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DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
  September 30, 2020December 31, 2019
(In millions)Asset
Derivatives		Liability
Derivatives		Asset
Derivatives		Liability
Derivatives
Hedge Designation/ Derivative
Type		Notional
Amount		Fair ValueFair ValueNotional
Amount		Fair ValueFair Value
Cash flow hedges:
Foreign currency swaps - VIE$18 $0 $1 $75 $0 $8 
Total cash flow hedges18 0 1 75 0 8 
Fair value hedges:
Foreign currency forwards64 1 0 964 0 38 
Foreign currency options8,869 0 1 11,573 0 5 
Interest rate swaptions0 0 0 243 0 0 
Total fair value hedges8,933 1 1 12,780 0 43 
Net investment hedge:
Foreign currency forwards5,037 45 26 4,952 72 2 
Foreign currency options2,083 1 0 2,000 0 0 
Total net investment hedge7,120 46 26 6,952 72 2 
Non-qualifying strategies:
Foreign currency swaps2,250 53 49 2,800 72 78 
Foreign currency swaps - VIE2,743 97 239 2,587 169 118 
Foreign currency forwards25,319 236 309 19,821 166 337 
Foreign currency options9,071 0 0 9,553 0 0 
Interest rate swaps2,000 6 0 7,120 3 0 
Interest rate swaptions0 0 0 7 0 0 
Total non-qualifying strategies41,383 392 597 41,888 410 533 
Total derivatives$57,454 $439 $625 $61,695 $482 $586 
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 DerivativesHedged Items
Hedging DerivativesHedged Items Total
Gains
(Losses)
Gains (Losses)
Excluded from Effectiveness Testing(1)
Gains (Losses)
Included in Effectiveness Testing(2)
 Gains (Losses)(2)
Net Investment Gains (Losses) Recognized for Fair Value Hedge
Three Months Ended September 30, 2020:
Foreign currency
forwards		Fixed maturity securities$1 $0 $1 $(1)$0 
Foreign currency optionsFixed maturity securities(2)(2)0 0 0 
  Total gains (losses)$(1)$(2)$1 $(1)$0 
Nine Months Ended September 30, 2020:
Foreign currency
forwards		Fixed maturity securities$(15)$(8)$(7)$8 $1 
Foreign currency
options		Fixed maturity securities(4)(3)(1)1 0 
Total gains (losses)$(19)$(11)$(8)$9 $1 
Three Months Ended September 30, 2019:
Foreign currency forwardsFixed maturity securities$(19)$(24)$5 $(4)$1 
Foreign currency optionsFixed maturity securities(5)(5)0 0 0 
Interest rate
swaptions		Fixed maturity securities(6)(6)0 0 0 
  Total gains (losses)(30)(35)5 (4)1 
Nine Months Ended September 30, 2019:
Foreign currency forwardsFixed maturity securities$(4)$(48)$44 $(43)$1 
Foreign currency optionsFixed maturity securities(9)(9)0 0 0 
Interest rate
swaptions		Fixed maturity securities(9)(9)0 0 0 
Total gains (losses)$(22)$(66)$44 $(43)$1 
(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 net 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 net investment gains (losses). For interest rate swaptions and related hedged items, gains and losses included in the hedge assessment, premium amortization and time value amortization while the hedge items are still outstanding are reported within net investment income. The time value gains and losses for interest rate swaptions when the related hedged items are redeemed are reported in net investment gains and losses consistent with the impact of the hedged item. For the three-month and nine-month periods ended September 30, 2020 and 2019, gains and losses included in the hedge assessment on interest rate swaptions and related hedged items were immaterial.
Schedule of Interest Rate Fair Value Hedges Hedged Items
The following table shows the carrying amounts of assets designated and qualifying as hedged items in fair value hedges of interest rate risk and the related cumulative hedge adjustment included in the carrying amount.
(In millions)
Carrying Amount of the Hedged Assets/(Liabilities)(1)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities)
September 30, 2020December 31, 2019September 30, 2020December 31, 2019
Fixed maturity securities$4,368 $4,633 $241 $256 
(1) The balance includes hedging adjustment on discontinued hedging relationships of $241 in 2020 and $256 in 2019.
The total notional amount of the Company's interest rate swaptions was $0 in 2020 and $243 in 2019. The hedging adjustment related to these derivatives was immaterial.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table summarizes the impact to net investment gains (losses) and other comprehensive income (loss) from all derivatives and hedging instruments.
 Three Months Ended September 30,
20202019
(In millions)
Net Investment Income (1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Net Investment Income (1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$0 $0 $2 $(1)$(1)$(2)
  Total cash flow hedges0 0 
(3)
2 (1)(1)
(3)
(2)
  Fair value hedges:
       Foreign currency forwards (3)
0 (23)
       Foreign currency options (3)
(2)(5)
       Interest rate swaptions (3)
0 0 0 0 0 (6)
  Total fair value hedges0 (2)0 0 (28)(6)
  Net investment hedge:
       Non-derivative hedging
instruments		0 (51)0 2 
       Foreign currency forwards(16)(91)20 19 
       Foreign currency options (2)0 (3)0 
   Total net investment hedge(18)(142)17 21 
  Non-qualifying strategies:
       Foreign currency swaps(27)27 
       Foreign currency swaps - VIE40 (93)
       Foreign currency forwards139 (70)
       Foreign currency options 4 0 
       Interest rate swaps0 2 
       Forward bond purchase
commitment- VIE		2 0 
  Total non- qualifying strategies158 (134)
          Total$0 $138 $(140)$(1)$(146)$13 
(1) Cash flow hedge items and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges are recorded as unrealized gains (losses) on derivatives and net investment hedge items are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss).
