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DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
20202019
(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 2 0 964 0 38 
Foreign currency options8,865 0 0 11,573 0 5 
Interest rate swaptions0 0 0 243 0 0 
Total fair value hedges8,929 2 0 12,780 0 43 
Net investment hedge:
Foreign currency forwards5,010 14 84 4,952 72 2 
Foreign currency options2,027 1 0 2,000 0 0 
Total net investment hedge7,037 15 84 6,952 72 2 
Non-qualifying strategies:
Foreign currency swaps2,250 47 81 2,800 72 78 
Foreign currency swaps - VIE2,857 133 230 2,587 169 118 
Foreign currency forwards26,528 386 301 19,821 166 337 
Foreign currency options11,037 0 0 9,553 0 0 
Interest rate swaps0 0 0 7,120 3 0 
Interest rate swaptions0 0 0 7 0 0 
Total non-qualifying
strategies		42,672 566 612 41,888 410 533 
Total derivatives$58,656 $583 $697 $61,695 $482 $586 
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents the gains and losses on derivatives and the related hedged items in fair value hedges for the years ended December 31.
Fair Value Hedging Relationships
(In millions)Hedging DerivativesHedged Items
Hedging DerivativesHedged Items Total
Gains
(Losses)
Gains (Losses)
Excluded from Effectiveness Testing(1)
Gains (Losses)
Included in Effectiveness Testing(2)
 Gains (Losses)(2)
Net Investment Gains (Losses) Recognized for Fair Value Hedge
2020:
Foreign currency
forwards		Fixed maturity securities$(14)$(8)$(6)$7 $1 
Foreign currency
options		Fixed maturity securities(9)(8)(1)1 0 
Total gains (losses)$(23)$(16)$(7)$8 $1 
2019:
Foreign currency forwardsFixed maturity securities$(50)$(64)$14 $(12)$2 
Foreign currency optionsFixed maturity securities(7)(7)0 0 0 
Interest rate
swaptions		Fixed maturity securities(9)(9)0 0 0 
Total gains (losses)$(66)$(80)$14 $(12)$2 
2018:
Foreign currency forwardsFixed maturity and equity securities$126 $(104)$230 $(242)$(12)
Foreign currency optionsFixed maturity securities4 4 0 0 0 
Interest rate
swaptions		Fixed maturity securities(1)(1)0 0 0 
    Total gains (losses)$129 $(101)$230 $(242)$(12)
(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 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 years ended December 31, 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 as of December 31.
(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)
2020201920202019
Fixed maturity securities$4,331 $4,633 $237 $256 
(1) The balance includes hedging adjustment on discontinued hedging relationships of $237 in 2020 and $256 in 2019.
The total notional amount of the Company's interest rate swaptions was $0 in 2020 and $243 in 2019. The hedging adjustment related to these derivatives was immaterial.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table summarizes the impact to earnings and other comprehensive income (loss) from all derivatives and hedging instruments for the years ended December 31.
202020192018
(In millions)
Net Investment Income (1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Net Investment Income (1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Net Investment Income (1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$(1)$0 $(2)$(2)$(1)$(4)$0 $0 $3 
  Total cash flow hedges(1)0 
(3)
(2)(2)(1)
(3)
(4)0 0 
(3)
3 
  Fair value hedges:
       Foreign currency forwards (3)
(7)(62)(116)
       Foreign currency options (3)
(8)(7)4 
       Interest rate swaptions (3)
(1)0 1 (1)0 (8)0 0 (1)
  Total fair value hedges(1)(15)1 (1)(69)(8)0 (112)(1)
  Net investment hedge:
       Non-derivative hedging
instruments		0 (135)0 (24)0 (32)
       Foreign currency forwards149 (282)10 83 0 0 
       Foreign currency options (5)0 (4)0 0 (8)
   Total net investment hedge144 (417)6 59 0 (40)
  Non-qualifying strategies:
       Foreign currency swaps29 90 (40)
       Foreign currency swaps - VIE(122)(68)60 
       Foreign currency forwards311 (148)(135)
       Foreign currency options (3)0 0 
       Interest rate swaps49 17 3 
Forward bond purchase
commitment - VIE		6 0 0 
  Total non-qualifying strategies270 (110)(112)
          Total$(2)$399 $(418)$(3)$(174)$47 $0 $(224)$(38)
(1) Interest expense/income on cash flow hedges are recorded in net investment income. For interest rate swaptions classified as fair value hedges, the change in the time value of the swaptions is recognized in other comprehensive income (loss) and amortized into net investment income over its legal term. If the swaption is early terminated but the hedge item is still outstanding, the amortization of disposal amount of the swaptions is recorded in net investment income over the remaining life of the hedged items.
(2) Gains and losses on cash flow hedges 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). Gains and losses on net investment hedges related to change in foreign currency spot rates are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss).
(3) 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 years ended December 31, 2020, 2019 and 2018, respectively. 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
2020
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount Offset in Balance SheetNet 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$450 $0 $450 $(295)$(73)$(76)$6 
    Total derivative
assets subject to a
master netting
agreement or
offsetting
arrangement		450 0 450 (295)(73)(76)6 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral133 133 133 
    Total derivative
assets not subject
to a master netting
agreement or
offsetting
arrangement		133 133 133 
    Total derivative
assets		583 0 583 (295)(73)(76)139 
Securities lending
and similar
arrangements		940 0 940 0 0 (940)0 
    Total$1,523 $0 $1,523 $(295)$(73)$(1,016)$139 
2019
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount Offset in Balance SheetNet Amount of Assets Presented in Balance SheetFinancial
Instruments		Securities CollateralCash 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
2020
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount Offset in Balance SheetNet Amount of Liabilities Presented in Balance SheetFinancial InstrumentsSecurities CollateralCash Collateral PledgedNet
Amount
Derivative
liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$466 $0 $466 $(295)$(43)$(69)$59 
    Total derivative
liabilities subject
to a master netting
agreement or
offsetting
arrangement		466 0 466 (295)(43)(69)59 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral231 231 231 
    Total derivative
liabilities not
subject to a
master netting
agreement or
offsetting
arrangement		231 231 231 
    Total derivative
liabilities		697 0 697 (295)(43)(69)290 
Securities lending
and similar
arrangements		964 0 964 (940)0 0 24 
    Total$1,661 $0 $1,661 $(1,235)$(43)$(69)$314 
2019
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount Offset in Balance SheetNet Amount of Liabilities Presented in Balance SheetFinancial InstrumentsSecurities CollateralCash 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