Income Taxes (Tables)

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Deferred and Current Tax Assets (Liabilities) (1)

	As of June 30, 2020			As of December 31, 2019
	(in millions)
Deferred tax assets (liabilities)	$	(45	)	$	(17	)
Current tax assets (liabilities)	48			47

____________________

(1)

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

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
	2020			2019			2020			2019
	(in millions)
Expected tax provision (benefit)	$	42		$	38		$	31		$	47
Tax-exempt interest	(4		)	(5		)	(8		)	(10		)
Foreign taxes	(1		)	4			7			5
Taxes on reinsurance	(1		)	3			(1		)	4
Other	(2		)	—			1			(2		)
Total provision (benefit) for income taxes	$	34		$	40		$	30		$	44
Effective tax rate	15.4		%	21.9		%	18.5		%	18.4		%

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
	2020		2019			2020			2019
	(in millions)
U.S.	$	198	$	190		$	172		$	225
Bermuda	22		—			15			16
U.K. and other	2		(8		)	(27		)	(1		)
Total	$	222	$	182		$	160		$	240

Revenue by Tax Jurisdiction

Revenue by Tax Jurisdiction

	Second Quarter					Six Months
	2020		2019			2020		2019
	(in millions)
U.S.	$	313	$	227		$	406	$	376
Bermuda	45		40			59		73
U.K. and other	14		(1		)	3		12
Total	$	372	$	266		$	468	$	461