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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Deferred and Current Tax Assets (Liabilities)

			As of
			September 30, 2023						December 31, 2022
			(in millions)
Net deferred tax assets (liabilities)			$	82					$	114
Net current tax assets (liabilities)			34						63

Effective Tax Rate Reconciliation

A reconciliation of the difference between the provision for income taxes and the expected tax provision at statutory rates in taxable jurisdictions is presented below.

Effective Tax Rate Reconciliation  

			Third Quarter												Nine Months
			2023						2022						2023						2022
			(in millions)
Expected tax provision (benefit)			$	45					$	(6)					$	88					$	6
Tax-exempt interest			(3)						(3)						(9)						(10)
NCI			(1)						1						(4)						(5)
Return to provision adjustment			(6)						(20)						(6)						(20)
State taxes			1						2						8						10
Foreign taxes			7						(1)						8						9
Taxes on reinsurance			(1)						—						(1)						(1)
Stock based compensation			2						—						2						4
Other			(1)						—						(2)						1
Total provision (benefit) for income taxes			$	43					$	(27)					$	84					$	(6)
Effective tax rate			21.4		%				123.5		%				18.1		%				(12.1)		%

Pretax Income (Loss) by Tax Jurisdiction

The following tables present pre-tax income and revenue by jurisdiction.

Pre-tax Income (Loss) by Tax Jurisdiction

			Third Quarter												Nine Months
			2023						2022						2023						2022
			(in millions)
U.S.			$	233					$	3					$	458					$	112
Bermuda			(17)						10						41						27
U.K.			(10)						(30)						(25)						(75)
Other			(4)						(5)						(8)						(15)
Total			$	202					$	(22)					$	466					$	49

Revenue by Tax Jurisdiction

Revenue by Tax Jurisdiction

			Third Quarter												Nine Months
			2023						2022						2023						2022
			(in millions)
U.S.			$	373					$	60					$	901					$	435
Bermuda			30						4						123						43
U.K.			1						(21)						22						(39)
Other			(1)						(2)						—						(8)
Total			$	403					$	41					$	1,046					$	431

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Topic 740
-SubTopic 10
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-Section 50
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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-Topic 235
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