Aflac (AFL) 10-Q29 Jul 202020 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Jul. 20, 2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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		712,912,378
Amendment Flag	false
Entity Central Index Key	0000004977
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
NEW YORK STOCK EXCHANGE, INC.
Title of 12(b) Security	Common Stock, $.10 par value per share
Trading Symbol	AFL
Security Exchange Name	NYSE

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020		Jun. 30, 2019
Revenues:
Net premiums, principally supplemental health insurance	$ 4,664	$ 4,681	$ 9,346		$ 9,373
Net investment income	870	878	1,774		1,756
Net investment gains (losses)	(170)	(66)	(633)		5
Other income (loss)	43	18	82		34
Total revenues	5,407	5,511	10,569		11,168
Benefits and expenses:
Benefits and claims, net	2,897	2,964	5,837		5,932
Acquisition and operating expenses:
Amortization of deferred policy acquisition costs	289	309	622		649
Insurance commissions	332	329	668		661
Insurance and other expenses (1)	756	743	1,536	[1]	1,460
Interest expense	63	57	117		115
Total acquisition and operating expenses	1,440	1,438	2,943		2,885
Total benefits and expenses	4,337	4,402	8,780		8,817
Earnings before income taxes	1,070	1,109	1,789		2,351
Income taxes	265	292	419		606
Net earnings	$ 805	$ 817	$ 1,370		$ 1,745
Net earnings per share:
Basic (in dollars per share)	$ 1.12	$ 1.10	$ 1.90		$ 2.33
Diluted (in dollars per share)	$ 1.12	$ 1.09	$ 1.89		$ 2.32
Weighted-average outstanding common shares used in computing earnings per share (In thousands):
Basic (in shares)	717,889	745,153	721,128		748,271
Diluted (in shares)	719,764	748,849	723,638		752,302
Cash dividends per share	$ 0.28	$ 0.27	$ 0.56		$ 0.54
4.00% senior notes paid January 2020
Expense on extinguishment of debt			$ 15

[1]	Includes expense of $15 for the early extinguishment of debt

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 805	$ 817	$ 1,370	$ 1,745
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during period	73	417	159	416
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity securities during period	3,274	2,046	(1,395)	5,242
Reclassification adjustment for (gains) losses on fixed maturity securities included in net earnings	75	(25)	145	(43)
Unrealized gains (losses) on derivatives during period	(1)	(1)	(5)	(4)
Pension liability adjustment during period	0	(2)	0	5
Total other comprehensive income (loss) before income taxes	3,421	2,435	(1,096)	5,616
Income tax expense (benefit) related to items of other comprehensive income (loss)	859	552	(383)	1,403
Other comprehensive income (loss), net of income taxes	2,562	1,883	(713)	4,213
Total comprehensive income (loss)	$ 3,367	$ 2,700	$ 657	$ 5,958

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Jun. 30, 2020		Dec. 31, 2019
Investments and Cash:
Available for sale, fixed maturity securities		$ 99,959		$ 91,262
Held to maturity, fixed maturity securities, net carrying amount	[1]	23,509
Held to maturity, fixed maturity securities, amortized cost		23,518		30,085
Equity securities		749		802
Commercial mortgage and other loans		10,717		9,569
Other investments		1,771		1,477
Cash and cash equivalents		5,528		4,896
Total investments and cash		142,233		138,091
Receivables		894		828
Accrued investment income		782		772
Deferred policy acquisition costs		10,222		10,128
Property and equipment, at cost less accumulated depreciation		584		581
Other		2,372		2,368
Total assets		157,087		152,768
Policy Liabilities:
Future policy benefits		92,992		90,335
Unpaid policy claims		4,773		4,659
Unearned premiums		3,854		4,243
Other policyholders’ funds		7,484		7,317
Total policy liabilities		109,103		106,554
Income taxes		5,228		5,370
Payables for return of cash collateral on loaned securities		2,275		1,876
Notes payable and lease obligations		7,771		6,569
Other		3,290		3,440
Total liabilities		127,667		123,809
Commitments and contingent liabilities (Note 13)
Shareholders’ equity:
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2020 and 2019; issued 1,350,735 shares in 2020 and 1,349,309 shares in 2019		135		135
Additional paid-in capital		2,358		2,313
Retained earnings		35,204		34,291
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)		(1,469)		(1,623)
Unrealized gain (losses) on fixed maturity securities		8,532		8,548
Unrealized gains (losses) on derivatives		(36)		(33)
Pension liability adjustment		(277)		(277)
Treasury stock, at average cost		(15,027)		(14,395)
Total shareholders’ equity		29,420		28,959
Total liabilities and shareholders’ equity		157,087		152,768
Consolidated Entity Excluding Variable Interest Entities (VIE)
Investments and Cash:
Available for sale, fixed maturity securities		95,896		86,950
Variable Interest Entity, Consolidated
Investments and Cash:
Available for sale, fixed maturity securities		4,063		4,312
Commercial mortgage and other loans		9,117	[2]	7,956
Other investments	[3]	589	[2]	494
Policy Liabilities:
Total liabilities		$ 255	[2]	$ 126

[1]	Net of allowance for credit losses
[2]	Net of allowance for credit losses
[3]	Consists entirely of alternative investments in limited partnerships

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions		Jun. 30, 2020		Dec. 31, 2019
Available for sale, fixed maturity securities, amortized cost		$ 88,177		$ 79,371
Available for sale, fixed maturity securities, allowance for credit losses		38
Held to maturity, fixed maturity securities, fair value		29,293		37,594
Held-to-maturity, fixed maturity securities, allowance for credit losses		9
Commercial mortgage and other loans		10,717		9,569
Commercial mortgage and other loans, allowance for credit losses		242		45	[1]
Other investments		$ 1,771		$ 1,477
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)		1,350,735		1,349,309
Consolidated Entity Excluding Variable Interest Entities (VIE)
Available for sale, fixed maturity securities, amortized cost		$ 85,050		$ 76,063
Available for sale, fixed maturity securities, allowance for credit losses		38
Variable Interest Entity, Consolidated
Available for sale, fixed maturity securities, amortized cost		3,127	[2]	3,308
Commercial mortgage and other loans		9,117	[2]	7,956
Other investments	[3]	$ 589	[2]	$ 494

[1]	U.S. GAAP guidance adopted as of January 1, 2020 has superseded these losses, included for comparative purposes only.
[2]	Net of allowance for credit losses
[3]	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	Cumulative effect, period of adoption, adjustment	Cumulative effect, period of adoption, adjustmentCommon stock	Cumulative effect, period of adoption, adjustmentAdditional paid-in capital	Cumulative effect, period of adoption, adjustmentRetained earnings	Cumulative effect, period of adoption, adjustmentAccumulated other comprehensive income (loss)	Cumulative effect, period of adoption, adjustmentTreasury stock	Cumulative effect, period of adoption, adjusted balance	Cumulative effect, period of adoption, adjusted balanceCommon stock	Cumulative effect, period of adoption, adjusted balanceAdditional paid-in capital	Cumulative effect, period of adoption, adjusted balanceRetained earnings	Cumulative effect, period of adoption, adjusted balanceAccumulated other comprehensive income (loss)	Cumulative effect, period of adoption, adjusted balanceTreasury stock
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		1,745
Balance, end of period at Jun. 30, 2019		28,241	135	2,247	33,130	6,364	(13,635)
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)
Balance, beginning of period at Dec. 31, 2019		28,959	135	2,313	34,291	6,615	(14,395)							$ 29,751	$ 135	$ 2,313	$ 34,235	$ 7,463	$ (14,395)
Balance, beginning of period (Accounting Standards Update 2016-13) at Dec. 31, 2019	[1]							$ (56)	$ 0	$ 0	$ (56)	$ 0	$ 0
Balance, beginning of period (Accounting Standards Update 2019-04) at Dec. 31, 2019	[1]							848	0	0	0	848	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		566	0	0	566	0	0
Unrealized foreign currency translation gains (losses) during period, net of income taxes		80	0	0	0	80	0
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments		(3,353)	0	0	0	(3,353)	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		0	0	0	0	0	0
Dividends to shareholders		(202)	0	0	(202)	0	0
Exercise of stock options		5	0	5	0	0	0
Share-based compensation		7	0	7	0	0	0
Purchases of treasury stock		(476)	0	0	0	0	(476)
Treasury stock reissued		26	0	9	0	0	17
Balance, end of period at Mar. 31, 2020		26,402	135	2,334	34,599	4,188	(14,854)
Balance, beginning of period at Dec. 31, 2019		28,959	135	2,313	34,291	6,615	(14,395)							$ 29,751	$ 135	$ 2,313	$ 34,235	$ 7,463	$ (14,395)
Balance, beginning of period (Accounting Standards Update 2016-13) at Dec. 31, 2019	[1]							(56)	0	0	(56)	0	0
Balance, beginning of period (Accounting Standards Update 2019-04) at Dec. 31, 2019	[1]							$ 848	$ 0	$ 0	$ 0	$ 848	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		1,370
Balance, end of period at Jun. 30, 2020		29,420	135	2,358	35,204	6,750	(15,027)
Balance, beginning of period at Mar. 31, 2020		26,402	135	2,334	34,599	4,188	(14,854)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		805	0	0	805	0	0
Unrealized foreign currency translation gains (losses) during period, net of income taxes		74	0	0	0	74	0
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments		2,489	0	0	0	2,489	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		0	0	0	0	0	0
Dividends to shareholders		(200)	0	0	(200)	0	0
Exercise of stock options		1	0	1	0	0	0
Share-based compensation		16	0	16	0	0	0
Purchases of treasury stock		(189)	0	0	0	0	(189)
Treasury stock reissued		23	0	7	0	0	16
Balance, end of period at Jun. 30, 2020		$ 29,420	$ 135	$ 2,358	$ 35,204	$ 6,750	$ (15,027)

[1]	See Note 1 of the Notes to the Consolidated Financial Statements for the adoption of accounting guidance on January 1, 2020.

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Retained earnings
Dividends to shareholders (in dollars per share)	$ 0.28	$ 0.28	$ 0.27	$ 0.27

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net earnings	$ 1,370	$ 1,745
Adjustments to reconcile net earnings to net cash provided by operating activities:
Change in receivables and advance premiums	(65)	(17)
Capitalization of deferred policy acquisition costs	(604)	(712)
Amortization of deferred policy acquisition costs	622	649
Increase in policy liabilities	936	1,019
Change in income tax liabilities	(117)	(268)
Realized investment (gains) losses	633	(5)
Other, net	(174)	(54)
Net cash provided (used) by operating activities	2,601	2,357
Proceeds from investments sold or matured:
Available-for-sale fixed maturity securities	1,981	2,105
Equity securities	93	154
Held-to-maturity fixed maturity securities	2	203
Commercial mortgage and other loans	685	888
Costs of investments acquired:
Available for sale fixed maturity securities	(2,691)	(4,352)
Equity securities	(150)	(181)
Commercial mortgage and other loans	(2,108)	(1,534)
Other investments, net	(293)	(616)
Settlement of derivatives, net	21	(14)
Cash received (pledged or returned) as collateral, net	459	495
Other, net	(119)	125
Net cash provided (used) by investing activities	(2,120)	(2,727)
Cash flows from financing activities:
Purchases of treasury stock	(637)	(847)
Proceeds from borrowings	1,545	268
Principal payments under debt obligations	(350)	0
Dividends paid to shareholders	(388)	(389)
Change in investment-type contracts, net	(17)	(34)
Treasury stock reissued	21	26
Other, net	(22)	(2)
Net cash provided (used) by financing activities	152	(978)
Effect of exchange rate changes on cash and cash equivalents	(1)	30
Net change in cash and cash equivalents	632	(1,318)
Cash and cash equivalents, beginning of period	4,896	4,337
Cash and cash equivalents, end of period	5,528	3,019
Supplemental disclosures of cash flow information:
Income taxes paid	536	874
Interest paid	97	93
Noncash interest	19	22
Noncash financing activities:
Lease obligations	22	1
Associate stock bonus
Treasury stock issued for:
Treasury stock issued	8	8
Shareholder dividend reinvestment
Treasury stock issued for:
Treasury stock issued	14	14
Share-based compensation grants
Treasury stock issued for:
Treasury stock issued	$ 6	$ 5

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2020
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 (U.S.) and Japan. The Company’s operations consist of two reportable business segments: Aflac Japan and Aflac U.S. The Parent Company's primary insurance subsidiaries are Aflac Life Insurance Japan Ltd. (Aflac Japan) and American Family Life Assurance Company of Columbus (Aflac); Continental American Insurance Company (CAIC), branded as Aflac Group Insurance (AGI); American Family Life Assurance Company of New York (Aflac New York); Tier One Insurance Company (TOIC) and Argus Dental & Vision, Inc. (Argus), which provides a platform for Aflac Dental and Vision in the U.S. (collectively, Aflac U.S.). Aflac Japan's revenues, including net gains and losses on its investment portfolio, accounted for 67% and 68% of the Company's total revenues in the six -month periods ended June 30, 2020 and 2019 , respectively. The percentage of the Company's total assets attributable to Aflac Japan was 83% at June 30, 2020 , compared with 84% at December 31, 2019 . 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 June 30, 2020 , and December 31, 2019 , the consolidated statements of earnings and comprehensive income (loss) for the three-month and six-month periods ended June 30, 2020 and 2019 , the consolidated statement of shareholders' equity for the three-month periods ended March 31, 2020 and 2019 and June 30, 2020 and 2019, and the consolidated statement of cash flows for the six -month periods ended June 30, 2020 and 2019 . 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, 2019 ( 2019 Annual Report). COVID-19: On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. The impact of COVID-19 on the Company continues to evolve, and its future effects remain uncertain. The Company continues to closely monitor the effects and risks of COVID-19 to assess its impact on the Company's business, financial condition, results of operations, liquidity and capital position. Liquidity and Capital Resources The Company entered the crisis having maintained capital ratios in Japan and the U.S. at a level designed to absorb a degree of market volatility. To further support liquidity and capital resources, the Parent Company, in March 2020, issued four series of senior notes totaling ¥57.0 billion and, in April 2020, issued $1 billion in senior notes through public debt offerings under its U.S. shelf registration statement. The Company has available liquidity in its unsecured revolving credit facilities of $1.0 billion and ¥100.0 billion and currently has no borrowings under either of these facilities. In April 2020, Aflac increased its internal limit for Federal Home Loan Bank of Atlanta (FHLB) borrowings to $800 million , $300 million of which the Company has designated to be used for short-term liquidity needs and subject to qualified collateral availability and other conditions. The Company continues to evaluate other sources of liquidity including reinvestment cash flows and selling investments. Loan Modifications On March 27, 2020, the Coronavirus, Aid, Relief, and Economic Security (CARES) Act, which provides relief from certain requirements under GAAP, was signed into law. Section 4013 of the CARES Act gives entities temporary relief from the accounting and disclosure requirements for troubled debt restructurings (TDRs) under ASC 310-40 in certain situations. On April 7, 2020, certain regulatory banking agencies, in consultation with the FASB, issued the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Interagency statement) applicable for all entities, which offers practical expedients for evaluating whether loan modifications in response to the COVID-19 pandemic are treated as TDRs. The Company will apply GAAP relief under Section 4013 of the CARES Act and the Interagency statement with respect to certain qualifying loan modifications. For loan modifications that qualify under the CARES Act, TDR accounting and reporting is suspended through the period of the modification; however, the Company will continue to apply its existing non-accrual policies including consideration of the loan's past due status which is determined on the basis of the contractual terms of the loan. Once a loan has been contractually modified, the past due status is generally based on the updated terms including payment deferrals. As of June 30, 2020, loan modifications did not have a material impact on the Company's results of operations. See Note 3 of Notes to the Consolidated Financial Statements for additional details. 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 Standards Update( ASU) 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued amendments that provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the reference rate reform if certain criteria are met. The amendments in this ASU only apply to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. An entity may elect to apply the amendments as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. The amendments generally expire on December 31 2022, i.e., they do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and hedging relationships evaluated for periods after December 31, 2022. April 1, 2020 The adoption of the new guidance did not have an impact on the Company’s financial statements. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships through December 31, 2022. 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. 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 recent adoption of that update below. January 1, 2020 The adoption of this guidance resulted in a reclassification of $6.9 billion (at amortized cost) of pre-payable fixed-maturity securities from the held-to-maturity to the available-for-sale category. The reclassification resulted in recording in accumulated other comprehensive income a net unrealized gain of $848 million on an after-tax basis, based on the securities’ fair values on the reclassification date. The reclassification impacted the adoption of ASU 2016-13 (see ASU 2016-13 below for additional details). Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters 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. January 1, 2020 The adoption of this guidance did not have a significant impact on the Company's financial position, results of operations, or disclosures. 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. January 1, 2020 The adoption of this guidance did not have a significant impact on the Company’s financial position, results of operations, or disclosures. 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. January 1, 2020 The adoption of this guidance did not have a significant impact on the Company's financial position, results of operations, or disclosures. 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, ASU 2019-05 , Financial Instruments - Credit Losses (Topic 326), Targeted Transition Relief and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments- Credit Losses 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 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 is measured in a manner similar to prior 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). January 1, 2020 The Company recorded a cumulative effect adjustment with a decrease to beginning 2020 retained earnings of $56 million, net of taxes. See Note 3 of the Notes to the Consolidated Financial Statements for credit loss disclosures. The following line items in the consolidated balance sheets were most significantly impacted by the adoption of the new accounting standard: • Fixed maturity securities held to maturity, at amortized cost • Commercial mortgage and other loans • Reinsurance recoverable, included within Other assets Accounting Pronouncements Pending Adoption Standard Description Effect on Financial Statements or Other Significant Matters ASU 2020-01 Clarifying the interactions between Topic 321, Topic 323, and Topic 815 In January 2020, the FASB issued amendments clarifying that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. In addition, the amendments clarify that for the purpose of applying certain derivative guidance in Topic 815, an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825. An entity also would evaluate the remaining characteristics in Topic 815 to determine the accounting for those forward contracts and purchased options. The amendments are effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. 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 2018-12 Financial Services - Insurance, Targeted Improvements to the Accounting for Long-Duration Contracts as clarified and amended by: ASU 2019-09 Financial Services - Insurance (Topic 944): Effective Date 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. In November 2019, the FASB issued an amendment extending the effective date for public business entities that meet the definition of an SEC filer, excluding entities eligible to be small reporting companies as defined by the SEC, by one year. The amendments are now effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. 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. 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, results of operations or disclosures, see Note 1 of the Notes to the Consolidated Financial Statements in the 2019 Annual Report.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	6 Months Ended
BUSINESS SEGMENT INFORMATION	Jun. 30, 2020
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 net 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 Six Months Ended (In millions) 2020 2019 2020 2019 Revenues: Aflac Japan: Net earned premiums $ 3,158 $ 3,172 $ 6,308 $ 6,352 Adjusted net investment income (1),(2) 633 609 1,276 1,219 Other income 12 11 22 22 Total adjusted revenue Aflac Japan 3,803 3,792 7,606 7,593 Aflac U.S.: Net earned premiums 1,458 1,459 2,941 2,920 Net investment income 172 180 348 357 Other income 26 2 54 4 Total adjusted revenue Aflac U.S. 1,656 1,641 3,343 3,281 Corporate and other (3) 100 95 204 191 Total adjusted revenues 5,559 5,528 11,153 11,065 Net investment gains (losses) (1),(2),(3) (152 ) (17 ) (584 ) 103 Total revenues $ 5,407 $ 5,511 $ 10,569 $ 11,168 (1) Amortized hedge costs of $50 and $62 for the three-month periods and $105 and $124 for the six -month periods ended June 30, 2020 , and 2019 , respectively, related to certain foreign currency exposure management strategies have been reclassified from net 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 $6 and $(7) for the three-month periods and an immaterial amount and $(14) for the six -month periods ended June 30, 2020 and 2019 , respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income. (3) Amortized hedge income of $27 and $20 for the three-month periods $56 and $40 for the six -month periods ended June 30, 2020 , and 2019 , respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase to net investment income when analyzing operations. Three Months Ended Six Months Ended (In millions) 2020 2019 2020 2019 Pretax adjusted earnings: Aflac Japan (1),(2) $ 839 $ 831 $ 1,694 $ 1,666 Aflac U.S. 426 338 752 661 Corporate and other (3),(4) (30 ) (26 ) (28 ) (45 ) Pretax adjusted earnings (5) 1,235 1,143 2,418 2,282 Net investment gains (losses) (1),(2),(3),(4) (166 ) (34 ) (614 ) 70 Other income (loss) 1 0 (15 ) (1 ) Total earnings before income taxes $ 1,070 $ 1,109 $ 1,789 $ 2,351 Income taxes applicable to pretax adjusted earnings $ 315 $ 297 $ 615 $ 587 Effect of foreign currency translation on after-tax 5 (4 ) 14 (13 ) (1) Amortized hedge costs of $50 and $62 for the three-month periods and $105 and $124 for the six -month periods ended June 30, 2020 , and 2019 , respectively, related to certain foreign currency exposure management strategies have been reclassified from net 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 $6 and $(7) for the three-month periods and an immaterial amount and $(14) for the six -month periods ended June 30, 2020 and 2019 , respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income. (3) Amortized hedge income of $27 and $20 for the three-month periods and $56 and $40 for the six -month periods ended June 30, 2020 , and 2019 , respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase in net investment income when analyzing operations. (4) A gain of $14 and $17 for three-month periods and $30 and $33 for the six -month periods ended June 30, 2020 , and 2019 , respectively, related to the interest rate component of the change in fair value of foreign currency swaps on notes payable has been reclassified from net investment gains (losses) and included in adjusted earnings when analyzing operations. (5) Includes $44 and $34 for the three-month periods and $77 and $66 for the six-month periods ended June 30, 2020 , and 2019 , respectively, of interest expense on debt. Assets were as follows: (In millions) June 30, December 31, Assets: Aflac Japan $ 130,156 $ 127,523 Aflac U.S. 21,776 20,945 Corporate and other 5,155 4,300 Total assets $ 157,087 $ 152,768

