XML 50 R38.htm IDEA: XBRL DOCUMENT v3.22.2.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Impact from Adoption on Balance Sheet (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Jan. 01, 2021
Dec. 31, 2020
Investments and Cash:                  
Available for sale, fixed maturity securities $ 73,643     $ 98,696          
Held to maturity, fixed maturity securities 17,466 [1]     22,000          
Equity securities 1,064     1,603          
Commercial mortgage and other loans 13,459     11,786          
Other investments 4,186     3,842          
Cash and cash equivalents 4,710     5,051          
Total investments and cash 114,528     142,978          
Receivables 655     693          
Accrued investment income 684     737          
Deferred policy acquisition costs 8,155     9,525          
Property and equipment, at cost less accumulated depreciation 488     538          
Other 3,590     3,071          
Total assets 128,100     157,542          
Policy Liabilities:                  
Future policy benefits 74,629     90,588          
Unpaid policy claims 4,516     4,836          
Unearned premiums 1,763     2,576          
Other policyholders’ funds 5,632     7,072          
Total policy liabilities 86,540     105,072          
Income taxes 1,888     4,339          
Payables for return of cash collateral on loaned securities 2,721     2,162          
Notes payable and lease obligations 7,518     7,956          
Other 5,281     4,760          
Liabilities 103,948     124,289          
Commitments and contingent liabilities              
Shareholders’ equity:                  
Common stock 135     135          
Additional paid-in capital 2,615     2,529          
Retained earnings 44,892     41,381          
Accumulated other comprehensive income (loss):                  
Unrealized foreign currency translation gains (losses) (4,455)     (2,013)          
Unrealized gains (losses) on fixed maturity securities 1,131     9,602          
Unrealized gains (losses) on derivatives (29)     (30)          
Pension liability adjustment (158)     (166)          
Treasury stock, at average cost (19,979)     (18,185)          
Total shareholders’ equity 24,152 $ 26,387 $ 29,527 33,253 $ 33,552 $ 33,735 $ 32,103   $ 33,559
Total liabilities and shareholders’ equity 128,100     157,542          
Accounting Standards Update 2018-12 | Pro Forma                  
Investments and Cash:                  
Held to maturity, fixed maturity securities       22,000          
Equity securities       1,603          
Commercial mortgage and other loans       11,786          
Cash and cash equivalents       5,051          
Total investments and cash       142,978          
Receivables [2]       703          
Deferred policy acquisition costs [3]       9,848          
Property and equipment, at cost less accumulated depreciation       538          
Other [4]       3,346          
Total assets       158,150          
Policy Liabilities:                  
Future policy benefits [2],[5],[6],[7]       115,964          
Unpaid policy claims [6],[8]       151          
Unearned premiums       2,576          
Other policyholders’ funds [8]       7,640          
Total policy liabilities       126,331          
Income taxes [9]       30          
Payables for return of cash collateral on loaned securities       2,162          
Other [5]       4,640          
Liabilities       141,119          
Commitments and contingent liabilities                
Shareholders’ equity:                  
Common stock       135          
Additional paid-in capital       2,529          
Retained earnings [10]       40,963          
Accumulated other comprehensive income (loss):                  
Unrealized foreign currency translation gains (losses) [11]       (1,985)          
Unrealized gains (losses) on fixed maturity securities       9,602          
Unrealized gains (losses) on derivatives       (30)          
Effect of changes in discount rate assumptions [12]       (15,832)          
Pension liability adjustment       (166)          
Treasury stock, at average cost       (18,185)          
Total shareholders’ equity       17,031          
Total liabilities and shareholders’ equity       158,150          
Accounting Standards Update 2018-12 | Pro Forma | Cumulative Effect, Period of Adoption, Adjustment                  
Shareholders’ equity:                  
Retained earnings               $ (300)  
Accounting Standards Update 2018-12 | As Previously Reported | Pro Forma                  
Investments and Cash:                  
Held to maturity, fixed maturity securities       22,000          
Equity securities       1,603          
Commercial mortgage and other loans       11,786          
Other investments       3,842          
Cash and cash equivalents       5,051          
Total investments and cash       142,978          
Receivables [2]       693          
Accrued investment income       737          
Deferred policy acquisition costs [3]       9,525          
Property and equipment, at cost less accumulated depreciation       538          
Other [4]       3,071          
Total assets       157,542          
Policy Liabilities:                  
Future policy benefits [2],[5],[6],[7]       90,588          
Unpaid policy claims [6],[8]       4,836          
Unearned premiums       2,576          
Other policyholders’ funds [8]       7,072          
Total policy liabilities       105,072          
Income taxes [9]       4,339          
Payables for return of cash collateral on loaned securities       2,162          
Notes payable and lease obligations       7,956          
Other [5]       4,760          
Liabilities       124,289          
Commitments and contingent liabilities                
Shareholders’ equity:                  
Common stock       135          
Additional paid-in capital       2,529          
Retained earnings [10]       41,381          
