FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2018

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.

	June 30, 2018
(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 maturity securities:(1)
Government and agencies		$	33,591		$	1,525		$	0		$	35,116
Municipalities		0			1,928			0			1,928
Mortgage- and asset-backed securities		0			169			178			347
Public utilities		0			7,258			106			7,364
Sovereign and supranational		0			1,743			0			1,743
Banks/financial institutions		0			9,159			23			9,182
Other corporate		0			30,005			196			30,201
Total fixed maturity securities		33,591			51,787			503			85,881		(1)
Equity securities (1)		1,011			75			17			1,103		(1)
Other investments		1			0			0			1
Cash and cash equivalents		3,847			0			0			3,847
Other assets:
Foreign currency swaps		0			119			202			321
Foreign currency forwards		0			136			0			136
Total other assets		0			255			202			457
Total assets		$	38,450		$	52,117		$	722		$	91,289
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	135		$	92		$	227
Foreign currency forwards		0			135			0			135
Foreign currency options		0			5			0			5
Total liabilities		$	0		$	275		$	92		$	367

⁽¹⁾ Includes perpetual securities

	December 31, 2017
(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 maturity securities: (1)
Government and agencies		$	30,109		$	1,121		$	0		$	31,230
Municipalities		0			1,370			0			1,370
Mortgage- and asset-backed securities		0			269			175			444
Public utilities		0			7,886			68			7,954
Sovereign and supranational		0			1,909			0			1,909
Banks/financial institutions		0			8,908			25			8,933
Other corporate		0			32,327			146			32,473
Total fixed maturity securities		30,109			53,790			414			84,313		(1)
Equity securities		1,001			6			16			1,023
Other investments		57			0			0			57
Cash and cash equivalents		3,491			0			0			3,491
Other assets:
Foreign currency swaps		0			146			150			296
Foreign currency forwards		0			22			0			22
Foreign currency options		0			12			0			12
Credit default swaps		0			0			1			1
Total other assets		0			180			151			331
Total assets		$	34,658		$	53,976		$	581		$	89,215
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	69		$	128		$	197
Foreign currency forwards		0			274			0			274
Foreign currency options		0			3			0			3
Total liabilities		$	0		$	346		$	128		$	474

⁽¹⁾ Includes perpetual securities

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.

	June 30, 2018
(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 maturity securities:
Government and agencies		$	21,808		$	27,209		$	8		$	0		$	27,217
Municipalities		363			0			474			0			474
Mortgage and asset-backed securities		16			0			0			17			17
Public utilities		3,236			0			3,552			0			3,552
Sovereign and supranational		1,557			0			1,843			0			1,843
Banks/financial institutions		1,532			0			1,700			0			1,700
Other corporate		2,747			0			3,153			0			3,153
Other investments (1)		5,329			0			19			5,297			5,316
Total assets		$	36,588		$	27,209		$	10,749		$	5,314		$	43,272
Liabilities:
Other policyholders’ funds		$	7,140		$	0		$	0		$	7,060		$	7,060
Notes payable (excluding capital leases)		5,299			0			5,110			270			5,380
Total liabilities		$	12,439		$	0		$	5,110		$	7,330		$	12,440

⁽¹⁾Excludes policy loans of $222 and equity method investments of $279, at carrying value

	December 31, 2017
(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 maturity securities:
Government and agencies		$	21,331		$	26,491		$	0		$	0		$	26,491
Municipalities		357			0			462			0			462
Mortgage and asset-backed securities		26			0			8			19			27
Public utilities		3,300			0			3,698			0			3,698
Sovereign and supranational		1,523			0			1,835			0			1,835
Banks/financial institutions		2,206			0			2,387			0			2,387
Other corporate		2,687			0			3,172			0			3,172
Other investments (1)		3,017			0			15			2,987			3,002
Total assets		$	34,447		$	26,491		$	11,577		$	3,006		$	41,074
Liabilities:
Other policyholders’ funds		$	6,939		$	0		$	0		$	6,841		$	6,841
Notes payable (excluding capital leases)		5,267			0			5,288			265			5,553
Total liabilities		$	12,206		$	0		$	5,288		$	7,106		$	12,394

⁽¹⁾Excludes policy loans of $210 and equity method investments of $118, at carrying value

Fair Value Assets Securities Carried At Fair Value Primary Pricing Sources

The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities.