INVESTMENTS

INVESTMENTS	6 Months Ended
INVESTMENTS	Jun. 30, 2020
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. June 30, 2020 (In millions) Allowance for Credit Losses Gross Gross Fair Securities available for sale, carried at fair Fixed maturity securities: Yen-denominated: Japan government and agencies $ 32,004 $ 0 $ 4,199 $ 45 $ 36,158 Municipalities 994 0 226 8 1,212 Mortgage- and asset-backed securities 334 0 28 1 361 Public utilities 4,550 0 643 15 5,178 Sovereign and supranational 1,035 0 46 5 1,076 Banks/financial institutions 7,412 0 529 319 7,622 Other corporate 7,798 0 1,054 153 8,699 Total yen-denominated 54,127 0 6,725 546 60,306 U.S. dollar-denominated: U.S. government and agencies 309 0 20 0 329 Municipalities 1,119 0 161 0 1,280 Mortgage- and asset-backed securities 175 0 10 0 185 Public utilities 3,880 0 899 15 4,764 Sovereign and supranational 240 0 68 7 301 Banks/financial institutions 2,876 0 722 6 3,592 Other corporate 25,451 38 4,086 297 29,202 Total U.S. dollar-denominated 34,050 38 5,966 325 39,653 Total securities available for sale $ 88,177 $ 38 $ 12,691 $ 871 $ 99,959 December 31, 2019 (In millions) Gross Gross Fair Securities available for sale, carried at fair value through other comprehensive income: Fixed maturity securities: Yen-denominated: Japan government and agencies $ 30,929 $ 5,169 $ 0 $ 36,098 Municipalities 516 116 3 629 Mortgage- and asset-backed securities 229 25 0 254 Public utilities 1,855 406 0 2,261 Sovereign and supranational 680 50 0 730 Banks/financial institutions 6,152 700 86 6,766 Other corporate 5,323 944 24 6,243 Total yen-denominated 45,684 7,410 113 52,981 U.S dollar-denominated: U.S. government and agencies 293 9 0 302 Municipalities 1,077 141 0 1,218 Mortgage- and asset-backed securities 149 7 0 156 Public utilities 3,804 725 10 4,519 Sovereign and supranational 239 73 0 312 Banks/financial institutions 2,879 646 4 3,521 Other corporate 25,246 3,255 248 28,253 Total U.S. dollar-denominated 33,687 4,856 262 38,281 Total securities available for sale $ 79,371 $ 12,266 $ 375 $ 91,262 June 30, 2020 (In millions) Allowance for Credit Losses Net Carrying Amount Gross Gross Fair Securities held to maturity, carried at Fixed maturity securities: Yen-denominated: Japan government and agencies $ 22,531 $ 3 $ 22,528 $ 5,502 $ 0 $ 28,030 Municipalities 364 0 364 117 0 481 Public utilities 46 1 45 14 0 59 Sovereign and supranational 554 5 549 143 0 692 Other corporate 23 0 23 8 0 31 Total yen-denominated 23,518 9 23,509 5,784 0 29,293 Total securities held to maturity $ 23,518 $ 9 $ 23,509 $ 5,784 $ 0 $ 29,293 December 31, 2019 (In millions) Gross Gross Fair Securities held to maturity, carried at Fixed maturity securities: Yen-denominated: Japan government and agencies $ 22,241 $ 6,050 $ 0 $ 28,291 Municipalities 821 262 0 1,083 Mortgage- and asset-backed securities 16 1 0 17 Public utilities 2,535 419 0 2,954 Sovereign and supranational 1,123 197 0 1,320 Banks/financial institutions 916 105 3 1,018 Other corporate 2,433 485 7 2,911 Total yen-denominated 30,085 7,519 10 37,594 Total securities held to maturity $ 30,085 $ 7,519 $ 10 $ 37,594 (In millions) June 30, 2020 December 31, 2019 Equity securities, carried at fair value through net earnings: Fair Value Fair Value Equity securities: Yen-denominated $ 609 $ 658 U.S. dollar-denominated 140 144 Total equity securities $ 749 $ 802 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 second quarter of 2020, the Company did not reclassify any investments from the held-to-maturity category to the available-for-sale category. During the first quarter of 2020, as a result of the adoption of ASU 2019-04 discussed in Note 1, the Company reclassified $6.9 billion (at amortized cost) of pre-payable fixed-maturity securities from the held-to-maturity category to the available-for-sale category. This reclassification resulted in recording in accumulated other comprehensive income a net unrealized gain of $848 million on an after-tax basis . During the first quarter and second quarter of 2019, 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 June 30, 2020 , were as follows: (In millions) Amortized (1) Fair Available for sale: Due in one year or less $ 957 $ 994 Due after one year through five years 8,899 9,108 Due after five years through 10 years 12,751 14,450 Due after 10 years 65,023 74,861 Mortgage- and asset-backed securities 509 546 Total fixed maturity securities available for sale $ 88,139 $ 99,959 Held to maturity: Due in one year or less $ 0 $ 0 Due after one year through five years 0 0 Due after five years through 10 years 107 123 Due after 10 years 23,402 29,170 Mortgage- and asset-backed securities 0 0 Total fixed maturity securities held to maturity $ 23,509 $ 29,293 (1) Net of allowance for credit losses 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: June 30, 2020 December 31, 2019 (In millions) Credit Amortized Fair Credit Amortized Fair Japan National Government (1) A+ $53,145 $62,513 A+ $51,726 $62,584 (1) Japan Government Bonds (JGBs) or JGB-backed securities Net Investment Gains and Losses Information regarding pretax net gains and losses from investments is as follows: Three Months Ended Six Months Ended (In millions) 2020 2019 2020 2019 Net investment gains (losses): Sales and redemptions: Fixed maturity securities available for sale: Gross gains from sales $ 14 $ 32 $ 21 $ 44 Gross losses from sales (46 ) (3 ) (46 ) (11 ) Foreign currency gains (losses) on sales and redemptions (20 ) (4 ) (34 ) 9 Total sales and redemptions (52 ) 25 (59 ) 42 Equity securities 31 (11 ) (118 ) 47 Loan loss reserves (1) 0 (2 ) 0 (4 ) Credit losses: Fixed maturity securities available for sale (12 ) 0 (75 ) 0 Fixed maturity securities held to maturity 0 0 1 0 Commercial mortgage and other loans (127 ) 0 (164 ) 0 Loan commitments (35 ) 0 (81 ) 0 Reinsurance recoverables and other (2 ) 0 (2 ) 0 Total credit losses (176 ) 0 (321 ) 0 Derivatives and other: Derivative gains (losses) 120 122 35 122 Foreign currency gains (losses) (93 ) (200 ) (170 ) (202 ) Total derivatives and other 27 (78 ) (135 ) (80 ) Total net investment gains (losses) $ (170 ) $ (66 ) $ (633 ) $ 5 (1) U.S. GAAP guidance adopted as of January 1, 2020 has superseded these losses, included for comparative purposes only. The unrealized holding gains , net of losses , recorded as a component of net investment gains and losses for the three-month period ended June 30, 2020 , that relate to equity securities still held at the June 30, 2020 reporting date, were $31 million . The unrealized holding losses , net of gains , recorded as a component of net investment gains and losses for the six -month period ended June 30, 2020 , that relate to equity securities still held at the June 30, 2020 reporting date, were $118 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) June 30, 2020 December 31, Unrealized gains (losses) on securities available for sale $ 11,820 $ 11,891 Deferred income taxes (3,288 ) (3,343 ) Shareholders’ equity, unrealized gains (losses) on fixed maturity securities $ 8,532 $ 8,548 Gross Unrealized Loss Aging The following tables show the fair values and gross unrealized losses of the Company's available-for-sale investments for the period ended June 30, 2020 and available-for-sale and held-to-maturity investments for prior periods 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. June 30, 2020 Total Less than 12 months 12 months or longer (In millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturity securities available Japan government and Yen-denominated $ 2,196 $ 45 $ 2,196 $ 45 $ 0 $ 0 Municipalities: Yen-denominated 144 8 131 7 13 1 Mortgage- and asset- Yen-denominated 36 1 36 1 0 0 Public utilities: U.S. dollar-denominated 301 15 181 8 120 7 Yen-denominated 799 15 799 15 0 0 Sovereign and supranational: U.S. dollar-denominated 35 7 35 7 0 0 Yen-denominated 219 5 219 5 0 0 Banks/financial institutions: U.S. dollar-denominated 60 6 23 1 37 5 Yen-denominated 3,584 319 2,753 205 831 114 Other corporate: U.S. dollar-denominated 3,625 297 1,329 70 2,296 227 Yen-denominated 1,647 153 1,394 128 253 25 Total $ 12,646 $ 871 $ 9,096 $ 492 $ 3,550 $ 379 December 31, 2019 Total Less than 12 months 12 months or longer (In millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturity securities: Municipalities: Yen-denominated $ 80 $ 3 $ 80 $ 3 $ 0 $ 0 Public utilities: U.S. dollar-denominated 306 10 69 2 237 8 Banks/financial institutions: U.S. dollar-denominated 79 4 18 0 61 4 Yen-denominated 1,828 89 1,828 89 0 0 Other corporate: U.S. dollar-denominated 4,261 248 792 53 3,469 195 Yen-denominated 636 31 636 31 0 0 Total $ 7,190 $ 385 $ 3,423 $ 178 $ 3,767 $ 207 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, and the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. However, the Company has identified certain available-for-sale fixed maturity securities where the amortized cost basis exceeds the present value of the cash flows expected to be collected due to credit related factors and as a result, a credit allowance has been calculated. As of June 30, 2020, the Company recorded an allowance of $38 million . Refer to the Credit Losses section below for additional information. 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 credit losses. The following table reflects the composition of the carrying value for commercial mortgage and other loans by property type as of the periods presented. (In millions) June 30, 2020 December 31, 2019 Amortized Cost % of Total Amortized Cost % of Total Commercial Mortgage and other loans: Transitional real estate loans: Office $ 2,112 19.3 % $ 1,800 18.7 % Retail 173 1.6 131 1.4 Apartments/Multi-Family 2,076 18.9 2,085 21.7 Industrial 176 1.6 256 2.7 Hospitality 1,078 9.8 1,036 10.8 Other 78 0.7 164 1.7 Total transitional real estate loans 5,693 51.9 5,472 57.0 Commercial mortgage loans: Office 405 3.7 410 4.3 Retail 344 3.1 348 3.5 Apartments/Multi-Family 596 5.5 569 5.9 Industrial 395 3.6 383 4.0 Total commercial mortgage loans 1,740 15.9 1,710 17.7 Middle market loans 3,526 32.2 2,432 25.3 Total commercial mortgage and other loans $ 10,959 100.0 % $ 9,614 100.0 % Allowance for credit losses (242 ) (45 ) (1) Total net commercial mortgage and other loans $ 10,717 $ 9,569 (1) U.S. GAAP guidance adopted as of January 1, 2020 has superseded these losses, included for comparative purposes only. Commercial mortgage and transitional real estate loans were secured by properties entirely within the U.S. (with the largest concentrations in California ( 20% ), Texas ( 13% ) and Florida ( 10% )). Middle market loans are issued only to companies domiciled within the U.S. 