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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income (Loss) from Operations Before Income Taxes |
Components of income (loss) from operations before income taxes
|  | For the year ended December 31,
($ in millions) |  | 2025
U.S. |  | $ | 12,722 |
Foreign |  | 434 |
Total income (loss) from operations before income taxes |  | $ | 13,156 |
Schedule of Reconciliation of the Statutory Federal Income Tax Rate to the Effective Income Tax Rate |
Reconciliation of the statutory federal income tax rate to the effective income tax rate
|  | For the year ended December 31,
($ in millions) |  | 2025
Income (loss) from operations before income taxes |  | $ | 13,156 |  |
U.S. federal statutory tax rate |  | $ | 2,763 |  | 21.0 | %
State and local income taxes, net of federal income tax effect (1) |  | 134 |  | 1.0 |
Foreign tax effects |  | 15 |  | 0.1 |
Effect of cross-border tax laws |  | 8 |  | 0.1 |
Tax credits |  | (55) |  | (0.4) |
Change in valuation allowances |  | 3 |  | — |
Nontaxable or nondeductible items |  | 47 |  | 0.4 |
Changes in unrecognized tax benefits |  | (14) |  | (0.1) |
Other adjustments |  | (11) |  | (0.1) |
Effective tax rate |  | $ | 2,890 |  | 22.0 | %
(1)State taxes in Florida and Illinois made up the majority (greater than 50%) of the tax effect in this category.
Reconciliation of the statutory federal income tax rate to the effective income tax rate
|  |  |  |  | For the years ended December 31,
($ in millions) |  |  |  | 2024 |  | 2023
Income (loss) before income taxes |  |  |  |  | $ | 5,761 |  |  |  | $ | (348) |  |
U.S. federal statutory tax rate |  |  |  |  | $ | 1,210 |  | 21.0 | % |  | $ | (73) |  | 21.0 | %
State income taxes |  |  |  |  | 54 |  | 0.9 |  |  | (7) |  | 2.0 |
Tax credits |  |  |  |  | (42) |  | (0.7) |  |  | (47) |  | 13.5 |
Change in valuation allowances |  |  |  |  | 8 |  | 0.1 |  |  | 6 |  | (1.7) |
Share-based payments |  |  |  |  | (30) |  | (0.5) |  |  | (14) |  | 4.0 |
Tax-exempt income |  |  |  |  | (29) |  | (0.5) |  |  | (23) |  | 6.6 |
Dividend received deduction |  |  |  |  | (1) |  | — |  |  | (4) |  | 1.1 |
Changes in unrecognized tax benefits |  |  |  |  | (8) |  | (0.1) |  |  | 33 |  | (9.5) |
U.S. shareholder’s tax (benefit) expense |  |  |  |  | — |  | — |  |  | (17) |  | 4.9 |
Other adjustments |  |  |  |  | — |  | — |  |  | 11 |  | (3.1) |
Effective tax rate |  |  |  |  | $ | 1,162 |  | 20.2 | % |  | $ | (135) |  | 38.8 | %
Schedule of Components of Income Tax Expense (Benefit) |
Components of income tax expense (benefit)
|  | For the year ended December 31,
($ in millions) |  | 2025
Current |  |
U.S. federal |  | $ | 2,513 |
U.S. state and local |  | 122 |
Foreign |  | 99 |
Total current |  | 2,734 |
Deferred |  |
U.S. federal |  | 103 |
U.S. state and local |  | 46 |
Foreign |  | 7 |
Total deferred |  | 156 |
Total income tax expense (benefit) |  |
U.S. federal |  | 2,616 |
U.S. state and local |  | 168 |
Foreign |  | 106 |
Total income tax expense (benefit) |  | $ | 2,890 |
Components of income tax expense (benefit)
|  |  | For the years ended December 31,
($ in millions) |  |  |  | 2024 |  | 2023
Current |  |  |  | $ | 1,179 |  |  | $ | 114 |
Deferred |  |  |  | (17) |  |  | (249) |
Total income tax expense (benefit) |  |  |  | $ | 1,162 |  |  | $ | (135) |
Components of income taxes paid (received)
|  | For the year ended December 31,
($ in millions) |  | 2025
U.S. federal |  | $ | 1,907 |
U.S. state and local |  | 91 |
Foreign |  |
Canada |  | 136 |
Other |  | 15 |
Total foreign |  | 151 |
Total income taxes paid (received) |  | $ | 2,149 |
Schedule of Components of the Deferred Income Tax Assets and Liabilities |
Components of the deferred income tax assets and liabilities
|  | As of December 31,
($ in millions) |  | 2025 |  | 2024
Deferred tax assets |  |  |  |
Unearned premium reserves |  | $ | 1,046 |  |  | $ | 978 |
Discount on loss reserves |  | 312 |  |  | 292 |
Net operating loss carryover |  | 222 |  |  | 232 |
Accrued compensation |  | 142 |  |  | 131 |
Research & development capitalization |  | 116 |  |  | 317 |
Other postretirement benefits |  | 6 |  |  | 7 |
Pension |  | 1 |  |  | 8 |
Unrealized net capital losses |  | — |  |  | 209 |
Other |  | 145 |  |  | 185 |
Total deferred tax assets before valuation allowance |  | 1,990 |  |  | 2,359 |
Valuation allowance |  | (68) |  |  | (69) |
Total deferred tax assets after valuation allowance |  | 1,922 |  |  | 2,290 |
Deferred tax liabilities |  |  |  |
DAC |  | (1,272) |  |  | (1,173) |
Investments |  | (439) |  |  | (479) |
Depreciable assets |  | (103) |  |  | (123) |
Unrealized net capital gains |  | (85) |  |  | — |
Intangible assets |  | (44) |  |  | (66) |
Other |  | (206) |  |  | (218) |
Total deferred tax liabilities |  | (2,149) |  |  | (2,059) |
Net deferred tax (liabilities) assets |  | $ | (227) |  |  | $ | 231 |
Schedule of Components of the Net Operating Loss Carryforwards Lead | The following table sets forth the amounts and expiration dates of federal, foreign and state NOL carryforwards.
Components of the net operating loss carryforwards as of December 31, 2025
($ in millions) |  | 20-Year Carryforward Expires in 2028-2045 |  | Indefinite |  | Various
U.S. federal NOL |  | $ | 286 |  |  | $ | 9 |  |  | $ | — |
Foreign NOL (1) |  | — |  |  | 372 |  |  | 51 |
State NOL (2) |  | — |  |  | — |  |  | 67 |
(1)Multiple foreign NOL carryforwards expiring in various periods, beginning in 2027. (2)Multiple state NOL carryforwards expiring in various periods, beginning in 2029.
Schedule of Reconciliation of the Change in the Amount of Unrecognized Tax Benefits |
Reconciliation of the change in the amount of unrecognized tax benefits
|  | For the years ended December 31,
($ in millions) |  | 2025 |  | 2024 |  | 2023
Balance – beginning of year |  | $ | 41 |  |  | $ | 45 |  |  | $ | 17 |
(Decrease) increase for tax positions taken in a prior year |  | (14) |  |  | (4) |  |  | 23 |
Increase for tax positions taken in the current year |  | — |  |  | — |  |  | 5 |
Balance – end of year |  | $ | 27 |  |  | $ | 41 |  |  | $ | 45 |

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