Aflac (AFL) 10-Q 25 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 17, 2019
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-07434
Entity Registrant Name	Aflac Incorporated
Entity Incorporation, State or Country Code	GA
Entity Tax Identification Number	58-1167100
Entity Address, Address Line One	1932 Wynnton Road
Entity Address, City or Town	Columbus
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	31999
City Area Code	706.
Local Phone Number	323.3431
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		734,018,010
Amendment Flag	false
Entity Central Index Key	0000004977
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019
NEW YORK STOCK EXCHANGE, INC.
Title of 12(b) Security	Common Stock, $.10 Par Value
Trading Symbol	AFL
Security Exchange Name	NYSE

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Net premiums, principally supplemental health insurance	$ 4,736	$ 4,636	$ 14,109	$ 14,086
Net investment income	936	870	2,692	2,569
Realized investment gains (losses):
Other-than-temporary impairment losses realized and loan loss reserves	(18)	(5)	(21)	(17)
Other gains (losses)	(135)	61	(126)	(59)
Total realized investment gains (losses)	(153)	56	(147)	(76)
Other income (loss)	17	15	50	53
Total revenues	5,536	5,577	16,704	16,632
Benefits and expenses:
Benefits and claims, net	3,027	3,002	8,958	9,075
Acquisition and operating expenses:
Amortization of deferred policy acquisition costs	317	315	967	932
Insurance commissions	330	331	990	1,007
Insurance and other expenses	769	730	2,230	2,193
Interest expense	57	53	171	164
Total acquisition and operating expenses	1,473	1,429	4,358	4,296
Total benefits and expenses	4,500	4,431	13,316	13,371
Earnings before income taxes	1,036	1,146	3,388	3,261
Income taxes	259	301	865	866
Net earnings	$ 777	$ 845	$ 2,523	$ 2,395
Net earnings per share:
Basic (in dollars per share)	$ 1.05	$ 1.10	$ 3.38	$ 3.10
Diluted (in dollars per share)	$ 1.04	$ 1.09	$ 3.37	$ 3.08
Weighted-average outstanding common shares used in computing earnings per share (In thousands):
Basic (in shares)	739,946	767,049	745,465	772,807
Diluted (in shares)	743,842	772,070	749,452	777,867
Cash dividends per share	$ 0.27	$ 0.26	$ 0.81	$ 0.78

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net earnings	$ 777	$ 845	$ 2,523	$ 2,395
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during period	(22)	(383)	393	(51)
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity securities during period	1,185	(866)	6,427	(3,099)
Reclassification adjustment for realized (gains) losses on fixed maturity securities included in net earnings	41	(37)	(1)	(11)
Unrealized gains (losses) on derivatives during period	(8)	(2)	(12)	2
Pension liability adjustment during period	1	1	5	1
Total other comprehensive income (loss) before income taxes	1,197	(1,287)	6,812	(3,158)
Income tax expense (benefit) related to items of other comprehensive income (loss)	310	(344)	1,712	(813)
Other comprehensive income (loss), net of income taxes	887	(943)	5,100	(2,345)
Total comprehensive income (loss)	$ 1,664	$ (98)	$ 7,623	$ 50

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Sep. 30, 2019	Dec. 31, 2018
Investments and Cash:
Available for sale, fixed maturity securities		$ 93,940	$ 82,895
Held to maturity, fixed maturity securities		30,733	30,318
Equity securities		830	987
Commercial mortgage and other loans		8,284	6,919
Other investments		1,507	787
Cash and cash equivalents		4,216	4,337
Total investments and cash		139,510	126,243
Receivables		908	851
Accrued investment income		734	773
Deferred policy acquisition costs		10,148	9,875
Property and equipment, at cost less accumulated depreciation	[1]	562	443
Other		2,275	2,221
Total assets		154,137	140,406
Policy Liabilities:
Future policy benefits		90,824	86,368
Unpaid policy claims		4,741	4,584
Unearned premiums		4,544	5,090
Other policyholders’ funds		7,421	7,146
Total policy liabilities		107,530	103,188
Income taxes		5,737	4,020
Payables for return of cash collateral on loaned securities		2,189	1,052
Notes payable and lease obligations	[1]	6,233	5,778
Other		3,010	2,906
Total liabilities		124,699	116,944
Commitments and contingent liabilities (Note 12)
Shareholders’ equity:
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2019 and 2018; issued 1,349,190 shares in 2019 and 1,347,540 shares in 2018		135	135
Additional paid-in capital		2,277	2,177
Retained earnings		33,710	31,788
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)		(1,479)	(1,847)
Unrealized gain (losses) on fixed maturity securities		8,970	4,234
Unrealized gains (losses) on derivatives		(33)	(24)
Pension liability adjustment		(207)	(212)
Treasury stock, at average cost		(13,935)	(12,789)
Total shareholders’ equity		29,438	23,462
Total liabilities and shareholders’ equity		154,137	140,406
Consolidated Entity Excluding Variable Interest Entities (VIE)
Investments and Cash:
Available for sale, fixed maturity securities		89,378	78,429
Variable Interest Entity, Consolidated
Investments and Cash:
Available for sale, fixed maturity securities		4,562	4,466
Equity securities		0	160
Commercial mortgage and other loans		6,813	5,528
Other investments	[2]	439	328
Policy Liabilities:
Total liabilities		$ 139	$ 102
[1]	See Note 1 of the Notes to the Consolidated Financial Statements for the adoption of accounting guidance on January 1, 2019 related to leases.
[2]	Consists entirely of alternative investments in limited partnerships

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions		Sep. 30, 2019	Dec. 31, 2018
Available for sale, fixed maturity securities, amortized cost		$ 81,474	$ 76,856
Held to maturity, fixed maturity securities, fair value		38,822	36,722
Commercial mortgage and other loans		8,284	6,919
Other investments		$ 1,507	$ 787
Common stock, par value (in dollars per share)		$ 0.10	$ 0.10
Common stock, shares authorized (in shares)		1,900,000	1,900,000
Common stock, shares issued (in shares)		1,349,190	1,347,540
Variable Interest Entity, Consolidated
Available for sale, fixed maturity securities, amortized cost		$ 3,594	$ 3,849
Commercial mortgage and other loans		6,813	5,528
Other investments	[1]	439	328
Consolidated Entity Excluding Variable Interest Entities (VIE)
Available for sale, fixed maturity securities, amortized cost		$ 77,880	$ 73,007
[1]	Consists entirely of alternative investments in limited partnerships

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions		Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of change in accounting principle, net of income taxes	[1]	$ 0	$ 0	$ 0	$ (226)	$ 226	$ 0
Balance, beginning of period at Dec. 31, 2017		24,598	135	2,052	29,895	4,028	(11,512)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		717	0	0	717	0	0
Unrealized foreign currency translation gains (losses) during period, net of income taxes		447	0	0	0	447	0
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments	[1]	(984)	0	0	0	(984)	0
Unrealized gains (losses) on derivatives during period, net of income taxes		2	0	0	0	2	0
Pension liability adjustment during period, net of income taxes		(34)	0	0	0	(34)	0
Dividends to shareholders		(203)	0	0	(203)	0	0
Exercise of stock options		14	0	14	0	0	0
Share-based compensation		10	0	10	0	0	0
Purchases of treasury stock		(309)	0	0	0	0	(309)
Treasury stock reissued		29	0	13	0	0	16
Balance, end of period at Mar. 31, 2018		24,287	135	2,089	30,183	3,685	(11,805)
Balance, beginning of period at Dec. 31, 2017		24,598	135	2,052	29,895	4,028	(11,512)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		2,395
Balance, end of period at Sep. 30, 2018		23,234	135	2,151	31,461	1,909	(12,422)
Balance, beginning of period at Mar. 31, 2018		24,287	135	2,089	30,183	3,685	(11,805)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		832	0	0	832	0	0
Unrealized foreign currency translation gains (losses) during period, net of income taxes		(138)	0	0	0	(138)	0
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments	[1]	(730)	0	0	0	(730)	0
Unrealized gains (losses) on derivatives during period, net of income taxes		1	0	0	0	1	0
Pension liability adjustment during period, net of income taxes		34	0	0	0	34	0
Dividends to shareholders		(206)	0	0	(206)	0	0
Exercise of stock options		7	0	7	0	0	0
Share-based compensation		15	0	15	0	0	0
Purchases of treasury stock		(306)	0	0	0	0	(306)
Treasury stock reissued		4	0	6	0	0	(2)
Balance, end of period at Jun. 30, 2018		23,800	135	2,117	30,809	2,852	(12,113)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		845	0	0	845	0	0
Unrealized foreign currency translation gains (losses) during period, net of income taxes		(347)	0	0	0	(347)	0
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments	[1]	(596)	0	0	0	(596)	0
Unrealized gains (losses) on derivatives during period, net of income taxes		(1)	0	0	0	(1)	0
Pension liability adjustment during period, net of income taxes		1	0	0	0	1	0
Dividends to shareholders		(193)	0	0	(193)	0	0
Exercise of stock options		9	0	9	0	0	0
Share-based compensation		14	0	14	0	0	0
Purchases of treasury stock		(324)	0	0	0	0	(324)
Treasury stock reissued		26	0	11	0	0	15
Balance, end of period at Sep. 30, 2018		23,234	135	2,151	31,461	1,909	(12,422)
Balance, beginning of period at Dec. 31, 2018		23,462	135	2,177	31,788	2,151	(12,789)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		928	0	0	928	0	0
Unrealized foreign currency translation gains (losses) during period, net of income taxes		(1)	0	0	0	(1)	0
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments		2,327	0	0	0	2,327	0
Unrealized gains (losses) on derivatives during period, net of income taxes		(2)	0	0	0	(2)	0
Pension liability adjustment during period, net of income taxes		6	0	0	0	6	0
Dividends to shareholders		(203)	0	0	(203)	0	0
Exercise of stock options		11	0	11	0	0	0
Share-based compensation		8	0	8	0	0	0
Purchases of treasury stock		(517)	0	0	0	0	(517)
Treasury stock reissued		30	0	12	0	0	18
Balance, end of period at Mar. 31, 2019		26,049	135	2,208	32,513	4,481	(13,288)
Balance, beginning of period at Dec. 31, 2018		23,462	135	2,177	31,788	2,151	(12,789)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		2,523
Balance, end of period at Sep. 30, 2019		29,438	135	2,277	33,710	7,251	(13,935)
Balance, beginning of period at Mar. 31, 2019		26,049	135	2,208	32,513	4,481	(13,288)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		817	0	0	817	0	0
Unrealized foreign currency translation gains (losses) during period, net of income taxes		393	0	0	0	393	0
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments		1,494	0	0	0	1,494	0
Unrealized gains (losses) on derivatives during period, net of income taxes		(1)	0	0	0	(1)	0
Pension liability adjustment during period, net of income taxes		(3)	0	0	0	(3)	0
Dividends to shareholders		(200)	0	0	(200)	0	0
Exercise of stock options		12	0	12	0	0	0
Share-based compensation		15	0	15	0	0	0
Purchases of treasury stock		(358)	0	0	0	0	(358)
Treasury stock reissued		23	0	12	0	0	11
Balance, end of period at Jun. 30, 2019		28,241	135	2,247	33,130	6,364	(13,635)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		777	0	0	777	0	0
Unrealized foreign currency translation gains (losses) during period, net of income taxes		(24)	0	0	0	(24)	0
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments		915	0	0	0	915	0
Unrealized gains (losses) on derivatives during period, net of income taxes		(6)	0	0	0	(6)	0
Pension liability adjustment during period, net of income taxes		2	0	0	0	2	0
Dividends to shareholders		(197)	0	0	(197)	0	0
Exercise of stock options		3	0	3	0	0	0
Share-based compensation		15	0	15	0	0	0
Purchases of treasury stock		(311)	0	0	0	0	(311)
Treasury stock reissued		23	0	12	0	0	11
Balance, end of period at Sep. 30, 2019		$ 29,438	$ 135	$ 2,277	$ 33,710	$ 7,251	$ (13,935)
[1]	See Note 1 of the Notes to the Consolidated Financial Statements in the Company's 2018 Annual Report on Form 10-K

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Retained earnings
Dividends to shareholders (in dollars per share)	$ 0.27	$ 0.27	$ 0.27	$ 0.26	$ 0.26	$ 0.26

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net earnings	$ 2,523	$ 2,395
Adjustments to reconcile net earnings to net cash provided by operating activities:
Change in receivables and advance premiums	(36)	(27)
Capitalization of deferred policy acquisition costs	(1,057)	(1,082)
Amortization of deferred policy acquisition costs	967	932
Increase in policy liabilities	1,659	1,821
Change in income tax liabilities	(85)	38
Realized investment (gains) losses	147	76
Other, net	145	506
Net cash provided (used) by operating activities	4,263	4,659
Proceeds from investments sold or matured:
Available-for-sale fixed maturity securities	3,127	5,991
Equity securities	570	369
Held-to-maturity fixed maturity securities	437	880
Commercial mortgage and other loans	1,293	597
Costs of investments acquired:
Available for sale fixed maturity securities	(5,908)	(7,845)
Equity securities	(321)	(338)
Commercial mortgage and other loans	(2,634)	(4,150)
Other investments, net	(682)	(136)
Settlement of derivatives, net	13	(141)
Cash received (pledged or returned) as collateral, net	1,144	1,413
Other, net	15	188
Net cash provided (used) by investing activities	(2,946)	(3,172)
Cash flows from financing activities:
Purchases of treasury stock	(1,157)	(923)
Proceeds from borrowings	268	0
Dividends paid to shareholders	(579)	(595)
Change in investment-type contracts, net	0	(17)
Treasury stock reissued	38	36
Other, net	1	(14)
Net cash provided (used) by financing activities	(1,429)	(1,513)
Effect of exchange rate changes on cash and cash equivalents	(9)	(36)
Net change in cash and cash equivalents	(121)	(62)
Cash and cash equivalents, beginning of period	4,337	3,491
Cash and cash equivalents, end of period	4,216	3,429
Supplemental disclosures of cash flow information:
Income taxes paid	950	827
Interest paid	132	124
Noncash interest	38	41
Impairment losses and loan loss reserves included in realized investment losses	21	17
Noncash financing activities:
Lease obligations	82	10
Associate stock bonus
Treasury stock issued for:
Treasury stock issued	12	7
Shareholder dividend reinvestment
Treasury stock issued for:
Treasury stock issued	21	8
Share-based compensation grants
Treasury stock issued for:
Treasury stock issued	$ 5	$ 2

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Aflac Incorporated (the Parent Company) and its subsidiaries (collectively, the Company) primarily sell supplemental health and life insurance in the United States and Japan. The Company's insurance business is marketed and administered through American Family Life Assurance Company of Columbus (Aflac) in the United States and, effective April 1, 2018, through Aflac Life Insurance Japan Ltd. (ALIJ) in Japan. Prior to April 1, 2018, the Company's insurance business was marketed in Japan as a branch of Aflac. The Company’s operations consist of two reportable business segments: Aflac U.S., which includes Aflac, and Aflac Japan, which includes ALIJ. American Family Life Assurance Company of New York (Aflac New York) is a wholly owned subsidiary of Aflac. Most of Aflac's policies are individually underwritten and marketed through independent agents. Additionally, Aflac U.S. markets and administers group products through Continental American Insurance Company (CAIC), branded as Aflac Group Insurance. The Company's insurance operations in the United States and Japan service the two markets for the Company's insurance business. Aflac Japan's revenues, including realized gains and losses on its investment portfolio, accounted for 69% of the Company's total revenues in both the nine -month periods ended September 30, 2019 and 2018 . The percentage of the Company's total assets attributable to Aflac Japan was 84% at both September 30, 2019 and December 31, 2018 . Basis of Presentation The Company prepares its financial statements in accordance with U.S. generally accepted accounting principles (U.S. GAAP). These principles are established primarily by the Financial Accounting Standards Board (FASB). In these Notes to the Consolidated Financial Statements, references to U.S. GAAP issued by the FASB are derived from the FASB Accounting Standards Codification TM (ASC). The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates based on currently available information when recording transactions resulting from business operations. The most significant items on the Company's balance sheet that involve a greater degree of accounting estimates and actuarial determinations subject to changes in the future are the valuation of investments and derivatives, deferred policy acquisition costs (DAC), liabilities for future policy benefits and unpaid policy claims, and income taxes. These accounting estimates and actuarial determinations are sensitive to market conditions, investment yields, mortality, morbidity, commission and other acquisition expenses, and terminations by policyholders. As additional information becomes available, or actual amounts are determinable, the recorded estimates will be revised and reflected in operating results. Although some variability is inherent in these estimates, the Company believes the amounts provided are adequate. The unaudited consolidated financial statements include the accounts of the Parent Company, its subsidiaries and those entities required to be consolidated under applicable accounting standards. All material intercompany accounts and transactions have been eliminated. In the opinion of management, the accompanying unaudited consolidated financial statements of the Company contain all adjustments, consisting of normal recurring accruals, which are necessary to fairly present the consolidated balance sheets as of September 30, 2019 , and December 31, 2018 , the consolidated statements of earnings and comprehensive income (loss) for the three-month and nine -month periods ended September 30, 2019 and 2018 , the consolidated statement of shareholders' equity for the three-month periods ended March 31, 2019 and 2018, June 30, 2019 and 2018 and September 30, 2019 and 2018 , and the consolidated statement of cash flows for the nine -month periods ended September 30, 2019 and 2018 . Results of operations for interim periods are not necessarily indicative of results for the entire year. As a result, these financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2018 ( 2018 Annual Report). Reclassifications : Certain reclassifications have been made to prior-year amounts to conform to current-year reporting classifications. These reclassifications had no impact on net earnings or total shareholders' equity. New Accounting Pronouncements Recently Adopted Accounting Pronouncements Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters Accounting Standard Update (ASU) 2018-15 Intangibles - Goodwill and Other - Internal-Use Software, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued amendments to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Early adopted as of January 1, 2019 The adoption of this guidance did not have a significant impact on the Company’s financial position, results of operations or disclosures. Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters ASU 2016-02 Leases as clarified and amended by: ASU 2018-01, Leases: Land Easement Practical Expedient for Transition to Topic 842, ASU 2018-10 , Codification Improvements to Topic 842, Leases, ASU 2018-11 , Leases, Targeted Improvements, and ASU 2018-20 , Leases: Narrow-Scope Improvements for Lessors In February 2016, the FASB issued updated guidance for accounting for leases (“Leases Update”). Per the Leases Update, lessees are required to recognize all leases on the balance sheet with the exception of short-term leases. A lease liability will be recorded for the obligation of a lessee to make lease payments arising from a lease. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Leases Update provided a number of optional practical expedients. The Company elected the "package of practical expedients," which permits the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. Under the Leases Update, lessor accounting is largely unchanged. In January 2018, an amendment was issued to the Leases Update which provided an entity with the option to elect a transition practical expedient to not evaluate land easements that exist or expired before the entity's adoption of the Leases Update and that were not previously accounted for as leases. In July 2018, the FASB issued two amendments to the Leases Update which clarified, corrected errors in, or made minor improvements to the Leases Update and provided entities with an optional transition method to adopt the Leases Update by recording a cumulative-effect adjustment to beginning retained earnings. Additionally, the amendments provided lessors with a practical expedient to not separate nonlease components from associated lease components and instead account for those components as a single component under certain conditions. In December 2018, an amendment to the Leases Update was issued to clarify: 1) lessor accounting for all sales (and other similar) taxes; 2) the handling of certain lessor costs when the amount of those costs is not readily determinable; and 3) lessor allocation of certain variable payments to the lease and non-lease components. January 1, 2019 The Company has operating and finance leases for office space and equipment. The Company elected the short-term lease exemption for all classes of leases which allows the Company to not recognize right-of-use assets and lease liabilities on the consolidated balance sheet and allows the Company to recognize the lease expense for short-term leases on a straight-line basis over the lease term. The Company elected the practical expedient to not separate lease and non-lease components and applied it to all classes of leases where the non-lease components are not significant. Some of the Company's leases include options to extend or terminate the lease and the lease terms may include such options when it is reasonably certain that the Company will exercise that option. Certain leases also include options to purchase the leased property. The leases within scope of the leases update increased the Company's right-of-use assets and lease liabilities recorded in its consolidated balance sheet by $134 million. As of January 1, 2019, the Company did not have land easements, but has elected the practical expedient as a safe harbor. The Company elected the optional transition method and as a safe harbor, the practical expedient provided to lessors. The Company has made an accounting policy election to exclude amounts collected from customers for all sales (and other similar) taxes from the transaction price. The adoption of the Leases Update and related amendments did not have a significant impact on the Company's financial position, results of operations, or disclosures. Accounting Pronouncements Pending Adoption Standard Description Effect on Financial Statements or Other Significant Matters ASU 2019-04 Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments In April 2019, the FASB issued Codification improvements to clarify and correct certain areas of guidance amended as part of ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities; ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; and ASU 2017-12, Derivative and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The most significant of these improvements to the Company was related to the Codification improvement to ASU 2017-12 and the clarification that a one-time reclassification of assets that are eligible to be hedged under the last-of-layer method (i.e., certain pre-payable securities) from held-to-maturity to available-for-sale is allowed under the new hedge accounting guidance and would not impact the Company’s ability to continue to classify other bonds as held-to-maturity. This clarification is effective for the Company beginning January 1, 2020, with early adoption permitted. If a reclassification is elected, it must be reflected as of the date of adoption of this update. The other amendments related to ASU 2017-12 and 2016-01 are either not significant, or were previously implemented as part of the related ASU adoptions. Applicable amendments related to ASU 2016-13 are discussed within the pending adoption of that update below. The Company did not reclassify any assets from held-to-maturity to available-for-sale as part of its implementation of ASU 2017-12, and is therefore eligible to reclassify qualifying securities as a result of these clarifications. As of September 30, 2019, the Company has identified approximately $6 billion to $8 billion (at amortized cost) of pre-payable fixed-maturity securities classified as held-to-maturity that qualify for the one-time reclassification to the available-for-sale category. This reclassification will result in recording a net unrealized gain or loss on an after-tax basis, to accumulated other comprehensive income based on the securities’ fair values on the reclassification date, which the Company is currently planning for January 1, 2020. As of September 30, 2019, net unrealized gains on the identified eligible securities was approximately $600 million to $1 billion, after tax. The Company is further assessing the impact of the reclassification to other pending ASUs, such as 2016-13 which will be effective January 1, 2020. ASU 2018-17 Consolidation: Targeted Improvements to Related Party Guidance for Variable Interest Entities In October 2018, the FASB issued targeted improvements which provide that indirect interests held through related parties under common control should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The amendments are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s financial position, results of operations or disclosures. ASU 2018-14 Compensation - Retirement Benefits - Defined Benefit Plans - General, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued amendments to modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Accordingly, six disclosures requirements were removed, two added and two clarified. The amendments are effective for public business entities for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company plans to early adopt this guidance in the December 31, 2019 financial statements, and the adoption of this guidance is not expected to have a significant impact on the Company’s financial position, results of operations, or disclosures. Standard Description Effect on Financial Statements or Other Significant Matters ASU 2018-13 Fair Value Measurement, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued amendments to the disclosure requirements on fair value measurements. The amendments remove, modify, and add certain disclosures. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Further, an entity is permitted to early adopt any removed or modified disclosures upon issuance of this update and delay adoption of the additional disclosures until their effective date. The adoption of this guidance is not expected to have a significant impact on the Company’s financial position, results of operations, or disclosures. ASU 2018-12 Financial Services - Insurance, Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued amendments that will significantly change how insurers account for long-duration contracts. The amendments will change existing recognition, measurement, presentation, and disclosure requirements. Issues addressed in the new guidance include: 1) a requirement to review and, if there is a change, update assumptions for the liability for future policy benefits at least annually, and to update the discount rate assumption quarterly, 2) accounting for market risk benefits at fair value, 3) simplified amortization for deferred acquisition costs, and 4) enhanced financial statement presentation and disclosures. The amendments are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application of the amendments is permitted. The Company is thoroughly evaluating the impact of adoption and expects that the adoption will have a significant impact on the Company’s financial position, results of operations, and disclosures. The Company anticipates that the requirement to update assumptions for liability for future policy benefits will have a significant impact on its results of operations, systems, processes and controls while the requirement to update the discount rate will have a significant impact on its equity. The Company has no products with market risk benefits. The Company does not expect to early adopt the updated standard and has tentatively selected a modified retrospective transition method. ASU 2017-04 Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued amendments simplifying the subsequent measurement of goodwill. An entity, under this update, is no longer required to perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, the entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The amendments are effective for public business entities that are SEC filers for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for any goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this guidance is not expected to have a significant impact on the Company's financial position, results of operations, or disclosures. Standard Description Effect on Financial Statements or Other Significant Matters ASU 2016-13 Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments as clarified and amended by: ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , and ASU 2019-05, Financial Instruments - Credit Losses (Topic 326), Targeted Transition Relief In June 2016, the FASB issued amendments that require a financial asset (or a group of financial assets) measured at amortized cost to be presented net of an allowance for credit losses (Credit Losses ASU) in order to reflect the amount expected to be collected on the financial asset(s). The measurement of expected credit losses is amended by replacing the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information. Credit losses on available-for-sale debt securities will be measured in a manner similar to current U.S. GAAP; however, the amendments require that credit losses be presented as an allowance rather than as a write-down. Other amendments include changes to the balance sheet presentation and interest income recognition of purchased financial assets with a more-than-insignificant credit deterioration since origination (PCD financial assets). The Credit Losses ASU is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Companies may early adopt this guidance as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments will be adopted following a modified-retrospective approach resulting in a cumulative effect adjustment in retained earnings as of the beginning of the year of adoption. Two exceptions to this adoption method are for PCD financial assets and debt securities for which other-than-temporary impairment (OTTI) will have been recognized before the effective date. Loans purchased with credit deterioration accounted for under current U.S. GAAP as "purchased credit impaired" (PCI) financial assets will be classified as PCD financial assets at transition and PCD guidance will be applied prospectively. Debt securities that have experienced OTTI before the effective date will follow a prospective adoption method which allows an entity to maintain the same amortized cost basis before and after the effective date. In April 2019, the Credit Losses ASU was amended to allow entities to make a policy election about presentation and disclosure of accrued interest receivable and the related credit losses, whereby entities that write off uncollectible accrued interest receivable in a timely manner can make a policy election not to measure an allowance on the accrued interest receivable. Other amendments made within this Update clarify and address stakeholders’ specific issues about certain aspects of the Credit Losses ASU. In May 2019, the FASB granted a targeted transition relief by allowing to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost. These amendments will be effective upon adoption of the Credit Losses ASU. The Company has identified the following financial instruments in scope of the new guidance: certain fixed maturity securities, loans and loan receivables, reinsurance recoverable, as well as certain other receivable balances and off-balance sheet arrangements. The Company has concluded that of the held-to-maturity fixed maturity securities, Japanese government and agency securities and certain Japanese government-guaranteed mortgage backed securities meet the requirements for a zero-loss expectation and therefore will not be included in the current expected credit loss measurement process upon adoption of the new standard. The Company has substantially completed the review and validation of credit models, methodologies and inputs for all asset classes. We have performed parallel runs during the second and third quarters and will continue to refine our estimation process with additional parallel testing throughout 2019. Based on our portfolio composition at September 30, 2019 and the current economic environment, we currently estimate an allowance for current expected credit loss of up to $150 million , which primarily relates to loans and loan receivables. As noted above relative to ASU 2019-04, the Company is planning a one-time reclassification as of January 1, 2020 of approximately $6 billion to $8 billion (amortized cost as of September 30, 2019) of its eligible fixed-maturity securities from held-to-maturity to available-for-sale category. The aforementioned reclassification has been reflected in the expected impact estimate from adoption of ASU 2016-13. The ultimate effect of the Credit Losses ASU will depend on many factors which continue to be subject to change until the date of adoption, among which are: the size and composition of the Company's portfolio, the portfolio’s credit quality and economic conditions at the time of adoption, as well as any refinements to models, methodology and other key assumptions. Standard Description Effect on Financial Statements or Other Significant Matters The Company continues to work towards implementing the accounting, reporting, and governance processes to comply with the new standard. The Company plans to adopt this ASU on January 1, 2020. Recent accounting guidance not discussed above is not applicable, did not have, or is not expected to have a material impact to the Company's business. For additional information on new accounting pronouncements and recent accounting guidance and their impact, if any, on the Company's financial position or results of operations, see Note 1 of the Notes to the Consolidated Financial Statements in the 2018 Annual Report.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
BUSINESS SEGMENT INFORMATION	BUSINESS SEGMENT INFORMATION The Company consists of two reportable insurance business segments: Aflac Japan and Aflac U.S., both of which sell supplemental health and life insurance. In addition, operating business units that are not individually reportable and business activities, including reinsurance retrocession activities, not included in Aflac Japan or Aflac U.S. are included in Corporate and other. The Company does not allocate corporate overhead expenses to business segments. Consistent with U.S. GAAP accounting guidance for segment reporting, the Company evaluates and manages its business segments using a financial performance measure called pretax adjusted earnings. Adjusted earnings are adjusted revenues less benefits and adjusted expenses. The adjustments to both revenues and expenses account for certain items that cannot be predicted or that are outside management’s control. Adjusted revenues are U.S. GAAP total revenues excluding realized investment gains and losses, except for amortized hedge costs/income related to foreign currency exposure management strategies and net interest cash flows from derivatives associated with certain investment strategies. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest cash flows from derivatives associated with notes payable but excluding any nonrecurring or other items not associated with the normal course of the Company’s insurance operations and that do not reflect Aflac’s underlying business performance. The Company excludes income taxes related to operations to arrive at pretax adjusted earnings. Information regarding operations by reportable segment and Corporate and other, follows: Three Months Ended Nine Months Ended (In millions) 2019 2018 2019 2018 Revenues: Aflac Japan: Net earned premiums $ 3,241 $ 3,159 $ 9,593 $ 9,649 Net investment income, less amortized hedge costs (1),(2) 659 606 1,878 1,801 Other income 12 10 34 31 Total Aflac Japan 3,912 3,775 11,505 11,481 Aflac U.S.: Net earned premiums 1,445 1,426 4,365 4,280 Net investment income 183 187 540 544 Other income 2 3 6 7 Total Aflac U.S. 1,630 1,616 4,911 4,831 Corporate and other (3) 97 82 287 245 Total adjusted revenues 5,639 5,473 16,703 16,557 Realized investment gains (losses) (1),(2),(3) (103 ) 104 1 75 Total revenues $ 5,536 $ 5,577 $ 16,704 $ 16,632 (1) Amortized hedge costs of $66 and $59 for the three-month periods and $191 and $168 for the nine -month periods ended September 30, 2019 , and 2018 , respectively, related to certain foreign currency exposure management strategies have been reclassified from realized investment gains (losses) and reported as a deduction from net investment income when analyzing operations. (2) Net interest cash flows from derivatives associated with certain investment strategies of $(4) for the three-month period and $(18) for the nine -month period ended September 30, 2019 and an immaterial amount for the three- and nine -month periods in 2018 , respectively, have been reclassified from realized investment gains (losses) and included in adjusted earnings as a component of net investment income. (3) Amortized hedge income of $21 and $9 for the three-month periods and $61 and $18 for the nine -month periods ended September 30, 2019 , and 2018 , respectively, related to certain foreign currency exposure management strategies has been reclassified from realized investment gains (losses) and reported as an increase to net investment income when analyzing operations. Three Months Ended Nine Months Ended (In millions) 2019 2018 2019 2018 Pretax earnings: Aflac Japan (1),(2) $ 838 $ 756 $ 2,504 $ 2,411 Aflac U.S. 335 334 996 1,011 Corporate and other (3),(4) (17 ) (29 ) (62 ) (113 ) Pretax adjusted earnings 1,156 1,061 3,438 3,309 Realized investment gains (losses) (1),(2),(3),(4) (120 ) 88 (49 ) 25 Other income (loss) 0 (3 ) (1 ) (73 ) Total earnings before income taxes $ 1,036 $ 1,146 $ 3,388 $ 3,261 Income taxes applicable to pretax adjusted earnings $ 293 $ 270 $ 880 $ 862 Effect of foreign currency translation on after-tax 15 (1 ) 2 27 (1) Amortized hedge costs of $66 and $59 for the three-month periods and $191 and $168 for the nine -month periods ended September 30, 2019 , and 2018 , respectively, related to certain foreign currency management strategies have been reclassified from realized investment gains (losses) and reported as a deduction from pretax adjusted earnings when analyzing operations. (2) Net interest cash flows from derivatives associated with certain investment strategies of $(4) for the three-month period and $(18) for the nine -month period ended September 30, 2019 and an immaterial amount for the three- and nine -month periods in 2018 , respectively, have been reclassified from realized investment gains (losses) and included in adjusted earnings as a component of net investment income. (3) Amortized hedge income of $21 and $9 for the three-month periods and $61 and $18 for the nine -month periods ended September 30, 2019 , and 2018 , respectively, related to certain foreign currency management strategies has been reclassified from realized investment gains (losses) and reported as an increase in pretax adjusted earnings when analyzing operations. (4) A gain of $16 and $17 for the three-month periods ended September 30, 2019 , and 2018 , respectively and $50 for both nine -month periods ended September 30, 2019 , and 2018 , related to the interest rate component of the change in fair value of foreign currency swaps on notes payable have been reclassified from realized investment gains (losses) and included in adjusted earnings when analyzing operations. Assets were as follows: (In millions) September 30, December 31, Assets: Aflac Japan $ 129,178 $ 118,342 Aflac U.S. 21,247 19,100 Corporate and other 3,712 2,964 Total assets $ 154,137 $ 140,406

