XML 100 R53.htm IDEA: XBRL DOCUMENT v3.25.4

Income Taxes (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-3

+ Details

Name:	us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration