SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Rollforward of allowance for credit losses and disputes in connection with the adoption of the Financial Instruments Credit Losses Standard

Three Months Ended March 31, 2020		Balance,		Cumulative Effect		Purchased Credit				Balance,
		Beginning		Adjustment as of		Deteriorated Initial		Increase		End of
(in millions)		of Year		January 1, 2020		Allowance		(Decrease)		Period
Securities available for sale(a)	$	-	$	-	$	13	$	198	$	211
Mortgage and other loan receivables(b)		438		318		-		31		787
Reinsurance recoverables (inclusive of
deposit accounted assets)(c)		151		224		-		(13)		362
Premiums and other receivables(d)		178		34		-		(2)		210
Contractual deductible recoverables(e)		-		14		-		-		14
Commercial mortgage loan commitments(f)		-		51		-		7		58
Total	$	767	$	641	$	13	$	221	$	1,642
Secondary impacts to certain long-duration
insurance contracts(g)				(27)
Tax impact				(127)
Total cumulative effect adjustment			$	487

(a)The allowance for credit losses is reported in Bonds available for sale in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Net realized capital gains (losses) in the Condensed Consolidated Statements of Income. Refer to Note 6 for additional information.

(b)The allowance for credit losses is reported in Mortgage and other loans receivable in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Net realized capital gains (losses) in the Condensed Consolidated Statements of Income. Refer to Note 7 for additional information.

(c)The allowance for credit losses is reported for Reinsurance assets for reinsurance contracts that contain sufficient insurance risk, and reported in Other assets for insurance and reinsurance contracts that do not contain sufficient insurance risk in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Policyholder benefits and losses incurred for reinsurance contracts that do contain sufficient insurance risk and Premiums for contracts that do not contain sufficient insurance risk in the Condensed Consolidated Statements of Income. Refer to Note 2 for additional information.

(d)The allowance for credit losses is reported in Premiums and other receivables in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in General operating and other expenses in the Condensed Consolidated Statements of Income. Refer to Note 2 for additional information.

(e)The allowance for credit losses is reported in Liability for unpaid losses and loss adjustment expenses in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Policyholder benefits and losses incurred in the Condensed Consolidated Statements of Income. Refer to Note 10 for additional information.

(f)The allowance for credit losses is reported in Other liabilities in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Net realized capital gains (losses) in the Condensed Consolidated Statements of Income. Refer to Note 7 for additional information.

(g)This reflects adjustments to the amortization of DAC, unearned revenue reserve and sales inducement assets as well as impacts on the future policy benefits for certain universal life and variable annuity contracts.

Rollfoward of the reinsurance recoverable allowance for credit losses and disputes

Three Months Ended March 31, 2020		General		Life and
(in millions)		Insurance		Retirement		Total
Balance, beginning of year	$	111	$	40	$	151
Initial allowance upon CECL adoption		202		22		224
Current period provision for expected credit losses and disputes		(4)		2		(2)
Write-offs charged against the allowance for credit losses and disputes		(3)		(4)		(7)
Other changes		(4)		-		(4)
Balance, end of period	$	302	$	60	$	362