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2019
Investments [Abstract]
INVESTMENTS	INVESTMENTS Investment Holdings The amortized cost for the Company's investments in fixed maturity securities, the cost for equity securities and the fair values of these investments are shown in the following tables. September 30, 2019 (In millions) Cost or Gross Gross Fair Securities available for sale, carried at fair value Fixed maturity securities: Yen-denominated: Japan government and agencies $ 32,076 $ 5,858 $ 0 $ 37,934 Municipalities 524 125 1 648 Mortgage- and asset-backed securities 235 28 0 263 Public utilities 1,864 395 0 2,259 Sovereign and supranational 717 53 0 770 Banks/financial institutions 6,384 694 98 6,980 Other corporate 5,260 956 20 6,196 Total yen-denominated 47,060 8,109 119 55,050 U.S. dollar-denominated: U.S. government and agencies 347 15 0 362 Municipalities 1,095 155 0 1,250 Mortgage- and asset-backed securities 139 7 0 146 Public utilities 3,918 785 12 4,691 Sovereign and supranational 240 74 0 314 Banks/financial institutions 3,020 652 8 3,664 Other corporate 25,655 3,205 397 28,463 Total U.S. dollar-denominated 34,414 4,893 417 38,890 Total securities available for sale $ 81,474 $ 13,002 $ 536 $ 93,940 December 31, 2018 (In millions) Cost or Gross Gross Fair Securities available for sale, carried at fair value through other comprehensive income: Fixed maturity securities: Yen-denominated: Japan government and agencies $ 30,637 $ 3,700 $ 140 $ 34,197 Municipalities 385 32 9 408 Mortgage- and asset-backed securities 155 22 0 177 Public utilities 1,732 280 4 2,008 Sovereign and supranational 826 123 0 949 Banks/financial institutions 5,440 502 238 5,704 Other corporate 4,852 649 44 5,457 Total yen-denominated 44,027 5,308 435 48,900 U.S dollar-denominated: U.S. government and agencies 137 9 1 145 Municipalities 1,343 120 8 1,455 Mortgage- and asset-backed securities 155 8 1 162 Public utilities 4,772 496 105 5,163 Sovereign and supranational 251 60 0 311 Banks/financial institutions 2,860 389 35 3,214 Other corporate 23,311 1,343 1,109 23,545 Total U.S. dollar-denominated 32,829 2,425 1,259 33,995 Total securities available for sale $ 76,856 $ 7,733 $ 1,694 $ 82,895 September 30, 2019 (In millions) Cost or Gross Gross Fair Securities held to maturity, carried at amortized cost: Fixed maturity securities: Yen-denominated: Japan government and agencies $ 22,581 $ 6,653 $ 0 $ 29,234 Municipalities 835 279 0 1,114 Mortgage- and asset-backed securities 18 1 0 19 Public utilities 2,573 394 0 2,967 Sovereign and supranational 1,187 197 0 1,384 Banks/financial institutions 930 108 8 1,030 Other corporate 2,609 473 8 3,074 Total yen-denominated 30,733 8,105 16 38,822 Total securities held to maturity $ 30,733 $ 8,105 $ 16 $ 38,822 December 31, 2018 (In millions) Cost or Gross Gross Fair Securities held to maturity, carried at amortized cost: Fixed maturity securities: Yen-denominated: Japan government and agencies $ 21,712 $ 5,326 $ 0 $ 27,038 Municipalities 359 110 0 469 Mortgage- and asset-backed securities 14 1 0 15 Public utilities 2,727 254 8 2,973 Sovereign and supranational 1,551 289 0 1,840 Banks/financial institutions 1,445 158 20 1,583 Other corporate 2,510 332 38 2,804 Total yen-denominated 30,318 6,470 66 36,722 Total securities held to maturity $ 30,318 $ 6,470 $ 66 $ 36,722 (In millions) September 30, 2019 December 31, 2018 Equity securities, carried at fair value through net earnings: Fair Value Fair Value Equity securities: Yen-denominated $ 628 $ 641 U.S. dollar-denominated 202 346 Total equity securities $ 830 $ 987 The methods of determining the fair values of the Company's investments in fixed maturity securities and equity securities are described in Note 5. During the first nine months of 2019 and 2018, respectively, the Company did not reclassify any investments from the held-to-maturity category to the available-for-sale category. Contractual and Economic Maturities The contractual and economic maturities of the Company's investments in fixed maturity securities at September 30, 2019 , were as follows: (In millions) Amortized Fair Available for sale: Due in one year or less $ 883 $ 909 Due after one year through five years 8,415 8,525 Due after five years through 10 years 10,744 12,043 Due after 10 years 61,058 72,054 Mortgage- and asset-backed securities 374 409 Total fixed maturity securities available for sale $ 81,474 $ 93,940 Held to maturity: Due in one year or less $ 194 $ 198 Due after one year through five years 1,366 1,471 Due after five years through 10 years 540 610 Due after 10 years 28,615 36,524 Mortgage- and asset-backed securities 18 19 Total fixed maturity securities held to maturity $ 30,733 $ 38,822 Economic maturities are used for certain debt instruments with no stated maturity where the expected maturity date is based on the combination of features in the financial instrument such as the right to call or prepay obligations or changes in coupon rates. Investment Concentrations The Company's process for investing in credit-related investments begins with an independent approach to underwriting each issuer's fundamental credit quality. The Company evaluates independently those factors that it believes could influence an issuer's ability to make payments under the contractual terms of the Company's instruments. This includes a thorough analysis of a variety of items including the issuer's country of domicile (including political, legal, and financial considerations); the industry in which the issuer competes (with an analysis of industry structure, end-market dynamics, and regulation); company specific issues (such as management, assets, earnings, cash generation, and capital needs); and contractual provisions of the instrument (such as financial covenants and position in the capital structure). The Company further evaluates the investment considering broad business and portfolio management objectives, including asset/liability needs, portfolio diversification, and expected income. Investment exposures that individually exceeded 10% of shareholders' equity were as follows: September 30, 2019 December 31, 2018 (In millions) Credit Amortized Fair Credit Amortized Fair Japan National Government (1) A+ $53,192 $65,315 A+ $51,207 $59,945 (1) Japan Government Bonds (JGBs) or JGB-backed securities Realized Investment Gains and Losses Information regarding pretax realized gains and losses from investments is as follows: Three Months Ended Nine Months Ended (In millions) 2019 2018 2019 2018 Realized investment gains (losses): Fixed maturity securities: Available for sale: Gross gains from sales $ 11 $ 60 $ 55 $ 81 Gross losses from sales (18 ) (26 ) (29 ) (99 ) Foreign currency gains (losses) on sales and redemptions (21 ) 3 (12 ) 27 Other-than-temporary impairment losses (13 ) 0 (13 ) (2 ) Total fixed maturity securities (41 ) 37 1 7 Equity securities 18 27 65 (1 ) Loan receivables: Loan loss reserves (5 ) (5 ) (8 ) (15 ) Total loan receivables (5 ) (5 ) (8 ) (15 ) Derivatives and other: Derivative gains (losses) (146 ) (162 ) (24 ) (190 ) Foreign currency gains (losses) 21 159 (181 ) 123 Total derivatives and other (125 ) (3 ) (205 ) (67 ) Total realized investment gains (losses) $ (153 ) $ 56 $ (147 ) $ (76 ) The unrealized holding gains , net of losses , recorded as a component of realized investment gains and losses for the three-month period ended September 30, 2019 , that relates to equity securities still held at the September 30, 2019 , reporting date was $21 million . The unrealized holding gains , net of losses , recorded as a component of realized investment gains and losses for the nine -month period ended September 30, 2019 , that relates to equity securities still held at the September 30, 2019 , reporting date was $38 million . Unrealized Investment Gains and Losses Effect on Shareholders’ Equity The net effect on shareholders’ equity of unrealized gains and losses from fixed maturity securities was as follows: (In millions) September 30, 2019 December 31, Unrealized gains (losses) on securities available for sale $ 12,466 $ 6,039 Deferred income taxes (3,496 ) (1,805 ) Shareholders’ equity, unrealized gains (losses) on fixed maturity securities $ 8,970 $ 4,234 Gross Unrealized Loss Aging The following tables show the fair values and gross unrealized losses of the Company's available-for-sale and held-to-maturity investments that were in an unrealized loss position, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. September 30, 2019 Total Less than 12 months 12 months or longer (In millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturity securities: Municipalities: Yen-denominated $ 14 $ 1 $ 14 $ 1 $ 0 $ 0 Public utilities: U.S. dollar-denominated 305 12 58 2 247 10 Banks/financial institutions: U.S. dollar-denominated 223 8 115 5 108 3 Yen-denominated 1,795 106 1,795 106 0 0 Other corporate: U.S. dollar-denominated 5,447 397 1,369 124 4,078 273 Yen-denominated 462 28 462 28 0 0 Total $ 8,246 $ 552 $ 3,813 $ 266 $ 4,433 $ 286 December 31, 2018 Total Less than 12 months 12 months or longer (In millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturity securities: U.S. government and U.S. dollar-denominated $ 67 $ 1 $ 67 $ 1 $ 0 $ 0 Japan government and Yen-denominated 3,604 140 3,604 140 0 0 Municipalities: U.S. dollar-denominated 515 8 515 8 0 0 Yen-denominated 148 9 148 9 0 0 Mortgage- and asset- U.S. dollar-denominated 74 1 74 1 0 0 Public utilities: U.S. dollar-denominated 1,585 105 892 48 693 57 Yen-denominated 604 12 604 12 0 0 Banks/financial institutions: U.S. dollar-denominated 625 35 340 19 285 16 Yen-denominated 3,057 258 3,057 258 0 0 Other corporate: U.S. dollar-denominated 12,899 1,109 5,782 407 7,117 702 Yen-denominated 1,306 82 1,306 82 0 0 Total $ 24,484 $ 1,760 $ 16,389 $ 985 $ 8,095 $ 775 Analysis of Securities in Unrealized Loss Positions The unrealized losses on the Company's fixed maturity securities investments have been primarily related to general market changes in interest rates, foreign exchange rates, and/or the levels of credit spreads rather than specific concerns with the issuer's ability to pay interest and repay principal. For any significant declines in fair value of its fixed maturity securities, the Company performs a more focused review of the related issuers' credit profile. For corporate issuers, the Company evaluates their assets, business profile including industry dynamics and competitive positioning, financial statements and other available financial data. For non-corporate issuers, the Company analyzes all sources of credit support, including issuer-specific factors. The Company utilizes information available in the public domain and, for certain private placement issuers, from consultations with the issuers directly. The Company also considers ratings from Nationally Recognized Statistical Rating Organizations (NRSROs), as well as the specific characteristics of the security it owns including seniority in the issuer's capital structure, covenant protections, or other relevant features. From these reviews, the Company evaluates the issuers' continued ability to service the Company's investment through payment of interest and principal. Assuming no credit-related factors develop, unrealized gains and losses on fixed maturity securities are expected to diminish as investments near maturity. Based on its credit analysis, the Company believes that the issuers of its fixed maturity investments in the sectors shown in the table above have the ability to service their obligations to the Company. Commercial Mortgage and Other Loans The Company classifies its transitional real estate loans (TREs), commercial mortgage loans (CMLs) and middle market loans (MMLs) as held-for-investment and includes them in the commercial mortgage and other loans line on the consolidated balance sheets. The Company carries them on the balance sheet at amortized cost less an estimated allowance for loan losses. The following table reflects the composition of commercial mortgage and other loans by portfolio segment as of the periods presented. (In millions) September 30, 2019 December 31, 2018 Commercial mortgage and other loans: Transitional real estate loans $ 4,853 $ 4,394 Commercial mortgage loans 1,387 1,065 Middle market loans 2,079 1,487 Total gross commercial mortgage and other loans 8,319 6,946 Allowance for loan loss (35 ) (27 ) Total net commercial mortgage and other loans $ 8,284 $ 6,919 Commercial mortgage and transitional real estate loans were secured by properties entirely within the United States. Middle market loans are issued only to companies domiciled within the United States and Canada. Transitional Real Estate Loans Transitional real estate loans are commercial mortgage loans that are typically relatively short-term floating rate instruments secured by a first lien on the property. These loans provide funding for properties undergoing a change in their physical characteristics and/or economic profile and do not typically require any principal repayment prior to the maturity date. This loan portfolio is generally considered to be investment grade. As of September 30, 2019 , the Company had $1.3 billion in outstanding commitments to fund transitional real estate loans. These commitments are contingent on the final underwriting and due diligence to be performed. Commercial Mortgage Loans Commercial mortgage loans are typically fixed rate loans on commercial real estate with partial repayment of principal over the life of the loan with the remaining outstanding principal being repaid upon maturity. This loan portfolio is generally considered higher quality investment grade loans. As of September 30, 2019 , the Company had $293 million of outstanding commitments to fund commercial mortgage loans. These commitments are contingent on the final underwriting and due diligence to be performed. Middle Market Loans Middle market loans are typically first lien senior secured cash flow loans to small to mid-size companies for working capital, refinancing, acquisition, and recapitalization. These loans are generally considered to be below investment grade. The carrying value for middle market loans included $36 million and $56 million for a short term credit facility that is reflected in other liabilities on the consolidated balance sheets, as of September 30, 2019 , and December 31, 2018 , respectively. As of September 30, 2019 , the Company had commitments of approximately $447 million to fund potential future loan originations related to this investment program. These commitments are contingent upon the availability of middle market loans that meet the Company's underwriting criteria. Allowance for Loan Losses The Company's allowance for loan losses is established using both general and specific allowances. The general allowance is used for loans grouped by similar risk characteristics where a loan-specific or market-specific risk has not been identified, but for which the Company estimates probable incurred losses. The specific allowance is used on an individual loan basis when it is probable that a loss has been incurred. As of September 30, 2019 , the Company had loan loss reserves of $2 million related to a specific middle market loan. There was no specific loan loss reserve as of December 31, 2018 . The following table presents the rollforward of the general allowance for loan losses by portfolio segment during the nine -month period ended September 30 . (In millions) Commercial Mortgage Loans Transitional Real Estate Loans Middle Market Loans Total Allowance for loan losses at December 31, 2018 $ (1 ) $ (17 ) $ (9 ) $ (27 ) Addition to (release of) allowance for credit losses (1 ) (2 ) (5 ) (8 ) Allowance for loan losses at September 30, 2019 $ (2 ) $ (19 ) $ (14 ) $ (35 ) The key credit quality indicators used by the Company in establishing the general and specific loan loss reserves, as well as in determining whether or not a loan should be impaired, include loan-to-value and debt service coverage ratios for CMLs and TREs and ratings for our middle market loan portfolio. Given that transitional real estate loans involve properties undergoing renovation or construction, loan-to-value provides the most insight on the credit risk of the property. The performance of the loans are monitored and reviewed periodically, but not less than quarterly. As of September 30, 2019 , and December 31, 2018 , the Company had no loans that were past due in regards to principal and/or interest payments. Additionally, the Company held no loans that were on nonaccrual status or considered impaired as of September 30, 2019 , and December 31, 2018 . The Company had no troubled debt restructurings during the nine months ended September 30, 2019 and 2018. Other Investments The table below reflects the composition of the carrying value for other investments as of the periods presented. (In millions) September 30, 2019 December 31, 2018 Other investments: Policy loans $ 250 $ 232 Short-term investments (1) 722 152 Limited partnerships 505 377 Other 30 26 Total other investments $ 1,507 $ 787 (1) Includes securities lending collateral As of September 30, 2019 , the Company had $1.7 billion in outstanding commitments to fund alternative investments in limited partnerships. Variable Interest Entities (VIEs) As a condition of its involvement or investment in a VIE, the Company enters into certain protective rights and covenants that preclude changes in the structure of the VIE that would alter the creditworthiness of the Company's investment or its beneficial interest in the VIE. For those VIEs other than certain unit trust structures, the Company's involvement is passive in nature. The Company has not, nor has it been, required to purchase any securities issued in the future by these VIEs. The Company's ownership interest in VIEs is limited to holding the obligations issued by them. The Company has no direct or contingent obligations to fund the limited activities of these VIEs, nor does it have any direct or indirect financial guarantees related to the limited activities of these VIEs. The Company has not provided any assistance or any other type of financing support to any of the VIEs it invests in, nor does it have any intention to do so in the future. For those VIEs in which the Company holds debt obligations, the weighted-average lives of the Company's notes are very similar to the underlying collateral held by these VIEs where applicable. The Company's risk of loss related to its interests in any of its VIEs is limited to the carrying value of the related investments held in the VIE. VIEs - Consolidated The following table presents the cost or amortized cost, fair value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. Investments in Consolidated Variable Interest Entities September 30, 2019 December 31, 2018 (In millions) Cost or Amortized Fair Cost or Amortized Fair Assets: Fixed maturity securities, available for sale $ 3,594 $ 4,562 $ 3,849 $ 4,466 Equity securities 0 0 160 160 Commercial mortgage and other loans 6,813 6,868 5,528 5,506 Other investments (1) 439 439 328 328 Other assets (2) 147 147 182 182 Total assets of consolidated VIEs $ 10,993 $ 12,016 $ 10,047 $ 10,642 Liabilities: Other liabilities (2) $ 139 $ 139 $ 102 $ 102 Total liabilities of consolidated VIEs $ 139 $ 139 $ 102 $ 102 (1) Consists entirely of alternative investments in limited partnerships (2) Consists entirely of derivatives The Company is substantively the only investor in the consolidated VIEs listed in the table above. As the sole investor in these VIEs, the Company has the power to direct the activities of a variable interest entity that most significantly impact the entity's economic performance and is therefore considered to be the primary beneficiary of the VIEs that it consolidates. The Company also participates in substantially all of the variability created by these VIEs. The activities of these VIEs are limited to holding invested assets and foreign currency swaps, as appropriate, and utilizing the cash flows from these securities to service its investment. Neither the Company nor any of its creditors are able to obtain the underlying collateral of the VIEs unless there is an event of default or other specified event. For those VIEs that contain a swap, the Company is not a direct counterparty to the swap contracts and has no control over them. The Company's loss exposure to these VIEs is limited to its original investment. The Company's consolidated VIEs do not rely on outside or ongoing sources of funding to support their activities beyond the underlying collateral and swap contracts, if applicable. With the exception of its investment in unit trust structures, the underlying collateral assets and funding of the Company's consolidated VIEs are generally static in nature. Investments in Unit Trust Structures The Company also utilizes unit trust structures in its Aflac Japan segment to invest in various asset classes. As the sole investor of these VIEs, the Company is required to consolidate these trusts under U.S. GAAP. VIEs - Not Consolidated The table below reflects the amortized cost, fair value and balance sheet caption in which the Company's investment in VIEs not consolidated are reported. Investments in Variable Interest Entities Not Consolidated September 30, 2019 December 31, 2018 (In millions) Amortized Fair Amortized Fair Assets: Fixed maturity securities, available for sale $ 4,289 $ 5,027 $ 4,575 $ 4,982 Fixed maturity securities, held to maturity 2,016 2,385 2,007 2,254 Other investments (1) 66 66 49 49 Total investments in VIEs not consolidated $ 6,371 $ 7,478 $ 6,631 $ 7,285 (1) Consists entirely of alternative investments in limited partnerships The Company holds alternative investments in limited partnerships that have been determined to be VIEs. These partnerships invest in private equity and structured investments. The Company’s maximum exposure to loss on these investments is limited to the amount of its investment. The Company is not the primary beneficiary of these VIEs and is therefore not required to consolidate them. The Company classifies these investments as Other investments in the consolidated balance sheets. Certain investments in VIEs that the Company is not required to consolidate are investments that are in the form of debt obligations from the VIEs that are irrevocably and unconditionally guaranteed by their corporate parents or sponsors. These VIEs are the primary financing vehicles used by their corporate sponsors to raise financing in the capital markets. The variable interests created by these VIEs are principally or solely a result of the debt instruments issued by them. The Company does not have the power to direct the activities that most significantly impact the entity's economic performance, nor does it have the obligation to absorb losses of the entity or the right to receive benefits from the entity. As such, the Company is not the primary beneficiary of these VIEs and is therefore not required to consolidate them. Securities Lending and Pledged Securities The Company lends fixed maturity and public equity securities to financial institutions in short-term security-lending transactions. These short-term security-lending arrangements increase investment income with minimal risk. The Company receives cash or other securities as collateral for such loans. The Company's security lending policy requires that the fair value of the securities received as collateral be 102% or more of the fair value of the loaned securities and that unrestricted cash received as collateral be 100% or more of the fair value of the loaned securities. The securities loaned continue to be carried as investment assets on the Company's balance sheet during the terms of the loans and are not reported as sales. For loans involving unrestricted cash or securities as collateral, the collateral is reported as an asset with a corresponding liability for the return of the collateral. For loans where the Company receives as collateral securities that the Company is not permitted to sell or repledge, the collateral is not reflected on the consolidated financial statements. Details of collateral by loaned security type and remaining maturity of the agreements were as follows: Securities Lending Transactions Accounted for as Secured Borrowings September 30, 2019 Remaining Contractual Maturity of the Agreements (In millions) Overnight (1) Up to 30 Greater Total Securities lending transactions: Fixed maturity securities: Japan government and agencies $ 0 $ 1,176 $ 3,973 $ 5,149 Public utilities 44 0 0 44 Banks/financial institutions 73 0 0 73 Other corporate 887 0 0 887 Equity securities 9 0 0 9 Total borrowings $ 1,013 $ 1,176 $ 3,973 $ 6,162 Gross amount of recognized liabilities for securities lending transactions $ 2,189 Amounts related to agreements not included in offsetting disclosure in Note 4 $ 3,973 (1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous. Securities Lending Transactions Accounted for as Secured Borrowings December 31, 2018 Remaining Contractual Maturity of the Agreements (In millions) Overnight (1) Up to 30 Greater Total Securities lending transactions: Fixed maturity securities: Japan government and agencies $ 0 $ 387 $ 1,190 $ 1,577 Municipalities 5 0 0 5 Public utilities 27 0 0 27 Banks/financial institutions 74 0 0 74 Other corporate 549 0 0 549 Equity securities 10 0 0 10 Total borrowings $ 665 $ 387 $ 1,190 $ 2,242 Gross amount of recognized liabilities for securities lending transactions $ 1,052 Amounts related to agreements not included in offsetting disclosure in Note 4 $ 1,190 (1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous The Company did not have any repurchase agreements or repurchase-to-maturity transactions outstanding as of September 30, 2019 , and December 31, 2018 , respectively. Certain fixed maturity securities can be pledged as collateral as part of derivative transactions, or pledged to support state deposit requirements or certain investment programs. For additional information regarding pledged securities related to derivative transactions, see Note 4.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Company's freestanding derivative financial instruments have historically consisted of: • foreign currency forwards and options used in hedging foreign exchange risk on U.S. dollar-denominated investments in Aflac Japan's portfolio • foreign currency forwards and options used to economically hedge certain portions of forecasted cash flows denominated in yen and hedge the Company's long term exposure to a weakening yen • cross-currency interest rate swaps, also referred to as foreign currency swaps, associated with certain senior notes and subordinated debentures • foreign currency swaps and, in prior periods, credit default swaps that are associated with investments in special-purpose entities, including VIEs where the Company is the primary beneficiary • interest rate swaps used to economically hedge interest rate fluctuations in certain variable-rate investments • interest rate swaptions used to hedge changes in the fair value associated with interest rate fluctuations for certain U.S. dollar-denominated available-for-sale fixed-maturity securities. Some of the Company's derivatives are designated as cash flow hedges, fair value hedges or net investment hedges; however, other derivatives do not qualify for hedge accounting or the Company elects not to designate them as accounting hedges. Derivative Types Foreign currency forwards and options are executed for the Aflac Japan segment in order to hedge the currency risk on the carrying value of certain U.S. dollar-denominated investments. The average maturity of these forwards and options can change depending on factors such as market conditions and types of investments being held. In situations where the maturity of the forwards and options is shorter than the underlying investment being hedged, the Company may enter into new forwards and options near maturity of the existing derivative in order to continue hedging the underlying investment. In forward transactions, Aflac Japan agrees with another party to buy a fixed amount of yen and sell a corresponding amount of U.S. dollars at a specified future date. Aflac Japan also executes foreign currency option transactions in a collar strategy, where Aflac Japan agrees with another party to simultaneously purchase put options and sell call options. In the purchased put transactions, Aflac Japan obtains the option to buy a fixed amount of yen and sell a corresponding amount of U.S. dollars at a specified future date. In the sold call transaction, Aflac Japan agrees to sell a fixed amount of yen and buy a corresponding amount of U.S. dollars at a specified future date. The combination of purchasing the put option and selling the call option results in no net premium being paid (i.e. a costless or zero-cost collar). The foreign currency forwards and options are used in fair value hedging relationships to mitigate the foreign exchange risk associated with U.S. dollar-denominated investments supporting yen-denominated liabilities. From time to time, the Company may also enter into foreign currency forwards and options to hedge the currency risk associated with the net investment in Aflac Japan. In these forward transactions, Aflac agrees with another party to buy a fixed amount of U.S. dollars and sell a corresponding amount of yen at a specified price at a specified future date. In the option transactions, the Company may use a combination of foreign currency options to protect expected future cash flows by simultaneously purchasing yen put options (options that protect against a weakening yen) and selling yen call options (options that limit participation in a strengthening yen). The combination of these two actions create a zero-cost collar. The Company enters into foreign currency swaps pursuant to which it exchanges an initial principal amount in one currency for an initial principal amount of another currency, with an agreement to re-exchange the principal amounts at a future date. There may also be periodic exchanges of payments at specified intervals based on the agreed upon rates and notional amounts. Foreign currency swaps are used primarily in the consolidated VIEs in the Company's Aflac Japan portfolio to convert foreign-denominated cash flows to yen, the functional currency of Aflac Japan, in order to minimize cash flow fluctuations. The Company also uses foreign currency swaps to economically convert certain of its U.S. dollar-denominated senior note and subordinated debenture principal and interest obligations into yen-denominated obligations. In order to reduce investment income volatility from its variable-rate investments, the Company enters into receive–fixed, pay–floating interest rate swaps. These derivatives are cleared and settled through a central clearinghouse. Swaptions are used to mitigate the adverse impact resulting from significant changes in the fair value of U.S. dollar-denominated available-for-sale securities due to fluctuation in interest rates. In a payer swaption, the Company pays a premium to obtain the right, but not the obligation, to enter into a swap contract where it will pay a fixed rate and receive a floating rate. Interest rate swaption collars are combinations of two swaption positions. In order to maximize the efficiency of the collars while minimizing cost, a collar strategy is used whereby the Company purchases a long payer swaption (the Company purchases an option that allows it to enter into a swap where the Company will pay the fixed rate and receive the floating rate of the swap) and sells a short receiver swaption (the Company sells an option that provides the counterparty with the right to enter into a swap where the Company will receive the fixed rate and pay the floating rate of the swap). The combination of purchasing the long payer swaption and selling the short receiver swaption results in no net premium being paid (i.e. a costless or zero-cost collar). Derivative Balance Sheet Classification The table below summarizes the balance sheet classification of the Company's derivative fair value amounts, as well as the gross asset and liability fair value amounts. The fair value amounts presented do not include income accruals. Derivative assets are included in “Other Assets,” while derivative liabilities are included in “Other Liabilities” within the Company’s Consolidated Balance Sheets. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and are not reflective of exposure or credit risk. September 30, 2019 December 31, 2018 (In millions) Asset Liability Asset Liability Hedge Designation/ Derivative Notional Fair Value Fair Value Notional Fair Value Fair Value Cash flow hedges: Foreign currency swaps - VIE $ 75 $ 0 $ 7 $ 75 $ 1 $ 4 Total cash flow hedges 75 0 7 75 1 4 Fair value hedges: Foreign currency forwards 2,568 16 58 2,086 0 34 Foreign currency options 11,843 0 7 9,070 3 1 Interest rate swaptions 243 0 0 500 0 1 Total fair value hedges 14,654 16 65 11,656 3 36 Net investment hedge: Foreign currency forwards 3,497 30 9 0 0 0 Foreign currency options 2,000 1 0 0 0 0 Total net investment hedge 5,497 31 9 0 0 0 Non-qualifying strategies: Foreign currency swaps 2,800 80 88 2,800 103 129 Foreign currency swaps - VIE 2,587 147 132 2,587 181 101 Foreign currency forwards 15,919 124 101 16,057 126 117 Foreign currency options 856 0 1 430 0 0 Interest rate swaps 7,420 13 0 4,750 3 0 Interest rate swaptions 7 0 0 0 0 0 Total non-qualifying strategies 29,589 364 322 26,624 413 347 Total derivatives $ 49,815 $ 411 $ 403 $ 38,355 $ 417 $ 387 Cash Flow Hedges For certain variable-rate U.S. dollar-denominated available-for-sale securities held by Aflac Japan via consolidated VIEs, foreign currency swaps are used to swap the USD variable rate interest and principal payments to fixed rate JPY interest and principal payments. The Company has designated foreign currency swaps as a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset (“cash flow” hedge). The remaining maximum length of time for which these cash flows are hedged is seven years. The derivatives in the Company's consolidated VIEs that are not designated as accounting hedges are discussed in the "non-qualifying strategies" section of this note. Fair Value Hedges The Company designates and accounts for certain foreign currency forwards, options, and interest rate swaptions as fair value hedges when they meet the requirements for hedge accounting. The Company recognizes gains and losses on these derivatives as well as the offsetting gain or loss on the related hedged items in current earnings. Foreign currency forwards and options hedge the foreign currency exposure of certain U.S. dollar-denominated available-for-sale fixed-maturity investments held in Aflac Japan. The change in the fair value of the foreign currency forwards related to the changes in the difference between the spot rate and the forward price is excluded from the assessment of hedge effectiveness. The change in fair value of the foreign currency option related to the time value of the option is recognized in current earnings and is excluded from the assessment of hedge effectiveness. Interest rate swaptions hedge the interest rate exposure of certain U.S. dollar-denominated available-for-sale securities held in Aflac Japan. For these hedging relationships, the Company excludes time value from the assessment of hedge effectiveness and recognizes changes in the intrinsic value of the swaptions in current earnings within net investment income. The change in the time value of the swaptions is recognized in other comprehensive income (loss) and amortized into earnings (net investment income) over its legal term. The following table presents the gains and losses on derivatives and the related hedged items in fair value hedges. Fair Value Hedging Relationships (In millions) Hedging Derivatives Hedged Items Hedging Derivatives Hedged Items Total Gains (Losses) (1) Gains (Losses) (2) Gains (Losses) (2) Net Realized Gains (Losses) Recognized for Fair Value Hedge Three Months Ended September 30, 2019: Foreign currency Fixed maturity securities $ (19 ) $ (24 ) $ 5 $ (4 ) $ 1 Foreign currency options Fixed maturity securities (5 ) (5 ) 0 0 0 Interest rate Fixed maturity securities (6 ) (6 ) 0 0 0 Total gains (losses) $ (30 ) $ (35 ) $ 5 $ (4 ) $ 1 Nine Months Ended September 30, 2019: Foreign currency Fixed maturity securities $ (4 ) $ (48 ) $ 44 $ (43 ) $ 1 Foreign currency Fixed maturity securities (9 ) (9 ) 0 0 0 Interest rate Fixed maturity securities (9 ) (9 ) 0 0 0 Total gains (losses) $ (22 ) $ (66 ) $ 44 $ (43 ) $ 1 Three Months Ended September 30, 2018: Foreign currency forwards Fixed maturity securities $ (106 ) $ (19 ) $ (87 ) $ 83 $ (4 ) Foreign currency options Fixed maturity securities (7 ) (7 ) 0 0 0 Total gains (losses) (113 ) (26 ) (87 ) 83 (4 ) Nine Months Ended September 30, 2018: Foreign currency forwards Fixed maturity securities $ 93 $ (88 ) $ 181 $ (195 ) $ (14 ) Foreign currency options Fixed maturity securities (10 ) (10 ) 0 0 0 Total gains (losses) $ 83 $ (98 ) $ 181 $ (195 ) $ (14 ) (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 statement of earnings as realized 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 statement of earnings as realized 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 realized investment gains and losses consistent with the impact of the hedged item. For the three-month and nine -month periods ended September 30, 2019 , gains and losses included in the hedge assessment on interest rate swaptions and related hedged items were immaterial. The following table shows the carrying amounts of assets designated and qualifying as hedged items in fair value hedges of interest rate risk and the related cumulative hedge adjustment included in the carrying amount. (In millions) Carrying Amount of the Hedged Assets/(Liabilities) (1) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Fixed maturity securities $ 4,833 $ 6,593 $ 262 $ 294 (1) The balance includes hedging adjustment on discontinued hedging relationships of $262 in 2019 and $294 in 2018. The total notional amount of the Company's interest rate swaptions was $243 in 2019 and $500 in 2018. The hedging adjustment related to these derivatives was immaterial. Net Investment Hedge The Company's investment in Aflac Japan is affected by changes in the yen/dollar exchange rate. To mitigate this exposure, the Parent Company's yen-denominated liabilities (see Note 8) have been designated as non-derivative hedges. Beginning in July 2019, certain foreign currency forwards and options were designated as derivative hedges of the foreign currency exposure of the Company's net investment in Aflac Japan. Prior to April 1, 2018, foreign currency forwards and options were also designated as derivative hedges of the foreign currency exposure of the Company's net investment in Aflac Japan. The Company's net investment hedge was effective during the three- and nine -month periods ended September 30, 2019 and 2018 , respectively. Non-qualifying Strategies For the Company's derivative instruments in consolidated VIEs that do not qualify for hedge accounting treatment, all changes in their fair value are reported in current period earnings within realized investment gains (losses). The amount of gain or loss recognized in earnings for the Company's VIEs is attributable to the derivatives in those investment structures. While the change in value of the swaps is recorded through current period earnings, the change in value of the available-for-sale fixed maturity securities associated with these swaps is recorded through other comprehensive income. As of September 30, 2019 , the Parent Company had cross-currency interest rate swap agreements related to its $350 million senior notes due February 2022, $700 million senior notes due June 2023, $750 million senior notes due November 2024 and $450 million senior notes due March 2025. Changes in the values of these swaps are recorded through current period earnings. For additional information regarding these swaps, see Note 9 of the Notes to the Consolidated Financial Statements in the 2018 Annual Report. The Company uses foreign exchange forwards and options to economically mitigate the currency risk of some of its U.S. dollar-denominated loan receivables held within the Aflac Japan segment. These arrangements are not designated as accounting hedges, as the foreign currency remeasurement of the loan receivables impacts current period earnings, and generally offsets gains and losses from foreign exchange forwards within realized investment gains (losses). The Company also has certain foreign exchange forwards on U.S. dollar-denominated AFS securities where hedge accounting is not being applied. Prior to July 2019, in order to economically mitigate currency risk of future yen dividends from Aflac Japan while lowering consolidated hedge costs associated with Aflac Japan's U.S. dollar investment hedging, the Parent Company entered into offsetting hedge positions using foreign exchange forwards. This activity is reported in the Corporate and other segment. As of July 1, 2019, the Parent Company designates these foreign exchange forward contracts as accounting hedges of its net investment in Aflac Japan. The Company uses interest rate swaps to economically convert the variable rate investment income to a fixed rate on certain variable-rate investments. Impact of Derivatives and Hedging Instruments The following table summarizes the impact to realized investment gains (losses) and other comprehensive income (loss) from all derivatives and hedging instruments. Three Months Ended September 30, 2019 2018 (In millions) Net Investment Income (1) Realized Investment Other (2) Net Investment Income (1) Realized Investment Other (2) Qualifying hedges: Cash flow hedges: Foreign currency swaps - VIE $ (1 ) $ (1 ) $ (2 ) $ 0 $ 0 $ (2 ) Total cash flow hedges (1 ) (1 ) (3 ) (2 ) 0 0 (3 ) (2 ) Fair value hedges: Foreign currency forwards (4) (23 ) (23 ) Foreign currency options (4) (5 ) (7 ) Interest rate swaptions (4) 0 0 (6 ) 0 0 0 Total fair value hedges 0 (28 ) (6 ) 0 (30 ) 0 Net investment hedge: Non-derivative hedging 0 2 0 36 Foreign currency forwards 20 19 0 0 Foreign currency options (3 ) 0 0 0 Total net investment hedge 17 21 0 36 Non-qualifying strategies: Foreign currency swaps 27 39 Foreign currency swaps - VIE (93 ) (16 ) Foreign currency forwards (70 ) (154 ) Foreign currency options 0 0 Interest rate swaps 2 (1 ) Total non- qualifying strategies (134 ) (132 ) Total $ (1 ) $ (146 ) $ 13 $ 0 $ (162 ) $ 34 (1) Net investment income (loss) includes net interest on swaps, amortization of the time value of terminated interest rate swaptions and amortization of premium of outstanding interest rate swaptions. (2) Cash flow hedge items and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges are recorded as unrealized gains (losses) on derivatives and net investment hedge items are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss). (3) Impact of cash flow hedges reported as realized investment gains (losses) includes an immaterial amount of gains or losses reclassified from accumulated other comprehensive income (loss) into earnings. It also includes an immaterial amount excluded from effectiveness testing during the three-month periods ended September 30, 2019 and 2018 , respectively. (4) Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail) Nine Months Ended September 30, 2019 2018 (In millions) Net Investment Income (1) Realized Investment Other (2) Net Investment Income (1) Realized Investment Other (2) Qualifying hedges: Cash flow hedges: Foreign currency swaps - VIE $ (2 ) $ (1 ) $ (4 ) $ 0 $ 1 $ 2 Total cash flow hedges (2 ) (1 ) (3 ) (4 ) 0 1 (3 ) 2 Fair value hedges: Foreign currency forwards (4) (47 ) (102 ) Foreign currency options (4) (9 ) (10 ) Interest rate swaptions (4) (1 ) 0 (8 ) 0 0 0 Total fair value hedges (1 ) (56 ) (8 ) 0 (112 ) 0 Net investment hedge: Non-derivative hedging instruments 0 (52 ) 0 7 Foreign currency forwards 20 19 0 0 Foreign currency options (3 ) 0 0 (8 ) Total net investment hedge 17 (33 ) 0 (1 ) Non-qualifying strategies: Foreign currency swaps 71 (22 ) Foreign currency swaps - VIE (96 ) 73 Foreign currency forwards 23 (129 ) Foreign currency options 0 0 Interest rate swaps 18 (1 ) Total non-qualifying strategies 16 (79 ) Total $ (3 ) $ (24 ) $ (45 ) $ 0 $ (190 ) $ 1 (1) Net investment income (loss) includes net interest on swaps, amortization of the time value of terminated interest rate swaptions and amortization of premium of outstanding interest rate swaptions. (2) Cash flow hedge items and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges are recorded as unrealized gains (losses) on derivatives and net investment hedge items are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss). (3) Impact of cash flow hedges reported as realized investment gains (losses) includes an immaterial amount of gains or losses reclassified from accumulated other comprehensive income (loss) into earnings. It also includes an immaterial amount excluded from effectiveness testing during the nine -month periods ended September 30, 2019 and 2018 , respectively. (4) Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail) As of September 30, 2019 , deferred gains and losses on derivative instruments recorded in accumulated other comprehensive income that are expected to be reclassified to earnings during the next twelve months were immaterial. Credit Risk Assumed through Derivatives For the foreign currency and credit default swaps associated with the Company's VIE investments for which it is the primary beneficiary, the Company bears the risk of loss due to counterparty default even though it is not a direct counterparty to those contracts. The Company is a direct counterparty to the foreign currency swaps that it has entered into in connection with certain of its senior notes and subordinated debentures; foreign currency forwards; and foreign currency options, and therefore the Company is exposed to credit risk in the event of nonperformance by the counterparties in those contracts. The risk of counterparty default for the Company's foreign currency swaps, certain foreign currency forwards, and foreign currency options is mitigated by collateral posting requirements that counterparties to those transactions must meet. As of September 30, 2019 , there were 16 counterparties to the Company's derivative agreements, with three comprising 54% of the aggregate notional amount. As of September 30, 2019 , all counterparties were investment grade. The Company engages in over-the-counter (OTC) bilateral derivative transactions directly with unaffiliated third parties under International Swaps and Derivatives Association, Inc. (ISDA) agreements and other documentation. Most of the ISDA agreements also include Credit Support Annexes (CSAs) provisions, which generally provide for two-way collateral postings at the first dollar of exposure. The Company mitigates the risk that counterparties to transactions might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value while generally requiring that collateral be posted at the outset of the transaction. In addition, a significant portion of the derivative transactions have provisions that give the counterparty the right to terminate the transaction upon a downgrade of Aflac’s financial strength rating. The actual amount of payments that the Company could be required to make depends on market conditions, the fair value of outstanding affected transactions, and other factors prevailing at and after the time of the downgrade. The Company also engages in OTC cleared derivative transactions through regulated central clearing counterparties. These positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties to these derivatives. Collateral posted by the Company to third parties for derivative transactions can generally be repledged or resold by the counterparties. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position by counterparty was approximately $91 million and $139 million as of September 30, 2019 , and December 31, 2018 , respectively. If the credit-risk-related contingent features underlying these agreements had been triggered on September 30, 2019 , the Company estimates that it would be required to post a maximum of $6 million of additional collateral to these derivative counterparties. The Company is generally allowed to sell or repledge collateral obtained from its derivative counterparties, although it does not typically exercise such rights. (See the Offsetting tables below for collateral posted or received as of the reported balance sheet dates.) Offsetting of Financial Instruments and Derivatives Most of the Company's derivative instruments are subject to enforceable master netting arrangements that provide for the net settlement of all derivative contracts between the Parent Company or its subsidiaries and the respective counterparty in the event of default or upon the occurrence of certain termination events. Collateral support agreements with the master netting arrangements generally provide that the Company will receive or pledge financial collateral at the first dollar of exposure. The Company has securities lending agreements with unaffiliated financial institutions that post collateral to the Company in return for the use of its fixed maturity and public equity securities (see Note 3). When the Company has entered into securities lending agreements with the same counterparty, the agreements generally provide for net settlement in the event of default by the counterparty. This right of set-off allows the Company to keep and apply collateral received if the counterparty failed to return the securities borrowed from the Company as contractually agreed. The tables below summarize the Company's derivatives and securities lending transactions, and as reflected in the tables, in accordance with U.S. GAAP, the Company's policy is to not offset these financial instruments in the Consolidated Balance Sheets. Offsetting of Financial Assets and Derivative Assets September 30, 2019 Gross Amounts Not Offset (In millions) Gross Amount of Recognized Assets Gross Amount Offset in Balance Sheet Net Amount of Assets Presented in Balance Sheet Financial Instruments Securities Collateral Cash Collateral Received Net Amount Derivative assets: Derivative assets subject to a master netting agreement or offsetting arrangement OTC - bilateral $ 251 $ 0 $ 251 $ (161 ) $ (24 ) $ (54 ) $ 12 OTC - cleared 13 0 13 0 0 (4 ) 9 Total derivative assets subject to a master netting agreement or offsetting arrangement 264 0 264 (161 ) (24 ) (58 ) 21 Derivative assets not subject to a master netting agreement or offsetting arrangement OTC - bilateral 147 147 147 Total derivative assets not subject to a master netting agreement or offsetting arrangement 147 147 147 Total derivative assets 411 0 411 (161 ) (24 ) (58 ) 168 Securities lending and similar arrangements 2,155 0 2,155 0 0 (2,155 ) 0 Total $ 2,566 $ 0 $ 2,566 $ (161 ) $ (24 ) $ (2,213 ) $ 168 December 31, 2018 Gross Amounts Not Offset (In millions) Gross Amount of Recognized Assets Gross Amount Offset in Balance Sheet Net Amount of Assets Presented in Balance Sheet Financial Instruments Securities Collateral Cash Collateral Received Net Amount Derivative assets: Derivative assets subject to a master netting agreement or offsetting arrangement OTC - bilateral $ 231 $ 0 $ 231 $ (152 ) $ (23 ) $ (55 ) $ 1 OTC - cleared 3 0 3 0 0 (3 ) 0 Total derivative assets subject to a master netting agreement or offsetting arrangement 234 0 234 (152 ) (23 ) (58 ) 1 Derivative assets not subject to a master netting agreement or offsetting arrangement OTC - bilateral 183 183 183 Total derivative assets not subject to a master netting agreement or offsetting arrangement 183 183 183 Total derivative assets 417 0 417 (152 ) (23 ) (58 ) 184 Securities lending and similar arrangements 1,029 0 1,029 0 0 (1,029 ) 0 Total $ 1,446 $ 0 $ 1,446 $ (152 ) $ (23 ) $ (1,087 ) $ 184 Offsetting of Financial Liabilities and Derivative Liabilities September 30, 2019 Gross Amounts Not Offset (In millions) Gross Amount of Recognized Liabilities Gross Amount Offset in Balance Sheet Net Amount of Liabilities Presented in Balance Sheet Financial Instruments Securities Collateral Cash Collateral Pledged Net Amount Derivative liabilities: Derivative liabilities subject to a master netting agreement or offsetting arrangement OTC - bilateral $ 264 $ 0 $ 264 $ (161 ) $ (50 ) $ (47 ) $ 6 Total derivative liabilities subject to a master netting agreement or offsetting arrangement 264 0 264 (161 ) (50 ) (47 ) 6 Derivative liabilities not subject to a master netting agreement or offsetting arrangement OTC - bilateral 139 139 139 Total derivative liabilities not subject to a master netting agreement or offsetting arrangement 139 139 139 Total derivative liabilities 403 0 403 (161 ) (50 ) (47 ) 145 Securities lending and similar arrangements 2,189 0 2,189 (2,155 ) 0 0 34 Total $ 2,592 $ 0 $ 2,592 $ (2,316 ) $ (50 ) $ (47 ) $ 179 December 31, 2018 Gross Amounts Not Offset (In millions) Gross Amount of Recognized Liabilities Gross Amount Offset in Balance Sheet Net Amount of Liabilities Presented in Balance Sheet Financial Instruments Securities Collateral Cash Collateral Pledged Net Amount Derivative liabilities: Derivative liabilities subject to a master netting agreement or offsetting arrangement OTC - bilateral $ 285 $ 0 $ 285 $ (152 ) $ (37 ) $ (68 ) $ 28 Total derivative liabilities subject to a master netting agreement or offsetting arrangement 285 0 285 (152 ) (37 ) (68 ) 28 Derivative liabilities not subject to a master netting agreement or offsetting arrangement OTC - bilateral 102 102 102 Total derivative liabilities not subject to a master netting agreement or offsetting arrangement 102 102 102 Total derivative liabilities 387 0 387 (152 ) (37 ) (68 ) 130 Securities lending and similar arrangements 1,052 0 1,052 (1,029 ) 0 0 23 Total $ 1,439 $ 0 $ 1,439 $ (1,181 ) $ (37 ) $ (68 ) $ 153 For additional information on the Company's financial instruments, see the accompanying Notes 1, 3 and 5 and Notes 1, 3 and 5 of the Notes to the Consolidated Financial Statements in the 2018 Annual Report.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair Value Hierarchy U.S. GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. These two types of inputs create three valuation hierarchy levels. Level 1 valuations reflect quoted market prices for identical assets or liabilities in active markets. Level 2 valuations reflect quoted market prices for similar assets or liabilities in an active market, quoted market prices for identical or similar assets or liabilities in non-active markets or model-derived valuations in which all significant valuation inputs are observable in active markets. Level 3 valuations reflect valuations in which one or more of the significant inputs are not observable in an active market. The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis. September 30, 2019 (In millions) Quoted Prices in Significant Significant Total Assets: Securities available for sale, carried at Fixed maturity securities: Government and agencies $ 36,705 $ 1,591 $ 0 $ 38,296 Municipalities 0 1,898 0 1,898 Mortgage- and asset-backed securities 0 226 183 409 Public utilities 0 6,744 206 6,950 Sovereign and supranational 0 1,084 0 1,084 Banks/financial institutions 0 10,621 23 10,644 Other corporate 0 34,435 224 34,659 Total fixed maturity securities 36,705 56,599 636 93,940 Equity securities 677 74 79 830 Other investments 722 0 0 722 Cash and cash equivalents 4,216 0 0 4,216 Other assets: Foreign currency swaps 0 80 147 227 Foreign currency forwards 0 170 0 170 Foreign currency options 0 1 0 1 Interest rate swaps 0 13 0 13 Total other assets 0 264 147 411 Total assets $ 42,320 $ 56,937 $ 862 $ 100,119 Liabilities: Other liabilities: Foreign currency swaps $ 0 $ 88 $ 139 $ 227 Foreign currency forwards 0 168 0 168 Foreign currency options 0 8 0 8 Total liabilities $ 0 $ 264 $ 139 $ 403 December 31, 2018 (In millions) Quoted Prices in Significant Significant Total Assets: Securities available for sale, carried at Fixed maturity securities: Government and agencies $ 32,993 $ 1,349 $ 0 $ 34,342 Municipalities 0 1,863 0 1,863 Mortgage- and asset-backed securities 0 162 177 339 Public utilities 0 7,062 109 7,171 Sovereign and supranational 0 1,260 0 1,260 Banks/financial institutions 0 8,895 23 8,918 Other corporate 0 28,789 213 29,002 Total fixed maturity securities 32,993 49,380 522 82,895 Equity securities 874 67 46 987 Other investments 152 0 0 152 Cash and cash equivalents 4,337 0 0 4,337 Other assets: Foreign currency swaps 0 103 182 285 Foreign currency forwards 0 126 0 126 Foreign currency options 0 3 0 3 Interest rate swaps 0 3 0 3 Total other assets 0 235 182 417 Total assets $ 38,356 $ 49,682 $ 750 $ 88,788 Liabilities: Other liabilities: Foreign currency swaps $ 0 $ 132 $ 102 $ 234 Foreign currency forwards 0 151 0 151 Foreign currency options 0 1 0 1 Interest rate swaptions 0 1 0 1 Total liabilities $ 0 $ 285 $ 102 $ 387 The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value. September 30, 2019 (In millions) Carrying Quoted Prices in Significant Significant Total Assets: Securities held to maturity, Fixed maturity securities: Government and agencies $ 22,581 $ 28,868 $ 366 $ 0 $ 29,234 Municipalities 835 0 1,114 0 1,114 Mortgage and asset-backed 18 0 8 11 19 Public utilities 2,573 0 2,967 0 2,967 Sovereign and 1,187 0 1,384 0 1,384 Banks/financial institutions 930 0 1,030 0 1,030 Other corporate 2,609 0 3,074 0 3,074 Commercial mortgage and 8,284 0 0 8,360 8,360 Other investments (1) 30 0 30 0 30 Total assets $ 39,047 $ 28,868 $ 9,973 $ 8,371 $ 47,212 Liabilities: Other policyholders’ funds $ 7,421 $ 0 $ 0 $ 7,341 $ 7,341 Notes payable 6,095 0 5,855 277 6,132 Total liabilities $ 13,516 $ 0 $ 5,855 $ 7,618 $ 13,473 (1) Excludes policy loans of $250 and equity method investments of $505 , at carrying value December 31, 2018 (In millions) Carrying Quoted Prices in Significant Significant Total Assets: Securities held to maturity, Fixed maturity securities: Government and agencies $ 21,712 $ 27,030 $ 8 $ 0 $ 27,038 Municipalities 359 0 469 0 469 Mortgage and asset-backed 14 0 0 15 15 Public utilities 2,727 0 2,973 0 2,973 Sovereign and 1,551 0 1,840 0 1,840 Banks/financial institutions 1,445 0 1,583 0 1,583 Other corporate 2,510 0 2,804 0 2,804 Commercial mortgage and 6,919 0 0 6,893 6,893 Other investments (1) 26 0 26 0 26 Total assets $ 37,263 $ 27,030 $ 9,703 $ 6,908 $ 43,641 Liabilities: Other policyholders’ funds $ 7,146 $ 0 $ 0 $ 7,067 $ 7,067 Notes payable 5,765 0 5,606 270 5,876 Total liabilities $ 12,911 $ 0 $ 5,606 $ 7,337 $ 12,943 (1) Excludes policy loans of $232 and equity method investments of $377 , at carrying value Fair Value of Financial Instruments Fixed maturity and equity securities The Company determines the fair values of fixed maturity securities and public and privately-issued equity securities using the following approaches or techniques: price quotes and valuations from third party pricing vendors (including quoted market prices readily available from public exchange markets) and non-binding price quotes the Company obtains from outside brokers. A third party pricing vendor has developed valuation models to determine fair values of privately issued securities to reflect the impact of the persistent economic environment and the changing regulatory framework. These models are discounted cash flow (DCF) valuation models, but also use information from related markets, specifically the CDS market to estimate expected cash flows. These models take into consideration any unique characteristics of the securities and make various adjustments to arrive at an appropriate issuer-specific loss adjusted credit curve. This credit curve is then used with the relevant recovery rates to estimate expected cash flows and modeling of additional features, including illiquidity adjustments, if necessary, to price the security by discounting those loss adjusted cash flows. In cases where a credit curve cannot be developed from the specific security features, the valuation methodology takes into consideration other market observable inputs, including: 1) the most appropriate comparable security(ies) of the issuer; 2) issuer-specific CDS spreads; 3) bonds or CDS spreads of comparable issuers with similar characteristics such as rating, geography, or sector; or 4) bond indices that are comparative in rating, industry, maturity and region. The pricing data and market quotes the Company obtains from outside sources, including third party pricing services, are reviewed internally for reasonableness. If a fair value appears unreasonable, the Company will re-examine the inputs and assess the reasonableness of the pricing data with the vendor. Additionally, the Company may compare the inputs to relevant market indices and other performance measurements. Based on management's analysis, the valuation is confirmed or may be revised if there is evidence of a more appropriate estimate of fair value based on available market data. The Company has performed verification of the inputs and calculations in any valuation models to confirm that the valuations represent reasonable estimates of fair value. The fixed maturity securities classified as Level 3 consist of securities with limited or no observable valuation inputs. For Level 3 securities, the Company estimates the fair value of these securities by obtaining non-binding broker quotes from a limited number of brokers. These brokers base their quotes on a combination of their knowledge of the current pricing environment and market conditions. The Company considers these inputs to be unobservable. The Company also considers a variety of significant valuation inputs in the valuation process, including forward exchange rates, yen swap rates, dollar swap rates, interest rate volatilities, credit spread data on specific issuers, assumed default and default recovery rates, and certain probability assumptions. In obtaining these valuation inputs, the Company has determined that certain pricing assumptions and data used by its pricing sources are difficult to validate or corroborate by the market and/or appear to be internally developed rather than observed in or corroborated by the market. The use of these unobservable valuation inputs causes more subjectivity in the valuation process for these securities. For the periods presented, the Company has not adjusted the quotes or prices it obtains from the pricing services and brokers it uses. The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities. September 30, 2019 (In millions) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Total Securities available for sale, carried at fair value: Fixed maturity securities: Government and agencies: Third party pricing vendor $ 36,705 $ 1,591 $ 0 $ 38,296 Total government and agencies 36,705 1,591 0 38,296 Municipalities: Third party pricing vendor 0 1,898 0 1,898 Total municipalities 0 1,898 0 1,898 Mortgage- and asset-backed securities: Third party pricing vendor 0 226 0 226 Broker/other 0 0 183 183 Total mortgage- and asset-backed securities 0 226 183 409 Public utilities: Third party pricing vendor 0 6,744 0 6,744 Broker/other 0 0 206 206 Total public utilities 0 6,744 206 6,950 Sovereign and supranational: Third party pricing vendor 0 1,084 0 1,084 Total sovereign and supranational 0 1,084 0 1,084 Banks/financial institutions: Third party pricing vendor 0 10,575 0 10,575 Broker/other 0 46 23 69 Total banks/financial institutions 0 10,621 23 10,644 Other corporate: Third party pricing vendor 0 34,432 0 34,432 Broker/other 0 3 224 227 Total other corporate 0 34,435 224 34,659 Total securities available for sale $ 36,705 $ 56,599 $ 636 $ 93,940 Equity securities, carried at fair value: Third party pricing vendor $ 677 $ 74 $ 0 $ 751 Broker/other 0 0 79 79 Total equity securities $ 677 $ 74 $ 79 $ 830 September 30, 2019 (In millions) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Total Securities held to maturity, carried at amortized cost: Fixed maturity securities: Government and agencies: Third party pricing vendor $ 28,868 $ 366 $ 0 $ 29,234 Total government and agencies 28,868 366 0 29,234 Municipalities: Third party pricing vendor 0 1,114 0 1,114 Total municipalities 0 1,114 0 1,114 Mortgage- and asset-backed securities: Third party pricing vendor 0 8 0 8 Broker/other 0 0 11 11 Total mortgage- and asset-backed securities 0 8 11 19 Public utilities: Third party pricing vendor 0 2,967 0 2,967 Total public utilities 0 2,967 0 2,967 Sovereign and supranational: Third party pricing vendor 0 1,384 0 1,384 Total sovereign and supranational 0 1,384 0 1,384 Banks/financial institutions: Third party pricing vendor 0 1,030 0 1,030 Total banks/financial institutions 0 1,030 0 1,030 Other corporate: Third party pricing vendor 0 3,074 0 3,074 Total other corporate 0 3,074 0 3,074 Total securities held to maturity $ 28,868 $ 9,943 $ 11 $ 38,822 December 31, 2018 (In millions) Quoted Prices in Active Markets Significant Observable Significant Unobservable Inputs Total Securities available for sale, carried at fair value: Fixed maturity securities: Government and agencies: Third party pricing vendor $ 32,993 $ 1,349 $ 0 $ 34,342 Total government and agencies 32,993 1,349 0 34,342 Municipalities: Third party pricing vendor 0 1,863 0 1,863 Total municipalities 0 1,863 0 1,863 Mortgage- and asset-backed securities: Third party pricing vendor 0 162 0 162 Broker/other 0 0 177 177 Total mortgage- and asset-backed securities 0 162 177 339 Public utilities: Third party pricing vendor 0 7,062 0 7,062 Broker/other 0 0 109 109 Total public utilities 0 7,062 109 7,171 Sovereign and supranational: Third party pricing vendor 0 1,260 0 1,260 Total sovereign and supranational 0 1,260 0 1,260 Banks/financial institutions: Third party pricing vendor 0 8,895 0 8,895 Broker/other 0 0 23 23 Total banks/financial institutions 0 8,895 23 8,918 Other corporate: Third party pricing vendor 0 28,789 0 28,789 Broker/other 0 0 213 213 Total other corporate 0 28,789 213 29,002 Total securities available for sale $ 32,993 $ 49,380 $ 522 $ 82,895 Equity securities, carried at fair value: Third party pricing vendor $ 874 $ 67 $ 0 $ 941 Broker/other 0 0 46 46 Total equity securities $ 874 $ 67 $ 46 $ 987 December 31, 2018 (In millions) Quoted Prices in Active Markets Significant Observable Significant Unobservable Inputs Total Securities held to maturity, carried at amortized cost: Fixed maturity securities: Government and agencies: Third party pricing vendor $ 27,030 $ 8 $ 0 $ 27,038 Total government and agencies 27,030 8 0 27,038 Municipalities: Third party pricing vendor 0 469 0 469 Total municipalities 0 469 0 469 Mortgage- and asset-backed securities: Broker/other 0 0 15 15 Total mortgage- and asset-backed securities 0 0 15 15 Public utilities: Third party pricing vendor 0 2,973 0 2,973 Total public utilities 0 2,973 0 2,973 Sovereign and supranational: Third party pricing vendor 0 1,840 0 1,840 Total sovereign and supranational 0 1,840 0 1,840 Banks/financial institutions: Third party pricing vendor 0 1,583 0 1,583 Total banks/financial institutions 0 1,583 0 1,583 Other corporate: Third party pricing vendor 0 2,804 0 2,804 Total other corporate 0 2,804 0 2,804 Total securities held to maturity $ 27,030 $ 9,677 $ 15 $ 36,722 The following is a discussion of the determination of fair value of the Company's remaining financial instruments. Derivatives The Company uses derivative instruments to manage the risk associated with certain assets. However, the derivative instrument may not be classified in the same fair value hierarchy level as the associated asset. The Company uses pricing models to determine the estimated fair value of derivatives. Inputs used to value derivatives include, but are not limited to, interest rates, credit spreads, foreign currency forward and spot rates, and interest volatility. The significant inputs to pricing derivatives are generally observable in the market or can be derived by observable market data. When these inputs are observable, the derivatives are classified as Level 2. The fair values of the foreign currency forwards and options associated with certain investments; the foreign currency forwards and options used to hedge foreign exchange risk from the Company's net investment in Aflac Japan and economically hedge certain portions of forecasted cash flows denominated in yen; and the foreign currency swaps associated with certain senior notes are based on the amounts the Company would expect to receive or pay. The determination of the fair value of these derivatives is based on observable market inputs, therefore they are classified as Level 2. To determine the fair value of its interest rate derivatives, the Company uses inputs that are generally observable in the market or can be derived from observable market data. Interest rate swaps are cleared trades. In a cleared swap contract, the clearinghouse provides benefits to the counterparties similar to contracts listed for investment traded on an exchange since it maintains a daily margin to mitigate counterparties' credit risk. These derivatives are priced using observable inputs, accordingly, they are classified as Level 2. For its interest rate swaptions, the Company estimates their fair values using observable market data, including interest rate curves and volatilities. Their fair values are also classified as Level 2. For derivatives associated with VIEs where the Company is the primary beneficiary, the Company is not the direct counterparty to the swap contracts. As a result, the fair value measurements incorporate the credit risk of the collateral associated with the VIE. The Company receives valuations from a third party pricing vendor for these derivatives. Based on an analysis of these derivatives and a review of the methodology employed by the pricing vendor, the Company determined that due to the long duration of these swaps and the need to extrapolate from short-term observable data to derive and measure long-term inputs, certain inputs, assumptions and judgments are required to value future cash flows that cannot be corroborated by current inputs or current observable market data. As a result, the derivatives associated with the Company's consolidated VIEs are classified as Level 3 of the fair value hierarchy. Commercial mortgage and other loans Commercial mortgage and other loans include transitional real estate loans, commercial mortgage loans and middle market loans. The Company's loan receivables do not have readily determinable market prices and generally lack market liquidity. Fair values for loan receivables are determined based on the present value of expected future cash flows discounted at the applicable U.S. Treasury or London Interbank Offered Rate (LIBOR) yield plus an appropriate spread that considers other risk factors, such as credit and liquidity risk. These spreads are provided by the applicable asset managers based on their knowledge of the current loan pricing environment and market conditions. The spreads are a significant component of the pricing inputs and are generally considered unobservable. Therefore, these investments have been assigned a Level 3 within the fair value hierarchy. Other investments Other investments includes short-term investments that are measured at fair value where amortized cost approximates fair value. Other policyholders' funds The largest component of the other policyholders' funds liability is the Company's annuity line of business in Aflac Japan. The Company's annuities have fixed benefits and premiums. For this product, the Company estimates the fair value to be equal to the cash surrender value. This is analogous to the value paid to policyholders on the valuation date if they were to surrender their policy. The Company periodically checks the cash value against discounted cash flow projections for reasonableness. The Company considers its inputs for this valuation to be unobservable and have accordingly classified this valuation as Level 3. Notes payable The fair values of the Company's publicly issued notes payable are determined by utilizing available sources of observable inputs from third party pricing vendors and are classified as Level 2. The fair values of the Company's yen-denominated loans approximate their carrying values and are classified as Level 3. Transfers between Hierarchy Levels and Level 3 Rollforward During the three- and nine -month periods ended September 30, 2019 and 2018 , respectively, there were no transfers between Level 1 and 2 for assets and liabilities that are measured and carried at fair value on a recurring basis. The following tables present the changes in fair value of the Company's investments and derivatives carried at fair value classified as Level 3. Three Months Ended Fixed Maturity Securities Equity Derivatives (1) (In millions) Mortgage- Public Banks/ Other Foreign Credit Total Balance, beginning of period $ 183 $ 204 $ 24 $ 199 $ 65 $ 94 $ 0 $ 769 Realized investment gains (losses) included in earnings 0 0 0 0 0 (84 ) 0 (84 ) Unrealized gains (losses) included in other comprehensive income (loss) 0 4 0 5 0 (2 ) 0 7 Purchases, issuances, sales and settlements: Purchases 0 0 0 19 14 0 0 33 Issuances 0 0 0 0 0 0 0 0 Sales 0 0 0 0 0 0 0 0 Settlements 0 (2 ) 0 0 0 0 0 (2 ) Transfers into Level 3 0 0 0 1 (2) 0 0 0 1 Transfers out of Level 3 0 0 (1 ) (2) 0 0 0 0 (1 ) Balance, end of period $ 183 $ 206 $ 23 $ 224 $ 79 $ 8 $ 0 $ 723 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ 0 $ (84 ) $ 0 $ (84 ) (1) Derivative assets and liabilities are presented net (2) Transfer due to sector classification change Three Months Ended Fixed Maturity Securities Equity Derivatives (1) (In millions) Mortgage- Public Banks/ Other Foreign Credit Total Balance, beginning of period $ 178 $ 106 $ 23 $ 196 $ 17 $ 110 $ 0 $ 630 Realized investment gains (losses) included in 0 0 0 0 (1 ) (19 ) 0 (20 ) Unrealized gains (losses) included in other (6 ) (2 ) 0 (4 ) 0 (2 ) 0 (14 ) Purchases, issuances, sales and settlements: Purchases 0 0 0 0 0 0 0 0 Issuances 0 0 0 0 0 0 0 0 Sales 0 0 0 0 0 0 0 0 Settlements 0 0 0 (1 ) 0 0 0 (1 ) Transfers into Level 3 0 0 0 0 0 0 0 0 Transfers out of Level 3 0 0 0 0 0 0 0 0 Balance, end of period $ 172 $ 104 $ 23 $ 191 $ 16 $ 89 $ 0 $ 595 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ (1 ) $ (19 ) $ 0 $ (20 ) (1) Derivative assets and liabilities are presented net Nine Months Ended Fixed Maturity Securities Equity Derivatives (1) (In millions) Mortgage- Public Banks/ Other Foreign Credit Total Balance, beginning of period $ 177 $ 109 $ 23 $ 213 $ 46 $ 80 $ 0 $ 648 Realized investment gains (losses) included 0 0 0 0 0 (68 ) 0 (68 ) Unrealized gains (losses) included in other 6 10 1 12 0 (4 ) 0 25 Purchases, issuances, sales and settlements: Purchases 0 0 0 107 33 0 0 140 Issuances 0 0 0 0 0 0 0 0 Sales 0 0 0 (2 ) 0 0 0 (2 ) Settlements 0 (4 ) 0 0 0 0 0 (4 ) Transfers into Level 3 0 116 (2) 0 26 (2) 0 0 0 142 Transfers out of Level 3 0 (25 ) (2) (1 ) (132 ) (2), (3) 0 0 0 (158 ) Balance, end of period $ 183 $ 206 $ 23 $ 224 $ 79 $ 8 $ 0 $ 723 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ 0 $ (68 ) $ 0 $ (68 ) (1) Derivative assets and liabilities are presented net (2) Transfer due to sector classification change (3) Transfer due to availability of observable market inputs Nine Months Ended Fixed Maturity Securities Equity Derivatives (1) (In millions) Mortgage- Public Banks/ Other Foreign Credit Total Balance, beginning of period $ 175 $ 68 $ 25 $ 146 $ 16 $ 22 $ 1 $ 453 Realized investment gains (losses) included in earnings 0 0 0 0 (1 ) 65 (1 ) 63 Unrealized gains (losses) included in other comprehensive income (loss) (3 ) (4 ) (2 ) (6 ) 0 2 0 (13 ) Purchases, issuances, sales and settlements: Purchases 0 40 0 55 1 0 0 96 Issuances 0 0 0 0 0 0 0 0 Sales 0 0 0 0 0 0 0 0 Settlements 0 0 0 (4 ) 0 0 0 (4 ) Transfers into Level 3 0 0 0 0 0 0 0 0 Transfers out of Level 3 0 0 0 0 0 0 0 0 Balance, end of period $ 172 $ 104 $ 23 $ 191 $ 16 $ 89 $ 0 $ 595 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ (1 ) $ 65 $ (1 ) $ 63 (1) Derivative assets and liabilities are presented net Fair Value Sensitivity Level 3 Significant Unobservable Input Sensitivity The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments and derivatives carried at fair value. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments. September 30, 2019 (In millions) Fair Value Valuation Technique(s) Unobservable Input Range Assets: Securities available for sale, carried at fair value: Fixed maturity securities: Mortgage- and asset-backed securities $ 183 Consensus pricing Offered quotes N/A (a) Public utilities 206 Discounted cash flow Credit spreads N/A (a) Banks/financial institutions 23 Consensus pricing Offered quotes N/A (a) Other corporate 224 Discounted cash flow Credit spreads N/A (a) Equity securities 79 Net asset value Offered quotes N/A (a) Other assets: Foreign currency swaps 81 Discounted cash flow Interest rates (USD) 1.43% - 1.63% (b) Interest rates (JPY) (.03)% - .32% (c) CDS spreads 12 - 106 bps 66 Discounted cash flow Interest rates (USD) 1.43% - 1.63% (b) Interest rates (JPY) (.03)% - .32% (c) Total assets $ 862 Liabilities: Other liabilities: Foreign currency swaps $ 132 Discounted cash flow Interest rates (USD) 1.43% - 1.63% (b) Interest rates (JPY) (.03)% - .32% (c) CDS spreads 22 - 176 bps 7 Discounted cash flow Interest rates (USD) 1.43% - 1.63% (b) Interest rates (JPY) (.03)% - .32% (c) Total liabilities $ 139 (a) N/A represents securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques or unobservable inputs. (b) Inputs derived from U.S. long-term rates to accommodate long maturity nature of the Company's swaps (c) Inputs derived from Japan long-term rates to accommodate long maturity nature of the Company's swaps December 31, 2018 (In millions) Fair Value Valuation Technique(s) Unobservable Input Range Assets: Securities available for sale, carried at fair value: Fixed maturity securities: Mortgage- and asset-backed securities $ 177 Consensus pricing Offered quotes N/A (a) Public utilities 109 Discounted cash flow Credit spreads N/A (a) Banks/financial institutions 23 Consensus pricing Offered quotes N/A (a) Other corporate 213 Discounted cash flow Credit spreads N/A (a) Equity securities 46 Net asset value Offered quotes N/A (a) Other assets: Foreign currency swaps 125 Discounted cash flow Interest rates (USD) 2.75% - 2.84% (b) Interest rates (JPY) .18% - .71% (c) CDS spreads 19 - 120 bps 57 Discounted cash flow Interest rates (USD) 2.75% - 2.84% (b) Interest rates (JPY) .18% - .71% (c) Total assets $ 750 Liabilities: Other liabilities: Foreign currency swaps $ 98 Discounted cash flow Interest rates (USD) 2.75% - 2.84% (b) Interest rates (JPY) .18% - .71% (c) CDS spreads 28 - 211 bps 4 Discounted cash flow Interest rates (USD) 2.75% - 2.84% (b) Interest rates (JPY) .18% - .71% (c) Total liabilities $ 102 (a) N/A represents securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques or unobservable inputs. (b) Inputs derived from U.S. long-term rates to accommodate long maturity nature of the Company's swaps (c) Inputs derived from Japan long-term rates to accommodate long maturity nature of the Company's swaps The following is a discussion of the significant unobservable inputs or valuation techniques used in determining the fair value of securities and derivatives classified as Level 3. Net Asset Value The Company holds certain unlisted equity securities whose fair value is derived based on the financial statements published by the investee. These securities do not trade on an active market and the valuations derived are dependent on the availability of timely financial reporting of the investee. Net asset value is an unobservable input in the determination of fair value of equity securities. Offered Quotes In circumstances where the Company's valuation model price is overridden because it implies a value that is not consistent with current market conditions, the Company will solicit bids from a limited number of brokers. The Company also receives unadjusted prices from brokers for its mortgage and asset-backed securities. These quotes are non-binding but are reflective of valuation best estimates at that particular point in time. Offered quotes are an unobservable input in the determination of fair value of mortgage- and asset-backed securities, certain banks/financial institutions, certain other corporate, and equity securities investments. Interest Rates and CDS Spreads The significant drivers of the valuation of the foreign exchange swaps are interest rates and CDS spreads. Some of the Company's swaps have long maturities that increase the sensitivity of the swaps to interest rate fluctuations. For the Company's foreign exchange or cross currency swaps that are in a net asset position, an increase in yen interest rates (all other factors held constant) will decrease the present value of the yen final settlement receivable (receive leg), thus decreasing the value of the swap as long as the derivative remains in a net asset position. Foreign exchange swaps also have a lump-sum final settlement of foreign exchange principal amounts at the termination of the swap. Assuming all other factors are held constant, an increase in yen interest rates will decrease the receive leg and decrease the net value of the swap. Likewise, holding all other factors constant, an increase in U.S. dollar interest rates will increase the swap's net value due to the decrease in the present value of the dollar final settlement payable (pay leg). The extinguisher feature in most of the Company's VIE swaps results in a cessation of cash flows and no further payments between the parties to the swap in the event of a default on the referenced or underlying collateral. To price this feature, the Company applies the survival probability of the referenced entity to the projected cash flows. The survival probability uses the CDS spreads and recovery rates to adjust the present value of the cash flows. For extinguisher swaps with positive values, an increase in CDS spreads decreases the likelihood of receiving the final exchange payments and reduces the value of the swap. For additional information on the Company's investments and financial instruments, see the accompanying Notes 1, 3 and 4 and Notes 1, 3 and 4 of the Notes to the Consolidated Financial Statements in the 2018 Annual Report.

