Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following for the periods indicated:

	Year Ended December 31,
	2019			2018			2017
Current tax expense (benefit):
Federal	$	126		$	123		$	(128	)
State	1			(2		)	—
Total current tax expense (benefit)	127			121			(128		)
Deferred tax expense (benefit):
Federal	(335		)	(84		)	812
State	3			—			3
Total deferred tax expense (benefit)	(332		)	(84		)	815
Total income tax expense (benefit)	$	(205	)	$	37		$	687

Schedule of Effective Income Tax Rate Reconciliation

Income taxes were different from the amount computed by applying the federal income tax rate to Income (loss) before income taxes for the following reasons for the periods indicated:

	Year Ended December 31,
	2019			2018			2017
Income (loss) before income taxes	$	560		$	528		$	385
Tax Rate	21.0		%	21.0		%	35.0		%
Income tax expense (benefit) at federal statutory rate	118			111			135
Tax effect of:
Valuation allowance	(250		)	(15		)	(28		)
Dividend received deduction	(37		)	(49		)	(40		)
Audit settlement	—			—			—
State tax expense (benefit)	1			10			4
Noncontrolling interest	(10		)	(30		)	(76		)
Tax credits	(33		)	—			14
Nondeductible expenses	1			4			2
Expirations of federal tax capital loss carryforward	—			—			2
Effect of Tax Reform	—			8			679			*
Other	5			(2		)	(5		)
Income tax expense (benefit)	$	(205	)	$	37		$	687
Effective tax rate	(36.6		)%	7.0		%	178.4		%

*Effect of Tax Reform includes a tax benefit of $283 related to change in valuation allowance

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities were as follows as of the dates indicated:

	December 31,
	2019			2018
Deferred tax assets
Federal and state loss carryforwards	$	2,147		$	2,051
Investments	189			246
Insurance reserves	—			187
Compensation and benefits	269			295
Other assets	132			124
Total gross assets before valuation allowance	2,737			2,903
Less: Valuation allowance	388			638
Assets, net of valuation allowance	2,349			2,265
Deferred tax liabilities
Net unrealized investment gains	(769		)	(145		)
Insurance reserves	(45		)	—
Deferred policy acquisition costs	(66		)	(493		)
Other liabilities	(11		)	(17		)
Total gross liabilities	(891		)	(655		)
Net deferred income tax asset (liability)	$	1,458		$	1,610

Summary of Operating Loss Carryforwards

The following table sets forth the federal, state and capital loss carryforwards for tax purposes as of the dates indicated:

	December 31,
	2019			2018
Federal net operating loss carryforward	$	9,591	(1)	$	9,319
State net operating loss carryforward	2,849		(2)	2,244
Federal tax capital loss carryforward	17		(3)	—
Credit carryforward	73		(4)	34

⁽¹⁾ Approximately $5,882 of the net operating losses carryforwards ("NOL") not subject to expiration. Remaining NOLs expire between 2020 and 2037.

⁽²⁾ Approximately $362 of the NOLs not subject to expiration. Remaining NOLs expire between 2020 and 2040.

Schedule of Unrecognized Tax Benefits

Reconciliations of the change in the unrecognized income tax benefits were as follows for the periods indicated:

	Year Ended December 31,
	2019			2018			2017
Balance at beginning of period	$	33		$	37		$	36
Additions for tax positions related to current year	1			2			2
Additions for tax positions related to prior years	—			1			—
Reductions for tax positions related to prior years	(2		)	(1		)	—
Reductions for settlements with taxing authorities	—			(6		)	—
Reductions for expiring statutes	—			—			(1		)
Balance at end of period	$	32		$	33		$	37