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Condensed Financial Information of Registrant (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Balance Sheets
Condensed Balance Sheets
 December 31,
 20242023
 
(In millions, except per-share data)
ASSETS
Current assets: 
Cash and cash equivalents$414 $694 
Investments31 48 
Receivables4 — 
Due from affiliates111 174 
Prepaid expenses and other current assets218 133 
Total current assets778 1,049 
Property, equipment, and capitalized software, net250 234 
Goodwill and intangible assets, net1,348 825 
Investments in subsidiaries5,697 4,911 
Deferred income taxes, net— 57 
Advances to related parties and other assets102 94 
Total assets$8,175 $7,170 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:  
Accounts payable, accrued liabilities and other$473 $527 
Total current liabilities473 527 
Long-term debt2,923 2,180 
Finance lease liabilities195 205 
Deferred income taxes, net34 — 
Other long-term liabilities54 43 
Total liabilities3,679 2,955 
Stockholders’ equity:
Common stock, $0.001 par value; 150 million shares authorized; outstanding: 56 million shares at December 31, 2024 and 58 million at December 31, 2023
— — 
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding
— — 
Additional paid-in capital462 410 
Accumulated other comprehensive loss(57)(82)
Retained earnings4,091 3,887 
Total stockholders’ equity4,496 4,215 
Total liabilities and stockholders’ equity$8,175 $7,170 
Schedule of Condensed Statements of Income
Condensed Statements of Income
 Year Ended December 31,
 202420232022
 (In millions)
Revenue:   
Administrative services fees$2,145 $2,038 $1,826 
Investment income and other revenue19 27 8 
Total revenue2,164 2,065 1,834 
Expenses: 
General and administrative expenses2,039 1,952 1,721 
Depreciation and amortization139 131 141 
Impairment— — 138 
Other29 20 — 
Total operating expenses2,207 2,103 2,000 
Operating loss(43)(38)(166)
Interest expense118 109 110 
Loss before income tax benefit and equity in net earnings of subsidiaries(161)(147)(276)
Income tax expense (benefit)7 (7)(42)
Net loss before equity in net earnings of subsidiaries(168)(140)(234)
Equity in net earnings of subsidiaries1,347 1,231 1,026 
Net income$1,179 $1,091 $792 
Schedule of Condensed Statements of Comprehensive Income
Condensed Statements of Comprehensive Income
Year Ended December 31,
202420232022
(In millions)
Net income$1,179 $1,091 $792 
Other comprehensive income (loss):
Unrealized investment income (loss)33 102 (204)
Less: effect of income taxes8 24 (49)
Other comprehensive income (loss), net of tax25 78 (155)
Comprehensive income$1,204 $1,169 $637 
Schedule of Condensed Statements of Cash Flows
Condensed Statements of Cash Flows
 Year Ended December 31,
 202420232022
 (In millions)
Operating activities:   
Net cash provided by operating activities$63 $81 $119 
Investing activities: 
Capital contributions to subsidiaries(490)(221)(159)
Dividends received from subsidiaries997 705 668 
Purchases of investments— (2)(29)
Proceeds from sales and maturities of investments17 1 49 
Purchases of property, equipment and capitalized software(97)(79)(86)
Net cash paid in business combinations (489)(74)— 
Change in amounts due to/from affiliates60 5 (69)
Other, net6 7 3 
Net cash provided by investing activities4 342 377 
Financing activities: 
Common stock purchases
(1,000)— (400)
Proceeds from senior notes offering, net of issuance costs740 — — 
Proceeds from borrowings under credit facility300 — — 
Repayment of credit facility(300)— — 
Common stock withheld to settle employee tax obligations (57)(60)(54)
Contingent consideration liabilities settled— — (20)
Other, net(30)2 33 
Net cash used in financing activities(347)(58)(441)
Net (decrease) increase in cash and cash equivalents(280)365 55 
Cash and cash equivalents at beginning of period
694 329 274 
Cash and cash equivalents at end of period
$414 $694 $329