v3.23.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The following table presents income (loss) before income tax expense (benefit) by U.S. and foreign location in which such pre-tax income (loss) was earned or incurred:
Years Ended December 31,
(in millions)202220212020
U.S.$10,449 $10,600 $827 
Foreign42 654 24 
Total$10,491$11,254 $851 
Schedule of Components of Income Tax Expense (Benefit)
The following table presents the income tax expense (benefit) attributable to pre-tax income (loss):
Years Ended December 31,
(in millions)202220212020
U.S. and Foreign components of actual income tax expense:
U.S.:
Current$868 $1,943 $1,714 
Deferred1,150 146 (1,726)
Foreign:
Current10 3 10 
Deferred(16)(10)(13)
Total$2,012$2,082 $(15)
Schedule of Effective Income Tax Rate Reconciliation
Our actual income tax (benefit) expense differs from the statutory U.S. federal amount computed by applying the federal income tax rate due to the following:
Years Ended December 31,202220212020
(dollars in millions)Pre-Tax
Income
(Loss)		Tax
Expense/
(Benefit)		Percent of
Pre-Tax
Income (Loss)		Pre-Tax
Income
(Loss)		Tax
Expense/
(Benefit)		Percent of
Pre-Tax
Income (Loss)		Pre-Tax
Income		Tax
Expense/
(Benefit)		Percent of
Pre-Tax
Income
U.S. federal income tax at statutory rate$10,491 $2,203 21.0 %$11,254 $2,363 21.0 %$851 $178 21.0 %
Adjustments:
Uncertain tax positions— 2 — — (69)(0.6)— 17 2.0 
Reclassifications from accumulated other comprehensive income— (84)(0.7)— (108)(1.0)— (100)(11.8)
Noncontrolling interest— (67)(0.6)— (197)(1.7)— (47)(5.5)
Dividends received deduction— (36)(0.3)— (37)(0.3)— (39)(4.6)
Tax deconsolidation and separation costs— (104)(1.0)— — — — — — 
State and local income taxes— 24 0.2 — 105 0.9 — (4)(0.5)
Other— (29)(0.3)— (2)— — 1 0.1 
Adjustments to prior year tax returns— (48)(0.5)— (3)— — (27)(3.2)
Share based compensation payments excess tax deduction— (6)(0.1)— 4 — — 10 1.2 
Valuation allowance— 157 1.5 — 26 0.2 — (4)(0.5)
Consolidated total amounts$10,491 $2,012 19.2 %$11,254 $2,082 18.5 %$851 $(15)(1.8)%
Schedule of Deferred Tax Assets and Liabilities
The following table presents the components of the net deferred tax assets (liabilities):
December 31,
(in millions)20222021
Deferred tax assets:
Losses and tax credit carryforwards$572 $214 
Basis differences on investments2,989 3,044 
Fortitude Re funds withheld embedded derivative— 541 
Life policy reserves1,561 2,811 
Accruals not currently deductible, and other61 2 
Investments in foreign subsidiaries— 1 
Loss reserve discount— — 
Fixed assets and intangible assets885 1,160 
Other439 237 
Employee benefits81 — 
Unrealized losses related to available for sale debt securities4,928 — 
Unearned premium reserve reduction144 — 
Market risk benefits828 1,447 
Total deferred tax assets12,488 9,457 
Deferred tax liabilities:
Employee benefits— (32)
Fortitude Re funds withheld embedded derivative(863)— 
Deferred policy acquisition costs(1,504)(1,528)
Unrealized gains related to available for sale debt securities— (3,166)
Total deferred tax liabilities(2,367)(4,726)
Net deferred tax assets before valuation allowance10,121 4,731 
Valuation allowance(1,752)(169)
Net deferred tax assets (liabilities)$8,369 $4,562 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits:
Years Ended December 31,
(in millions)202220212020
Gross unrecognized tax benefits, beginning of year$18 $917$1,173
Increases in tax positions for prior years3 —1
Decreases in tax positions for prior years(1)(899)(5)
Increases in tax positions for current year— ——
Settlements— — (252)
Gross unrecognized tax benefits, end of year$20$18$917
Summary of Income Tax Examinations
Listed below are the tax years that remain subject to examination by major tax jurisdictions:
December 31, 2022Open Tax Years
Major Tax Jurisdiction
United States2007-2021
United Kingdom2021