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DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
20222021
(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 $3 $18 $0 $2 
Total cash flow hedges18 0 3 18 0 2 
Fair value hedges:
Foreign currency forwards0 0 0 62 0 5 
Foreign currency options7,940 45 0 8,829 5 0 
Total fair value hedges7,940 45 0 8,891 5 5 
Net investment hedge:
Foreign currency forwards4,982 383 85 4,996 341 0 
Foreign currency options2,630 7 0 1,949 0 0 
Total net investment hedge7,612 390 85 6,945 341 0 
Non-qualifying strategies:
Foreign currency swaps1,900 66 0 2,250 59 13 
Foreign currency swaps - VIE3,420 62 387 3,151 78 412 
Foreign currency forwards5,049 17 640 15,953 450 1,133 
Foreign currency options5,521 30 0 2,746 3 0 
Interest rate swaps17,730 7 583 3,500 0 54 
Total non-qualifying strategies33,620 182 1,610 27,600 590 1,612 
Total derivatives$49,190 $617 $1,698 $43,454 $936 $1,619 
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
2022:
Foreign currency optionsFixed maturity securities$(18)$(18)$0 $0 $0 
Total gains (losses)$(18)$(18)$0 $0 $0 
2021:
Foreign currency forwardsFixed maturity securities$(7)$0 $(7)$6 $(1)
Foreign currency optionsFixed maturity securities(26)(25)(1)4 3 
Total gains (losses)$(33)$(25)$(8)$10 $2 
2020:
Foreign currency forwardsFixed maturity securities$(14)$(8)$(6)$7 $1 
Foreign currency optionsFixed maturity securities(9)(8)(1)1 0 
    Total gains (losses)$(23)$(16)$(7)$8 $1 
(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 net 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, 2022 and 2021, 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)
2022202120222021
Fixed maturity securities$2,360 $3,038 $189 $205 
(1) The balance includes hedging adjustment on discontinued hedging relationships of $189 in 2022 and $205 in 2021.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table summarizes the impact to earnings and other comprehensive income (loss) from all derivatives and hedging instruments for the years ended December 31.
202220212020
(In millions)
Net Investment Income (1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Net Investment Income (1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Net Investment Income (1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$(1)$(4)$4 $(1)$(4)$3 $(1)$0 $(2)
  Total cash flow hedges(1)(4)
(3)
4 (1)(4)
(3)
3 (1)0 
(3)
(2)
  Fair value hedges:
       Foreign currency forwards (3)
0 (1)(7)
       Foreign currency options (3)
(18)(22)(8)
       Interest rate swaptions (3)
0 0 0 (1)(1)2 (1)0 1 
  Total fair value hedges0 (18)0 (1)(24)2 (1)(15)1 
  Net investment hedge:
       Non-derivative hedging
          instruments		0 371 0 328 0 (135)
       Foreign currency forwards(80)673 29 525 149 (282)
       Foreign currency options (1)0 (4)0 (5)0 
   Total net investment hedge(81)1,044 25 853 144 (417)
  Non-qualifying strategies:
       Foreign currency swaps159 135 29 
       Foreign currency swaps - VIE9 (188)(122)
       Foreign currency forwards(650)(707)311 
       Foreign currency options 0 (3)(3)
       Interest rate swaps(546)(38)49 
       Interest rate swaptions1 0 0 
       Forward bond purchase
         commitment - VIE		(21)(1)6 
  Total non-qualifying strategies(1,048)(802)270 
          Total$(1)$(1,151)$1,048 $(2)$(805)$858 $(2)$399 $(418)
(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 changes 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 $4 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the year ended December 31, 2022, compared with $4 of losses and an immaterial amount during the years ended December 31, 2021 and 2020, respectively. In addition, $1 of losses were reclassified from accumulated other comprehensive income (loss) into earnings during the year ended December 31, 2022, compared with $2 of losses and an immaterial amount during the years ended December 31, 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).
Offsetting Assets
Offsetting of Financial Assets and Derivative Assets
2022
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$548 $0 $548 $(167)$(60)$(320)$1 
          OTC - cleared7 0 7 (7)0 0 0 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		555 0 555 (174)(60)(320)1 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral62 62 62 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		62 62 62 
    Total derivative
      assets		617 0 617 (174)(60)(320)63 
Securities lending
   and similar
   arrangements		1,788 0 1,788 0 0 (1,788)0 
    Total$2,405 $0 $2,405 $(174)$(60)$(2,108)$63 
2021
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$858 $0 $858 $(471)$(53)$(334)$0 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		858 0 858 (471)(53)(334)0 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral78 78 78 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		78 78 78 
    Total derivative
      assets		936 0 936 (471)(53)(334)78 
Securities lending
   and similar
   arrangements		2,124 0 2,124 0 0 (2,124)0 
    Total$3,060 $0 $3,060 $(471)$(53)$(2,458)$78 
Offsetting Liabilities
Offsetting of Financial Liabilities and Derivative Liabilities
2022
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$725 $0 $725 $(167)$(506)$(52)$0 
          OTC - cleared583 0 583 (7)0 (577)(1)
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		1,308 0 1,308 (174)(506)(629)(1)
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral390 390 390 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		390 390 390 
    Total derivative
      liabilities		1,698 0 1,698 (174)(506)(629)389 
Securities lending
   and similar
   arrangements		1,809 0 1,809 (1,788)0 0 21 
    Total$3,507 $0 $3,507 $(1,962)$(506)$(629)$410 
2021
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$1,151 $0 $1,151 $(471)$(662)$(14)$4 
OTC - cleared54 0 54 0 0 (35)19 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		1,205 0 1,205 (471)(662)(49)23 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral414 414 414 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		414 414 414 
    Total derivative
      liabilities		1,619 0 1,619 (471)(662)(49)437 
Securities lending
   and similar
   arrangements		2,162 0 2,162 (2,124)0 0 38 
    Total$3,781 $0 $3,781 $(2,595)$(662)$(49)$475