Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of the deferred income tax assets and liabilities

The components of the deferred income tax assets and liabilities as of December 31 are as follows:

($ in millions)	2021		2020
Deferred tax assets
Deferred reinsurance gain	$	—	$	5
Net operating loss carryforward	224		—
Intangible assets	156		—
Other assets	12		1
Total deferred tax assets	392		6
Deferred tax liabilities
Unrealized net capital gains	(111)		(320)
Life and annuity reserves	(337)		(231)
Investments	(208)		(181)
DAC	(190)		(181)
Other investments	(211)		—
Other liabilities	(128)		(49)
Total deferred tax liabilities	(1,185)		(962)
Net deferred tax liability	$	(793)	$	(956)

Components of income tax expense

The components of income tax expense for the years ended December 31 are as follows:

($ in millions)	2021		2020		2019
Current	$	88	$	26	$	76
Deferred	242		(19)		52
Total income tax expense	$	330	$	7	$	128

Reconciliation of the statutory federal income tax rate to the effective income tax rate on income from operations

A reconciliation of the statutory federal income tax rate to the effective income tax rate on income from operations for the years ended December 31 is as follows:

($ in millions)	2021		2020		2019
Statutory federal income tax rate - expense	21.0	%	21.0	%	21.0	%
Tax credits	(9.8)		(14.9)		(1.9)
Section 338(h)(10) impact	93.0		—		—
Adjustments to prior year tax liabilities	(6.6)		(3.1)		0.2
Dividends received deduction	(1.2)		(1.9)		(0.5)
State income taxes	1.8		3.4		0.5
Non-deductible expenses	—		—		0.1
Sale of ALNY subsidiary	95.1		—		—
Other	5.5		(0.1)		—
Effective income tax rate - expense	198.8	%	4.4	%	19.4	%