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 June 30, 2020 , the Company had $729 million 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 June 30, 2020 , the Company had no 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 $19 million and $99 million for a short term credit facility that is reflected in other liabilities on the consolidated balance sheets, as of June 30, 2020 , and December 31, 2019 , respectively. As of June 30, 2020 , the Company had commitments of approximately $2.5 billion of which $2.2 billion was a result of a new agreement with an external manager during the first quarter of 2020 to fund future middle market loans. These commitments are contingent upon the availability of middle market loans that meet the Company's underwriting criteria. Credit Losses Effective January 1, 2020, the Company adopted ASC 326: Financial Instruments - Credit Losses . The newly adopted accounting standard requires the Company to estimate an expected lifetime credit loss on financial assets including short-term receivables, held-to-maturity fixed maturity securities, loan receivables, loan commitments and reinsurance recoverables. For the Company’s available-for-sale fixed maturity securities, the newly adopted guidance requires an entity to evaluate estimated credit losses only when the fair value of the available-for-sale fixed maturity security is below its amortized cost basis. Credit loss changes are recorded as a component of net investment gains and losses for the Company’s held-to-maturity and available-for-sale securities, loan receivables, loan commitments and reinsurance recoverables. The Company’s off-balance sheet credit exposure is primarily attributable to loan commitments that are not unconditionally cancelable. The Company considers the contractual period of exposure to credit risk, the likelihood that funding will occur, the risk of loss, and the current conditions and expectations of future economic conditions to develop the estimate of expected credit losses. The Company records the estimate of expected credit losses for certain loan commitments within other liabilities in the consolidated balance sheet. Write-offs and partial write-offs are recorded as a reduction to the amortized cost of the loan or fixed maturity security balance and a reduction to the credit allowance. The Company’s held-to-maturity fixed maturity portfolio includes Japan Government and Agency securities of $22.3 billion amortized cost as of June 30, 2020 that meet the requirements for zero-credit-loss expectation and therefore these asset classes have been excluded from the current expected credit loss measurement. The Company has elected not to measure an allowance on accrued interest income for all asset types, because the uncollectible accrued interest receivable is written off in a timely manner. The Company writes off accrued interest when it is more than ninety days past due. The Company has elected to write off accrued interest by reversing interest income, which is a component of net investment income, in the consolidated statement of earnings. The Company designates nonaccrual status for a nonperforming debt security or a loan that is not generating its stated interest rate because of nonpayment of periodic interest by the borrower. The Company applies the cash basis method to record any payments received on non-accrual assets. The Company resumes the accrual of interest on fixed maturity securities and loans that are currently making contractual payments or for those that are not current where the borrower has paid timely (less than 30 days outstanding). The Company records due premium receivable net of current expected credit losses in the receivables line item in the consolidated balance sheet, utilizing an aging methodology based on historical loss information, adjusted for current conditions and reasonable and supportable forecasts. Changes in the estimated credit losses related to premium receivable are recorded in net premiums in the consolidated statement of earnings. Credit Quality Indicators For TREs, the Company’s key credit quality indicator is loan-to-value (LTV). Given that TRE loans involve properties undergoing renovation or construction, loan-to-value provides the most insight into the credit risk of the loan. The Company monitors the performance of the loans periodically, but not less frequently than quarterly. For CMLs, the Company’s key credit quality indicators include LTV and debt service coverage ratios (DSCR). LTV is calculated by dividing the current outstanding loan balance by the most recent estimated property value. DSCR is the most recently available operating income of the underlying property compared to the required debt service of the loan. For MMLs and held-to-maturity fixed maturity securities, the Company’s key credit quality indicator is credit ratings. The Company’s held-to-maturity portfolio is composed of investment grade securities that are senior unsecured instruments, while its MMLs generally have below-investment-grade ratings but are typically senior secured instruments. The Company monitors the credit ratings periodically, but not less frequently than quarterly. For the Company’s reinsurance recoverable balance, the key credit quality indicator is the credit rating of the Company’s reinsurance counterparty. The Company uses external credit ratings focused on the reinsurer’s financial strength and credit worthiness. The Company's counterparties are rated A+. The Company monitors the credit ratings periodically, but not less frequently than quarterly. The following tables present as of June 30, 2020 the amortized cost basis of TREs, CMLs and MMLs by year of origination and credit quality indicator . Transitional Real Estate Loans (In millions) 2020 2019 2018 2017 2016 Prior Total Loan-to-Value Ratio: 0%-59.99% $ 45 $ 523 $ 417 $ 157 $ 20 $ 57 $ 1,219 60%-69.99% 191 790 839 437 0 0 2,257 70%-79.99% 131 816 971 224 14 0 2,156 80% or greater 25 36 0 0 0 0 61 Total $ 392 $ 2,165 $ 2,227 $ 818 $ 34 $ 57 $ 5,693 Commercial Mortgage Loans (In millions) 2020 2019 2018 2017 2016 Prior Total Weighted-Average DSCR Loan-to-Value Ratio: 0%-59.99% $ 32 $ 404 $ 101 $ 69 $ 594 $ 0 $ 1,200 2.59 60%-69.99% 16 224 70 0 148 0 458 1.92 70%-79.99% 0 33 0 0 23 0 56 1.79 80% or greater 0 0 0 0 26 0 26 1.63 Total 48 661 171 69 791 0 1,740 2.37 Weighted Average DSCR 1.91 2.50 2.23 2.59 2.31 0 2.37 Middle Market Loans (In millions) 2020 2019 2018 2017 2016 Prior Revolving Loans Total Credit Ratings: BBB $ 38 $ 121 $ 57 $ 57 $ 13 $ 0 $ 24 $ 310 BB 150 214 235 90 30 24 80 823 B 184 767 303 266 120 41 219 1,900 CCC 21 103 129 58 33 17 90 451 CC 0 1 0 39 0 0 2 42 Total $ 393 $ 1,206 $ 724 $ 510 $ 196 $ 82 $ 415 $ 3,526 Allowance for Credit Losses The Company calculates its allowance for credit losses for held-to-maturity fixed maturity securities, loan receivables, loan commitments and reinsurance recoverable by grouping assets with similar risk characteristics when there is not a specific expectation of a loss for an individual asset. For held-to-maturity fixed maturity securities, MMLs, and MML commitments, the Company groups assets by credit ratings, industry, and country. The Company groups CMLs and TREs and respective loan commitments by property type, property location and the property’s loan-to-value and debt service coverage ratios. The credit allowance for the reinsurance recoverable balance is estimated using a probability-of-default (PD) / loss-given-default (LGD) method. The Company’s methodology for estimating credit losses for available-for-sale fixed maturity securities utilizes the discounted cash flow model, based on past events, current market conditions and future economic conditions, as well as industry analysis and credit ratings of the fixed maturity securities. In addition, the Company evaluates the specific issuer’s probability of default and expected recovery of its position in the event of default based on the underlying financial condition and assets of the borrower as well as seniority and/or security of other debt holders in the issuer when developing management’s best estimate of expected cash flows. The credit allowance for held-to-maturity fixed maturity securities and loan receivables is estimated using a PD / LGD method, discounted for the time value of money. For held-to-maturity fixed maturity securities, available-for-sale fixed maturity securities and loan receivables, the Company includes the change in present value due to the passage of time in the change in the allowance for credit losses. The Company’s methodology for estimating credit losses utilizes the contractual maturity date of the financial asset, adjusted when necessary to reflect the expected timing of repayment (such as prepayment options, renewal options, call options, or extension options). The Company applies reasonable and supportable forecasts of macroeconomic variables that impact the determination of PD/LGD over a two-year period for held-to-maturity fixed maturity securities and MMLs. The Company reverts to historical loss information over one year, following the two-year forecast period. For the CML and TRE portfolio, the Company applies reasonable and supportable forecasts of macroeconomic variables as well as national and local real-estate market factors to estimate future credit losses where the market factors revert back to historical levels over time with the period being dependent on current market conditions, projected market conditions and difference in the current and historical market levels for each factor. The Company continuously monitors the estimation methodology, due to changes in portfolio composition, changes in underwriting practices and significant events or conditions and makes adjustments as necessary. A TDR involves a situation where the Company grants a concession to a borrower that the Company would not otherwise have considered due to the borrower’s financial difficulties. The Company has elected to apply Section 4013 of the CARES Act, or the Interagency statement which temporarily suspends TDR accounting guidance for loan modifications, such as extensions or deferrals, related to COVID-19. The relief provided by the CARES Act applies to loan modifications made between March 1, 2020 and the earlier of (i) December 31, 2020 or (ii) 60 days after the end of the COVID-19 national emergency, as determined by the Executive Branch, whereas the Interagency statement does not specify a time horizon. The Company granted certain loan modifications in its MML and TRE portfolios due to COVID-19 during the six months ended June 30, 2020. The nature of the modifications varied in scope and significance, but generally a small proportion of modifications qualified as TDR. The Company continues to evaluate loan modifications in our MML and TRE portfolios. As of June 30, 2020, the amortized cost of modified loans where Section 4013 of the CARES Act or the Interagency statement is applicable was immaterial. The Company had an immaterial amount of TDRs during the six months ended June 30, 2020 . The Company had no TDRs during 2019 . For certain TDRs, modifications resulted in write-offs for certain loans where the modified loan resulted in a forgiveness of existing principal and are included in the rollforward of the allowance for credit losses below. As of June 30, 2020 and December 31, 2019, the Company had an immaterial amount (cost basis) of loans and fixed maturities on nonaccrual status. The following table presents the roll forward of the allowance for credit losses by portfolio segment during the six-month period ended June 30, 2020 . (in millions) Transitional Real Estate Loans Commercial Mortgage Loans Middle Market Loans Held to Maturity Securities Available for Sale Securities Reinsurance Recoverables Balance at December 31, 2019 (1) $ (22 ) $ (3 ) $ (20 ) $ 0 $ 0 $ 0 Transition impact to retained earnings (2 ) (8 ) (33 ) (10 ) 0 (11 ) (Addition to) release of allowance for credit losses (42 ) (31 ) (90 ) 1 (74 ) 0 Write-offs, net of recoveries 0 0 9 0 36 0 Balance at June 30, 2020 $ (66 ) $ (42 ) $ (134 ) $ (9 ) $ (38 ) $ (11 ) (1) U.S. GAAP guidance adopted as of January 1, 2020 has superseded these losses, included for comparative purposes only. For assets that are subject to the credit loss measurement, the change in credit loss allowance will be significantly impacted by purchases and sales in those assets during the period as well as entering into new non-cancelable loan commitments. During the first quarter of 2020, the Company entered into a loan commitment with an external manager that met the requirements to recognize a credit loss on over $2.2 billion of loan commitments over the next few years. The estimate of credit losses for loan commitments as of June 30, 2020 was $95 million . Other Investments The table below reflects the composition of the carrying value for other investments as of the periods presented. (In millions) June 30, 2020 December 31, 2019 Other investments: Policy loans $ 263 $ 250 Short-term investments (1) 763 628 Limited partnerships 718 569 Other 27 30 Total other investments $ 1,771 $ 1,477 (1) Includes securities lending collateral As of June 30, 2020 , the Company had $1.3 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 June 30, 2020 December 31, 2019 (In millions) Amortized (1) Fair Amortized Fair Assets: Fixed maturity securities, available for sale $ 3,127 $ 4,063 $ 3,308 $ 4,312 Commercial mortgage and other loans 9,117 9,049 7,956 8,015 Other investments (2) 589 589 494 494 Other assets (3) 87 87 169 169 Total assets of consolidated VIEs $ 12,920 $ 13,788 $ 11,927 $ 12,990 Liabilities: Other liabilities (3) $ 255 $ 255 $ 126 $ 126 Total liabilities of consolidated VIEs $ 255 $ 255 $ 126 $ 126 (1) Net of allowance for credit losses (2) Consists entirely of alternative investments in limited partnerships (3) 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 s

