XML 132 R114.htm IDEA: XBRL DOCUMENT v3.25.0.1
INCOME TAXES - Schedule of Reconciliation of Provision for Income Taxes and Expected Tax Provision (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]      
Underwriting gain (loss) $ (356) $ 1,219 $ 477
Net investment income 1,954 1,434 830
Net realized capital gains (losses) 19 (276) (455)
Corporate expenses (95) (73) (61)
Interest, fee and bond issue cost amortization expense (149) (134) (101)
Other income (expense) 121 (14) (102)
INCOME (LOSS) BEFORE TAXES 1,493 2,154 588
Increase (decrease) in taxes resulting from:      
Total income tax expense (benefit) 120 (363) (9)
U.S.      
Income Taxes [Line Items]      
Underwriting gain (loss) (891) 533 (81)
Net investment income 1,219 954 607
Net realized capital gains (losses) 34 (190) (426)
Net derivative gain (loss) 0 0 0
Corporate expenses (19) (18) (26)
Interest, fee and bond issue cost amortization expense (150) (134) (101)
Other income (expense) 64 (13) (6)
INCOME (LOSS) BEFORE TAXES 257 1,132 (32)
Expected tax provision at the applicable statutory rate(s) 54 238 (9)
Increase (decrease) in taxes resulting from:      
Tax exempt income (1) (3) (4)
Dividend received deduction (3) (2) (3)
Proration 1 1 1
Affiliated preferred stock dividends 7 7 7
Creditable foreign premium tax (14) (14) (11)
Share-based compensation tax benefits formerly in APIC (1) (3) (3)
BEAT Tax 66 0 0
Valuation allowance 0 0 0
Bermuda corporate income tax 0 0 0
Insurance corporate-owned life insurance (18) (13) (1)
Other 9 (3) 6
Total income tax expense (benefit) 100 208 (14)
Non-U.S.      
Income Taxes [Line Items]      
Underwriting gain (loss) 536 686 558
Net investment income 734 479 223
Net realized capital gains (losses) (15) (86) (29)
Net derivative gain (loss) 0 1 0
Corporate expenses (76) (55) (35)
Interest, fee and bond issue cost amortization expense 1 0 0
Other income (expense) 57 (3) (96)
INCOME (LOSS) BEFORE TAXES 1,237 1,022 620
Expected tax provision at the applicable statutory rate(s) 19 26 0
Increase (decrease) in taxes resulting from:      
Tax exempt income 0 0 0
Dividend received deduction 0 0 0
Proration 0 0 0
Affiliated preferred stock dividends 0 0 0
Creditable foreign premium tax 0 0 0
Share-based compensation tax benefits formerly in APIC 0 0 0
BEAT Tax 0 0 0
Valuation allowance 0 (13) 5
Bermuda corporate income tax 0 (578) 5
Insurance corporate-owned life insurance 0 0 0
Other 1 (6) 0
Total income tax expense (benefit) $ 20 $ (571) $ 5