XML 96 R81.htm IDEA: XBRL DOCUMENT v3.10.0.1
FAIR VALUE MEASUREMENTS - Fair Value Measurement Inputs and Valuation Techniques (Details)
$ in Millions
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities [2],[3] $ 82,895 [1],[4] $ 84,313 [5]
Equity securities [2],[3],[6] 987  
Equity securities, available-for-sale   1,023
Asset derivatives 417 331
Liability derivatives 387 474
Assets, fair value 88,788 89,215
Liabilities, fair value 387 474
Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 522 414
Equity securities 46  
Equity securities, available-for-sale   16
Asset derivatives 182 151
Assets, fair value 750 581
Liabilities, fair value 102 128
Net asset value valuation technique    
Fair Value Measurement Inputs and Valuation Technique    
Equity securities 46  
Equity securities, available-for-sale   16
Net asset value valuation technique | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Equity securities 46  
Equity securities, available-for-sale   16
Foreign currency swaps    
Fair Value Measurement Inputs and Valuation Technique    
Asset derivatives 285 296
Liability derivatives 234 197
Foreign currency swaps | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Asset derivatives 182 150
Liability derivatives 102 128
Foreign currency swaps | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY), and CDS Spreads | Discounted cash flow technique | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Asset derivatives 125 80
Liability derivatives 98 120
Foreign currency swaps | Fair Value, Unobservable Input, Interest Rates (USD) and Interest Rates (JPY) | Discounted cash flow technique | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Asset derivatives 57 70
Liability derivatives $ 4 $ 8
Foreign currency swaps | Credit Spread | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY), and CDS Spreads | Lower Limit | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Derivative asset, measurement input 0.0019 0.0009
Derivative liability, measurement input 0.0028 0.0013
Foreign currency swaps | Credit Spread | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY), and CDS Spreads | Upper Limit | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Derivative asset, measurement input 0.0120 0.0090
Derivative liability, measurement input 0.0211 0.0157
Credit default swaps    
Fair Value Measurement Inputs and Valuation Technique    
Asset derivatives   $ 1
Credit default swaps | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Asset derivatives   1
Credit default swaps | Fair value, Unobservable Input, Base Correlation, CDS Spreads, Recovery Rate | Discounted cash flow technique | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Asset derivatives   $ 1
Credit default swaps | Credit Spread | Fair value, Unobservable Input, Base Correlation, CDS Spreads, Recovery Rate | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Derivative asset, measurement input   0.0025
Credit default swaps | Base Correlation | Fair value, Unobservable Input, Base Correlation, CDS Spreads, Recovery Rate | Lower Limit | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Derivative asset, measurement input [7]   0.4633
Credit default swaps | Base Correlation | Fair value, Unobservable Input, Base Correlation, CDS Spreads, Recovery Rate | Upper Limit | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Derivative asset, measurement input [7]   0.4965
Credit default swaps | Recovery Rate | Fair value, Unobservable Input, Base Correlation, CDS Spreads, Recovery Rate | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Derivative asset, measurement input   0.3724
Dollar-denominated    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities $ 33,995 $ 38,703
Equity securities $ 346  
Equity securities, available-for-sale   $ 328
Dollar-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY), and CDS Spreads | Lower Limit | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Derivative asset, measurement input [8] 0.0275 0.0240
Derivative liability, measurement input [8] 0.0275 0.0240
Dollar-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY), and CDS Spreads | Upper Limit | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Derivative asset, measurement input [8] 0.0284 0.0254
Derivative liability, measurement input [8] 0.0284 0.0254
Dollar-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD) and Interest Rates (JPY) | Lower Limit | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Derivative asset, measurement input [8] 0.0275 0.0240
Derivative liability, measurement input [8] 0.0275 0.0240
Dollar-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD) and Interest Rates (JPY) | Upper Limit | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Derivative asset, measurement input [8] 0.0284 0.0254
Derivative liability, measurement input [8] 0.0284 0.0254
Yen-denominated    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities $ 48,900 $ 45,610
Equity securities $ 641  
Equity securities, available-for-sale   $ 695
Yen-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY), and CDS Spreads | Lower Limit | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Derivative asset, measurement input [9] 0.0018 0.0026
Derivative liability, measurement input [9] 0.0018 0.0026
Yen-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY), and CDS Spreads | Upper Limit | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Derivative asset, measurement input [9] 0.0071 0.0085
Derivative liability, measurement input [9] 0.0071 0.0085
Yen-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD) and Interest Rates (JPY) | Lower Limit | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Derivative asset, measurement input [9] 0.0018 0.0026
Derivative liability, measurement input [9] 0.0018 0.0026
Yen-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD) and Interest Rates (JPY) | Upper Limit | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Derivative asset, measurement input [9] 0.0071 0.0085
Derivative liability, measurement input [9] 0.0071 0.0085
Mortgage- and asset-backed securities    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities $ 339 $ 444
Mortgage- and asset-backed securities | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 177 175
Mortgage- and asset-backed securities | Consensus pricing valuation technique    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 177 175
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 177 175
Mortgage- and asset-backed securities | Dollar-denominated    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 162 173
Mortgage- and asset-backed securities | Yen-denominated    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 177 271
Banks/financial institutions    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 8,918 8,933
Banks/financial institutions | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 23 25
Banks/financial institutions | Consensus pricing valuation technique    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 23 25
Banks/financial institutions | Consensus pricing valuation technique | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 23 25
Banks/financial institutions | Dollar-denominated    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 3,214 3,433
Banks/financial institutions | Yen-denominated    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 5,704 5,500
Public utilities    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 7,171 7,954
Public utilities | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 109 68
Public utilities | Discounted cash flow technique    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 109 68
Public utilities | Discounted cash flow technique | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 109 68
Public utilities | Dollar-denominated    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 5,163 5,973
Public utilities | Yen-denominated    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 2,008 1,981
Other corporate    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 29,002 32,473
Other corporate | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 213 146
Other corporate | Discounted cash flow technique    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 213 146
Other corporate | Discounted cash flow technique | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 213 146
Other corporate | Dollar-denominated    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities 23,545 27,586
Other corporate | Yen-denominated    
Fair Value Measurement Inputs and Valuation Technique    
Available for sale, fixed maturity securities $ 5,457 $ 4,887
[1] Includes perpetual securities ($1,139 at amortized cost and $1,140 at fair value)
[2] Includes perpetual securities
[3] Includes perpetual securities
[4] Includes perpetual securities, categorized in accordance with their respective economic maturities (the expected maturity date created by the combination of features in the financial instrument)
[5] Includes perpetual securities ($1,462 at amortized cost and $1,789 at fair value)
[6] Includes perpetual securities ($62 at fair value)
[7] Range of base correlation for the Company's bespoke tranche for attachment and detachment points corresponding to market indices
[8] Inputs derived from U.S. long-term rates to accommodate long maturity nature of the Company's swaps
[9] Inputs derived from Japan long-term rates to accommodate long maturity nature of the Company's swaps