Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Deferred and Current Tax Assets (Liabilities)

	As of
	June 30, 2023		December 31, 2022
	(in millions)
Net deferred tax assets (liabilities)	$	101	$	114
Net current tax assets (liabilities)	35		63

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
	2023			2022			2023			2022
	(in millions)
Expected tax provision (benefit)	$	23		$	(2)		$	43		$	12
Tax-exempt interest	(3)			(4)			(6)			(7)
NCI	—			(5)			(3)			(6)
State taxes	4			4			7			8
Foreign taxes	(4)			9			1			10
Stock based compensation	(1)			2			—			4
Other	(1)			(1)			(1)			—
Total provision (benefit) for income taxes	$	18		$	3		$	41		$	21
Effective tax rate	12.6		%	(12.9)		%	15.6		%	30.3		%

Pretax Income (Loss) by Tax Jurisdiction

The following tables present pre-tax income and revenue by jurisdiction.

Pre-tax Income (Loss) by Tax Jurisdiction

	Second Quarter				Six Months
	2023		2022		2023		2022
	(in millions)
U.S.	$	117	$	25	$	225	$	109
Bermuda	33		(10)		58		17
U.K.	(4)		(31)		(15)		(45)
Other	(2)		(6)		(4)		(10)
Total	$	144	$	(22)	$	264	$	71

Revenue by Tax Jurisdiction

Revenue by Tax Jurisdiction

	Second Quarter				Six Months
	2023		2022		2023		2022
	(in millions)
U.S.	$	293	$	106	$	528	$	375
Bermuda	58		6		93		39
U.K.	8		(18)		21		(18)
Other	1		(4)		1		(6)
Total	$	360	$	90	$	643	$	390