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DERIVATIVE INSTRUMENTS - Derivatives and Hedging Instruments Gain (Loss) Summary (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in other comprehensive income on derivative $ 1 $ 1
Unrealized foreign currency translation gains (losses) during period (43) (452)
Derivative and non-derivative hedging instruments, gain (loss) recognized in other comprehensive income, before tax [1] 55 501
Net investment income    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative [2] 0 0
Net investment gains (losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative 17 (466)
Reclassification Out Of Accumulated Other Comprehensive Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative instruments, cash flow hedges, gains (losses) reclassified from accumulated other comprehensive income into earnings (1) (1)
Cash flow hedges    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in other comprehensive income on derivative [1] 1 1
Cash flow hedges | Net investment income    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative [2] 0 0
Cash flow hedges | Net investment gains (losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative [3] (1) (1)
Cash flow hedges | Foreign currency swaps | Variable Interest Entity    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in other comprehensive income on derivative [1] 1 1
Cash flow hedges | Foreign currency swaps | Variable Interest Entity | Net investment income    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative [2] 0 0
Cash flow hedges | Foreign currency swaps | Variable Interest Entity | Net investment gains (losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative (1) (1)
Fair value hedges    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in other comprehensive income on derivative [1] 0 0
Fair value hedges | Net investment income    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative [2] 0 0
Fair value hedges | Net investment gains (losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative (39) (15)
Fair value hedges | Foreign currency options    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative [3] (39) (15)
Net investment hedge    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative 87 (77)
Unrealized foreign currency translation gains (losses) during period [1] 54 500
Net investment hedge | Foreign currency options    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative (3) (1)
Unrealized foreign currency translation gains (losses) during period [1] 0 0
Net investment hedge | Non-derivative hedging instruments    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative 0 0
Unrealized foreign currency translation gains (losses) during period [1] 25 199
Net investment hedge | Foreign currency forwards    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative 90 (76)
Unrealized foreign currency translation gains (losses) during period [1] 29 301
Non-qualifying strategies    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative (30) (373)
Non-qualifying strategies | Foreign currency swaps | Variable Interest Entity    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative (27) 23
Non-qualifying strategies | Foreign currency swaps | Consolidated Entity Excluding Variable Interest Entities (VIE)    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative 1 28
Non-qualifying strategies | Foreign currency options    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative (19) (10)
Non-qualifying strategies | Foreign currency forwards    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative (51) (241)
Non-qualifying strategies | Interest rate swaps    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative 69 (156)
Non-qualifying strategies | Forward bond purchase commitment | Variable Interest Entity    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in income on derivative $ (3) $ (17)
[1] 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).
[2] 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.
[3] Impact of cash flow hedges reported as net investment gains (losses) includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the three-month period ended March 31, 2023, and $1 of losses during the three-month period ended March 31, 2022. In addition, an immaterial amount of losses were reclassified from accumulated other comprehensive income (loss) into earnings during the three-month period ended March 31, 2023, and an immaterial amount during the three-month period ended March 31, 2022, 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).