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DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2024
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. 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.
  September 30, 2024December 31, 2023
(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 $4 
Total cash flow hedges18 0 4 18 0 4 
Fair value hedges:
Foreign currency options0 0 0 2,158 0 0 
Total fair value hedges0 0 0 2,158 0 0 
Net investment hedge:
Foreign currency forwards1,919 63 35 2,611 179 27 
Foreign currency options0 0 0 456 0 0 
Total net investment hedge1,919 63 35 3,067 179 27 
Non-qualifying strategies:
Foreign currency swaps1,200 8 0 1,200 31 0 
Foreign currency swaps - VIE3,417 52 619 3,417 55 503 
Foreign currency forwards0 0 0 7,402 59 477 
Foreign currency options26,715 57 24 22,557 2 0 
Interest rate swaps17,230 19 239 17,230 11 419 
Total non-qualifying strategies48,562 136 882 51,806 158 1,399 
Total derivatives$50,499 $199 $921 $57,049 $337 $1,430 
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. The Company had no fair value hedges during the three- and nine-month periods ended September 30, 2024.

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
Three Months Ended September 30, 2023:
Foreign currency optionsFixed maturity securities$(1)$(1)$0 $0 $0 
  Total gains (losses)$(1)$(1)$0 $0 $0 
Nine Months Ended September 30, 2023:
Foreign currency optionsFixed maturity securities$(65)$(65)$0 $0 $0 
Total gains (losses)$(65)$(65)$0 $0 $0 
(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 three- and nine-month periods ended September 30, 2023, 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 September 30, 2024 and December 31, 2023; 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)
September 30,
2024		December 31,
2023		September 30,
2024		December 31,
2023
Fixed maturity securities$1,610 $1,692 $149 $164 
(1) The balance includes hedging adjustment on discontinued hedging relationships of $149 in 2024 and $164 in 2023.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table summarizes the impact to earnings and other comprehensive income (loss) from all derivatives and hedging instruments.
Three Months Ended September 30,
20242023
(In millions)
Net
Investment
Income (1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Net
Investment
Income (1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$(1)$(1)$2 $(1)$(1)$1 
  Total cash flow hedges(1)(1)
(3)
2 (1)(1)
(3)
1 
  Fair value hedges:
       Foreign currency options0 (1)
  Total fair value hedges0 (1)
  Net investment hedge:
       Non-derivative hedging
          instruments		0 (522)0 112 
       Foreign currency forwards43 (225)71 32 
   Total net investment hedge43 (747)71 144 
  Non-qualifying strategies:
       Foreign currency swaps0 1 
       Foreign currency swaps - VIE44 (22)
       Foreign currency forwards0 32 
       Foreign currency options 191 (9)
       Interest rate swaps159 (124)
  Total non-qualifying strategies394 (122)
          Total$(1)$436 $(745)$(1)$(53)$145 
1) 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.
(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 $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the three-month period ended September 30, 2024, and $1 of losses during the three-month period ended September 30, 2023.
Nine Months Ended September 30,
20242023
(In millions)
Net
Investment
Income(1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Net
Investment
Income(1)
Net Investment
Gains (Losses)
Other
Comprehensive
Income (Loss)(2)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$(1)$(3)$3 $(1)$(3)$3 
  Total cash flow hedges(1)(3)
(3)
3 (1)(3)
(3)
3 
  Fair value hedges:
       Foreign currency options0 (65)
       Interest rate swaptions (4)
0 0 0 (1)0 1 
  Total fair value hedges0 0 0 (1)(65)1 
  Net investment hedge:
       Non-derivative hedging
         instruments		0 (21)0 450 
       Foreign currency forwards119 74 198 454 
       Foreign currency options 0 0 (8)0 
  Total net investment hedge119 53 190 904 
  Non-qualifying strategies:
       Foreign currency swaps2 4 
       Foreign currency swaps - VIE(172)(112)
       Foreign currency forwards17 (350)
       Foreign currency options 9 (46)
       Interest rate swaps(26)(244)
       Forward bond purchase
         commitment - VIE		0 (4)
  Total non-qualifying strategies(170)(752)
          Total$(1)$(54)$56 $(2)$(630)$908 
(1) 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.
(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 $3 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the nine-month period ended September 30, 2024, and $3 of losses during the nine-month period ended September 30, 2023.
(4) Includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the nine-month period ended September 30, 2024, and $1 of losses during the nine-month period ended September 30, 2023, 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
September 30, 2024
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount
Offset in
Balance
Sheet		Net 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$128 $0 $128 $(45)$(12)$(49)$22 
          OTC - cleared19 0 19 (19)0 0 0 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		147 0 147 (64)(12)(49)22 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral52 52 52 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		52 52 52 
    Total derivative
      assets		199 0 199 (64)(12)(49)74 
Securities lending
   and similar
   arrangements		4,189 0 4,189 0 0 (4,189)0 
    Total$4,388 $0 $4,388 $(64)$(12)$(4,238)$74 
December 31, 2023
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount
Offset in
Balance
Sheet		Net 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 
Offsetting Liabilities
Offsetting of Financial Liabilities and Derivative Liabilities
September 30, 2024
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount
Offset in
Balance
Sheet		Net Amount of Liabilities Presented
 in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash Collateral PledgedNet Amount
Derivative
  liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$59 $0 $59 $(45)$0 $(8)$6 
          OTC - cleared239 0 239 (19)(15)(205)0 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		298 0 298 (64)(15)(213)6 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral623 623 623 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		623 623 623 
    Total derivative
      liabilities		921 0 921 (64)(15)(213)629 
Securities lending
   and similar
   arrangements		4,233 0 4,233 (4,189)0 0 44 
    Total$5,154 $0 $5,154 $(4,253)$(15)$(213)$673 
December 31, 2023
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount
Offset in
Balance
Sheet		Net Amount of Liabilities Presented
 in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash 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