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DERIVATIVE INSTRUMENTS - Derivatives and Hedging Instruments Gain (Loss) Summary (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in other comprehensive income on derivative $ 1 $ 1 $ 4 $ 2
Unrealized foreign currency translation gains (losses) during period (194) (438) (674) (1,641)
Derivative and non-derivative hedging instruments, gain (loss) recognized in other comprehensive income, before tax [1] 145 418 908 1,766
Net investment income        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative [2] (1) 0 (2) 0
Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (53) (491) (630) (1,515)
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) (3) (3)
Derivative instruments, fair value hedges excluded component, 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 3 2
Cash flow hedges | Net investment income        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative [2] (1) 0 (1) 0
Cash flow hedges | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (1) [3] (1) [3] (3) [4] (3) [4]
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 3 2
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] (1) 0 (1) 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) (3) (3)
Fair value hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (1) (15)    
Gains (losses) recognized in other comprehensive income on derivative [1]     1 0
Fair value hedges | Net investment income        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative [2]     (1) 0
Fair value hedges | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative     (65) (41)
Fair value hedges | Foreign currency options        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (1) (15) (65) (41)
Fair value hedges | Interest rate swaptions        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in other comprehensive income on derivative [1],[5]     1 0
Fair value hedges | Interest rate swaptions | Net investment income        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative [2],[5]     (1) 0
Fair value hedges | Interest rate swaptions | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative [5]     0 0
Net investment hedge        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative 71 27 190 (75)
Unrealized foreign currency translation gains (losses) during period [1] 144 417 904 1,764
Net investment hedge | Foreign currency options        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative 0 (1) (8) (2)
Unrealized foreign currency translation gains (losses) during period [1] 0 0 0 0
Net investment hedge | Non-derivative hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative 0 0 0 0
Unrealized foreign currency translation gains (losses) during period [1] 112 181 450 705
Net investment hedge | Foreign currency forwards        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative 71 28 198 (73)
Unrealized foreign currency translation gains (losses) during period [1] 32 236 454 1,059
Non-qualifying strategies        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (122) (502) (752) (1,396)
Non-qualifying strategies | Foreign currency swaps | Variable Interest Entity        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (22) (19) (112) (35)
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 27 4 162
Non-qualifying strategies | Foreign currency options        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (9) 0 (46) (13)
Non-qualifying strategies | Foreign currency forwards        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative 32 (252) (350) (966)
Non-qualifying strategies | Interest rate swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (124) (257) (244) (523)
Non-qualifying strategies | Forward bond purchase commitment | Variable Interest Entity        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative $ 0 $ (1) $ (4) $ (21)
[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 statements 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 September 30, 2023, and $1 of losses during the three-month period ended September 30, 2022.
[4] Impact of cash flow hedges reported as net investment gains (losses) includes $3 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the nine-month period ended September 30, 2023, and $3 of losses during the nine-month period ended September 30, 2022.
[5] Includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the nine-month period ended September 30, 2023 and $1 of losses during the nine-month period ended September 30, 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).