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
DERIVATIVE INSTRUMENTS	Jun. 30, 2020
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 that are associated with VIE bond purchase commitments, and 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. • bond purchase commitments at the inception of investments in consolidated VIEs 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). Additionally, the Company enters into purchased options, acting as caps to protect the downside of the sold call options beyond a specified level. As opposed to the collar strategies which are fair value hedges, these sold call option caps are classified as non-qualifying hedges. 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. Additionally, the Company enters into purchased options to hedge cash flows from the net investment in Aflac Japan. 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). Bond purchase commitments result from repackaged bond structures that are consolidated VIEs whereby there is a delay in the trade date and settlement date of the bond within the structure to ensure completion of all necessary legal agreements to support the consolidated VIE that issues the repackaged bond. Since the Company has a commitment to purchase the underlying bond at a specified price, the agreement meets the definition of a derivative where the value is derived based on the current market value of the bond compared to the fixed purchase price to be paid on the settlement date. 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. June 30, 2020 December 31, 2019 (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 $ 13 $ 75 $ 0 $ 8 Total cash flow hedges 75 0 13 75 0 8 Fair value hedges: Foreign currency forwards 62 0 0 964 0 38 Foreign currency options 8,689 0 2 11,573 0 5 Interest rate swaptions 243 0 0 243 0 0 Total fair value hedges 8,994 0 2 12,780 0 43 Net investment hedge: Foreign currency forwards 4,994 122 2 4,952 72 2 Foreign currency options 2,732 1 0 2,000 0 0 Total net investment hedge 7,726 123 2 6,952 72 2 Non-qualifying strategies: Foreign currency swaps 2,250 73 29 2,800 72 78 Foreign currency swaps - VIE 2,657 87 242 2,587 169 118 Foreign currency forwards 17,110 177 391 19,821 166 337 Foreign currency options 9,149 0 0 9,553 0 0 Interest rate swaps 2,000 14 0 7,120 3 0 Interest rate swaptions 7 0 0 7 0 0 Forward bond purchase commitment - VIE 52 0 1 0 0 0 Total non-qualifying strategies 33,225 351 663 41,888 410 533 Total derivatives $ 50,020 $ 474 $ 680 $ 61,695 $ 482 $ 586 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 approximately six 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 Investment Gains (Losses) Recognized for Fair Value Hedge Three Months Ended June 30, 2020: Foreign currency Fixed maturity securities $ 0 $ (1 ) $ 1 $ (1 ) $ 0 Foreign currency options Fixed maturity securities (2 ) (1 ) (1 ) 1 0 Total gains (losses) $ (2 ) $ (2 ) $ 0 $ 0 $ 0 Six Months Ended June 30, 2020: Foreign currency Fixed maturity securities $ (16 ) $ (8 ) $ (8 ) $ 9 $ 1 Foreign currency Fixed maturity securities (2 ) (1 ) (1 ) 1 0 Total gains (losses) $ (18 ) $ (9 ) $ (9 ) $ 10 $ 1 Three Months Ended June 30, 2019: Foreign currency forwards Fixed maturity securities $ 6 $ (14 ) $ 20 $ (21 ) $ (1 ) Interest rate Fixed maturity securities (2 ) (2 ) 0 0 0 Total gains (losses) 4 (16 ) 20 (21 ) (1 ) Six Months Ended June 30, 2019: Foreign currency forwards Fixed maturity securities $ 15 $ (24 ) $ 39 $ (39 ) $ 0 Foreign currency options Fixed maturity securities (4 ) (4 ) 0 0 0 Interest rate Fixed maturity securities (3 ) (3 ) 0 0 0 Total gains (losses) $ 8 $ (31 ) $ 39 $ (39 ) $ 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 net investment gains (losses). It also includes the change in the fair value of the interest rate swaptions related to the time value of the swaptions which is recognized as a component of other comprehensive income (loss). (2) Gains and losses on foreign currency forwards and options and related hedged items are reported in the consolidated statement of earnings as net investment gains (losses). For interest rate swaptions and related hedged items, gains and losses included in the hedge assessment, premium amortization and time value amortization while the hedge items are still outstanding are reported within net investment income. The time value gains and losses for interest rate swaptions when the related hedged items are redeemed are reported in net investment gains and losses consistent with the impact of the hedged item. For the three-month and six -month periods ended June 30, 2020 and 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) June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Fixed maturity securities $ 4,540 $ 4,633 $ 245 $ 256 (1) The balance includes hedging adjustment on discontinued hedging relationships of $245 in 2020 and $256 in 2019. The total notional amount of the Company's interest rate swaptions was $243 in 2020 and $243 in 2019. 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. The Company's net investment hedge was effective during the three- and six -month periods ended June 30, 2020 and 2019 , 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 n et i nvestment 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 June 30, 2020 , the Parent Company had $2.3 billion notional amount of cross-currency interest rate swap agreements related to certain of its U.S. dollar-denominated senior notes to effectively convert a portion of the interest on the notes from U.S dollar to Japanese yen. 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 2019 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 net investment gains (losses). The Company also has certain foreign exchange forwards on U.S. dollar-denominated available-for-sale 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 net investment gains (losses) and other comprehensive income (loss) from all derivatives and hedging instruments. Three Months Ended June 30, 2020 2019 (In millions) Net Investment Income (1) Net Investment Other (2) Net Investment Income (1) Net Investment Other (2) Qualifying hedges: Cash flow hedges: Foreign currency swaps - VIE $ 0 $ 0 $ (2 ) $ 0 $ 0 $ 0 Total cash flow hedges 0 0 (3 ) (2 ) 0 0 (3 ) 0 Fair value hedges: Foreign currency forwards (3) (1 ) (15 ) Foreign currency options (3) (1 ) 0 Interest rate swaptions (3) (1 ) 0 1 (1 ) 0 (1 ) Total fair value hedges (1 ) (2 ) 1 (1 ) (15 ) (1 ) Net investment hedge: Non-derivative hedging 0 (28 ) 0 (54 ) Foreign currency forwards 101 (50 ) 0 0 Foreign currency options (7 ) 0 0 0 Total net investment hedge 94 (78 ) 0 (54 ) Non-qualifying strategies: Foreign currency swaps 31 0 Foreign currency swaps - VIE (30 ) 13 Foreign currency forwards 30 114 Foreign currency options (3 ) 0 Interest rate swaps 2 10 Forward bond purchase (2 ) 0 Total non- qualifying strategies 28 137 Total $ (1 ) $ 120 $ (79 ) $ (1 ) $ 122 $ (55 ) (1) 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). (2) Impact of cash flow hedges reported as net 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 June 30, 2020 and 2019 , respectively. (3) Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail) Six Months Ended June 30, 2020 2019 (In millions) Net Investment Income (1) Net Investment Other (2) Net Investment Income (1) Net Investment Other (2) Qualifying hedges: Cash flow hedges: Foreign currency swaps - VIE $ (1 ) $ 0 $ (6 ) $ (1 ) $ 0 $ (2 ) Total cash flow hedges (1 ) 0 (3 ) (6 ) (1 ) 0 (3 ) (2 ) Fair value hedges: Foreign currency forwards (3) (7 ) (24 ) Foreign currency options (3) (1 ) (4 ) Interest rate swaptions (3) (1 ) 0 1 (1 ) 0 (2 ) Total fair value hedges (1 ) (8 ) 1 (1 ) (28 ) (2 ) Net investment hedge: Non-derivative hedging instruments 0 (21 ) 0 (54 ) Foreign currency forwards 152 (75 ) 0 0 Foreign currency options (1 ) 0 0 0 Total net investment hedge 151 (96 ) 0 (54 ) Non-qualifying strategies: Foreign currency swaps 81 44 Foreign currency swaps - VIE (225 ) (3 ) Foreign currency forwards (6 ) 93 Foreign currency options (5 ) 0 Interest rate swaps 49 16 Forward bond purchase (2 ) 0 Total non-qualifying strategies (108 ) 150 Total $ (2 ) $ 35 $ (101 ) $ (2 ) $ 122 $ (58 ) (1) 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). (2) Impact of cash flow hedges reported as net 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 six -month periods ended June 30, 2020 and 2019 , respectively. (3) Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail) As of June 30, 2020 , 