FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
(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		$	29,547		$	1,165		$	0		$	30,712
Municipalities		0			2,776			0			2,776
Mortgage- and asset-backed securities		0			1,048			318			1,366
Public utilities		0			8,604			585			9,189
Sovereign and supranational		0			994			41			1,035
Banks/financial institutions		0			10,626			60			10,686
Other corporate		0			33,911			290			34,201
Total fixed maturity securities		29,547			59,124			1,294			89,965
Equity securities		1,166			83			166			1,415
Other investments		1,747			0			0			1,747
Cash and cash equivalents		4,275			0			0			4,275
Other assets:
Foreign currency swaps		0			141			0			141
Foreign currency forwards		0			977			0			977
Foreign currency options		0			8			0			8
Total other assets		0			1,126			0			1,126
Total assets		$	36,735		$	60,333		$	1,460		$	98,528
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	432		$	0		$	432
Foreign currency forwards		0			812			0			812
Interest rate swaps		0			216			0			216
Total liabilities		$	0		$	1,460		$	0		$	1,460

	December 31, 2021
(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		$	32,532		$	1,288		$	0		$	33,820
Municipalities		0			3,036			0			3,036
Mortgage- and asset-backed securities		0			955			291			1,246
Public utilities		0			9,558			493			10,051
Sovereign and supranational		0			1,072			43			1,115
Banks/financial institutions		0			11,546			45			11,591
Other corporate		0			37,411			426			37,837
Total fixed maturity securities		32,532			64,866			1,298			98,696
Equity securities		1,340			90			173			1,603
Other investments		1,726			0			0			1,726
Cash and cash equivalents		5,051			0			0			5,051
Other assets:
Foreign currency swaps		0			137			0			137
Foreign currency forwards		0			791			0			791
Foreign currency options		0			8			0			8
Total other assets		0			936			0			936
Total assets		$	40,649		$	65,892		$	1,471		$	108,012
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	427		$	0		$	427
Foreign currency forwards		0			1,138			0			1,138
Interest rate swaps		0			54			0			54
Total liabilities		$	0		$	1,619		$	0		$	1,619

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, 2022
(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		$	19,814		$	23,315		$	211		$	0		$	23,526
Municipalities		315			0			398			0			398
Public utilities		40			0			50			0			50
Sovereign and    supranational		483			0			584			0			584
Other corporate		20			0			27			0			27
Commercial mortgage and     other loans		12,312			0			0			12,356			12,356
Other investments (1)		25			0			25			0			25
Total assets		$	33,009		$	23,315		$	1,295		$	12,356		$	36,966
Liabilities:
Other policyholders’ funds		$	6,705		$	0		$	0		$	6,595		$	6,595
Notes payable    (excluding leases)		7,628			0			7,602			244			7,846
Total liabilities		$	14,333		$	0		$	7,602		$	6,839		$	14,441

(1) Excludes policy loans of $224 and equity method investments of $1,964, at carrying value

	December 31, 2021
(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		$	21,086		$	25,469		$	230		$	0		$	25,699
Municipalities		335			0			436			0			436
Public utilities		43			0			55			0			55
Sovereign and    supranational		514			0			650			0			650
Other corporate		22			0			29			0			29
Commercial mortgage and     other loans		11,786			0			0			11,996			11,996
Other investments (1)		22			0			22			0			22
Total assets		$	33,808		$	25,469		$	1,422		$	11,996		$	38,887
Liabilities:
Other policyholders’ funds		$	7,072		$	0		$	0		$	6,957		$	6,957
Notes payable    (excluding leases)		7,839			0			8,280			259			8,539
Total liabilities		$	14,911		$	0		$	8,280		$	7,216		$	15,496

(1) Excludes policy loans of $236 and equity method investments of $1,858, at carrying value

Fair Value Assets Securities Carried At Fair Value Primary Pricing Sources

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

	March 31, 2022
(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		$	29,547		$	730		$	0		$	30,277
Internal		0			435			0			435
Total government and agencies		29,547			1,165			0			30,712
Municipalities:
Third party pricing vendor		0			2,035			0			2,035
Internal		0			741			0			741
Total municipalities		0			2,776			0			2,776
Mortgage- and asset-backed securities:
Third party pricing vendor		0			981			0			981
Broker/other		0			67			318			385
Total mortgage- and asset-backed securities		0			1,048			318			1,366
Public utilities:
Third party pricing vendor		0			4,066			0			4,066
Internal		0			4,537			0			4,537
Broker/other		0			1			585			586
Total public utilities		0			8,604			585			9,189
Sovereign and supranational:
Third party pricing vendor		0			257			0			257
Internal		0			737			0			737
Broker/other		0			0			41			41
Total sovereign and supranational		0			994			41			1,035
Banks/financial institutions:
Third party pricing vendor		0			4,922			0			4,922
Internal		0			5,704			18			5,722
Broker/other		0			0			42			42
Total banks/financial institutions		0			10,626			60			10,686
Other corporate:
Third party pricing vendor		0			26,989			0			26,989
Internal		0			6,922			24			6,946
Broker/other		0			0			266			266
Total other corporate		0			33,911			290			34,201
Total securities available for sale		$	29,547		$	59,124		$	1,294		$	89,965
Equity securities, carried at fair value:
Third party pricing vendor		$	1,166		$	83		$	0		$	1,249
Broker/other		0			0			166			166
Total equity securities		$	1,166		$	83		$	166		$	1,415

