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Income Taxes - Significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018
--- | --- | ---
Deferred tax assets: |  |
Federal net operating loss carryforwards | $ 19 | $ 23
Foreign underwriting losses | 118 | 93
Insurance claims and reserves | 875 | 743
Employee benefits | 93 | 88
Other, net | 43 | 44
Total deferred tax assets before valuation allowance | 1,148 | 991
Valuation allowance against deferred tax assets | (140) | (119)
Total deferred tax assets | 1,008 | 872
Deferred tax liabilities: |  |
Investment securities | (556) | (70)
Deferred policy acquisition costs | (150) | (291)
Insurance claims and reserves transition liability | (93) | (110)
Real estate, property and equipment | (35) | (36)
Total deferred tax liabilities | (834) | (507)
Net deferred tax asset (liability) | 174 | 365
Excluding Unrealized Gains |  |
Deferred tax assets: |  |
Federal net operating loss carryforwards | 19 | 23
Foreign underwriting losses | 118 | 93
Insurance claims and reserves | 829 | 740
Employee benefits | 93 | 88
Other, net | 45 | 44
Total deferred tax assets before valuation allowance | 1,104 | 988
Valuation allowance against deferred tax assets | (140) | (119)
Total deferred tax assets | 964 | 869
Deferred tax liabilities: |  |
Investment securities | (140) | (36)
Deferred policy acquisition costs | (293) | (300)
Insurance claims and reserves transition liability | (93) | (110)
Real estate, property and equipment | (35) | (36)
Total deferred tax liabilities | (561) | (482)
Net deferred tax asset (liability) | 403 | 387
Impact of Unrealized Gains |  |
Deferred tax assets: |  |
Federal net operating loss carryforwards | 0 | 0
Foreign underwriting losses | 0 | 0
Insurance claims and reserves | 46 | 3
Employee benefits | 0 | 0
Other, net | (2) | 0
Total deferred tax assets before valuation allowance | 44 | 3
Valuation allowance against deferred tax assets | 0 | 0
Total deferred tax assets | 44 | 3
Deferred tax liabilities: |  |
Investment securities | (416) | (34)
Deferred policy acquisition costs | 143 | 9
Insurance claims and reserves transition liability | 0 | 0
Real estate, property and equipment | 0 | 0
Total deferred tax liabilities | (273) | (25)
Net deferred tax asset (liability) | $ (229) | $ (22)

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