Income Taxes (Tables)

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Deferred and Current Tax Assets (Liabilities) (1)

	As of March 31, 2018		As of December 31, 2017
	(in millions)
Deferred tax assets (liabilities)	$	70	$	98
Current tax assets (liabilities)	63		21

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(1) Included in other assets or other liabilities on the condensed consolidated balance sheets.

Effective Tax Rate Reconciliation

A reconciliation of the difference between the provision for income taxes and the expected tax provision at statutory rates in taxable jurisdictions is presented below.

Effective Tax Rate Reconciliation

	First Quarter
	2018			2017
	(in millions)
Expected tax provision (benefit) at statutory rates in taxable jurisdictions	$	35		$	85
Tax-exempt interest	(6		)	(12		)
Bargain purchase gain	—			(20		)
Change in liability for uncertain tax positions	(7		)	—
Foreign taxes	(4		)	—
State taxes	2			5
Other	0			(3		)
Total provision (benefit) for income taxes	$	20		$	55
Effective tax rate	9.3		%	14.7		%

Pretax Income (Loss) by Tax Jurisdiction

 The following table presents pretax income and revenue by jurisdiction.

Pretax Income (Loss) by Tax Jurisdiction

	First Quarter
	2018			2017
	(in millions)
United States	$	175		$	246
Bermuda	49			133
U.K.	(7		)	(7		)
Total	$	217		$	372

Revenue by Tax Jurisdiction

Revenue by Tax Jurisdiction

	First Quarter
	2018			2017
	(in millions)
United States	$	247		$	474
Bermuda	52			57
U.K.	(6		)	(4		)
Total	$	293		$	527