Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of 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)	2024		2023		2022
Balance – beginning of year	$	45	$	17	$	17
(Decrease) increase for tax positions taken in a prior year	(4)		23		—
Increase for tax positions taken in the current year	—		5		—
Balance – end of year	$	41	$	45	$	17

Schedule of Components of the Deferred Income Tax Assets and Liabilities

Components of the deferred income tax assets and liabilities
	As of December 31,
($ in millions)	2024		2023
Deferred tax assets
Unearned premium reserves	$	978	$	897
Research & development capitalization	317		228
Discount on loss reserves	292		269
Net operating loss carryover	232		258
Unrealized net capital losses	209		174
Accrued compensation	131		121
Pension	8		26
Other postretirement benefits	7		13
General business credits carryover	—		110
Other	185		110
Total deferred tax assets before valuation allowance	2,359		2,206
Valuation allowance	(69)		(69)
Total deferred tax assets after valuation allowance	2,290		2,137
Deferred tax liabilities
DAC	(1,173)		(1,075)
Investments	(479)		(455)
Depreciable assets	(123)		(77)
Intangible assets	(66)		(99)
Other	(218)		(212)
Total deferred tax liabilities	(2,059)		(1,918)
Net deferred tax assets	$	231	$	219

Schedule of Components of the Net Operating Loss Carryforwards

The following table sets forth the amounts and expiration dates of federal, foreign and state net operating loss carryforwards.

Components of the net operating loss carryforwards as of December 31, 2024
($ in millions)	20-Year Carryforward Expires in 2025-2044		Indefinite		Various
U.S. Federal NOL	$	247	$	9	$	—
Foreign NOL	—		409		—
State NOL (1)	—		—		97

(1)Multiple state net operating loss carryforwards expiring in various periods, beginning in 2029.

Schedule of Components of Income Tax Expense (Benefit)

Components of income tax expense (benefit)
	For the years ended December 31,
($ in millions)	2024		2023		2022
Current	$	1,179	$	114	$	(35)
Deferred	(17)		(249)		(453)
Total income tax expense (benefit)	$	1,162	$	(135)	$	(488)

Schedule of Reconciliation of the Statutory Federal Income Tax Rate to the Effective Income Tax Rate

Reconciliation of the statutory federal income tax rate to the effective income tax rate
	For the years ended December 31,
($ in millions)	2024				2023				2022
Income (loss) before income taxes	$	5,761			$	(348)			$	(1,830)
Statutory federal income tax rate on income from operations	1,210		21.0	%	(73)		21.0	%	(384)		21.0	%
State income taxes	54		0.9		(7)		2.0		—		—
Change in valuation allowance	8		0.1		6		(1.7)		10		(0.6)
Tax credits	(42)		(0.7)		(47)		13.5		(55)		3.0
Share-based payments	(30)		(0.5)		(14)		4.0		(22)		1.2
Tax-exempt income	(29)		(0.5)		(23)		6.6		(17)		0.9
Uncertain tax positions	(8)		(0.1)		33		(9.5)		2		(0.1)
Dividend received deduction	(1)		—		(4)		1.1		(7)		0.4
U.S. shareholder's tax (benefit) expense	—		—		(17)		4.9		13		(0.7)
Other	—		—		11		(3.1)		(28)		1.6
Effective income tax rate on income from operations	$	1,162	20.2	%	$	(135)	38.8	%	$	(488)	26.7	%