Accumulated other comprehensive income (loss):                  
Unrealized foreign currency translation gains (losses) [11]       (2,013)          
Unrealized gains (losses) on fixed maturity securities       9,602          
Unrealized gains (losses) on derivatives       (30)          
Effect of changes in discount rate assumptions [12]       0          
Pension liability adjustment       (166)          
Treasury stock, at average cost       (18,185)          
Total shareholders’ equity       33,253          
Total liabilities and shareholders’ equity       157,542          
Accounting Standards Update 2018-12 | Transition Adjustments | Pro Forma                  
Investments and Cash:                  
Held to maturity, fixed maturity securities       0          
Equity securities       0          
Commercial mortgage and other loans       0          
Other investments       0          
Cash and cash equivalents       0          
Total investments and cash       0          
Receivables [2]       10          
Accrued investment income       0          
Deferred policy acquisition costs [3]       323          
Property and equipment, at cost less accumulated depreciation       0          
Other [4]       275          
Total assets       608          
Policy Liabilities:                  
Future policy benefits [2],[5],[6],[7]       25,376          
Unpaid policy claims [6],[8]       (4,685)          
Unearned premiums       0          
Other policyholders’ funds [8]       568          
Total policy liabilities       21,259          
Income taxes [9]       (4,309)          
Payables for return of cash collateral on loaned securities       0          
Notes payable and lease obligations       0          
Other [5]       (120)          
Liabilities       16,830          
Commitments and contingent liabilities                
Shareholders’ equity:                  
Common stock       0          
Additional paid-in capital       0          
Retained earnings [10]       (418)          
Accumulated other comprehensive income (loss):                  
Unrealized foreign currency translation gains (losses) [11]       28          
Unrealized gains (losses) on fixed maturity securities       0          
Unrealized gains (losses) on derivatives       0          
Effect of changes in discount rate assumptions [12]       (15,832)          
Pension liability adjustment       0          
Treasury stock, at average cost       0          
Total shareholders’ equity       (16,222)          
Total liabilities and shareholders’ equity       608          
Accounting Standards Update 2018-12 | Transition Adjustments | Pro Forma | Cumulative Effect, Period of Adoption, Adjustment                  
Shareholders’ equity:                  
Retained earnings               (324)  
Accumulated other comprehensive income (loss):                  
Effect of changes in discount rate assumptions               $ (18,570)  
Consolidated Entity, Excluding VIE | Accounting Standards Update 2018-12 | Pro Forma                  
Investments and Cash:                  
Available for sale, fixed maturity securities       94,206          
Consolidated Entity, Excluding VIE | Accounting Standards Update 2018-12 | As Previously Reported | Pro Forma                  
Investments and Cash:                  
Available for sale, fixed maturity securities       94,206          
Consolidated Entity, Excluding VIE | Accounting Standards Update 2018-12 | Transition Adjustments | Pro Forma                  
Investments and Cash:                  
Available for sale, fixed maturity securities       0          
Variable Interest Entity, Consolidated                  
Investments and Cash:                  
Available for sale, fixed maturity securities 3,617     4,490          
Commercial mortgage and other loans [13] 10,775     9,740          
Other investments [13],[14] 1,815     1,535          
Policy Liabilities:                  
Liabilities [13] $ 463     414          
Variable Interest Entity, Consolidated | Accounting Standards Update 2018-12 | Pro Forma                  
Investments and Cash:                  
Available for sale, fixed maturity securities       4,490          
Variable Interest Entity, Consolidated | Accounting Standards Update 2018-12 | As Previously Reported | Pro Forma                  
Investments and Cash:                  
Available for sale, fixed maturity securities       4,490          
Variable Interest Entity, Consolidated | Accounting Standards Update 2018-12 | Transition Adjustments | Pro Forma                  
Investments and Cash:                  
Available for sale, fixed maturity securities       $ 0          
[1] Net of allowance for credit losses
[2] Adjustment for the reclassification of ceded reserves from future policy benefits to receivables in conjunction with adoption of the updated standard.
[3] 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.
[4] Adjustment reflects the discounting of reinsurance recoverables for retrocession activities under the updated standard.
[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 for the reclassification of unpaid policy claims for long-duration contracts to future policy benefits as a component of the integrated reserve.
[7] 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.
[8] Adjustment for the reclassification of the claims liability for certain fixed annuity benefits from unpaid policy claims to other policyholders' funds.
[9] Adjustment reflects the tax effects from adoption and 2021 activity under the updated standard.
[10] 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.
[11] Adjustment reflects foreign currency translation related to the updated standard, as applicable.
[12] 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.
[13] Net of allowance for credit losses
[14] Consists entirely of alternative investments in limited partnerships