FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2019

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.

	March 31, 2019
(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:
Government and agencies		$	34,727		$	1,522		$	0		$	36,249
Municipalities		0			1,908			0			1,908
Mortgage- and asset-backed securities		0			236			178			414
Public utilities		0			6,412			85			6,497
Sovereign and supranational		0			1,154			0			1,154
Banks/financial institutions		0			9,368			23			9,391
Other corporate		0			32,027			284			32,311
Total fixed maturity securities		34,727			52,627			570			87,924
Equity securities		925			70			46			1,041
Other investments		543			0			0			543
Cash and cash equivalents		3,892			0			0			3,892
Other assets:
Foreign currency swaps		0			96			178			274
Foreign currency forwards		0			119			0			119
Interest rate swaps		0			8			0			8
Total other assets		0			223			178			401
Total assets		$	40,087		$	52,920		$	794		$	93,801
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	98		$	108		$	206
Foreign currency forwards		0			156			0			156
Foreign currency options		0			2			0			2
Interest rate swaptions		0			1			0			1
Total liabilities		$	0		$	257		$	108		$	365

	December 31, 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:
Government and agencies		$	32,993		$	1,349		$	0		$	34,342
Municipalities		0			1,863			0			1,863
Mortgage- and asset-backed securities		0			162			177			339
Public utilities		0			7,062			109			7,171
Sovereign and supranational		0			1,260			0			1,260
Banks/financial institutions		0			8,895			23			8,918
Other corporate		0			28,789			213			29,002
Total fixed maturity securities		32,993			49,380			522			82,895
Equity securities		874			67			46			987
Other investments		152			0			0			152
Cash and cash equivalents		4,337			0			0			4,337
Other assets:
Foreign currency swaps		0			103			182			285
Foreign currency forwards		0			126			0			126
Foreign currency options		0			3			0			3
Interest rate swaps		0			3			0			3
Total other assets		0			235			182			417
Total assets		$	38,356		$	49,682		$	750		$	88,788
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	132		$	102		$	234
Foreign currency forwards		0			151			0			151
Foreign currency options		0			1			0			1
Interest rate swaptions		0			1			0			1
Total liabilities		$	0		$	285		$	102		$	387

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.

	March 31, 2019
(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		$	21,961		$	27,629		$	350		$	0		$	27,979
Municipalities		814			0			1,061			0			1,061
Mortgage and asset-backed securities		20			0			8			13			21
Public utilities		2,728			0			3,068			0			3,068
Sovereign and supranational		1,154			0			1,332			0			1,332
Banks/financial institutions		949			0			1,039			0			1,039
Other corporate		2,537			0			2,946			0			2,946
Commercial mortgage and other loans		7,180			0			0			7,185			7,185
Other investments (1)		25			0			25			0			25
Total assets		$	37,368		$	27,629		$	9,829		$	7,198		$	44,656
Liabilities:
Other policyholders’ funds		$	7,185		$	0		$	0		$	7,110		$	7,110
Notes payable (excluding leases)		5,766			0			5,809			270			6,079
Total liabilities		$	12,951		$	0		$	5,809		$	7,380		$	13,189

⁽¹⁾ Excludes policy loans of $236 and equity method investments of $434, at carrying value

	December 31, 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		$	21,712		$	27,030		$	8		$	0		$	27,038
Municipalities		359			0			469			0			469
Mortgage and asset-backed securities		14			0			0			15			15
Public utilities		2,727			0			2,973			0			2,973
Sovereign and supranational		1,551			0			1,840			0			1,840
Banks/financial institutions		1,445			0			1,583			0			1,583
Other corporate		2,510			0			2,804			0			2,804
Commercial mortgage and other loans		6,919			0			0			6,893			6,893
Other investments (1)		26			0			26			0			26
Total assets		$	37,263		$	27,030		$	9,703		$	6,908		$	43,641
Liabilities:
Other policyholders’ funds		$	7,146		$	0		$	0		$	7,067		$	7,067
Notes payable (excluding leases)		5,765			0			5,606			270			5,876
Total liabilities		$	12,911		$	0		$	5,606		$	7,337		$	12,943

⁽¹⁾ Excludes policy loans of $232 and equity method investments of $377, at carrying value

