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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

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)			2024						2023						2022
Current tax expense (benefit):
U.S.			$	152					$	284					$	76
Non-U.S.			19						7						5
Total current tax expense (benefit)			171						291						81
Deferred tax expense (benefit):
U.S.			(52)						(76)						(90)
Non-U.S.			1						(578)						—
Total deferred tax expense (benefit)			(51)						(654)						(90)
Total income tax expense (benefit)			$	120					$	(363)					$	(9)

(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,
			2024												2023												2022
(Dollars in millions)			U.S.						Non-U.S.						U.S.						Non-U.S.						U.S.						Non-U.S.
Underwriting gain (loss)			$	(891)					$	536					$	533					$	686					$	(81)					$	558
Net investment income			1,219						734						954						479						607						223
Net realized capital gains (losses)			34						(15)						(190)						(86)						(426)						(29)
Net derivative gain (loss)			—						—						—						1						—						—
Corporate expenses			(19)						(76)						(18)						(55)						(26)						(35)
Interest, fee and bond issue cost amortization expense			(150)						1						(134)						—						(101)						—
Other income (expense)			64						57						(13)						(3)						(6)						(96)
Pre-tax income (loss)			$	257					$	1,237					$	1,132					$	1,022					$	(32)					$	620
Expected tax provision at the applicable statutory rate(s)			54						19						238						26						(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						—						—						—						—						—
Valuation allowance			—						—						—						(13)						—						5
Bermuda corporate income tax			—						—						—						(578)						—						5
Insurance corporate-owned life insurance			(18)						—						(13)						—						(1)						—
Other			9						1						(3)						(6)						6						—
Total income tax provision			$	100					$	20					$	208					$	(571)					$	(14)					$	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)			2024						2023
Deferred tax assets:
Bermuda economic transition adjustment			$	536					$	536
Loss reserves			313						270
Unearned premium reserves			152						143
Net unrealized investment losses			138						67
Depreciation			55						44
Unrealized foreign currency losses			35						15
Net operating loss carryforward			24						18
Lease liability			23						27
Foreign tax credits			16						—
Capital loss carryforward			14						—
Equity compensation			10						8
Investment impairments			10						12
Uncollectible reinsurance reserves			—						3
Net unrealized losses on benefit plans			—						4
Other assets			21						22
Total deferred tax assets			1,347						1,169
Deferred tax liabilities:
Deferred acquisition costs			171						139
Net fair value income			74						74
Partnership investments			43						49
Right of use asset			19						23
Deferred investment income			12						—
Benefit plan asset			—						3
Other liabilities			13						11
Total deferred tax liabilities			332						299
Net deferred tax assets			1,015						870
Less:  Valuation allowance			(25)						(15)
Total net deferred tax assets/(liabilities)			$	990					$	855

(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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