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FAIR VALUE MEASUREMENTS - Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Millions | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($)
--- | --- | ---
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | $ 78,099 | $ 75,741
Equity securities |  | 1,087 | 1,091
Assets, fair value |  | 86,105 | 82,924
Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 1,719 | 1,778
Equity securities |  | 221 | 209
Assets, fair value |  | 1,940 | 1,987
Valuation, Cost Approach | Level 3 | Private Financials |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Equity securities |  | 221 | 209
Municipalities |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 2,416 | 2,320
Municipalities | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 0 | 0
Mortgage- and asset-backed securities |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 2,567 | 2,146
Mortgage- and asset-backed securities | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 418 | 343
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3 | Offered Quotes |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | $ 418 | $ 343
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3 | Lower Limit | Offered Quotes |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Debt Securities, Available-for-Sale, Measurement Input | [1] | 82.69 | 97.38
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3 | Upper Limit | Offered Quotes |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Debt Securities, Available-for-Sale, Measurement Input | [1] | 107.62 | 106.71
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3 | Weighted Average | Offered Quotes |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Debt Securities, Available-for-Sale, Measurement Input | [1] | 100.39 | 102.98
Public utilities |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | $ 7,933 | $ 7,666
Public utilities | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 350 | 497
Public utilities | Discounted cash flow technique | Level 3 | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | $ 350 | $ 497
Public utilities | Discounted cash flow technique | Level 3 | Lower Limit | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Debt Securities, Available-for-Sale, Measurement Input | [2] | 0.0170 | 0.0128
Public utilities | Discounted cash flow technique | Level 3 | Upper Limit | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Debt Securities, Available-for-Sale, Measurement Input | [2] | 0.0268 | 0.0286
Public utilities | Discounted cash flow technique | Level 3 | Weighted Average | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Debt Securities, Available-for-Sale, Measurement Input | [2] | 0.0206 | 0.0192
Sovereign and supranational |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | $ 728 | $ 834
Sovereign and supranational | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 37 | 37
Sovereign and supranational | Consensus pricing valuation technique | Level 3 | Offered Quotes |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 37 | 37
Banks/financial institutions |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 9,420 | 9,299
Banks/financial institutions | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 161 | 159
Banks/financial institutions | Discounted cash flow technique | Level 3 | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | $ 161 | $ 159
Banks/financial institutions | Discounted cash flow technique | Level 3 | Lower Limit | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Debt Securities, Available-for-Sale, Measurement Input | [2] | 0.0067 | 0.0067
Banks/financial institutions | Discounted cash flow technique | Level 3 | Upper Limit | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Debt Securities, Available-for-Sale, Measurement Input | [2] | 0.0188 | 0.0188
Banks/financial institutions | Discounted cash flow technique | Level 3 | Weighted Average | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Debt Securities, Available-for-Sale, Measurement Input | [2] | 0.0111 | 0.0113
Other corporate |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | $ 29,142 | $ 28,362
Other corporate | Level 3 |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | 753 | 742
Other corporate | Discounted cash flow technique | Level 3 | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Available for sale, fixed maturity securities |  | $ 753 | $ 742
Other corporate | Discounted cash flow technique | Level 3 | Lower Limit | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Debt Securities, Available-for-Sale, Measurement Input | [2] | 0.0066 | 0.0066
Other corporate | Discounted cash flow technique | Level 3 | Upper Limit | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Debt Securities, Available-for-Sale, Measurement Input | [2] | 0.0295 | 0.0647
Other corporate | Discounted cash flow technique | Level 3 | Weighted Average | Credit Spreads |  |  |
Fair Value Measurement Inputs and Valuation Techniques |  |  |
Debt Securities, Available-for-Sale, Measurement Input | [2] | 0.0187 | 0.0191
[1] | Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques.
[2] | Actual or equivalent credit spreads in basis points.

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