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FAIR VALUE MEASUREMENTS - Changes in Investments and Derivatives Carried at Fair Value Classified as Level 3 (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Balance, beginning of period | $ 1,940 | $ 1,460 | $ 1,987 | $ 1,471
Net investment gains (losses) included in earnings | (8) | (5) | (6) | 2
Unrealized gains (losses) included in other comprehensive income (loss) | (52) | (142) | (7) | (214)
Purchases | 173 | 297 | 450 | 392
Issuances | 0 | 0 | 0 | 0
Sales | 0 | 0 | 0 | 0
Settlements | (25) | (61) | (154) | (82)
Transfers into Level 3 | 124 | 258 | 142 | 428
Transfers out of Level 3 | (312) | (10) | (572) | (200)
Balance, end of period | 1,840 | 1,797 | 1,840 | 1,797
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings | (8) | (6) | (5) | (1)
Fixed maturity securities | Mortgage- and asset-backed securities |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Balance, beginning of period | 418 | 318 | 343 | 291
Net investment gains (losses) included in earnings | 0 | 0 | 0 | 0
Unrealized gains (losses) included in other comprehensive income (loss) | (13) | (54) | (10) | (69)
Purchases | 136 | 90 | 328 | 166
Issuances | 0 | 0 | 0 | 0
Sales | 0 | 0 | 0 | 0
Settlements | (13) | (36) | (133) | (38)
Transfers into Level 3 | 124 | 0 | 124 | 0
Transfers out of Level 3 | 0 | (7) | 0 | (39)
Balance, end of period | 652 | 311 | 652 | 311
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings | 0 | 0 | 0 | 0
Fixed maturity securities | Public utilities |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Balance, beginning of period | 350 | 585 | 497 | 493
Net investment gains (losses) included in earnings | 0 | 1 | 0 | 1
Unrealized gains (losses) included in other comprehensive income (loss) | (16) | (44) | (6) | (81)
Purchases | 0 | 19 | 0 | 28
Issuances | 0 | 0 | 0 | 0
Sales | 0 | 0 | 0 | 0
Settlements | (2) | (24) | (9) | (32)
Transfers into Level 3 | 0 | 0 | 18 | 128
Transfers out of Level 3 | (30) | 0 | (198) | 0
Balance, end of period | 302 | 537 | 302 | 537
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings | 0 | 0 | 0 | 1
Fixed maturity securities | Sovereign and supranational |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Balance, beginning of period | 37 | 41 | 37 | 43
Net investment gains (losses) included in earnings | 0 | 0 | 0 | 0
Unrealized gains (losses) included in other comprehensive income (loss) | (3) | (5) | (3) | (7)
Purchases | 0 | 0 | 0 | 0
Issuances | 0 | 0 | 0 | 0
Sales | 0 | 0 | 0 | 0
Settlements | (2) | 0 | (2) | 0
Transfers into Level 3 | 0 | 0 | 0 | 0
Transfers out of Level 3 | 0 | 0 | 0 | 0
Balance, end of period | 32 | 36 | 32 | 36
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings | 0 | 0 | 0 | 0
Fixed maturity securities | Banks/financial institutions |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Balance, beginning of period | 161 | 60 | 159 | 45
Net investment gains (losses) included in earnings | 0 | 0 | 0 | 0
Unrealized gains (losses) included in other comprehensive income (loss) | 2 | (2) | 4 | (2)
Purchases | 0 | 33 | 0 | 33
Issuances | 0 | 0 | 0 | 0
Sales | 0 | 0 | 0 | 0
Settlements | (7) | 0 | (7) | (3)
Transfers into Level 3 | 0 | 0 | 0 | 18
Transfers out of Level 3 | (87) | 0 | (87) | 0
Balance, end of period | 69 | 91 | 69 | 91
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings | 0 | 0 | 0 | 0
Fixed maturity securities | Other corporate |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Balance, beginning of period | 753 | 290 | 742 | 426
Net investment gains (losses) included in earnings | 0 | 0 | 0 | 0
Unrealized gains (losses) included in other comprehensive income (loss) | (22) | (37) | 8 | (55)
Purchases | 37 | 122 | 112 | 122
Issuances | 0 | 0 | 0 | 0
Sales | 0 | 0 | 0 | 0
Settlements | (1) | (1) | (3) | (2)
Transfers into Level 3 | 0 | 258 | 0 | 282
Transfers out of Level 3 | (195) | 0 | (287) | (141)
Balance, end of period | 572 | 632 | 572 | 632
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings | 0 | 0 | 0 | 0
Equity securities |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Balance, beginning of period | 221 | 166 | 209 | 173
Net investment gains (losses) included in earnings | (8) | (6) | (6) | 1
Unrealized gains (losses) included in other comprehensive income (loss) | 0 | 0 | 0 | 0
Purchases | 0 | 33 | 10 | 43
Issuances | 0 | 0 | 0 | 0
Sales | 0 | 0 | 0 | 0
Settlements | 0 | 0 | 0 | (7)
Transfers into Level 3 | 0 | 0 | 0 | 0
Transfers out of Level 3 | 0 | (3) | 0 | (20)
Balance, end of period | 213 | 190 | 213 | 190
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings | $ (8) | $ (6) | $ (5) | $ (2)

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- Definition Amount of unrealized gain (loss) recognized in income from asset measured at fair value on recurring basis using unobservable input (level 3) and still held. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Amount of gain (loss) recognized in income from asset measured at fair value on recurring basis using unobservable input (level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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