v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred Tax Assets    
Bermuda tax $ 1,700  
Valuation Allowance (251) $ (75)
Asset Management    
Deferred Tax Assets    
Depreciation and amortization 254 303
Tax credit carryforwards 14 167
Deferred revenue 7 9
Equity-based compensation 274 166
Net operating loss carryforwards 40 23
Other 40 47
Total Deferred Tax Assets 629 715
Valuation Allowance (54) (27)
Deferred Tax Assets, Net of Valuation Allowance 575 688
Deferred Tax Liabilities    
Basis difference in investments 317 252
Other 5 0
Total Deferred Tax Liabilities 322 252
Total Deferred Tax Assets, Net 253 436
Retirement Services    
Deferred Tax Assets    
Other 19 0
Insurance liabilities 3,117 2,383
Net operating loss and tax credit carryforwards 382 206
Investments, including derivatives 749 2,331
Employee benefits 9 10
Bermuda tax 1,714 1,959
Investment in foreign subsidiaries 480 552
Total Deferred Tax Assets 6,470 7,441
Valuation Allowance (197) (48)
Deferred Tax Assets, Net of Valuation Allowance 6,273 7,393
Deferred Tax Liabilities    
Intangible assets 338 362
DAC, DSI and VOBA 1,322 1,120
Other 0 10
Total Deferred Tax Liabilities 1,660 1,492
Total Deferred Tax Assets, Net $ 4,613 $ 5,901