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DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 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, at December 31. 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.
20232022
(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 options2,158 0 0 7,940 45 0 
Total fair value hedges2,158 0 0 7,940 45 0 
Net investment hedge:
Foreign currency forwards2,611 179 27 4,982 383 85 
Foreign currency options456 0 0 2,630 7 0 
Total net investment hedge3,067 179 27 7,612 390 85 
Non-qualifying strategies:
Foreign currency swaps1,200 31 0 1,900 66 0 
Foreign currency swaps - VIE3,417 55 503 3,420 62 387 
Foreign currency forwards7,402 59 477 5,049 17 640 
Foreign currency options22,557 2 0 5,521 30 0 
Interest rate swaps17,230 11 419 17,730 7 583 
Total non-qualifying strategies51,806 158 1,399 33,620 182 1,610 
Total derivatives$57,049 $337 $1,430 $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 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
2023:
Foreign currency optionsFixed maturity securities$(65)$(65)$0 $0 $0 
Total gains (losses)$(65)$(65)$0 $0 $0 
2022:
Foreign currency optionsFixed maturity securities$(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 
(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 statements 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 statements 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 years ended December 31, 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 December 31, 2023 and 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)
2023202220232022
Fixed maturity securities$1,692 $2,360 $164 $189 
(1) The balance includes hedging adjustment on discontinued hedging relationships of $164 in 2023 and $189 in 2022.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table summarizes the impact to earnings and other comprehensive income (loss) from all derivatives and hedging instruments for the years ended December 31.
202320222021
(In millions)
Net Investment Income (1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Net Investment Income (1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Net Investment Income (1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$(1)$(4)$5 $(1)$(4)$4 $(1)$(4)$3 
  Total cash flow hedges(1)(4)
(3)
5 (1)(4)
(3)
4 (1)(4)
(3)
3 
  Fair value hedges:
       Foreign currency forwards0 0 (1)
       Foreign currency options(65)(18)(22)
       Interest rate swaptions (4)
(1)0 1 0 0 0 (1)(1)2 
  Total fair value hedges(1)(65)1 0 (18)0 (1)(24)2 
  Net investment hedge:
       Non-derivative hedging
          instruments		0 257 0 371 0 328 
       Foreign currency forwards234 313 (80)673 29 525 
       Foreign currency options (5)0 (1)0 (4)0 
   Total net investment hedge229 570 (81)1,044 25 853 
  Non-qualifying strategies:
       Foreign currency swaps4 159 135 
       Foreign currency swaps - VIE(201)9 (188)
       Foreign currency forwards(349)(650)(707)
       Foreign currency options (53)0 (3)
       Interest rate swaps(88)(546)(38)
       Interest rate swaptions0 1 0 
       Forward bond purchase
         commitment - VIE		(4)(21)(1)
  Total non-qualifying strategies(691)(1,048)(802)
          Total$(2)$(531)$576 $(1)$(1,151)$1,048 $(2)$(805)$858 
(1) Interest expense/income on cash flow hedges is 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 statements 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, 2023, compared with $4 of losses during the years ended December 31, 2022 and 2021, respectively.
(4) Includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the year ended December 31, 2023, compared with $1 and $2 of losses during the years ended December 31, 2022 and 2021, 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
2023
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$271 $0 $271 $(85)$(53)$(130)$3 
          OTC - cleared11 0 11 (11)0 0 0 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		282 0 282 (96)(53)(130)3 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral55 55 55 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		55 55 55 
    Total derivative
      assets		337 0 337 (96)(53)(130)58 
Securities lending
   and similar
   arrangements		1,480 0 1,480 0 0 (1,480)0 
    Total$1,817 $0 $1,817 $(96)$(53)$(1,610)$58 
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 SheetFinancial
Instruments		Securities CollateralCash 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
2023
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$504 $0 $504 $(85)$(381)$(37)$1 
          OTC - cleared419 0 419 (11)(19)(389)0 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		923 0 923 (96)(400)(426)1 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral507 507 507 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		507 507 507 
    Total derivative
      liabilities		1,430 0 1,430 (96)(400)(426)508 
Securities lending
   and similar
   arrangements		1,503 0 1,503 (1,480)0 0 23 
    Total$2,933 $0 $2,933 $(1,576)$(400)$(426)$531 
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