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Federal Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Federal Income Tax Expense | The federal income tax expense (benefit) on continuing operations (in millions) was as follows:
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Current | $ | 6 |  |  | $ | (3) |  |  | $ | 3 |
Deferred | 741 |  |  | (393) |  |  | 364 |
Federal income tax expense (benefit) | $ | 747 |  |  | $ | (396) |  |  | $ | 367 |
Reconciliation of effective tax rate differences | A reconciliation of the effective tax rate differences (in millions) was as follows:
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Income (loss) before taxes | $ | 4,022 |  |  | $ | (1,148) |  |  | $ | 1,725 |
Federal statutory rate | 21 | % |  | 21 | % |  | 21 | %
Federal income tax expense (benefit) at federal statutory rate | 845 |  |  | (241) |  |  | 362 |
Effect of: |  |  |  |  |
Tax-preferred investment income (1) | (32) |  |  | (126) |  |  | (90) |
Tax credits | (39) |  |  | (40) |  |  | (42) |
Excess tax expense (benefit) from stock-based |  |  |  |  |
compensation | 3 |  |  | 4 |  |  | (1) |
Goodwill impairment | – |  |  | – |  |  | 133 |
Release of uncertain tax positions | (41) |  |  | – |  |  | – |
Other items | 11 |  |  | 7 |  |  | 5 |
Federal income tax expense (benefit) | $ | 747 |  |  | $ | (396) |  |  | $ | 367 |
Effective tax rate | 19 | % |  | 34 | % |  | 21 | %
(1) Relates primarily to separate account dividends eligible for the dividends-received deduction.
Federal Income Tax Asset Liability | The federal income tax asset (liability) (in millions) was as follows:
| As of December 31,
| 2024 |  | 2023
Current | $ | 107 |  |  | $ | 112 |
Deferred | 604 |  |  | 929 |
Total federal income tax asset (liability) | $ | 711 |  |  | $ | 1,041 |
Significant components of deferred tax assets and liabilities | Significant components of our deferred tax assets and liabilities (in millions) were as follows:
| As of December 31,
| 2024 |  | 2023
Deferred Tax Assets |  |  |
Insurance liabilities and reinsurance-related balances | $ | 1,856 |  |  | $ | 1,900 |
Net unrealized loss on fixed maturity AFS securities | 2,164 |  |  | 1,826 |
Reinsurance-related embedded derivative liabilities | 6 |  |  | 116 |
Compensation and benefit plans | 206 |  |  | 184 |
Intangibles | 17 |  |  | 18 |
Net unrealized loss on trading securities | 30 |  |  | 33 |
Tax credits | 169 |  |  | 131 |
Net operating losses | 478 |  |  | 87 |
Capital losses | 56 |  |  | 93 |
Total deferred tax assets | $ | 4,982 |  |  | $ | 4,388 |
Deferred Tax Liabilities |  |  |
DAC and VOBA | $ | 1,638 |  |  | $ | 1,744 |
Investment activity | 1,486 |  |  | 617 |
Deferred loss on reinsurance | 474 |  |  | 465 |
MRB-related activity | 743 |  |  | 429 |
Other | 37 |  |  | 204 |
Total deferred tax liabilities | $ | 4,378 |  |  | $ | 3,459 |
Net deferred tax asset (liability) | $ | 604 |  |  | $ | 929 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the gross unrecognized federal tax benefits (in millions) was as follows:
| For the Years Ended December 31,
| 2024 |  | 2023
Balance as of beginning-of-year | $ | 87 |  |  | $ | 68 |
Decreases for prior year tax positions | (48) |  |  | (6) |
Increases for prior year tax positions | – |  |  | 25 |
Balance as of end-of-year | $ | 39 |  |  | $ | 87 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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