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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The following schedule discloses significant components of income tax expense (benefit) for each year presented:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (in millions)
Current tax expense (benefit): |  |  |  |  |  |
U.S. |  | $ | (4) |  |  | $ | 214 |  |  | $ | 1,094 |
State and local |  | 25 |  |  | 15 |  |  | 24 |
Foreign |  | 667 |  |  | 480 |  |  | 770 |
Total current tax expense (benefit) |  | 688 |  |  | 709 |  |  | 1,888 |
Deferred tax expense (benefit): |  |  |  |  |  |
U.S. |  | 323 |  |  | (789) |  |  | 275 |
State and local |  | 0 |  |  | 1 |  |  | (1) |
Foreign |  | (398) |  |  | (200) |  |  | (167) |
Total deferred tax expense (benefit) |  | (75) |  |  | (988) |  |  | 107 |
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures |  | 613 |  |  | (279) |  |  | 1,995 |
Income tax expense (benefit) on equity in earnings of operating joint ventures |  | 34 |  |  | 25 |  |  | 33 |
Income tax expense (benefit) on discontinued operations |  | 0 |  |  | 0 |  |  | 0 |
Income tax expense (benefit) reported in equity related to: |  |  |  |  |  |
Other comprehensive income (loss) |  | (837) |  |  | 2,555 |  |  | 1,151 |
Total income taxes |  | $ | (190) |  |  | $ | 2,301 |  |  | $ | 3,179 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2023, 2022 and 2021, and the reported income tax expense (benefit) are summarized as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022(1) |  | 2021(1)
|  | (in millions)
Expected federal income tax expense (benefit) |  | $ | 645 |  |  | $ | (397) |  |  | $ | 2,275 |
Non-taxable investment income |  | (162) |  |  | (86) |  |  | (292) |
Foreign taxes at other than U.S. rate |  | 191 |  |  | 122 |  |  | 163 |
Low-income housing and other tax credits |  | (106) |  |  | (128) |  |  | (126) |
Changes in tax law |  | (99) |  |  | (11) |  |  | 10 |
GILTI |  | 5 |  |  | 101 |  |  | (1) |
Sale of subsidiary |  | 0 |  |  | 86 |  |  | (25) |
Noncontrolling interest |  | (4) |  |  | 5 |  |  | (14) |
Non-deductible expenses |  | 29 |  |  | 21 |  |  | 11 |
Change in valuation allowance |  | 111 |  |  | 16 |  |  | 13 |
State taxes (net of federal benefit) |  | 20 |  |  | 13 |  |  | 18 |
Other |  | (17) |  |  | (21) |  |  | (37) |
Reported income tax expense (benefit) |  | $ | 613 |  |  | $ | (279) |  |  | $ | 1,995 |
Effective tax rate |  | 20.0 | % |  | 14.7 | % |  | 18.4 | %
__________ (1)Prior period amounts have been updated to conform to current period presentation.
Schedule of Deferred Tax Assets and Liabilities |
|  | As of December 31,
|  | 2023 |  | 2022
|  | (in millions)
Deferred tax assets: |  |  |  |
Net unrealized investment losses |  | $ | 4,047 |  |  | $ | 5,903 |
Policyholders’ dividends |  | 213 |  |  | 59 |
Net operating and capital loss carryforwards |  | 178 |  |  | 186 |
Employee benefits |  | 332 |  |  | 329 |
Investments |  | 2,883 |  |  | 2,486 |
Goodwill and other intangibles |  | 335 |  |  | 351 |
Deferred tax assets before valuation allowance |  | 7,988 |  |  | 9,314 |
Valuation allowance |  | (290) |  |  | (159) |
Deferred tax assets after valuation allowance |  | 7,698 |  |  | 9,155 |
Deferred tax liabilities: |  |  |  |
Insurance reserves |  | 2,742 |  |  | 5,695 |
Deferred policy acquisition costs |  | 3,897 |  |  | 3,683 |
Value of business acquired |  | 166 |  |  | 188 |
Other |  | 969 |  |  | 636 |
Deferred tax liabilities |  | 7,774 |  |  | 10,202 |
Net deferred tax asset (liability)(1) |  | $ | (76) |  |  | $ | (1,047) |
__________ (1)As of December 31, 2023, includes net deferred tax assets of $542 million and $403 million related to the Company’s U.S. operations and Bermuda operations, respectively. As of December 31, 2022, includes a net deferred tax asset of $925 million and $201 million, related to the Company’s U.S. operations and Brazil operations, respectively.
