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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Impact from Adoption on Statement of Earnings | Consolidated Statement of Earnings Year Ended December 31, 2021
(In millions) | As Previously Reported |  | Adoption Impacts (Unaudited) |  | As Adjusted (Unaudited)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Net earned premiums, principally supplemental health insurance (1) |  | $ | 17,647 |  |  |  |  | $ | (552) |  |  |  |  | $ | 17,095 |  |
Net investment income |  | 3,818 |  |  |  |  | 0 |  |  |  |  | 3,818 |  |
Net investment gains (losses) |  | 468 |  |  |  |  | 0 |  |  |  |  | 468 |  |
Other income (loss) |  | 173 |  |  |  |  | 0 |  |  |  |  | 173 |  |
Total revenues |  | 22,106 |  |  |  |  | (552) |  |  |  |  | 21,554 |  |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |
Benefits and claims, excluding reserve remeasurement (1)(2) |  | 10,576 |  |  |  |  | 47 |  |  |  |  | 10,623 |  |
Reserve remeasurement (gains) losses (3) |  | 0 |  |  |  |  | (147) |  |  |  |  | (147) |  |
Total benefits and claims, net |  | 10,576 |  |  |  |  | (100) |  |  |  |  | 10,476 |  |
Acquisition and operating expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of deferred policy acquisition costs (4) |  | 1,170 |  |  |  |  | (335) |  |  |  |  | 835 |  |
Insurance commissions |  | 1,256 |  |  |  |  | 0 |  |  |  |  | 1,256 |  |
Insurance and other expenses (5) |  | 3,544 |  |  |  |  | (3) |  |  |  |  | 3,541 |  |
Interest expense |  | 238 |  |  |  |  | 0 |  |  |  |  | 238 |  |
Total acquisition and operating expenses |  | 6,208 |  |  |  |  | (338) |  |  |  |  | 5,870 |  |
Total benefits and expenses |  | 16,784 |  |  |  |  | (438) |  |  |  |  | 16,346 |  |
Earnings before income taxes |  | 5,322 |  |  |  |  | (114) |  |  |  |  | 5,208 |  |
Income taxes (6) |  | 997 |  |  |  |  | (20) |  |  |  |  | 977 |  |
Net earnings |  | $ | 4,325 |  |  |  |  | $ | (94) |  |  |  |  | $ | 4,231 |  |
(1) Adjustment reflects a $489 increase in the deferred profit liability on limited-payment products under the updated standard combined with the reclassification of a $63 increase in deferred profit liability previously reported in benefits and claims and reclassified to net earned premiums in conjunction with adoption of the updated standard. (2) Adjustment reflects 2021 activity for the effect of calculating benefits using revised net premium ratios and best estimate future cash flow projections, excluding reserve remeasurement impacts. (3) Adjustment reflects the reserve remeasurement on the liability for future policy benefits due to applying revised net premium ratios based on updated historical actuals and revised assumptions to past periods each quarter under the updated standard. (4) Adjustment reflects a decrease in DAC amortization due to DAC assets being amortized over the expected life of a contract and no interest accretion recorded under the updated standard. (5) Adjustment reflects 2021 activity for the change in accrued claim adjustment expenses that are included in benefits and claims as a component of the integrated reserve under the updated standard. (6) Adjustment reflects a decrease in income tax expense associated with the decrease in pretax earnings.
Schedule of Impact from Adoption on Balance Sheet | Consolidated Balance Sheet December 31, 2021
(In millions) | As Previously Reported |  | Adoption Impacts (Unaudited) |  | As Adjusted (Unaudited)
Assets: |  |  |  |  |  |  |  |  |  |  |
Investments and cash: |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities available for sale, at fair value |  | $ | 94,206 |  |  |  |  | $ | 0 |  |  |  |  | $ | 94,206 |  |
Fixed maturity securities available for sale - consolidated variable interest entities, at fair value |  | 4,490 |  |  |  |  | 0 |  |  |  |  | 4,490 |  |
Fixed maturity securities held to maturity, at amortized cost, net of allowance for credit losses |  | 22,000 |  |  |  |  | 0 |  |  |  |  | 22,000 |  |
Equity securities, at fair value |  | 1,603 |  |  |  |  | 0 |  |  |  |  | 1,603 |  |
Commercial mortgage and other loans, net of allowance for credit losses |  | 11,786 |  |  |  |  | 0 |  |  |  |  | 11,786 |  |
Other investments |  | 3,842 |  |  |  |  | 0 |  |  |  |  | 3,842 |  |
Cash and cash equivalents |  | 5,051 |  |  |  |  | 0 |  |  |  |  | 5,051 |  |
Total investments and cash |  | 142,978 |  |  |  |  | 0 |  |  |  |  | 142,978 |  |
