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DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below summarizes the balance sheet classification of the Company's derivative fair value amounts, as well as the gross asset and liability fair value amounts. The fair value amounts presented do not include income accruals. Derivative assets are included in “Other Assets,” while derivative liabilities are included in “Other Liabilities” within the Company’s Consolidated Balance Sheets. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and are not reflective of exposure or credit risk.
  June 30, 2023December 31, 2022
(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 $4 $18 $0 $3 
Total cash flow hedges18 0 4 18 0 3 
Fair value hedges:
Foreign currency options8,241 0 0 7,940 45 0 
Total fair value hedges8,241 0 0 7,940 45 0 
Net investment hedge:
Foreign currency forwards5,002 552 0 4,982 383 85 
Foreign currency options2,368 0 0 2,630 7 0 
Total net investment hedge7,370 552 0 7,612 390 85 
Non-qualifying strategies:
Foreign currency swaps1,200 46 0 1,900 66 0 
Foreign currency swaps - VIE3,510 61 446 3,420 62 387 
Foreign currency forwards3,701 0 440 5,049 17 640 
Foreign currency options5,221 0 0 5,521 30 0 
Interest rate swaps25,860 9 591 17,730 7 583 
Total non-qualifying strategies39,492 116 1,477 33,620 182 1,610 
Total derivatives$55,121 $668 $1,481 $49,190 $617 $1,698 
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location The following table presents the gains and losses on derivatives and the related hedged items in fair value hedges.
Fair Value Hedging Relationships
(In millions)Hedging DerivativesHedged Items
Hedging DerivativesHedged Items Total
Gains
(Losses)
Gains (Losses)
Excluded from Effectiveness Testing(1)
Gains (Losses)
Included in Effectiveness Testing(2)
 Gains (Losses)(2)
Net Investment Gains (Losses) Recognized for Fair Value Hedge
Three Months Ended June 30, 2023:
Foreign currency optionsFixed maturity securities$(25)$(25)$0 $0 $0 
  Total gains (losses)$(25)$(25)$0 $0 $0 
Six Months Ended June 30, 2023:
Foreign currency optionsFixed maturity securities$(64)$(64)$0 $0 $0 
Total gains (losses)$(64)$(64)$0 $0 $0 
Three Months Ended June 30, 2022:
Foreign currency optionsFixed maturity securities$(11)$(11)$0 $0 $0 
  Total gains (losses)$(11)$(11)$0 $0 $0 
Six Months Ended June 30, 2022:
Foreign currency optionsFixed maturity securities$(26)$(26)$0 $0 $0 
Total gains (losses)$(26)$(26)$0 $0 $0 
(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 (losses) consistent with the impact of the hedged item. For the three- and six-month periods ended June 30, 2023 and 2022, 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. The Company had no fair value hedges of interest rate risk as of June 30, 2023 and December 31, 2022; therefore, the amounts presented in the table below are related to previous fair value hedges of interest rate risk that were discontinued.
(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)
June 30,
2023		December 31, 2022June 30,
2023		December 31, 2022
Fixed maturity securities$1,892 $2,360 $182 $189 
(1) The balance includes hedging adjustment on discontinued hedging relationships of $182 in 2023 and $189 in 2022.
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.
Three Months Ended June 30,
20232022
(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)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$0 $(1)$1 $0 $(1)$0 
  Total cash flow hedges0 (1)
(3)
1 0 (1)
(3)
0 
  Fair value hedges:
       Foreign currency options(25)(11)
  Total fair value hedges(25)(11)
  Net investment hedge:
       Non-derivative hedging
          instruments		0 313 0 324 
       Foreign currency forwards37 393 (25)522 
       Foreign currency options (5)0 0 0 
   Total net investment hedge32 706 (25)846 
  Non-qualifying strategies:
       Foreign currency swaps2 107 
       Foreign currency swaps - VIE(63)(39)
       Foreign currency forwards(331)(473)
       Foreign currency options (18)(3)
       Interest rate swaps(189)(110)
       Forward bond purchase
         commitment - VIE		(1)(3)
  Total non- qualifying strategies(600)(521)
          Total$0 $(594)$707 $0 $(558)$846 
(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 $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the three-month period ended June 30, 2023, and $1 of losses during the three-month period ended June 30, 2022.
Six Months Ended June 30,
20232022
(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)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$0 $(2)$2 $0 $(2)$1 
  Total cash flow hedges0 (2)
(3)
2 0 (2)
(3)
1 
  Fair value hedges:
       Foreign currency options(64)(26)
  Total fair value hedges(64)(26)
  Net investment hedge:
       Non-derivative hedging
         instruments		0 338 0 523 
       Foreign currency forwards127 422 (101)823 
       Foreign currency options (8)0 (1)0 
  Total net investment hedge119 760 (102)1,346 
  Non-qualifying strategies:
       Foreign currency swaps3 135 
       Foreign currency swaps - VIE(90)(16)
       Foreign currency forwards(382)(714)
       Foreign currency options (37)(13)
       Interest rate swaps(120)(266)
       Forward bond purchase
         commitment - VIE		(4)(20)
  Total non-qualifying strategies(630)(894)
          Total$0 $(577)$762 $0 $(1,024)$1,347 
(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 $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the six-month period ended June 30, 2023, and $1 of losses during the six-month period ended June 30, 2022.
Offsetting Assets
Offsetting of Financial Assets and Derivative Assets
June 30, 2023
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount
Offset in
Balance
Sheet		Net 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$598 $0 $598 $(1)$(70)$(527)$0 
          OTC - cleared9 0 9 (9)0 0 0 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		607 0 607 (10)(70)(527)0 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral61 61 61 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		61 61 61 
    Total derivative
      assets		668 0 668 (10)(70)(527)61 
Securities lending
   and similar
   arrangements		4,654 0 4,654 0 0 (4,654)0 
    Total$5,322 $0 $5,322 $(10)$(70)$(5,181)$61 
December 31, 2022
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount
Offset in
Balance
Sheet		Net 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 
Offsetting Liabilities
Offsetting of Financial Liabilities and Derivative Liabilities
June 30, 2023
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount
Offset in
Balance
Sheet		Net Amount of Liabilities Presented
 in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash Collateral PledgedNet Amount
Derivative
  liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$440 $0 $440 $(1)$(395)$(39)$5 
          OTC - cleared591 0 591 (9)(25)(557)0 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		1,031 0 1,031 (10)(420)(596)5 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral450 450 450 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		450 450 450 
    Total derivative
      liabilities		1,481 0 1,481 (10)(420)(596)455 
Securities lending
   and similar
   arrangements		4,679 0 4,679 (4,654)0 0 25 
    Total$6,160 $0 $6,160 $(4,664)$(420)$(596)$480 
December 31, 2022
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount
Offset in
Balance
Sheet		Net Amount of Liabilities Presented
 in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash 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