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 June 30, 2020 , all of the Company's derivative agreement 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 $339 million and $301 million as of June 30, 2020 , and December 31, 2019 , respectively. If the credit-risk-related contingent features underlying these agreements had been triggered on June 30, 2020 , the Company estimates that it would be required to post a maximum of $151 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 June 30, 2020 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 $ 373 $ 0 $ 373 $ (200 ) $ (6 ) $ (162 ) $ 5 OTC - cleared 14 0 14 0 0 (10 ) 4 Total derivative assets subject to a master netting agreement or offsetting arrangement 387 0 387 (200 ) (6 ) (172 ) 9 Derivative assets not subject to a master netting agreement or offsetting arrangement OTC - bilateral 87 87 87 Total derivative assets not subject to a master netting agreement or offsetting arrangement 87 87 87 Total derivative assets 474 0 474 (200 ) (6 ) (172 ) 96 Securities lending and similar arrangements 2,260 0 2,260 0 0 (2,260 ) 0 Total $ 2,734 $ 0 $ 2,734 $ (200 ) $ (6 ) $ (2,432 ) $ 96 December 31, 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 $ 310 $ 0 $ 310 $ (190 ) $ (7 ) $ (113 ) $ 0 OTC - cleared 3 0 3 0 0 0 3 Total derivative assets subject to a master netting agreement or offsetting arrangement 313 0 313 (190 ) (7 ) (113 ) 3 Derivative assets not subject to a master netting agreement or offsetting arrangement OTC - bilateral 169 169 169 Total derivative assets not subject to a master netting agreement or offsetting arrangement 169 169 169 Total derivative assets 482 0 482 (190 ) (7 ) (113 ) 172 Securities lending and similar arrangements 1,860 0 1,860 0 0 (1,860 ) 0 Total $ 2,342 $ 0 $ 2,342 $ (190 ) $ (7 ) $ (1,973 ) $ 172 Offsetting of Financial Liabilities and Derivative Liabilities June 30, 2020 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 $ 425 $ 0 $ 425 $ (200 ) $ (188 ) $ 0 $ 37 Total derivative liabilities subject to a master netting agreement or offsetting arrangement 425 0 425 (200 ) (188 ) 0 37 Derivative liabilities not subject to a master netting agreement or offsetting arrangement OTC - bilateral 255 255 255 Total derivative liabilities not subject to a master netting agreement or offsetting arrangement 255 255 255 Total derivative liabilities 680 0 680 (200 ) (188 ) 0 292 Securities lending and similar arrangements 2,275 0 2,275 (2,260 ) 0 0 15 Total $ 2,955 $ 0 $ 2,955 $ (2,460 ) $ (188 ) $ 0 $ 307 December 31, 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 $ 459 $ 0 $ 459 $ (190 ) $ (222 ) $ (32 ) $ 15 OTC - cleared 1 0 1 0 0 (1 ) 0 Total derivative liabilities subject to a master netting agreement or offsetting arrangement 460 0 460 (190 ) (222 ) (33 ) 15 Derivative liabilities not subject to a master netting agreement or offsetting arrangement OTC - bilateral 126 126 126 Total derivative liabilities not subject to a master netting agreement or offsetting arrangement 126 126 126 Total derivative liabilities 586 0 586 (190 ) (222 ) (33 ) 141 Securities lending and similar arrangements 1,876 0 1,876 (1,860 ) 0 0 16 Total $ 2,462 $ 0 $ 2,462 $ (2,050 ) $ (222 ) $ (33 ) $ 157 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 2019 Annual Report.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2020
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. June 30, 2020 (In millions) Quoted Prices in Significant Significant Total Assets: Securities available for sale, carried at Fixed maturity securities: Government and agencies $ 34,980 $ 1,507 $ 0 $ 36,487 Municipalities 0 2,492 0 2,492 Mortgage- and asset-backed securities 0 358 188 546 Public utilities 0 9,620 322 9,942 Sovereign and supranational 0 1,377 0 1,377 Banks/financial institutions 0 11,190 24 11,214 Other corporate 0 37,658 243 37,901 Total fixed maturity securities 34,980 64,202 777 99,959 Equity securities 587 76 86 749 Other investments 763 0 0 763 Cash and cash equivalents 5,528 0 0 5,528 Other assets: Foreign currency swaps 0 73 87 160 Foreign currency forwards 0 299 0 299 Foreign currency options 0 1 0 1 Interest rate swaps 0 14 0 14 Total other assets 0 387 87 474 Total assets $ 41,858 $ 64,665 $ 950 $ 107,473 Liabilities: Other liabilities: Foreign currency swaps $ 0 $ 29 $ 255 $ 284 Foreign currency forwards 0 393 0 393 Foreign currency options 0 2 0 2 Forward bond purchase commitment 0 1 0 1 Total liabilities $ 0 $ 425 $ 255 $ 680 December 31, 2019 (In millions) Quoted Prices in Significant Significant Total Assets: Securities available for sale, carried at Fixed maturity securities: Government and agencies $ 34,878 $ 1,522 $ 0 $ 36,400 Municipalities 0 1,847 0 1,847 Mortgage- and asset-backed securities 0 232 178 410 Public utilities 0 6,556 224 6,780 Sovereign and supranational 0 1,042 0 1,042 Banks/financial institutions 0 10,264 23 10,287 Other corporate 0 34,234 262 34,496 Total fixed maturity securities 34,878 55,697 687 91,262 Equity securities 642 80 80 802 Other investments 628 0 0 628 Cash and cash equivalents 4,896 0 0 4,896 Other assets: Foreign currency swaps 0 72 169 241 Foreign currency forwards 0 238 0 238 Interest rate swaps 0 3 0 3 Total other assets 0 313 169 482 Total assets $ 41,044 $ 56,090 $ 936 $ 98,070 Liabilities: Other liabilities: Foreign currency swaps $ 0 $ 78 $ 126 $ 204 Foreign currency forwards 0 377 0 377 Foreign currency options 0 5 0 5 Total liabilities $ 0 $ 460 $ 126 $ 586 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. June 30, 2020 (In millions) Carrying Quoted Prices in Significant Significant Total Assets: Securities held to maturity, Fixed maturity securities: Government and agencies $ 22,528 $ 27,781 $ 249 $ 0 $ 28,030 Municipalities 364 0 481 0 481 Public utilities 45 0 59 0 59 Sovereign and 549 0 692 0 692 Other corporate 23 0 31 0 31 Commercial mortgage and 10,717 0 0 10,650 10,650 Other investments (1) 27 0 27 0 27 Total assets $ 34,253 $ 27,781 $ 1,539 $ 10,650 $ 39,970 Liabilities: Other policyholders’ funds $ 7,484 $ 0 $ 0 $ 7,393 $ 7,393 Notes payable 7,618 0 8,200 276 8,476 Total liabilities $ 15,102 $ 0 $ 8,200 $ 7,669 $ 15,869 (1) Excludes policy loans of $263 and equity method investments of $718 , at carrying value December 31, 2019 (In millions) Carrying Quoted Prices in Significant Significant Total Assets: Securities held to maturity, Fixed maturity securities: Government and agencies $ 22,241 $ 27,937 $ 354 $ 0 $ 28,291 Municipalities 821 0 1,083 0 1,083 Mortgage and asset-backed 16 0 7 10 17 Public utilities 2,535 0 2,954 0 2,954 Sovereign and 1,123 0 1,320 0 1,320 Banks/financial institutions 916 0 1,018 0 1,018 Other corporate 2,433 0 2,911 0 2,911 Commercial mortgage and 9,569 0 0 9,648 9,648 Other investments (1) 30 0 30 0 30 Total assets $ 39,684 $ 27,937 $ 9,677 $ 9,658 $ 47,272 Liabilities: Other policyholders’ funds $ 7,317 $ 0 $ 0 $ 7,234 $ 7,234 Notes payable 6,408 0 6,663 272 6,935 Total liabilities $ 13,725 $ 0 $ 6,663 $ 7,506 $ 14,169 (1) Excludes policy loans of $250 and equity method investments of $569 , 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 credit default swap (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 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. 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. June 30, 2020 (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 $ 34,980 $ 1,507 $ 0 $ 36,487 Total government and agencies 34,980 1,507 0 36,487 Municipalities: Third party pricing vendor 0 2,492 0 2,492 Total municipalities 0 2,492 0 2,492 Mortgage- and asset-backed securities: Third party pricing vendor 0 358 0 358 Broker/other 0 0 188 188 Total mortgage- and asset-backed securities 0 358 188 546 Public utilities: Third party pricing vendor 0 9,620 0 9,620 Broker/other 0 0 322 322 Total public utilities 0 9,620 322 9,942 Sovereign and supranational: Third party pricing vendor 0 1,377 0 1,377 Total sovereign and supranational 0 1,377 0 1,377 Banks/financial institutions: Third party pricing vendor 0 11,190 0 11,190 Broker/other 0 0 24 24 Total banks/financial institutions 0 11,190 24 11,214 Other corporate: Third party pricing vendor 0 37,658 0 37,658 Broker/other 0 0 243 243 Total other corporate 0 37,658 243 37,901 Total securities available for sale $ 34,980 $ 64,202 $ 777 $ 99,959 Equity securities, carried at fair value: Third party pricing vendor $ 587 $ 76 $ 0 $ 663 Broker/other 0 0 86 86 Total equity securities $ 587 $ 76 $ 86 $ 749 June 30, 2020 (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 $ 27,781 $ 249 $ 0 $ 28,030 Total government and agencies 27,781 249 0 28,030 Municipalities: Third party pricing vendor 0 481 0 481 Total municipalities 0 481 0 481 Public utilities: Third party pricing vendor 0 59 0 59 Total public utilities 0 59 0 59 Sovereign and supranational: Third party pricing vendor 0 692 0 692 Total sovereign and supranational 0 692 0 692 Other corporate: Third party pricing vendor 0 31 0 31 Total other corporate 0 31 0 31 Total securities held to maturity $ 27,781 $ 1,512 $ 0 $ 29,293 December 31, 2019 (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 $ 34,878 $ 1,522 $ 0 $ 36,400 Total government and agencies 34,878 1,522 0 36,400 Municipalities: Third party pricing vendor 0 1,847 0 1,847 Total municipalities 0 1,847 0 1,847 Mortgage- and asset-backed securities: Third party pricing vendor 0 232 0 232 Broker/other 0 0 178 178 Total mortgage- and asset-backed securities 0 232 178 410 Public utilities: Third party pricing vendor 0 6,556 0 6,556 Broker/other 0 0 224 224 Total public utilities 0 6,556 224 6,780 Sovereign and supranational: Third party pricing vendor 0 1,042 0 1,042 Total sovereign and supranational 0 1,042 0 1,042 Banks/financial institutions: Third party pricing vendor 0 10,264 0 10,264 Broker/other 0 0 23 23 Total banks/financial institutions 0 10,264 23 10,287 Other corporate: Third party pricing vendor 0 34,234 0 34,234 Broker/other 0 0 262 262 Total other corporate 0 34,234 262 34,496 Total securities available for sale $ 34,878 $ 55,697 $ 687 $ 91,262 Equity securities, carried at fair value: Third party pricing vendor $ 642 $ 80 $ 0 $ 722 Broker/other 0 0 80 80 Total equity securities $ 642 $ 80 $ 80 $ 802 December 31, 2019 (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 $ 27,937 $ 354 $ 0 $ 28,291 Total government and agencies 27,937 354 0 28,291 Municipalities: Third party pricing vendor 0 1,083 0 1,083 Total municipalities 0 1,083 0 1,083 Mortgage- and asset-backed securities: Third party pricing vendor 0 7 0 7 Broker/other 0 0 10 10 Total mortgage- and asset-backed securities 0 7 10 17 Public utilities: Third party pricing vendor 0 2,954 0 2,954 Total public utilities 0 2,954 0 2,954 Sovereign and supranational: Third party pricing vendor 0 1,320 0 1,320 Total sovereign and supranational 0 1,320 0 1,320 Banks/financial institutions: Third party pricing vendor 0 1,018 0 1,018 Total banks/financial institutions 0 1,018 0 1,018 Other corporate: Third party pricing vendor 0 2,911 0 2,911 Total other corporate 0 2,911 0 2,911 Total securities held to maturity $ 27,937 $ 9,647 $ 10 $ 37,594 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. 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 value of foreign currency forward and options are 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. 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. For forward bond purchase commitments with VIEs, the fair value of the derivative is based on the difference in the fixed purchase price and the current market value of the related bond prior to the settlement date. Since the bond is typically a public bond with readily available pricing, the derivatives associated with the forward purchase commitment are classified as Level 2 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. 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 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 Total Balance, beginning of period $ 188 $ 298 $ 23 $ 245 $ 82 $ (146 ) $ 690 Realized investment gains (losses) included in earnings 0 0 0 0 0 (20 ) (20 ) Unrealized gains (losses) included in other comprehensive income (loss) 1 0 0 1 0 (2 ) 0 Purchases, issuances, sales and settlements: Purchases 0 13 1 12 5 0 31 Issuances 0 0 0 0 0 0 0 Sales 0 0 0 0 (1 ) 0 (1 ) Settlements (1 ) (4 ) 0 0 0 0 (5 ) Transfers into Level 3 0 15 (2) 0 0 0 0 15 Transfers out of Level 3 0 0 0 (15 ) (2) 0 0 (15 ) Balance, end of period $ 188 $ 322 $ 24 $ 243 $ 86 $ (168 ) $ 695 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ 0 $ (20 ) $ (20 ) (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 Total Balance, beginning of period $ 178 $ 85 $ 23 $ 284 $ 46 $ 70 $ 686 Realized investment gains (losses) included in 0 0 0 0 0 24 24 Unrealized gains (losses) included in other 5 5 1 6 0 0 17 Purchases, issuances, sales and settlements: Purchases 0 0 0 25 0 0 25 Issuances 0 0 0 0 19 0 19 Sales 0 0 0 0 0 0 0 Settlements 0 (2 ) 0 0 0 0 (2 ) Transfers into Level 3 0 116 (2) 0 0 0 0 116 Transfers out of Level 3 0 0 0 (116 ) (2) 0 0 (116 ) Balance, end of period $ 183 $ 204 $ 24 $ 199 $ 65 $ 94 $ 769 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ 0 $ 24 $ 24 (1) Derivative assets and liabilities are presented net (2) Transfer due to sector classification change Six Months Ended Fixed Maturity Securities Equity Derivatives (1) (In millions) Mortgage- Public Banks/ Other Foreign Total Balance, beginning of period $ 178 $ 224 $ 23 $ 262 $ 80 $ 43 $ 810 Net investment gains (losses) included 0 0 0 0 0 (205 ) (205 ) Unrealized gains (losses) included in other 2 (9 ) 0 (16 ) 0 (6 ) (29 ) Purchases, issuances, sales and settlements: Purchases 0 96 1 12 7 0 116 Issuances 0 0 0 0 0 0 0 Sales 0 0 0 0 (1 ) 0 (1 ) Settlements (1 ) (4 ) 0 0 0 0 (5 ) Transfers into Level 3 9 (2) 15 (3) 0 0 0 0 24 Transfers out of Level 3 0 0 0 (15 ) (3) 0 0 (15 ) Balance, end of period $ 188 $ 322 $ 24 $ 243 $ 86 $ (168 ) $ 695 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ 0 $ (205 ) $ (205 ) (1) Derivative assets and liabilities are presented net (2) Transfer due to reclassification of level 3 securities from HTM to AFS (3) Transfer due to sector classification change Six Months Ended Fixed Maturity Securities Equity Derivatives (1) (In millions) Mortgage- Public Banks/ Other Foreign Total Balance, beginning of period $ 177 $ 109 $ 23 $ 213 $ 46 $ 80 $ 648 Net investment gains (losses) included in earnings 0 0 0 0 0 16 16 Unrealized gains (losses) included in other comprehensive income (loss) 6 6 1 7 0 (2 ) 18 Purchases, issuances, sales and settlements: Purchases 0 0 0 88 19 0 107 Issuances 0 0 0 0 0 0 0 Sales 0 0 0 (2 ) 0 0 (2 ) Settlements 0 (2 ) 0 0 0 0 (2 ) Transfers into Level 3 0 116 (2) 0 25 (2) 0 0 141 Transfers out of Level 3 0 (25 ) (2) 0 (132 ) (2),(3) 0 0 (157 ) Balance, end of period $ 183 $ 204 $ 24 $ 199 $ 65 $ 94 $ 769 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ 0 $ 16 $ 16 (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 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. June 30, 2020 (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 $ 188 Consensus pricing Offered quotes N/A (a) Public utilities 322 Discounted cash flow Credit spreads N/A (a) Banks/financial institutions 24 Consensus pricing Offered quotes N/A (a) Other corporate 243 Discounted cash flow Credit spreads N/A (a) Equity securities 86 Net asset value Offered quotes N/A (a) Other assets: Foreign currency swaps 12 Discounted cash flow Interest rates (USD) .61% - .88% (b) Interest rates (JPY) .06% - .37% (c) CDS spreads 12 - 119 bps 75 Discounted cash flow Interest rates (USD) .61% - .88% (b) Interest rates (JPY) .06% - .37% (c) Total assets $ 950 Liabilities: Other liabilities: Foreign currency swaps $ 237 Discounted cash flow Interest rates (USD) .61% - .88% (b) Interest rates (JPY) .06% - .37% (c) CDS spreads 46 - 202 bps 18 Discounted cash flow Interest rates (USD) .61% - .88% (b) Interest rates (JPY) .06% - .37% (c) Total liabilities $ 255 (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, 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 $ 178 Consensus pricing Offered quotes N/A (a) Public utilities 224 Discounted cash flow Credit spreads N/A (a) Banks/financial institutions 23 Consensus pricing Offered quotes N/A (a) Other corporate 262 Discounted cash flow Credit spreads N/A (a) Equity securities 80 Net asset value Offered quotes N/A (a) Other assets: Foreign currency swaps 106 Discounted cash flow Interest rates (USD) 1.89% - 2.09% (b) Interest rates (JPY) .12% - .43% (c) CDS spreads 10 - 100 bps 63 Discounted cash flow Interest rates (USD) 1.89% - 2.09% (b) Interest rates (JPY) .12% - .43% (c) Total assets $ 936 Liabilities: Other liabilities: Foreign currency swaps $ 118 Discounted cash flow Interest rates (USD) 1.89% - 2.09% (b) Interest rates (JPY) .12% - .43% (c) CDS spreads 13 - 159 bps 8 Discounted cash flow Interest rates (USD) 1.89% - 2.09% (b) Interest rates (JPY) .12% - .43% (c) Total liabilities $ 126 (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 2019 Annual Report.