POLICY LIABILITIES

POLICY LIABILITIES	9 Months Ended
	Sep. 30, 2019
Insurance Loss Reserves [Abstract]
POLICY LIABILITIES	POLICY LIABILITIES Changes in the liability for unpaid policy claims were as follows: Three Months Ended Nine Months Ended (In millions) 2019 2018 2019 2018 Unpaid supplemental health claims, beginning of period $ 4,024 $ 3,942 $ 3,952 $ 3,881 Less reinsurance recoverables 31 29 28 28 Net balance, beginning of period 3,993 3,913 3,924 3,853 Add claims incurred during the period related to: Current year 1,806 1,760 5,415 5,381 Prior years (134 ) (131 ) (437 ) (456 ) Total incurred 1,672 1,629 4,978 4,925 Less claims paid during the period on claims incurred during: Current year 1,421 1,357 3,150 3,109 Prior years 220 217 1,794 1,751 Total paid 1,641 1,574 4,944 4,860 Effect of foreign exchange rate changes on unpaid claims (3 ) (59 ) 63 (9 ) Net balance, end of period 4,021 3,909 4,021 3,909 Add reinsurance recoverables 31 29 31 29 Unpaid supplemental health claims, end of period 4,052 3,938 4,052 3,938 Unpaid life claims, end of period 689 592 689 592 Total liability for unpaid policy claims $ 4,741 $ 4,530 $ 4,741 $ 4,530 The incurred claims development related to prior years reflects favorable claims experience compared to previous estimates. The favorable claims development of $437 million for the nine -month period ended September 30, 2019 comprises approximately $310 million from Japan, which represents approximately 71% of the total. Excluding the impact of foreign exchange of a gain of approximately $4 million from December 31, 2018 to September 30, 2019 , the favorable claims development in Japan would have been approximately $306 million , representing approximately 70% of the total. The Company has experienced continued favorable claim trends in 2019 for its core health products in Japan. The Company's experience in Japan related to the average length of stay in the hospital for cancer treatment has shown continued decline in the current period. In addition, cancer treatment patterns in Japan are continuing to be influenced by significant advances in early-detection techniques and by the increased use of pathological diagnosis rather than clinical exams. Additionally, follow-up radiation and chemotherapy treatments are occurring more often on an outpatient basis. Such changes in treatment not only increase the quality of life and initial outcomes for the patients, but also decrease the average length of each hospital stay, resulting in favorable claims development. The remainder of the favorable claims development related to prior years for the nine -month period ended September 30, 2019 , reflects Aflac U.S. favorable claims experience compared to previous estimates, primarily in the cancer and accident lines of business.

REINSURANCE

REINSURANCE	9 Months Ended
	Sep. 30, 2019
Reinsurance Disclosures [Abstract]
REINSURANCE	REINSURANCE The Company periodically enters into fixed quota-share coinsurance agreements with other companies in the normal course of business. For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Reinsurance premiums and benefits paid or provided are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums and benefits are reported net of insurance ceded. The Company has recorded a deferred profit liability related to reinsurance transactions. The remaining deferred profit liability of $1.1 billion and $1.0 billion as of September 30, 2019 and December 31, 2018 , respectively, is included in future policy benefits in the consolidated balance sheet and is being amortized into income over the expected lives of the policies. The Company has also recorded a reinsurance recoverable for reinsurance transactions, which is included in other assets in the consolidated balance sheet and had a remaining balance of $990 million and $941 million as of September 30, 2019 and December 31, 2018 , respectively. The increase in the reinsurance recoverable balance was driven by the growth in reserves related to the business that has been reinsured as the policies age. The spot yen/dollar exchange rate strengthened by approximately 2.9% and ceded reserves increased approximately 2.6% from December 31, 2018 to September 30, 2019 . The following table reconciles direct premium income and direct benefits and claims to net amounts after the effect of reinsurance. Three Months Ended Nine Months Ended (In millions) 2019 2018 2019 2018 Direct premium income $ 4,823 $ 4,720 $ 14,365 $ 14,346 Ceded to other companies: Ceded Aflac Japan closed blocks (121 ) (122 ) (361 ) (378 ) Other (17 ) (15 ) (50 ) (45 ) Assumed from other companies: Retrocession activities 51 51 151 158 Other 0 2 4 5 Net premium income $ 4,736 $ 4,636 $ 14,109 $ 14,086 Direct benefits and claims $ 3,106 $ 3,076 $ 9,185 $ 9,301 Ceded benefits and change in reserves for future benefits: Ceded Aflac Japan closed blocks (111 ) (111 ) (331 ) (343 ) Eliminations 11 10 31 33 Other (18 ) (11 ) (41 ) (34 ) Assumed from other companies: Retrocession activities 49 48 144 149 Eliminations (11 ) (10 ) (31 ) (33 ) Other 1 0 1 2 Benefits and claims, net $ 3,027 $ 3,002 $ 8,958 $ 9,075 These reinsurance transactions are indemnity reinsurance that do not relieve the Company from its obligations to policyholders. In the event that the reinsurer is unable to meet their obligations, the Company remains liable for the reinsured claims. As a part of its capital contingency plan, the Company entered into a committed reinsurance facility agreement on December 1, 2015 in the amount of approximately ¥110 billion of reserves. This reinsurance facility agreement was renewed in 2018 and is effective until December 31, 2019. There are also additional commitment periods of a one-year duration, each of which are automatically extended unless notification is received from the reinsurer within 60 days prior to the expiration. The reinsurer can withdraw from the committed facility if Aflac‘s Standard and Poor's (S&P) rating drops below BBB-. As of September 30, 2019 , the Company has not executed a reinsurance treaty under this committed reinsurance facility.

