XML 40 R28.htm IDEA: XBRL DOCUMENT
v3.22.2.2

DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
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, 2022 |  |  | December 31, 2021 |
(In millions) |  |  | Asset Derivatives |  | Liability Derivatives |  | Asset Derivatives | Liability Derivatives |
Hedge Designation/ Derivative Type |  | Notional Amount | Fair Value |  | Fair Value | Notional Amount | Fair Value | Fair Value |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency swaps - VIE |  |  | $ | 18 |  |  |  | $ | 0 |  |  |  |  | $ | 4 |  |  |  | $ | 18 |  |  |  | $ | 0 |  |  |  | $ | 2 |  |
Total cash flow hedges |  |  | 18 |  |  |  | 0 |  |  |  |  | 4 |  |  |  | 18 |  |  |  | 0 |  |  |  | 2 |  |
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards |  |  | 0 |  |  |  | 0 |  |  |  |  | 0 |  |  |  | 62 |  |  |  | 0 |  |  |  | 5 |  |
Foreign currency options |  |  | 7,749 |  |  |  | 5 |  |  |  |  | 0 |  |  |  | 8,829 |  |  |  | 5 |  |  |  | 0 |  |
Total fair value hedges |  |  | 7,749 |  |  |  | 5 |  |  |  |  | 0 |  |  |  | 8,891 |  |  |  | 5 |  |  |  | 5 |  |
Net investment hedge: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards |  |  | 4,993 |  |  |  | 833 |  |  |  |  | 0 |  |  |  | 4,996 |  |  |  | 341 |  |  |  | 0 |  |
Foreign currency options |  |  | 1,669 |  |  |  | 0 |  |  |  |  | 0 |  |  |  | 1,949 |  |  |  | 0 |  |  |  | 0 |  |
Total net investment hedge |  |  | 6,662 |  |  |  | 833 |  |  |  |  | 0 |  |  |  | 6,945 |  |  |  | 341 |  |  |  | 0 |  |
Non-qualifying strategies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency swaps |  |  | 1,900 |  |  |  | 81 |  |  |  |  | 0 |  |  |  | 2,250 |  |  |  | 59 |  |  |  | 13 |  |
Foreign currency swaps - VIE |  |  | 3,420 |  |  |  | 65 |  |  |  |  | 458 |  |  |  | 3,151 |  |  |  | 78 |  |  |  | 412 |  |
Foreign currency forwards |  |  | 5,843 |  |  |  | 162 |  |  |  |  | 1,035 |  |  |  | 15,953 |  |  |  | 450 |  |  |  | 1,133 |  |
Foreign currency options |  |  | 5,711 |  |  |  | 0 |  |  |  |  | 0 |  |  |  | 2,746 |  |  |  | 3 |  |  |  | 0 |  |
Interest rate swaps |  |  | 11,130 |  |  |  | 0 |  |  |  |  | 590 |  |  |  | 3,500 |  |  |  | 0 |  |  |  | 54 |  |
Forward bond purchase commitment - VIE |  |  | 14 |  |  |  | 0 |  |  |  |  | 1 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |
Total non-qualifying strategies |  |  | 28,018 |  |  |  | 308 |  |  |  |  | 2,084 |  |  |  | 27,600 |  |  |  | 590 |  |  |  | 1,612 |  |
Total derivatives |  |  | $ | 42,447 |  |  |  | $ | 1,146 |  |  |  |  | $ | 2,088 |  |  |  | $ | 43,454 |  |  |  | $ | 936 |  |  |  | $ | 1,619 |  |
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. Fair Value Hedging Relationships
(In millions) |  |  | Hedging Derivatives |  | Hedged Items |  |
Hedging Derivatives | Hedged 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, 2022: |  |  |  |  |  |  |
Foreign currency options | Fixed maturity securities |  | $ | (15) |  |  | $ | (15) |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Total gains (losses) |  | $ | (15) |  |  | $ | (15) |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Nine Months Ended September 30, 2022: |  |  |  |  |  |  |  |  |  |
Foreign currency options | Fixed maturity securities |  | $ | (41) |  |  | $ | (41) |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Total gains (losses) |  |  | $ | (41) |  |  | $ | (41) |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Three Months Ended September 30, 2021: |  |  |  |  |  |  |  |  |  |
Foreign currency forwards | Fixed maturity securities |  | $ | (1) |  |  | $ | 0 |  |  | $ | (1) |  |  | $ | 1 |  |  | $ | 0 |
