SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2022


SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS
Valuation Allowance for Deferred Tax Assets
(in thousands)
Asset Management
	Balance at Beginning of Period		Tax Valuation Allowance Charged to Income Tax Provision			Tax Valuation Allowance Credited to Balance Sheet		Balance at End of Period
Year Ended:

December 31, 2020	$	—	$	23,082	(1)	$	—	$	23,082
December 31, 2021	$	23,082	$	—		$	—	$	23,082
December 31, 2022	$	23,082	$	—		$	23,082	$	—

(1) A valuation allowance was recorded for deferred tax assets related to foreign loss carryforwards that were not considered to be more likely than not realized prior to their expiration. These deferred taxes and associated valuation allowances were reversed in 2022 as a result of a deconsolidation transaction.


Insurance
	Balance at Beginning of Period		Tax Valuation Allowance Charged to Balance Sheet			Tax Valuation Allowance Credited to Income Tax Provision		Balance at End of Period
Year Ended:

December 31, 2020	$	—	$	—		$	—	$	—
December 31, 2021	$	—	$	—		$	—	$	—
December 31, 2022	$	—	$	89,250	(2)	$	—	$	89,250

(2) A valuation allowance was recorded for deferred tax assets related to unrealized tax capital losses that are not considered to be more likely than not to be realized prior to their expiration. The valuation allowance establishment was allocated to other comprehensive income.


Insurance
	Year Ended December 31, 2022
			Additions
	Balance at Beginning of Period		Charged to costs and expenses		Assumed		Deductions		Charge-off		Balance at End of Period

Reserves deducted from assets to which they apply:
Credit loss allowance on available-for-sale securities	$	88,133	$	57,411	$	2,554	$	(11,925)	$	(7,841)	$	128,332
Credit loss allowance on loans	374,077		369,296		—		—		(183,145)		$	560,228
Credit loss allowance on unfunded commitments	21,675		34,111		—		—		—		$	55,786
Credit loss allowance on reinsurance recoverables	8,386		32,777		—		—		—		$	41,163

	Year Ended December 31, 2021
			Additions
	Balance at Beginning of Period		Charged to costs and expenses		Assumed		Deductions		Charge-off		Balance at End of Period

Reserves deducted from assets to which they apply:
Credit loss allowance on available-for-sale securities	$	120,895	$	(25,316)	$	10,854	$	(18,300)	$	—	$	88,133
Credit loss allowance on loans	120,259		252,979		1,636		(797)		—		374,077
Credit loss allowance on unfunded commitments	—		21,675		—		—		—		21,675
Credit loss allowance on reinsurance recoverables	—		8,386		—		—		—		8,386