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FAIR VALUE MEASUREMENTS - Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Millions | Sep. 30, 2021 USD ($) | Dec. 31, 2020 USD ($)
--- | --- | ---
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | $ 100,722 | $ 105,882
Equity securities |  | 1,461 | 1,283
Asset derivatives |  | 745 | 583
Liability derivatives |  | 1,270 | 697
Assets, fair value |  | 110,969 | 114,028
Liabilities, fair value |  | 1,270 | 697
Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 1,170 | 1,017
Equity securities |  | 161 | 102
Asset derivatives |  | 99 | 133
Assets, fair value |  | 1,430 | 1,252
Liabilities, fair value |  | 356 | 231
Net asset value valuation technique |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Equity securities |  | 161 | 102
Net asset value valuation technique | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Equity securities |  | 161 | 102
Foreign currency swaps |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Asset derivatives |  | 151 | 180
Liability derivatives |  | 378 | 312
Foreign currency swaps | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Asset derivatives |  | 99 | 133
Liability derivatives |  | 356 | 231
Foreign currency swaps | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY) and CDS Spreads | Discounted cash flow technique | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Asset derivatives |  | 34 | 69
Liability derivatives |  | 167 | 160
Foreign currency swaps | Fair Value, Unobservable Input, Interest Rates (USD) and Interest Rates (JPY) | Discounted cash flow technique | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Asset derivatives |  | 65 | 64
Liability derivatives |  | $ 189 | $ 71
Foreign currency swaps | Credit Spread | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY) and CDS Spreads | Lower Limit | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Derivative asset, measurement input |  | 0.0023 | 0.0022
Derivative liability, measurement input |  | 0.0023 | 0.0041
Foreign currency swaps | Credit Spread | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY) and CDS Spreads | Upper Limit | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Derivative asset, measurement input |  | 0.0124 | 0.0128
Derivative liability, measurement input |  | 0.0182 | 0.0140
Dollar-denominated |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | $ 40,568 | $ 41,611
Equity securities |  | $ 667 | $ 603
Dollar-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY) and CDS Spreads | Lower Limit | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Derivative asset, measurement input | [1] | 0.0151 | 0.0093
Derivative liability, measurement input | [1] | 0.0151 | 0.0093
Dollar-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY) and CDS Spreads | Upper Limit | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Derivative asset, measurement input | [1] | 0.0179 | 0.0140
Derivative liability, measurement input | [1] | 0.0179 | 0.0112
Dollar-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD) and Interest Rates (JPY) | Lower Limit | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Derivative asset, measurement input | [1] | 0.0151 | 0.0093
Derivative liability, measurement input | [1] | 0.0151 | 0.0093
Dollar-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD) and Interest Rates (JPY) | Upper Limit | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Derivative asset, measurement input | [1] | 0.0179 | 0.0140
Derivative liability, measurement input | [1] | 0.0179 | 0.0112
Yen-denominated |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | $ 60,154 | $ 64,271
Equity securities |  | $ 753 | $ 680
Yen-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY) and CDS Spreads | Lower Limit | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Derivative asset, measurement input | [2] | 0.0011 | 0.0005
Derivative liability, measurement input | [2] | 0.0011 | 0.0005
Yen-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY) and CDS Spreads | Upper Limit | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Derivative asset, measurement input | [2] | 0.0053 | 0.0043
Derivative liability, measurement input | [2] | 0.0053 | 0.0035
Yen-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD) and Interest Rates (JPY) | Lower Limit | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Derivative asset, measurement input | [2] | 0.0011 | 0.0005
Derivative liability, measurement input | [2] | 0.0011 | 0.0005
Yen-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD) and Interest Rates (JPY) | Upper Limit | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Derivative asset, measurement input | [2] | 0.0053 | 0.0043
Derivative liability, measurement input | [2] | 0.0053 | 0.0035
Mortgage- and asset-backed securities |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | $ 1,292 | $ 1,038
Mortgage- and asset-backed securities | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 250 | 224
Mortgage- and asset-backed securities | Consensus pricing valuation technique |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 271 | 674
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 250 | 224
Mortgage- and asset-backed securities | Dollar-denominated |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 962 | 670
Mortgage- and asset-backed securities | Yen-denominated |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 330 | 368
Public utilities |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 10,315 | 10,817
Public utilities | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 523 | 422
Public utilities | Discounted cash flow technique |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 524 | 422
Public utilities | Discounted cash flow technique | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 523 | 422
Public utilities | Dollar-denominated |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 4,803 | 4,945
Public utilities | Yen-denominated |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 5,512 | 5,872
Sovereign and supranational |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 1,142 | 1,382
Sovereign and supranational | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 45 | 48
Sovereign and supranational | Discounted cash flow technique |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 45 | 48
Sovereign and supranational | Discounted cash flow technique | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 45 | 48
Sovereign and supranational | Dollar-denominated |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 280 | 293
Sovereign and supranational | Yen-denominated |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 862 | 1,089
Banks/financial institutions |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 11,742 | 12,060
Banks/financial institutions | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 46 | 24
Banks/financial institutions | Consensus pricing valuation technique |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 46 | 24
Banks/financial institutions | Consensus pricing valuation technique | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 46 | 24
Banks/financial institutions | Dollar-denominated |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 3,825 | 3,724
Banks/financial institutions | Yen-denominated |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 7,917 | 8,336
Other corporate |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 38,068 | 40,217
Other corporate | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 306 | 299
Other corporate | Discounted cash flow technique |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 312 | 331
Other corporate | Discounted cash flow technique | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 306 | 299
Other corporate | Dollar-denominated |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 29,138 | 30,393
Other corporate | Yen-denominated |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | $ 8,930 | $ 9,824
[1] | Inputs derived from U.S. long-term rates to accommodate long maturity nature of the Company's swaps
[2] | Inputs derived from Japan long-term rates to accommodate long maturity nature of the Company's swaps

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