NOTES PAYABLE AND LEASE OBLIGAT

NOTES PAYABLE AND LEASE OBLIGATIONS	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
NOTES PAYABLE AND LEASE OBLIGATIONS	NOTES PAYABLE AND LEASE OBLIGATIONS A summary of notes payable and lease obligations follows: (In millions) September 30, 2019 December 31, 2018 4.00% senior notes due February 2022 $ 348 $ 348 3.625% senior notes due June 2023 698 698 3.625% senior notes due November 2024 746 746 3.25% senior notes due March 2025 448 447 2.875% senior notes due October 2026 298 297 6.90% senior notes due December 2039 220 220 6.45% senior notes due August 2040 254 254 4.00% senior notes due October 2046 394 394 4.750% senior notes due January 2049 540 540 Yen-denominated senior notes and subordinated debentures: .932% senior notes due January 2027 (principal amount ¥60.0 billion) 553 538 1.159% senior notes due October 2030 (principal amount ¥29.3 billion) 270 262 1.488% senior notes due October 2033 (principal amount ¥15.2 billion) 140 136 1.750% senior notes due October 2038 (principal amount ¥8.9 billion) 82 79 2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion) 551 536 .963% perpetual subordinated bonds callable April 2024 (principal amount ¥30.0 billion) 276 0 Yen-denominated loans: Variable interest rate loan due September 2026 (.32% in 2019 and 2018, principal amount ¥5.0 billion) 46 45 Variable interest rate loan due September 2029 (.47% in 2019 and 2018, principal amount ¥25.0 billion) 231 225 Finance lease obligations payable through 2025 13 13 Operating lease obligations payable through 2028 (1) 125 0 Total notes payable and lease obligations $ 6,233 $ 5,778 (1) See Note 1 of the Notes to the Consolidated Financial Statements for the adoption of accounting guidance on January 1, 2019 related to leases. Amounts in the table above are reported net of debt issuance costs and issuance premiums or discounts, if applicable, that are being amortized over the life of the notes. In September 2019, the Parent Company renewed a ¥30.0 billion senior term loan facility. The first tranche of the facility, which totaled ¥5.0 billion , bears interest at a rate per annum equal to the Tokyo interbank market rate (TIBOR), or alternate TIBOR, if applicable, plus the applicable TIBOR margin and will mature in September 2026. The applicable margin ranges between .30% and .70% , depending on the Parent Company's debt ratings as of the date of determination. The second tranche, which totaled ¥25.0 billion , bears interest at a rate per annum equal to the TIBOR, or alternate TIBOR, if applicable, plus the applicable TIBOR margin and will mature in September 2029. The applicable margin ranges between .45% and 1.00% , depending on the Parent Company's debt ratings as of the date of determination. In April 2019, ALIJ issued ¥30.0 billion (par value) of perpetual subordinated bonds. These bonds bear interest at a fixed rate of .963% per annum and then at six-month Euro Yen LIBOR plus an applicable spread on and after the day immediately following April 18, 2024. The bonds will be callable on each interest payment date on and after April 18, 2024. ALIJ is seeking amendment of the bonds to change their duration from perpetual to a stated maturity date of April 16, 2049 and to remove provisions that permitted ALIJ to defer payments of interest under certain circumstances. The following table presents the contractual maturities and present value of lease liabilities. September 30, 2019 (In millions) Operating Leases Finance Leases Total 2019 $ 42 $ 4 $ 46 2020 25 3 28 2021 19 3 22 2022 10 2 12 2023 9 1 10 After 2023 30 0 30 Total lease payments $ 135 $ 13 $ 148 Less: Interest 10 0 10 Present value of lease liabilities $ 125 $ 13 $ 138 The following table presents the weighted average remaining lease term and weighted average discount rate for lease liabilities. September 30, 2019 Weighted average remaining lease term (years): Operating leases 4.3 Finance leases 3.8 Weighted average discount rate: Operating leases 2.4% Finance leases 1.6% Operating lease costs for the three- and nine -month periods ended September 30, 2019 were $14 million and $43 million , respectively. Operating cash outflow for operating leases for the nine -month period ended September 30, 2019 was $42 million . A summary of the Company's lines of credit as of September 30, 2019 follows: Borrower Type Term Expiration Date Capacity Amount Outstanding Interest Rate on Borrowed Amount Maturity Period Commitment Fee Business Purpose Aflac Incorporated uncommitted bilateral 364 days December 27, 2019 $100 million $0 million The rate quoted by the bank and agreed upon at the time of borrowing Up to 3 months None General corporate purposes Aflac Incorporated unsecured revolving 5 years March 29, 2024, or the date commitments are terminated pursuant to an event of default ¥100.0 billion ¥0.0 billion A rate per annum equal to (a) Tokyo interbank market rate (TIBOR) plus, the alternative applicable TIBOR margin during the availability period from the closing date to the commitment termination date or (b) the TIBOR rate offered by the agent to major banks in yen for the applicable period plus, the applicable alternative TIBOR margin during the term out period No later than .30% to .50%, depending on the Parent Company's debt ratings as of the date of determination General corporate purposes, including a capital contingency plan for the operations of the Parent Company Aflac Incorporated unsecured revolving 5 years April 4, 2023, or the date commitments are terminated pursuant to an event of default ¥55.0 billion, or the equivalent amount in U.S. dollars ¥0.0 billion A rate per annum equal to, at the Company's option, either, (a) London Interbank Offered Rate (LIBOR) adjusted for certain costs or (b) a base rate determined by reference to the highest of (1) the federal funds rate plus 1/2 of 1%, (2) the rate of interest for such day announced by Mizuho Bank, Ltd. as its prime rate, or (3) the eurocurrency rate for an interest period of one month plus 1.00%, in each case plus an applicable margin No later than April 4, 2023 .085% to .225%, depending on the Parent Company's debt ratings as of the date of determination General corporate purposes, including a capital contingency plan for the operations of the Parent Company Aflac Incorporated uncommitted bilateral None specified None specified $50 million $0 million A rate per annum equal to, at the Parent Company's option, either (a) a eurocurrency rate determined by reference to the agent's LIBOR for the interest period relevant to such borrowing or (b) the base rate determined by reference to the greater of (i) the prime rate as determined by the agent, and (ii) the sum of 0.50% and the federal funds rate for such day Up to 3 months None General corporate purposes Aflac (1) uncommitted revolving 364 days November 29, 2019 $250 million $0 million USD three-month LIBOR plus 75 basis points per annum 3 months None General corporate purposes Aflac Incorporated (1) uncommitted revolving 364 days April 2, 2020 ¥50.0 billion ¥0.0 billion Three-month TIBOR plus 70 basis points per annum 3 months None General corporate purposes (1) Intercompany credit agreement The Company was in compliance with all of the covenants of its notes payable and lines of credit at September 30, 2019 . No events of default or defaults occurred during the nine -month period ended September 30, 2019 . For additional information, see Notes 4 and 9 of the Notes to the Consolidated Financial Statements in the 2018 Annual Report.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS’ EQUITY The following table is a reconciliation of the number of shares of the Company's common stock for the nine -month periods ended September 30 . (In thousands of shares) 2019 2018 Common stock - issued: Balance, beginning of period 1,347,540 1,345,762 Exercise of stock options and issuance of restricted shares 1,650 1,614 Balance, end of period 1,349,190 1,347,376 Treasury stock: Balance, beginning of period 592,254 564,852 Purchases of treasury stock: Share repurchase program 23,126 20,443 Other 589 361 Dispositions of treasury stock: Shares issued to AFL Stock Plan (1,232 ) (850 ) Exercise of stock options (382 ) (430 ) Other (295 ) (113 ) Balance, end of period 614,060 584,263 Shares outstanding, end of period 735,130 763,113 Outstanding share-based awards are excluded from the calculation of weighted-average shares used in the computation of basic earnings per share (EPS). The following table presents the approximate number of share-based awards to purchase shares, on a weighted-average basis, that were considered to be anti-dilutive and were excluded from the calculation of diluted earnings per share for the following periods. Three Months Ended Nine Months Ended (In thousands) 2019 2018 2019 2018 Anti-dilutive share-based awards 1 46 8 34 Share Repurchase Program During the first nine months of 2019 , the Company repurchased 23.1 million shares of its common stock for $1.2 billion as part of its share repurchase program. During the first nine months of 2018 , the Company repurchased 20.4 million shares of its common stock for $923 million as part of its share repurchase program. As of September 30, 2019 , a remaining balance of 45.9 million shares of the Company's common stock was available for purchase under share repurchase authorizations by its board of directors. Reclassifications from Accumulated Other Comprehensive Income The tables below are reconciliations of accumulated other comprehensive income by component for the following periods. Changes in Accumulated Other Comprehensive Income Three Months Ended (In millions) Unrealized Foreign Unrealized Unrealized Pension Total Balance, beginning of period $ (1,455 ) $ 8,055 $ (27 ) $ (209 ) $ 6,364 Other comprehensive (24 ) 884 (6 ) (2 ) 852 Amounts reclassified from 0 31 0 4 35 Net current-period other (24 ) 915 (6 ) 2 887 Balance, end of period $ (1,479 ) $ 8,970 $ (33 ) $ (207 ) $ 7,251 All amounts in the table above are net of tax. Three Months Ended (In millions) Unrealized Foreign Unrealized Unrealized Pension Liability Adjustment Total Balance, beginning of period $ (1,766 ) $ 4,836 $ (23 ) $ (195 ) $ 2,852 Other comprehensive (347 ) (569 ) (1 ) (2 ) (919 ) Amounts reclassified from 0 (27 ) 0 3 (24 ) Net current-period other (347 ) (596 ) (1 ) 1 (943 ) Balance, end of period $ (2,113 ) $ 4,240 $ (24 ) $ (194 ) $ 1,909 All amounts in the table above are net of tax. Nine Months Ended (In millions) Unrealized Foreign Unrealized Unrealized Pension Total Balance, beginning of period $ (1,847 ) $ 4,234 $ (24 ) $ (212 ) $ 2,151 Other comprehensive 368 4,737 (9 ) (4 ) 5,092 Amounts reclassified from 0 (1 ) 0 9 8 Net current-period other 368 4,736 (9 ) 5 5,100 Balance, end of period $ (1,479 ) $ 8,970 $ (33 ) $ (207 ) $ 7,251 All amounts in the table above are net of tax. Nine Months Ended (In millions) Unrealized Foreign Unrealized Unrealized Pension Liability Adjustment Total Balance, beginning of period $ (1,750 ) $ 5,964 $ (23 ) $ (163 ) $ 4,028 Cumulative effect of change 0 (148 ) 0 0 (148 ) Cumulative effect of change (325 ) 734 (3 ) (32 ) 374 Other comprehensive (38 ) (2,302 ) 2 (7 ) (2,345 ) Amounts reclassified from 0 (8 ) 0 8 0 Net current-period other (38 ) (2,310 ) 2 1 (2,345 ) Balance, end of period $ (2,113 ) $ 4,240 $ (24 ) $ (194 ) $ 1,909 All amounts in the table above are net of tax. The tables below summarize the amounts reclassified from each component of accumulated other comprehensive income into net earnings for the following periods. Reclassifications Out of Accumulated Other Comprehensive Income (In millions) Three Months Ended Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Unrealized gains (losses) on available-for-sale $ (14 ) Other-than-temporary impairment (27 ) Other gains (losses) (41 ) Total before tax 10 Tax (expense) or benefit (1) $ (31 ) Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (5 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 1 Tax (expense) or benefit (1) $ (4 ) Net of tax Total reclassifications for the period $ (35 ) Net of tax (1) Based on 25% blended tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details). (In millions) Three Months Ended Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Unrealized gains (losses) on available-for-sale $ 0 Other-than-temporary impairment 37 Other gains (losses) 37 Total before tax (10 ) Tax (expense) or benefit (1) $ 27 Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (5 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 2 Tax (expense) or benefit (1) $ (3 ) Net of tax Total reclassifications for the period $ 24 Net of tax (1) Based on 26% blended tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details). (In millions) Nine Months Ended Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Unrealized gains (losses) on available-for-sale $ (13 ) Other-than-temporary impairment 14 Other gains (losses) 1 Total before tax 0 Tax (expense) or benefit (1) $ 1 Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (12 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 3 Tax (expense) or benefit (1) $ (9 ) Net of tax Total reclassifications for the period $ (8 ) Net of tax (1) Based on 26% blended tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details). (In millions) Nine Months Ended Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Unrealized gains (losses) on available-for-sale $ (2 ) Other-than-temporary impairment 13 Other gains (losses) 11 Total before tax (3 ) Tax (expense) or benefit (1) $ 8 Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (13 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 5 Tax (expense) or benefit (1) $ (8 ) Net of tax Total reclassifications for the period $ 0 Net of tax (1) Based on 27% blended tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details).

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION As of September 30, 2019 , the Company has outstanding share-based awards under the Aflac Incorporated Long-Term Incentive Plan (the Plan). Share-based awards are designed to reward employees for their long-term contributions to the Company and provide incentives for them to remain with the Company. The number and frequency of share-based awards are based on competitive practices, operating results of the Company, government regulations, and other factors. The Plan, as amended on February 14, 2017, allows for a maximum number of shares issuable over its term of 75 million shares including 38 million shares that may be awarded in respect of awards other than options or stock appreciation rights. If any awards granted under the Plan are forfeited or are terminated before being exercised or settled for any reason other than tax forfeiture, then the shares underlying the awards will again be available under the Plan. The Plan allows awards to Company employees for incentive stock options (ISOs), non-qualifying stock options (NQSOs), restricted stock, restricted stock units, and stock appreciation rights. Non-employee directors are eligible for grants of NQSOs, restricted stock, and stock appreciation rights. As of September 30, 2019 , approximately 39.4 million shares were available for future grants under this plan. The ISOs and NQSOs have a term of 10 years , and the share-based awards generally vest upon time-based conditions or time and performance-based conditions. Time-based vesting generally occurs after three years . Performance-based vesting conditions generally include the attainment of goals related to Company financial performance. As of September 30, 2019 , the only performance-based awards issued and outstanding were restricted stock awards. Stock options and stock appreciation rights granted under the amended Plan have an exercise price of at least the fair market value of the underlying stock on the grant date and have an expiration date no later than 10 years from the grant date. Time-based restricted stock awards, restricted stock units and stock options granted after January 1, 2017 generally vest on a ratable basis over three years , and awards granted prior to the amendment vest on a three years cliff basis. The Compensation Committee of the Board of Directors has the discretion to determine vesting schedules . Share-based awards granted to U.S.-based grantees are settled with authorized but unissued Company stock, while those issued to Japan-based grantees are settled with treasury shares. The following table provides information on stock options outstanding and exercisable at September 30, 2019 . Stock Weighted-Average Aggregate Weighted-Average Outstanding 3,864 4.6 $ 88 $ 29.61 Exercisable 3,643 4.4 84 29.26 The Company received cash from the exercise of stock options in the amount of $36 million during the first nine months of 2019, compared with $42 million in the first nine months of 2018. The tax benefit realized as a result of stock option exercises and restricted stock releases was $26 million in the first nine months of 2019, compared with $17 million in the first nine months of 2018. As of September 30, 2019 , total compensation cost not yet recognized in the Company's financial statements related to restricted stock awards was $48 million , of which $22 million ( 761 thousand shares) was related to restricted stock awards with a performance-based vesting condition. The Company expects to recognize these amounts over a weighted-average period of approximately 1.0 years . There are no other contractual terms covering restricted stock awards once vested. The following table summarizes restricted stock activity during the nine -month period ended September 30 . (In thousands of shares) Shares Weighted-Average Grant-Date Fair Value Per Share Restricted stock at December 31, 2018 3,407 $ 36.52 Granted in 2019 998 49.37 Canceled in 2019 (30 ) 40.59 Vested in 2019 (1,858 ) 32.71 Restricted stock at September 30, 2019 2,517 $ 44.37 In February 2019, the Company granted 399 thousand performance-based stock awards, which are contingent on the achievement of the Company's financial performance metrics and its market-based conditions. On the date of grant, the Company estimated the fair value of restricted stock awards with market-based conditions using a Monte Carlo simulation model. The model discounts the value of the stock at the assumed vesting date based on the risk-free interest rate. Based on estimates of actual performance versus the vesting thresholds, the calculated fair value percentage pay-out estimate will be updated each quarter. The Company uses third-party analyses to assist in developing the assumptions used in, as well as calibrating, a Monte Carlo simulation model. The Company is responsible for determining the assumptions used in estimating the fair value of its share-based payment awards. For additional information on the Company's long-term share-based compensation plans and the types of share-based awards, see Note 12 of the Notes to the Consolidated Financial Statements included in the 2018 Annual Report.

BENEFIT PLANS

BENEFIT PLANS	9 Months Ended
	Sep. 30, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
BENEFIT PLANS	BENEFIT PLANS The Company has funded defined benefit plans in Japan and the United States, however the U.S. plan was frozen to new participants effective October 1, 2013. The Company also maintains non-qualified, unfunded supplemental retirement plans that provide defined pension benefits in excess of limits imposed by federal tax law for certain Japanese, U.S. and former employees, however the U.S. plan was frozen to new participants effective January 1, 2015. U.S. employees who are not participants in the defined benefit plan receive a nonelective 401(k) employer contribution. The Company provides certain health care benefits for eligible U.S. retired employees, their beneficiaries and covered dependents (other postretirement benefits). The health care plan is contributory and unfunded. Effective January 1, 2014, employees eligible for benefits included the following: (1) active employees whose age plus service, in years, equaled or exceeded 80 (rule of 80 ); (2) active employees who were age 55 or older and have met the 15 years of service requirement; (3) active employees who would meet the rule of 80 in the next 5 years ; (4) active employees who were age 55 or older and who would meet the 15 years of service requirement within the next 5 years ; and (5) current retirees. For certain employees and former employees, additional coverage is provided for all medical expenses for life. Pension and other postretirement benefit expenses are included in acquisition and operating expenses in the consolidated statement of earnings, which includes other components of net periodic pension cost and postretirement costs (other than service costs) of $6 million and $7 million for the three-month periods and $18 million and $20 million for the nine -month periods ended September 30, 2019 and 2018 , respectively. Total net periodic cost includes the following components: Three Months Ended September 30, Pension Benefits Other Japan U.S. Postretirement Benefits (In millions) 2019 2018 2019 2018 2019 2018 Components of net periodic Service cost $ 6 $ 4 $ 5 $ 7 $ 0 $ 0 Interest cost 1 1 10 9 0 0 Expected return on plan (2 ) (1 ) (8 ) (7 ) 0 0 Amortization of net actuarial 1 1 3 4 1 0 Net periodic (benefit) cost $ 6 $ 5 $ 10 $ 13 $ 1 $ 0 Nine Months Ended September 30, Pension Benefits Other Japan U.S. Postretirement Benefits (In millions) 2019 2018 2019 2018 2019 2018 Components of net periodic Service cost $ 16 $ 14 $ 17 $ 21 $ 0 $ 0 Interest cost 4 4 28 26 1 1 Expected return on plan (5 ) (4 ) (22 ) (20 ) 0 0 Amortization of net actuarial 3 1 8 12 1 0 Net periodic (benefit) cost $ 18 $ 15 $ 31 $ 39 $ 2 $ 1 During the nine months ended September 30, 2019 , Aflac Japan contributed approximately $26 million (using the weighted-average yen/dollar exchange rate for the nine -month period ending September 30, 2019 ) to the Japanese funded defined benefit plan, and Aflac U.S. contributed $20 million to the U.S. funded defined benefit plan. For additional information regarding the Company's Japanese and U.S. benefit plans, see Note 14 of the Notes to the Consolidated Financial Statements in the 2018 Annual Report.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Effective for 2019, the Company entered into an outsourcing agreement with an information technology and data services company to provide application maintenance and development services for its Japanese operation. As of September 30, 2019 , the agreement has a remaining term of three years and an aggregate remaining cost of ¥ 6.1 billion ( $57 million using the September 30, 2019 , exchange rate). The Company is a defendant in various lawsuits considered to be in the normal course of business. Members of the Company's senior legal and financial management teams review litigation on a quarterly and annual basis. The final results of any litigation cannot be predicted with certainty. Although some of this litigation is pending in states where large punitive damages, bearing little relation to the actual damages sustained by plaintiffs, have been awarded in recent years, the Company believes the outcome of pending litigation will not have a material adverse effect on its financial position, results of operations, or cash flows. See Note 3 of the Notes to the Consolidated Financial Statements for details on certain investment commitments. Guaranty Fund Assessments The United States insurance industry has a policyholder protection system that is monitored and regulated by state insurance departments. These life and health insurance guaranty associations are state entities (in all 50 states as well as Puerto Rico and the District of Columbia) created to protect policyholders of an insolvent insurance company. All insurance companies (with limited exceptions) licensed to sell life or health insurance in a state must be members of that state’s guaranty association. Under state guaranty association laws, certain insurance companies can be assessed (up to prescribed limits) for certain obligations to the policyholders and claimants of impaired or insolvent insurance companies that write the same line or similar lines of business. In 2009, the Pennsylvania Insurance Commissioner placed long-term care insurer Penn Treaty Network America Insurance Company and its subsidiary American Network Insurance Company (collectively referred to as Penn Treaty), neither of which is affiliated with Aflac, in rehabilitation and petitioned a state court for approval to liquidate Penn Treaty. A final order of liquidation was granted by a recognized judicial authority on March 1, 2017, and as a result, Penn Treaty is in the process of liquidation. The Company estimated and recognized the impact of its share of guaranty fund assessments resulting from the liquidation using a discounted rate of 4.25% . The Company recognized a discounted liability for the assessments of $62 million (undiscounted $94 million ), offset by discounted premium tax credits of $48 million (undiscounted $74 million ), for a net $14 million impact to net income in the quarter ended March 31, 2017. The Company paid a majority of these assessments by March 31, 2019. The Company used the cost estimate provided as of the liquidation date by the National Organization of Life and Health Guaranty Associations (NOLHGA) to calculate its estimated assessments and tax credits. Guaranty fund assessments for the nine -month period ended September 30, 2019 were immaterial.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business Aflac Incorporated (the Parent Company) and its subsidiaries (collectively, the Company) primarily sell supplemental health and life insurance in the United States and Japan. The Company's insurance business is marketed and administered through American Family Life Assurance Company of Columbus (Aflac) in the United States and, effective April 1, 2018, through Aflac Life Insurance Japan Ltd. (ALIJ) in Japan. Prior to April 1, 2018, the Company's insurance business was marketed in Japan as a branch of Aflac. The Company’s operations consist of two reportable business segments: Aflac U.S., which includes Aflac, and Aflac Japan, which includes ALIJ. American Family Life Assurance Company of New York (Aflac New York) is a wholly owned subsidiary of Aflac. Most of Aflac's policies are individually underwritten and marketed through independent agents. Additionally, Aflac U.S. markets and administers group products through Continental American Insurance Company (CAIC), branded as Aflac Group Insurance. The Company's insurance operations in the United States and Japan service the two markets for the Company's insurance business. Aflac Japan's revenues, including realized gains and losses on its investment portfolio, accounted for 69% of the Company's total revenues in both the nine -month periods ended September 30, 2019 and 2018 . The percentage of the Company's total assets attributable to Aflac Japan was 84% at both September 30, 2019 and December 31, 2018 . Basis of Presentation The Company prepares its financial statements in accordance with U.S. generally accepted accounting principles (U.S. GAAP). These principles are established primarily by the Financial Accounting Standards Board (FASB). In these Notes to the Consolidated Financial Statements, references to U.S. GAAP issued by the FASB are derived from the FASB Accounting Standards Codification TM (ASC). The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates based on currently available information when recording transactions resulting from business operations. The most significant items on the Company's balance sheet that involve a greater degree of accounting estimates and actuarial determinations subject to changes in the future are the valuation of investments and derivatives, deferred policy acquisition costs (DAC), liabilities for future policy benefits and unpaid policy claims, and income taxes. These accounting estimates and actuarial determinations are sensitive to market conditions, investment yields, mortality, morbidity, commission and other acquisition expenses, and terminations by policyholders. As additional information becomes available, or actual amounts are determinable, the recorded estimates will be revised and reflected in operating results. Although some variability is inherent in these estimates, the Company believes the amounts provided are adequate. The unaudited consolidated financial statements include the accounts of the Parent Company, its subsidiaries and those entities required to be consolidated under applicable accounting standards. All material intercompany accounts and transactions have been eliminated. In the opinion of management, the accompanying unaudited consolidated financial statements of the Company contain all adjustments, consisting of normal recurring accruals, which are necessary to fairly present the consolidated balance sheets as of September 30, 2019 , and December 31, 2018 , the consolidated statements of earnings and comprehensive income (loss) for the three-month and nine -month periods ended September 30, 2019 and 2018 , the consolidated statement of shareholders' equity for the three-month periods ended March 31, 2019 and 2018, June 30, 2019 and 2018 and September 30, 2019 and 2018 , and the consolidated statement of cash flows for the nine -month periods ended September 30, 2019 and 2018 . Results of operations for interim periods are not necessarily indicative of results for the entire year. As a result, these financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2018 ( 2018 Annual Report).
Reclassifications	Reclassifications : Certain reclassifications have been made to prior-year amounts to conform to current-year reporting classifications. These reclassifications had no impact on net earnings or total shareholders' equity.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters Accounting Standard Update (ASU) 2018-15 Intangibles - Goodwill and Other - Internal-Use Software, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued amendments to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Early adopted as of January 1, 2019 The adoption of this guidance did not have a significant impact on the Company’s financial position, results of operations or disclosures. Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters ASU 2016-02 Leases as clarified and amended by: ASU 2018-01, Leases: Land Easement Practical Expedient for Transition to Topic 842, ASU 2018-10 , Codification Improvements to Topic 842, Leases, ASU 2018-11 , Leases, Targeted Improvements, and ASU 2018-20 , Leases: Narrow-Scope Improvements for Lessors In February 2016, the FASB issued updated guidance for accounting for leases (“Leases Update”). Per the Leases Update, lessees are required to recognize all leases on the balance sheet with the exception of short-term leases. A lease liability will be recorded for the obligation of a lessee to make lease payments arising from a lease. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Leases Update provided a number of optional practical expedients. The Company elected the "package of practical expedients," which permits the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. Under the Leases Update, lessor accounting is largely unchanged. In January 2018, an amendment was issued to the Leases Update which provided an entity with the option to elect a transition practical expedient to not evaluate land easements that exist or expired before the entity's adoption of the Leases Update and that were not previously accounted for as leases. In July 2018, the FASB issued two amendments to the Leases Update which clarified, corrected errors in, or made minor improvements to the Leases Update and provided entities with an optional transition method to adopt the Leases Update by recording a cumulative-effect adjustment to beginning retained earnings. Additionally, the amendments provided lessors with a practical expedient to not separate nonlease components from associated lease components and instead account for those components as a single component under certain conditions. In December 2018, an amendment to the Leases Update was issued to clarify: 1) lessor accounting for all sales (and other similar) taxes; 2) the handling of certain lessor costs when the amount of those costs is not readily determinable; and 3) lessor allocation of certain variable payments to the lease and non-lease components. January 1, 2019 The Company has operating and finance leases for office space and equipment. The Company elected the short-term lease exemption for all classes of leases which allows the Company to not recognize right-of-use assets and lease liabilities on the consolidated balance sheet and allows the Company to recognize the lease expense for short-term leases on a straight-line basis over the lease term. The Company elected the practical expedient to not separate lease and non-lease components and applied it to all classes of leases where the non-lease components are not significant. Some of the Company's leases include options to extend or terminate the lease and the lease terms may include such options when it is reasonably certain that the Company will exercise that option. Certain leases also include options to purchase the leased property. The leases within scope of the leases update increased the Company's right-of-use assets and lease liabilities recorded in its consolidated balance sheet by $134 million. As of January 1, 2019, the Company did not have land easements, but has elected the practical expedient as a safe harbor. The Company elected the optional transition method and as a safe harbor, the practical expedient provided to lessors. The Company has made an accounting policy election to exclude amounts collected from customers for all sales (and other similar) taxes from the transaction price. The adoption of the Leases Update and related amendments did not have a significant impact on the Company's financial position, results of operations, or disclosures.
Description of Accounting Pronouncements Pending Adoption	Accounting Pronouncements Pending Adoption Standard Description Effect on Financial Statements or Other Significant Matters ASU 2019-04 Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments In April 2019, the FASB issued Codification improvements to clarify and correct certain areas of guidance amended as part of ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities; ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; and ASU 2017-12, Derivative and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The most significant of these improvements to the Company was related to the Codification improvement to ASU 2017-12 and the clarification that a one-time reclassification of assets that are eligible to be hedged under the last-of-layer method (i.e., certain pre-payable securities) from held-to-maturity to available-for-sale is allowed under the new hedge accounting guidance and would not impact the Company’s ability to continue to classify other bonds as held-to-maturity. This clarification is effective for the Company beginning January 1, 2020, with early adoption permitted. If a reclassification is elected, it must be reflected as of the date of adoption of this update. The other amendments related to ASU 2017-12 and 2016-01 are either not significant, or were previously implemented as part of the related ASU adoptions. Applicable amendments related to ASU 2016-13 are discussed within the pending adoption of that update below. The Company did not reclassify any assets from held-to-maturity to available-for-sale as part of its implementation of ASU 2017-12, and is therefore eligible to reclassify qualifying securities as a result of these clarifications. As of September 30, 2019, the Company has identified approximately $6 billion to $8 billion (at amortized cost) of pre-payable fixed-maturity securities classified as held-to-maturity that qualify for the one-time reclassification to the available-for-sale category. This reclassification will result in recording a net unrealized gain or loss on an after-tax basis, to accumulated other comprehensive income based on the securities’ fair values on the reclassification date, which the Company is currently planning for January 1, 2020. As of September 30, 2019, net unrealized gains on the identified eligible securities was approximately $600 million to $1 billion, after tax. The Company is further assessing the impact of the reclassification to other pending ASUs, such as 2016-13 which will be effective January 1, 2020. ASU 2018-17 Consolidation: Targeted Improvements to Related Party Guidance for Variable Interest Entities In October 2018, the FASB issued targeted improvements which provide that indirect interests held through related parties under common control should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The amendments are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s financial position, results of operations or disclosures. ASU 2018-14 Compensation - Retirement Benefits - Defined Benefit Plans - General, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued amendments to modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Accordingly, six disclosures requirements were removed, two added and two clarified. The amendments are effective for public business entities for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company plans to early adopt this guidance in the December 31, 2019 financial statements, and the adoption of this guidance is not expected to have a significant impact on the Company’s financial position, results of operations, or disclosures. Standard Description Effect on Financial Statements or Other Significant Matters ASU 2018-13 Fair Value Measurement, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued amendments to the disclosure requirements on fair value measurements. The amendments remove, modify, and add certain disclosures. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Further, an entity is permitted to early adopt any removed or modified disclosures upon issuance of this update and delay adoption of the additional disclosures until their effective date. The adoption of this guidance is not expected to have a significant impact on the Company’s financial position, results of operations, or disclosures. ASU 2018-12 Financial Services - Insurance, Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued amendments that will significantly change how insurers account for long-duration contracts. The amendments will change existing recognition, measurement, presentation, and disclosure requirements. Issues addressed in the new guidance include: 1) a requirement to review and, if there is a change, update assumptions for the liability for future policy benefits at least annually, and to update the discount rate assumption quarterly, 2) accounting for market risk benefits at fair value, 3) simplified amortization for deferred acquisition costs, and 4) enhanced financial statement presentation and disclosures. The amendments are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application of the amendments is permitted. The Company is thoroughly evaluating the impact of adoption and expects that the adoption will have a significant impact on the Company’s financial position, results of operations, and disclosures. The Company anticipates that the requirement to update assumptions for liability for future policy benefits will have a significant impact on its results of operations, systems, processes and controls while the requirement to update the discount rate will have a significant impact on its equity. The Company has no products with market risk benefits. The Company does not expect to early adopt the updated standard and has tentatively selected a modified retrospective transition method. ASU 2017-04 Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued amendments simplifying the subsequent measurement of goodwill. An entity, under this update, is no longer required to perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, the entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The amendments are effective for public business entities that are SEC filers for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for any goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this guidance is not expected to have a significant impact on the Company's financial position, results of operations, or disclosures. Standard Description Effect on Financial Statements or Other Significant Matters ASU 2016-13 Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments as clarified and amended by: ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , and ASU 2019-05, Financial Instruments - Credit Losses (Topic 326), Targeted Transition Relief In June 2016, the FASB issued amendments that require a financial asset (or a group of financial assets) measured at amortized cost to be presented net of an allowance for credit losses (Credit Losses ASU) in order to reflect the amount expected to be collected on the financial asset(s). The measurement of expected credit losses is amended by replacing the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information. Credit losses on available-for-sale debt securities will be measured in a manner similar to current U.S. GAAP; however, the amendments require that credit losses be presented as an allowance rather than as a write-down. Other amendments include changes to the balance sheet presentation and interest income recognition of purchased financial assets with a more-than-insignificant credit deterioration since origination (PCD financial assets). The Credit Losses ASU is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Companies may early adopt this guidance as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments will be adopted following a modified-retrospective approach resulting in a cumulative effect adjustment in retained earnings as of the beginning of the year of adoption. Two exceptions to this adoption method are for PCD financial assets and debt securities for which other-than-temporary impairment (OTTI) will have been recognized before the effective date. Loans purchased with credit deterioration accounted for under current U.S. GAAP as "purchased credit impaired" (PCI) financial assets will be classified as PCD financial assets at transition and PCD guidance will be applied prospectively. Debt securities that have experienced OTTI before the effective date will follow a prospective adoption method which allows an entity to maintain the same amortized cost basis before and after the effective date. In April 2019, the Credit Losses ASU was amended to allow entities to make a policy election about presentation and disclosure of accrued interest receivable and the related credit losses, whereby entities that write off uncollectible accrued interest receivable in a timely manner can make a policy election not to measure an allowance on the accrued interest receivable. Other amendments made within this Update clarify and address stakeholders’ specific issues about certain aspects of the Credit Losses ASU. In May 2019, the FASB granted a targeted transition relief by allowing to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost. These amendments will be effective upon adoption of the Credit Losses ASU. The Company has identified the following financial instruments in scope of the new guidance: certain fixed maturity securities, loans and loan receivables, reinsurance recoverable, as well as certain other receivable balances and off-balance sheet arrangements. The Company has concluded that of the held-to-maturity fixed maturity securities, Japanese government and agency securities and certain Japanese government-guaranteed mortgage backed securities meet the requirements for a zero-loss expectation and therefore will not be included in the current expected credit loss measurement process upon adoption of the new standard. The Company has substantially completed the review and validation of credit models, methodologies and inputs for all asset classes. We have performed parallel runs during the second and third quarters and will continue to refine our estimation process with additional parallel testing throughout 2019. Based on our portfolio composition at September 30, 2019 and the current economic environment, we currently estimate an allowance for current expected credit loss of up to $150 million , which primarily relates to loans and loan receivables. As noted above relative to ASU 2019-04, the Company is planning a one-time reclassification as of January 1, 2020 of approximately $6 billion to $8 billion (amortized cost as of September 30, 2019) of its eligible fixed-maturity securities from held-to-maturity to available-for-sale category. The aforementioned reclassification has been reflected in the expected impact estimate from adoption of ASU 2016-13. The ultimate effect of the Credit Losses ASU will depend on many factors which continue to be subject to change until the date of adoption, among which are: the size and composition of the Company's portfolio, the portfolio’s credit quality and economic conditions at the time of adoption, as well as any refinements to models, methodology and other key assumptions. Standard Description Effect on Financial Statements or Other Significant Matters The Company continues to work towards implementing the accounting, reporting, and governance processes to comply with the new standard. The Company plans to adopt this ASU on January 1, 2020.