Operating And Capital Loss Carryforwards | The valuation allowance includes amounts recorded in connection with deferred tax assets as follows:
|  | Federal |  | State |  | Foreign Operations |  | Total
|  | (in millions)
Balance at January 1, 2021 |  | $ | 15 |  |  | $ | 116 |  |  | $ | 12 |  |  | $ | 143 |
Charged to costs and expenses |  | 5 |  |  | (8) |  |  | 9 |  |  | 6 |
Other adjustments |  | 0 |  |  | (1) |  |  | (1) |  |  | (2) |
Balance at December 31, 2021 |  | 20 |  |  | 107 |  |  | 20 |  |  | 147 |
Charged to costs and expenses |  | 2 |  |  | 16 |  |  | 10 |  |  | 28 |
Other adjustments |  | 0 |  |  | (14) |  |  | (2) |  |  | (16) |
Balance at December 31, 2022 |  | 22 |  |  | 109 |  |  | 28 |  |  | 159 |
Charged to costs and expenses |  | 3 |  |  | 0 |  |  | 8 |  |  | 11 |
Other adjustments |  | 0 |  |  | 23 |  |  | 97 |  |  | 120 |
Balance at December 31, 2023 |  | $ | 25 |  |  | $ | 132 |  |  | $ | 133 |  |  | $ | 290 |
The following table sets forth the amount and expiration dates of federal, state and foreign operating, capital loss and tax credit carryforwards for tax purposes, as of the periods indicated:
|  | As of December 31,
|  | 2023 |  | 2022
|  | (in millions)
Federal net operating and capital loss carryforwards |  | $ | 0 |  |  | $ | 0 |
State net operating and capital loss carryforwards(1) |  | $ | 1,670 |  |  | $ | 1,781 |
Foreign net operating and capital loss carryforwards(2) |  | $ | 356 |  |  | $ | 295 |
Federal foreign tax credit carryforwards(3) |  | $ | 18 |  |  | $ | 15 |
__________ (1)Certain state net operating loss carryforwards expire between 2024 and 2043, whereas others have an unlimited carryforward. (2)$32 million expires between 2024 and 2038 and $324 million has an unlimited carryforward. (3)Expires between 2028 and 2033. These relate to foreign non-general basket tax credits.
Undistributed Earnings Of Foreign Subsidiaries Assuming Permanent Reinvestment | The following table sets forth the undistributed earnings of foreign subsidiaries, where the Company assumes indefinite reinvestment of such earnings and for which, in 2023, 2022, and 2021, foreign deferred withholding or other foreign income taxes have not been provided. The net tax liability that may arise if the 2022 earnings were remitted which includes any foreign exchange impacts, is immaterial.
|  | At December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (in millions)
Undistributed earnings of foreign subsidiaries (assuming indefinite reinvestment only for Withholding or other non-U.S. Taxes) |  | $ | 291 |  |  | $ | 238 |  |  | $ | 209 |
Unrecognized Tax Benefits Reconciliation | The following table reconciles the total amount of unrecognized tax benefits at the beginning and end of the periods indicated:
|  | 2023 |  | 2022 |  | 2021
|  | (in millions)
Balance at January 1, |  | $ | 84 |  |  | $ | 12 |  |  | $ | 17 |
Increases in unrecognized tax benefits—prior years |  | 13 |  |  | 81 |  |  | 4 |
(Decreases) in unrecognized tax benefits—prior years |  | 0 |  |  | (1) |  |  | (9) |
Increases in unrecognized tax benefits—current year |  | 36 |  |  | 0 |  |  | 0 |
(Decreases) in unrecognized tax benefits—current year |  | 0 |  |  | (8) |  |  | 0 |
Settlements with taxing authorities |  | 0 |  |  | 0 |  |  | 0 |
Balance at December 31, |  | $ | 133 |  |  | $ | 84 |  |  | $ | 12 |
Unrecognized tax benefits that, if recognized, would favorably impact the effective rate |  | $ | 133 |  |  | $ | 84 |  |  | $ | 12 |
Amounts Recognized In Consolidated Financial Statements For Tax Related Interest And Penalties | The amounts recognized in the consolidated financial statements for tax-related interest and penalties for the years ended December 31 are as follows:
|  | 2023 |  | 2022 |  | 2021
|  | (in millions)
Interest and penalties recognized in the Consolidated Statements of Operations |  | $ | 7 |  |  | $ | 8 |  |  | $ | 4 |
|  | 2023 |  | 2022
|  | (in millions)
Interest and penalties recognized in liabilities in the Consolidated Statements of Financial Position |  | $ | 22 |  |  | $ | 15 |
Open Tax Years By Major Tax Jurisdictions | Listed below are the tax years that remain subject to examination, by major tax jurisdiction, as of December 31, 2023:
Major Tax Jurisdiction |  | Open Tax Years
United States |  | 2014-2023
Japan |  | Fiscal years ended March 31, 2019-2023

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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