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Income Taxes - Significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019
--- | --- | ---
Deferred tax assets: |  |
Federal net operating loss carryforwards | $ 15 | $ 19
Foreign underwriting losses | 6 | 118
Capital loss carryforwards | 7 | 0
Insurance claims and reserves | 840 | 875
Employee benefits | 104 | 93
Other, net | 48 | 43
Total deferred tax assets before valuation allowance | 1,020 | 1,148
Valuation allowance against deferred tax assets | (29) | (140)
Total deferred tax assets | 991 | 1,008
Deferred tax liabilities: |  |
Investment securities | (763) | (556)
Deferred policy acquisition costs | (71) | (150)
Insurance claims and reserves transition liability | (77) | (93)
Real estate, property and equipment | (37) | (35)
Total deferred tax liabilities | (948) | (834)
Net deferred tax asset (liability) | 43 | 174
Excluding Unrealized Gains |  |
Deferred tax assets: |  |
Federal net operating loss carryforwards | 15 | 19
Foreign underwriting losses | 6 | 118
Capital loss carryforwards | 7 | 0
Insurance claims and reserves | 772 | 829
Employee benefits | 104 | 93
Other, net | 50 | 45
Total deferred tax assets before valuation allowance | 954 | 1,104
Valuation allowance against deferred tax assets | (29) | (140)
Total deferred tax assets | 925 | 964
Deferred tax liabilities: |  |
Investment securities | (167) | (140)
Deferred policy acquisition costs | (267) | (293)
Insurance claims and reserves transition liability | (77) | (93)
Real estate, property and equipment | (37) | (35)
Total deferred tax liabilities | (548) | (561)
Net deferred tax asset (liability) | 377 | 403
Impact of Unrealized Gains |  |
Deferred tax assets: |  |
Federal net operating loss carryforwards | 0 | 0
Foreign underwriting losses | 0 | 0
Capital loss carryforwards | 0 | 0
Insurance claims and reserves | 68 | 46
Employee benefits | 0 | 0
Other, net | (2) | (2)
Total deferred tax assets before valuation allowance | 66 | 44
Valuation allowance against deferred tax assets | 0 | 0
Total deferred tax assets | 66 | 44
Deferred tax liabilities: |  |
Investment securities | (596) | (416)
Deferred policy acquisition costs, impact of unrealized gains | (196) | (143)
Insurance claims and reserves transition liability | 0 | 0
Real estate, property and equipment | 0 | 0
Total deferred tax liabilities | (400) | (273)
Net deferred tax asset (liability) | $ (334) | $ (229)

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