Foreign currency options | Fixed maturity securities |  | $ | (5) |  |  | $ | (5) |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Total gains (losses) |  |  | $ | (6) |  |  | $ | (5) |  |  | $ | (1) |  |  | $ | 1 |  |  | $ | 0 |
Nine Months Ended September 30, 2021: |  |  |  |  |  |  |  |  |  |
Foreign currency forwards | Fixed maturity securities |  | $ | (5) |  |  | $ | 0 |  |  | $ | (5) |  |  | $ | 5 |  |  | $ | 0 |
Foreign currency options | Fixed maturity securities |  | (16) |  |  | (15) |  |  | (1) |  |  | 4 |  |  | 3 |
Total gains (losses) |  |  | $ | (21) |  |  | $ | (15) |  |  | $ | (6) |  |  | $ | 9 |  |  | $ | 3 |
(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 statement 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 statement 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 and losses consistent with the impact of the hedged item. For the three-month and nine-month periods ended September 30, 2022 and 2021, 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.
(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, 2022 |  | December 31, 2021 |  | September 30, 2022 |  | December 31, 2021 |
Fixed maturity securities |  | $ | 2,166 |  |  | $ | 3,038 |  |  | $ | 193 |  |  | $ | 205 |  |
(1) The balance includes hedging adjustment on discontinued hedging relationships of $193 in 2022 and $205 in 2021.
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,
| 2022 | 2021
(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 |  | $ | 0 |  |  |  | $ | (1) |  |  |  | $ | 1 |  |  |  | $ | 0 |  |  |  | $ | (1) |  |  |  | $ | 1 |  |
Total cash flow hedges |  | 0 |  |  |  | (1) |  | (3) |  | 1 |  |  |  | 0 |  |  |  | (1) |  | (3) |  | 1 |  |
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency options (3) |  |  |  |  | (15) |  |  |  |  |  |  |  |  |  | (5) |  |  |  |  |
Interest rate swaptions (3) |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (1) |  |  |  | (1) |  |  |  | 1 |  |
Total fair value hedges |  | 0 |  |  |  | (15) |  |  |  | 0 |  |  |  | (1) |  |  |  | (6) |  |  |  | 1 |  |
Net investment hedge: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-derivative hedging instruments |  |  |  |  | 0 |  |  |  | 181 |  |  |  |  |  |  | 0 |  |  |  | 41 |  |
Foreign currency forwards |  |  |  |  | 28 |  |  |  | 236 |  |  |  |  |  |  | (42) |  |  |  | 55 |  |
Foreign currency options |  |  |  |  | (1) |  |  |  | 0 |  |  |  |  |  |  | (1) |  |  |  | 0 |  |
Total net investment hedge |  |  |  |  | 27 |  |  |  | 417 |  |  |  |  |  |  | (43) |  |  |  | 96 |  |
Non-qualifying strategies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency swaps |  |  |  |  | 27 |  |  |  |  |  |  |  |  |  | 6 |  |  |  |  |
Foreign currency swaps - VIE |  |  |  |  | (19) |  |  |  |  |  |  |  |  |  | (36) |  |  |  |  |
Foreign currency forwards |  |  |  |  | (252) |  |  |  |  |  |  |  |  |  | (84) |  |  |  |  |
Interest rate swaps |  |  |  |  | (257) |  |  |  |  |  |  |  |  |  | (9) |  |  |  |  |
Forward bond purchase commitment - VIE |  |  |  |  | (1) |  |  |  |  |  |  |  |  |  | (1) |  |  |  |  |
Total non- qualifying strategies |  |  |  |  | (502) |  |  |  |  |  |  |  |  |  | (124) |  |  |  |  |
Total |  | $ | 0 |  |  |  | $ | (491) |  |  |  | $ | 418 |  |  |  | $ | (1) |  |  |  | $ | (174) |  |  |  | $ | 98 |  |
(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 statement 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, 2022, and $1 of losses during the three-month period ended September 30, 2021. In addition, an immaterial amount of losses were reclassified from accumulated other comprehensive income (loss) into earnings during the three-month period ended September 30, 2022, and $1 of losses during the three-month period ended September 30, 2021, 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).
