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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense (benefit) | A summary of the income tax (expense) benefit in the consolidated statements of income (loss) follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Income tax (expense) benefit: |  |  |  |  |
Current (expense) benefit | $ | (142) |  |  | $ | (29) |  |  | $ | (5) |
Deferred (expense) benefit | (146) |  |  | 934 |  |  | (593) |
Total | $ | (288) |  |  | $ | 905 |  |  | $ | (598) |
Schedule of Effective Income Tax Rate Reconciliation | The sources of the difference and their tax effects were as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Expected income tax (expense) benefit | $ | (443) |  |  | $ | (155) |  |  | $ | (630) |
Noncontrolling interest | 88 |  |  | 62 |  |  | 40 |
Non-taxable investment income | 121 |  |  | 64 |  |  | 53 |
Tax audit interest | (28) |  |  | (23) |  |  | (13) |
State income taxes | (40) |  |  | (42) |  |  | (63) |
Tax settlements/uncertain tax position release | (6) |  |  | (4) |  |  | — |
Tax credits | 29 |  |  | 15 |  |  | 22 |
Valuation allowance | — |  |  | 1,000 |  |  | — |
Other | (9) |  |  | (12) |  |  | (7) |
Income tax (expense) benefit | $ | (288) |  |  | $ | 905 |  |  | $ | (598) |
Schedule of Net Deferred Income Taxes | The components of the net deferred income taxes are as follows:
| December 31,
| 2024 |  | 2023
| Assets |  | Liabilities |  | Assets |  | Liabilities
| (in millions)
Compensation and related benefits | $ | 217 |  |  | $ | — |  |  | $ | 230 |  |  | $ | — |
Net operating loss and credits | 272 |  |  | — |  |  | 151 |  |  | — |
Reserves and reinsurance | 1,984 |  |  | — |  |  | 1,581 |  |  | — |
DAC | — |  |  | 1,141 |  |  | — |  |  | 1,078 |
Unrealized investment gains/losses | 1,683 |  |  | — |  |  | 1,472 |  |  | — |
Investments | — |  |  | 386 |  |  | — |  |  | 217 |
Other | — |  |  | 197 |  |  | 187 |  |  | — |
Valuation allowance | (217) |  |  | — |  |  | (234) |  |  | — |
Total | $ | 3,939 |  |  | $ | 1,724 |  |  | $ | 3,387 |  |  | $ | 1,295 |
Schedule of Unrecognized Tax Benefits Reconciliation | A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Balance, beginning of period | $ | 322 |  |  | $ | 314 |  |  | $ | 323 |
Additions for tax positions of prior years | 8 |  |  | 11 |  |  | (9) |
Reductions for tax positions of prior years | — |  |  | (3) |  |  | — |
Additions for tax positions of current year | — |  |  | — |  |  | — |
Settlements with tax authorities | — |  |  | — |  |  | — |
Balance, end of period | $ | 330 |  |  | $ | 322 |  |  | $ | 314 |
Unrecognized tax benefits that, if recognized, would impact the effective rate | $ | 74 |  |  | $ | 59 |  |  | $ | 58 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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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://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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