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FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Hierarchy, Assets and Liabilities Measured on Recurring Basis
The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis.
  
March 31, 2022
(In millions)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Fair
Value
Assets:
Securities available for sale, carried at
  fair value:
Fixed maturity securities:
Government and agencies$29,547 $1,165 $0 $30,712 
Municipalities0 2,776 0 2,776 
Mortgage- and asset-backed securities0 1,048 318 1,366 
Public utilities0 8,604 585 9,189 
Sovereign and supranational0 994 41 1,035 
Banks/financial institutions0 10,626 60 10,686 
Other corporate0 33,911 290 34,201 
Total fixed maturity securities29,547 59,124 1,294 89,965 
Equity securities1,166 83 166 1,415 
Other investments1,747 0 0 1,747 
Cash and cash equivalents4,275 0 0 4,275 
Other assets:
Foreign currency swaps0 141 0 141 
Foreign currency forwards0 977 0 977 
Foreign currency options0 8 0 8 
Total other assets0 1,126 0 1,126 
Total assets$36,735 $60,333 $1,460 $98,528 
Liabilities:
Other liabilities:
Foreign currency swaps$0 $432 $0 $432 
Foreign currency forwards0 812 0 812 
Interest rate swaps0 216 0 216 
Total liabilities$0 $1,460 $0 $1,460 
  
December 31, 2021
(In millions)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Fair
Value
Assets:
Securities available for sale, carried at
  fair value:
Fixed maturity securities:
Government and agencies$32,532 $1,288 $0 $33,820 
Municipalities0 3,036 0 3,036 
Mortgage- and asset-backed securities0 955 291 1,246 
Public utilities0 9,558 493 10,051 
Sovereign and supranational0 1,072 43 1,115 
Banks/financial institutions0 11,546 45 11,591 
Other corporate0 37,411 426 37,837 
Total fixed maturity securities32,532 64,866 1,298 98,696 
Equity securities1,340 90 173 1,603 
Other investments1,726 0 0 1,726 
Cash and cash equivalents5,051 0 0 5,051 
Other assets:
Foreign currency swaps0 137 0 137 
Foreign currency forwards0 791 0 791 
Foreign currency options0 8 0 8 
Total other assets0 936 0 936 
Total assets$40,649 $65,892 $1,471 $108,012 
Liabilities:
Other liabilities:
Foreign currency swaps$0 $427 $0 $427 
Foreign currency forwards0 1,138 0 1,138 
Interest rate swaps0 54 0 54 
Total liabilities$0 $1,619 $0 $1,619 
Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost
The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value.
  
March 31, 2022
(In millions)Carrying
Value
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Fair
Value
Assets:
Securities held to maturity,
    carried at amortized cost:
  Fixed maturity securities:
Government and agencies$19,814 $23,315 $211 $0 $23,526 
Municipalities315 0 398 0 398 
Public utilities40 0 50 0 50 
Sovereign and
   supranational
483 0 584 0 584 
Other corporate20 0 27 0 27 
Commercial mortgage and
    other loans
12,312 0 0 12,356 12,356 
Other investments (1)
25 0 25 0 25 
 Total assets$33,009 $23,315 $1,295 $12,356 $36,966 
Liabilities:
Other policyholders’ funds$6,705 $0 $0 $6,595 $6,595 
Notes payable
   (excluding leases)
7,628 0 7,602 244 7,846 
Total liabilities$14,333 $0 $7,602 $6,839 $14,441 
(1) Excludes policy loans of $224 and equity method investments of $1,964, at carrying value
  
