INCOME TAXES (Details - Components of the net deferred tax assets (liabilities) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Life policy reserves	$ 353	$ 629
Losses and tax credit carryforwards	18,680	18,203
Basis differences on investments	4,886	4,114
Accruals not currently deductible, and other	1,003	1,804
Loss reserve discount	1,021	1,378
Loan loss and other reserves	8	152
Unearned premium reserve reduction	1,603	1,269
Flight equipment, fixed assets and intangible assets	129	28
Other	577	220
Employee benefits	1,286	1,543
Total deferred tax assets	29,546	29,340
Deferred tax liabilities:
Investments in foreign subsidiaries	(33)	(58)
Deferred policy acquisition costs	(3,467)	(3,003)
Unrealized gains related to available for sale debt securities	(3,077)	(5,795)
Total deferred tax liabilities	(6,577)	(8,856)
Net deferred tax assets before valuation allowance	22,969	20,484
Valuation allowance	(3,012)	(1,739)
Net deferred tax assets (liabilities)	$ 19,957	$ 18,745