FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Hierarchy, Assets and Liabilities Measured on Recurring Basis

The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis as of December 31.

	2015
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available for sale, carried at fair value:
Fixed maturities:
Government and agencies		$	18,669		$	607		$	0		$	19,276
Municipalities		0			1,208			0			1,208
Mortgage- and asset-backed securities		0			362			220			582
Public utilities		0			7,479			0			7,479
Sovereign and supranational		0			1,407			0			1,407
Banks/financial institutions		0			5,993			26			6,019
Other corporate		0			29,378			0			29,378
Total fixed maturities		18,669			46,434			246			65,349
Perpetual securities:
Banks/financial institutions		0			1,742			0			1,742
Other corporate		0			205			0			205
Total perpetual securities		0			1,947			0			1,947
Equity securities		489			6			3			498
Other assets:
Foreign currency swaps		0			462			101			563
Foreign currency forwards		0			107			0			107
Foreign currency options		0			5			0			5
Credit default swaps		0			0			1			1
Total other assets		0			574			102			676
Other investments		176			0			0			176
Cash and cash equivalents		4,350			0			0			4,350
Total assets		$	23,684		$	48,961		$	351		$	72,996
Liabilities:
Foreign currency swaps		$	0		$	21		$	293		$	314
Foreign currency forwards		0			49			0			49
Foreign currency options		0			8			0			8
Total liabilities		$	0		$	78		$	293		$	371

	2014
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available for sale, carried at fair value:
Fixed maturities:
Government and agencies		$	18,683		$	515		$	0		$	19,198
Municipalities		0			1,257			0			1,257
Mortgage- and asset-backed securities		0			379			223			602
Public utilities		0			7,897			0			7,897
Sovereign and supranational		0			1,416			0			1,416
Banks/financial institutions		0			6,572			26			6,598
Other corporate		0			28,605			0			28,605
Total fixed maturities		18,683			46,641			249			65,573
Perpetual securities:
Banks/financial institutions		0			2,289			149			2,438
Other corporate		0			231			0			231
Total perpetual securities		0			2,520			149			2,669
Equity securities		19			6			3			28
Other assets:
Foreign currency swaps		0			640			106			746
Foreign currency forwards		0			56			0			56
Total other assets		0			696			106			802
Other investments		171			0			0			171
Cash and cash equivalents		4,658			0			0			4,658
Total assets		$	23,531		$	49,863		$	507		$	73,901
Liabilities:
Foreign currency swaps		$	0		$	0		$	318		$	318
Foreign currency forwards		0			1,912			0			1,912
Foreign currency options		0			33			0			33
Interest rate swaptions		0			160			0			160
Total liabilities		$	0		$	2,105		$	318		$	2,423

Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost

The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value as of December 31.

	2015
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held to maturity, carried at amortized cost:
Fixed maturities:
Government and agencies		$	20,004		$	23,391		$	0		$	0		$	23,391
Municipalities		341			0			415			0			415
Mortgage and asset-backed securities		36			0			12			26			38
Public utilities		3,092			0			3,203			0			3,203
Sovereign and supranational		2,555			0			2,711			0			2,711
Banks/financial institutions		4,431			0			4,546			0			4,546
Other corporate		3,000			0			3,216			0			3,216
Other investments		118			0			0			118			118
Total assets		$	33,577		$	23,391		$	14,103		$	144		$	37,638
Liabilities:
Other policyholders’ funds		$	6,285		$	0		$	0		$	6,160		$	6,160
Notes payable (excluding capital leases)		4,991			0			0			5,285			5,285
Total liabilities		$	11,276		$	0		$	0		$	11,445		$	11,445

				2014
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held to maturity, carried at amortized cost:
Fixed maturities:
Government and agencies		$	20,023		$	23,218		$	0		$	0		$	23,218
Municipalities		346			0			417			0			417
Mortgage and asset-backed securities		43			0			15			31			46
Public utilities		3,342			0			3,603			0			3,603
Sovereign and supranational		2,556			0			2,814			0			2,814
Banks/financial institutions		4,932			0			5,085			0			5,085
Other corporate		3,000			0			3,314			0			3,314
Total assets		$	34,242		$	23,218		$	15,248		$	31		$	38,497
Liabilities:
Other policyholders’ funds		$	6,031		$	0		$	0		$	5,905		$	5,905
Notes payable (excluding capital leases)		5,268			0			0			5,835			5,835
Total liabilities		$	11,299		$	0		$	0		$	11,740		$	11,740

Fair Value Assets Available-for-Sale Securities Primary Pricing Sources

The following tables present the pricing sources for the fair values of our fixed maturities, perpetual securities, and equity securities as of December 31.

