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DERIVATIVE INSTRUMENTS - Gains (Losses) Recognized on Fair Value Hedging Relationships (Detail) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]      
Total gains (losses) recognized for derivatives $ (65) $ (18) $ (33)
Gains (losses) on derivatives excluded from effectiveness testing [1] (65) (18) (25)
Gain (losses) on derivatives included in effectiveness testing [2] 0 0 (8)
Gains (losses) recognized for hedged items [2] 0 0 10
Net realized gains (losses) recognized for fair value hedge 0 0 2
Fixed maturity securities | Foreign currency options      
Derivative Instruments, Gain (Loss) [Line Items]      
Total gains (losses) recognized for derivatives (65) (18) (26)
Gains (losses) on derivatives excluded from effectiveness testing [1] (65) (18) (25)
Gain (losses) on derivatives included in effectiveness testing [2] 0 0 (1)
Gains (losses) recognized for hedged items [2] 0 0 4
Net realized gains (losses) recognized for fair value hedge $ 0 $ 0 3
Fixed maturity securities | Foreign currency forwards      
Derivative Instruments, Gain (Loss) [Line Items]      
Total gains (losses) recognized for derivatives     (7)
Gains (losses) on derivatives excluded from effectiveness testing [1]     0
Gain (losses) on derivatives included in effectiveness testing [2]     (7)
Gains (losses) recognized for hedged items [2]     6
Net realized gains (losses) recognized for fair value hedge     $ (1)
[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.