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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Impact from Adoption on Statement of Earnings (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues:      
Net premium income $ 15,263 $ 17,647 $ 18,622
Net investment income 3,656 3,818 3,638
Net investment gains (losses) 363 468 (270)
Total revenues 19,502 22,106 22,147
Benefits and expenses:      
Benefits and claims, net 9,153 10,576 11,796
Acquisition and operating expenses:      
Amortization of deferred policy acquisition costs 1,152 1,170 1,214
Insurance commissions 1,117 1,256 1,316
Insurance and other expenses [1] 3,250 3,544 3,420
Interest expense 226 238 242
Total acquisition and operating expenses 5,745 6,208 6,192
Total benefits and expenses 14,898 16,784 17,988
Income tax expense (benefit) 403 997 (619)
Net earnings 4,201 4,325 $ 4,778
Accounting Standards Update 2018-12 | Pro Forma      
Revenues:      
Net premium income 14,901 [2] 17,095 [3]  
Net investment income 3,656 3,818  
Net investment gains (losses) 363 468  
Other income (loss) 220 173  
Total revenues 19,140 21,554  
Benefits and expenses:      
Benefits and claims, excluding reserve remeasurement (gains) losses 9,102 [2],[4] 10,623 [3],[5]  
Reserve remeasurement (gains) losses [6] (215) (147)  
Benefits and claims, net 8,887 10,476  
Acquisition and operating expenses:      
Amortization of deferred policy acquisition costs [7] 792 835  
Insurance commissions 1,117 1,256  
Insurance and other expenses 3,249 [8] 3,541 [9]  
Interest expense 226 238  
Total acquisition and operating expenses 5,384 5,870  
Total benefits and expenses 14,271 16,346  
Earnings before income taxes 4,869 5,208  
Income tax expense (benefit) 451 [10] 977 [11]  
Net earnings 4,418 4,231  
Accounting Standards Update 2018-12 | As Reported | Pro Forma      
Revenues:      
Net premium income 15,263 [2] 17,647 [3]  
Net investment income 3,656 3,818  
Net investment gains (losses) 363 468  
Other income (loss) 220 173  
Total revenues 19,502 22,106  
Benefits and expenses:      
Benefits and claims, excluding reserve remeasurement (gains) losses 9,153 [2],[4] 10,576 [3],[5]  
Reserve remeasurement (gains) losses [6] 0 0  
Benefits and claims, net 9,153 10,576  
Acquisition and operating expenses:      
Amortization of deferred policy acquisition costs [7] 1,152 1,170  
Insurance commissions 1,117 1,256  
Insurance and other expenses 3,250 [8] 3,544 [9]  
Interest expense 226 238  
Total acquisition and operating expenses 5,745 6,208  
Total benefits and expenses 14,898 16,784  
Earnings before income taxes 4,604 5,322  
Income tax expense (benefit) 403 [10] 997 [11]  
Net earnings 4,201 4,325  
Accounting Standards Update 2018-12 | Adoption Impacts | Pro Forma      
Revenues:      
Net premium income (362) [2] (552) [3]  
Net investment income 0 0  
Net investment gains (losses) 0 0  
Other income (loss) 0 0  
Total revenues (362) (552)  
Benefits and expenses:      
Benefits and claims, excluding reserve remeasurement (gains) losses (51) [2],[4] 47 [3],[5]  
Reserve remeasurement (gains) losses [6] (215) (147)  
Benefits and claims, net (266) (100)  
Acquisition and operating expenses:      
Amortization of deferred policy acquisition costs [7] (360) (335)  
Insurance commissions 0 0  
Insurance and other expenses (1) [8] (3) [9]  
Interest expense 0 0  
Total acquisition and operating expenses (361) (338)  
Total benefits and expenses (627) (438)  
Earnings before income taxes 265 (114)  
Income tax expense (benefit) 48 [10] (20) [11]  
Net earnings $ 217 $ (94)  
[1] Includes expense of $48 in 2021 and $15 in 2020 for the early extinguishment of debt.
[2] Adjustment reflects a $324 increase in the deferred profit liability on limited-payment products under the updated standard combined with the reclassification of a $38 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.
[3] 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.
[4] Adjustment reflects 2022 activity for the effect of calculating benefits using revised net premium ratios and best estimate future cash flow projections, excluding reserve remeasurement impacts.
[5] 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.
[6] 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.
[7] 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.
[8] Adjustment reflects 2022 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.
[9] 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
[10] Adjustment reflects an increase in income tax expense associated with the increase in pretax earnings.
[11] Adjustment reflects a decrease in income tax expense associated with the decrease in pretax earnings.