Income Tax (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Pre-tax income for the years ended December 31, 2024, 2023 and 2022 consists of the following (dollars in millions): 

	2024		2023		2022
Pre-tax income – U.S.	$	572	$	898	$	294
Pre-tax income – foreign	408		262		424
Total pre-tax income	$	980	$	1,160	$	718

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income tax expense for the years ended December 31, 2024, 2023 and 2022 consists of the following (dollars in millions):

	2024		2023		2022
Current income tax expense (benefit):
U.S.	$	150	$	(18)	$	10
Foreign	167		58		120
Total current	317		40		130
Deferred income tax expense (benefit):
U.S.	(129)		236		32
Foreign	68		(25)		35
Total deferred	(61)		211		67
Total provision for income taxes	$	256	$	251	$	197

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The Company’s effective tax rate differed from the U.S. federal income tax statutory rate of 21% as a result of the following for the years ended December 31, 2024, 2023 and 2022 (dollars in millions):

	2024			2023			2022
Tax provision at U.S. statutory rate	$	206		$	244		$	150
Increase (decrease) in income taxes resulting from:
Tax rate differences on income in other jurisdictions	44			14			35
Differences in tax basis in foreign jurisdictions	(18)			4			10
Deferred tax valuation allowance	(5)			15			(4)
Amounts related to uncertain tax positions	2			(2)			3
Compensation	1			2			(2)
Corporate rate changes	(4)			—			7
GILTI, net of credits	14			—			21
Subpart F for non-full inclusion companies	26			28			60
Foreign tax credits	(5)			(42)			(72)
Return to provision and amended adjustments	(17)			(9)			(13)
Pillar II	5			—			—
Effects of tax law changes and restructuring	9			—			—
Other, net	(2)			(3)			2
Total provision for income taxes	$	256		$	251		$	197
Effective tax rate (1)	26.3		%	21.8		%	27.3		%

(1)    The Company rounds amounts in the financial statements to millions and calculates the effective tax rate from the underlying whole dollar amounts. Thus, certain amounts may not recalculate based on the numbers due to rounding.

Schedule Of Income Tax Expense Benefit Intraperiod Tax Allocation [Table Text Block]

Total income taxes for the years ended December 31, 2024, 2023 and 2022 were as follows (dollars in millions):

	2024		2023		2022
Provision for income taxes	$	256	$	251	$	197
Income tax from OCI and additional paid-in-capital:
Net unrealized investment gains (losses) recognized in OCI	(176)		449		(2,542)
Liability for future policyholder benefits	586		(161)		2,224
Market risk benefits	—		(3)		5
Foreign currency translation	32		22		35
Unrealized pension and postretirement	2		(2)		7
Total income taxes provided	$	700	$	556	$	(74)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and liabilities as of December 31, 2024 and 2023 are presented in the following tables (dollars in millions):

	2024		2023
Deferred income tax assets:
Nondeductible accruals	$	102	$	96
Net operating loss carryforward	846		272
Capital loss carryforwards	92		15
Tax credit carryforward	220		108
Invested assets	1,407		1,092
Anticipated future foreign tax credit	442		267
Subtotal	3,109		1,850
Valuation allowance	(678)		(567)
Total deferred income tax assets	2,431		1,283
Deferred income tax liabilities:
Deferred acquisition costs	931		833
Policy reserves and other reinsurance liabilities	3,428		1,789
Outside basis difference foreign subsidiaries	—		152
Foreign currency translation	190		179
Other	3		80
Total deferred income tax liabilities	4,552		3,033
Net deferred income tax liabilities	$	2,121	$	1,750
Balance sheet presentation of net deferred income tax liabilities:
Included in other assets	$	78	$	112
Included in deferred income taxes	2,199		1,862
Net deferred income tax liabilities	$	2,121	$	1,750

Summary of Operating Loss Carryforwards [Table Text Block]

The following table presents consolidated net operating loss carryforwards (“NOL”) as of December 31, 2024 (dollars in millions):

	2024
NOL with no expiration and with no valuation allowance	$	2,845
NOL with a full valuation allowance	591
NOL with no expiration and a partial valuation allowance	463
NOL with expiration date of 2034 and no valuation allowance	—
Total net operating loss carryforwards	$	3,899

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022 is as follows (dollars in millions):

	Total Unrecognized Tax Benefits
	2024		2023		2022
Beginning balance, January 1	$	33	$	36	$	34
Additions for tax positions of prior years	2		9		3
Reductions for tax positions of prior years	(9)		(15)		(4)
Additions for tax positions of current year	7		3		3
Ending balance, December 31	$	33	$	33	$	36