DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value



		March 31, 2018										December 31, 2017
(In millions)				Asset Derivatives			Liability Derivatives							Asset Derivatives			Liability Derivatives
Hedge Designation/ Derivative Type	Notional Amount			Fair Value			Fair Value				Notional Amount			Fair Value			Fair Value
Cash flow hedges:
Foreign currency swaps		$	75		$	1		$	(2	)		$	75		$	0		$	(8	)
Total cash flow hedges		75			1			(2		)		75			0			(8		)
Fair value hedges:
Foreign currency forwards		5,550			244			(5		)		7,640			2			(221		)
Foreign currency options		9,120			0			(3		)		7,670			0			(2		)
Total fair value hedges		14,670			244			(8		)		15,310			2			(223		)
Net investment hedge:
Foreign currency forwards		0			0			0				5			0			0
Foreign currency options		0			0			0				434			12			(1		)
Total net investment hedge		0			0			0				439			12			(1		)
Non-qualifying strategies:
Foreign currency swaps		5,426			369			(263		)		5,386			296			(189		)
Foreign currency forwards		6,656			182			(80		)		3,683			20			(53		)
Foreign currency options		299			0			0				770			0			0
Credit default swaps		94			1			0				88			1			0
Total non-qualifying strategies		12,475			552			(343		)		9,927			317			(242		)
Total derivatives		$	27,220		$	797		$	(353	)		$	25,751		$	331		$	(474	)
Balance Sheet Location
Other assets		$	18,248		$	797		$	0			$	10,948		$	331		$	0
Other liabilities		8,972			0			(353		)		14,803			0			(474		)
Total derivatives		$	27,220		$	797		$	(353	)		$	25,751		$	331		$	(474	)

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table presents the gains and losses on derivatives and the related hedged items in fair value hedges.

Fair Value Hedging Relationships



(In millions)		Hedging Derivatives								Hedged Items
Hedging Derivatives	Hedged Items	Total Gains (Losses)			Gains (Losses) Excluded from Effectiveness Testing			Gains (Losses) Included in Effectiveness Testing		Gains (Losses)			Ineffectiveness Recognized for Fair Value Hedge
Three Months Ended March 31, 2018:
Foreign currency forwards	Fixed maturity securities	$	414		$	(39	)	$	453	$	(464	)	$	(11	)
Foreign currency options	Fixed maturity securities	(1		)	(1		)	0		0			0
Three Months Ended March 31, 2017:
Foreign currency forwards	Fixed maturity and equity securities	$	341		$	(48	)	$	389	$	(372	)	$	17
Foreign currency options	Fixed maturity securities	24			13			11		(10		)	1

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following table summarizes the impact to realized investment gains (losses) and other comprehensive income (loss) from all derivatives and hedging instruments.



	Three Months Ended March 31,
	2018								2017
(In millions)	Realized Investment Gains (Losses)				Other Comprehensive Income (Loss)⁽¹⁾				Realized Investment Gains (Losses)				Other Comprehensive Income (Loss)⁽¹⁾
Qualifying hedges:
Cash flow hedges:
Foreign currency swaps		$	1			$	6			$	0			$	2
Total cash flow hedges		1				6				0				2
Fair value hedges:
Foreign currency forwards⁽²⁾		(50		)		0				(31		)		0
Foreign currency options⁽²⁾		(1		)		0				14				0
Total fair value hedges		(51		)		0				(17		)		0
Net investment hedge:
Non-derivative hedging instruments		0				(84		)		0				(17		)
Foreign currency forwards		0				0				0				(9		)
Foreign currency options		0				(8		)		0				(23		)
Total net investment hedge		0				(92		)		0				(49		)
Non-qualifying strategies:
Foreign currency swaps		14				0				(8		)		0
Foreign currency forwards		179				0				(27		)		0
Foreign currency options		1				0				0				0
Total non-qualifying strategies		194				0				(35		)		0
Total		$	144			$	(86	)		$	(52	)		$	(47	)

⁽¹⁾Cash flow hedge items are recorded as unrealized gains (losses) on derivatives and net investment hedge items are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss).