	2015
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available for sale, carried at fair value:
Fixed maturities:
Government and agencies:
Third party pricing vendor		$	18,669		$	607		$	0		$	19,276
Total government and agencies		18,669			607			0			19,276
Municipalities:
Third party pricing vendor		0			1,208			0			1,208
Total municipalities		0			1,208			0			1,208
Mortgage- and asset-backed securities:
Third party pricing vendor		0			362			0			362
Broker/other		0			0			220			220
Total mortgage- and asset-backed securities		0			362			220			582
Public utilities:
Third party pricing vendor		0			7,479			0			7,479
Total public utilities		0			7,479			0			7,479
Sovereign and supranational:
Third party pricing vendor		0			1,407			0			1,407
Total sovereign and supranational		0			1,407			0			1,407
Banks/financial institutions:
Third party pricing vendor		0			5,993			0			5,993
Broker/other		0			0			26			26
Total banks/financial institutions		0			5,993			26			6,019
Other corporate:
Third party pricing vendor		0			29,378			0			29,378
Total other corporate		0			29,378			0			29,378
Total fixed maturities		18,669			46,434			246			65,349
Perpetual securities:
Banks/financial institutions:
Third party pricing vendor		0			1,742			0			1,742
Total banks/financial institutions		0			1,742			0			1,742
Other corporate:
Third party pricing vendor		0			205			0			205
Total other corporate		0			205			0			205
Total perpetual securities		0			1,947			0			1,947
Equity securities:
Third party pricing vendor		489			6			0			495
Broker/other		0			0			3			3
Total equity securities		489			6			3			498
Total securities available for sale		$	19,158		$	48,387		$	249		$	67,794

	2014
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available for sale, carried at fair value:
Fixed maturities:
Government and agencies:
Third party pricing vendor		$	18,683		$	515		$	0		$	19,198
Total government and agencies		18,683			515			0			19,198
Municipalities:
Third party pricing vendor		0			1,257			0			1,257
Total municipalities		0			1,257			0			1,257
Mortgage- and asset-backed securities:
Third party pricing vendor		0			379			0			379
Broker/other		0			0			223			223
Total mortgage- and asset-backed securities		0			379			223			602
Public utilities:
Third party pricing vendor		0			7,897			0			7,897
Total public utilities		0			7,897			0			7,897
Sovereign and supranational:
Third party pricing vendor		0			1,416			0			1,416
Total sovereign and supranational		0			1,416			0			1,416
Banks/financial institutions:
Third party pricing vendor		0			6,514			0			6,514
Broker/other		0			58			26			84
Total banks/financial institutions		0			6,572			26			6,598
Other corporate:
Third party pricing vendor		0			28,605			0			28,605
Total other corporate		0			28,605			0			28,605
Total fixed maturities		18,683			46,641			249			65,573
Perpetual securities:
Banks/financial institutions:
Third party pricing vendor		0			2,289			0			2,289
Broker/other		0			0			149			149
Total banks/financial institutions		0			2,289			149			2,438
Other corporate:
Third party pricing vendor		0			231			0			231
Total other corporate		0			231			0			231
Total perpetual securities		0			2,520			149			2,669
Equity securities:
Third party pricing vendor		19			6			0			25
Broker/other		0			0			3			3
Total equity securities		19			6			3			28
Total securities available for sale		$	18,702		$	49,167		$	401		$	68,270

Fair Value Assets Held-To-Maturity Securities Primary Pricing Sources

	2015
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities held to maturity, carried at amortized cost:
Fixed maturities:
Government and agencies:
Third party pricing vendor		$	23,391		$	0		$	0		$	23,391
Total government and agencies		23,391			0			0			23,391
Municipalities:
Third party pricing vendor		0			415			0			415
Total municipalities		0			415			0			415
Mortgage- and asset-backed securities:
Third party pricing vendor		0			12			0			12
Broker/other		0			0			26			26
Total mortgage- and asset-backed securities		0			12			26			38
Public utilities:
Third party pricing vendor		0			3,203			0			3,203
Total public utilities		0			3,203			0			3,203
Sovereign and supranational:
Third party pricing vendor		0			2,711			0			2,711
Total sovereign and supranational		0			2,711			0			2,711
Banks/financial institutions:
Third party pricing vendor		0			4,546			0			4,546
Total banks/financial institutions		0			4,546			0			4,546
Other corporate:
Third party pricing vendor		0			3,189			0			3,189
Broker/other		0			27			0			27
Total other corporate		0			3,216			0			3,216
Total securities held to maturity		$	23,391		$	14,103		$	26		$	37,520

