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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of the Provision

The significant components of the provision are as follows for the periods indicated:

			Years Ended December 31,
(Dollars in millions)			2023						2022						2021
Current tax expense (benefit):
U.S.			$	284					$	76					$	124
Non-U.S.			7						5						2
Total current tax expense (benefit)			291						81						126
Deferred tax expense (benefit):
U.S.			(76)						(90)						38
Non-U.S.			(578)						—						3
Total deferred tax expense (benefit)			(654)						(90)						41
Total income tax expense (benefit)			$	(363)					$	(9)					$	167

(Some amounts may not reconcile due to rounding.)

Schedule of Reconciliation of Provision for Income Taxes and Expected Tax Provision

Reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate for the periods indicated is provided below:

			Years Ended December 31,
			2023												2022												2021
(Dollars in millions)			U.S.						Non-U.S.						U.S.						Non-U.S.						U.S.						Non-U.S.
Underwriting gain (loss)			$	533					$	686					$	(81)					$	558					$	(83)					$	307
Net investment income			954						479						607						223						708						457
Net realized capital gains (losses)			(190)						(86)						(426)						(29)						266						(8)
Net derivative gain (loss)			—						1						—						—						—						3
Corporate expenses			(18)						(55)						(26)						(35)						(33)						(34)
Interest, fee and bond issue cost amortization expense			(134)						—						(101)						—						(70)						—
Other income (expense)			(13)						(3)						(6)						(96)						23						11
Pre-tax income (loss)			$	1,132					$	1,022					$	(32)					$	620					$	811					$	735
Expected tax provision at the applicable statutory rate(s)			238						26						(9)						—						170						14
Increase (decrease) in taxes resulting from:
Tax exempt income			(3)						—						(4)						—						(4)						—
Dividend received deduction			(2)						—						(3)						—						(1)						—
Proration			1						—						1						—						1						—
Affiliated preferred stock dividends			7						—						7						—						7						—
Creditable foreign premium tax			(14)						—						(11)						—						(13)						—
Tax audit settlement			—						—						—						—						—						—
Share-based compensation tax benefits formerly in APIC			(3)						—						(3)						—						(2)						—
Valuation allowance			—						(13)						—						5						—						(10)
Bermuda corporate income tax			—						(578)						—						5						—						—
Insurance company-owned life insurance			(13)						—						(1)						—						—						—
Other			(3)						(6)						6						—						3						1
Total income tax provision			$	208					$	(571)					$	(14)					$	5					$	161					$	5

(Some amounts may not reconcile due to rounding.)

Schedule of Net Deferred Income Tax Assets/(Liabilities)

The principal items making up the net deferred income tax assets/(liabilities) are as follows for the periods indicated:

			Years Ended December 31,
(Dollars in millions)			2023						2022
Deferred tax assets:
Bermuda intangible asset			$	536					$	—
Loss reserves			270						154
Unearned premium reserves			143						114
Net unrealized investment losses			67						218
Depreciation			44						—
Lease liability			27						29
Net operating loss carryforward			18						28
Net Unrealized foreign currency losses			15						24
Investment impairments			12						12
Equity compensation			8						8
Net unrealized losses on benefit plans			4						9
Uncollectible reinsurance reserves			3						3
Foreign tax credits			—						3
Other assets			22						10
Total deferred tax assets			1,169						611
Deferred tax liabilities:
Deferred acquisition costs			139						105
Net fair value income			74						7
Partnership investments			49						56
Right of use asset			23						25
Benefit plan asset			3						3
Depreciation			—						16
Other liabilities			11						8
Total deferred tax liabilities			299						220
Net deferred tax assets			870						392
Less:  Valuation allowance			(15)						(25)
Total net deferred tax assets/(liabilities)			$	855					$	367

(Some amounts may not reconcile due to rounding.)

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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 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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