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DERIVATIVE INSTRUMENTS - Gains (Losses) Recognized on Fair Value Hedging Relationships (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) recognized for derivatives $ 4 $ (217) $ 8 $ 196
Gains (losses) on derivatives excluded from effectiveness testing [1] (16) (32) (31) (72)
Gains (losses) on derivatives included in effectiveness testing [2] 20 (185) 39 268
Gains (losses) recognized for hedged items [2] (21) 186 (39) (278)
Net realized gains (losses) recognized for fair value hedge (1) 1 0 (10)
Fixed maturity securities | Foreign currency forwards        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) recognized for derivatives 6 (215) 15 199
Gains (losses) on derivatives excluded from effectiveness testing [1] (14) (30) (24) (69)
Gains (losses) on derivatives included in effectiveness testing [2] 20 (185) 39 268
Gains (losses) recognized for hedged items [2] (21) 186 (39) (278)
Net realized gains (losses) recognized for fair value hedge (1) 1 0 (10)
Fixed maturity securities | Foreign currency options        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) recognized for derivatives   (2) (4) (3)
Gains (losses) on derivatives excluded from effectiveness testing [1]   (2) (4) (3)
Gains (losses) on derivatives included in effectiveness testing [2]   0 0 0
Gains (losses) recognized for hedged items [2]   0 0 0
Net realized gains (losses) recognized for fair value hedge   $ 0 0 $ 0
Fixed maturity securities | Interest rate swaptions        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) recognized for derivatives (2)   (3)  
Gains (losses) on derivatives excluded from effectiveness testing [1] (2)   (3)  
Gains (losses) on derivatives included in effectiveness testing [2] 0   0  
Gains (losses) recognized for hedged items [2] 0   0  
Net realized gains (losses) recognized for fair value hedge $ 0   $ 0  
[1] Gains (losses) excluded from effectiveness testing includes the forward point on foreign currency forwards and time value change on foreign currency options which are reported in the consolidated statement of earnings as realized investment gains (losses). It also includes the change in the fair value of the interest rate swaptions related to the time value of the swaptions which is recognized as a component of other comprehensive income (loss).
[2] Gains and losses on foreign currency forwards and options and related hedged items are reported in the consolidated statement of earnings as realized investment gains (losses). For interest rate swaptions and related hedged items, gains and losses included in the hedge assessment are reported within net investment income. For the three-month and six-month periods ended June 30, 2019, those gains and losses on interest rate swaptions and related hedged items were immaterial.