| Nine Months Ended September 30,
| 2022 | 2021
(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 |  | $ | 0 |  |  |  | $ | (3) |  |  |  | $ | 2 |  |  |  | $ | 0 |  |  |  | $ | (3) |  |  |  | $ | 2 |  |
Total cash flow hedges |  | 0 |  |  |  | (3) |  | (3) |  | 2 |  |  |  | 0 |  |  |  | (3) |  | (3) |  | 2 |  |
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency options(3) |  |  |  |  | (41) |  |  |  |  |  |  |  |  |  | (12) |  |  |  |  |
Interest rate swaptions(3) |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (1) |  |  |  | (1) |  |  |  | 1 |  |
Total fair value hedges |  | 0 |  |  |  | (41) |  |  |  | 0 |  |  |  | (1) |  |  |  | (13) |  |  |  | 1 |  |
Net investment hedge: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-derivative hedging instruments |  |  |  |  | 0 |  |  |  | 705 |  |  |  |  |  |  | 0 |  |  |  | 237 |  |
Foreign currency forwards |  |  |  |  | (73) |  |  |  | 1,059 |  |  |  |  |  |  | 7 |  |  |  | 396 |  |
Foreign currency options |  |  |  |  | (2) |  |  |  | 0 |  |  |  |  |  |  | (4) |  |  |  | 0 |  |
Total net investment hedge |  |  |  |  | (75) |  |  |  | 1,764 |  |  |  |  |  |  | 3 |  |  |  | 633 |  |
Non-qualifying strategies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency swaps |  |  |  |  | 162 |  |  |  |  |  |  |  |  |  | 105 |  |  |  |  |
Foreign currency swaps - VIE |  |  |  |  | (35) |  |  |  |  |  |  |  |  |  | (115) |  |  |  |  |
Foreign currency forwards |  |  |  |  | (966) |  |  |  |  |  |  |  |  |  | (527) |  |  |  |  |
Foreign currency options |  |  |  |  | (13) |  |  |  |  |  |  |  |  |  | 1 |  |  |  |  |
Interest rate swaps |  |  |  |  | (523) |  |  |  |  |  |  |  |  |  | (6) |  |  |  |  |
Forward bond purchase commitment - VIE |  |  |  |  | (21) |  |  |  |  |  |  |  |  |  | (2) |  |  |  |  |
Total non-qualifying strategies |  |  |  |  | (1,396) |  |  |  |  |  |  |  |  |  | (544) |  |  |  |  |
Total |  | $ | 0 |  |  |  | $ | (1,515) |  |  |  | $ | 1,766 |  |  |  | $ | (1) |  |  |  | $ | (557) |  |  |  | $ | 636 |  |
(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 statement 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, 2022, and $3 of losses during the nine-month period ended September 30, 2021. In addition, $1 of losses were reclassified from accumulated other comprehensive income (loss) into earnings during the nine-month period ended September 30, 2022, and $1 of losses during the nine-month period ended September 30, 2021, 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, 2022
|  |  | Gross Amounts Not Offset in Balance Sheet |  |
(In millions) | Gross Amount of Recognized Assets |  | Gross Amount Offset in Balance Sheet |  | Net Amount of Assets Presented in Balance Sheet |  | Financial Instruments |  | Securities Collateral |  | Cash Collateral Received |  | Net Amount
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets subject to a master netting agreement or offsetting arrangement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OTC - bilateral |  | $ | 1,081 |  |  |  |  | $ | 0 |  |  |  |  | $ | 1,081 |  |  |  |  | $ | (167) |  |  |  | $ | (135) |  |  |  | $ | (775) |  |  |  |  | $ | 4 |  |
Total derivative assets subject to a master netting agreement or offsetting arrangement |  | 1,081 |  |  |  |  | 0 |  |  |  |  | 1,081 |  |  |  |  | (167) |  |  |  | (135) |  |  |  | (775) |  |  |  |  | 4 |  |