	June 30, 2018
(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 maturity securities: (1)
Government and agencies:
Third party pricing vendor		$	33,591		$	1,525		$	0		$	35,116
Total government and agencies		33,591			1,525			0			35,116
Municipalities:
Third party pricing vendor		0			1,928			0			1,928
Total municipalities		0			1,928			0			1,928
Mortgage- and asset-backed securities:
Third party pricing vendor		0			169			0			169
Broker/other		0			0			178			178
Total mortgage- and asset-backed securities		0			169			178			347
Public utilities:
Third party pricing vendor		0			7,258			0			7,258
Broker/other		0			0			106			106
Total public utilities		0			7,258			106			7,364
Sovereign and supranational:
Third party pricing vendor		0			1,743			0			1,743
Total sovereign and supranational		0			1,743			0			1,743
Banks/financial institutions:
Third party pricing vendor		0			8,959			0			8,959
Broker/other		0			200			23			223
Total banks/financial institutions		0			9,159			23			9,182
Other corporate:
Third party pricing vendor		0			30,005			0			30,005
Broker/other		0			0			196			196
Total other corporate		0			30,005			196			30,201
Total securities available for sale		$	33,591		$	51,787		$	503		$	85,881	(1)
Equity securities, carried at fair value: (1)
Third party pricing vendor		$	961		$	75		$	0		$	1,036
Broker/other		50			0			17			67
Total equity securities		$	1,011		$	75		$	17		$	1,103	(1)

⁽¹⁾ Includes perpetual securities

	December 31, 2017
(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 maturity securities: (1)
Government and agencies:
Third party pricing vendor		$	30,109		$	1,121		$	0		$	31,230
Total government and agencies		30,109			1,121			0			31,230
Municipalities:
Third party pricing vendor		0			1,370			0			1,370
Total municipalities		0			1,370			0			1,370
Mortgage- and asset-backed securities:
Third party pricing vendor		0			269			0			269
Broker/other		0			0			175			175
Total mortgage- and asset-backed securities		0			269			175			444
Public utilities:
Third party pricing vendor		0			7,886			0			7,886
Broker/other		0			0			68			68
Total public utilities		0			7,886			68			7,954
Sovereign and supranational:
Third party pricing vendor		0			1,807			0			1,807
Broker/other		0			102			0			102
Total sovereign and supranational		0			1,909			0			1,909
Banks/financial institutions:
Third party pricing vendor		0			8,908			0			8,908
Broker/other		0			0			25			25
Total banks/financial institutions		0			8,908			25			8,933
Other corporate:
Third party pricing vendor		0			32,327			0			32,327
Broker/other		0			0			146			146
Total other corporate		0			32,327			146			32,473
Total fixed maturity securities		30,109			53,790			414			84,313
Total securities available for sale		$	30,109		$	53,790		$	414		$	84,313	(1)
Equity securities, carried at fair value:
Third party pricing vendor		$	1,001		$	6		$	0		$	1,007
Broker/other		0			0			16			16
Total equity securities		$	1,001		$	6		$	16		$	1,023

⁽¹⁾ Includes perpetual securities

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

	December 31, 2017
(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 maturity securities:
Government and agencies:
Third party pricing vendor		$	26,491		$	0		$	0		$	26,491
Total government and agencies		26,491			0			0			26,491
Municipalities:
Third party pricing vendor		0			462			0			462
Total municipalities		0			462			0			462
Mortgage- and asset-backed securities:
Third party pricing vendor		0			8			0			8
Broker/other		0			0			19			19
Total mortgage- and asset-backed securities		0			8			19			27
Public utilities:
Third party pricing vendor		0			3,698			0			3,698
Total public utilities		0			3,698			0			3,698
Sovereign and supranational:
Third party pricing vendor		0			1,835			0			1,835
Total sovereign and supranational		0			1,835			0			1,835
Banks/financial institutions:
Third party pricing vendor		0			2,387			0			2,387
Total banks/financial institutions		0			2,387			0			2,387
Other corporate:
Third party pricing vendor		0			3,172			0			3,172
Total other corporate		0			3,172			0			3,172
Total securities held to maturity		$	26,491		$	11,562		$	19		$	38,072

	June 30, 2018
(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 maturity securities:
Government and agencies:
Third party pricing vendor		$	27,209		$	8		$	0		$	27,217
Total government and agencies		27,209			8			0			27,217
Municipalities:
Third party pricing vendor		0			474			0			474
Total municipalities		0			474			0			474
Mortgage- and asset-backed securities:
Broker/other		0			0			17			17
Total mortgage- and asset-backed securities		0			0			17			17
Public utilities:
Third party pricing vendor		0			3,552			0			3,552
Total public utilities		0			3,552			0			3,552
Sovereign and supranational:
Third party pricing vendor		0			1,843			0			1,843
Total sovereign and supranational		0			1,843			0			1,843
Banks/financial institutions:
Third party pricing vendor		0			1,700			0			1,700
Total banks/financial institutions		0			1,700			0			1,700
Other corporate:
Third party pricing vendor		0			3,153			0			3,153
Total other corporate		0			3,153			0			3,153
Total securities held to maturity		$	27,209		$	10,730		$	17		$	37,956

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

Transfers between Hierarchy Levels and Level 3 Rollforward

During the three- and six-month periods ended June 30, 2018 and 2017, respectively, there were no transfers between Level 1 and 2 for assets and liabilities that are measured and carried at fair value on a recurring basis.

