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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income Tax Expense

			For the years ended December 31,
			2021			2020			2019
Income tax expense (benefit)
Current - U.S. federal			$	486		$	410		$	8
Foreign			2			—			—
Total current			488			410			8
Deferred - U.S. federal			49			(20)			476
Foreign			(6)			(7)			(9)
Total deferred			43			(27)			467
Total income tax expense			$	531		$	383		$	475

Income Tax Rate Reconciliation

Income Tax Rate Reconciliation

			For the years ended December 31,
			2021			2020			2019
Tax provision at U.S. federal statutory rate			$	608		$	445		$	538
Tax-exempt interest			(40)			(46)			(56)
Increase in deferred tax valuation allowance			9			9			2
Sale of business			(5)			(8)			—
Earnings on corporate owned life insurance			(22)			(6)			(11)
Tax credits			(9)			(5)			—
Carryback benefit			—			(5)			—
Tax law change			(8)			(6)			—
Other			(2)			5			2
Provision for income taxes			$	531		$	383		$	475

Deferred Tax Assets (Liabilities)

Deferred Tax Assets (Liabilities)

			As of December 31,
			2021			2020
Deferred tax assets
Loss reserves and tax discount			$	386		$	312
Unearned premium reserve and other underwriting related reserves			406			384
Investment-related items			8			125
Employee benefits			225			282
Net operating loss carryover			29			11
Other			—			34
Total deferred tax assets			1,054			1,148
Valuation allowance			(7)			(4)
Deferred tax assets, net of valuation allowance			1,047			1,144
Deferred tax liabilities
Deferred acquisition costs			(129)			(120)
Net unrealized gains on investments			(428)			(758)
Other depreciable and amortizable assets			(216)			(220)
Other			(4)			—
Total deferred tax liabilities			(777)			(1,098)
Net deferred tax asset			$	270		$	46

Roll-forward of Unrecognized Tax Benefits

Rollforward of Unrecognized Tax Benefits

			For the years ended December 31,
			2021			2020			2019
Balance, beginning of period			$	15		$	14		$	14
Gross increases - tax positions in current period			6			1			—
Lapse of statute of limitations			(5)			—			—
Balance, end of period			$	16		$	15		$	14

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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination.

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-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
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