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INCOME TAXES (Tables)

12 Months Ended

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

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Tabular disclosure of the change in unrecognized tax benefits.

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