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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income Tax Expense

			For the years ended December 31,
			2022			2021			2020
Income tax expense (benefit)
Current - U.S. federal			$	550		$	486		$	410
Foreign			(1)			2			—
Total current			549			488			410
Deferred - U.S. federal			(124)			49			(20)
Foreign			18			(6)			(7)
Total deferred			(106)			43			(27)
Total income tax expense			$	443		$	531		$	383

Income Tax Rate Reconciliation

Income Tax Rate Reconciliation

			For the years ended December 31,
			2022			2021			2020
Tax provision at U.S. federal statutory rate			$	474		$	608		$	445
Nontaxable net investment income			(29)			(67)			(57)
Other			(2)			(10)			(5)
Provision for income taxes			$	443		$	531		$	383

Deferred Tax Assets (Liabilities)

Deferred Tax Assets (Liabilities)

			As of December 31,
			2022			2021
Deferred tax assets
Loss reserves and tax discount			$	449		$	386
Unearned premium reserve and other underwriting related reserves			442			406
Investment-related items			—			8
Employee benefits			167			225
Net unrealized losses on investments			668			—
Net operating loss carryover			37			29
Other			19			—
Total deferred tax assets			1,782			1,054
Valuation allowance			(27)			(7)
Deferred tax assets, net of valuation allowance			1,755			1,047
Deferred tax liabilities
Deferred acquisition costs			(146)			(129)
Investment-related items			(48)			—
Net unrealized gains on investments			—			(428)
Other depreciable and amortizable assets			(112)			(216)
Other			—			(4)
Total deferred tax liabilities			(306)			(777)
Net deferred tax asset			$	1,449		$	270

Roll-forward of Unrecognized Tax Benefits

Rollforward of Unrecognized Tax Benefits

			For the years ended December 31,
			2022			2021			2020
Balance, beginning of period			$	16		$	15		$	14
Gross increases - tax positions in current period			6			6			1
Lapse of statute of limitations			—			(5)			—
Balance, end of period			$	22		$	16		$	15

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319

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