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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | Deferred and Current Tax Assets (Liabilities)
| As of December 31,
| 2024 |  | 2023
| (in millions)
Deferred tax assets (liabilities) | $ | 262 |  |  | $ | 250 |
Current tax assets | 10 |  |  | — |
Current tax liabilities | (13) |  |  | (9) |
Components of Net Deferred Tax Assets (Liabilities)
| As of December 31,
| 2024 |  | 2023
| (in millions)
Deferred tax assets: |  |  |
Net unrealized investment losses | $ | 54 |  |  | $ | 49 |
Intangible assets | 149 |  |  | 149 |
Value of in-force business | 45 |  |  | 45 |
Net operating loss | 31 |  |  | 30 |
Depreciation | 47 |  |  | 45 |
Deferred compensation | 38 |  |  | 32 |
FG VIEs | 49 |  |  | — |
Other | 25 |  |  | 32 |
Total deferred tax assets | 438 |  |  | 382 |
Deferred tax liabilities: |  |  |
Investments | 127 |  |  | 65 |
Other | 49 |  |  | 67 |
Total deferred tax liabilities | 176 |  |  | 132 |
Net deferred tax assets (liabilities) | $ | 262 |  |  | $ | 250 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision (benefit) for income taxes were as follows: Current and Deferred Provision (Benefit) for Income Taxes
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Current provision (benefit) for income taxes: |  |  |  |  |
Federal | $ | 70 |  |  | $ | 76 |  |  | $ | (1) |
State and local | 17 |  |  | (13) |  |  | 15 |
Foreign | 13 |  |  | — |  |  | — |
Total current | 100 |  |  | 63 |  |  | 14 |
Deferred provision (benefit) for income taxes: |  |  |  |  |
Federal | 3 |  |  | 31 |  |  | 12 |
Foreign | (7) |  |  | (187) |  |  | (15) |
Total deferred | (4) |  |  | (156) |  |  | (3) |
Total provision (benefit) for income taxes | $ | 96 |  |  | $ | (93) |  |  | $ | 11 |
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
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Expected tax provision (benefit) | $ | 82 |  |  | $ | 122 |  |  | $ | 23 |
Tax-exempt interest | (10) |  |  | (15) |  |  | (14) |
Return to provision adjustment | (1) |  |  | (6) |  |  | (20) |
Noncontrolling interest | (3) |  |  | (5) |  |  | (3) |
State taxes, net of federal benefit | 13 |  |  | (10) |  |  | 12 |
Foreign taxes | 5 |  |  | 11 |  |  | 6 |
Stock based compensation | 1 |  |  | 2 |  |  | 5 |
Bermuda ETA | (1) |  |  | (189) |  |  | — |
Global minimum tax | 13 |  |  | — |  |  | — |
Other | (3) |  |  | (3) |  |  | 2 |
Total provision (benefit) for income taxes | $ | 96 |  |  | $ | (93) |  |  | $ | 11 |
Effective tax rate | 19.7 | % |  | (13.9) | % |  | 7.2 | %
Pretax Income (Loss) by Tax Jurisdiction | The following tables present pre-tax income and revenue by jurisdiction. Pre-tax Income (Loss) by Tax Jurisdiction
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
U.S. | $ | 445 |  |  | $ | 622 |  |  | $ | 189 |
Bermuda | 90 |  |  | 79 |  |  | 44 |
U.K. | (33) |  |  | (25) |  |  | (69) |
France | (14) |  |  | (8) |  |  | (16) |
Total | $ | 488 |  |  | $ | 668 |  |  | $ | 148 |
Revenue by Tax Jurisdiction | Revenue by Tax Jurisdiction
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
U.S. | $ | 720 |  |  | $ | 1,169 |  |  | $ | 661 |
Bermuda | 130 |  |  | 165 |  |  | 84 |
U.K. | 23 |  |  | 37 |  |  | (15) |
France | (1) |  |  | 2 |  |  | (8) |
Other | — |  |  | — |  |  | 1 |
Total | $ | 872 |  |  | $ | 1,373 |  |  | $ | 723 |

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