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Federal Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Federal Income Taxes [Abstract] |
Federal Income Tax Expense |
| As Restated |  | For the |  |
| For the Years Ended |  | Year Ended |  |
| December 31, |  | December 31, |  |
| 2022 |  | 2021 |  | 2020 |  |
Current | $ | 3 |  | $ | 12 |  | $ | (61 | ) |
Deferred |  | (592 | ) |  | 350 |  |  | (15 | ) |
Federal income tax expense (benefit) | $ | (589 | ) | $ | 362 |  | $ | (76 | ) |
Reconciliation of effective tax rate differences |
| As Restated |  | For the |  |
| For the Years Ended |  | Year Ended |  |
| December 31, |  | December 31, |  |
| 2022 |  | 2021 |  | 2020 |  |
Income (loss) before taxes | $ | (2,830 | ) | $ | 2,249 |  | $ | 423 |  |
Federal statutory rate |  | 21% |  |  | 21% |  |  | 21% |  |
Federal income tax expense (benefit) at federal statutory rate |  | (594 | ) |  | 472 |  |  | 89 |  |
Effect of: |  |  |  |  |  |  |  |  |  |
Tax-preferred investment income (1) |  | (90 | ) |  | (88 | ) |  | (98 | ) |
Tax credits |  | (42 | ) |  | (26 | ) |  | (39 | ) |
Excess tax benefits from stock-based compensation |  | (1 | ) |  | - |  |  | 3 |  |
Goodwill impairment |  | 133 |  |  | - |  |  | - |  |
Tax impact associated with the Tax Cuts and Jobs Act (2) |  | - |  |  | - |  |  | (37 | ) |
Other items |  | 5 |  |  | 4 |  |  | 6 |  |
Federal income tax expense (benefit) | $ | (589 | ) | $ | 362 |  | $ | (76 | ) |
Effective tax rate |  | 21% |  |  | 16% |  |  | -18% |  |
(1)Relates primarily to separate account dividends eligible for the dividends-received deduction. (2)In 2020, we recognized a $37 million tax benefit attributable to the carry back of a 2020 net operating loss under the provisions of the Coronavirus Aid, Relief, and Economic Security Act, which provides for a five-year carryback period.
Federal Income Tax Asset Liability |
| As Restated |
| As of December 31, |
| 2022 |  | 2021 |
Current | $ | 83 |  | $ | 142 |
Deferred |  | 1,455 |  |  | (2,899 | )
Total federal income tax asset (liability) | $ | 1,538 |  | $ | (2,757 | )
Significant components of deferred tax assets and liabilities |
| As Restated |
| As of December 31, |
| 2022 |  | 2021 |
Deferred Tax Assets |  |  |  |  |  |
Future contract benefits and other contract holder funds | $ | 706 |  | $ | 442 |
Reinsurance-related embedded derivative liability |  | - |  |  | 43 |
Compensation and benefit plans |  | 172 |  |  | 198 |
Intangibles |  | 18 |  |  | 25 |
Net unrealized loss on fixed maturity AFS securities |  | 2,265 |  |  | - |
Net unrealized loss on trading securities |  | 70 |  |  | - |
Investment activity |  | 273 |  |  | - |
Tax credits |  | 101 |  |  | 58 |
Net operating losses |  | 278 |  |  | 292 |
Other |  | 15 |  |  | - |
Total deferred tax assets | $ | 3,898 |  | $ | 1,058 |
Deferred Tax Liabilities |  |  |  |  |  |
DAC | $ | 1,813 |  | $ | 426 |
VOBA |  | 276 |  |  | 149 |
Net unrealized gain on fixed maturity AFS securities |  | - |  |  | 2,830 |
Net unrealized gain on trading securities |  | - |  |  | 65 |
Investment activity |  | - |  |  | 328 |
Reinsurance-related embedded derivative asset |  | 87 |  |  | - |
Other |  | 267 |  |  | 159 |
Total deferred tax liabilities | $ | 2,443 |  | $ | 3,957 |
Net deferred tax asset (liability) | $ | 1,455 |  | $ | (2,899 | )
Reconciliation Of Unrecognized Tax Benefits |
| For the Years Ended |
| December 31, |
| 2022 |  | 2021 |
Balance as of beginning-of-year | $ | 53 |  | $ | 51 |
Increases for prior year tax positions |  | 5 |  |  | 2 |
Settlements for prior year tax positions |  | (6 | ) |  | - |
Balance as of end-of-year | $ | 52 |  | $ | 53 |

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