Income Taxes (Tables)

3 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Effective Tax Rate Reconciliation

A reconciliation of the difference between the provision for income taxes and the expected tax provision at statutory rates in taxable jurisdictions is presented below.

Effective Tax Rate Reconciliation

	First Quarter
	2017			2016
	(in millions)
Expected tax provision (benefit) at statutory rates in taxable jurisdictions	$	85		$	18
Tax-exempt interest	(12		)	(13		)
Gain on bargain purchase	(20		)	—
State taxes	5			1
Other	(3		)	0
Total provision (benefit) for income taxes	$	55		$	6
Effective tax rate	14.7		%	10.0		%

Pretax Income (Loss) by Tax Jurisdiction

 The following table presents pretax income and revenue by jurisdiction.

Pretax Income (Loss) by Tax Jurisdiction

	First Quarter
	2017			2016
	(in millions)
United States	$	246		$	55
Bermuda	133			17
U.K.	(7		)	(7		)
Total	$	372		$	65

Revenue by Tax Jurisdiction

Revenue by Tax Jurisdiction

	First Quarter
	2017			2016
	(in millions)
United States	$	474		$	205
Bermuda	57			42
U.K.	(4		)	(2		)
Total	$	527		$	245