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	Information regarding operations by reportable segment and Corporate and other, follows: Three Months Ended Nine Months Ended (In millions) 2019 2018 2019 2018 Revenues: Aflac Japan: Net earned premiums $ 3,241 $ 3,159 $ 9,593 $ 9,649 Net investment income, less amortized hedge costs (1),(2) 659 606 1,878 1,801 Other income 12 10 34 31 Total Aflac Japan 3,912 3,775 11,505 11,481 Aflac U.S.: Net earned premiums 1,445 1,426 4,365 4,280 Net investment income 183 187 540 544 Other income 2 3 6 7 Total Aflac U.S. 1,630 1,616 4,911 4,831 Corporate and other (3) 97 82 287 245 Total adjusted revenues 5,639 5,473 16,703 16,557 Realized investment gains (losses) (1),(2),(3) (103 ) 104 1 75 Total revenues $ 5,536 $ 5,577 $ 16,704 $ 16,632 (1) Amortized hedge costs of $66 and $59 for the three-month periods and $191 and $168 for the nine -month periods ended September 30, 2019 , and 2018 , respectively, related to certain foreign currency exposure management strategies have been reclassified from realized investment gains (losses) and reported as a deduction from net investment income when analyzing operations. (2) Net interest cash flows from derivatives associated with certain investment strategies of $(4) for the three-month period and $(18) for the nine -month period ended September 30, 2019 and an immaterial amount for the three- and nine -month periods in 2018 , respectively, have been reclassified from realized investment gains (losses) and included in adjusted earnings as a component of net investment income. (3) Amortized hedge income of $21 and $9 for the three-month periods and $61 and $18 for the nine -month periods ended September 30, 2019 , and 2018 , respectively, related to certain foreign currency exposure management strategies has been reclassified from realized investment gains (losses) and reported as an increase to net investment income when analyzing operations.
Reconciliation of Adjusted Profit (Loss) from Segments to Consolidated	Three Months Ended Nine Months Ended (In millions) 2019 2018 2019 2018 Pretax earnings: Aflac Japan (1),(2) $ 838 $ 756 $ 2,504 $ 2,411 Aflac U.S. 335 334 996 1,011 Corporate and other (3),(4) (17 ) (29 ) (62 ) (113 ) Pretax adjusted earnings 1,156 1,061 3,438 3,309 Realized investment gains (losses) (1),(2),(3),(4) (120 ) 88 (49 ) 25 Other income (loss) 0 (3 ) (1 ) (73 ) Total earnings before income taxes $ 1,036 $ 1,146 $ 3,388 $ 3,261 Income taxes applicable to pretax adjusted earnings $ 293 $ 270 $ 880 $ 862 Effect of foreign currency translation on after-tax 15 (1 ) 2 27 (1) Amortized hedge costs of $66 and $59 for the three-month periods and $191 and $168 for the nine -month periods ended September 30, 2019 , and 2018 , respectively, related to certain foreign currency management strategies have been reclassified from realized investment gains (losses) and reported as a deduction from pretax adjusted earnings when analyzing operations. (2) Net interest cash flows from derivatives associated with certain investment strategies of $(4) for the three-month period and $(18) for the nine -month period ended September 30, 2019 and an immaterial amount for the three- and nine -month periods in 2018 , respectively, have been reclassified from realized investment gains (losses) and included in adjusted earnings as a component of net investment income. (3) Amortized hedge income of $21 and $9 for the three-month periods and $61 and $18 for the nine -month periods ended September 30, 2019 , and 2018 , respectively, related to certain foreign currency management strategies has been reclassified from realized investment gains (losses) and reported as an increase in pretax adjusted earnings when analyzing operations. (4) A gain of $16 and $17 for the three-month periods ended September 30, 2019 , and 2018 , respectively and $50 for both nine -month periods ended September 30, 2019 , and 2018 , related to the interest rate component of the change in fair value of foreign currency swaps on notes payable have been reclassified from realized investment gains (losses) and included in adjusted earnings when analyzing operations.
Reconciliation of Assets from Segment to Consolidated	Assets were as follows: (In millions) September 30, December 31, Assets: Aflac Japan $ 129,178 $ 118,342 Aflac U.S. 21,247 19,100 Corporate and other 3,712 2,964 Total assets $ 154,137 $ 140,406

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
Available-for-Sale Debt Securities	The amortized cost for the Company's investments in fixed maturity securities, the cost for equity securities and the fair values of these investments are shown in the following tables. September 30, 2019 (In millions) Cost or Gross Gross Fair Securities available for sale, carried at fair value Fixed maturity securities: Yen-denominated: Japan government and agencies $ 32,076 $ 5,858 $ 0 $ 37,934 Municipalities 524 125 1 648 Mortgage- and asset-backed securities 235 28 0 263 Public utilities 1,864 395 0 2,259 Sovereign and supranational 717 53 0 770 Banks/financial institutions 6,384 694 98 6,980 Other corporate 5,260 956 20 6,196 Total yen-denominated 47,060 8,109 119 55,050 U.S. dollar-denominated: U.S. government and agencies 347 15 0 362 Municipalities 1,095 155 0 1,250 Mortgage- and asset-backed securities 139 7 0 146 Public utilities 3,918 785 12 4,691 Sovereign and supranational 240 74 0 314 Banks/financial institutions 3,020 652 8 3,664 Other corporate 25,655 3,205 397 28,463 Total U.S. dollar-denominated 34,414 4,893 417 38,890 Total securities available for sale $ 81,474 $ 13,002 $ 536 $ 93,940 December 31, 2018 (In millions) Cost or Gross Gross Fair Securities available for sale, carried at fair value through other comprehensive income: Fixed maturity securities: Yen-denominated: Japan government and agencies $ 30,637 $ 3,700 $ 140 $ 34,197 Municipalities 385 32 9 408 Mortgage- and asset-backed securities 155 22 0 177 Public utilities 1,732 280 4 2,008 Sovereign and supranational 826 123 0 949 Banks/financial institutions 5,440 502 238 5,704 Other corporate 4,852 649 44 5,457 Total yen-denominated 44,027 5,308 435 48,900 U.S dollar-denominated: U.S. government and agencies 137 9 1 145 Municipalities 1,343 120 8 1,455 Mortgage- and asset-backed securities 155 8 1 162 Public utilities 4,772 496 105 5,163 Sovereign and supranational 251 60 0 311 Banks/financial institutions 2,860 389 35 3,214 Other corporate 23,311 1,343 1,109 23,545 Total U.S. dollar-denominated 32,829 2,425 1,259 33,995 Total securities available for sale $ 76,856 $ 7,733 $ 1,694 $ 82,895
Held-to-maturity Securities	September 30, 2019 (In millions) Cost or Gross Gross Fair Securities held to maturity, carried at amortized cost: Fixed maturity securities: Yen-denominated: Japan government and agencies $ 22,581 $ 6,653 $ 0 $ 29,234 Municipalities 835 279 0 1,114 Mortgage- and asset-backed securities 18 1 0 19 Public utilities 2,573 394 0 2,967 Sovereign and supranational 1,187 197 0 1,384 Banks/financial institutions 930 108 8 1,030 Other corporate 2,609 473 8 3,074 Total yen-denominated 30,733 8,105 16 38,822 Total securities held to maturity $ 30,733 $ 8,105 $ 16 $ 38,822 December 31, 2018 (In millions) Cost or Gross Gross Fair Securities held to maturity, carried at amortized cost: Fixed maturity securities: Yen-denominated: Japan government and agencies $ 21,712 $ 5,326 $ 0 $ 27,038 Municipalities 359 110 0 469 Mortgage- and asset-backed securities 14 1 0 15 Public utilities 2,727 254 8 2,973 Sovereign and supranational 1,551 289 0 1,840 Banks/financial institutions 1,445 158 20 1,583 Other corporate 2,510 332 38 2,804 Total yen-denominated 30,318 6,470 66 36,722 Total securities held to maturity $ 30,318 $ 6,470 $ 66 $ 36,722
Equity securities, FV-NI	(In millions) September 30, 2019 December 31, 2018 Equity securities, carried at fair value through net earnings: Fair Value Fair Value Equity securities: Yen-denominated $ 628 $ 641 U.S. dollar-denominated 202 346 Total equity securities $ 830 $ 987
Investments Classified by Contractual Maturity Date	The contractual and economic maturities of the Company's investments in fixed maturity securities at September 30, 2019 , were as follows: (In millions) Amortized Fair Available for sale: Due in one year or less $ 883 $ 909 Due after one year through five years 8,415 8,525 Due after five years through 10 years 10,744 12,043 Due after 10 years 61,058 72,054 Mortgage- and asset-backed securities 374 409 Total fixed maturity securities available for sale $ 81,474 $ 93,940 Held to maturity: Due in one year or less $ 194 $ 198 Due after one year through five years 1,366 1,471 Due after five years through 10 years 540 610 Due after 10 years 28,615 36,524 Mortgage- and asset-backed securities 18 19 Total fixed maturity securities held to maturity $ 30,733 $ 38,822
Investment Exposures Exceeding Ten Percent Shareholders Equity	Investment exposures that individually exceeded 10% of shareholders' equity were as follows: September 30, 2019 December 31, 2018 (In millions) Credit Amortized Fair Credit Amortized Fair Japan National Government (1) A+ $53,192 $65,315 A+ $51,207 $59,945 (1) Japan Government Bonds (JGBs) or JGB-backed securities
Gain (Loss) on Investments	Information regarding pretax realized gains and losses from investments is as follows: Three Months Ended Nine Months Ended (In millions) 2019 2018 2019 2018 Realized investment gains (losses): Fixed maturity securities: Available for sale: Gross gains from sales $ 11 $ 60 $ 55 $ 81 Gross losses from sales (18 ) (26 ) (29 ) (99 ) Foreign currency gains (losses) on sales and redemptions (21 ) 3 (12 ) 27 Other-than-temporary impairment losses (13 ) 0 (13 ) (2 ) Total fixed maturity securities (41 ) 37 1 7 Equity securities 18 27 65 (1 ) Loan receivables: Loan loss reserves (5 ) (5 ) (8 ) (15 ) Total loan receivables (5 ) (5 ) (8 ) (15 ) Derivatives and other: Derivative gains (losses) (146 ) (162 ) (24 ) (190 ) Foreign currency gains (losses) 21 159 (181 ) 123 Total derivatives and other (125 ) (3 ) (205 ) (67 ) Total realized investment gains (losses) $ (153 ) $ 56 $ (147 ) $ (76 )
Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities	The net effect on shareholders’ equity of unrealized gains and losses from fixed maturity securities was as follows: (In millions) September 30, 2019 December 31, Unrealized gains (losses) on securities available for sale $ 12,466 $ 6,039 Deferred income taxes (3,496 ) (1,805 ) Shareholders’ equity, unrealized gains (losses) on fixed maturity securities $ 8,970 $ 4,234
Investments Gross Unrealized Loss Aging	The following tables show the fair values and gross unrealized losses of the Company's available-for-sale and held-to-maturity investments that were in an unrealized loss position, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. September 30, 2019 Total Less than 12 months 12 months or longer (In millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturity securities: Municipalities: Yen-denominated $ 14 $ 1 $ 14 $ 1 $ 0 $ 0 Public utilities: U.S. dollar-denominated 305 12 58 2 247 10 Banks/financial institutions: U.S. dollar-denominated 223 8 115 5 108 3 Yen-denominated 1,795 106 1,795 106 0 0 Other corporate: U.S. dollar-denominated 5,447 397 1,369 124 4,078 273 Yen-denominated 462 28 462 28 0 0 Total $ 8,246 $ 552 $ 3,813 $ 266 $ 4,433 $ 286 December 31, 2018 Total Less than 12 months 12 months or longer (In millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturity securities: U.S. government and U.S. dollar-denominated $ 67 $ 1 $ 67 $ 1 $ 0 $ 0 Japan government and Yen-denominated 3,604 140 3,604 140 0 0 Municipalities: U.S. dollar-denominated 515 8 515 8 0 0 Yen-denominated 148 9 148 9 0 0 Mortgage- and asset- U.S. dollar-denominated 74 1 74 1 0 0 Public utilities: U.S. dollar-denominated 1,585 105 892 48 693 57 Yen-denominated 604 12 604 12 0 0 Banks/financial institutions: U.S. dollar-denominated 625 35 340 19 285 16 Yen-denominated 3,057 258 3,057 258 0 0 Other corporate: U.S. dollar-denominated 12,899 1,109 5,782 407 7,117 702 Yen-denominated 1,306 82 1,306 82 0 0 Total $ 24,484 $ 1,760 $ 16,389 $ 985 $ 8,095 $ 775
Composition of Commercial Mortgage and Other Loans	The following table reflects the composition of commercial mortgage and other loans by portfolio segment as of the periods presented. (In millions) September 30, 2019 December 31, 2018 Commercial mortgage and other loans: Transitional real estate loans $ 4,853 $ 4,394 Commercial mortgage loans 1,387 1,065 Middle market loans 2,079 1,487 Total gross commercial mortgage and other loans 8,319 6,946 Allowance for loan loss (35 ) (27 ) Total net commercial mortgage and other loans $ 8,284 $ 6,919
Allowance for Loan Losses by Portfolio Segment	The following table presents the rollforward of the general allowance for loan losses by portfolio segment during the nine -month period ended September 30 . (In millions) Commercial Mortgage Loans Transitional Real Estate Loans Middle Market Loans Total Allowance for loan losses at December 31, 2018 $ (1 ) $ (17 ) $ (9 ) $ (27 ) Addition to (release of) allowance for credit losses (1 ) (2 ) (5 ) (8 ) Allowance for loan losses at September 30, 2019 $ (2 ) $ (19 ) $ (14 ) $ (35 )
Other Investments	The table below reflects the composition of the carrying value for other investments as of the periods presented. (In millions) September 30, 2019 December 31, 2018 Other investments: Policy loans $ 250 $ 232 Short-term investments (1) 722 152 Limited partnerships 505 377 Other 30 26 Total other investments $ 1,507 $ 787 (1) Includes securities lending collateral
Securities Lending Transactions Accounted for as Secured Borrowings	Details of collateral by loaned security type and remaining maturity of the agreements were as follows: Securities Lending Transactions Accounted for as Secured Borrowings September 30, 2019 Remaining Contractual Maturity of the Agreements (In millions) Overnight (1) Up to 30 Greater Total Securities lending transactions: Fixed maturity securities: Japan government and agencies $ 0 $ 1,176 $ 3,973 $ 5,149 Public utilities 44 0 0 44 Banks/financial institutions 73 0 0 73 Other corporate 887 0 0 887 Equity securities 9 0 0 9 Total borrowings $ 1,013 $ 1,176 $ 3,973 $ 6,162 Gross amount of recognized liabilities for securities lending transactions $ 2,189 Amounts related to agreements not included in offsetting disclosure in Note 4 $ 3,973 (1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous. Securities Lending Transactions Accounted for as Secured Borrowings December 31, 2018 Remaining Contractual Maturity of the Agreements (In millions) Overnight (1) Up to 30 Greater Total Securities lending transactions: Fixed maturity securities: Japan government and agencies $ 0 $ 387 $ 1,190 $ 1,577 Municipalities 5 0 0 5 Public utilities 27 0 0 27 Banks/financial institutions 74 0 0 74 Other corporate 549 0 0 549 Equity securities 10 0 0 10 Total borrowings $ 665 $ 387 $ 1,190 $ 2,242 Gross amount of recognized liabilities for securities lending transactions $ 1,052 Amounts related to agreements not included in offsetting disclosure in Note 4 $ 1,190 (1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous
Variable Interest Entity, Consolidated
Investments in Variable Interest Entities	VIEs - Consolidated The following table presents the cost or amortized cost, fair value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. Investments in Consolidated Variable Interest Entities September 30, 2019 December 31, 2018 (In millions) Cost or Amortized Fair Cost or Amortized Fair Assets: Fixed maturity securities, available for sale $ 3,594 $ 4,562 $ 3,849 $ 4,466 Equity securities 0 0 160 160 Commercial mortgage and other loans 6,813 6,868 5,528 5,506 Other investments (1) 439 439 328 328 Other assets (2) 147 147 182 182 Total assets of consolidated VIEs $ 10,993 $ 12,016 $ 10,047 $ 10,642 Liabilities: Other liabilities (2) $ 139 $ 139 $ 102 $ 102 Total liabilities of consolidated VIEs $ 139 $ 139 $ 102 $ 102 (1) Consists entirely of alternative investments in limited partnerships (2) Consists entirely of derivatives
Variable Interest Entity, Not Consolidated
Investments in Variable Interest Entities	VIEs - Not Consolidated The table below reflects the amortized cost, fair value and balance sheet caption in which the Company's investment in VIEs not consolidated are reported. Investments in Variable Interest Entities Not Consolidated September 30, 2019 December 31, 2018 (In millions) Amortized Fair Amortized Fair Assets: Fixed maturity securities, available for sale $ 4,289 $ 5,027 $ 4,575 $ 4,982 Fixed maturity securities, held to maturity 2,016 2,385 2,007 2,254 Other investments (1) 66 66 49 49 Total investments in VIEs not consolidated $ 6,371 $ 7,478 $ 6,631 $ 7,285 (1) Consists entirely of alternative investments in limited partnerships

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	September 30, 2019 December 31, 2018 (In millions) Asset Liability Asset Liability Hedge Designation/ Derivative Notional Fair Value Fair Value Notional Fair Value Fair Value Cash flow hedges: Foreign currency swaps - VIE $ 75 $ 0 $ 7 $ 75 $ 1 $ 4 Total cash flow hedges 75 0 7 75 1 4 Fair value hedges: Foreign currency forwards 2,568 16 58 2,086 0 34 Foreign currency options 11,843 0 7 9,070 3 1 Interest rate swaptions 243 0 0 500 0 1 Total fair value hedges 14,654 16 65 11,656 3 36 Net investment hedge: Foreign currency forwards 3,497 30 9 0 0 0 Foreign currency options 2,000 1 0 0 0 0 Total net investment hedge 5,497 31 9 0 0 0 Non-qualifying strategies: Foreign currency swaps 2,800 80 88 2,800 103 129 Foreign currency swaps - VIE 2,587 147 132 2,587 181 101 Foreign currency forwards 15,919 124 101 16,057 126 117 Foreign currency options 856 0 1 430 0 0 Interest rate swaps 7,420 13 0 4,750 3 0 Interest rate swaptions 7 0 0 0 0 0 Total non-qualifying strategies 29,589 364 322 26,624 413 347 Total derivatives $ 49,815 $ 411 $ 403 $ 38,355 $ 417 $ 387
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following table presents the gains and losses on derivatives and the related hedged items in fair value hedges. Fair Value Hedging Relationships (In millions) Hedging Derivatives Hedged Items Hedging Derivatives Hedged Items Total Gains (Losses) (1) Gains (Losses) (2) Gains (Losses) (2) Net Realized Gains (Losses) Recognized for Fair Value Hedge Three Months Ended September 30, 2019: Foreign currency Fixed maturity securities $ (19 ) $ (24 ) $ 5 $ (4 ) $ 1 Foreign currency options Fixed maturity securities (5 ) (5 ) 0 0 0 Interest rate Fixed maturity securities (6 ) (6 ) 0 0 0 Total gains (losses) $ (30 ) $ (35 ) $ 5 $ (4 ) $ 1 Nine Months Ended September 30, 2019: Foreign currency Fixed maturity securities $ (4 ) $ (48 ) $ 44 $ (43 ) $ 1 Foreign currency Fixed maturity securities (9 ) (9 ) 0 0 0 Interest rate Fixed maturity securities (9 ) (9 ) 0 0 0 Total gains (losses) $ (22 ) $ (66 ) $ 44 $ (43 ) $ 1 Three Months Ended September 30, 2018: Foreign currency forwards Fixed maturity securities $ (106 ) $ (19 ) $ (87 ) $ 83 $ (4 ) Foreign currency options Fixed maturity securities (7 ) (7 ) 0 0 0 Total gains (losses) (113 ) (26 ) (87 ) 83 (4 ) Nine Months Ended September 30, 2018: Foreign currency forwards Fixed maturity securities $ 93 $ (88 ) $ 181 $ (195 ) $ (14 ) Foreign currency options Fixed maturity securities (10 ) (10 ) 0 0 0 Total gains (losses) $ 83 $ (98 ) $ 181 $ (195 ) $ (14 ) (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 statement of earnings as realized 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 statement of earnings as realized 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 realized investment gains and losses consistent with the impact of the hedged item. For the three-month and nine -month periods ended September 30, 2019 , gains and losses included in the hedge assessment on interest rate swaptions and related hedged items were immaterial.
Schedule of Interest Rate Fair Value Hedges Hedged Items	The following table shows the carrying amounts of assets designated and qualifying as hedged items in fair value hedges of interest rate risk and the related cumulative hedge adjustment included in the carrying amount. (In millions) Carrying Amount of the Hedged Assets/(Liabilities) (1) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Fixed maturity securities $ 4,833 $ 6,593 $ 262 $ 294 (1) The balance includes hedging adjustment on discontinued hedging relationships of $262 in 2019 and $294 in 2018. The total notional amount of the Company's interest rate swaptions was $243 in 2019 and $500 in 2018. The hedging adjustment related to these derivatives was immaterial.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following table summarizes the impact to realized investment gains (losses) and other comprehensive income (loss) from all derivatives and hedging instruments. Three Months Ended September 30, 2019 2018 (In millions) Net Investment Income (1) Realized Investment Other (2) Net Investment Income (1) Realized Investment Other (2) Qualifying hedges: Cash flow hedges: Foreign currency swaps - VIE $ (1 ) $ (1 ) $ (2 ) $ 0 $ 0 $ (2 ) Total cash flow hedges (1 ) (1 ) (3 ) (2 ) 0 0 (3 ) (2 ) Fair value hedges: Foreign currency forwards (4) (23 ) (23 ) Foreign currency options (4) (5 ) (7 ) Interest rate swaptions (4) 0 0 (6 ) 0 0 0 Total fair value hedges 0 (28 ) (6 ) 0 (30 ) 0 Net investment hedge: Non-derivative hedging 0 2 0 36 Foreign currency forwards 20 19 0 0 Foreign currency options (3 ) 0 0 0 Total net investment hedge 17 21 0 36 Non-qualifying strategies: Foreign currency swaps 27 39 Foreign currency swaps - VIE (93 ) (16 ) Foreign currency forwards (70 ) (154 ) Foreign currency options 0 0 Interest rate swaps 2 (1 ) Total non- qualifying strategies (134 ) (132 ) Total $ (1 ) $ (146 ) $ 13 $ 0 $ (162 ) $ 34 (1) Net investment income (loss) includes net interest on swaps, amortization of the time value of terminated interest rate swaptions and amortization of premium of outstanding interest rate swaptions. (2) Cash flow hedge items and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges are recorded as unrealized gains (losses) on derivatives and net investment hedge items are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss). (3) Impact of cash flow hedges reported as realized investment gains (losses) includes an immaterial amount of gains or losses reclassified from accumulated other comprehensive income (loss) into earnings. It also includes an immaterial amount excluded from effectiveness testing during the three-month periods ended September 30, 2019 and 2018 , respectively. (4) Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail) Nine Months Ended September 30, 2019 2018 (In millions) Net Investment Income (1) Realized Investment Other (2) Net Investment Income (1) Realized Investment Other (2) Qualifying hedges: Cash flow hedges: Foreign currency swaps - VIE $ (2 ) $ (1 ) $ (4 ) $ 0 $ 1 $ 2 Total cash flow hedges (2 ) (1 ) (3 ) (4 ) 0 1 (3 ) 2 Fair value hedges: Foreign currency forwards (4) (47 ) (102 ) Foreign currency options (4) (9 ) (10 ) Interest rate swaptions (4) (1 ) 0 (8 ) 0 0 0 Total fair value hedges (1 ) (56 ) (8 ) 0 (112 ) 0 Net investment hedge: Non-derivative hedging instruments 0 (52 ) 0 7 Foreign currency forwards 20 19 0 0 Foreign currency options (3 ) 0 0 (8 ) Total net investment hedge 17 (33 ) 0 (1 ) Non-qualifying strategies: Foreign currency swaps 71 (22 ) Foreign currency swaps - VIE (96 ) 73 Foreign currency forwards 23 (129 ) Foreign currency options 0 0 Interest rate swaps 18 (1 ) Total non-qualifying strategies 16 (79 ) Total $ (3 ) $ (24 ) $ (45 ) $ 0 $ (190 ) $ 1 (1) Net investment income (loss) includes net interest on swaps, amortization of the time value of terminated interest rate swaptions and amortization of premium of outstanding interest rate swaptions. (2) Cash flow hedge items and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges are recorded as unrealized gains (losses) on derivatives and net investment hedge items are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss). (3) Impact of cash flow hedges reported as realized investment gains (losses) includes an immaterial amount of gains or losses reclassified from accumulated other comprehensive income (loss) into earnings. It also includes an immaterial amount excluded from effectiveness testing during the nine -month periods ended September 30, 2019 and 2018 , respectively. (4) Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail)
Offsetting Assets	Offsetting of Financial Assets and Derivative Assets September 30, 2019 Gross Amounts Not Offset (In millions) Gross Amount of Recognized Assets Gross Amount Offset in Balance Sheet Net Amount of Assets Presented in Balance Sheet Financial Instruments Securities Collateral Cash Collateral Received Net Amount Derivative assets: Derivative assets subject to a master netting agreement or offsetting arrangement OTC - bilateral $ 251 $ 0 $ 251 $ (161 ) $ (24 ) $ (54 ) $ 12 OTC - cleared 13 0 13 0 0 (4 ) 9 Total derivative assets subject to a master netting agreement or offsetting arrangement 264 0 264 (161 ) (24 ) (58 ) 21 Derivative assets not subject to a master netting agreement or offsetting arrangement OTC - bilateral 147 147 147 Total derivative assets not subject to a master netting agreement or offsetting arrangement 147 147 147 Total derivative assets 411 0 411 (161 ) (24 ) (58 ) 168 Securities lending and similar arrangements 2,155 0 2,155 0 0 (2,155 ) 0 Total $ 2,566 $ 0 $ 2,566 $ (161 ) $ (24 ) $ (2,213 ) $ 168 December 31, 2018 Gross Amounts Not Offset (In millions) Gross Amount of Recognized Assets Gross Amount Offset in Balance Sheet Net Amount of Assets Presented in Balance Sheet Financial Instruments Securities Collateral Cash Collateral Received Net Amount Derivative assets: Derivative assets subject to a master netting agreement or offsetting arrangement OTC - bilateral $ 231 $ 0 $ 231 $ (152 ) $ (23 ) $ (55 ) $ 1 OTC - cleared 3 0 3 0 0 (3 ) 0 Total derivative assets subject to a master netting agreement or offsetting arrangement 234 0 234 (152 ) (23 ) (58 ) 1 Derivative assets not subject to a master netting agreement or offsetting arrangement OTC - bilateral 183 183 183 Total derivative assets not subject to a master netting agreement or offsetting arrangement 183 183 183 Total derivative assets 417 0 417 (152 ) (23 ) (58 ) 184 Securities lending and similar arrangements 1,029 0 1,029 0 0 (1,029 ) 0 Total $ 1,446 $ 0 $ 1,446 $ (152 ) $ (23 ) $ (1,087 ) $ 184
Offsetting Liabilities	Offsetting of Financial Liabilities and Derivative Liabilities September 30, 2019 Gross Amounts Not Offset (In millions) Gross Amount of Recognized Liabilities Gross Amount Offset in Balance Sheet Net Amount of Liabilities Presented in Balance Sheet Financial Instruments Securities Collateral Cash Collateral Pledged Net Amount Derivative liabilities: Derivative liabilities subject to a master netting agreement or offsetting arrangement OTC - bilateral $ 264 $ 0 $ 264 $ (161 ) $ (50 ) $ (47 ) $ 6 Total derivative liabilities subject to a master netting agreement or offsetting arrangement 264 0 264 (161 ) (50 ) (47 ) 6 Derivative liabilities not subject to a master netting agreement or offsetting arrangement OTC - bilateral 139 139 139 Total derivative liabilities not subject to a master netting agreement or offsetting arrangement 139 139 139 Total derivative liabilities 403 0 403 (161 ) (50 ) (47 ) 145 Securities lending and similar arrangements 2,189 0 2,189 (2,155 ) 0 0 34 Total $ 2,592 $ 0 $ 2,592 $ (2,316 ) $ (50 ) $ (47 ) $ 179 December 31, 2018 Gross Amounts Not Offset (In millions) Gross Amount of Recognized Liabilities Gross Amount Offset in Balance Sheet Net Amount of Liabilities Presented in Balance Sheet Financial Instruments Securities Collateral Cash Collateral Pledged Net Amount Derivative liabilities: Derivative liabilities subject to a master netting agreement or offsetting arrangement OTC - bilateral $ 285 $ 0 $ 285 $ (152 ) $ (37 ) $ (68 ) $ 28 Total derivative liabilities subject to a master netting agreement or offsetting arrangement 285 0 285 (152 ) (37 ) (68 ) 28 Derivative liabilities not subject to a master netting agreement or offsetting arrangement OTC - bilateral 102 102 102 Total derivative liabilities not subject to a master netting agreement or offsetting arrangement 102 102 102 Total derivative liabilities 387 0 387 (152 ) (37 ) (68 ) 130 Securities lending and similar arrangements 1,052 0 1,052 (1,029 ) 0 0 23 Total $ 1,439 $ 0 $ 1,439 $ (1,181 ) $ (37 ) $ (68 ) $ 153

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Hierarchy, Assets and Liabilities Measured on Recurring Basis	The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis. September 30, 2019 (In millions) Quoted Prices in Significant Significant Total Assets: Securities available for sale, carried at Fixed maturity securities: Government and agencies $ 36,705 $ 1,591 $ 0 $ 38,296 Municipalities 0 1,898 0 1,898 Mortgage- and asset-backed securities 0 226 183 409 Public utilities 0 6,744 206 6,950 Sovereign and supranational 0 1,084 0 1,084 Banks/financial institutions 0 10,621 23 10,644 Other corporate 0 34,435 224 34,659 Total fixed maturity securities 36,705 56,599 636 93,940 Equity securities 677 74 79 830 Other investments 722 0 0 722 Cash and cash equivalents 4,216 0 0 4,216 Other assets: Foreign currency swaps 0 80 147 227 Foreign currency forwards 0 170 0 170 Foreign currency options 0 1 0 1 Interest rate swaps 0 13 0 13 Total other assets 0 264 147 411 Total assets $ 42,320 $ 56,937 $ 862 $ 100,119 Liabilities: Other liabilities: Foreign currency swaps $ 0 $ 88 $ 139 $ 227 Foreign currency forwards 0 168 0 168 Foreign currency options 0 8 0 8 Total liabilities $ 0 $ 264 $ 139 $ 403 December 31, 2018 (In millions) Quoted Prices in Significant Significant Total Assets: Securities available for sale, carried at Fixed maturity securities: Government and agencies $ 32,993 $ 1,349 $ 0 $ 34,342 Municipalities 0 1,863 0 1,863 Mortgage- and asset-backed securities 0 162 177 339 Public utilities 0 7,062 109 7,171 Sovereign and supranational 0 1,260 0 1,260 Banks/financial institutions 0 8,895 23 8,918 Other corporate 0 28,789 213 29,002 Total fixed maturity securities 32,993 49,380 522 82,895 Equity securities 874 67 46 987 Other investments 152 0 0 152 Cash and cash equivalents 4,337 0 0 4,337 Other assets: Foreign currency swaps 0 103 182 285 Foreign currency forwards 0 126 0 126 Foreign currency options 0 3 0 3 Interest rate swaps 0 3 0 3 Total other assets 0 235 182 417 Total assets $ 38,356 $ 49,682 $ 750 $ 88,788 Liabilities: Other liabilities: Foreign currency swaps $ 0 $ 132 $ 102 $ 234 Foreign currency forwards 0 151 0 151 Foreign currency options 0 1 0 1 Interest rate swaptions 0 1 0 1 Total liabilities $ 0 $ 285 $ 102 $ 387
Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost	The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value. September 30, 2019 (In millions) Carrying Quoted Prices in Significant Significant Total Assets: Securities held to maturity, Fixed maturity securities: Government and agencies $ 22,581 $ 28,868 $ 366 $ 0 $ 29,234 Municipalities 835 0 1,114 0 1,114 Mortgage and asset-backed 18 0 8 11 19 Public utilities 2,573 0 2,967 0 2,967 Sovereign and 1,187 0 1,384 0 1,384 Banks/financial institutions 930 0 1,030 0 1,030 Other corporate 2,609 0 3,074 0 3,074 Commercial mortgage and 8,284 0 0 8,360 8,360 Other investments (1) 30 0 30 0 30 Total assets $ 39,047 $ 28,868 $ 9,973 $ 8,371 $ 47,212 Liabilities: Other policyholders’ funds $ 7,421 $ 0 $ 0 $ 7,341 $ 7,341 Notes payable 6,095 0 5,855 277 6,132 Total liabilities $ 13,516 $ 0 $ 5,855 $ 7,618 $ 13,473 (1) Excludes policy loans of $250 and equity method investments of $505 , at carrying value December 31, 2018 (In millions) Carrying Quoted Prices in Significant Significant Total Assets: Securities held to maturity, Fixed maturity securities: Government and agencies $ 21,712 $ 27,030 $ 8 $ 0 $ 27,038 Municipalities 359 0 469 0 469 Mortgage and asset-backed 14 0 0 15 15 Public utilities 2,727 0 2,973 0 2,973 Sovereign and 1,551 0 1,840 0 1,840 Banks/financial institutions 1,445 0 1,583 0 1,583 Other corporate 2,510 0 2,804 0 2,804 Commercial mortgage and 6,919 0 0 6,893 6,893 Other investments (1) 26 0 26 0 26 Total assets $ 37,263 $ 27,030 $ 9,703 $ 6,908 $ 43,641 Liabilities: Other policyholders’ funds $ 7,146 $ 0 $ 0 $ 7,067 $ 7,067 Notes payable 5,765 0 5,606 270 5,876 Total liabilities $ 12,911 $ 0 $ 5,606 $ 7,337 $ 12,943 (1) Excludes policy loans of $232 and equity method investments of $377 , at carrying value
Fair Value Assets Securities Carried At Fair Value Primary Pricing Sources	December 31, 2018 (In millions) Quoted Prices in Active Markets Significant Observable Significant Unobservable Inputs Total Securities available for sale, carried at fair value: Fixed maturity securities: Government and agencies: Third party pricing vendor $ 32,993 $ 1,349 $ 0 $ 34,342 Total government and agencies 32,993 1,349 0 34,342 Municipalities: Third party pricing vendor 0 1,863 0 1,863 Total municipalities 0 1,863 0 1,863 Mortgage- and asset-backed securities: Third party pricing vendor 0 162 0 162 Broker/other 0 0 177 177 Total mortgage- and asset-backed securities 0 162 177 339 Public utilities: Third party pricing vendor 0 7,062 0 7,062 Broker/other 0 0 109 109 Total public utilities 0 7,062 109 7,171 Sovereign and supranational: Third party pricing vendor 0 1,260 0 1,260 Total sovereign and supranational 0 1,260 0 1,260 Banks/financial institutions: Third party pricing vendor 0 8,895 0 8,895 Broker/other 0 0 23 23 Total banks/financial institutions 0 8,895 23 8,918 Other corporate: Third party pricing vendor 0 28,789 0 28,789 Broker/other 0 0 213 213 Total other corporate 0 28,789 213 29,002 Total securities available for sale $ 32,993 $ 49,380 $ 522 $ 82,895 Equity securities, carried at fair value: Third party pricing vendor $ 874 $ 67 $ 0 $ 941 Broker/other 0 0 46 46 Total equity securities $ 874 $ 67 $ 46 $ 987 The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities. September 30, 2019 (In millions) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Total Securities available for sale, carried at fair value: Fixed maturity securities: Government and agencies: Third party pricing vendor $ 36,705 $ 1,591 $ 0 $ 38,296 Total government and agencies 36,705 1,591 0 38,296 Municipalities: Third party pricing vendor 0 1,898 0 1,898 Total municipalities 0 1,898 0 1,898 Mortgage- and asset-backed securities: Third party pricing vendor 0 226 0 226 Broker/other 0 0 183 183 Total mortgage- and asset-backed securities 0 226 183 409 Public utilities: Third party pricing vendor 0 6,744 0 6,744 Broker/other 0 0 206 206 Total public utilities 0 6,744 206 6,950 Sovereign and supranational: Third party pricing vendor 0 1,084 0 1,084 Total sovereign and supranational 0 1,084 0 1,084 Banks/financial institutions: Third party pricing vendor 0 10,575 0 10,575 Broker/other 0 46 23 69 Total banks/financial institutions 0 10,621 23 10,644 Other corporate: Third party pricing vendor 0 34,432 0 34,432 Broker/other 0 3 224 227 Total other corporate 0 34,435 224 34,659 Total securities available for sale $ 36,705 $ 56,599 $ 636 $ 93,940 Equity securities, carried at fair value: Third party pricing vendor $ 677 $ 74 $ 0 $ 751 Broker/other 0 0 79 79 Total equity securities $ 677 $ 74 $ 79 $ 830
Fair Value Assets Held-To-Maturity Securities Primary Pricing Sources	September 30, 2019 (In millions) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Total Securities held to maturity, carried at amortized cost: Fixed maturity securities: Government and agencies: Third party pricing vendor $ 28,868 $ 366 $ 0 $ 29,234 Total government and agencies 28,868 366 0 29,234 Municipalities: Third party pricing vendor 0 1,114 0 1,114 Total municipalities 0 1,114 0 1,114 Mortgage- and asset-backed securities: Third party pricing vendor 0 8 0 8 Broker/other 0 0 11 11 Total mortgage- and asset-backed securities 0 8 11 19 Public utilities: Third party pricing vendor 0 2,967 0 2,967 Total public utilities 0 2,967 0 2,967 Sovereign and supranational: Third party pricing vendor 0 1,384 0 1,384 Total sovereign and supranational 0 1,384 0 1,384 Banks/financial institutions: Third party pricing vendor 0 1,030 0 1,030 Total banks/financial institutions 0 1,030 0 1,030 Other corporate: Third party pricing vendor 0 3,074 0 3,074 Total other corporate 0 3,074 0 3,074 Total securities held to maturity $ 28,868 $ 9,943 $ 11 $ 38,822 December 31, 2018 (In millions) Quoted Prices in Active Markets Significant Observable Significant Unobservable Inputs Total Securities held to maturity, carried at amortized cost: Fixed maturity securities: Government and agencies: Third party pricing vendor $ 27,030 $ 8 $ 0 $ 27,038 Total government and agencies 27,030 8 0 27,038 Municipalities: Third party pricing vendor 0 469 0 469 Total municipalities 0 469 0 469 Mortgage- and asset-backed securities: Broker/other 0 0 15 15 Total mortgage- and asset-backed securities 0 0 15 15 Public utilities: Third party pricing vendor 0 2,973 0 2,973 Total public utilities 0 2,973 0 2,973 Sovereign and supranational: Third party pricing vendor 0 1,840 0 1,840 Total sovereign and supranational 0 1,840 0 1,840 Banks/financial institutions: Third party pricing vendor 0 1,583 0 1,583 Total banks/financial institutions 0 1,583 0 1,583 Other corporate: Third party pricing vendor 0 2,804 0 2,804 Total other corporate 0 2,804 0 2,804 Total securities held to maturity $ 27,030 $ 9,677 $ 15 $ 36,722
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables present the changes in fair value of the Company's investments and derivatives carried at fair value classified as Level 3. Three Months Ended Fixed Maturity Securities Equity Derivatives (1) (In millions) Mortgage- Public Banks/ Other Foreign Credit Total Balance, beginning of period $ 183 $ 204 $ 24 $ 199 $ 65 $ 94 $ 0 $ 769 Realized investment gains (losses) included in earnings 0 0 0 0 0 (84 ) 0 (84 ) Unrealized gains (losses) included in other comprehensive income (loss) 0 4 0 5 0 (2 ) 0 7 Purchases, issuances, sales and settlements: Purchases 0 0 0 19 14 0 0 33 Issuances 0 0 0 0 0 0 0 0 Sales 0 0 0 0 0 0 0 0 Settlements 0 (2 ) 0 0 0 0 0 (2 ) Transfers into Level 3 0 0 0 1 (2) 0 0 0 1 Transfers out of Level 3 0 0 (1 ) (2) 0 0 0 0 (1 ) Balance, end of period $ 183 $ 206 $ 23 $ 224 $ 79 $ 8 $ 0 $ 723 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ 0 $ (84 ) $ 0 $ (84 ) (1) Derivative assets and liabilities are presented net (2) Transfer due to sector classification change Three Months Ended Fixed Maturity Securities Equity Derivatives (1) (In millions) Mortgage- Public Banks/ Other Foreign Credit Total Balance, beginning of period $ 178 $ 106 $ 23 $ 196 $ 17 $ 110 $ 0 $ 630 Realized investment gains (losses) included in 0 0 0 0 (1 ) (19 ) 0 (20 ) Unrealized gains (losses) included in other (6 ) (2 ) 0 (4 ) 0 (2 ) 0 (14 ) Purchases, issuances, sales and settlements: Purchases 0 0 0 0 0 0 0 0 Issuances 0 0 0 0 0 0 0 0 Sales 0 0 0 0 0 0 0 0 Settlements 0 0 0 (1 ) 0 0 0 (1 ) Transfers into Level 3 0 0 0 0 0 0 0 0 Transfers out of Level 3 0 0 0 0 0 0 0 0 Balance, end of period $ 172 $ 104 $ 23 $ 191 $ 16 $ 89 $ 0 $ 595 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ (1 ) $ (19 ) $ 0 $ (20 ) (1) Derivative assets and liabilities are presented net Nine Months Ended Fixed Maturity Securities Equity Derivatives (1) (In millions) Mortgage- Public Banks/ Other Foreign Credit Total Balance, beginning of period $ 177 $ 109 $ 23 $ 213 $ 46 $ 80 $ 0 $ 648 Realized investment gains (losses) included 0 0 0 0 0 (68 ) 0 (68 ) Unrealized gains (losses) included in other 6 10 1 12 0 (4 ) 0 25 Purchases, issuances, sales and settlements: Purchases 0 0 0 107 33 0 0 140 Issuances 0 0 0 0 0 0 0 0 Sales 0 0 0 (2 ) 0 0 0 (2 ) Settlements 0 (4 ) 0 0 0 0 0 (4 ) Transfers into Level 3 0 116 (2) 0 26 (2) 0 0 0 142 Transfers out of Level 3 0 (25 ) (2) (1 ) (132 ) (2), (3) 0 0 0 (158 ) Balance, end of period $ 183 $ 206 $ 23 $ 224 $ 79 $ 8 $ 0 $ 723 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ 0 $ (68 ) $ 0 $ (68 ) (1) Derivative assets and liabilities are presented net (2) Transfer due to sector classification change (3) Transfer due to availability of observable market inputs Nine Months Ended Fixed Maturity Securities Equity Derivatives (1) (In millions) Mortgage- Public Banks/ Other Foreign Credit Total Balance, beginning of period $ 175 $ 68 $ 25 $ 146 $ 16 $ 22 $ 1 $ 453 Realized investment gains (losses) included in earnings 0 0 0 0 (1 ) 65 (1 ) 63 Unrealized gains (losses) included in other comprehensive income (loss) (3 ) (4 ) (2 ) (6 ) 0 2 0 (13 ) Purchases, issuances, sales and settlements: Purchases 0 40 0 55 1 0 0 96 Issuances 0 0 0 0 0 0 0 0 Sales 0 0 0 0 0 0 0 0 Settlements 0 0 0 (4 ) 0 0 0 (4 ) Transfers into Level 3 0 0 0 0 0 0 0 0 Transfers out of Level 3 0 0 0 0 0 0 0 0 Balance, end of period $ 172 $ 104 $ 23 $ 191 $ 16 $ 89 $ 0 $ 595 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ (1 ) $ 65 $ (1 ) $ 63 (1) Derivative assets and liabilities are presented net
Fair Value Measurement Inputs and Valuation Techniques	Level 3 Significant Unobservable Input Sensitivity The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments and derivatives carried at fair value. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments. September 30, 2019 (In millions) Fair Value Valuation Technique(s) Unobservable Input Range Assets: Securities available for sale, carried at fair value: Fixed maturity securities: Mortgage- and asset-backed securities $ 183 Consensus pricing Offered quotes N/A (a) Public utilities 206 Discounted cash flow Credit spreads N/A (a) Banks/financial institutions 23 Consensus pricing Offered quotes N/A (a) Other corporate 224 Discounted cash flow Credit spreads N/A (a) Equity securities 79 Net asset value Offered quotes N/A (a) Other assets: Foreign currency swaps 81 Discounted cash flow Interest rates (USD) 1.43% - 1.63% (b) Interest rates (JPY) (.03)% - .32% (c) CDS spreads 12 - 106 bps 66 Discounted cash flow Interest rates (USD) 1.43% - 1.63% (b) Interest rates (JPY) (.03)% - .32% (c) Total assets $ 862 Liabilities: Other liabilities: Foreign currency swaps $ 132 Discounted cash flow Interest rates (USD) 1.43% - 1.63% (b) Interest rates (JPY) (.03)% - .32% (c) CDS spreads 22 - 176 bps 7 Discounted cash flow Interest rates (USD) 1.43% - 1.63% (b) Interest rates (JPY) (.03)% - .32% (c) Total liabilities $ 139 (a) N/A represents securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques or unobservable inputs. (b) Inputs derived from U.S. long-term rates to accommodate long maturity nature of the Company's swaps (c) Inputs derived from Japan long-term rates to accommodate long maturity nature of the Company's swaps December 31, 2018 (In millions) Fair Value Valuation Technique(s) Unobservable Input Range Assets: Securities available for sale, carried at fair value: Fixed maturity securities: Mortgage- and asset-backed securities $ 177 Consensus pricing Offered quotes N/A (a) Public utilities 109 Discounted cash flow Credit spreads N/A (a) Banks/financial institutions 23 Consensus pricing Offered quotes N/A (a) Other corporate 213 Discounted cash flow Credit spreads N/A (a) Equity securities 46 Net asset value Offered quotes N/A (a) Other assets: Foreign currency swaps 125 Discounted cash flow Interest rates (USD) 2.75% - 2.84% (b) Interest rates (JPY) .18% - .71% (c) CDS spreads 19 - 120 bps 57 Discounted cash flow Interest rates (USD) 2.75% - 2.84% (b) Interest rates (JPY) .18% - .71% (c) Total assets $ 750 Liabilities: Other liabilities: Foreign currency swaps $ 98 Discounted cash flow Interest rates (USD) 2.75% - 2.84% (b) Interest rates (JPY) .18% - .71% (c) CDS spreads 28 - 211 bps 4 Discounted cash flow Interest rates (USD) 2.75% - 2.84% (b) Interest rates (JPY) .18% - .71% (c) Total liabilities $ 102 (a) N/A represents securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques or unobservable inputs. (b) Inputs derived from U.S. long-term rates to accommodate long maturity nature of the Company's swaps (c) Inputs derived from Japan long-term rates to accommodate long maturity nature of the Company's swaps