The following tables present the changes in fair value of the Company's investments and derivatives carried at fair value classified as Level 3.

Three Months Ended June 30, 2018
	Fixed Maturities												Equity Securities		Derivatives (1)
(In millions)	Mortgage- and Asset- Backed Securities			Public Utilities			Banks/ Financial Institutions			Other Corporate					Foreign Currency Swaps			Credit Default Swaps			Total
Balance, beginning of period	$	186		$	83		$	24		$	143		$	16	$	154		$	1		$	607
Realized investment gains (losses) included    in earnings	0			0			0			0			0		(42		)	(1		)	(43		)
Unrealized gains (losses) included in other    comprehensive income (loss)	(8		)	(1		)	(1		)	(1		)	0		(2		)	0			(13		)
Purchases, issuances, sales and settlements:
Purchases	0			24			0			56			1		0			0			81
Issuances	0			0			0			0			0		0			0			0
Sales	0			0			0			0			0		0			0			0
Settlements	0			0			0			(2		)	0		0			0			(2		)
Transfers into Level 3	0			0			0			0			0		0			0			0
Transfers out of Level 3	0			0			0			0			0		0			0			0
Balance, end of period	$	178		$	106		$	23		$	196		$	17	$	110		$	0		$	630
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	$	(42	)	$	(1	)	$	(43	)

⁽¹⁾ Derivative assets and liabilities are presented net

Three Months Ended June 30, 2017
	Fixed Maturities									Equity Securities		Derivatives (1)
(In millions)	Mortgage- and Asset- Backed Securities			Public Utilities		Banks/ Financial Institutions		Other Corporate					Foreign Currency Swaps			Credit Default Swaps		Total
Balance, beginning of period	$	195		$	16	$	24	$	35	$	4		$	19		$	2	$	295
Realized investment gains (losses) included in earnings	0			0		0		0		0			(10		)	0		(10		)
Unrealized gains (losses) included in other comprehensive income (loss)	0			0		1		2		0			(2		)	0		1
Purchases, issuances, sales and settlements:
Purchases	0			37		0		40		10			0			0		87
Issuances	0			0		0		0		0			0			0		0
Sales	0			0		0		0		0			0			0		0
Settlements	(7		)	0		0		0		0			0			0		(7		)
Transfers into Level 3	0			0		0		0		0			0			0		0
Transfers out of Level 3	0			0		0		0		0			0			0		0
Balance, end of period	$	188		$	53	$	25	$	77	$	14		$	7		$	2	$	366
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		$	(10	)	$	0	$	(10	)

⁽¹⁾ Derivative assets and liabilities are presented net

Six Months Ended June 30, 2018
	Fixed Maturity Securities											Equity Securities		Derivatives (1)
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities			Banks/ Financial Institutions			Other Corporate					Foreign Currency Swaps		Credit Default Swaps			Total
Balance, beginning of period	$	175	$	68		$	25		$	146		$	16	$	22	$	1		$	453
Realized investment gains (losses) included in earnings	0		0			0			0			0		84		(1		)	83
Unrealized gains (losses) included in other comprehensive income (loss)	3		(2		)	(2		)	(3		)	0		4		0			0
Purchases, issuances, sales and settlements:
Purchases	0		40			0			56			1		0		0			97
Issuances	0		0			0			0			0		0		0			0
Sales	0		0			0			0			0		0		0			0
Settlements	0		0			0			(3		)	0		0		0			(3		)
Transfers into Level 3	0		0			0			0			0		0		0			0
Transfers out of Level 3	0		0			0			0			0		0		0			0
Balance, end of period	$	178	$	106		$	23		$	196		$	17	$	110	$	0		$	630
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	$	84	$	(1	)	$	83

