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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Consolidated Income Tax Expense

The consolidated income tax expense consists of the following ($ in millions):

						Year Ended December 31,
						2025						2024						2023
Income (loss) from continuing operations before income tax expense (benefit)
U.S. Federal						$	(6,727)					$	3,529					$	3,686
Foreign (1)						(1)						728						(88)
Total						$	(6,728)					$	4,257					$	3,598
Income tax expense (benefit) from continuing operations
Current tax expense (benefit)
Federal						$	77					$	798					$	833
State and local						(69)						142						132
Foreign						—						—						1
Total current tax expense						$	8					$	940					$	966
Deferred tax expense (benefit)
Federal						$	(29)					$	8					$	(71)
State and local						(30)						7						33
Foreign						—						8						(29)
Total deferred tax expense (benefit)						$	(59)					$	23					$	(67)
Total income tax expense (benefit)
Federal						$	48					$	806					$	762
State and local						(99)						149						165
Foreign						—						8						(28)
Total income tax expense (benefit)						$	(51)					$	963					$	899
(1)			Foreign income from continuing operations includes the Company's Cayman Islands reinsurance entity. The Company has elected for its Cayman Islands entity to be taxed as a U.S. corporation and pays U.S. tax at the 21% tax rate. The U.S. tax resulting from this entity is included in Federal income tax expense. This entity ceased operations in 2025.

Schedule of Reconciliation of Tax Provision at the U.S. Federal Statutory Rate to Income Tax Expense

The reconciliation of the tax provision at the U.S. federal statutory rate to income tax expense (benefit) is as follows ($ in millions):

						Year Ended December 31,
						2025												2024												2023
						Total						%						Total						%						Total						%
Earnings (loss) from continuing operations, before income tax expense						$	(6,728)											$	4,257											$	3,598
Tax provision at the U.S. federal statutory rate						(1,413)						21.0		%				894						21.0		%				756						21.0		%
Federal
Effect of cross-border tax laws
Global Intangible Low-Taxed Income (GILTI)						(2)						—		%				44						1.0		%				4						0.1		%
Cayman Islands
Statutory income tax rate differential (1)						—						—		%				142						3.3		%				62						1.7		%
Other						2						—		%				2						—		%				(21)						(0.6)		%
Tax credits						—						—		%				(14)						(0.3)		%				(5)						(0.1)		%
Changes in valuation allowances						(1)						—		%				(12)						(0.3)		%				(2)						(0.1)		%
Nontaxable or nondeductible items
Nondeductible compensation						31						(0.5)		%				37						0.9		%				29						0.8		%
Nondeductible goodwill						1,409						(20.9)		%				—						—		%				—						—		%
Nontaxable or nondeductible divestiture (gains) losses						3						—		%				(97)						(2.3)		%				(9)						(0.3)		%
Other nontaxable or nondeductible items						19						(0.3)		%				(1)						—		%				(6)						(0.2)		%
Other
Excess tax detriment (benefit) on stock awards						4						(0.1)		%				(3)						(0.1)		%				(59)						(1.6)		%
Other						(24)						0.4		%				9						0.2		%				26						0.7		%
Foreign tax effects
United Kingdom
Nondeductible goodwill						—						—		%				(34)						(0.8)		%				83						2.3		%
Other						—						—		%				12						0.3		%				(26)						(0.7)		%
Cayman Islands
Statutory income tax rate differential (1)						—						—		%				(142)						(3.3)		%				(62)						(1.7)		%
Other jurisdictions						—						—		%				7						0.2		%				(16)						(0.4)		%
Changes in unrecognized tax benefits						(92)						1.4		%				24						0.6		%				27						0.8		%
State income taxes, net of federal income tax benefit (2)						13						(0.2)		%				95						2.2		%				118						3.3		%
Income tax (benefit) expense						$	(51)					0.8		%				$	963					22.6		%				$	899					25.0		%
(1)			The Company has elected for its Cayman Islands reinsurance entity to be taxed as a U.S. corporation and pays U.S. tax at the 21% tax rate. The taxability of this entity does not represent a reconciling item between the U.S. federal rate and the Company's effective tax rate. This entity ceased operations in 2025.
(2)			During the year ended December 31, 2025, state taxes in Pennsylvania comprised greater than 50% of the tax effect in this category. During the year ended December 31, 2024, state taxes in California, Florida and Illinois comprised greater than 50% of the tax effect in this category. During the year ended December 31, 2023, state taxes in California and Florida comprised greater than 50% of the tax effect in this category.

Schedule of Income Taxes Paid

Income taxes paid are as follows ($ in millions):

						Year Ended December 31,
						2025						2024						2023
U.S. Federal (1)						$	364					$	930					$	698
California						27						*						*
Florida						23						*						*
Pennsylvania						*						*						53
Other (2)						34						71						138
Total U.S. State and Local						84						71						191
Foreign						—						1						(2)
Total income taxes paid, net						$	448					$	1,002					$	887
(1)			Includes amounts paid to purchase transferable tax credits of $78 million, $100 million and $49 million during the years ended December 31, 2025, 2024 and 2023, respectively.
(2)			Includes amounts paid to purchase transferable tax credits of $23 million, $15 million and $10 million during the years ended December 31, 2025, 2024 and 2023, respectively.
*			The amount of income taxes paid to these jurisdictions during the year does not meet the 5% disaggregation threshold.

Schedule of Tax Effects of Temporary Differences Which Give Rise to Deferred Tax Assets and Liabilities

The tax effects of temporary differences which give rise to deferred tax assets and liabilities are presented below ($ in millions):

			December 31, 2025						December 31, 2024
Deferred tax assets:
Medical claims liability			$	178					$	178
Nondeductible liabilities			69						81
Net operating loss and other carryforwards			106						70
Compensation accruals			105						93
Premium and trade receivables			88						72
Operating lease liability			196						231
Unrealized gain/loss			13						153
Software development costs			178						246
Other			48						92
Deferred tax assets			981						1,216
Valuation allowance			(67)						(77)
Net deferred tax assets			$	914					$	1,139
Deferred tax liabilities:
Goodwill and intangible assets			$	1,376					$	1,518
Fixed assets			198						135
Investments in subsidiaries and joint ventures (outside basis)			68						—
Right-of-use asset			78						88
Other			27						82
Deferred tax liabilities			1,747						1,823
Net deferred tax liabilities			$	(833)					$	(684)

Schedule of Unrecognized Tax Benefits Roll Forward

The Company maintains a reserve for uncertain tax positions that may be challenged by a tax authority. A rollforward of the beginning and ending amount of uncertain tax positions, exclusive of related interest and penalties, is as follows ($ in millions):

						Year Ended December 31,
						2025						2024
Gross unrecognized tax benefits, January 1						$	340					$	439
Gross increases:
Current year tax positions						12						16
Prior year tax positions						4						31
Gross decreases:
Settlements (1)						(8)						(133)
Prior year tax positions						(8)						(6)
Statute of limitation lapses						(110)						(7)
Gross unrecognized tax benefits, December 31						$	230					$	340
(1)			Settlements for the year ended December 31, 2024 primarily reflected the resolution of an item that had no net impact on the Consolidated Statement of Operations.

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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.

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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 change in unrecognized tax benefits.

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