Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Reconciliation of the change in the amount of unrecognized tax benefits

Reconciliation of the change in the amount of unrecognized tax benefits
	For the years ended December 31,
($ in millions)	2022		2021		2020
Balance – beginning of year	$	17	$	12	$	70
Acquisitions	—		5		—
Decrease for settlements	—		—		(58)
Balance – end of year	$	17	$	17	$	12

Components of the deferred income tax assets and liabilities

Components of the deferred income tax assets and liabilities
	As of December 31,
($ in millions)	2022		2021
Deferred tax assets
Unearned premium reserves	$	815	$	742
Unrealized net capital losses	608		—
Discount on loss reserves	228		169
Research & development capitalization	219		—
Accrued compensation	128		151
Net operating loss carryover	97		88
Other postretirement benefits	15		31
Pension	10		—
Other assets	95		90
Total deferred tax assets before valuation allowance	2,215		1,271
Valuation allowance	(34)		(24)
Total deferred tax assets after valuation allowance	2,181		1,247
Deferred tax liabilities
DAC	(1,013)		(924)
Investments	(431)		(666)
Intangible assets	(147)		(219)
Unrealized net capital gains	—		(163)
Pension	—		(9)
Other liabilities	(204)		(99)
Total deferred tax liabilities	(1,795)		(2,080)
Net deferred tax assets (liabilities)	$	386	$	(833)

Components of the net operating loss carryforwards

Components of the net operating loss carryforwards as of December 31, 2022
($ in millions)	20-Year Carryforward Expires in 2025-2037		Indefinite Carryforward Period		Total
US Federal	$	221	$	9	$	230
Foreign	—		219		219
Total	$	221	$	228	$	449

Components of income tax expense

Components of income tax expense
	For the years ended December 31,
($ in millions)	2022		2021		2020
Current	$	(36)	$	841	$	1,480
Deferred	(458)		448		(107)
Total income tax (benefit) expense	$	(494)	$	1,289	$	1,373

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

Reconciliation of the statutory federal income tax rate to the effective income tax rate
	For the years ended December 31,
($ in millions)	2022				2021				2020
(Loss) income before income taxes	$	(1,858)			$	6,448			$	6,802
Statutory federal income tax rate on income from operations	(390)		21.0	%	1,354		21.0	%	1,428		21.0	%
State income taxes	—		—		13		0.2		31		0.4
Tax credits	(55)		3.0		(42)		(0.6)		(24)		(0.4)
Tax-exempt income	(17)		0.9		(18)		(0.3)		(23)		(0.3)
Share-based payments	(22)		1.2		(18)		(0.3)		(30)		(0.4)
Other	(10)		0.5		—		—		(9)		(0.1)
Effective income tax rate on income from operations	$	(494)	26.6	%	$	1,289	20.0	%	$	1,373	20.2	%