	December 31, 2021
(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		$	32,532		$	808		$	0		$	33,340
Internal		0			480			0			480
Total government and agencies		32,532			1,288			0			33,820
Municipalities:
Third party pricing vendor		0			2,222			0			2,222
Internal		0			814			0			814
Total municipalities		0			3,036			0			3,036
Mortgage- and asset-backed securities:
Third party pricing vendor		0			955			0			955
Broker/other		0			0			291			291
Total mortgage- and asset-backed securities		0			955			291			1,246
Public utilities:
Third party pricing vendor		0			4,527			0			4,527
Internal		0			5,031			0			5,031
Broker/other		0			0			493			493
Total public utilities		0			9,558			493			10,051
Sovereign and supranational:
Third party pricing vendor		0			273			0			273
Internal		0			799			0			799
Broker/other		0			0			43			43
Total sovereign and supranational		0			1,072			43			1,115
Banks/financial institutions:
Third party pricing vendor		0			5,237			0			5,237
Internal		0			6,309			0			6,309
Broker/other		0			0			45			45
Total banks/financial institutions		0			11,546			45			11,591
Other corporate:
Third party pricing vendor		0			29,495			0			29,495
Internal		0			7,916			0			7,916
Broker/other		0			0			426			426
Total other corporate		0			37,411			426			37,837
Total securities available for sale		$	32,532		$	64,866		$	1,298		$	98,696
Equity securities, carried at fair value:
Third party pricing vendor		$	1,340		$	90		$	0		$	1,430
Broker/other		0			0			173			173
Total equity securities		$	1,340		$	90		$	173		$	1,603

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

	March 31, 2022
(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		$	23,315		$	211		$	0		$	23,526
Total government and agencies		23,315			211			0			23,526
Municipalities:
Third party pricing vendor		0			398			0			398
Total municipalities		0			398			0			398
Public utilities:
Third party pricing vendor		0			50			0			50
Total public utilities		0			50			0			50
Sovereign and supranational:
Third party pricing vendor		0			283			0			283
Broker/other		0			301			0			301
Total sovereign and supranational		0			584			0			584
Other corporate:
Third party pricing vendor		0			27			0			27
Total other corporate		0			27			0			27
Total securities held to maturity		$	23,315		$	1,270		$	0		$	24,585

	December 31, 2021
(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		$	25,469		$	230		$	0		$	25,699
Total government and agencies		25,469			230			0			25,699
Municipalities:
Third party pricing vendor		0			436			0			436
Total municipalities		0			436			0			436
Public utilities:
Third party pricing vendor		0			55			0			55
Total public utilities		0			55			0			55
Sovereign and supranational:
Third party pricing vendor		0			313			0			313
Broker/other		0			337			0			337
Total sovereign and supranational		0			650			0			650
Other corporate:
Third party pricing vendor		0			29			0			29
Total other corporate		0			29			0			29
Total securities held to maturity		$	25,469		$	1,400		$	0		$	26,869

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. Derivative assets and liabilities are presented as a net value.

Three Months Ended March 31, 2022
	Fixed Maturity Securities										Equity Securities		Derivatives
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Foreign Currency Swaps		Total
Balance, beginning of period	$	291	$	493	$	43	$	45	$	426	$	173	$	0	$	1,471
Net investment gains (losses) included   in earnings	0		0		0		0		0		7		0		7
Unrealized gains (losses) included in   other comprehensive income (loss)	(15)		(37)		(2)		0		(18)		0		0		(72)
Purchases, issuances, sales   and settlements:
Purchases	76		9		0		0		0		10		0		95
Issuances	0		0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0		0
Settlements	(2)		(8)		0		(3)		(1)		(7)		0		(21)
Transfers into Level 3	0		128		0		18		24		0		0		170
Transfers out of Level 3	(32)		0		0		0		(141)		(17)		0		(190)
Balance, end of period	$	318	$	585	$	41	$	60	$	290	$	166	$	0	$	1,460
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	$	4	$	0	$	4

Three Months Ended March 31, 2021
	Fixed Maturity Securities										Equity Securities		Derivatives
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Foreign Currency Swaps		Total
Balance, beginning of period	$	224	$	422	$	48	$	24	$	299	$	102	$	(98)	$	1,021
Net investment gains (losses) included   in earnings	0		0		0		0		0		9		19		28
Unrealized gains (losses) included in   other comprehensive income (loss)	(15)		(18)		(3)		(1)		(12)		0		(1)		(50)
Purchases, issuances, sales and   settlements:
Purchases	10		78		0		5		0		11		0		104
Issuances	0		0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0		0
Settlements	0		(3)		0		0		0		0		0		(3)
Transfers into Level 3	0		0		23		0		32		0		0		55
Transfers out of Level 3	(15)		0		0		0		0		0		0		(15)
Balance, end of period	$	204	$	479	$	68	$	28	$	319	$	122	$	(80)	$	1,140
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	$	0	$	19	$	19

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 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, 2022
(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		$	318	Consensus pricing	Offered quotes	N/A	(a)
Public utilities		585		Discounted cash flow	Credit spreads	N/A	(a)
Sovereign and supranational		41		Discounted cash flow	Historical volatility	N/A	(a)
Banks/financial institutions		60		Consensus pricing	Offered quotes	N/A	(a)
Other corporate		290		Discounted cash flow	Credit spreads	N/A	(a)
Equity securities		166		Net asset value	Offered quotes	N/A	(a)
Total assets		$	1,460

(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.

December 31, 2021
(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		$	291	Consensus pricing	Offered quotes	N/A	(a)
Public utilities		493		Discounted cash flow	Credit spreads	N/A	(a)
Sovereign and supranational		43		Discounted cash flow	Historical volatility	N/A	(a)
Banks/financial institutions		45		Consensus pricing	Offered quotes	N/A	(a)
Other corporate		426		Discounted cash flow	Credit spreads	N/A	(a)
Equity securities		173		Net asset value	Offered quotes	N/A	(a)
Total assets		$	1,471

(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.