Fair Value Assets Securities Carried At Fair Value Primary Pricing Sources

	December 31, 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:
Government and agencies:
Third party pricing vendor		$	32,993		$	1,349		$	0		$	34,342
Total government and agencies		32,993			1,349			0			34,342
Municipalities:
Third party pricing vendor		0			1,863			0			1,863
Total municipalities		0			1,863			0			1,863
Mortgage- and asset-backed securities:
Third party pricing vendor		0			162			0			162
Broker/other		0			0			177			177
Total mortgage- and asset-backed securities		0			162			177			339
Public utilities:
Third party pricing vendor		0			7,062			0			7,062
Broker/other		0			0			109			109
Total public utilities		0			7,062			109			7,171
Sovereign and supranational:
Third party pricing vendor		0			1,260			0			1,260
Total sovereign and supranational		0			1,260			0			1,260
Banks/financial institutions:
Third party pricing vendor		0			8,895			0			8,895
Broker/other		0			0			23			23
Total banks/financial institutions		0			8,895			23			8,918
Other corporate:
Third party pricing vendor		0			28,789			0			28,789
Broker/other		0			0			213			213
Total other corporate		0			28,789			213			29,002
Total securities available for sale		$	32,993		$	49,380		$	522		$	82,895
Equity securities, carried at fair value:
Third party pricing vendor		$	874		$	67		$	0		$	941
Broker/other		0			0			46			46
Total equity securities		$	874		$	67		$	46		$	987

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

	March 31, 2019
(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:
Government and agencies:
Third party pricing vendor		$	34,727		$	1,522		$	0		$	36,249
Total government and agencies		34,727			1,522			0			36,249
Municipalities:
Third party pricing vendor		0			1,908			0			1,908
Total municipalities		0			1,908			0			1,908
Mortgage- and asset-backed securities:
Third party pricing vendor		0			236			0			236
Broker/other		0			0			178			178
Total mortgage- and asset-backed securities		0			236			178			414
Public utilities:
Third party pricing vendor		0			6,412			0			6,412
Broker/other		0			0			85			85
Total public utilities		0			6,412			85			6,497
Sovereign and supranational:
Third party pricing vendor		0			1,154			0			1,154
Total sovereign and supranational		0			1,154			0			1,154
Banks/financial institutions:
Third party pricing vendor		0			9,323			0			9,323
Broker/other		0			45			23			68
Total banks/financial institutions		0			9,368			23			9,391
Other corporate:
Third party pricing vendor		0			31,964			0			31,964
Broker/other		0			63			284			347
Total other corporate		0			32,027			284			32,311
Total securities available for sale		$	34,727		$	52,627		$	570		$	87,924
Equity securities, carried at fair value:
Third party pricing vendor		$	925		$	70		$	0		$	995
Broker/other		0			0			46			46
Total equity securities		$	925		$	70		$	46		$	1,041

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

	March 31, 2019
(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		$	27,629		$	350		$	0		$	27,979
Total government and agencies		27,629			350			0			27,979
Municipalities:
Third party pricing vendor		0			1,061			0			1,061
Total municipalities		0			1,061			0			1,061
Mortgage- and asset-backed securities:
Third party pricing vendor		0			8			0			8
Broker/other		0			0			13			13
Total mortgage- and asset-backed securities		0			8			13			21
Public utilities:
Third party pricing vendor		0			3,068			0			3,068
Total public utilities		0			3,068			0			3,068
Sovereign and supranational:
Third party pricing vendor		0			1,332			0			1,332
Total sovereign and supranational		0			1,332			0			1,332
Banks/financial institutions:
Third party pricing vendor		0			1,039			0			1,039
Total banks/financial institutions		0			1,039			0			1,039
Other corporate:
Third party pricing vendor		0			2,946			0			2,946
Total other corporate		0			2,946			0			2,946
Total securities held to maturity		$	27,629		$	9,804		$	13		$	37,446

	December 31, 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		$	27,030		$	8		$	0		$	27,038
Total government and agencies		27,030			8			0			27,038
Municipalities:
Third party pricing vendor		0			469			0			469
Total municipalities		0			469			0			469
Mortgage- and asset-backed securities:
Broker/other		0			0			15			15
Total mortgage- and asset-backed securities		0			0			15			15
Public utilities:
Third party pricing vendor		0			2,973			0			2,973
Total public utilities		0			2,973			0			2,973
Sovereign and supranational:
Third party pricing vendor		0			1,840			0			1,840
Total sovereign and supranational		0			1,840			0			1,840
Banks/financial institutions:
Third party pricing vendor		0			1,583			0			1,583
Total banks/financial institutions		0			1,583			0			1,583
Other corporate:
Third party pricing vendor		0			2,804			0			2,804
Total other corporate		0			2,804			0			2,804
Total securities held to maturity		$	27,030		$	9,677		$	15		$	36,722

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

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 March 31, 2019
	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	$	177	$	109			$	23	$	213			$	46	$	80		$	0	$	648
Realized investment gains (losses) included in earnings	0		0				0		0				0		(8		)	0		(8		)
Unrealized gains (losses) included in other comprehensive income (loss)	1		1				0		1				0		(2		)	0		1
Purchases, issuances, sales and settlements:
Purchases	0		0				0		63				0		0			0		63
Issuances	0		0				0		0				0		0			0		0
Sales	0		0				0		(2		)		0		0			0		(2		)
Settlements	0		0				0		0				0		0			0		0
Transfers into Level 3	0		0				0		25			(2)	0		0			0		25
Transfers out of Level 3	0		(25		)	(2)	0		(16		)	(3)	0		0			0		(41		)
Balance, end of period	$	178	$	85			$	23	$	284			$	46	$	70		$	0	$	686
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	0	$	0			$	0	$	0			$	0	$	(8	)	$	0	$	(8	)

⁽¹⁾ Derivative assets and liabilities are presented net

⁽²⁾ Transfer due to sector classification change

⁽³⁾ Transfer due to availability of observable market inputs

Three Months Ended March 31, 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		126		0		126
Unrealized gains (losses) included in other    comprehensive income (loss)	11		(1		)	(1		)	(2		)	0		6		0		13
Purchases, issuances, sales and settlements:
Purchases	0		16			0			0			0		0		0		16
Issuances	0		0			0			0			0		0		0		0
Sales	0		0			0			0			0		0		0		0
Settlements	0		0			0			(1		)	0		0		0		(1		)
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	$	186	$	83		$	24		$	143		$	16	$	154	$	1	$	607
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	0	$	0		$	0		$	0		$	0	$	126	$	0	$	126

⁽¹⁾ Derivative assets and liabilities are presented net

Fair Value Measurement Inputs and Valuation Techniques

Level 3 Significant Unobservable Input Sensitivity

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.

March 31, 2019
(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	(a)
Public utilities		85		Discounted cash flow	Credit spreads	N/A	(a)
Banks/financial institutions		23		Consensus pricing	Offered quotes	N/A	(a)
Other corporate		284		Discounted cash flow	Credit spreads	N/A	(a)
Equity securities		46		Net asset value	Offered quotes	N/A	(a)
Other assets:
Foreign currency swaps		117		Discounted cash flow	Interest rates (USD)	2.48% - 2.66%	(b)
					Interest rates (JPY)	.13% - .57%	(c)
					CDS spreads	13 - 109 bps
		61		Discounted cash flow	Interest rates (USD)	2.48% - 2.66%	(b)
					Interest rates (JPY)	.13% - .57%	(c)
Total assets		$	794
Liabilities:
Other liabilities:
Foreign currency swaps		$	102	Discounted cash flow	Interest rates (USD)	2.48% - 2.66%	(b)
					Interest rates (JPY)	.13% - .57%	(c)
					CDS spreads	30 - 187 bps
		6		Discounted cash flow	Interest rates (USD)	2.48% - 2.66%	(b)
					Interest rates (JPY)	.13% - .57%	(c)
Total liabilities		$	108

(a) 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.

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

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

December 31, 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		$	177	Consensus pricing	Offered quotes	N/A	(a)
Public utilities		109		Discounted cash flow	Credit spreads	N/A	(a)
Banks/financial institutions		23		Consensus pricing	Offered quotes	N/A	(a)
Other corporate		213		Discounted cash flow	Credit spreads	N/A	(a)
Equity securities		46		Net asset value	Offered quotes	N/A	(a)
Other assets:
Foreign currency swaps		125		Discounted cash flow	Interest rates (USD)	2.75% - 2.84%	(b)
					Interest rates (JPY)	.18% - .71%	(c)
					CDS spreads	19 - 120 bps
		57		Discounted cash flow	Interest rates (USD)	2.75% - 2.84%	(b)
					Interest rates (JPY)	.18% - .71%	(c)
Total assets		$	750
Liabilities:
Other liabilities:
Foreign currency swaps		$	98	Discounted cash flow	Interest rates (USD)	2.75% - 2.84%	(b)
					Interest rates (JPY)	.18% - .71%	(c)
					CDS spreads	28 - 211 bps
		4		Discounted cash flow	Interest rates (USD)	2.75% - 2.84%	(b)
					Interest rates (JPY)	.18% - .71%	(c)
Total liabilities		$	102

(a) 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.

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

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