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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of components of income tax provision

The components of income tax provision attributable to continuing operations were as follows:

			Years Ended December 31,
			2024						2023						2022
			(in millions)
Current income tax
Federal			$	583					$	518					$	509
State and local			137						124						93
Foreign			21						18						25
Total current income tax			741						660						627
Deferred income tax
Federal			164						45						155
State and local			(29)						(14)						6
Foreign			(10)						(13)						(6)
Total deferred income tax			125						18						155
Total income tax provision			$	866					$	678					$	782

Schedule of geographic sources of pretax income

The geographic sources of pretax income from continuing operations were as follows:

			Years Ended December 31,
			2024						2023						2022
			(in millions)
United States			$	4,221					$	3,199					$	3,824
Foreign			46						35						107
Total			$	4,267					$	3,234					$	3,931

Schedule of reasons for aggregate income tax provision differences to U.S. statutory rate

The principal reasons that the aggregate income tax provision attributable to continuing operations is different from that computed by using the U.S. statutory rate of 21% were as follows:

			Years Ended December 31,
			2024						2023						2022
Tax at U.S. statutory rate			21.0		%				21.0		%				21.0		%
Changes in taxes resulting from:
State taxes, net of federal benefit			2.0						2.7						2.0
Incentive compensation			(1.6)						(1.5)						(1.0)
Low income housing tax credits			(0.6)						(1.0)						(1.1)
Non-deductible expenses			0.5						1.1						0.5
Other, net			(1.0)						(1.3)						(1.5)
Income tax provision			20.3		%				21.0		%				19.9		%

Schedule of significant components of deferred income tax assets and liabilities

The significant components of the Company’s deferred income tax assets and liabilities, which are included net within Other assets or Other liabilities, were as follows:

			December 31,
			2024						2023
			(in millions)
Deferred income tax assets
Insurance and annuity benefits including corresponding hedges			$	802					$	1,244
Deferred compensation including corresponding hedges			655						545
Investments including net unrealized on Available-for-Sale securities			381						335
Net operating loss and tax credit carryforward			221						74
Other			159						127
Gross deferred income tax assets			2,218						2,325
Less: valuation allowance			67						65
Total deferred income tax assets			2,151						2,260
Deferred income tax liabilities
Deferred acquisition costs			364						390
Goodwill and intangibles			323						313
Other			137						131
Gross deferred income tax liabilities			824						834
Net deferred income tax assets			$	1,327					$	1,426

Reconciliation rollforward of gross unrecognized tax benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits was as follows:

			2024						2023						2022
			(in millions)
Balance at January 1			$	150					$	138					$	125
Additions for tax positions related to the current year			22						26						12
Reductions for tax positions related to the current year			(2)						(3)						(1)
Additions for tax positions of prior years			23						80						5
Reductions for tax positions of prior years			(8)						(85)						(1)
Reductions due to lapse of statutes of limitations			(20)						(5)						—
Audit settlements			(1)						(1)						(2)
Balance at December 31			$	164					$	150					$	138

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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

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-Topic 740
-SubTopic 10
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-Section 50
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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.

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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.

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

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Tabular disclosure of the change in unrecognized tax benefits.

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