SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Impact from Adoption on Statement of Earnings

Consolidated Statement of Earnings

Year Ended December 31, 2021

(In millions)	As Previously Reported			Adoption Impacts (Unaudited)			As Adjusted (Unaudited)
Revenues:
Net earned premiums, principally supplemental health insurance (1)		$	17,647		$	(552)		$	17,095
Net investment income		3,818			0			3,818
Net investment gains (losses)		468			0			468
Other income (loss)		173			0			173
Total revenues		22,106			(552)			21,554
Benefits and expenses:
Benefits and claims, excluding reserve remeasurement (1)(2)		10,576			47			10,623
Reserve remeasurement (gains) losses (3)		0			(147)			(147)
Total benefits and claims, net		10,576			(100)			10,476
Acquisition and operating expenses:
Amortization of deferred policy acquisition costs (4)		1,170			(335)			835
Insurance commissions		1,256			0			1,256
Insurance and other expenses (5)		3,544			(3)			3,541
Interest expense		238			0			238
Total acquisition and operating expenses		6,208			(338)			5,870
Total benefits and expenses		16,784			(438)			16,346
Earnings before income taxes		5,322			(114)			5,208
Income taxes (6)		997			(20)			977
Net earnings		$	4,325		$	(94)		$	4,231

(1) Adjustment reflects a $489 increase in the deferred profit liability on limited-payment products under the updated standard combined with the reclassification of a $63 increase in deferred profit liability previously reported in benefits and claims and reclassified to net earned premiums in conjunction with adoption of the updated standard.

(2) Adjustment reflects 2021 activity for the effect of calculating benefits using revised net premium ratios and best estimate future cash flow projections, excluding reserve remeasurement impacts.

(3) Adjustment reflects the reserve remeasurement on the liability for future policy benefits due to applying revised net premium ratios based on updated historical actuals and revised assumptions to past periods each quarter under the updated standard.

(4) Adjustment reflects a decrease in DAC amortization due to DAC assets being amortized over the expected life of a contract and no interest accretion recorded under the updated standard.

(5) Adjustment reflects 2021 activity for the change in accrued claim adjustment expenses that are included in benefits and claims as a component of the integrated reserve under the updated standard.

(6) Adjustment reflects a decrease in income tax expense associated with the decrease in pretax earnings.

Schedule of Impact from Adoption on Balance Sheet

Consolidated Balance Sheet

December 31, 2021

(In millions)	As Previously Reported			Adoption Impacts (Unaudited)			As Adjusted (Unaudited)
Assets:
Investments and cash:
Fixed maturity securities available for sale, at fair value		$	94,206		$	0		$	94,206
Fixed maturity securities available for sale - consolidated variable   interest entities, at fair value		4,490			0			4,490
Fixed maturity securities held to maturity, at amortized cost,   net of allowance for credit losses		22,000			0			22,000
Equity securities, at fair value		1,603			0			1,603
Commercial mortgage and other loans, net of allowance for credit losses		11,786			0			11,786
Other investments		3,842			0			3,842
Cash and cash equivalents		5,051			0			5,051
Total investments and cash		142,978			0			142,978
Receivables (1)		693			10			703
Accrued investment income		737			0			737
Deferred policy acquisition costs (2)		9,525			323			9,848
Property and equipment		538			0			538
Other (3)		3,071			275			3,346
Total assets		$	157,542		$	608		$	158,150
Liabilities and shareholders’ equity:
Liabilities:
Policy liabilities:
Future policy benefits (1),(4),(5),(6)		$	90,588		$	25,376		$	115,964
Unpaid policy claims (4),(7)		4,836			(4,685)			151
Unearned premiums		2,576			0			2,576
Other policyholders’ funds (7)		7,072			568			7,640
Total policy liabilities		105,072			21,259			126,331
Income taxes (8)		4,339			(4,309)			30
Payables for return of cash collateral on loaned securities		2,162			0			2,162
Notes payable and lease obligations		7,956			0			7,956
Other (5)		4,760			(120)			4,640
Total liabilities		124,289			16,830			141,119
Commitments and contingent liabilities
Shareholders’ equity:
Common stock		135			0			135
Additional paid-in capital		2,529			0			2,529
Retained earnings (9)		41,381			(418)			40,963
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses) (10)		(2,013)			28			(1,985)
Unrealized gains (losses) on fixed maturity securities		9,602			0			9,602
Unrealized gains (losses) on derivatives		(30)			0			(30)
Effect of changes in discount rate assumptions (11)		0			(15,832)			(15,832)
Pension liability adjustment		(166)			0			(166)
Treasury stock		(18,185)			0			(18,185)
Total shareholders’ equity		33,253			(16,222)			17,031
Total liabilities and shareholders’ equity		$	157,542		$	608		$	158,150

(1) Adjustment for the reclassification of ceded reserves from future policy benefits to receivables in conjunction with adoption of the updated standard.

(2) Adjustment reflects an increase in DAC assets as a result of DAC being amortized over the expected life of a contract and no interest accretion recorded under the updated standard.

(3) Adjustment reflects the discounting of reinsurance recoverables for retrocession activities under the updated standard.

(4) Adjustment for the reclassification of unpaid policy claims for long-duration contracts to future policy benefits as a component of the integrated reserve.

(5) Adjustment for the reclassification of accrued claim adjustment expenses from other liabilities to future policy benefits as a component of the integrated reserve.

(6) Adjustment reflects the impacts of adoption and 2021 activity under the updated standard, including a $490 increase in the deferred profit liability on limited-payment products under the updated standard as discussed above.

(7) Adjustment for the reclassification of the claims liability for certain fixed annuity benefits from unpaid policy claims to other policyholders' funds.

(8) Adjustment reflects the tax effects from adoption and 2021 activity under the updated standard.

(9) Adjustment reflects the impacts from adoption of ($324) as a result of capping the net premium ratio at 100% for cohorts that are in a loss position at transition, and the decrease in current year net earnings of $(94) under the updated standard.

(10) Adjustment reflects foreign currency translation related to the updated standard, as applicable.

(11) Adjustment reflects the impacts from adoption of ($18,570) and 2021 activity of $2,738 due to changes in the discount rate assumptions under the updated standard.