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Income Taxes (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | Deferred and Current Tax Assets (Liabilities)
| As of
| September 30, 2024 |  | December 31, 2023
| (in millions)
Net deferred tax assets (liabilities) | $ | 222 |  |  | $ | 250 |
Net current tax assets (liabilities) | (21) |  |  | (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
| Third Quarter |  | Nine Months
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions)
Expected tax provision (benefit) | $ | 39 |  |  | $ | 45 |  |  | $ | 78 |  |  | $ | 88 |
Tax-exempt interest | (2) |  |  | (3) |  |  | (6) |  |  | (9) |
Return to provision adjustment | (1) |  |  | (6) |  |  | (1) |  |  | (6) |
State taxes | 4 |  |  | 1 |  |  | 7 |  |  | 8 |
Foreign taxes | 2 |  |  | 7 |  |  | 4 |  |  | 8 |
Global minimum tax | 5 |  |  | — |  |  | 12 |  |  | — |
Other | (3) |  |  | (1) |  |  | (6) |  |  | (5) |
Total provision (benefit) for income taxes | $ | 44 |  |  | $ | 43 |  |  | $ | 88 |  |  | $ | 84 |
Effective tax rate | 19.9 | % |  | 21.4 | % |  | 19.2 | % |  | 18.1 | %
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
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions)
U.S. | $ | 183 |  |  | $ | 233 |  |  | $ | 399 |  |  | $ | 458 |
Bermuda | 37 |  |  | (17) |  |  | 84 |  |  | 41 |
U.K. | 1 |  |  | (10) |  |  | (17) |  |  | (25) |
France | (1) |  |  | (4) |  |  | (8) |  |  | (8) |
Total | $ | 220 |  |  | $ | 202 |  |  | $ | 458 |  |  | $ | 466 |
Revenue by Tax Jurisdiction | Revenue by Tax Jurisdiction
| Third Quarter |  | Nine Months
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions)
U.S. | $ | 211 |  |  | $ | 373 |  |  | $ | 581 |  |  | $ | 901 |
Bermuda | 43 |  |  | 30 |  |  | 110 |  |  | 123 |
U.K. | 12 |  |  | 1 |  |  | 23 |  |  | 22 |
France | 3 |  |  | (1) |  |  | 2 |  |  | — |
Total | $ | 269 |  |  | $ | 403 |  |  | $ | 716 |  |  | $ | 1,046 |

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