Table of Contents The deferred tax effects of the significant components of the Company's deferred tax assets and liabilities are presented in the following table. As of December 31, 2018, the CNA Tax Group had no loss carryforwards or tax credit carryforwards. Although realization of deferred tax assets is not assured, management believes it is more likely than not that the recognized net deferred tax asset will be realized through recoupment of ordinary and capital taxes paid in prior carryback years and through future earnings, reversal of existing temporary differences and available tax planning strategies. As a result, no valuation allowance was recorded as of December 31, 2018 or 2017. 85 December 31 (In millions) 2018 2017 Deferred Tax Assets: Insurance reserves: Property and casualty claim and claim adjustment expense reserves $ 108 $ 74 Unearned premium reserves 108 142 Receivables 15 15 Employee benefits 143 154 Deferred retroactive reinsurance benefit 79 68 Other assets 131 105 Gross deferred tax assets 584 558 Deferred Tax Liabilities: Investment valuation differences 44 55 Deferred acquisition costs 78 77 Net unrealized gains 14 233 Software and hardware 44 46 Other liabilities 12 10 Gross deferred tax liabilities 192 421 Net deferred tax asset $ 392 $ 137