⁽²⁾ Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail)

Fair Value and Notional Amount of Derivatives with Counterparty Credit Risk

The counterparties to these derivatives are financial institutions with the following credit ratings:



	March 31, 2018										December 31, 2017
(In millions)	Notional Amount of Derivatives			Asset Derivatives Fair Value			Liability Derivatives Fair Value				Notional Amount of Derivatives			Asset Derivatives Fair Value			Liability Derivatives Fair Value
Counterparties' credit rating:
AA		$	4,685		$	123		$	(12	)		$	4,708		$	52		$	(37	)
A		22,081			673			(290		)		20,604			271			(370		)
BBB		454			1			(51		)		439			8			(67		)
Total		$	27,220		$	797		$	(353	)		$	25,751		$	331		$	(474	)

Offsetting Assets

Offsetting of Financial Assets and Derivative Asset



March 31, 2018
										Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Assets			Gross Amount Offset in Balance Sheet			Net Amount of Assets Presented in Balance Sheet			Financial Instruments				Securities Collateral			Cash Collateral Received				Net Amount
Derivative assets:
Derivative assets subject to a master netting agreement or offsetting arrangement		$	556		$	0		$	556		$	(116	)	$	(343	)		$	(67	)		$	30
Derivative assets not subject to a master netting agreement or offsetting arrangement		241						241														241
Total derivative assets		797			0			797			(116		)	(343		)		(67		)		271
Securities lending and similar arrangements		5,249			0			5,249			0			0				(5,249		)		0
Total		$	6,046		$	0		$	6,046		$	(116	)	$	(343	)		$	(5,316	)		$	271



December 31, 2017
										Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Assets			Gross Amount Offset in Balance Sheet			Net Amount of Assets Presented in Balance Sheet			Financial Instruments				Securities Collateral		Cash Collateral Received				Net Amount
Derivative assets:
Derivative assets subject to a master netting agreement or offsetting arrangement		$	180		$	0		$	180		$	(82	)	$	0		$	(98	)		$	0
Derivative assets not subject to a master netting agreement or offsetting arrangement		151						151													151
Total derivative assets		331			0			331			(82		)	0			(98		)		151
Securities lending and similar arrangements		592			0			592			0			0			(592		)		0
Total		$	923		$	0		$	923		$	(82	)	$	0		$	(690	)		$	151

Offsetting Liabilities

Offsetting of Financial Liabilities and Derivative Liabilities



March 31, 2018
												Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Liabilities				Gross Amount Offset in Balance Sheet			Net Amount of Liabilities Presented in Balance Sheet				Financial Instruments			Securities Collateral		Cash Collateral Pledged			Net Amount
Derivative liabilities:
Derivative liabilities subject to a master netting agreement or offsetting arrangement		$	(267	)		$	0		$	(267	)		$	116	$	36		$	113		$	(2	)
Derivative liabilities not subject to a master netting agreement or offsetting arrangement		(86		)					(86		)										(86		)
Total derivative liabilities		(353		)		0			(353		)		116		36			113			(88		)
Securities lending and similar arrangements		(5,368		)		0			(5,368		)		5,249		0			0			(119		)
Total		$	(5,721	)		$	0		$	(5,721	)		$	5,365	$	36		$	113		$	(207	)



December 31, 2017
												Gross Amounts Not Offset in Balance Sheet
(In millions)	Gross Amount of Recognized Liabilities				Gross Amount Offset in Balance Sheet			Net Amount of Liabilities Presented in Balance Sheet				Financial Instruments			Securities Collateral		Cash Collateral Pledged			Net Amount
Derivative liabilities:
Derivative liabilities subject to a master netting agreement or offsetting arrangement		$	(346	)		$	0		$	(346	)		$	82	$	245		$	10		$	(9	)
Derivative liabilities not subject to a master netting agreement or offsetting arrangement		(128		)					(128		)										(128		)
Total derivative liabilities		(474		)		0			(474		)		82		245			10			(137		)
Securities lending and similar arrangements		(606		)		0			(606		)		592		0			0			(14		)
Total		$	(1,080	)		$	0		$	(1,080	)		$	674	$	245		$	10		$	(151	)