Derivative assets not subject to a master netting agreement or offsetting arrangement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OTC - bilateral |  | 65 |  |  |  |  |  |  |  |  | 65 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 65 |  |
Total derivative assets not subject to a master netting agreement or offsetting arrangement |  | 65 |  |  |  |  |  |  |  |  | 65 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 65 |  |
Total derivative assets |  | 1,146 |  |  |  |  | 0 |  |  |  |  | 1,146 |  |  |  |  | (167) |  |  |  | (135) |  |  |  | (775) |  |  |  |  | 69 |  |
Securities lending and similar arrangements |  | 2,691 |  |  |  |  | 0 |  |  |  |  | 2,691 |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (2,691) |  |  |  |  | 0 |  |
Total |  | $ | 3,837 |  |  |  |  | $ | 0 |  |  |  |  | $ | 3,837 |  |  |  |  | $ | (167) |  |  |  | $ | (135) |  |  |  | $ | (3,466) |  |  |  |  | $ | 69 |  |
December 31, 2021
|  |  | Gross Amounts Not Offset in Balance Sheet |  |
(In millions) | Gross Amount of Recognized Assets |  | Gross Amount Offset in Balance Sheet |  | Net Amount of Assets Presented in Balance Sheet |  | Financial Instruments |  | Securities Collateral |  | Cash Collateral Received |  | Net Amount
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets subject to a master netting agreement or offsetting arrangement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OTC - bilateral |  | $ | 858 |  |  |  |  | $ | 0 |  |  |  |  | $ | 858 |  |  |  |  | $ | (471) |  |  |  | $ | (53) |  |  |  | $ | (334) |  |  |  |  | $ | 0 |  |
Total derivative assets subject to a master netting agreement or offsetting arrangement |  | 858 |  |  |  |  | 0 |  |  |  |  | 858 |  |  |  |  | (471) |  |  |  | (53) |  |  |  | (334) |  |  |  |  | 0 |  |
Derivative assets not subject to a master netting agreement or offsetting arrangement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OTC - bilateral |  | 78 |  |  |  |  |  |  |  |  | 78 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 78 |  |
Total derivative assets not subject to a master netting agreement or offsetting arrangement |  | 78 |  |  |  |  |  |  |  |  | 78 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 78 |  |
Total derivative assets |  | 936 |  |  |  |  | 0 |  |  |  |  | 936 |  |  |  |  | (471) |  |  |  | (53) |  |  |  | (334) |  |  |  |  | 78 |  |
Securities lending and similar arrangements |  | 2,124 |  |  |  |  | 0 |  |  |  |  | 2,124 |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (2,124) |  |  |  |  | 0 |  |
Total |  | $ | 3,060 |  |  |  |  | $ | 0 |  |  |  |  | $ | 3,060 |  |  |  |  | $ | (471) |  |  |  | $ | (53) |  |  |  | $ | (2,458) |  |  |  |  | $ | 78 |  |
Offsetting Liabilities | Offsetting of Financial Liabilities and Derivative Liabilities
September 30, 2022
|  |  | Gross Amounts Not Offset in Balance Sheet |  |
(In millions) | Gross Amount of Recognized Liabilities |  | Gross Amount Offset in Balance Sheet |  | Net Amount of Liabilities Presented in Balance Sheet |  | Financial Instruments |  | Securities Collateral |  | Cash Collateral Pledged |  | Net Amount
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities subject to a master netting agreement or offsetting arrangement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OTC - bilateral |  | $ | 1,036 |  |  |  |  | $ | 0 |  |  |  |  | $ | 1,036 |  |  |  |  | $ | (167) |  |  |  | $ | (793) |  |  |  | $ | (72) |  |  |  |  | $ | 4 |  |
OTC - cleared |  | 590 |  |  |  |  | 0 |  |  |  |  | 590 |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (590) |  |  |  |  | 0 |  |