POLICY LIABILITIES (Tables)

POLICY LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2019
Insurance Loss Reserves [Abstract]
Schedule of Liability for Unpaid Claims Adjustment Expense	Changes in the liability for unpaid policy claims were as follows: Three Months Ended Nine Months Ended (In millions) 2019 2018 2019 2018 Unpaid supplemental health claims, beginning of period $ 4,024 $ 3,942 $ 3,952 $ 3,881 Less reinsurance recoverables 31 29 28 28 Net balance, beginning of period 3,993 3,913 3,924 3,853 Add claims incurred during the period related to: Current year 1,806 1,760 5,415 5,381 Prior years (134 ) (131 ) (437 ) (456 ) Total incurred 1,672 1,629 4,978 4,925 Less claims paid during the period on claims incurred during: Current year 1,421 1,357 3,150 3,109 Prior years 220 217 1,794 1,751 Total paid 1,641 1,574 4,944 4,860 Effect of foreign exchange rate changes on unpaid claims (3 ) (59 ) 63 (9 ) Net balance, end of period 4,021 3,909 4,021 3,909 Add reinsurance recoverables 31 29 31 29 Unpaid supplemental health claims, end of period 4,052 3,938 4,052 3,938 Unpaid life claims, end of period 689 592 689 592 Total liability for unpaid policy claims $ 4,741 $ 4,530 $ 4,741 $ 4,530

REINSURANCE (Tables)

REINSURANCE (Tables)	9 Months Ended
	Sep. 30, 2019
Reinsurance Disclosures [Abstract]
Effects of Reinsurance	The following table reconciles direct premium income and direct benefits and claims to net amounts after the effect of reinsurance. Three Months Ended Nine Months Ended (In millions) 2019 2018 2019 2018 Direct premium income $ 4,823 $ 4,720 $ 14,365 $ 14,346 Ceded to other companies: Ceded Aflac Japan closed blocks (121 ) (122 ) (361 ) (378 ) Other (17 ) (15 ) (50 ) (45 ) Assumed from other companies: Retrocession activities 51 51 151 158 Other 0 2 4 5 Net premium income $ 4,736 $ 4,636 $ 14,109 $ 14,086 Direct benefits and claims $ 3,106 $ 3,076 $ 9,185 $ 9,301 Ceded benefits and change in reserves for future benefits: Ceded Aflac Japan closed blocks (111 ) (111 ) (331 ) (343 ) Eliminations 11 10 31 33 Other (18 ) (11 ) (41 ) (34 ) Assumed from other companies: Retrocession activities 49 48 144 149 Eliminations (11 ) (10 ) (31 ) (33 ) Other 1 0 1 2 Benefits and claims, net $ 3,027 $ 3,002 $ 8,958 $ 9,075

NOTES PAYABLE AND LEASE OBLIG_2

NOTES PAYABLE AND LEASE OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	A summary of notes payable and lease obligations follows: (In millions) September 30, 2019 December 31, 2018 4.00% senior notes due February 2022 $ 348 $ 348 3.625% senior notes due June 2023 698 698 3.625% senior notes due November 2024 746 746 3.25% senior notes due March 2025 448 447 2.875% senior notes due October 2026 298 297 6.90% senior notes due December 2039 220 220 6.45% senior notes due August 2040 254 254 4.00% senior notes due October 2046 394 394 4.750% senior notes due January 2049 540 540 Yen-denominated senior notes and subordinated debentures: .932% senior notes due January 2027 (principal amount ¥60.0 billion) 553 538 1.159% senior notes due October 2030 (principal amount ¥29.3 billion) 270 262 1.488% senior notes due October 2033 (principal amount ¥15.2 billion) 140 136 1.750% senior notes due October 2038 (principal amount ¥8.9 billion) 82 79 2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion) 551 536 .963% perpetual subordinated bonds callable April 2024 (principal amount ¥30.0 billion) 276 0 Yen-denominated loans: Variable interest rate loan due September 2026 (.32% in 2019 and 2018, principal amount ¥5.0 billion) 46 45 Variable interest rate loan due September 2029 (.47% in 2019 and 2018, principal amount ¥25.0 billion) 231 225 Finance lease obligations payable through 2025 13 13 Operating lease obligations payable through 2028 (1) 125 0 Total notes payable and lease obligations $ 6,233 $ 5,778 (1) See Note 1 of the Notes to the Consolidated Financial Statements for the adoption of accounting guidance on January 1, 2019 related to leases. Amounts in the table above are reported net of debt issuance costs and issuance premiums or discounts, if applicable, that are being amortized over the life of the notes.
Schedule of Lease Maturities	The following table presents the contractual maturities and present value of lease liabilities. September 30, 2019 (In millions) Operating Leases Finance Leases Total 2019 $ 42 $ 4 $ 46 2020 25 3 28 2021 19 3 22 2022 10 2 12 2023 9 1 10 After 2023 30 0 30 Total lease payments $ 135 $ 13 $ 148 Less: Interest 10 0 10 Present value of lease liabilities $ 125 $ 13 $ 138
Lease, Cost	The following table presents the weighted average remaining lease term and weighted average discount rate for lease liabilities. September 30, 2019 Weighted average remaining lease term (years): Operating leases 4.3 Finance leases 3.8 Weighted average discount rate: Operating leases 2.4% Finance leases 1.6%
Schedule of Line of Credit Facilities	A summary of the Company's lines of credit as of September 30, 2019 follows: Borrower Type Term Expiration Date Capacity Amount Outstanding Interest Rate on Borrowed Amount Maturity Period Commitment Fee Business Purpose Aflac Incorporated uncommitted bilateral 364 days December 27, 2019 $100 million $0 million The rate quoted by the bank and agreed upon at the time of borrowing Up to 3 months None General corporate purposes Aflac Incorporated unsecured revolving 5 years March 29, 2024, or the date commitments are terminated pursuant to an event of default ¥100.0 billion ¥0.0 billion A rate per annum equal to (a) Tokyo interbank market rate (TIBOR) plus, the alternative applicable TIBOR margin during the availability period from the closing date to the commitment termination date or (b) the TIBOR rate offered by the agent to major banks in yen for the applicable period plus, the applicable alternative TIBOR margin during the term out period No later than .30% to .50%, depending on the Parent Company's debt ratings as of the date of determination General corporate purposes, including a capital contingency plan for the operations of the Parent Company Aflac Incorporated unsecured revolving 5 years April 4, 2023, or the date commitments are terminated pursuant to an event of default ¥55.0 billion, or the equivalent amount in U.S. dollars ¥0.0 billion A rate per annum equal to, at the Company's option, either, (a) London Interbank Offered Rate (LIBOR) adjusted for certain costs or (b) a base rate determined by reference to the highest of (1) the federal funds rate plus 1/2 of 1%, (2) the rate of interest for such day announced by Mizuho Bank, Ltd. as its prime rate, or (3) the eurocurrency rate for an interest period of one month plus 1.00%, in each case plus an applicable margin No later than April 4, 2023 .085% to .225%, depending on the Parent Company's debt ratings as of the date of determination General corporate purposes, including a capital contingency plan for the operations of the Parent Company Aflac Incorporated uncommitted bilateral None specified None specified $50 million $0 million A rate per annum equal to, at the Parent Company's option, either (a) a eurocurrency rate determined by reference to the agent's LIBOR for the interest period relevant to such borrowing or (b) the base rate determined by reference to the greater of (i) the prime rate as determined by the agent, and (ii) the sum of 0.50% and the federal funds rate for such day Up to 3 months None General corporate purposes Aflac (1) uncommitted revolving 364 days November 29, 2019 $250 million $0 million USD three-month LIBOR plus 75 basis points per annum 3 months None General corporate purposes Aflac Incorporated (1) uncommitted revolving 364 days April 2, 2020 ¥50.0 billion ¥0.0 billion Three-month TIBOR plus 70 basis points per annum 3 months None General corporate purposes (1) Intercompany credit agreement

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
Schedule of Common Stock Outstanding Roll Forward	The following table is a reconciliation of the number of shares of the Company's common stock for the nine -month periods ended September 30 . (In thousands of shares) 2019 2018 Common stock - issued: Balance, beginning of period 1,347,540 1,345,762 Exercise of stock options and issuance of restricted shares 1,650 1,614 Balance, end of period 1,349,190 1,347,376 Treasury stock: Balance, beginning of period 592,254 564,852 Purchases of treasury stock: Share repurchase program 23,126 20,443 Other 589 361 Dispositions of treasury stock: Shares issued to AFL Stock Plan (1,232 ) (850 ) Exercise of stock options (382 ) (430 ) Other (295 ) (113 ) Balance, end of period 614,060 584,263 Shares outstanding, end of period 735,130 763,113
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents the approximate number of share-based awards to purchase shares, on a weighted-average basis, that were considered to be anti-dilutive and were excluded from the calculation of diluted earnings per share for the following periods. Three Months Ended Nine Months Ended (In thousands) 2019 2018 2019 2018 Anti-dilutive share-based awards 1 46 8 34
Changes in Accumulated Other Comprehensive Income (Loss)	The tables below are reconciliations of accumulated other comprehensive income by component for the following periods. Changes in Accumulated Other Comprehensive Income Three Months Ended (In millions) Unrealized Foreign Unrealized Unrealized Pension Total Balance, beginning of period $ (1,455 ) $ 8,055 $ (27 ) $ (209 ) $ 6,364 Other comprehensive (24 ) 884 (6 ) (2 ) 852 Amounts reclassified from 0 31 0 4 35 Net current-period other (24 ) 915 (6 ) 2 887 Balance, end of period $ (1,479 ) $ 8,970 $ (33 ) $ (207 ) $ 7,251 All amounts in the table above are net of tax. Three Months Ended (In millions) Unrealized Foreign Unrealized Unrealized Pension Liability Adjustment Total Balance, beginning of period $ (1,766 ) $ 4,836 $ (23 ) $ (195 ) $ 2,852 Other comprehensive (347 ) (569 ) (1 ) (2 ) (919 ) Amounts reclassified from 0 (27 ) 0 3 (24 ) Net current-period other (347 ) (596 ) (1 ) 1 (943 ) Balance, end of period $ (2,113 ) $ 4,240 $ (24 ) $ (194 ) $ 1,909 All amounts in the table above are net of tax. Nine Months Ended (In millions) Unrealized Foreign Unrealized Unrealized Pension Total Balance, beginning of period $ (1,847 ) $ 4,234 $ (24 ) $ (212 ) $ 2,151 Other comprehensive 368 4,737 (9 ) (4 ) 5,092 Amounts reclassified from 0 (1 ) 0 9 8 Net current-period other 368 4,736 (9 ) 5 5,100 Balance, end of period $ (1,479 ) $ 8,970 $ (33 ) $ (207 ) $ 7,251 All amounts in the table above are net of tax. Nine Months Ended (In millions) Unrealized Foreign Unrealized Unrealized Pension Liability Adjustment Total Balance, beginning of period $ (1,750 ) $ 5,964 $ (23 ) $ (163 ) $ 4,028 Cumulative effect of change 0 (148 ) 0 0 (148 ) Cumulative effect of change (325 ) 734 (3 ) (32 ) 374 Other comprehensive (38 ) (2,302 ) 2 (7 ) (2,345 ) Amounts reclassified from 0 (8 ) 0 8 0 Net current-period other (38 ) (2,310 ) 2 1 (2,345 ) Balance, end of period $ (2,113 ) $ 4,240 $ (24 ) $ (194 ) $ 1,909 All amounts in the table above are net of tax.
Reclassification Out Of Accumulated Other Comprehensive Income	The tables below summarize the amounts reclassified from each component of accumulated other comprehensive income into net earnings for the following periods. Reclassifications Out of Accumulated Other Comprehensive Income (In millions) Three Months Ended Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Unrealized gains (losses) on available-for-sale $ (14 ) Other-than-temporary impairment (27 ) Other gains (losses) (41 ) Total before tax 10 Tax (expense) or benefit (1) $ (31 ) Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (5 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 1 Tax (expense) or benefit (1) $ (4 ) Net of tax Total reclassifications for the period $ (35 ) Net of tax (1) Based on 25% blended tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details). (In millions) Three Months Ended Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Unrealized gains (losses) on available-for-sale $ 0 Other-than-temporary impairment 37 Other gains (losses) 37 Total before tax (10 ) Tax (expense) or benefit (1) $ 27 Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (5 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 2 Tax (expense) or benefit (1) $ (3 ) Net of tax Total reclassifications for the period $ 24 Net of tax (1) Based on 26% blended tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details). (In millions) Nine Months Ended Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Unrealized gains (losses) on available-for-sale $ (13 ) Other-than-temporary impairment 14 Other gains (losses) 1 Total before tax 0 Tax (expense) or benefit (1) $ 1 Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (12 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 3 Tax (expense) or benefit (1) $ (9 ) Net of tax Total reclassifications for the period $ (8 ) Net of tax (1) Based on 26% blended tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details). (In millions) Nine Months Ended Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Unrealized gains (losses) on available-for-sale $ (2 ) Other-than-temporary impairment 13 Other gains (losses) 11 Total before tax (3 ) Tax (expense) or benefit (1) $ 8 Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (13 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 5 Tax (expense) or benefit (1) $ (8 ) Net of tax Total reclassifications for the period $ 0 Net of tax (1) Based on 27% blended tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details).

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock Options Outstanding and Exercisable	The following table provides information on stock options outstanding and exercisable at September 30, 2019 . Stock Weighted-Average Aggregate Weighted-Average Outstanding 3,864 4.6 $ 88 $ 29.61 Exercisable 3,643 4.4 84 29.26
Schedule of Nonvested Restricted Stock Units Activity	The following table summarizes restricted stock activity during the nine -month period ended September 30 . (In thousands of shares) Shares Weighted-Average Grant-Date Fair Value Per Share Restricted stock at December 31, 2018 3,407 $ 36.52 Granted in 2019 998 49.37 Canceled in 2019 (30 ) 40.59 Vested in 2019 (1,858 ) 32.71 Restricted stock at September 30, 2019 2,517 $ 44.37

BENEFIT PLANS (Tables)

BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Net Benefit Costs	Pension and other postretirement benefit expenses are included in acquisition and operating expenses in the consolidated statement of earnings, which includes other components of net periodic pension cost and postretirement costs (other than service costs) of $6 million and $7 million for the three-month periods and $18 million and $20 million for the nine -month periods ended September 30, 2019 and 2018 , respectively. Total net periodic cost includes the following components: Three Months Ended September 30, Pension Benefits Other Japan U.S. Postretirement Benefits (In millions) 2019 2018 2019 2018 2019 2018 Components of net periodic Service cost $ 6 $ 4 $ 5 $ 7 $ 0 $ 0 Interest cost 1 1 10 9 0 0 Expected return on plan (2 ) (1 ) (8 ) (7 ) 0 0 Amortization of net actuarial 1 1 3 4 1 0 Net periodic (benefit) cost $ 6 $ 5 $ 10 $ 13 $ 1 $ 0 Nine Months Ended September 30, Pension Benefits Other Japan U.S. Postretirement Benefits (In millions) 2019 2018 2019 2018 2019 2018 Components of net periodic Service cost $ 16 $ 14 $ 17 $ 21 $ 0 $ 0 Interest cost 4 4 28 26 1 1 Expected return on plan (5 ) (4 ) (22 ) (20 ) 0 0 Amortization of net actuarial 3 1 8 12 1 0 Net periodic (benefit) cost $ 18 $ 15 $ 31 $ 39 $ 2 $ 1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	Jan. 01, 2020	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2019	Dec. 31, 2018
Aflac Japan
Significant Accounting Policies [Line Items]
Percentage of the Company's total assets		84.00%			84.00%
Percentage of the Company's total revenues		69.00%	69.00%
Accounting Standards Update 2016-02
Significant Accounting Policies [Line Items]
New accounting pronouncement or change in accounting principle, cumulative effect of change on assets				$ 134
New accounting pronouncement or change in accounting principle, cumulative effect of change on liabilities				$ 134
Accounting Standards Update 2016-13 | Forecast
Significant Accounting Policies [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ (150)
Accounting Standards Update 2019-04 | Lower Limit | Forecast
Significant Accounting Policies [Line Items]
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Reclassification From Held To Maturity To Available For Sale Debt Securities	6,000
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Unrealized Gain Loss Net Of Tax Reclassification To Accumulated Other Comprehensive Income	600
Accounting Standards Update 2019-04 | Upper Limit | Forecast
Significant Accounting Policies [Line Items]
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Reclassification From Held To Maturity To Available For Sale Debt Securities	8,000
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Unrealized Gain Loss Net Of Tax Reclassification To Accumulated Other Comprehensive Income	$ 1,000

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Operations by Segment - Revenues (Details) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)segment	Sep. 30, 2018USD ($)
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of Reportable Insurance Business Segments | segment				2
Net earned premiums		$ 4,736	$ 4,636	$ 14,109	$ 14,086
Net investment income		936	870	2,692	2,569
Total adjusted revenues		5,639	5,473	16,703	16,557
Realized investment gains (losses)	[1],[2],[3]	(103)	104	1	75
Total revenues		5,536	5,577	16,704	16,632
Aflac Japan
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earned premiums		3,241	3,159	9,593	9,649
Net investment income, less amortized hedge costs	[1],[3]	659	606	1,878	1,801
Other income		12	10	34	31
Total revenues		3,912	3,775	11,505	11,481
Hedge costs		66	59	191	168
Net interest cash flows from derivatives		(4)		(18)
Aflac U.S.
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earned premiums		1,445	1,426	4,365	4,280
Net investment income		183	187	540	544
Other income		2	3	6	7
Total revenues		1,630	1,616	4,911	4,831
Corporate and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	[2]	97	82	287	245
Hedge income		$ 21	$ 9	$ 61	$ 18
[1]	Amortized hedge costs of $66 and $59 for the three-month periods and $191 and $168 for the nine -month periods ended September 30, 2019 , and 2018 , respectively, related to certain foreign currency exposure management strategies have been reclassified from realized investment gains (losses) and reported as a deduction from net investment income when analyzing operations.
[2]	Amortized hedge income of $21 and $9 for the three-month periods and $61 and $18 for the nine -month periods ended September 30, 2019 , and 2018 , respectively, related to certain foreign currency exposure management strategies has been reclassified from realized investment gains (losses) and reported as an increase to net investment income when analyzing operations.
[3]	Net interest cash flows from derivatives associated with certain investment strategies of $(4) for the three-month period and $(18) for the nine -month period ended September 30, 2019 and an immaterial amount for the three- and nine -month periods in 2018 , respectively, have been reclassified from realized investment gains (losses) and included in adjusted earnings as a component of net investment income.

BUSINESS SEGMENT INFORMATION _2

BUSINESS SEGMENT INFORMATION - Operations by Segment - Pretax Earnings (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]
Pretax adjusted earnings		$ 1,156	$ 1,061	$ 3,438	$ 3,309
Realized investment gains (losses)	[1],[2],[3],[4]	(120)	88	(49)	25
Other income (loss)		0	(3)	(1)	(73)
Earnings before income taxes		1,036	1,146	3,388	3,261
Income taxes applicable to pretax adjusted earnings		293	270	880	862
Effect of foreign currency translation on after tax adjusted earnings		15	(1)	2	27
Aflac Japan
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]
Pretax adjusted earnings	[2],[4]	838	756	2,504	2,411
Hedge costs		66	59	191	168
Net interest cash flows from derivatives		(4)		(18)
Aflac U.S.
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]
Pretax adjusted earnings		335	334	996	1,011
Corporate and other
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]
Pretax adjusted earnings	[1],[3]	(17)	(29)	(62)	(113)
Hedge income		21	9	61	18
Gain (loss) on change in fair value of derivative, interest rate component		$ 16	$ 17	$ 50	$ 50
[1]	A gain of $16 and $17 for the three-month periods ended September 30, 2019 , and 2018 , respectively and $50 for both nine -month periods ended September 30, 2019 , and 2018
[2]	Amortized hedge costs of $66 and $59 for the three-month periods and $191 and $168 for the nine -month periods ended September 30, 2019 , and 2018 , respectively, related to certain foreign currency management strategies have been reclassified from realized investment gains (losses) and reported as a deduction from pretax adjusted earnings when analyzing operations.
[3]	Amortized hedge income of $21 and $9 for the three-month periods and $61 and $18 for the nine -month periods ended September 30, 2019 , and 2018 , respectively, related to certain foreign currency management strategies has been reclassified from realized investment gains (losses) and reported as an increase in pretax adjusted earnings when analyzing operations.
[4]	Net interest cash flows from derivatives associated with certain investment strategies of $(4) for the three-month period and $(18) for the nine -month period ended September 30, 2019 and an immaterial amount for the three- and nine -month periods in 2018 , respectively, have been reclassified from realized investment gains (losses) and included in adjusted earnings as a component of net investment income.

BUSINESS SEGMENT INFORMATION _3

BUSINESS SEGMENT INFORMATION - Operations by Segment - Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 154,137	$ 140,406
Aflac Japan
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	129,178	118,342
Aflac U.S.
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	21,247	19,100
Corporate and other
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 3,712	$ 2,964

INVESTMENTS - Available-for-sal

INVESTMENTS - Available-for-sale Debt Securities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	$ 81,474	$ 76,856
Gross Unrealized Gains	13,002	7,733
Gross Unrealized Losses	536	1,694
Fair Value	93,940	82,895
Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	47,060	44,027
Gross Unrealized Gains	8,109	5,308
Gross Unrealized Losses	119	435
Fair Value	55,050	48,900
Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	34,414	32,829
Gross Unrealized Gains	4,893	2,425
Gross Unrealized Losses	417	1,259
Fair Value	38,890	33,995
Japan government and agencies | Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	32,076	30,637
Gross Unrealized Gains	5,858	3,700
Gross Unrealized Losses	0	140
Fair Value	37,934	34,197
Municipalities
Debt Securities, Available-for-sale [Line Items]
Fair Value	1,898	1,863
Municipalities | Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	524	385
Gross Unrealized Gains	125	32
Gross Unrealized Losses	1	9
Fair Value	648	408
Municipalities | Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	1,095	1,343
Gross Unrealized Gains	155	120
Gross Unrealized Losses	0	8
Fair Value	1,250	1,455
Mortgage- and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	409	339
Mortgage- and asset-backed securities | Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	235	155
Gross Unrealized Gains	28	22
Gross Unrealized Losses	0	0
Fair Value	263	177
Mortgage- and asset-backed securities | Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	139	155
Gross Unrealized Gains	7	8
Gross Unrealized Losses	0	1
Fair Value	146	162
Public utilities
Debt Securities, Available-for-sale [Line Items]
Fair Value	6,950	7,171
Public utilities | Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	1,864	1,732
Gross Unrealized Gains	395	280
Gross Unrealized Losses	0	4
Fair Value	2,259	2,008
Public utilities | Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	3,918	4,772
Gross Unrealized Gains	785	496
Gross Unrealized Losses	12	105
Fair Value	4,691	5,163
Sovereign and supranational
Debt Securities, Available-for-sale [Line Items]
Fair Value	1,084	1,260
Sovereign and supranational | Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	717	826
Gross Unrealized Gains	53	123
Gross Unrealized Losses	0	0
Fair Value	770	949
Sovereign and supranational | Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	240	251
Gross Unrealized Gains	74	60
Gross Unrealized Losses	0	0
Fair Value	314	311
Banks/financial institutions
Debt Securities, Available-for-sale [Line Items]
Fair Value	10,644	8,918
Banks/financial institutions | Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	6,384	5,440
Gross Unrealized Gains	694	502
Gross Unrealized Losses	98	238
Fair Value	6,980	5,704
Banks/financial institutions | Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	3,020	2,860
Gross Unrealized Gains	652	389
Gross Unrealized Losses	8	35
Fair Value	3,664	3,214
Other corporate
Debt Securities, Available-for-sale [Line Items]
Fair Value	34,659	29,002
Other corporate | Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	5,260	4,852
Gross Unrealized Gains	956	649
Gross Unrealized Losses	20	44
Fair Value	6,196	5,457
Other corporate | Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	25,655	23,311
Gross Unrealized Gains	3,205	1,343
Gross Unrealized Losses	397	1,109
Fair Value	28,463	23,545
U.S. government and agencies | Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	347	137
Gross Unrealized Gains	15	9
Gross Unrealized Losses	0	1
Fair Value	$ 362	$ 145

INVESTMENTS - Held-to-Maturity

INVESTMENTS - Held-to-Maturity Debt Securities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost	$ 30,733	$ 30,318
Gross Unrealized Gains	8,105	6,470
Gross Unrealized Losses	16	66
Fair Value	38,822	36,722
Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost	30,733	30,318
Gross Unrealized Gains	8,105	6,470
Gross Unrealized Losses	16	66
Fair Value	38,822	36,722
Japan government and agencies | Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost	22,581	21,712
Gross Unrealized Gains	6,653	5,326
Gross Unrealized Losses	0	0
Fair Value	29,234	27,038
Municipalities
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost	835	359
Fair Value	1,114	469
Municipalities | Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost	835	359
Gross Unrealized Gains	279	110
Gross Unrealized Losses	0	0
Fair Value	1,114	469
Mortgage- and asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost	18	14
Fair Value	19	15
Mortgage- and asset-backed securities | Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost	18	14
Gross Unrealized Gains	1	1
Gross Unrealized Losses	0	0
Fair Value	19	15
Public utilities
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost	2,573	2,727
Fair Value	2,967	2,973
Public utilities | Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost	2,573	2,727
Gross Unrealized Gains	394	254
Gross Unrealized Losses	0	8
Fair Value	2,967	2,973
Sovereign and supranational
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost	1,187	1,551
Fair Value	1,384	1,840
Sovereign and supranational | Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost	1,187	1,551
Gross Unrealized Gains	197	289
Gross Unrealized Losses	0	0
Fair Value	1,384	1,840
Banks/financial institutions
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost	930	1,445
Fair Value	1,030	1,583
Banks/financial institutions | Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost	930	1,445
Gross Unrealized Gains	108	158
Gross Unrealized Losses	8	20
Fair Value	1,030	1,583
Other corporate
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost	2,609	2,510
Fair Value	3,074	2,804
Other corporate | Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost	2,609	2,510
Gross Unrealized Gains	473	332
Gross Unrealized Losses	8	38
Fair Value	$ 3,074	$ 2,804

INVESTMENTS - Equity Securities

INVESTMENTS - Equity Securities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Equity Securities, FV-NI [Line Items]
Fair Value	$ 830	$ 987
Yen-denominated
Equity Securities, FV-NI [Line Items]
Fair Value	628	641
Dollar-denominated
Equity Securities, FV-NI [Line Items]
Fair Value	$ 202	$ 346

INVESTMENTS - Contractual and E

INVESTMENTS - Contractual and Economic Maturities of Investments in Fixed Maturities (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Available for sale:
Due in one year or less	$ 883
Due after one year through five years	8,415
Due after five years through 10 years	10,744
Due after 10 years	61,058
Mortgage- and asset-backed securities	374
Total fixed maturity securities, available for sale, amortized cost	81,474	$ 76,856
Held to maturity:
Due in one year or less	194
Due after one year through five years	1,366
Due after five years through 10 years	540
Due after 10 years	28,615
Mortgage- and asset-backed securities	18
Total fixed maturity securities, held to maturity, amortized cost	30,733	30,318
Available for sale:
Due in one year or less	909
Due after one year through five years	8,525
Due after five years through 10 years	12,043
Due after 10 years	72,054
Mortgage- and asset-backed securities	409
Total fixed maturity securities, available for sale, fair value	93,940	82,895
Held to maturity:
Due in one year or less	198
Due after one year through five years	1,471
Due after five years through 10 years	610
Due after 10 years	36,524
Mortgage- and asset-backed securities	19
Total fixed maturity securities, held to maturity, fair value	$ 38,822	$ 36,722

INVESTMENTS - Investment Exposu

INVESTMENTS - Investment Exposures Individually Exceeded 10% of Shareholders' Equity (Details) - Japan National Government - USD ($) $ in Millions		9 Months Ended	12 Months Ended
		Sep. 30, 2019	Dec. 31, 2018
Summary of Investment Holdings [Line Items]
Credit Rating	[1]	A+	A+
Amortized Cost	[1]	$ 53,192	$ 51,207
Fair Value	[1]	$ 65,315	$ 59,945
[1]	Japan Government Bonds (JGBs) or JGB-backed securities

INVESTMENTS - Information Regar

INVESTMENTS - Information Regarding Pretax Realized Gains and Losses From Investments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Gain (Loss) on Securities [Line Items]
Loan loss reserves	$ (5)	$ (5)	$ (8)	$ (15)
Derivative gains (losses)	(146)	(162)	(24)	(190)
Foreign currency gains (losses)	21	159	(181)	123
Total realized investment gains (losses)	(153)	56	(147)	(76)
Loan receivables
Gain (Loss) on Securities [Line Items]
Total realized investment gains (losses)	(5)	(5)	(8)	(15)
Derivatives and other
Gain (Loss) on Securities [Line Items]
Total realized investment gains (losses)	(125)	(3)	(205)	(67)
Equity securities
Gain (Loss) on Securities [Line Items]
Total realized investment gains (losses)	18	27	65	(1)
Available-for-sale securities | Fixed maturities
Gain (Loss) on Securities [Line Items]
Gross gains from sales	11	60	55	81
Gross losses from sales	(18)	(26)	(29)	(99)
Foreign currency gains (losses) on sales and redemptions	(21)	3	(12)	27
Other-than-temporary impairment losses realized	(13)	0	(13)	(2)
Total realized investment gains (losses)	$ (41)	$ 37	$ 1	$ 7

INVESTMENTS - Net Effect on Sha

INVESTMENTS - Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Investments [Abstract]
Unrealized gains (losses) on securities available for sale	$ 12,466	$ 6,039
Deferred income taxes	(3,496)	(1,805)
Shareholders' equity, unrealized gains (losses) on fixed maturity securities	$ 8,970	$ 4,234

INVESTMENTS - Fair Value and Gr

INVESTMENTS - Fair Value and Gross Unrealized Losses for Securities That Have Been in Continuous Unrealized Loss Position (Detail) - Fixed maturity securities - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	$ 8,246	$ 24,484
Total Unrealized Losses	552	1,760
Less than 12 months Fair Value	3,813	16,389
Less than 12 months Unrealized Losses	266	985
12 months or longer Fair Value	4,433	8,095
12 months or longer Unrealized Losses	286	775
Yen-denominated | Municipalities
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	14	148
Total Unrealized Losses	1	9
Less than 12 months Fair Value	14	148
Less than 12 months Unrealized Losses	1	9
12 months or longer Fair Value	0	0
12 months or longer Unrealized Losses	0	0
Yen-denominated | Public utilities
Investments, Unrealized Loss Position [Line Items]
Total Fair Value		604
Total Unrealized Losses		12
Less than 12 months Fair Value		604
Less than 12 months Unrealized Losses		12
12 months or longer Fair Value		0
12 months or longer Unrealized Losses		0
Yen-denominated | Banks/financial institutions
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	1,795	3,057
Total Unrealized Losses	106	258
Less than 12 months Fair Value	1,795	3,057
Less than 12 months Unrealized Losses	106	258
12 months or longer Fair Value	0	0
12 months or longer Unrealized Losses	0	0
Yen-denominated | Other corporate
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	462	1,306
Total Unrealized Losses	28	82
Less than 12 months Fair Value	462	1,306
Less than 12 months Unrealized Losses	28	82
12 months or longer Fair Value	0	0
12 months or longer Unrealized Losses	0	0
Yen-denominated | Japan government and agencies
Investments, Unrealized Loss Position [Line Items]
Total Fair Value		3,604
Total Unrealized Losses		140
Less than 12 months Fair Value		3,604
Less than 12 months Unrealized Losses		140
12 months or longer Fair Value		0
12 months or longer Unrealized Losses		0
Dollar-denominated | Municipalities
Investments, Unrealized Loss Position [Line Items]
Total Fair Value		515
Total Unrealized Losses		8
Less than 12 months Fair Value		515
Less than 12 months Unrealized Losses		8
12 months or longer Fair Value		0
12 months or longer Unrealized Losses		0
Dollar-denominated | Public utilities
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	305	1,585
Total Unrealized Losses	12	105
Less than 12 months Fair Value	58	892
Less than 12 months Unrealized Losses	2	48
12 months or longer Fair Value	247	693
12 months or longer Unrealized Losses	10	57
Dollar-denominated | Banks/financial institutions
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	223	625
Total Unrealized Losses	8	35
Less than 12 months Fair Value	115	340
Less than 12 months Unrealized Losses	5	19
12 months or longer Fair Value	108	285
12 months or longer Unrealized Losses	3	16
Dollar-denominated | Other corporate
Investments, Unrealized Loss Position [Line Items]
Total Fair Value	5,447	12,899
Total Unrealized Losses	397	1,109
Less than 12 months Fair Value	1,369	5,782
Less than 12 months Unrealized Losses	124	407
12 months or longer Fair Value	4,078	7,117
12 months or longer Unrealized Losses	$ 273	702
Dollar-denominated | U.S. government and agencies
Investments, Unrealized Loss Position [Line Items]
Total Fair Value		67
Total Unrealized Losses		1
Less than 12 months Fair Value		67
Less than 12 months Unrealized Losses		1
12 months or longer Fair Value		0
12 months or longer Unrealized Losses		0
Dollar-denominated | Mortgage- and asset-backed securities
Investments, Unrealized Loss Position [Line Items]
Total Fair Value		74
Total Unrealized Losses		1
Less than 12 months Fair Value		74
Less than 12 months Unrealized Losses		1
12 months or longer Fair Value		0
12 months or longer Unrealized Losses		$ 0

INVESTMENTS - Commercial Mortga

INVESTMENTS - Commercial Mortgage and Other Loans by Portfolio Segment (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Commercial Mortgage and Other Loans
Gross commercial mortgage and other loans	$ 8,319	$ 6,946
Valuation allowance	(35)	(27)
Commercial mortgage and other loans	8,284	6,919
Transitional real estate loans
Commercial Mortgage and Other Loans
Gross commercial mortgage and other loans	4,853	4,394
Valuation allowance	(19)	(17)
Commercial mortgage loans
Commercial Mortgage and Other Loans
Gross commercial mortgage and other loans	1,387	1,065
Valuation allowance	(2)	(1)
Middle market loans
Commercial Mortgage and Other Loans
Gross commercial mortgage and other loans	2,079	1,487
Valuation allowance	$ (14)	$ (9)

