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Income Taxes (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | Deferred and Current Tax Assets (Liabilities)
| As of
| June 30, 2024 |  | December 31, 2023
| (in millions)
Net deferred tax assets (liabilities) | $ | 259 |  |  | $ | 250 |
Net current tax assets (liabilities) | 7 |  |  | (9) |
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
| Second Quarter |  | Six Months
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions)
Expected tax provision (benefit) | $ | 16 |  |  | $ | 23 |  |  | $ | 39 |  |  | $ | 43 |
Tax-exempt interest | (2) |  |  | (3) |  |  | (4) |  |  | (6) |
NCI | — |  |  | — |  |  | (1) |  |  | (3) |
State taxes | 1 |  |  | 4 |  |  | 3 |  |  | 7 |
Foreign taxes | (3) |  |  | (4) |  |  | 2 |  |  | 1 |
Global minimum tax | 2 |  |  | — |  |  | 7 |  |  | — |
Other | (1) |  |  | (2) |  |  | (2) |  |  | (1) |
Total provision (benefit) for income taxes | $ | 13 |  |  | $ | 18 |  |  | $ | 44 |  |  | $ | 41 |
Effective tax rate | 14.5 | % |  | 12.6 | % |  | 18.6 | % |  | 15.6 | %
Pretax Income (Loss) by Tax Jurisdiction | The following tables present pre-tax income and revenue by jurisdiction. Pre-tax Income (Loss) by Tax Jurisdiction
| Second Quarter |  | Six Months
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions)
U.S. | $ | 87 |  |  | $ | 117 |  |  | $ | 216 |  |  | $ | 225 |
Bermuda | 17 |  |  | 33 |  |  | 47 |  |  | 58 |
U.K. | (7) |  |  | (4) |  |  | (18) |  |  | (15) |
France | (3) |  |  | (2) |  |  | (7) |  |  | (4) |
Total | $ | 94 |  |  | $ | 144 |  |  | $ | 238 |  |  | $ | 264 |
Revenue by Tax Jurisdiction | Revenue by Tax Jurisdiction
| Second Quarter |  | Six Months
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions)
U.S. | $ | 166 |  |  | $ | 293 |  |  | $ | 370 |  |  | $ | 528 |
Bermuda | 31 |  |  | 58 |  |  | 67 |  |  | 93 |
U.K. | 5 |  |  | 8 |  |  | 11 |  |  | 21 |
France | — |  |  | 1 |  |  | (1) |  |  | 1 |
Total | $ | 202 |  |  | $ | 360 |  |  | $ | 447 |  |  | $ | 643 |

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