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DERIVATIVE INSTRUMENTS - Derivatives and Hedging Instruments Gain (Loss) Summary (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net [1] $ 0 $ (1) $ 0 $ (2)
Unrealized foreign currency translation gains (losses) during period 25 73 (557) 159
Derivative gains (losses) (96) 120 (383) 35
Derivative and non-derivative hedging instruments gain (loss) recognized in other comprehensive income effective portion before tax [2] 15 (79) 538 (101)
Unrealized gains (losses) on derivatives during period 1 (1) 1 (5)
Cash flow hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net [1] 0 0 0 (1)
Net investment gains (losses) recognized in income on derivative (ineffective portion) (1) [3] 0 [3] (2) [4] 0 [4]
Gain (loss) recognized in other comprehensive income on derivative (effective portion) [2] 1 (2) 1 (6)
Cash flow hedges | Foreign currency swaps | Variable Interest Entity        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net [1] 0 0 0 (1)
Net investment gains (losses) recognized in income on derivative (ineffective portion) (1) 0 (2) 0
Gain (loss) recognized in other comprehensive income on derivative (effective portion) [2] 1 (2) 1 (6)
Fair value hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net [1] 0 (1) 0 (1)
Net investment gains (losses) recognized in income on derivative (ineffective portion) (6) (2) (7) (8)
Gain (loss) recognized in other comprehensive income on derivative (effective portion) [2] 0 1 0 1
Fair value hedges | Foreign currency forwards        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment gains (losses) recognized in income on derivative (ineffective portion) 0 [3] (1) [3] 0 [4] (7) [4]
Fair value hedges | Foreign currency options        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment gains (losses) recognized in income on derivative (ineffective portion) (6) [3] (1) [3] (7) [4] (1) [4]
Fair value hedges | Interest rate swaptions        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net [1] 0 [3] (1) [3] 0 [4] (1) [4]
Net investment gains (losses) recognized in income on derivative (ineffective portion) 0 [3] 0 [3] 0 [4] 0 [4]
Gain (loss) recognized in other comprehensive income on derivative (effective portion) [2] 0 [3] 1 [3] 0 [4] 1 [4]
Net investment hedge        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment gains (losses) recognized in income on derivative (ineffective portion) 30 94 46 151
Unrealized foreign currency translation gains (losses) during period [2] 14 (78) 537 (96)
Net investment hedge | Foreign currency forwards        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment gains (losses) recognized in income on derivative (ineffective portion) 31 101 49 152
Unrealized foreign currency translation gains (losses) during period [2] 6 (50) 341 (75)
Net investment hedge | Foreign currency options        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment gains (losses) recognized in income on derivative (ineffective portion) (1) (7) (3) (1)
Unrealized foreign currency translation gains (losses) during period [2] 0 0 0 0
Net investment hedge | Non-derivative hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment gains (losses) recognized in income on derivative (ineffective portion) 0 0 0 0
Unrealized foreign currency translation gains (losses) during period [2] 8 (28) 196 (21)
Non-qualifying strategies        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative instruments, gain (loss) recognized in income, net (119) 28 (420) (108)
Non-qualifying strategies | Foreign currency swaps | Variable Interest Entity        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative instruments, gain (loss) recognized in income, net (108) (30) (79) (225)
Non-qualifying strategies | Foreign currency swaps | Consolidated Entity Excluding Variable Interest Entities (VIE)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative instruments, gain (loss) recognized in income, net 12 31 99 81
Non-qualifying strategies | Foreign currency forwards        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative instruments, gain (loss) recognized in income, net (11) 30 (443) (6)
Non-qualifying strategies | Foreign currency options        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative instruments, gain (loss) recognized in income, net (15) (3) 1 (5)
Non-qualifying strategies | Interest rate swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative instruments, gain (loss) recognized in income, net 3 2 3 49
Non-qualifying strategies | Forward bond purchase commitment | Variable Interest Entity        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative instruments, gain (loss) recognized in income, net $ 0 $ (2) $ (1) $ (2)
[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 $1 million of 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 June 30, 2021 and 2020. In addition, an immaterial amount of gain (loss) was reclassified from accumulated other comprehensive income (loss) into earnings during the three-month periods ended June 30, 2021 and 2020, respectively, related to fair value hedges excluded component. Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail).
[4] Impact of cash flow hedges reported as net investment gains (losses) includes $2 million of losses reclassified from accumulated other comprehensive income (loss) into earnings. It also includes an immaterial amount excluded from effectiveness testing during the six-month periods ended June 30, 2021 and 2020. In addition, an immaterial amount of income/(loss) was reclassified from accumulated other comprehensive income (loss) into earnings during the six-month periods ended June 30, 2021 and 2020, respectively, related to fair value hedges excluded component. Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail).