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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 | 9 Months Ended
--- | --- | ---
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Balance, beginning of period | $ 1,840 | $ 1,797 | $ 1,987 | $ 1,471
Net investment gains (losses) included in earnings | (7) | (1) | (13) | 1
Unrealized gains (losses) included in other comprehensive income (loss) | (69) | (97) | (76) | (311)
Purchases | 127 | 306 | 577 | 698
Issuances | 0 | 0 | 0 | 0
Sales | 0 | 0 | 0 | 0
Settlements | (17) | (232) | (171) | (314)
Transfers into Level 3 | 42 | 68 | 184 | 496
Transfers out of Level 3 | (109) | (24) | (681) | (224)
Balance, end of period | 1,807 | 1,817 | 1,807 | 1,817
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings | (3) | (1) | (7) | (3)
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 | 652 | 311 | 343 | 291
Net investment gains (losses) included in earnings | 0 | 0 | 0 | 0
Unrealized gains (losses) included in other comprehensive income (loss) | (13) | (12) | (23) | (81)
Purchases | 55 | 56 | 383 | 222
Issuances | 0 | 0 | 0 | 0
Sales | 0 | 0 | 0 | 0
Settlements | (11) | (21) | (144) | (59)
Transfers into Level 3 | 0 | 0 | 124 | 0
Transfers out of Level 3 | (3) | (24) | (3) | (63)
Balance, end of period | 680 | 310 | 680 | 310
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 | 1 | 0
Fixed maturity securities | Public utilities |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Balance, beginning of period | 302 | 537 | 497 | 493
Net investment gains (losses) included in earnings | 0 | 1 | 0 | 2
Unrealized gains (losses) included in other comprehensive income (loss) | (12) | (30) | (18) | (111)
Purchases | 36 | 7 | 36 | 35
Issuances | 0 | 0 | 0 | 0
Sales | 0 | 0 | 0 | 0
Settlements | (6) | (8) | (15) | (40)
Transfers into Level 3 | 0 | 0 | 18 | 128
Transfers out of Level 3 | (61) | 0 | (259) | 0
Balance, end of period | 259 | 507 | 259 | 507
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings | 0 | 1 | 1 | 1
Fixed maturity securities | Sovereign and supranational |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Balance, beginning of period | 32 | 36 | 37 | 43
Net investment gains (losses) included in earnings | 0 | 0 | 0 | 0
Unrealized gains (losses) included in other comprehensive income (loss) | (1) | (2) | (4) | (9)
Purchases | 0 | 0 | 0 | 0
Issuances | 0 | 0 | 0 | 0
Sales | 0 | 0 | 0 | 0
Settlements | 0 | 0 | (2) | 0
Transfers into Level 3 | 0 | 0 | 0 | 0
Transfers out of Level 3 | 0 | 0 | 0 | 0
Balance, end of period | 31 | 34 | 31 | 34
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 | 69 | 91 | 159 | 45
Net investment gains (losses) included in earnings | 0 | 1 | 0 | 1
Unrealized gains (losses) included in other comprehensive income (loss) | (2) | (12) | 2 | (14)
Purchases | 0 | 88 | 0 | 121
Issuances | 0 | 0 | 0 | 0
Sales | 0 | 0 | 0 | 0
Settlements | 0 | (20) | (7) | (23)
Transfers into Level 3 | 3 | 0 | 3 | 18
Transfers out of Level 3 | 0 | 0 | (87) | 0
Balance, end of period | 70 | 148 | 70 | 148
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 | 572 | 632 | 742 | 426
Net investment gains (losses) included in earnings | 0 | 0 | 0 | 0
Unrealized gains (losses) included in other comprehensive income (loss) | (41) | (41) | (33) | (96)
Purchases | 36 | 145 | 148 | 267
Issuances | 0 | 0 | 0 | 0
Sales | 0 | 0 | 0 | 0
Settlements | 0 | (183) | (3) | (185)
Transfers into Level 3 | 39 | 68 | 39 | 350
Transfers out of Level 3 | (42) | 0 | (329) | (141)
Balance, end of period | 564 | 621 | 564 | 621
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 | 213 | 190 | 209 | 173
Net investment gains (losses) included in earnings | (7) | (3) | (13) | (2)
Unrealized gains (losses) included in other comprehensive income (loss) | 0 | 0 | 0 | 0
Purchases | 0 | 10 | 10 | 53
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 | (3) | 0 | (3) | (20)
Balance, end of period | 203 | 197 | 203 | 197
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings | $ (3) | $ (2) | $ (9) | $ (4)

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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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