December 31, 2021
(In millions)Carrying
Value
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Fair
Value
Assets:
Securities held to maturity,
   carried at amortized cost:
  Fixed maturity securities:
Government and agencies$21,086 $25,469 $230 $0 $25,699 
Municipalities335 0 436 0 436 
Public utilities43 0 55 0 55 
Sovereign and
   supranational
514 0 650 0 650 
Other corporate22 0 29 0 29 
Commercial mortgage and
    other loans
11,786 0 0 11,996 11,996 
Other investments (1)
22 0 22 0 22 
  Total assets$33,808 $25,469 $1,422 $11,996 $38,887 
Liabilities:
Other policyholders’ funds$7,072 $0 $0 $6,957 $6,957 
Notes payable
   (excluding leases)
7,839 0 8,280 259 8,539 
Total liabilities$14,911 $0 $8,280 $7,216 $15,496 
(1) Excludes policy loans of $236 and equity method investments of $1,858, at carrying value
Fair Value Assets Securities Carried At Fair Value Primary Pricing Sources The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities.
March 31, 2022
(In millions)Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Fair
Value
Securities available for sale, carried at fair value:
      Fixed maturity securities:
         Government and agencies:
Third party pricing vendor$29,547 $730 $0 $30,277 
Internal0 435 0 435 
               Total government and agencies29,547 1,165 0 30,712 
         Municipalities:
Third party pricing vendor0 2,035 0 2,035 
Internal0 741 0 741 
               Total municipalities0 2,776 0 2,776 
         Mortgage- and asset-backed securities:
Third party pricing vendor0 981 0 981 
Broker/other0 67 318 385 
               Total mortgage- and asset-backed securities0 1,048 318 1,366 
         Public utilities:
Third party pricing vendor0 4,066 0 4,066 
Internal 0 4,537 0 4,537 
Broker/other0 1 585 586 
               Total public utilities0 8,604 585 9,189 
         Sovereign and supranational:
Third party pricing vendor0 257 0 257 
Internal0 737 0 737 
Broker/other 0 0 41 41 
               Total sovereign and supranational0 994 41 1,035 
         Banks/financial institutions:
Third party pricing vendor0 4,922 0 4,922 
Internal0 5,704 18 5,722 
Broker/other0 0 42 42 
               Total banks/financial institutions0 10,626 60 10,686 
         Other corporate:
Third party pricing vendor0 26,989 0 26,989 
Internal0 6,922 24 6,946 
Broker/other0 0 266 266 
               Total other corporate0 33,911 290 34,201 
                  Total securities available for sale$29,547 $59,124 $1,294 $89,965 
Equity securities, carried at fair value:
Third party pricing vendor$1,166 $83 $0 $1,249 
Broker/other0 0 166 166 
               Total equity securities$1,166 $83 $166 $1,415 
December 31, 2021
(In millions)Quoted Prices in Active Markets
for Identical Assets
(Level 1)
Significant Observable
Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Fair
Value
Securities available for sale, carried at fair value:
      Fixed maturity securities:
         Government and agencies:
Third party pricing vendor$32,532 $808 $0 $33,340 
Internal0 480 0 480 
               Total government and agencies32,532 1,288 0 33,820 
         Municipalities:
Third party pricing vendor0 2,222 0 2,222 
Internal0 814 0 814 
               Total municipalities0 3,036 0 3,036 
         Mortgage- and asset-backed securities:
Third party pricing vendor0 955 0 955 
Broker/other0 0 291 291 
               Total mortgage- and asset-backed securities0 955 291 1,246 
         Public utilities:
Third party pricing vendor0 4,527 0 4,527 
Internal0 5,031 0 5,031 
Broker/other0 0 493 493 
               Total public utilities0 9,558 493 10,051 
         Sovereign and supranational:
Third party pricing vendor0 273 0 273 
Internal0 799 0 799 
Broker/other0 0 43 43 
               Total sovereign and supranational0 1,072 43 1,115 
         Banks/financial institutions:
Third party pricing vendor0 5,237 0 5,237 
Internal0 6,309 0 6,309 
Broker/other0 0 45 45 
               Total banks/financial institutions0 11,546 45 11,591 
         Other corporate:
Third party pricing vendor0 29,495 0 29,495 
Internal0 7,916 0 7,916 
Broker/other0 0 426 426 
               Total other corporate0 37,411 426 37,837 
                  Total securities available for sale$32,532 $64,866 $1,298 $98,696 
Equity securities, carried at fair value:
Third party pricing vendor$1,340 $90 $0 $1,430 
Broker/other0 0 173 173 
               Total equity securities$1,340 $90 $173 $1,603 
Fair Value Assets Held-To-Maturity Securities Primary Pricing Sources
March 31, 2022
(In millions)Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Fair
 Value
Securities held to maturity, carried at amortized cost:
      Fixed maturity securities:
         Government and agencies:
Third party pricing vendor$23,315 $211 $0 $23,526 
               Total government and agencies23,315 211 0 23,526 
         Municipalities:
Third party pricing vendor0 398 0 398 
               Total municipalities0 398 0 398 
         Public utilities:
Third party pricing vendor0 50 0 50 
               Total public utilities0 50 0 50 
         Sovereign and supranational:
Third party pricing vendor0 283 0 283 
Broker/other0 301 0 301 
               Total sovereign and supranational0 584 0 584 
         Other corporate:
Third party pricing vendor0 27 0 27 
               Total other corporate0 27 0 27 
                  Total securities held to maturity$23,315 $1,270 $0 $24,585 
December 31, 2021
(In millions)Quoted Prices in Active Markets
for Identical Assets
(Level 1)
Significant Observable
Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Fair
 Value
Securities held to maturity, carried at amortized cost:
      Fixed maturity securities:
         Government and agencies:
Third party pricing vendor$25,469 $230 $0 $25,699 
               Total government and agencies25,469 230 0 25,699 
         Municipalities:
Third party pricing vendor0 436 0 436 
               Total municipalities0 436 0 436 
         Public utilities:
Third party pricing vendor0 55 0 55 
               Total public utilities0 55 0 55 
         Sovereign and supranational:
Third party pricing vendor0 313 0 313 
Broker/other0 337 0 337 
               Total sovereign and supranational0 650 0 650 
         Other corporate:
Third party pricing vendor0 29 0 29 
               Total other corporate0 29 0 29 
                  Total securities held to maturity$25,469 $1,400 $0 $26,869 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present the changes in fair value of the Company's investments and derivatives carried at fair value classified as Level 3. Derivative assets and liabilities are presented as a net value.