INVESTMENTS - Allowance for Loa

INVESTMENTS - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period			$ (27)
Addition to (release of) allowance for credit losses	$ (5)	$ (5)	(8)	$ (15)
Balance, end of period	(35)		(35)
Commercial mortgage loans
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period			(1)
Addition to (release of) allowance for credit losses			(1)
Balance, end of period	(2)		(2)
Transitional real estate loans
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period			(17)
Addition to (release of) allowance for credit losses			(2)
Balance, end of period	(19)		(19)
Middle market loans
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period			(9)
Addition to (release of) allowance for credit losses			(5)
Balance, end of period	$ (14)		$ (14)

INVESTMENTS - Other Investments

INVESTMENTS - Other Investments (Details) - USD ($) $ in Millions		Sep. 30, 2019	Dec. 31, 2018
Investment Holdings [Line Items]
Other investments		$ 1,507	$ 787
Policy loans
Investment Holdings [Line Items]
Other investments		250	232
Short-term investments
Investment Holdings [Line Items]
Other investments	[1]	722	152
Limited partnerships
Investment Holdings [Line Items]
Other investments		505	377
Other
Investment Holdings [Line Items]
Other investments		$ 30	$ 26
[1]	Includes securities lending collateral

INVESTMENTS - Investments in Co

INVESTMENTS - Investments in Consolidated Variable Interest Entities (Detail) - USD ($) $ in Millions		Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Available for sale, fixed maturity securities, amortized cost		$ 81,474	$ 76,856
Available for sale, fixed maturity securities		93,940	82,895
Equity securities		830	987
Commercial mortgage and other loans		8,284	6,919
Commercial mortgage and other loans, fair value		8,360	6,893
Other investments		1,507	787
Asset derivatives		411	417
Assets, fair value		100,119	88,788
Liability derivatives		403	387
Liabilities		124,699	116,944
Liabilities, fair value		403	387
Variable Interest Entity, Consolidated
Variable Interest Entity [Line Items]
Available for sale, fixed maturity securities, amortized cost		3,594	3,849
Available for sale, fixed maturity securities		4,562	4,466
Equity securities, FV-NI, cost		0	160
Equity securities		0	160
Commercial mortgage and other loans		6,813	5,528
Commercial mortgage and other loans, fair value		6,868	5,506
Other investments	[1]	439	328
Other investments, fair value	[1]	439	328
Asset derivatives, amortized cost	[2]	147	182
Asset derivatives	[2]	147	182
Assets, amortized cost		10,993	10,047
Assets, fair value		12,016	10,642
Liability derivatives, amortized cost	[2]	139	102
Liability derivatives	[2]	139	102
Liabilities		139	102
Liabilities, fair value		$ 139	$ 102
[1]	Consists entirely of alternative investments in limited partnerships
[2]	Consists entirely of derivatives

INVESTMENTS - Investments in Va

INVESTMENTS - Investments in Variable Interest Entities Not Consolidated (Details) - USD ($) $ in Millions		Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Available for sale, fixed maturity securities, amortized cost		$ 81,474	$ 76,856
Available for sale, fixed maturity securities		93,940	82,895
Securities held to maturity, fixed maturities, amortized cost		30,733	30,318
Held to maturity, fixed maturity securities, fair value		38,822	36,722
Other investments		1,507	787
Assets, fair value		100,119	88,788
Variable Interest Entity, Not Consolidated
Variable Interest Entity [Line Items]
Available for sale, fixed maturity securities, amortized cost		4,289	4,575
Available for sale, fixed maturity securities		5,027	4,982
Securities held to maturity, fixed maturities, amortized cost		2,016	2,007
Held to maturity, fixed maturity securities, fair value		2,385	2,254
Other investments	[1]	66	49
Other investments, fair value	[1]	66	49
Assets, amortized cost		6,371	6,631
Assets, fair value		$ 7,478	$ 7,285
[1]	Consists entirely of alternative investments in limited partnerships

INVESTMENTS - Securities Lendin

INVESTMENTS - Securities Lending Transactions Accounted for as Secured Borrowings (Details) - USD ($) $ in Millions		Sep. 30, 2019	Dec. 31, 2018
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		$ 6,162	$ 2,242
Gross amount of recognized liabilities for securities lending		2,189	1,052
Amounts related to agreements not included in offsetting disclosure in Note 4		3,973	1,190
Japan government and agencies
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		5,149	1,577
Municipalities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred			5
Public utilities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		44	27
Banks/financial institutions
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		73	74
Other corporate
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		887	549
Equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		9	10
Maturity Overnight and Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred	[1]	1,013	665
Maturity Overnight and Continuous | Japan government and agencies
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred	[1]	0	0
Maturity Overnight and Continuous | Municipalities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred	[1]		5
Maturity Overnight and Continuous | Public utilities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred	[1]	44	27
Maturity Overnight and Continuous | Banks/financial institutions
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred	[1]	73	74
Maturity Overnight and Continuous | Other corporate
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred	[1]	887	549
Maturity Overnight and Continuous | Equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred	[1]	9	10
Maturity up to 30 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		1,176	387
Maturity up to 30 Days | Japan government and agencies
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		1,176	387
Maturity up to 30 Days | Municipalities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred			0
Maturity up to 30 Days | Public utilities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		0	0
Maturity up to 30 Days | Banks/financial institutions
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		0	0
Maturity up to 30 Days | Other corporate
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		0	0
Maturity up to 30 Days | Equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		0	0
Maturity Greater than 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		3,973	1,190
Maturity Greater than 90 Days | Japan government and agencies
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		3,973	1,190
Maturity Greater than 90 Days | Municipalities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred			0
Maturity Greater than 90 Days | Public utilities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		0	0
Maturity Greater than 90 Days | Banks/financial institutions
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		0	0
Maturity Greater than 90 Days | Other corporate
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		0	0
Maturity Greater than 90 Days | Equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred		$ 0	$ 0
[1]	The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous

INVESTMENTS - Additional Inform

INVESTMENTS - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)investment	Sep. 30, 2018investment	Sep. 30, 2019USD ($)investment	Sep. 30, 2018investment	Dec. 31, 2018USD ($)
Schedule of Investments [Line Items]
Held to maturity securities transferred to available for sale securities, number of investments | investment	0	0	0	0
Equity securities, FV-NI, unrealized gain (loss)	$ 21		$ 38
Transitional real estate loan commitments	1,300		1,300
Commercial mortgage loan commitments	293		293
Middle market loan program unfunded amount	36		36		$ 56
Middle market loan commitments	447		447
Limited partnerships investment commitments	$ 1,700		1,700
Specific loan loss reserves			$ 2		$ 0
Percentage that the lending policy requires that the fair value of the securities received as collateral be of the fair value of the loaned securities	102.00%		102.00%
Percentage that the lending policy requires that the fair value of the unrestricted cash received as collateral be of the fair value of the loaned securities	100.00%		100.00%

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Detail) $ in Millions	Sep. 30, 2019USD ($)counterparties	Dec. 31, 2018USD ($)
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Cash flow hedging activity, maximum time period	7
Number of counterparties | counterparties	16
Number of counterparties that comprise majority of aggregate notional amount of swaps | counterparties	3
Percentage of notional amount of swaps from certain number of counterparties	54.00%
Derivative, net liability position, aggregate fair value	$ 91	$ 139
Additional collateral, aggregate fair value	6
4.00% senior notes due February 2022
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Debt instrument, principal amount	350
3.625% senior notes due June 2023
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Debt instrument, principal amount	700
3.625% senior notes due November 2024
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Debt instrument, principal amount	750
3.25% senior notes due March 2025
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Debt instrument, principal amount	$ 450

DERIVATIVE INSTRUMENTS - Summar

DERIVATIVE INSTRUMENTS - Summary of Balance Sheet Classification of Derivative Fair Value Amounts, as well as Gross Asset and Liability Fair Value Amounts (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	$ 49,815	$ 38,355
Derivative asset, fair value, gross asset including not subject to master netting arrangement	411	417
Derivative liability, fair value, gross liability including not subject to master netting arrangement	403	387
Asset derivatives fair value	264	234
Liability derivatives fair value	264	285
Cash flow hedges
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	75	75
Asset derivatives fair value	0	1
Liability derivatives fair value	7	4
Cash flow hedges | Foreign currency swaps | Variable Interest Entity
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	75	75
Asset derivatives fair value	0	1
Liability derivatives fair value	7	4
Fair value hedges
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	14,654	11,656
Asset derivatives fair value	16	3
Liability derivatives fair value	65	36
Fair value hedges | Foreign currency forwards
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	2,568	2,086
Asset derivatives fair value	16	0
Liability derivatives fair value	58	34
Fair value hedges | Foreign currency options
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	11,843	9,070
Asset derivatives fair value	0	3
Liability derivatives fair value	7	1
Fair value hedges | Interest rate swaptions
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	243	500
Asset derivatives fair value	0	0
Liability derivatives fair value	0	1
Net investment hedge
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	5,497	0
Asset derivatives fair value	31	0
Liability derivatives fair value	9	0
Net investment hedge | Foreign currency forwards
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	3,497	0
Asset derivatives fair value	30	0
Liability derivatives fair value	9	0
Net investment hedge | Foreign currency options
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	2,000	0
Asset derivatives fair value	1	0
Liability derivatives fair value	0	0
Non-qualifying strategies
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	29,589	26,624
Asset derivatives fair value	364	413
Liability derivatives fair value	322	347
Non-qualifying strategies | Foreign currency swaps | Variable Interest Entity
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	2,587	2,587
Asset derivatives fair value	147	181
Liability derivatives fair value	132	101
Non-qualifying strategies | Foreign currency swaps | Consolidated Entity Excluding Variable Interest Entities (VIE)
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	2,800	2,800
Asset derivatives fair value	80	103
Liability derivatives fair value	88	129
Non-qualifying strategies | Foreign currency forwards
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	15,919	16,057
Asset derivatives fair value	124	126
Liability derivatives fair value	101	117
Non-qualifying strategies | Foreign currency options
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	856	430
Asset derivatives fair value	0	0
Liability derivatives fair value	1	0
Non-qualifying strategies | Interest rate swaptions
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	7	0
Asset derivatives fair value	0	0
Liability derivatives fair value	0	0
Non-qualifying strategies | Interest rate swaps
Derivatives, Fair Value [Line Items]
Net derivatives notional amount	7,420	4,750
Asset derivatives fair value	13	3
Liability derivatives fair value	$ 0	$ 0

DERIVATIVE INSTRUMENTS - Gains

DERIVATIVE INSTRUMENTS - Gains (Losses) Recognized on Fair Value Hedging Relationships (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) recognized for derivatives		$ (30)	$ (113)	$ (22)	$ 83
Gains (losses) on derivatives excluded from effectiveness testing	[1]	(35)	(26)	(66)	(98)
Gains (losses) on derivatives included in effectiveness testing	[2]	5	(87)	44	181
Gains (losses) recognized for hedged items	[2]	(4)	83	(43)	(195)
Net realized gains (losses) recognized for fair value hedge		1	(4)	1	(14)
Fixed maturity securities | Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) recognized for derivatives		(19)	(106)	(4)	93
Gains (losses) on derivatives excluded from effectiveness testing	[1]	(24)	(19)	(48)	(88)
Gains (losses) on derivatives included in effectiveness testing	[2]	5	(87)	44	181
Gains (losses) recognized for hedged items	[2]	(4)	83	(43)	(195)
Net realized gains (losses) recognized for fair value hedge		1	(4)	1	(14)
Fixed maturity securities | Foreign currency options
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) recognized for derivatives		(5)	(7)	(9)	(10)
Gains (losses) on derivatives excluded from effectiveness testing	[1]	(5)	(7)	(9)	(10)
Gains (losses) on derivatives included in effectiveness testing	[2]	0	0	0	0
Gains (losses) recognized for hedged items	[2]	0	0	0	0
Net realized gains (losses) recognized for fair value hedge		0	$ 0	0	$ 0
Fixed maturity securities | Interest rate swaptions
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) recognized for derivatives		(6)		(9)
Gains (losses) on derivatives excluded from effectiveness testing	[1]	(6)		(9)
Gains (losses) on derivatives included in effectiveness testing	[2]	0		0
Gains (losses) recognized for hedged items	[2]	0		0
Net realized gains (losses) recognized for fair value hedge		$ 0		$ 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 statement of earnings as realized 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 statement of earnings as realized 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 realized investment gains and losses consistent with the impact of the hedged item. For the three-month and nine -month periods ended September 30, 2019 , gains and losses included in the hedge assessment on interest rate swaptions and related hedged items were immaterial.

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Interest Rate Fair Value Hedges Hedged Items (Details) - USD ($) $ in Millions		Sep. 30, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount of Derivatives		$ 49,815	$ 38,355
Fair value hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount of Derivatives		14,654	11,656
Interest rate swaptions | Fair value hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount of Derivatives		243	500
Fixed maturity securities | Interest rate swaptions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of Hedged Assets/ (Liabilities)	[1]	4,833	6,593
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities)		$ 262	$ 294
[1]	The balance includes hedging adjustment on discontinued hedging relationships of $262 in 2019 and $294 in 2018.

DERIVATIVE INSTRUMENTS - Deriva

DERIVATIVE INSTRUMENTS - Derivatives and Hedging Instruments Gain (Loss) Summary (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net	[1]	$ (1)	$ 0	$ (3)	$ 0
Unrealized foreign currency translation gains (losses) during period		(22)	(383)	393	(51)
Derivative gains (losses)		(146)	(162)	(24)	(190)
Derivative and non-derivative hedging instruments gain (loss) recognized in other comprehensive income effective portion before tax	[2]	13	34	(45)	1
Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net	[1]	(1)	0	(2)	0
Net realized investment gains (losses) recognized in income on derivative (ineffective portion)	[3]	(1)	0	(1)	1
Gain (loss) recognized in other comprehensive income on derivative (effective portion)	[2]	(2)	(2)	(4)	2
Cash flow hedges | Foreign currency swaps | Variable Interest Entity
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net	[1]	(1)	0	(2)	0
Net realized investment gains (losses) recognized in income on derivative (ineffective portion)		(1)	0	(1)	1
Gain (loss) recognized in other comprehensive income on derivative (effective portion)	[2]	(2)	(2)	(4)	2
Fair value hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net	[1]	0	0	(1)	0
Net realized investment gains (losses) recognized in income on derivative (ineffective portion)		(28)	(30)	(56)	(112)
Gain (loss) recognized in other comprehensive income on derivative (effective portion)	[2]	(6)	0	(8)	0
Fair value hedges | Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Net realized investment gains (losses) recognized in income on derivative (ineffective portion)	[4]	(23)	(23)	(47)	(102)
Fair value hedges | Foreign currency options
Derivative Instruments, Gain (Loss) [Line Items]
Net realized investment gains (losses) recognized in income on derivative (ineffective portion)	[4]	(5)	(7)	(9)	(10)
Fair value hedges | Interest rate swaptions
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net	[1],[4]	0	0	(1)	0
Net realized investment gains (losses) recognized in income on derivative (ineffective portion)	[4]	0	0	0	0
Gain (loss) recognized in other comprehensive income on derivative (effective portion)	[2],[4]	(6)	0	(8)	0
Net investment hedge
Derivative Instruments, Gain (Loss) [Line Items]
Net realized investment gains (losses) recognized in income on derivative (ineffective portion)		17	0	17	0
Unrealized foreign currency translation gains (losses) during period	[2]	21	36	(33)	(1)
Net investment hedge | Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Net realized investment gains (losses) recognized in income on derivative (ineffective portion)		20	0	20	0
Unrealized foreign currency translation gains (losses) during period	[2]	19	0	19	0
Net investment hedge | Foreign currency options
Derivative Instruments, Gain (Loss) [Line Items]
Net realized investment gains (losses) recognized in income on derivative (ineffective portion)		(3)	0	(3)	0
Unrealized foreign currency translation gains (losses) during period	[2]	0	0	0	(8)
Net investment hedge | Non-derivative hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Net realized investment gains (losses) recognized in income on derivative (ineffective portion)		0	0	0	0
Unrealized foreign currency translation gains (losses) during period	[2]	2	36	(52)	7
Non-qualifying strategies
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net		(134)	(132)	16	(79)
Non-qualifying strategies | Foreign currency swaps | Variable Interest Entity
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net		(93)	(16)	(96)	73
Non-qualifying strategies | Foreign currency swaps | Consolidated Entity Excluding Variable Interest Entities (VIE)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net		27	39	71	(22)
Non-qualifying strategies | Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net		(70)	(154)	23	(129)
Non-qualifying strategies | Foreign currency options
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net		0	0	0	0
Non-qualifying strategies | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net		$ 2	$ (1)	$ 18	$ (1)
[1]	Net investment income (loss) includes net interest on swaps, amortization of the time value of terminated interest rate swaptions and amortization of premium of outstanding interest rate swaptions.
[2]	Cash flow hedge items and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges are recorded as unrealized gains (losses) on derivatives and net investment hedge items are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss).
[3]	Impact of cash flow hedges reported as realized investment gains (losses) includes an immaterial amount of gains or losses reclassified from accumulated other comprehensive income (loss) into earnings. It also includes an immaterial amount excluded from effectiveness testing during the nine -month periods ended September 30, 2019 and 2018 , respectively.
[4]	Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail)

DERIVATIVE INSTRUMENTS - Offset

DERIVATIVE INSTRUMENTS - Offsetting of Financial Assets and Derivative Assets (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Offsetting Assets [Line Items]
Gross amount of recognized derivative assets	$ 264	$ 234
Gross amount of liabilities offset in balance sheet	0	0
Net amount of derivative assets presented in balance sheet	264	234
Financial instruments, amount not offset	(161)	(152)
Derivative, collateral, obligation to return securities	(24)	(23)
Derivative, collateral, obligation to return cash	(58)	(58)
Derivative asset, fair value, amount offset against collateral, subject to master netting agreement	21	1
Derivative asset, not subject to master netting arrangement	147	183
Derivative asset, fair value, amount offset against collateral, not subject to master netting agreement	147	183
Derivative asset, fair value, gross asset including not subject to master netting arrangement	411	417
Net amount of derivative assets presented in balance sheet	411	417
Derivative asset, fair value, amount offset against collateral	168	184
Gross amounts of recognized financial instruments	2,566	1,446
Gross amounts offset in balance sheet	0	0
Net amounts of assets presented in balance sheet	2,566	1,446
Carrying value of financial instruments not offset in balance sheet	(161)	(152)
Securities collateral, not offset in balance sheet	(24)	(23)
Cash collateral, not offset in balance sheet	(2,213)	(1,087)
Financial instruments, amount of assets offset against collateral	168	184
Over the Counter - Bilateral
Offsetting Assets [Line Items]
Gross amount of recognized derivative assets	251	231
Gross amount of liabilities offset in balance sheet	0	0
Net amount of derivative assets presented in balance sheet	251	231
Financial instruments, amount not offset	(161)	(152)
Derivative, collateral, obligation to return securities	(24)	(23)
Derivative, collateral, obligation to return cash	(54)	(55)
Derivative asset, fair value, amount offset against collateral, subject to master netting agreement	12	1
Derivative asset, not subject to master netting arrangement	147	183
Derivative asset, fair value, amount offset against collateral, not subject to master netting agreement	147	183
Other the Counter - Cleared
Offsetting Assets [Line Items]
Gross amount of recognized derivative assets	13	3
Gross amount of liabilities offset in balance sheet	0	0
Net amount of derivative assets presented in balance sheet	13	3
Financial instruments, amount not offset	0	0
Derivative, collateral, obligation to return securities	0	0
Derivative, collateral, obligation to return cash	(4)	(3)
Derivative asset, fair value, amount offset against collateral, subject to master netting agreement	9	0
Securities Lending and Similar Arrangements
Offsetting Assets [Line Items]
Gross amounts of recognized financial instruments	2,155	1,029
Gross amounts offset in balance sheet	0	0
Net amounts of assets presented in balance sheet	2,155	1,029
Carrying value of financial instruments not offset in balance sheet	0	0
Securities collateral, not offset in balance sheet	0	0
Cash collateral, not offset in balance sheet	(2,155)	(1,029)
Financial instruments, amount of assets offset against collateral	$ 0	$ 0

DERIVATIVE INSTRUMENTS - Offs_2

DERIVATIVE INSTRUMENTS - Offsetting of Financial Liabilities and Derivative Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Offsetting Liabilities [Line Items]
Gross amount of recognized derivative liabilities	$ 264	$ 285
Gross amount of assets offset in balance sheet	0	0
Derivative liability, fair value, amount not offset against collateral	264	285
Financial instruments, amount not offset	(161)	(152)
Derivative, collateral, right to reclaim securities	(50)	(37)
Derivative, collateral, right to reclaim cash	(47)	(68)
Derivative liability, fair value, amount offset against collateral, subject to master netting agreement	6	28
Derivative liability, not subject to master netting arrangement	139	102
Derivative liability, fair value, amount offset against collateral, not subject to master netting agreement	139	102
Derivative liability, fair value, gross liability including not subject to master netting arrangement	403	387
Net amount of derivative liabilities presented in balance sheet	403	387
Derivative liability, fair value, amount offset against collateral	145	130
Gross Amounts of Recognized Financial Instruments, Offsetting Liabilities	2,592	1,439
Gross Amounts Offset in Statement of Financial Position, Offsetting Liabilities	0	0
Net Amounts of Financial Instruments Presented in Balance Sheet, Offsetting Liabilities	2,592	1,439
Carrying value of financial instruments, liabilities not offset in balance sheet	(2,316)	(1,181)
Securities Collateral, Liabilities Not Offset in Balance Sheet	(50)	(37)
Cash Collateral, Liabilities Not Offset in Balance Sheet	(47)	(68)
Financial instruments, amount of liabilities offset against collateral	179	153
Over the Counter - Bilateral
Offsetting Liabilities [Line Items]
Gross amount of recognized derivative liabilities	264	285
Gross amount of assets offset in balance sheet	0	0
Derivative liability, fair value, amount not offset against collateral	264	285
Financial instruments, amount not offset	(161)	(152)
Derivative, collateral, right to reclaim securities	(50)	(37)
Derivative, collateral, right to reclaim cash	(47)	(68)
Derivative liability, fair value, amount offset against collateral, subject to master netting agreement	6	28
Derivative liability, not subject to master netting arrangement	139	102
Derivative liability, fair value, amount offset against collateral, not subject to master netting agreement	139	102
Securities Lending and Similar Arrangements
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Financial Instruments, Offsetting Liabilities	2,189	1,052
Gross Amounts Offset in Statement of Financial Position, Offsetting Liabilities	0	0
Net Amounts of Financial Instruments Presented in Balance Sheet, Offsetting Liabilities	2,189	1,052
Carrying value of financial instruments, liabilities not offset in balance sheet	(2,155)	(1,029)
Securities Collateral, Liabilities Not Offset in Balance Sheet	0	0
Cash Collateral, Liabilities Not Offset in Balance Sheet	0	0
Financial instruments, amount of liabilities offset against collateral	$ 34	$ 23

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Assets:
Available for sale, fixed maturity securities	$ 93,940	$ 82,895
Equity securities	830	987
Other investments	722	152
Cash and cash equivalents	4,216	4,337
Asset derivatives	411	417
Total assets	100,119	88,788
Liabilities:
Liability derivatives	403	387
Total liabilities	403	387
Foreign currency swaps
Assets:
Asset derivatives	227	285
Liabilities:
Liability derivatives	227	234
Foreign currency forwards
Assets:
Asset derivatives	170	126
Liabilities:
Liability derivatives	168	151
Foreign currency options
Assets:
Asset derivatives	1	3
Liabilities:
Liability derivatives	8	1
Interest rate swaps
Assets:
Asset derivatives	13	3
Interest rate swaptions
Liabilities:
Liability derivatives		1
Government and agencies
Assets:
Available for sale, fixed maturity securities	38,296	34,342
Municipalities
Assets:
Available for sale, fixed maturity securities	1,898	1,863
Mortgage- and asset-backed securities
Assets:
Available for sale, fixed maturity securities	409	339
Public utilities
Assets:
Available for sale, fixed maturity securities	6,950	7,171
Sovereign and supranational
Assets:
Available for sale, fixed maturity securities	1,084	1,260
Banks/financial institutions
Assets:
Available for sale, fixed maturity securities	10,644	8,918
Other corporate
Assets:
Available for sale, fixed maturity securities	34,659	29,002
Level 1
Assets:
Available for sale, fixed maturity securities	36,705	32,993
Equity securities	677	874
Other investments	722	152
Cash and cash equivalents	4,216	4,337
Asset derivatives	0	0
Total assets	42,320	38,356
Liabilities:
Total liabilities	0	0
Level 1 | Foreign currency swaps
Assets:
Asset derivatives	0	0
Liabilities:
Liability derivatives	0	0
Level 1 | Foreign currency forwards
Assets:
Asset derivatives	0	0
Liabilities:
Liability derivatives	0	0
Level 1 | Foreign currency options
Assets:
Asset derivatives	0	0
Liabilities:
Liability derivatives	0	0
Level 1 | Interest rate swaps
Assets:
Asset derivatives	0	0
Level 1 | Interest rate swaptions
Liabilities:
Liability derivatives		0
Level 1 | Government and agencies
Assets:
Available for sale, fixed maturity securities	36,705	32,993
Level 1 | Municipalities
Assets:
Available for sale, fixed maturity securities	0	0
Level 1 | Mortgage- and asset-backed securities
Assets:
Available for sale, fixed maturity securities	0	0
Level 1 | Public utilities
Assets:
Available for sale, fixed maturity securities	0	0
Level 1 | Sovereign and supranational
Assets:
Available for sale, fixed maturity securities	0	0
Level 1 | Banks/financial institutions
Assets:
Available for sale, fixed maturity securities	0	0
Level 1 | Other corporate
Assets:
Available for sale, fixed maturity securities	0	0
Level 2
Assets:
Available for sale, fixed maturity securities	56,599	49,380
Equity securities	74	67
Other investments	0	0
Cash and cash equivalents	0	0
Asset derivatives	264	235
Total assets	56,937	49,682
Liabilities:
Total liabilities	264	285
Level 2 | Foreign currency swaps
Assets:
Asset derivatives	80	103
Liabilities:
Liability derivatives	88	132
Level 2 | Foreign currency forwards
Assets:
Asset derivatives	170	126
Liabilities:
Liability derivatives	168	151
Level 2 | Foreign currency options
Assets:
Asset derivatives	1	3
Liabilities:
Liability derivatives	8	1
Level 2 | Interest rate swaps
Assets:
Asset derivatives	13	3
Level 2 | Interest rate swaptions
Liabilities:
Liability derivatives		1
Level 2 | Government and agencies
Assets:
Available for sale, fixed maturity securities	1,591	1,349
Level 2 | Municipalities
Assets:
Available for sale, fixed maturity securities	1,898	1,863
Level 2 | Mortgage- and asset-backed securities
Assets:
Available for sale, fixed maturity securities	226	162
Level 2 | Public utilities
Assets:
Available for sale, fixed maturity securities	6,744	7,062
Level 2 | Sovereign and supranational
Assets:
Available for sale, fixed maturity securities	1,084	1,260
Level 2 | Banks/financial institutions
Assets:
Available for sale, fixed maturity securities	10,621	8,895
Level 2 | Other corporate
Assets:
Available for sale, fixed maturity securities	34,435	28,789
Level 3
Assets:
Available for sale, fixed maturity securities	636	522
Equity securities	79	46
Other investments	0	0
Cash and cash equivalents	0	0
Asset derivatives	147	182
Total assets	862	750
Liabilities:
Total liabilities	139	102
Level 3 | Foreign currency swaps
Assets:
Asset derivatives	147	182
Liabilities:
Liability derivatives	139	102
Level 3 | Foreign currency forwards
Assets:
Asset derivatives	0	0
Liabilities:
Liability derivatives	0	0
Level 3 | Foreign currency options
Assets:
Asset derivatives	0	0
Liabilities:
Liability derivatives	0	0
Level 3 | Interest rate swaps
Assets:
Asset derivatives	0	0
Level 3 | Interest rate swaptions
Liabilities:
Liability derivatives		0
Level 3 | Government and agencies
Assets:
Available for sale, fixed maturity securities	0	0
Level 3 | Municipalities
Assets:
Available for sale, fixed maturity securities	0	0
Level 3 | Mortgage- and asset-backed securities
Assets:
Available for sale, fixed maturity securities	183	177
Level 3 | Public utilities
Assets:
Available for sale, fixed maturity securities	206	109
Level 3 | Sovereign and supranational
Assets:
Available for sale, fixed maturity securities	0	0
Level 3 | Banks/financial institutions
Assets:
Available for sale, fixed maturity securities	23	23
Level 3 | Other corporate
Assets:
Available for sale, fixed maturity securities	$ 224	$ 213

FAIR VALUE MEASUREMENTS - Fai_2

FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost (Details) - USD ($) $ in Millions	Sep. 30, 2019		Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 1,507		$ 787
Assets:
Securities held to maturity, fixed maturities, amortized cost	30,733		30,318
Held to maturity, fixed maturity securities, fair value	38,822		36,722
Commercial mortgage and other loans	8,284		6,919
Commercial mortgage and other loans, fair value	8,360		6,893
Other investments carried at amortized cost	30	[1]	26	[2]
Other investments carried at amortized cost, fair value	30	[1]	26	[2]
Total financial instruments assets not carried at fair value	39,047		37,263
Assets fair value disclosure financial instruments carried at cost	47,212		43,641
Liabilities:
Other policyholders’ funds	7,421		7,146
Other policyholders' funds fair value disclosure	7,341		7,067
Notes payable	6,095		5,765
Notes payable, fair value disclosure	6,132		5,876
Total financial instrument liabilities not carried at fair value	13,516		12,911
Liabilities fair value disclosure financial instruments carried at cost	13,473		12,943
Government and agencies
Assets:
Securities held to maturity, fixed maturities, amortized cost	22,581		21,712
Held to maturity, fixed maturity securities, fair value	29,234		27,038
Municipalities
Assets:
Securities held to maturity, fixed maturities, amortized cost	835		359
Held to maturity, fixed maturity securities, fair value	1,114		469
Mortgage- and asset-backed securities
Assets:
Securities held to maturity, fixed maturities, amortized cost	18		14
Held to maturity, fixed maturity securities, fair value	19		15
Public utilities
Assets:
Securities held to maturity, fixed maturities, amortized cost	2,573		2,727
Held to maturity, fixed maturity securities, fair value	2,967		2,973
Sovereign and supranational
Assets:
Securities held to maturity, fixed maturities, amortized cost	1,187		1,551
Held to maturity, fixed maturity securities, fair value	1,384		1,840
Banks/financial institutions
Assets:
Securities held to maturity, fixed maturities, amortized cost	930		1,445
Held to maturity, fixed maturity securities, fair value	1,030		1,583
Other corporate
Assets:
Securities held to maturity, fixed maturities, amortized cost	2,609		2,510
Held to maturity, fixed maturity securities, fair value	3,074		2,804
Policy loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	250		232
Equity method investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	505		377
Level 1
Assets:
Held to maturity, fixed maturity securities, fair value	28,868		27,030
Commercial mortgage and other loans, fair value	0		0
Other investments carried at amortized cost, fair value	0	[1]	0	[2]
Assets fair value disclosure financial instruments carried at cost	28,868		27,030
Liabilities:
Other policyholders' funds fair value disclosure	0		0
Notes payable, fair value disclosure	0		0
Liabilities fair value disclosure financial instruments carried at cost	0		0
Level 1 | Government and agencies
Assets:
Held to maturity, fixed maturity securities, fair value	28,868		27,030
Level 1 | Municipalities
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 1 | Mortgage- and asset-backed securities
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 1 | Public utilities
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 1 | Sovereign and supranational
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 1 | Banks/financial institutions
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 1 | Other corporate
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 2
Assets:
Held to maturity, fixed maturity securities, fair value	9,943		9,677
Commercial mortgage and other loans, fair value	0		0
Other investments carried at amortized cost, fair value	30	[1]	26	[2]
Assets fair value disclosure financial instruments carried at cost	9,973		9,703
Liabilities:
Other policyholders' funds fair value disclosure	0		0
Notes payable, fair value disclosure	5,855		5,606
Liabilities fair value disclosure financial instruments carried at cost	5,855		5,606
Level 2 | Government and agencies
Assets:
Held to maturity, fixed maturity securities, fair value	366		8
Level 2 | Municipalities
Assets:
Held to maturity, fixed maturity securities, fair value	1,114		469
Level 2 | Mortgage- and asset-backed securities
Assets:
Held to maturity, fixed maturity securities, fair value	8		0
Level 2 | Public utilities
Assets:
Held to maturity, fixed maturity securities, fair value	2,967		2,973
Level 2 | Sovereign and supranational
Assets:
Held to maturity, fixed maturity securities, fair value	1,384		1,840
Level 2 | Banks/financial institutions
Assets:
Held to maturity, fixed maturity securities, fair value	1,030		1,583
Level 2 | Other corporate
Assets:
Held to maturity, fixed maturity securities, fair value	3,074		2,804
Level 3
Assets:
Held to maturity, fixed maturity securities, fair value	11		15
Commercial mortgage and other loans, fair value	8,360		6,893
Other investments carried at amortized cost, fair value	0	[1]	0	[2]
Assets fair value disclosure financial instruments carried at cost	8,371		6,908
Liabilities:
Other policyholders' funds fair value disclosure	7,341		7,067
Notes payable, fair value disclosure	277		270
Liabilities fair value disclosure financial instruments carried at cost	7,618		7,337
Level 3 | Government and agencies
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 3 | Municipalities
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 3 | Mortgage- and asset-backed securities
Assets:
Held to maturity, fixed maturity securities, fair value	11		15
Level 3 | Public utilities
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 3 | Sovereign and supranational
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 3 | Banks/financial institutions
Assets:
Held to maturity, fixed maturity securities, fair value	0		0
Level 3 | Other corporate
Assets:
Held to maturity, fixed maturity securities, fair value	$ 0		$ 0
[1]	Excludes policy loans of $250 and equity method investments of $505 , at carrying value
[2]	Excludes policy loans of $232 and equity method investments of $377 , at carrying value

FAIR VALUE MEASUREMENTS - Fai_3

FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets by Pricing Source, Securities Carried at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	$ 93,940	$ 82,895
Equity securities	830	987
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	36,705	32,993
Equity securities	677	874
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	56,599	49,380
Equity securities	74	67
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	636	522
Equity securities	79	46
Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	751	941
Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	677	874
Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	74	67
Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Net asset value valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	79	46
Net asset value valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Net asset value valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Net asset value valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	79	46
Government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	38,296	34,342
Government and agencies | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	36,705	32,993
Government and agencies | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	1,591	1,349
Government and agencies | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Government and agencies | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	38,296	34,342
Government and agencies | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	36,705	32,993
Government and agencies | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	1,591	1,349
Government and agencies | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	1,898	1,863
Municipalities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Municipalities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	1,898	1,863
Municipalities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Municipalities | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	1,898	1,863
Municipalities | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Municipalities | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	1,898	1,863
Municipalities | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Mortgage- and asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	409	339
Mortgage- and asset-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Mortgage- and asset-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	226	162
Mortgage- and asset-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	183	177
Mortgage- and asset-backed securities | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	226	162
Mortgage- and asset-backed securities | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Mortgage- and asset-backed securities | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	226	162
Mortgage- and asset-backed securities | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Mortgage- and asset-backed securities | Consensus pricing valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	183	177
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	183	177
Public utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	6,950	7,171
Public utilities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Public utilities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	6,744	7,062
Public utilities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	206	109
Public utilities | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	6,744	7,062
Public utilities | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Public utilities | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	6,744	7,062
Public utilities | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Public utilities | Discounted cash flow technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	206	109
Public utilities | Discounted cash flow technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Public utilities | Discounted cash flow technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Public utilities | Discounted cash flow technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	206	109
Sovereign and supranational
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	1,084	1,260
Sovereign and supranational | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Sovereign and supranational | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	1,084	1,260
Sovereign and supranational | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Sovereign and supranational | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	1,084	1,260
Sovereign and supranational | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Sovereign and supranational | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	1,084	1,260
Sovereign and supranational | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Banks/financial institutions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	10,644	8,918
Banks/financial institutions | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Banks/financial institutions | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	10,621	8,895
Banks/financial institutions | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	23	23
Banks/financial institutions | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	10,575	8,895
Banks/financial institutions | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Banks/financial institutions | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	10,575	8,895
Banks/financial institutions | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Banks/financial institutions | Consensus pricing valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	69	23
Banks/financial institutions | Consensus pricing valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Banks/financial institutions | Consensus pricing valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	46	0
Banks/financial institutions | Consensus pricing valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	23	23
Other corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	34,659	29,002
Other corporate | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Other corporate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	34,435	28,789
Other corporate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	224	213
Other corporate | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	34,432	28,789
Other corporate | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Other corporate | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	34,432	28,789
Other corporate | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Other corporate | Discounted cash flow technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	227	213
Other corporate | Discounted cash flow technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	0	0
Other corporate | Discounted cash flow technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	3	0
Other corporate | Discounted cash flow technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	$ 224	$ 213

FAIR VALUE MEASUREMENTS - Fai_4

FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets by Pricing Source, Securities Carried at Amortized Cost (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	$ 38,822	$ 36,722
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	28,868	27,030
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	9,943	9,677
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	11	15
Government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	29,234	27,038
Government and agencies | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	28,868	27,030
Government and agencies | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	366	8
Government and agencies | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Government and agencies | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	29,234	27,038
Government and agencies | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	28,868	27,030
Government and agencies | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	366	8
Government and agencies | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	1,114	469
Municipalities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Municipalities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	1,114	469
Municipalities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Municipalities | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	1,114	469
Municipalities | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Municipalities | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	1,114	469
Municipalities | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Mortgage- and asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	19	15
Mortgage- and asset-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Mortgage- and asset-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	8	0
Mortgage- and asset-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	11	15
Mortgage- and asset-backed securities | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	8
Mortgage- and asset-backed securities | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0
Mortgage- and asset-backed securities | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	8
Mortgage- and asset-backed securities | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0
Mortgage- and asset-backed securities | Consensus pricing valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	11	15
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	11	15
Public utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	2,967	2,973
Public utilities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Public utilities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	2,967	2,973
Public utilities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Public utilities | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	2,967	2,973
Public utilities | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Public utilities | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	2,967	2,973
Public utilities | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Sovereign and supranational
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	1,384	1,840
Sovereign and supranational | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Sovereign and supranational | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	1,384	1,840
Sovereign and supranational | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Sovereign and supranational | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	1,384	1,840
Sovereign and supranational | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Sovereign and supranational | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	1,384	1,840
Sovereign and supranational | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Banks/financial institutions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	1,030	1,583
Banks/financial institutions | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Banks/financial institutions | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	1,030	1,583
Banks/financial institutions | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Banks/financial institutions | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	1,030	1,583
Banks/financial institutions | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Banks/financial institutions | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	1,030	1,583
Banks/financial institutions | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Other corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	3,074	2,804
Other corporate | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Other corporate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	3,074	2,804
Other corporate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Other corporate | Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	3,074	2,804
Other corporate | Third party pricing vendor valuation technique | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	0
Other corporate | Third party pricing vendor valuation technique | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	3,074	2,804
Other corporate | Third party pricing vendor valuation technique | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Chang

