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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes [Abstract] |
Components Of The Provision | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Current tax expense (benefit): U.S. $ 76 $ 124 $ (108) Non-U.S. 5 2 3 Total current tax expense (benefit) 81 126 (105) Deferred tax expense (benefit): U.S. (90) 38 179 Non-U.S. - 3 (3) Total deferred tax expense (benefit) (90) 41 176 Total income tax expense (benefit) $ (9) $ 167 $ 71 (Some amounts may not reconcile due to rounding.)
Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate | Years Ended December 31, 2022 2021 2020 (Dollars in millions) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Underwriting gain (loss) $ (81) $ 558 $ (83) $ 307 $ 24 $ (278) Net investment income 607 223 708 457 340 303 Net realized capital gains (losses) (426) (29) 266 (8) 235 33 Net derivative gain (loss) - - - 3 - 2 Corporate expenses (26) (35) (33) (34) (16) (25) Interest, fee and bond issue cost amortization expense (101) - (70) - (36) (1) Other income (expense) (6) (96) 23 11 (15) 20 Pre-tax income (loss) $ (32) $ 620 $ 811 $ 735 $ 532 $ 53 Expected tax provision at the applicable statutory rate(s) (9) - 170 14 112 (10) Increase (decrease) in taxes resulting from: Tax exempt income (4) - (4) - (4) - Dividend received deduction (3) - (1) - (1) - Proration 1 - 1 - 1 - Affiliated preferred stock dividends 7 - 7 - 7 - Creditable foreign premium tax (11) - (13) - (12) - Tax audit settlement - - - - - - Share-based compensation tax benefits formerly in APIC (3) - (2) - (3) - Impact of CARES Act - - - - (32) - Valuation allowance - 5 - (10) - 15 Change in uncertain tax positions - - - - - - Other 5 - 3 1 3 (5) Total income tax provision $ (14) $ 5 $ 161 $ 5 $ 71 $ - (Some amounts may not reconcile due to rounding.)
Net Deferred Income Tax Assets/(Liabilities) | Years Ended December 31, (Dollars in millions) 2022 2021 Deferred tax assets: Net unrealized investment losses $ 218 $ - Loss reserves 154 130 Unearned premium reserves 114 108 Lease liability 29 31 Net operating loss carryforward 28 20 Unrealized foreign currency losses 24 4 Investment impairments 12 6 Net unrealized losses on benefit plans 9 13 Equity compensation 8 8 Uncollectible reinsurance reserves 3 3 Foreign tax credits 3 22 Other assets 10 9 Total deferred tax assets 611 354 Deferred tax liabilities: Deferred acquisition costs 105 99 Partnership investments 56 57 Right of use asset 25 27 Depreciation 16 4 Net fair value income 7 98 Benefit plan asset 3 2 Net unrealized investment gains - 37 Other liabilities 8 6 Total deferred tax liabilities 220 329 Net deferred tax assets 392 25 Less: Valuation allowance (25) (18) Total net deferred tax assets/(liabilities) $ 367 $ 7 (Some amounts may not reconcile due to rounding.)

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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 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + 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://fasb.org/us-gaap/role/ref/legacyRef -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 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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