XML 46 R34.htm IDEA: XBRL DOCUMENT v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
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,
202120202019
Current tax expense (benefit):
Federal$(45)$6 $9 
Total current tax expense (benefit)(45)6 9 
Deferred tax expense (benefit):
Federal208 (20)23 
Total deferred tax expense (benefit)208 (20)23 
Total income tax expense (benefit)$163 $(14)$32 
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,
202120202019
Income (loss) before income taxes$989 $152 $332 
Tax rate21.0 %21.0 %21.0 %
Income tax expense (benefit) at federal statutory rate208 32 70 
Tax effect of:
Dividends received deduction(33)(37)(35)
Tax attributes(11)(8)(4)
Other(1)(1)1 
Income tax expense (benefit)$163 $(14)$32 
Effective tax rate16.5 %(9.2)%9.6 %
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of the dates indicated, are presented below.
December 31,
20212020
Deferred tax assets
Insurance reserves$— $112 
Investments57 9 
Compensation and benefits63 60 
Loss carryforwards211 — 
Other assets— 35 
Total gross assets331 216 
Deferred tax liabilities
Net unrealized investment (gains) losses(463)(645)
Insurance reserves(23)— 
Deferred policy acquisition costs(71)(10)
Other liabilities(1)— 
Total gross liabilities(558)(655)
Net deferred income tax asset (liability)$(227)$(439)
Summary of Operating Loss Carryforwards The following table sets forth the NOLs as of the dates indicated.
December 31,
20212020
Federal net operating loss carryforward$1,006 (1)$— 
(1) NOL not subject to expiration.