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DERIVATIVE INSTRUMENTS - Gains (Losses) Recognized on Fair Value Hedging Relationships (Details) $ in Millions | 3 Months Ended
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Mar. 31, 2023 USD ($)
Derivative Instruments, Gain (Loss) [Line Items] |  |
Total gains (losses) recognized for derivatives | $ (39) |
Gains (losses) on derivatives excluded from effectiveness testing | (39) | [1]
Gains (losses) on derivatives included in effectiveness testing | 0 | [2]
Gains (losses) recognized for hedged items | 0 | [2]
Net realized gains (losses) recognized for fair value hedge | 0 |
Fixed maturity securities | Foreign currency options |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |
Total gains (losses) recognized for derivatives | (39) |
Gains (losses) on derivatives excluded from effectiveness testing | (39) | [1]
Gains (losses) on derivatives included in effectiveness testing | 0 | [2]
Gains (losses) recognized for hedged items | 0 | [2]
Net realized gains (losses) recognized for fair value hedge | $ 0 |
[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 statements 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 statements 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 (losses) consistent with the impact of the hedged item. For the three-month period ended March 31, 2023, gains and losses included in the hedge assessment on interest rate swaptions and related hedged items were immaterial.

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- Definition Amount of gain (loss) from the increase (decrease) in fair value of derivative and nonderivative instruments designated as fair value hedging instruments recognized in the income statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 25 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480238/815-25-50-1 + Details
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- Definition Amount of the increase (decrease) in fair value of the hedged item in a fair value hedge recognized in the income statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 25 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480238/815-25-50-1 + Details
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- Definition Amount of gain (loss) on derivative instrument designated and qualifying as fair value hedge included in assessment of hedge effectiveness, recognized in earnings. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480627/815-20-45-1A + Details
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- Definition Net gain (loss) relating to components of the gain (loss) on the fair value hedging instrument excluded from the assessment of fair value hedge effectiveness. Recognized in earnings. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 25 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480238/815-25-50-1 + Details
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