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Income Taxes (Tables)

12 Months Ended

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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