Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Reconciliation between the Company's federal income tax (expense) benefit at statutory rates and the recorded income tax (expense) benefit

The following table presents a reconciliation between the Company's income tax expense at statutory rates and the recorded income tax expense.

Years ended December 31
(In millions)	2022		2021		2020
Income tax expense at statutory rates	$	(227)	$	(312)	$	(172)
Tax benefit from tax exempt income	41		51		52
Foreign taxes and credits	15		(3)		2
State income tax expense	(10)		(13)		(6)
Other tax expense	(6)		(5)		(7)
Income tax expense	$	(187)	$	(282)	$	(131)

Current and deferred components of the Company's income tax (expense) benefit

The following table presents the current and deferred components of the Company's income tax expense.

Years ended December 31
(In millions)	2022		2021		2020
Current tax expense	$	(221)	$	(235)	$	(180)
Deferred tax benefit (expense)	34		(47)		49
Total income tax expense	$	(187)	$	(282)	$	(131)

Significant components of the Company's deferred tax assets and liabilities

The deferred tax effects of the significant components of the Company's deferred tax assets and liabilities are presented in the following table.

December 31
(In millions)	2022		2021
Deferred Tax Assets:
Insurance reserves:
Property and casualty claim and claim adjustment expense reserves	$	188	$	173
Unearned premium reserves	190		193
Deferred Revenue	64		64
Employee benefits	35		46
Deferred retroactive reinsurance benefit	89		90
Net unrealized losses	706		—
Other assets	116		88
Gross deferred tax assets	1,388		654
Deferred Tax Liabilities:
Investment valuation differences	59		93
Deferred acquisition costs	113		99
Net unrealized gains	—		272
Software and hardware	21		27
Other liabilities	17		21
Gross deferred tax liabilities	210		512
Net deferred tax asset	$	1,178	$	142