Income Taxes (Tables)

6 Months Ended

Jun. 30, 2019

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

	Second Quarter						Six Months
	2019			2018			2019			2018
	(in millions)
Expected tax provision (benefit) at statutory rates in taxable jurisdictions	$	38		$	14		$	47		$	49
Tax-exempt interest	(5		)	(6		)	(10		)	(12		)
Change in liability for uncertain tax positions	—			1			—			(6		)
Foreign taxes	4			6			5			3
Taxes on reinsurance	3			(1		)	4			(1		)
Other	—			(2		)	(2		)	(1		)
Total provision (benefit) for income taxes	$	40		$	12		$	44		$	32
Effective tax rate	21.9		%	13.2		%	18.4		%	10.4		%

Pretax Income (Loss) by Tax Jurisdiction

 The following tables present pretax income and revenue by jurisdiction.

Pretax Income (Loss) by Tax Jurisdiction

	Second Quarter						Six Months
	2019			2018			2019			2018
	(in millions)
U.S.	$	190		$	71		$	225		$	246
Bermuda	—			24			16			73
U.K. and other	(8		)	(8		)	(1		)	(15		)
Total	$	182		$	87		$	240		$	304

Revenue by Tax Jurisdiction

Revenue by Tax Jurisdiction

	Second Quarter						Six Months
	2019			2018			2019		2018
	(in millions)
U.S.	$	227		$	189		$	376	$	436
Bermuda	40			36			73		88
U.K. and other	(1		)	(5		)	12		(11		)
Total	$	266		$	220		$	461	$	513

Schedule of Deferred Tax Assets and Liabilities

Tax Assets (Liabilities)

Deferred and Current Tax Assets (Liabilities) (1)

	As of June 30, 2019		As of December 31, 2018
	(in millions)
Deferred tax assets (liabilities)	$	8	$	68
Current tax assets (liabilities)	3		22

____________________

(1)

Included in other assets or other liabilities on the condensed consolidated balance sheets.