(2) Impact of cash flow hedges reported as net investment gains (losses) includes an immaterial amount of gains or losses reclassified from accumulated other comprehensive income (loss) into earnings. It also includes an immaterial amount excluded from effectiveness testing during the three-month periods ended September 30, 2020 and 2019. In addition, an immaterial amount of income (loss) was reclassified from accumulated other comprehensive income (loss) into earnings during the three-month periods ended September 30, 2020 and 2019, related to fair value hedges excluded component.
(3)Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail)
Nine Months Ended September 30,
20202019
(In millions)
Net Investment Income(1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Net Investment Income(1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$(1)$0 $(4)$(2)$(1)$(4)
  Total cash flow hedges(1)0 
(3)
(4)(2)(1)
(3)
(4)
  Fair value hedges:
       Foreign currency forwards(3)
(7)(47)
       Foreign currency options(3)
(3)(9)
       Interest rate swaptions(3)
(1)0 1 (1)0 (8)
  Total fair value hedges(1)(10)1 (1)(56)(8)
  Net investment hedge:
       Non-derivative hedging
instruments		0 (72)0 (52)
       Foreign currency forwards136 (166)20 19 
       Foreign currency options (3)0 (3)0 
  Total net investment hedge133 (238)17 (33)
  Non-qualifying strategies:
       Foreign currency swaps54 71 
       Foreign currency swaps - VIE(185)(96)
       Foreign currency forwards133 23 
       Foreign currency options (1)0 
       Interest rate swaps49 18 
  Total non-qualifying strategies50 16 
          Total$(2)$173 $(241)$(3)$(24)$(45)
(1) Cash flow hedge items and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges 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 of cash flow hedges reported as net investment gains (losses) includes an immaterial amount of gains or losses reclassified from accumulated other comprehensive income (loss) into earnings. It also includes an immaterial amount excluded from effectiveness testing during the nine-month periods ended September 30, 2020 and 2019, respectively. In addition, an immaterial amount of income (loss) was reclassified from accumulated other comprehensive income (loss) into earnings during the nine-month periods ended September 30, 2020 and 2019, respectively, related to fair value hedges excluded component.
(3)Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail)
Offsetting Assets
Offsetting of Financial Assets and Derivative Assets
September 30, 2020
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount
Offset in
Balance Sheet		Net Amount of Assets Presented
in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash Collateral ReceivedNet Amount
Derivative
assets:
    Derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$336 $0 $336 $(238)$(6)$(92)$0 
          OTC - cleared6 0 6 0 0 (5)1 
    Total derivative
assets subject to a
master netting
agreement or
offsetting
arrangement		342 0 342 (238)(6)(97)1 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral97 97 97 
    Total derivative
assets not subject
to a master netting
agreement or
offsetting
arrangement		97 97 97 
    Total derivative
assets		439 0 439 (238)(6)(97)98 
Securities lending
and similar
arrangements		1,471 0 1,471 0 0 (1,471)0 
    Total$1,910 $0 $1,910 $(238)$(6)$(1,568)$98 
December 31, 2019
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount
Offset in
Balance Sheet		Net Amount of Assets Presented
in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash Collateral ReceivedNet Amount
Derivative
assets:
    Derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$310 $0 $310 $(190)$(7)$(113)$0 
          OTC - cleared3 0 3 0 0 0 3 
    Total derivative
assets subject to a
master netting
agreement or
offsetting
arrangement		313 0 313 (190)(7)(113)3 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral169 169 169 
    Total derivative
assets not subject
to a master netting
agreement or
offsetting
arrangement		169 169 169 
    Total derivative
assets		482 0 482 (190)(7)(113)172 
Securities lending
and similar
arrangements		1,860 0 1,860 0 0 (1,860)0 
    Total$2,342 $0 $2,342 $(190)$(7)$(1,973)$172 
Offsetting Liabilities
Offsetting of Financial Liabilities and Derivative Liabilities
September 30, 2020
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount
Offset in
Balance Sheet		Net Amount of Liabilities Presented
in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash Collateral PledgedNet Amount
Derivative
liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$385 $0 $385 $(238)$(89)$(21)$37 
    Total derivative
liabilities subject
to a master netting
agreement or
offsetting
arrangement		385 0 385 (238)(89)(21)37 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral240 240 240 
    Total derivative
liabilities not
subject to a
master netting
agreement or
offsetting
arrangement		240 240 240 
    Total derivative
liabilities		625 0 625 (238)(89)(21)277 
Securities lending
and similar
arrangements		1,495 0 1,495 (1,471)0 0 24 
    Total$2,120 $0 $2,120 $(1,709)$(89)$(21)$301 
December 31, 2019
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount
Offset in
Balance Sheet		Net Amount of Liabilities Presented
in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash Collateral PledgedNet Amount
Derivative
liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$459 $0 $459 $(190)$(222)$(32)$15 
          OTC - cleared1 0 1 0 0 (1)0 
    Total derivative
liabilities subject
to a master netting
agreement or
offsetting
arrangement		460 0 460 (190)(222)(33)15 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral126 126 126 
    Total derivative
liabilities not
subject to a
master netting
agreement or
offsetting
arrangement		126 126 126 
    Total derivative
liabilities		586 0 586 (190)(222)(33)141 
Securities lending
and similar
arrangements		1,876 0 1,876 (1,860)0 0 16 
    Total$2,462 $0 $2,462 $(2,050)$(222)$(33)$157