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, 2019		Sep. 30, 2018	Sep. 30, 2019		Sep. 30, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		$ 769		$ 630	$ 648		$ 453
Realized investment gains (losses) included in earnings		(84)		(20)	(68)		63
Unrealized gains (losses) included in other comprehensive income (loss)		7		(14)	25		(13)
Purchases		33		0	140		96
Issuances		0		0	0		0
Sales		0		0	(2)		0
Settlements		(2)		(1)	(4)		(4)
Transfers into Level 3		1		0	142		0
Transfers out of Level 3		(1)		0	(158)		0
Balance, end of period		723		595	723		595
Change in unrealized gains (losses) still held		(84)		(20)	(68)		63
Foreign currency swaps
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	[1]	94		110	80		22
Realized gains or losses included in earnings	[1]	(84)		(19)	(68)		65
Unrealized gains or losses included in other comprehensive income (loss)	[1]	(2)		(2)	(4)		2
Purchases	[1]	0		0	0		0
Issuances	[1]	0		0	0		0
Sales	[1]	0		0	0		0
Settlements	[1]	0		0	0		0
Transfers into Level 3	[1]	0		0	0		0
Transfers out of Level 3	[1]	0		0	0		0
Balance, end of period	[1]	8		89	8		89
Changes in unrealized gain (losses) still held	[1]	(84)		(19)	(68)		65
Credit default swaps
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	[1]	0		0	0		1
Realized gains or losses included in earnings	[1]	0		0	0		(1)
Unrealized gains or losses included in other comprehensive income (loss)	[1]	0		0	0		0
Purchases	[1]	0		0	0		0
Issuances	[1]	0		0	0		0
Sales	[1]	0		0	0		0
Settlements	[1]	0		0	0		0
Transfers into Level 3	[1]	0		0	0		0
Transfers out of Level 3	[1]	0		0	0		0
Balance, end of period	[1]	0		0	0		0
Changes in unrealized gain (losses) still held	[1]	0		0	0		(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		183		178	177		175
Realized investment gains (losses) included in earnings		0		0	0		0
Unrealized gains (losses) included in other comprehensive income (loss)		0		(6)	6		(3)
Purchases		0		0	0		0
Issuances		0		0	0		0
Sales		0		0	0		0
Settlements		0		0	0		0
Transfers into Level 3		0		0	0		0
Transfers out of Level 3		0		0	0		0
Balance, end of period		183		172	183		172
Change in unrealized gains (losses) still held		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		204		106	109		68
Realized investment gains (losses) included in earnings		0		0	0		0
Unrealized gains (losses) included in other comprehensive income (loss)		4		(2)	10		(4)
Purchases		0		0	0		40
Issuances		0		0	0		0
Sales		0		0	0		0
Settlements		(2)		0	(4)		0
Transfers into Level 3		0		0	116	[2]	0
Transfers out of Level 3		0		0	(25)	[2]	0
Balance, end of period		206		104	206		104
Change in unrealized gains (losses) still held		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		24		23	23		25
Realized investment gains (losses) included in earnings		0		0	0		0
Unrealized gains (losses) included in other comprehensive income (loss)		0		0	1		(2)
Purchases		0		0	0		0
Issuances		0		0	0		0
Sales		0		0	0		0
Settlements		0		0	0		0
Transfers into Level 3		0		0	0		0
Transfers out of Level 3		(1)	[2]	0	(1)		0
Balance, end of period		23		23	23		23
Change in unrealized gains (losses) still held		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		199		196	213		146
Realized investment gains (losses) included in earnings		0		0	0		0
Unrealized gains (losses) included in other comprehensive income (loss)		5		(4)	12		(6)
Purchases		19		0	107		55
Issuances		0		0	0		0
Sales		0		0	(2)		0
Settlements		0		(1)	0		(4)
Transfers into Level 3		1	[2]	0	26	[2]	0
Transfers out of Level 3		0		0	(132)	[2],[3]	0
Balance, end of period		224		191	224		191
Change in unrealized gains (losses) still held		0		0	0		0
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		65		17	46		16
Realized investment gains (losses) included in earnings		0		(1)	0		(1)
Unrealized gains (losses) included in other comprehensive income (loss)		0		0	0		0
Purchases		14		0	33		1
Issuances		0		0	0		0
Sales		0		0	0		0
Settlements		0		0	0		0
Transfers into Level 3		0		0	0		0
Transfers out of Level 3		0		0	0		0
Balance, end of period		79		16	79		16
Change in unrealized gains (losses) still held		$ 0		$ (1)	$ 0		$ (1)
[1]	Derivative assets and liabilities are presented net
[2]	Transfer due to sector classification change
[3]	Transfer due to availability of observable market inputs

FAIR VALUE MEASUREMENTS - Fai_5

FAIR VALUE MEASUREMENTS - Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Millions		Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 93,940	$ 82,895
Equity securities		830	987
Asset derivatives		411	417
Liability derivatives		403	387
Assets, fair value		100,119	88,788
Liabilities, fair value		403	387
Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		636	522
Equity securities		79	46
Asset derivatives		147	182
Assets, fair value		862	750
Liabilities, fair value		139	102
Net asset value valuation technique
Fair Value Measurement Inputs and Valuation Techniques
Equity securities		79	46
Net asset value valuation technique | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Equity securities		79	46
Foreign currency swaps
Fair Value Measurement Inputs and Valuation Techniques
Asset derivatives		227	285
Liability derivatives		227	234
Foreign currency swaps | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Asset derivatives		147	182
Liability derivatives		139	102
Foreign currency swaps | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY) and CDS Spreads | Discounted cash flow technique | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Asset derivatives		81	125
Liability derivatives		132	98
Foreign currency swaps | Fair Value, Unobservable Input, Interest Rates (USD) and Interest Rates (JPY) | Discounted cash flow technique | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Asset derivatives		66	57
Liability derivatives		$ 7	$ 4
Foreign currency swaps | Credit Spread | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY) and CDS Spreads | Lower Limit | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Derivative asset, measurement input		0.0012	0.0019
Derivative liability, measurement input		0.0022	0.0028
Foreign currency swaps | Credit Spread | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY) and CDS Spreads | Upper Limit | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Derivative asset, measurement input		0.0106	0.0120
Derivative liability, measurement input		0.0176	0.0211
Dollar-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 38,890	$ 33,995
Equity securities		$ 202	$ 346
Dollar-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY) and CDS Spreads | Lower Limit | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Derivative asset, measurement input	[1]	0.0143	0.0275
Derivative liability, measurement input	[1]	0.0143	0.0275
Dollar-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY) and CDS Spreads | Upper Limit | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Derivative asset, measurement input	[1]	0.0163	0.0284
Derivative liability, measurement input	[1]	0.0163	0.0284
Dollar-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD) and Interest Rates (JPY) | Lower Limit | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Derivative asset, measurement input	[1]	0.0143	0.0275
Derivative liability, measurement input	[1]	0.0143	0.0275
Dollar-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD) and Interest Rates (JPY) | Upper Limit | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Derivative asset, measurement input	[1]	0.0163	0.0284
Derivative liability, measurement input	[1]	0.0163	0.0284
Yen-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 55,050	$ 48,900
Equity securities		$ 628	$ 641
Yen-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY) and CDS Spreads | Lower Limit | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Derivative asset, measurement input	[2]	(0.0003)	0.0018
Derivative liability, measurement input	[2]	(0.0003)	0.0018
Yen-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD), Interest Rates (JPY) and CDS Spreads | Upper Limit | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Derivative asset, measurement input	[2]	0.0032	0.0071
Derivative liability, measurement input	[2]	0.0032	0.0071
Yen-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD) and Interest Rates (JPY) | Lower Limit | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Derivative asset, measurement input	[2]	(0.0003)	0.0018
Derivative liability, measurement input	[2]	(0.0003)	0.0018
Yen-denominated | Foreign currency swaps | Discount Rate | Fair Value, Unobservable Input, Interest Rates (USD) and Interest Rates (JPY) | Upper Limit | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Derivative asset, measurement input	[2]	0.0032	0.0071
Derivative liability, measurement input	[2]	0.0032	0.0071
Mortgage- and asset-backed securities
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 409	$ 339
Mortgage- and asset-backed securities | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		183	177
Mortgage- and asset-backed securities | Consensus pricing valuation technique
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		183	177
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		183	177
Mortgage- and asset-backed securities | Dollar-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		146	162
Mortgage- and asset-backed securities | Yen-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		263	177
Banks/financial institutions
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		10,644	8,918
Banks/financial institutions | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		23	23
Banks/financial institutions | Consensus pricing valuation technique
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		69	23
Banks/financial institutions | Consensus pricing valuation technique | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		23	23
Banks/financial institutions | Dollar-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		3,664	3,214
Banks/financial institutions | Yen-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		6,980	5,704
Public utilities
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		6,950	7,171
Public utilities | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		206	109
Public utilities | Discounted cash flow technique
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		206	109
Public utilities | Discounted cash flow technique | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		206	109
Public utilities | Dollar-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		4,691	5,163
Public utilities | Yen-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		2,259	2,008
Other corporate
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		34,659	29,002
Other corporate | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		224	213
Other corporate | Discounted cash flow technique
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		227	213
Other corporate | Discounted cash flow technique | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		224	213
Other corporate | Dollar-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		28,463	23,545
Other corporate | Yen-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 6,196	$ 5,457
[1]	Inputs derived from U.S. long-term rates to accommodate long maturity nature of the Company's swaps
[2]	Inputs derived from Japan long-term rates to accommodate long maturity nature of the Company's swaps

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	$ 0	$ 0
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount	$ 0	$ 0

POLICY LIABILITIES - Changes in

POLICY LIABILITIES - Changes in Liability for Unpaid Policy Claims (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Liability for Unpaid Claims and Claims Expenses
Net balance, beginning of period			$ 4,584
Less claims paid during the period on claims incurred during:
Net balance, end of period	$ 4,741		4,741
Total liability for unpaid policy claims	4,741	$ 4,530	4,741	$ 4,530
Health insurance
Liability for Unpaid Claims and Claims Expenses
Unpaid supplemental health claims, beginning of period	4,024	3,942	3,952	3,881
Less reinsurance recoverables	31	29	28	28
Net balance, beginning of period	3,993	3,913	3,924	3,853
Add claims incurred during the period related to:
Current year	1,806	1,760	5,415	5,381
Prior years	(134)	(131)	(437)	(456)
Total incurred	1,672	1,629	4,978	4,925
Less claims paid during the period on claims incurred during:
Current year	1,421	1,357	3,150	3,109
Prior years	220	217	1,794	1,751
Total paid	1,641	1,574	4,944	4,860
Effect of foreign exchange rate changes on unpaid claims	(3)	(59)	63	(9)
Net balance, end of period	4,021	3,909	4,021	3,909
Add reinsurance recoverables	31	29	31	29
Total liability for unpaid policy claims	4,052	3,938	4,052	3,938
Life insurance
Less claims paid during the period on claims incurred during:
Total liability for unpaid policy claims	$ 689	$ 592	$ 689	$ 592

POLICY LIABILITIES - Additional

POLICY LIABILITIES - Additional Information (Details) - Health insurance - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Liability for Future Policy Benefit, by Product Segment [Line Items]
Prior years claims and claims adjustment expense	$ (134)	$ (131)	$ (437)	$ (456)
Aflac Japan
Liability for Future Policy Benefit, by Product Segment [Line Items]
Prior years claims and claims adjustment expense			$ (310)
Percentage of total prior year claims and claims adjustment expense			71.00%
Liability for unpaid claims and claims adjustment expense, foreign currency translation gain (loss), prior year claims adjustment expense			$ 4
Prior year claims and claims adjustment expense excluding effect of foreign currency			$ (306)
Percentage of total prior year claims and claims adjustment expense excluding effect of foreign currency			70.00%

REINSURANCE - Additional Infor

REINSURANCE - Additional Information (Details) $ in Millions, ¥ in Billions	9 Months Ended
	Sep. 30, 2019JPY (¥)	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Effects of Reinsurance [Line Items]
Percent change in spot yen/dollar exchange rate		2.90%
Percent change in ceded reserves		2.60%
Aflac Japan
Effects of Reinsurance [Line Items]
Committed reinsurance facility | ¥	¥ 110
Aflac Japan | Closed Block
Effects of Reinsurance [Line Items]
Reinsurance deferred profit liability		$ 1,100	$ 1,000
Reinsurance recoverable		$ 990	$ 941

REINSURANCE - Effect of Reinsu

REINSURANCE - Effect of Reinsurance on Premiums and Benefits and Claims (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Effects of Reinsurance [Line Items]
Direct premium income	$ 4,823	$ 4,720	$ 14,365	$ 14,346
Net premium income	4,736	4,636	14,109	14,086
Direct benefits and claims	3,106	3,076	9,185	9,301
Benefits and claims, net	3,027	3,002	8,958	9,075
All other
Effects of Reinsurance [Line Items]
Ceded premiums	(17)	(15)	(50)	(45)
Assumed premiums earned	0	2	4	5
Ceded benefits and claims	(18)	(11)	(41)	(34)
Assumed benefits and claims from other companies	1	0	1	2
Aflac Japan
Effects of Reinsurance [Line Items]
Net premium income	3,241	3,159	9,593	9,649
Aflac Japan | Closed Block
Effects of Reinsurance [Line Items]
Ceded premiums	(121)	(122)	(361)	(378)
Assumed premiums earned	51	51	151	158
Ceded benefits and claims	(111)	(111)	(331)	(343)
Assumed benefits and claims from other companies	49	48	144	149
Intercompany eliminations
Effects of Reinsurance [Line Items]
Ceded benefits and claims	11	10	31	33
Assumed benefits and claims from other companies	$ (11)	$ (10)	$ (31)	$ (33)

NOTES PAYABLE AND LEASE OBLIG_3

NOTES PAYABLE AND LEASE OBLIGATIONS - Additional Information (Details) $ in Millions, ¥ in Billions	Apr. 12, 2019JPY (¥)	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2019JPY (¥)	Dec. 31, 2018JPY (¥)
Debt Instrument [Line Items]
Operating lease, cost | $			$ 14	$ 43
Operating lease, payments | $				42
Lines of credit
Debt Instrument [Line Items]
Debt instrument, debt default, amount | $		$ 0	$ 0	$ 0
Yen-denominated loans
Debt Instrument [Line Items]
Debt instrument, principal amount | ¥					¥ 30
Yen-denominated loan variable interest rate due September 2026
Debt Instrument [Line Items]
Debt instrument, principal amount | ¥					¥ 5	¥ 5
Debt instrument, description of variable rate basis		Tokyo interbank market rate (TIBOR), or alternate TIBOR, if applicable, plus the applicable TIBOR margin
Debt instrument, interest rate		0.32%	0.32%	0.32%	0.32%	0.32%
Yen-denominated loan variable rate due September 2029
Debt Instrument [Line Items]
Debt instrument, principal amount | ¥					¥ 25	¥ 25
Debt instrument, description of variable rate basis		TIBOR, or alternate TIBOR, if applicable, plus the applicable TIBOR margin
Debt instrument, interest rate		0.47%	0.47%	0.47%	0.47%	0.47%
.963% perpetual subordinated bonds callable April 2024
Debt Instrument [Line Items]
Debt instrument, principal amount | ¥	¥ 30				¥ 30
Debt instrument, description of variable rate basis	These bonds bear interest at a fixed rate of .963% per annum and then at six-month Euro Yen LIBOR plus an applicable spread on and after the day immediately following April 18, 2024.
Debt instrument, interest rate	0.963%	0.963%	0.963%	0.963%	0.963%
Notes payable
Debt Instrument [Line Items]
Debt instrument, debt default, amount | $		$ 0	$ 0	$ 0
Lower Limit | Yen-denominated loan variable interest rate due September 2026
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.30%
Lower Limit | Yen-denominated loan variable rate due September 2029
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.45%
Upper Limit | Yen-denominated loan variable interest rate due September 2026
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.70%
Upper Limit | Yen-denominated loan variable rate due September 2029
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%

NOTES PAYABLE AND LEASE OBLIG_4

NOTES PAYABLE AND LEASE OBLIGATIONS - Summary of Notes Payable (Details) - USD ($) $ in Millions		Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Notes payable and lease obligations	[1]	$ 6,233	$ 5,778
Finance lease obligations		13	13
Operating lease obligations	[1]	125	0
4.00% senior notes due February 2022
Debt Instrument [Line Items]
Notes payable and lease obligations		348	348
3.625% senior notes due June 2023
Debt Instrument [Line Items]
Notes payable and lease obligations		698	698
3.625% senior notes due November 2024
Debt Instrument [Line Items]
Notes payable and lease obligations		746	746
3.25% senior notes due March 2025
Debt Instrument [Line Items]
Notes payable and lease obligations		448	447
2.875% senior notes due October 2026
Debt Instrument [Line Items]
Notes payable and lease obligations		298	297
6.90% senior notes due December 2039
Debt Instrument [Line Items]
Notes payable and lease obligations		220	220
6.45% senior notes due August 2040
Debt Instrument [Line Items]
Notes payable and lease obligations		254	254
4.00% senior notes due October 2046
Debt Instrument [Line Items]
Notes payable and lease obligations		394	394
4.750% senior notes due January 2049
Debt Instrument [Line Items]
Notes payable and lease obligations		540	540
.932% senior notes due January 2027
Debt Instrument [Line Items]
Notes payable and lease obligations		553	538
1.159% senior notes due October 2030
Debt Instrument [Line Items]
Notes payable and lease obligations		270	262
1.488% senior notes due October 2033
Debt Instrument [Line Items]
Notes payable and lease obligations		140	136
1.750% senior notes due October 2038
Debt Instrument [Line Items]
Notes payable and lease obligations		82	79
2.108% subordinated notes due October 2047
Debt Instrument [Line Items]
Notes payable and lease obligations		551	536
.963% perpetual subordinated bonds callable April 2024
Debt Instrument [Line Items]
Notes payable and lease obligations		276	0
Yen-denominated loan variable interest rate due September 2026
Debt Instrument [Line Items]
Notes payable and lease obligations		46	45
Yen-denominated loan variable rate due September 2029
Debt Instrument [Line Items]
Notes payable and lease obligations		$ 231	$ 225
[1]	See Note 1 of the Notes to the Consolidated Financial Statements for the adoption of accounting guidance on January 1, 2019 related to leases.

NOTES PAYABLE AND LEASE OBLIG_5

NOTES PAYABLE AND LEASE OBLIGATIONS - Summary of Notes Payable (Parenthetical) (Details) $ in Millions, ¥ in Billions	Sep. 30, 2019USD ($)	Sep. 30, 2019JPY (¥)	Apr. 12, 2019JPY (¥)	Dec. 31, 2018JPY (¥)
4.00% senior notes due February 2022
Debt Instrument [Line Items]
Debt instrument, interest rate	4.00%	4.00%		4.00%
Debt instrument, principal amount | $	$ 350
3.625% senior notes due June 2023
Debt Instrument [Line Items]
Debt instrument, interest rate	3.625%	3.625%		3.625%
Debt instrument, principal amount | $	$ 700
3.625% senior notes due November 2024
Debt Instrument [Line Items]
Debt instrument, interest rate	3.625%	3.625%		3.625%
Debt instrument, principal amount | $	$ 750
3.25% senior notes due March 2025
Debt Instrument [Line Items]
Debt instrument, interest rate	3.25%	3.25%		3.25%
Debt instrument, principal amount | $	$ 450
2.875% senior notes due October 2026
Debt Instrument [Line Items]
Debt instrument, interest rate	2.875%	2.875%		2.875%
6.90% senior notes due December 2039
Debt Instrument [Line Items]
Debt instrument, interest rate	6.90%	6.90%		6.90%
6.45% senior notes due August 2040
Debt Instrument [Line Items]
Debt instrument, interest rate	6.45%	6.45%		6.45%
4.00% senior notes due October 2046
Debt Instrument [Line Items]
Debt instrument, interest rate	4.00%	4.00%		4.00%
4.750% senior notes due January 2049
Debt Instrument [Line Items]
Debt instrument, interest rate	4.75%	4.75%		4.75%
.932% senior notes due January 2027
Debt Instrument [Line Items]
Debt instrument, interest rate	0.932%	0.932%		0.932%
Debt instrument, principal amount		¥ 60		¥ 60
1.159% senior notes due October 2030
Debt Instrument [Line Items]
Debt instrument, interest rate	1.159%	1.159%		1.159%
Debt instrument, principal amount		¥ 29.3		¥ 29.3
1.488% senior notes due October 2033
Debt Instrument [Line Items]
Debt instrument, interest rate	1.488%	1.488%		1.488%
Debt instrument, principal amount		¥ 15.2		¥ 15.2
1.750% senior notes due October 2038
Debt Instrument [Line Items]
Debt instrument, interest rate	1.75%	1.75%		1.75%
Debt instrument, principal amount		¥ 8.9		¥ 8.9
2.108% subordinated notes due October 2047
Debt Instrument [Line Items]
Debt instrument, interest rate	2.108%	2.108%		2.108%
Debt instrument, principal amount		¥ 60		¥ 60
.963% perpetual subordinated bonds callable April 2024
Debt Instrument [Line Items]
Debt instrument, interest rate	0.963%	0.963%	0.963%
Debt instrument, principal amount		¥ 30	¥ 30
Yen-denominated loan variable interest rate due September 2026
Debt Instrument [Line Items]
Debt instrument, interest rate	0.32%	0.32%		0.32%
Debt instrument, principal amount		¥ 5		¥ 5
Yen-denominated loan variable rate due September 2029
Debt Instrument [Line Items]
Debt instrument, interest rate	0.47%	0.47%		0.47%
Debt instrument, principal amount		¥ 25		¥ 25

NOTES PAYABLE AND LEASE OBLIG_6

NOTES PAYABLE AND LEASE OBLIGATIONS - Contractual Maturities of Leases (Details) - USD ($) $ in Millions		Sep. 30, 2019	Dec. 31, 2018
Operating Leases
2019		$ 42
2020		25
2021		19
2022		10
2023		9
After 2023		30
Total lease payments		135
Less: Interest		10
Present value of lease liabilities	[1]	125	$ 0
Finance Leases
2019		4
2020		3
2021		3
2022		2
2023		1
After 2023		0
Total lease payments		13
Less: Interest		0
Present value of lease liabilities		13	$ 13
Total
2019		46
2020		28
2021		22
2022		12
2023		10
After 2023		30
Total lease payments		148
Less: Interest		10
Present value of lease liabilities		$ 138
[1]	See Note 1 of the Notes to the Consolidated Financial Statements for the adoption of accounting guidance on January 1, 2019 related to leases.

NOTES PAYABLE AND LEASE OBLIG_7

NOTES PAYABLE AND LEASE OBLIGATIONS - Weighted Average Lease Term and Discount Rate (Details)	Sep. 30, 2019
Debt Disclosure [Abstract]
Operating lease, weighted average remaining lease term	4 years 3 months 18 days
Finance lease, weighted average remaining lease term	3 years 9 months 18 days
Operating lease, weighted average discount rate, percent	2.40%
Finance lease, weighted average discount rate, percent	1.60%

NOTES PAYABLE AND LEASE OBLIG_8

NOTES PAYABLE AND LEASE OBLIGATIONS - Summary of Lines of Credit (Details) - 9 months ended Sep. 30, 2019 ¥ in Millions, $ in Millions	USD ($)	JPY (¥)
$100 million line of credit
Line of Credit Facility [Line Items]
Line of credit facility, interest rate description	The rate quoted by the bank and agreed upon at the time of borrowing
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity | $	$ 100
Line of credit facility, amount outstanding | $	$ 0
100.0 billion yen line of credit
Line of Credit Facility [Line Items]
Line of credit facility, interest rate description	A rate per annum equal to (a) Tokyo interbank market rate (TIBOR) plus, the alternative applicable TIBOR margin during the availability period from the closing date to the commitment termination date or (b) the TIBOR rate offered by the agent to major banks in yen for the applicable period plus, the applicable alternative TIBOR margin during the term out period
Line of credit facility term	5 years
Line of credit facility, maximum borrowing capacity | ¥		¥ 100,000
Line of credit facility, amount outstanding | ¥		0
55.0 billion yen line of credit
Line of Credit Facility [Line Items]
Line of credit facility, interest rate description	A rate per annum equal to, at the Company's option, either, (a) London Interbank Offered Rate (LIBOR) adjusted for certain costs or (b) a base rate determined by reference to the highest of (1) the federal funds rate plus 1/2 of 1%, (2) the rate of interest for such day announced by Mizuho Bank, Ltd. as its prime rate, or (3) the eurocurrency rate for an interest period of one month plus 1.00%, in each case plus an applicable margin
Line of credit facility term	5 years
Line of credit facility, maximum borrowing capacity | ¥		55,000
Line of credit facility, amount outstanding | ¥		0
$50 million line of credit
Line of Credit Facility [Line Items]
Line of credit facility, interest rate description	A rate per annum equal to, at the Parent Company's option, either (a) a eurocurrency rate determined by reference to the agent's LIBOR for the interest period relevant to such borrowing or (b) the base rate determined by reference to the greater of (i) the prime rate as determined by the agent, and (ii) the sum of 0.50% and the federal funds rate for such day
Line of credit facility, maximum borrowing capacity | $	$ 50
Line of credit facility, amount outstanding | $	$ 0
$250 million line of credit
Line of Credit Facility [Line Items]
Line of credit facility, interest rate description	USD three-month LIBOR plus 75 basis points per annum
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity | $	$ 250
Line of credit facility, amount outstanding | $	$ 0
Debt instrument, term	3 months
50.0 billion yen line of credit
Line of Credit Facility [Line Items]
Line of credit facility, interest rate description	Three-month TIBOR plus 70 basis points per annum
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity | ¥		50,000
Line of credit facility, amount outstanding | ¥		¥ 0
Debt instrument, term	3 months
Lower Limit | 100.0 billion yen line of credit
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage	0.30%
Lower Limit | 55.0 billion yen line of credit
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage	0.085%
Upper Limit | $100 million line of credit
Line of Credit Facility [Line Items]
Debt instrument, term	3 months
Upper Limit | 100.0 billion yen line of credit
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage	0.50%
Upper Limit | 55.0 billion yen line of credit
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage	0.225%
Upper Limit | $50 million line of credit
Line of Credit Facility [Line Items]
Debt instrument, term	3 months

SHAREHOLDERS' EQUITY - Reconcil

SHAREHOLDERS' EQUITY - Reconciliation of Number of Shares of Common Stock (Detail) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Common Stock Issued [Roll Forward]
Balance, beginning of period	1,347,540	1,345,762
Exercise of stock options and issuance of restricted shares	1,650	1,614
Balance, end of period	1,349,190	1,347,376
Treasury Stock [Roll Forward]
Balance, beginning of period	592,254	564,852
Balance, end of period	614,060	584,263
Shares outstanding, end of period	735,130	763,113
Treasury Stock
Treasury Stock [Roll Forward]
Stock acquired under share repurchase program, shares	23,126	20,443
Other purchases	589	361
Shares issued to AFL Stock Plan	(1,232)	(850)
Exercise of stock options	(382)	(430)
Other dispositions	(295)	(113)

SHAREHOLDERS' EQUITY - Anti-Dil

SHAREHOLDERS' EQUITY - Anti-Dilutive Share-Based Awards Excluded from Calculation of Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
Anti-dilutive share-based awards	1	46	8	34

SHAREHOLDERS' EQUITY - Addition

SHAREHOLDERS' EQUITY - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Stockholders Equity Note [Line Items]
Common stock, share repurchase, dollar amount	$ 1,157	$ 923
Remaining common stock available for purchase under share repurchase authorizations	45.9
Share Repurchase Program
Stockholders Equity Note [Line Items]
Stock acquired under share repurchase program, shares	23.1	20.4
Common stock, share repurchase, dollar amount	$ 1,200	$ 923

SHAREHOLDERS' EQUITY - Changes

SHAREHOLDERS' EQUITY - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cumulative effect of change in accounting principle, net of income taxes	[1]					$ 0
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period		$ 6,364	$ 2,852	$ 2,151	$ 4,028
Other comprehensive income (loss) before reclassifications net of tax		852	(919)	5,092	(2,345)
Amounts reclassified from accumulated other comprehensive income net of tax		35	(24)	8	0
Other comprehensive income (loss), net of tax		887	(943)	5,100	(2,345)
Balance, end of period		7,251	1,909	7,251	1,909
Accounting Standards Update 2016-01
Accumulated Other Comprehensive Income [Roll Forward]
Amounts reclassified from accumulated other comprehensive income net of tax					(148)
Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income [Roll Forward]
Amounts reclassified from accumulated other comprehensive income net of tax					374
Accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cumulative effect of change in accounting principle, net of income taxes	[1]					$ 226
Unrealized foreign currency translation gains (losses)
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period		(1,455)	(1,766)	(1,847)	(1,750)
Other comprehensive income (loss) before reclassifications net of tax		(24)	(347)	368	(38)
Amounts reclassified from accumulated other comprehensive income net of tax		0	0	0	0
Other comprehensive income (loss), net of tax		(24)	(347)	368	(38)
Balance, end of period		(1,479)	(2,113)	(1,479)	(2,113)
Unrealized foreign currency translation gains (losses) | Accounting Standards Update 2016-01
Accumulated Other Comprehensive Income [Roll Forward]
Amounts reclassified from accumulated other comprehensive income net of tax					0
Unrealized foreign currency translation gains (losses) | Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income [Roll Forward]
Amounts reclassified from accumulated other comprehensive income net of tax					(325)
Unrealized gains (losses) on investment securities
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period		8,055	4,836	4,234	5,964
Other comprehensive income (loss) before reclassifications net of tax		884	(569)	4,737	(2,302)
Amounts reclassified from accumulated other comprehensive income net of tax		31	(27)	(1)	(8)
Other comprehensive income (loss), net of tax		915	(596)	4,736	(2,310)
Balance, end of period		8,970	4,240	8,970	4,240
Unrealized gains (losses) on investment securities | Accounting Standards Update 2016-01
Accumulated Other Comprehensive Income [Roll Forward]
Amounts reclassified from accumulated other comprehensive income net of tax					(148)
Unrealized gains (losses) on investment securities | Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income [Roll Forward]
Amounts reclassified from accumulated other comprehensive income net of tax					734
Unrealized gains (losses) on derivatives
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period		(27)	(23)	(24)	(23)
Other comprehensive income (loss) before reclassifications net of tax		(6)	(1)	(9)	2
Amounts reclassified from accumulated other comprehensive income net of tax		0	0	0	0
Other comprehensive income (loss), net of tax		(6)	(1)	(9)	2
Balance, end of period		(33)	(24)	(33)	(24)
Unrealized gains (losses) on derivatives | Accounting Standards Update 2016-01
Accumulated Other Comprehensive Income [Roll Forward]
Amounts reclassified from accumulated other comprehensive income net of tax					0
Unrealized gains (losses) on derivatives | Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income [Roll Forward]
Amounts reclassified from accumulated other comprehensive income net of tax					(3)
Pension liability adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period		(209)	(195)	(212)	(163)
Other comprehensive income (loss) before reclassifications net of tax		(2)	(2)	(4)	(7)
Amounts reclassified from accumulated other comprehensive income net of tax		4	3	9	8
Other comprehensive income (loss), net of tax		2	1	5	1
Balance, end of period		$ (207)	$ (194)	$ (207)	(194)
Pension liability adjustment | Accounting Standards Update 2016-01
Accumulated Other Comprehensive Income [Roll Forward]
Amounts reclassified from accumulated other comprehensive income net of tax					0
Pension liability adjustment | Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income [Roll Forward]
Amounts reclassified from accumulated other comprehensive income net of tax					$ (32)
[1]	See Note 1 of the Notes to the Consolidated Financial Statements in the Company's 2018 Annual Report on Form 10-K

SHAREHOLDERS' EQUITY - Reclassi

SHAREHOLDERS' EQUITY - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions		3 Months Ended								9 Months Ended
		Sep. 30, 2019		Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018		Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019		Sep. 30, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gains (losses)		$ (135)				$ 61				$ (126)		$ (59)
Total before tax		1,036				1,146				3,388		3,261
Income tax (expense) or benefit		(259)				(301)				(865)		(866)
Net of tax		$ 777		$ 817	$ 928	$ 845		$ 832	$ 717	$ 2,523		$ 2,395
Blended statutory income tax rate		25.00%				26.00%				26.00%		27.00%
Reclassification Out Of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax		$ (35)				$ 24				$ (8)		$ 0
Reclassification Out Of Accumulated Other Comprehensive Income | Unrealized gains (losses) on available-for-sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other-than-temporary impairment losses realized		(14)				0				(13)		(2)
Other gains (losses)		(27)				37				14		13
Total before tax		(41)				37				1		11
Income tax (expense) or benefit		10	[1]			(10)	[2]			0	[2]	(3)	[3]
Net of tax		(31)				27				1		8
Reclassification Out Of Accumulated Other Comprehensive Income | Pension liability adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Acquisition and operating expenses, actuarial gains (losses)	[4]	(5)				(5)				(12)		(13)
Acquisition and operating expenses, prior service (cost) credit	[4]	0				0				0		0
Income tax (expense) or benefit		1	[1]			2	[2]			3	[2]	5	[3]
Net of tax		$ (4)				$ (3)				$ (9)		$ (8)
[1]	Based on 25% blended tax rate
[2]	Based on 26% blended tax rate
[3]	Based on 27% blended tax rate
[4]	These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details).

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	9 Months Ended
	Feb. 28, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised		$ 36	$ 42
Tax benefit from exercise of stock options		$ 26	$ 17
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, maximum number of shares issuable		75,000
Share-based compensation arrangement by share-based payment award, maximum number of shares issuable other than options and stock appreciation rights		38,000
Shares available for future grants under the long-term incentive plan		39,400
Long-term incentive plan awards, term (in years)		10 years
Long-term incentive plan awards, vesting period		3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized, restricted stock awards		$ 48
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number, shares		2,517		3,407
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition		1 year
Restricted stock awards, grants in period		998
Performance based Vesting Condition | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized, restricted stock awards		$ 22
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number, shares		761
Restricted stock awards, grants in period	399

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock Options Outstanding and Exercisable (Detail) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)$ / sharesshares
Share-based Payment Arrangement [Abstract]
Options Outstanding - Stock Option Shares | shares	3,864
Options Outstanding - Weighted-Average Remaining Term (Yrs)	4 years 7 months 6 days
Options Outstanding - Aggregate Intrinsic Value | $	$ 88
Options Outstanding - Weighted-Average Exercise Price Per Share | $ / shares	$ 29.61
Options Exercisable - Stock Option Shares | shares	3,643
Options Exercisable - Weighted-Average Remaining Term (Yrs.)	4 years 4 months 24 days
Options Exercisable - Aggregate Intrinsic Value | $	$ 84
Options Exercisable - Weighted-Average Exercise Price Per Share | $ / shares	$ 29.26

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted Stock Activity (Details) - Restricted Stock shares in Thousands	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Shares
Beginning Balance | shares	3,407
Granted | shares	998
Canceled | shares	(30)
Vested | shares	(1,858)
Ending Balance | shares	2,517
Weighted-Average Grant-Date Fair Value Per Share
Beginning Balance | $ / shares	$ 36.52
Granted | $ / shares	49.37
Cancelled | $ / shares	40.59
Vested | $ / shares	32.71
Ending Balance | $ / shares	$ 44.37

BENEFIT PLANS - Additional Info

BENEFIT PLANS - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Amount of years active employees have left to meet rule of 80 in order to be eligible for postretirement medical benefits					5 years
Amount of years left to meet 15 year service requirement for active employees age 55 or older to be eligible for postretirement medical benefits					5 years
Net periodic (benefit) cost, excluding service cost	$ 6	$ 7	$ 18	$ 20
Lower Limit
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Health care plan, retirement age and years of service combined years for eligibility (rule of 80)					80 years
Health care plan, retirement age for eligibility, (in years)					55 years
Health care plan, number of years of service for eligibility					15 years
Japan | Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions			26
U.S. | Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions			$ 20

BENEFIT PLANS - Net Periodic (B

BENEFIT PLANS - Net Periodic (Benefit) Cost Included in Acquisition and Operating Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	0	0	1	1
Expected return on plan assets	0	0	0	0
Amortization of net actuarial loss	1	0	1	0
Net periodic (benefit) cost	1	0	2	1
Japan | Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	6	4	16	14
Interest cost	1	1	4	4
Expected return on plan assets	(2)	(1)	(5)	(4)
Amortization of net actuarial loss	1	1	3	1
Net periodic (benefit) cost	6	5	18	15
U.S. | Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	5	7	17	21
Interest cost	10	9	28	26
Expected return on plan assets	(8)	(7)	(22)	(20)
Amortization of net actuarial loss	3	4	8	12
Net periodic (benefit) cost	$ 10	$ 13	$ 31	$ 39

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES - Additional Information (Details) $ in Millions, ¥ in Billions	3 Months Ended	9 Months Ended
	Mar. 31, 2017USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2019JPY (¥)
Commitments And Contingencies Disclosure [Line Items]
Loss contingency accrual, insurance-related assessment, discount rate	4.25%
Loss contingency, discounted amount of insurance-related assessment liability	$ 62
Loss contingency, undiscounted amount of insurance-related assessment liability	94
Loss contingency, insurance-related assessment, discounted amount of premium tax offset	48
Loss contingency, insurance-related assessment, undiscounted amount of premium tax offset	74
Loss contingency, loss in period	$ 14
Information technology and data services company application maintenance and development services first agreement
Commitments And Contingencies Disclosure [Line Items]
Outsourcing agreements, remaining term		3 years	3 years
Outsourcing agreements, aggregate remaining cost		$ 57	¥ 6.1