Three Months Ended
March 31, 2022
 Fixed Maturity SecuritiesEquity
Securities
Derivatives
(In millions)Mortgage-
and
Asset-
Backed
Securities
Public
Utilities
Sovereign
and
Supranational
Banks/
Financial
Institutions
Other
Corporate
 Foreign
Currency
Swaps
Total
Balance, beginning of period$291 $493 $43 $45 $426 $173 $0 $1,471 
Net investment gains (losses) included
  in earnings
0 0 0 0 0 7 0 7 
Unrealized gains (losses) included in
  other comprehensive income (loss)
(15)(37)(2)0 (18)0 0 (72)
Purchases, issuances, sales
  and settlements:
Purchases76 9 0 0 0 10 0 95 
Issuances0 0 0 0 0 0 0 0 
Sales0 0 0 0 0 0 0 0 
Settlements(2)(8)0 (3)(1)(7)0 (21)
Transfers into Level 30 128 0 18 24 0 0 170 
Transfers out of Level 3(32)0 0 0 (141)(17)0 (190)
Balance, end of period$318 $585 $41 $60 $290 $166 $0 $1,460 
Changes in unrealized gains
  (losses) relating to Level 3 assets
  and liabilities still held at the end
  of the period included in earnings
$0 $0 $0 $0 $0 $4 $0 $4 
Three Months Ended
March 31, 2021
 Fixed Maturity SecuritiesEquity
Securities
Derivatives 
(In millions)Mortgage-
and
Asset-
Backed
Securities
Public
Utilities
Sovereign
and
Supranational
Banks/
Financial
Institutions
Other
Corporate
 Foreign
Currency
Swaps
Total
Balance, beginning of period$224 $422 $48 $24 $299 $102 $(98)$1,021 
Net investment gains (losses) included
  in earnings
0 0 0 0 0 9 19 28 
Unrealized gains (losses) included in
  other comprehensive income (loss)
(15)(18)(3)(1)(12)0 (1)(50)
Purchases, issuances, sales and
  settlements:
Purchases10 78 0 5 0 11 0 104 
Issuances0 0 0 0 0 0 0 0 
Sales0 0 0 0 0 0 0 0 
Settlements0 (3)0 0 0 0 0 (3)
Transfers into Level 30 0 23 0 32 0 0 55 
Transfers out of Level 3(15)0 0 0 0 0 0 (15)
Balance, end of period$204 $479 $68 $28 $319 $122 $(80)$1,140 
Changes in unrealized gains
  (losses) relating to Level 3 assets
  and liabilities still held at the end
  of the period included in earnings
$0 $0 $0 $0 $0 $0 $19 $19 
Fair Value Measurement Inputs and Valuation Techniques
Level 3 Significant Unobservable Input Sensitivity

The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments carried at fair value. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.
March 31, 2022
(In millions)Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Assets:
  Securities available for sale, carried at fair value:
    Fixed maturity securities:
       Mortgage- and asset-backed securities$318 Consensus pricingOffered quotesN/A
(a)
       Public utilities585 Discounted cash flowCredit spreadsN/A
(a)
       Sovereign and supranational41 Discounted cash flowHistorical volatilityN/A
(a)
       Banks/financial institutions60 Consensus pricingOffered quotesN/A
(a)
       Other corporate290 Discounted cash flowCredit spreadsN/A
(a)
  Equity securities166 Net asset valueOffered quotesN/A
(a)
            Total assets$1,460 
(a) N/A represents securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques or unobservable inputs.
December 31, 2021
(In millions)Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Assets:
  Securities available for sale, carried at fair value:
    Fixed maturity securities:
       Mortgage- and asset-backed securities$291 Consensus pricingOffered quotesN/A
(a)
       Public utilities493 Discounted cash flowCredit spreadsN/A
(a)
       Sovereign and supranational43 Discounted cash flowHistorical volatilityN/A
(a)
       Banks/financial institutions45 Consensus pricingOffered quotesN/A
(a)
       Other corporate426 Discounted cash flowCredit spreadsN/A
(a)
  Equity securities173 Net asset valueOffered quotesN/A
(a)
            Total assets$1,471 
(a) N/A represents securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques or unobservable inputs.