Income Tax (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Provision for income tax from continuing operations

The provision for income tax was as follows:

	Years Ended December 31,
	2025		2024		2023
	(In millions)
Current:
Federal	$	(48)	$	(39)	$	(5)
State and local	2		—		—
Subtotal	(46)		(39)		(5)
Deferred:
Federal	19		24		(378)
Provision for income tax expense (benefit)	$	(27)	$	(15)	$	(383)

Income tax for continuing operations effective rate reconciliation

The reconciliation of the income tax provision at the statutory tax rate to the provision for income tax as reported was as follows:

	Years Ended December 31,
	2025				2024				2023
	Amount (In millions)		Percent		Amount (In millions)		Percent		Amount (In millions)		Percent
Federal statutory tax rate	$	56	21	%	$	51	21	%	$	(316)	21	%
State and local income taxes, net of federal income tax effect (1)	2		1	%	—		—	%	—		—	%
Tax credits
Foreign tax credits	(31)		(12)	%	(26)		(11)	%	(2)		—	%
General business tax credits	—		—	%	—		—	%	(7)		1	%
Change in valuation allowance	—		—	%	—		—	%	(18)		1	%
Nontaxable or nondeductible items
Dividends received deduction	(32)		(12)	%	(37)		(14)	%	(36)		2	%
Tax advantaged investment income	(10)		(3)	%	(7)		(3)	%	(4)		—	%
Other	—		—	%	1		—	%	—		—	%
Change in unrecognized tax benefits	(2)		(1)	%	(12)		(5)	%	—		—	%
Other reconciling items
Adjustments to deferred tax	(10)		(4)	%	14		6	%	—		—	%
Other	—		—	%	1		—	%	—		—	%
Effective tax rate	$	(27)	(10)	%	$	(15)	(6)	%	$	(383)	25	%

_______________

(1)State income taxes in Florida made up the majority (greater than 50%) of the tax effect in this category in 2025.

Income Taxes Paid

The income taxes paid (net of refunds) by jurisdiction for the years ended December 31, 2025, 2024, and 2023, as reported in the Consolidated Statements of Cash Flows, was as follows:

	Years Ended December 31,
	2025		2024		2023
Jurisdiction	(In millions)
U.S. Federal	$	(38)	$	(2)	$	—
Florida	2		1		—
Other Jurisdictions (1)	1		1		—
Total	$	(35)	$	—	$	—

_______________

(1)Includes all jurisdictions in which the amount of taxes paid does not meet the 5% disaggregation threshold.

Components of deferred tax assets and liabilities

Net deferred income tax assets and liabilities consisted of the following at:

	December 31,
	2025		2024
	(In millions)
Deferred income tax assets:
Net unrealized investment losses	$	862	$	1,245
Net operating loss carryforwards	2,342		2,003
Investments, including derivatives	492		145
Tax credit carryforwards	160		188
Employee benefits	2		2
Intangibles	32		41
Other	—		4
Total deferred income tax assets	3,890		3,628
Less: Valuation allowance	—		—
Total net deferred income tax assets	3,890		3,628
Deferred income tax liabilities:
Policyholder liabilities and receivables	1,921		1,224
DAC	575		581
Other	5		—
Total deferred income tax liabilities	2,501		1,805
Net deferred income tax asset (liability)	$	1,389	$	1,823

Summary of Operating Loss Carryforwards

The following table sets forth the net operating loss carryforwards for tax purposes at December 31, 2025.

	Net Operating Loss Carryforwards
	(In millions)
Expiration
2032	$	1,938
Indefinite	9,214
	$	11,152

Summary of Tax Credit Carryforwards

The following table sets forth the general business credits and foreign tax credits available for carryforward for tax purposes at December 31, 2025.

	Tax Credit Carryforwards
	General Business Credits		Foreign Tax Credits
	(In millions)
Expiration
2028-2032	$	—	$	121
2033-2037	16		14
2038-2042	9		—
	$	25	$	135

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:

	Years Ended December 31,
	2025		2024		2023
	(In millions)
Balance at January 1,	$	2	$	14	$	14
Additions for tax positions of prior years	—		—		—
Reductions for tax positions of prior years	—		—		—
Additions for tax positions of current year	—		—		—
Reductions for tax positions of current year	(2)		—		—
Settlements with tax authorities	—		—		—
Lapses of statutes of limitations	—		(12)		—
Balance at December 31,	$	—	$	2	$	14
Unrecognized tax benefits that, if recognized would impact the effective rate	$	—	$	2	$	14