Total derivative liabilities subject to a master netting agreement or offsetting arrangement |  | 1,626 |  |  |  |  | 0 |  |  |  |  | 1,626 |  |  |  |  | (167) |  |  |  | (793) |  |  |  | (662) |  |  |  |  | 4 |  |
Derivative liabilities not subject to a master netting agreement or offsetting arrangement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OTC - bilateral |  | 462 |  |  |  |  |  |  |  |  | 462 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 462 |  |
Total derivative liabilities not subject to a master netting agreement or offsetting arrangement |  | 462 |  |  |  |  |  |  |  |  | 462 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 462 |  |
Total derivative liabilities |  | 2,088 |  |  |  |  | 0 |  |  |  |  | 2,088 |  |  |  |  | (167) |  |  |  | (793) |  |  |  | (662) |  |  |  |  | 466 |  |
Securities lending and similar arrangements |  | 2,721 |  |  |  |  | 0 |  |  |  |  | 2,721 |  |  |  |  | (2,691) |  |  |  | 0 |  |  |  | 0 |  |  |  |  | 30 |  |
Total |  | $ | 4,809 |  |  |  |  | $ | 0 |  |  |  |  | $ | 4,809 |  |  |  |  | $ | (2,858) |  |  |  | $ | (793) |  |  |  | $ | (662) |  |  |  |  | $ | 496 |  |
December 31, 2021
|  |  | Gross Amounts Not Offset in Balance Sheet |  |
(In millions) | Gross Amount of Recognized Liabilities |  | Gross Amount Offset in Balance Sheet |  | Net Amount of Liabilities Presented in Balance Sheet |  | Financial Instruments |  | Securities Collateral |  | Cash Collateral Pledged |  | Net Amount
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities subject to a master netting agreement or offsetting arrangement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OTC - bilateral |  | $ | 1,151 |  |  |  |  | $ | 0 |  |  |  |  | $ | 1,151 |  |  |  |  | $ | (471) |  |  |  | $ | (662) |  |  |  | $ | (14) |  |  |  |  | $ | 4 |  |
OTC - cleared |  | 54 |  |  |  |  | 0 |  |  |  |  | 54 |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (35) |  |  |  |  | 19 |  |
Total derivative liabilities subject to a master netting agreement or offsetting arrangement |  | 1,205 |  |  |  |  | 0 |  |  |  |  | 1,205 |  |  |  |  | (471) |  |  |  | (662) |  |  |  | (49) |  |  |  |  | 23 |  |
Derivative liabilities not subject to a master netting agreement or offsetting arrangement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OTC - bilateral |  | 414 |  |  |  |  |  |  |  |  | 414 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 414 |  |
Total derivative liabilities not subject to a master netting agreement or offsetting arrangement |  | 414 |  |  |  |  |  |  |  |  | 414 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 414 |  |
Total derivative liabilities |  | 1,619 |  |  |  |  | 0 |  |  |  |  | 1,619 |  |  |  |  | (471) |  |  |  | (662) |  |  |  | (49) |  |  |  |  | 437 |  |
Securities lending and similar arrangements |  | 2,162 |  |  |  |  | 0 |  |  |  |  | 2,162 |  |  |  |  | (2,124) |  |  |  | 0 |  |  |  | 0 |  |  |  |  | 38 |  |
Total |  | $ | 3,781 |  |  |  |  | $ | 0 |  |  |  |  | $ | 3,781 |  |  |  |  | $ | (2,595) |  |  |  | $ | (662) |  |  |  | $ | (49) |  |  |  |  | $ | 475 |  |

X
- Definition [Table Text Block] for Schedule of Interest Rate Fair Value Hedges Hedged Items [Table] + References No definition available. + Details
Name: | afl_ScheduleofInterestRateFairValueHedgesHedgedItemsTableTextBlock
Namespace Prefix: | afl_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration