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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, 2024December 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 QuarterNine Months
 2024202320242023
 (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 taxes4 1 7 8 
Foreign taxes2 7 4 8 
Global minimum tax5 — 12 — 
Other(3)(1)(6)(5)
Total provision (benefit) for income taxes$44 $43 $88 $84 
Effective tax rate19.9 %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 QuarterNine Months
 2024202320242023
 (in millions)
U.S.$183 $233 $399 $458 
Bermuda37 (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 QuarterNine Months
 2024202320242023
 (in millions)
U.S.$211 $373 $581 $901 
Bermuda43 30 110 123 
U.K.12 1 23 22 
France3 (1)2 — 
Total$269 $403 $716 $1,046