Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income (loss) from operations before provision (benefit) for income taxes

	Years Ended December 31,
In millions	2021		2020		2019
Domestic	$	(445)	$	(578)	$	(357)
Foreign		—		—		—
Income (loss) before income taxes	$	(445)	$	(578)	$	(357)

Income tax expense (benefit) on income (loss) and shareholder' equity

	Years Ended December 31,
In millions	2021		2020		2019
Current taxes:
Federal	$	—	$	—	$	—
State		—		—		2
Deferred taxes:
Federal		—		—		—
Foreign		—		—		—
Provision (benefit) for income taxes		—		—		2
Income taxes charged (credited) to shareholders’ equity related to:
Change in unrealized gains (losses) on AFS securities		—		—		—
Change in AFS securities with OTTI		—		—		—
Change in foreign currency translation		—		—		—
Total income taxes charged (credited) to shareholders’ equity		—		—		—
Total effect of income taxes	$	—	$	—	$	2

Income tax rate reconciliation from statutory to effective tax rate

	Years Ended December 31,
	2021		2020		2019
Federal income tax computed at the statutory rate		21.0%		21.0%		21.0%
Increase (reduction) in taxes resulting from:
Change in valuation allowance		(20.6)%		(20.3)%		(20.7)%
State income tax, net of federal benefit		0.0%		0.0%		(0.4)%
Other		(0.4)%		(0.7)%		(0.5)%
Effective tax rate		0.0%		0.0%		(0.6)%

Deferred tax assets and liabilities

	As of
In millions	December 31, 2021		December 31, 2020
Deferred tax liabilities:
Unearned premium revenue	$	40	$	48
Deferred acquisition costs		5		10
Net unrealized gains and losses in accumulated other comprehensive income		21		25
Net deferred taxes on VIEs		34		53
Other		—		6
Total gross deferred tax liabilities		100		142
Deferred tax assets:
Compensation and employee benefits		8		9
Accrued interest		233		210
Partnership basis difference		—		10
Loss and loss adjustment expense reserves		45		98
Net operating loss		777		656
Foreign tax credits		58		61
Other-than-temporary impairments and capital loss carryforward		9		—
Net unrealized gains and losses on insured derivatives		—		10
Net gains and losses on financial instruments at fair value and foreign exchange		28		54
Other		4		—
Total gross deferred tax assets		1,162		1,108
Valuation allowance		1,062		966
Net deferred tax asset	$	—	$	—