Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Current tax expense (benefit):
Federal	$	57	$	14	$	—
Total current tax expense (benefit)	57		14		—
Deferred tax expense (benefit):
Federal	—		(1)		(51)
Total deferred tax expense (benefit)	—		(1)		(51)
Total income tax expense (benefit)	$	57	$	13	$	(51)

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,
	2024			2023			2022
Income (loss) before income taxes	$	643		$	400		$	282
Tax rate	21.0		%	21.0		%	21.0		%
Income tax expense (benefit) at federal statutory rate	135			84			59
Tax effect of:
Dividends received deduction	(47)			(36)			(42)
Security Life of Denver Company capital loss carryback (1)	(13)			(23)			—
Tax credits	(18)			(11)			(67)
Other	—			(1)			(1)
Income tax expense (benefit)	$	57		$	13		$	(51)
Effective tax rate	8.9		%	3.2		%	(18.1)		%
(1) See Other Tax Matters section below

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,
	2024		2023
Deferred tax assets
Net unrealized investment losses	$	407	$	372
Loss carryforwards	165		183
Current discount rate	64		70
Tax credits	80		65
Insurance reserves	48		61
Compensation and benefits	60		57
Investments	26		19
Other assets	9		—
Total gross assets	859		827
Less: Valuation allowance	—		—
Assets, net of valuation allowance	$	859	$	827
Deferred tax liabilities
Deferred policy acquisition costs	$	(175)	$	(178)
Other liabilities	(22)		(16)
Total gross liabilities	(197)		(194)
Net deferred income tax asset (liability)	$	662	$	633

Summary of Operating Loss Carryforwards

	December 31,
	2024			2023
Federal net operating loss carryforward	$	788	(1)	$	873
Credit carryforward	80		(2)	65

(1) NOL not subject to expiration

(2) Expires between 2025 and 2034