	2014
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities held to maturity, carried at amortized cost:
Fixed maturities:
Government and agencies:
Third party pricing vendor		$	23,218		$	0		$	0		$	23,218
Total government and agencies		23,218			0			0			23,218
Municipalities:
Third party pricing vendor		0			417			0			417
Total municipalities		0			417			0			417
Mortgage- and asset-backed securities:
Third party pricing vendor		0			15			0			15
Broker/other		0			0			31			31
Total mortgage- and asset-backed securities		0			15			31			46
Public utilities:
Third party pricing vendor		0			3,603			0			3,603
Total public utilities		0			3,603			0			3,603
Sovereign and supranational:
Third party pricing vendor		0			2,814			0			2,814
Total sovereign and supranational		0			2,814			0			2,814
Banks/financial institutions:
Third party pricing vendor		0			5,085			0			5,085
Total banks/financial institutions		0			5,085			0			5,085
Other corporate:
Third party pricing vendor		0			3,287			0			3,287
Broker/other		0			27			0			27
Total other corporate		0			3,314			0			3,314
Total securities held to maturity		$	23,218		$	15,248		$	31		$	38,497

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables present the changes in fair value of our available-for-sale investments and derivatives classified as Level 3 as of December 31.

2015
	Fixed Maturities											Perpetual Securities			Equity Securities		Derivatives(1)
(In millions)	Mortgage- and Asset- Backed Securities			Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate		Banks/ Financial Institutions					Interest Rate Swaps		Foreign Currency Swaps			Credit Default Swaps		Total
Balance, beginning of period	$	223		$	0	$	0	$	26	$	0	$	149		$	3	$	0	$	(212	)	$	0	$	189
Realized investment gains (losses) included in earnings	0			0		0		0		0		0			0		0		(15		)	1		(14		)
Unrealized gains (losses) included in other comprehensive income (loss)	(1		)	0		0		0		0		(2		)	0		0		(1		)	0		(4		)
Purchases, issuances, sales and settlements:
Purchases	0			0		0		0		0		0			0		0		0			0		0
Issuances	0			0		0		0		0		0			0		0		0			0		0
Sales	0			0		0		0		0		(147		)	0		0		0			0		(147		)
Settlements	(2		)	0		0		0		0		0			0		0		36			0		34
Transfers into Level 3	0			0		0		0		0		0			0		0		0			0		0
Transfers out of Level 3	0			0		0		0		0		0			0		0		0			0		0
Balance, end of period	$	220		$	0	$	0	$	26	$	0	$	0		$	3	$	0	$	(192	)	$	1	$	58
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in realized investment gains (losses)	$	0		$	0	$	0	$	0	$	0	$	0		$	0	$	0	$	(15	)	$	1	$	(14	)

⁽¹⁾ Derivative assets and liabilities are presented net

2014
	Fixed Maturities											Perpetual Securities			Equity Securities		Derivatives(1)
(In millions)	Mortgage- and Asset- Backed Securities			Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate		Banks/ Financial Institutions					Interest Rate Swaps			Foreign Currency Swaps			Credit Default Swaps			Total
Balance, beginning of period	$	369		$	0	$	0	$	23	$	0	$	52		$	3	$	1		$	(99	)	$	(3	)	$	346
Realized investment gains (losses) included in earnings	0			0		0		0		0		0			0		(1		)	(191		)	3			(189		)
Unrealized gains (losses) included in other comprehensive income (loss)	(134		)	0		0		3		0		8			0		0			(17		)	0			(140		)
Purchases, issuances, sales and settlements:
Purchases	0			0		0		0		0		0			0		0			0			0			0
Issuances	0			0		0		0		0		0			0		0			0			0			0
Sales	0			0		0		0		0		(60		)	0		0			0			0			(60		)
Settlements	(12		)	0		0		0		0		0			0		0			95			0			83
Transfers into Level 3(2)	0			0		0		0		0		149			0		0			0			0			149
Transfers out of Level 3	0			0		0		0		0		0			0		0			0			0			0
Balance, end of period	$	223		$	0	$	0	$	26	$	0	$	149		$	3	$	0		$	(212	)	$	0		$	189
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in realized investment gains (losses)	$	0		$	0	$	0	$	0	$	0	$	0		$	0	$	(1	)	$	(191	)	$	3		$	(189	)

⁽¹⁾ Derivative assets and liabilities are presented net

⁽²⁾ Due to use of estimated redemption price

Fair Value Inputs Assets Quantitative Information

The following tables summarize the significant unobservable inputs used in the valuation of our Level 3 available-for-sale investments and derivatives as of December 31. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.

