or line 9 . . . . . . . . . . . . . . . . . . . . . . . . 10

11 Deductible general deductions. Subtract line 10 from line 9. Enter here and include on page 1, line 18 . . . . 11

12 If the amount on line 6 is negative, enter it as a positive amount. If the amount on line 6 is positive, enter -0- . . 12

13 Unamortized specified policy acquisition expenses from prior years . . . . . . . . . . . . . . 13

14 Deductible negative capitalization amount. Enter the lesser of line 12 or line 13 . . . . . . . . . . . 14

15a Tentative 60-month specified policy acquisition expenses. Enter amount from line 10, 

but not more than $5 million . . . . . . . . . . . . . . . . . . 15a

b Limitation . . . . . . . . . . . . . . . . . . . . . . . 15b $10,000,000

16 Phase-out amount. Subtract line 15b from line 10. If zero or less, enter -0- . . . . 16

17a Current year 60-month specified policy acquisition expenses. Subtract line 16 from line 

15a. If zero or less, enter -0- . . . . . . . . . . . . . . . . . 17a

b Enter 10% (0.10) of line 17a . . . . . . . . . . . . . . . . . . . . . . . . . . 17b

18a Current year 180-month specified policy acquisition expenses. Subtract line 17a from 

line 10 . . . . . . . . . . . . . . . . . . . . . . . . 18a

b Enter 3.34% (0.0334) of line 18a . . . . . . . . . . . . . . . . . . . . . . . . 18b

19 Enter the applicable amount of amortization from specified policy acquisition expenses capitalized in prior years 

and deductible this year. Attach statement . . . . . . . . . . . . . . . . . . . . . 19

20 Deductible policy acquisition expenses. Add lines 14, 17b, 18b, and 19. Enter here and on page 1, line 16 . . 20

Form 1120-L (2023)
Form 1120-L (2023) Page 4 

Schedule K Tax Computation (see instructions)

1 Income tax. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . 1

2 Base erosion minimum tax amount (attach Form 8991) . . . . . . . . . . . . . . . . . . 2

3 Corporate alternative minimum tax from Form 4626, Part II, line 13 (attach Form 4626) . . . . . . . . 3

4 Add lines 1, 2, and 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 

5 a Foreign tax credit (attach Form 1118) . . . . . . . . . . . . . . . 5a 

b Credit from Form 8834 (attach Form 8834) . . . . . . . . . . . . . 5b 

c General business credit (see instructions—attach Form 3800) . . . . . . . . 5c 

d Credit for prior year minimum tax (attach Form 8827) . . . . . . . . . . 5d 

e Bond credits from Form 8912 . . . . . . . . . . . . . . . . . 5e 

6 Total credits. Add lines 5a through 5e . . . . . . . . . . . . . . . . . . . . . . 6 

7 Subtract line 6 from line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . 7 

8 Foreign corporations—tax on income not effectively connected with U.S. business . . . . . . . . . 8 

9 Recapture of investment credit (attach Form 4255) . . . . . . . . . . . . . . . . . . . 9 

10 Recapture of low-income housing credit (attach Form 8611) . . . . . . . . . . . . . . . . 10

11 Other taxes (see instructions—attach statement) . . . . . . . . . . . . . . . . . . . . 11

12 Total tax. Add lines 7 through 11. Enter here and on page 1, line 26 . . . . . . . . . . . . . . 12

Schedule L Part I—Total Assets (see instructions)

(a) Beginning 

of tax year

(b) End of tax year

1 Real property . . . . . . . . . . . . . . . . . . . . . . . . 1

2 Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . 2

3 Proportionate share of partnership and trust assets . . . . . . . . . . . . . 3

4 Other assets (attach statement) . . . . . . . . . . . . . . . . . . . 4

5 Total assets. Add lines 1 through 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

(b) End of tax year

1 Subtotals for assets . . . . . . . . . . . . . . . . . . . . . . 1

2 Total assets . . . . . . . . . . . . . . . . . . . . . . . . 2

3 Reserve for life policies and contracts . . . . . . . . . . . . . . . . . 3

4 Reserve for accident and health policies . . . . . . . . . . . . . . . . 4

5 Liability for deposit-type contracts . . . . . . . . . . . . . . . . . . 5

6 Life policy and contract claims . . . . . . . . . . . . . . . . . . . 6

7 Accident and health policy and contract claims . . . . . . . . . . . . . . 7

8 Policyholder’s dividend and coupon accumulations . . . . . . . . . . . . . 8

9 Premiums and annuity considerations received in advance less discount . . . . . . 9

10 Surrender values on canceled policies . . . . . . . . . . . . . . . . . 10

11 Part of other amounts payable on reinsurance assumed . . . . . . . . . . . 11

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)) . . . . . . 12

13 Separate accounts statement . . . . . . . . . . . . . . . . . . . 13

14 Total insurance liabilities. Add lines 3 through 13 . . . . . . . . . . . . . 14

Form 1120-L (2023)
Form 1120-L (2023) Page 5 

Schedule M Other Information (see instructions)

Yes No

1 Check accounting method: a Accrual b Other (specify)

2 Check if the corporation is a:

a Legal reserve company—if checked, kind of company:

(1) Stock (2) Mutual

Principal business:

(1) Life insurance (2) Health and accident insurance

b Fraternal or assessment association

c Burial or other insurance company

3 Enter the percentage that the total of the corporation’s life insurance reserves (section 816(b)) plus unearned premiums and 

unpaid losses (whether or not ascertained) on noncancelable life, health, or accident policies not included in life insurance 

reserves bears to the corporation’s total reserves (section 816(c)) . . . . . . . . . . . . . . %.

Attach a statement showing the computation.

4 Does the corporation have any variable annuity contracts outstanding? . . . . . . . . . . . . . . . . .

5 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.

6 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 

7 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.

a 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 Enter the total unpaid losses shown on the corporation’s annual statement:

(1) For the current year: $

(2) For the previous year: $

b 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. 

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

If “Yes,” complete and attach Schedule UTP.

14 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)
Form 1120-L (2023) Page 6 

Schedule M Other Information (see instructions) (continued)

Yes No

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: 

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. 

Form 1120-L (2023)