Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Reconciliation between the Company's federal income tax (expense) benefit at statutory rates and the recorded income tax (expense) benefit

The following table presents a reconciliation between the Company's income tax expense at statutory rates and the recorded income tax expense.

Years ended December 31
(In millions)	2024		2023		2022
Income tax expense at statutory rates	$	(254)	$	(319)	$	(172)
Tax benefit from tax exempt income	25		30		41
Foreign taxes and credits	(3)		(5)		15
State income tax expense	(12)		(13)		(10)
Other tax expense	(8)		(6)		(6)
Income tax expense	$	(252)	$	(313)	$	(132)

Current and deferred components of the Company's income tax (expense) benefit

The following table presents the current and deferred components of the Company's income tax expense.

Years ended December 31
(In millions)	2024		2023		2022
Current tax expense	$	(297)	$	(311)	$	(221)
Deferred tax benefit (expense)	45		(2)		89
Total income tax expense	$	(252)	$	(313)	$	(132)

Significant components of the Company's deferred tax assets and liabilities

The deferred tax effects of the significant components of the Company's deferred tax assets and liabilities are presented in the following table.

December 31
(In millions)	2024		2023
Deferred Tax Assets:
Insurance reserves:
Property and casualty claim and claim adjustment expense reserves	$	234	$	202
Unearned premium reserves	225		213
Policyholder reserves	—		160
Deferred revenue	59		62
Employee benefits	13		23
Deferred retroactive reinsurance benefit	89		88
Net unrealized losses	494		418
Other assets	107		111
Gross deferred tax assets	1,221		1,277
Deferred Tax Liabilities:
Investment valuation differences	130		83
Deferred acquisition costs	140		126
Policyholder reserves	48		—
Software and hardware	17		18
Other liabilities	36		34
Gross deferred tax liabilities	371		261
Net deferred tax asset	$	850	$	1,016