2015
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Assets:
Securities available for sale, carried at fair value:
Fixed maturities:
Mortgage- and asset-backed securities		$	220	Consensus pricing	Offered quotes	N/A	(d)
Banks/financial institutions		26		Consensus pricing	Offered quotes	N/A	(d)
Equity securities		3		Net asset value	Offered quotes	$1 - $677 ($7)
Other assets:
Foreign currency swaps		7		Discounted cash flow	Interest rates (USD)	2.20% - 2.62%	(a)
					Interest rates (JPY)	.42% - 1.22%	(b)
					CDS spreads	32 - 147 bps
					Foreign exchange rates	20.05%	(c)
		94		Discounted cash flow	Interest rates (USD)	2.20% - 2.62%	(a)
					Interest rates (JPY)	.42% - 1.22%	(b)
					Foreign exchange rates	20.05%	(c)
Credit default swaps		1		Discounted cash flow	Base correlation	53.26% - 58.40%	(e)
					CDS spreads	123 bps
					Recovery rate	36.87%
Total assets		$	351

(a) Inputs derived from U.S. long-term rates to accommodate long maturity nature of our swaps

(b) Inputs derived from Japan long-term rates to accommodate long maturity nature of our swaps

(c) Based on 10 year volatility of JPY/USD exchange rate

(d) N/A represents securities where we receive unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques or unobservable inputs.

(e) Range of base correlation for our bespoke tranche for attachment and detachment points corresponding to market indices

2014
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Assets:
Securities available for sale, carried at fair value:
Fixed maturities:
Mortgage- and asset-backed securities		$	223	Consensus pricing	Offered quotes	N/A	(d)
Banks/financial institutions		26		Consensus pricing	Offered quotes	N/A	(d)
Perpetual securities:
Banks/financial institutions		149		Consensus pricing	Offered quotes	N/A	(d)
Equity securities		3		Net asset value	Offered quotes	$1-$677 ($6)
Other assets:
Foreign currency swaps		8		Discounted cash flow	Interest rates (USD)	2.28% - 2.70%	(a)
					Interest rates (JPY)	.53% - 1.34%	(b)
					CDS spreads	16 - 105 bps
					Foreign exchange rates	20.50%	(c)
		98		Discounted cash flow	Interest rates (USD)	2.28% - 2.70%	(a)
					Interest rates (JPY)	.53% - 1.34%	(b)
					Foreign exchange rates	20.50%	(c)
Total assets		$	507

(a) Inputs derived from U.S. long-term rates to accommodate long maturity nature of our swaps

(b) Inputs derived from Japan long-term rates to accommodate long maturity nature of our swaps

(c) Based on 10 year volatility of JPY/USD exchange rate

(d) N/A represents securities where we receive unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques or unobservable inputs.

Fair Value Inputs Liabilities Quantitative Information

2015
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Liabilities:
Foreign currency swaps		$	158	Discounted cash flow	Interest rates (USD)	2.20% - 2.62%	(a)
					Interest rates (JPY)	.42% - 1.22%	(b)
					CDS spreads	32 - 147 bps
					Foreign exchange rates	20.05%	(c)
		120		Discounted cash flow	Interest rates (USD)	2.20% - 2.62%	(a)
					Interest rates (JPY)	.42% - 1.22%	(b)
					CDS spreads	35 - 213 bps
		15		Discounted cash flow	Interest rates (USD)	2.20% - 2.62%	(a)
					Interest rates (JPY)	.42% - 1.22%	(b)
					Foreign exchange rates	20.05%	(c)
Total liabilities		$	293

(a) Inputs derived from U.S. long-term rates to accommodate long maturity nature of our swaps

(b) Inputs derived from Japan long-term rates to accommodate long maturity nature of our swaps

(c) Based on 10 year volatility of JPY/USD exchange rate

2014
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Liabilities:
Foreign currency swaps		$	176	Discounted cash flow	Interest rates (USD)	2.28% - 2.70%	(a)
					Interest rates (JPY)	.53% - 1.34%	(b)
					CDS spreads	16 - 105 bps
					Foreign exchange rates	20.50%	(c)
		111		Discounted cash flow	Interest rates (USD)	2.28% - 2.70%	(a)
					Interest rates (JPY)	.53% - 1.34%	(b)
					CDS spreads	13 - 145 bps
		31		Discounted cash flow	Interest rates (USD)	2.28% - 2.70%	(a)
					Interest rates (JPY)	.53% - 1.34%	(b)
					Foreign exchange rates	20.50%	(c)
Total liabilities		$	318

(a) Inputs derived from U.S. long-term rates to accommodate long maturity nature of our swaps

(b) Inputs derived from Japan long-term rates to accommodate long maturity nature of our swaps

(c) Based on 10 year volatility of JPY/USD exchange rate