⁽¹⁾ Derivative assets and liabilities are presented net

Six Months Ended June 30, 2017
	Fixed Maturity Securities									Equity Securities			Derivatives (1)
(In millions)	Mortgage- and Asset- Backed Securities			Public Utilities		Banks/ Financial Institutions		Other Corporate					Foreign Currency Swaps			Credit Default Swaps		Total
Balance, beginning of period	$	198		$	16	$	25	$	0	$	3		$	(21	)	$	2	$	223
Realized investment gains (losses) included    in earnings	0			0		0		0		0			28			0		28
Unrealized gains (losses) included in other    comprehensive income (loss)	6			0		0		2		0			0			0		8
Purchases, issuances, sales and settlements:
Purchases	0			37		0		75		12			0			0		124
Issuances	0			0		0		0		0			0			0		0
Sales	0			0		0		0		(1		)	0			0		(1		)
Settlements	(16		)	0		0		0		0			0			0		(16		)
Transfers into Level 3	0			0		0		0		0			0			0		0
Transfers out of Level 3	0			0		0		0		0			0			0		0
Balance, end of period	$	188		$	53	$	25	$	77	$	14		$	7		$	2	$	366
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		$	28		$	0	$	28

⁽¹⁾ Derivative assets and liabilities are presented net

Fair Value Measurement Inputs and Valuation Techniques

The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments and derivatives carried at fair value. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.

June 30, 2018
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Assets:
Securities available for sale, carried at fair value:
Fixed maturity securities:
Mortgage- and asset-backed securities		$	178	Consensus pricing	Offered quotes	N/A	(c)
Public utilities		106		Discounted cash flow	Credit spreads	N/A	(c)
Banks/financial institutions		23		Consensus pricing	Offered quotes	N/A	(c)
Other corporate		196		Discounted cash flow	Credit spreads	N/A	(c)
Equity securities		17		Net asset value	Offered quotes	N/A	(c)
Other assets:
Foreign currency swaps		145		Discounted cash flow	Interest rates (USD)	2.92%	(a)
					Interest rates (JPY)	.25% - .75%	(b)
					CDS spreads	15 - 105 bps
		57		Discounted cash flow	Interest rates (USD)	2.92%	(a)
					Interest rates (JPY)	.25% - .75%	(b)
Total assets		$	722
Liabilities:
Other liabilities:
Foreign currency swaps		$	88	Discounted cash flow	Interest rates (USD)	2.92%	(a)
					Interest rates (JPY)	.25% - .75%	(b)
					CDS spreads	34 - 188 bps
		4		Discounted cash flow	Interest rates (USD)	2.92%	(a)
					Interest rates (JPY)	.25% - .75%	(b)
Total liabilities		$	92

(a) Inputs derived from U.S. long-term rates to accommodate long maturity nature of the Company's swaps

(b) Inputs derived from Japan long-term rates to accommodate long maturity nature of the Company's swaps

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

December 31, 2017
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Assets:
Securities available for sale, carried at fair value:
Fixed maturity securities:
Mortgage- and asset-backed securities		$	175	Consensus pricing	Offered quotes	N/A	(c)
Public utilities		68		Discounted cash flow	Credit spreads	N/A	(c)
Banks/financial institutions		25		Consensus pricing	Offered quotes	N/A	(c)
Other corporate		146		Discounted cash flow	Credit spreads	N/A	(c)
Equity securities		16		Net asset value	Offered quotes	N/A	(c)
Other assets:
Foreign currency swaps		80		Discounted cash flow	Interest rates (USD)	2.40% - 2.54%	(a)
					Interest rates (JPY)	.26% - .85%	(b)
					CDS spreads	9 - 90 bps
		70		Discounted cash flow	Interest rates (USD)	2.40% - 2.54%	(a)
					Interest rates (JPY)	.26% - .85%	(b)
Credit default swaps		1		Discounted cash flow	Base correlation	46.33% - 49.65%	(d)
					CDS spreads	25 bps
					Recovery rate	37.24%
Total assets		$	581
Liabilities:
Other liabilities:
Foreign currency swaps		$	120	Discounted cash flow	Interest rates (USD)	2.40% - 2.54%	(a)
					Interest rates (JPY)	.26% - .85%	(b)
					CDS spreads	13 - 157 bps
		8		Discounted cash flow	Interest rates (USD)	2.40% - 2.54%	(a)
					Interest rates (JPY)	.26% - .85%	(b)
Total liabilities		$	128

(a) Inputs derived from U.S. long-term rates to accommodate long maturity nature of the Company's swaps

(b) Inputs derived from Japan long-term rates to accommodate long maturity nature of the Company's swaps

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

(d) Range of base correlation for the Company's bespoke tranche for attachment and detachment points corresponding to market indices