Receivables (1) |  | 693 |  |  |  |  | 10 |  |  |  |  | 703 |  |
Accrued investment income |  | 737 |  |  |  |  | 0 |  |  |  |  | 737 |  |
Deferred policy acquisition costs (2) |  | 9,525 |  |  |  |  | 323 |  |  |  |  | 9,848 |  |
Property and equipment |  | 538 |  |  |  |  | 0 |  |  |  |  | 538 |  |
Other (3) |  | 3,071 |  |  |  |  | 275 |  |  |  |  | 3,346 |  |
Total assets |  | $ | 157,542 |  |  |  |  | $ | 608 |  |  |  |  | $ | 158,150 |  |
Liabilities and shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Policy liabilities: |  |  |  |  |  |  |  |  |  |  |
Future policy benefits (1),(4),(5),(6) |  | $ | 90,588 |  |  |  |  | $ | 25,376 |  |  |  |  | $ | 115,964 |  |
Unpaid policy claims (4),(7) |  | 4,836 |  |  |  |  | (4,685) |  |  |  |  | 151 |  |
Unearned premiums |  | 2,576 |  |  |  |  | 0 |  |  |  |  | 2,576 |  |
Other policyholders’ funds (7) |  | 7,072 |  |  |  |  | 568 |  |  |  |  | 7,640 |  |
Total policy liabilities |  | 105,072 |  |  |  |  | 21,259 |  |  |  |  | 126,331 |  |
Income taxes (8) |  | 4,339 |  |  |  |  | (4,309) |  |  |  |  | 30 |  |
Payables for return of cash collateral on loaned securities |  | 2,162 |  |  |  |  | 0 |  |  |  |  | 2,162 |  |
Notes payable and lease obligations |  | 7,956 |  |  |  |  | 0 |  |  |  |  | 7,956 |  |
Other (5) |  | 4,760 |  |  |  |  | (120) |  |  |  |  | 4,640 |  |
Total liabilities |  | 124,289 |  |  |  |  | 16,830 |  |  |  |  | 141,119 |  |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |
Common stock |  | 135 |  |  |  |  | 0 |  |  |  |  | 135 |  |
Additional paid-in capital |  | 2,529 |  |  |  |  | 0 |  |  |  |  | 2,529 |  |
Retained earnings (9) |  | 41,381 |  |  |  |  | (418) |  |  |  |  | 40,963 |  |
Accumulated other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Unrealized foreign currency translation gains (losses) (10) |  | (2,013) |  |  |  |  | 28 |  |  |  |  | (1,985) |  |
Unrealized gains (losses) on fixed maturity securities |  | 9,602 |  |  |  |  | 0 |  |  |  |  | 9,602 |  |
Unrealized gains (losses) on derivatives |  | (30) |  |  |  |  | 0 |  |  |  |  | (30) |  |
Effect of changes in discount rate assumptions (11) |  | 0 |  |  |  |  | (15,832) |  |  |  |  | (15,832) |  |
Pension liability adjustment |  | (166) |  |  |  |  | 0 |  |  |  |  | (166) |  |
Treasury stock |  | (18,185) |  |  |  |  | 0 |  |  |  |  | (18,185) |  |
Total shareholders’ equity |  | 33,253 |  |  |  |  | (16,222) |  |  |  |  | 17,031 |  |
Total liabilities and shareholders’ equity |  | $ | 157,542 |  |  |  |  | $ | 608 |  |  |  |  | $ | 158,150 |  |
(1) Adjustment for the reclassification of ceded reserves from future policy benefits to receivables in conjunction with adoption of the updated standard. (2) Adjustment reflects an increase in DAC assets as a result of DAC being amortized over the expected life of a contract and no interest accretion recorded under the updated standard. (3) Adjustment reflects the discounting of reinsurance recoverables for retrocession activities under the updated standard. (4) Adjustment for the reclassification of unpaid policy claims for long-duration contracts to future policy benefits as a component of the integrated reserve. (5) Adjustment for the reclassification of accrued claim adjustment expenses from other liabilities to future policy benefits as a component of the integrated reserve. (6) Adjustment reflects the impacts of adoption and 2021 activity under the updated standard, including a $490 increase in the deferred profit liability on limited-payment products under the updated standard as discussed above. (7) Adjustment for the reclassification of the claims liability for certain fixed annuity benefits from unpaid policy claims to other policyholders' funds. (8) Adjustment reflects the tax effects from adoption and 2021 activity under the updated standard. (9) Adjustment reflects the impacts from adoption of ($324) as a result of capping the net premium ratio at 100% for cohorts that are in a loss position at transition, and the decrease in current year net earnings of $(94) under the updated standard. (10) Adjustment reflects foreign currency translation related to the updated standard, as applicable. (11) Adjustment reflects the impacts from adoption of ($18,570) and 2021 activity of $2,738 due to changes in the discount rate assumptions under the updated standard.

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