Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Reconciliation of the change in the amount of unrecognized tax benefits

Reconciliation of the change in the amount of unrecognized tax benefits
	For the years ended December 31,
($ in millions)	2021		2020		2019
Balance – beginning of year	$	12	$	70	$	70
Acquisitions	5		—		—
Decrease for settlements	—		(58)		—
Balance – end of year	$	17	$	12	$	70

Components of the deferred income tax assets and liabilities

Components of the deferred income tax assets and liabilities
	As of December 31,
($ in millions)	2021		2020
Deferred tax assets
Unearned premium reserves	$	742	$	659
Discount on loss reserves	169		79
Accrued compensation	151		146
Net operating loss carryover	88		23
Other postretirement benefits	31		34
Pension	—		187
Other assets	90		91
Total deferred tax assets before valuation allowance	1,271		1,219
Valuation allowance	(24)		—
Total deferred tax assets after valuation allowance	1,247		1,219
Deferred tax liabilities
DAC	(924)		(683)
Investments	(666)		(216)
Intangible assets	(219)		(86)
Unrealized net capital gains	(163)		(539)
Pension	(9)		—
Other liabilities	(99)		(77)
Total deferred tax liabilities	(2,080)		(1,601)
Net deferred tax liabilities	$	(833)	$	(382)

Components of the net operating loss carryforwards

Components of the net operating loss carryforwards as of December 31, 2021
($ in millions)	20-Year Carryforward Expires in 2024-2037		Indefinite Carryforward Period		Total
US Federal	$	195	$	9	$	204
Foreign	—		218		218
Total	$	195	$	227	$	422

Components of income tax expense

Components of income tax expense
	For the years ended December 31,
($ in millions)	2021		2020		2019
Current	$	841	$	1,480	$	919
Deferred	448		(107)		197
Total income tax expense	$	1,289	$	1,373	$	1,116

Reconciliation of the statutory federal income tax rate to the effective income tax rate on income from operations

Reconciliation of the statutory federal income tax rate to the effective income tax rate
	For the years ended December 31,
($ in millions)	2021				2020				2019
Income before income taxes	$	6,448			$	6,802			$	5,443
Statutory federal income tax rate on income from operations	1,354		21.0	%	1,428		21.0	%	1,141		21.0	%
State income taxes	13		0.2		31		0.4		39		0.7
Tax credits	(42)		(0.6)		(24)		(0.4)		(19)		(0.3)
Tax-exempt income	(18)		(0.3)		(23)		(0.3)		(27)		(0.5)
Share-based payments	(18)		(0.3)		(30)		(0.4)		(24)		(0.4)
Other	—		—		(9)		(0.1)		6		—
Effective income tax rate on income from operations	$	1,289	20.0	%	$	1,373	20.2	%	$	1,116	20.5	%