POLICY LIABILITIES

POLICY LIABILITIES	6 Months Ended
POLICY LIABILITIES	Jun. 30, 2020
Insurance Loss Reserves [Abstract]
POLICY LIABILITIES	POLICY LIABILITIES Changes in the liability for unpaid policy claims were as follows: Three Months Ended Six Months Ended (In millions) 2020 2019 2020 2019 Unpaid supplemental health claims, beginning of period $ 3,983 $ 3,967 $ 3,968 $ 3,952 Less reinsurance recoverables 33 29 31 28 Net balance, beginning of period 3,950 3,938 3,937 3,924 Add claims incurred during the period related to: Current year 1,736 1,785 3,574 3,610 Prior years (166 ) (136 ) (302 ) (303 ) Total incurred 1,570 1,649 3,272 3,307 Less claims paid during the period on claims incurred during: Current year 1,127 1,229 1,681 1,735 Prior years 411 430 1,558 1,568 Total paid 1,538 1,659 3,239 3,303 Effect of foreign exchange rate changes on unpaid claims 22 65 34 65 Net balance, end of period 4,004 3,993 4,004 3,993 Add reinsurance recoverables 37 31 37 31 Unpaid supplemental health claims, end of period 4,041 4,024 4,041 4,024 Unpaid life claims, end of period 732 682 732 682 Total liability for unpaid policy claims $ 4,773 $ 4,706 $ 4,773 $ 4,706 The incurred claims development related to prior years reflects favorable claims experience compared to previous estimates. The favorable claims development of $302 million for the six -month period ended June 30, 2020 comprises approximately $188 million from Japan, which represents approximately 62% of the total. Excluding the impact of foreign exchange of a gain of approximately $1 million from December 31, 2019 to June 30, 2020 , the favorable claims development in Japan would have been approximately $187 million , representing approximately 62% of the total. The Company has experienced continued favorable claim trends in 2020 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 six -month period ended June 30, 2020 , reflects Aflac U.S. favorable claims experience compared to previous estimates, primarily in the cancer and accident lines of business.

REINSURANCE

REINSURANCE	6 Months Ended
REINSURANCE	Jun. 30, 2020
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 $1.0 billion as of both June 30, 2020 and December 31, 2019 , 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 $991 million and $970 million as of June 30, 2020 and December 31, 2019 , 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 1.7% and ceded reserves increased approximately 3.9% from December 31, 2019 to June 30, 2020 . The following table reconciles direct premium income and direct benefits and claims to net amounts after the effect of reinsurance. Three Months Ended Six Months Ended (In millions) 2020 2019 2020 2019 Direct premium income $ 4,752 $ 4,766 $ 9,525 $ 9,542 Ceded to other companies: Ceded Aflac Japan closed blocks (116 ) (119 ) (232 ) (240 ) Other (24 ) (17 ) (48 ) (32 ) Assumed from other companies: Retrocession activities 49 50 97 100 Other 3 1 4 3 Net premium income $ 4,664 $ 4,681 $ 9,346 $ 9,373 Direct benefits and claims $ 2,975 $ 3,038 $ 6,003 $ 6,078 Ceded benefits and change in reserves for future benefits: Ceded Aflac Japan closed blocks (105 ) (109 ) (210 ) (219 ) Eliminations 10 10 19 20 Other (21 ) (12 ) (45 ) (24 ) Assumed from other companies: Retrocession activities 47 47 87 97 Eliminations (10 ) (10 ) (19 ) (20 ) Other 1 0 2 0 Benefits and claims, net $ 2,897 $ 2,964 $ 5,837 $ 5,932 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 2019 and is effective until December 31, 2020. 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 June 30, 2020 , the Company has not executed a reinsurance treaty under this committed reinsurance facility.

NOTES PAYABLE AND LEASE OBLIGAT

NOTES PAYABLE AND LEASE OBLIGATIONS	6 Months Ended
NOTES PAYABLE AND LEASE OBLIGATIONS	Jun. 30, 2020
Debt Disclosure [Abstract]
NOTES PAYABLE AND LEASE OBLIGATIONS	NOTES PAYABLE AND LEASE OBLIGATIONS A summary of notes payable and lease obligations follows: (In millions) June 30, 2020 December 31, 2019 4.00% senior notes paid January 2020 $ 0 $ 348 3.625% senior notes due June 2023 698 698 3.625% senior notes due November 2024 747 747 3.25% senior notes due March 2025 448 448 2.875% senior notes due October 2026 298 298 3.60% senior notes due April 2030 990 0 6.90% senior notes due December 2039 221 220 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 541 541 Yen-denominated senior notes and subordinated debentures: .300% senior notes due September 2025 (principal amount ¥ 12.4 billion) 114 0 .932% senior notes due January 2027 (principal amount ¥60.0 billion) 555 545 .500% senior notes due December 2029 (principal amount ¥12.6 billion) 116 114 .550% senior notes due March 2030 (principal ¥ 13.3 billion) 122 0 1.159% senior notes due October 2030 (principal amount ¥29.3 billion) 271 266 .843% senior notes due December 2031 (principal amount ¥9.3 billion) 86 84 .750% senior notes due March 2032 (principal amount ¥20.7 billion) 191 0 1.488% senior notes due October 2033 (principal amount ¥15.2 billion) 140 138 .934% senior notes due December 2034 (principal amount ¥9.8 billion) 90 88 .830% senior notes due March 2035 (principal amount ¥10.6 billion) 97 0 1.750% senior notes due October 2038 (principal amount ¥8.9 billion) 82 81 1.122% senior notes due December 2039 (principal amount ¥6.3 billion) 58 57 2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion) 552 543 .963% subordinated bonds due April 2049 (principal amount ¥30.0 billion) 277 272 Yen-denominated loans: Variable interest rate loan due September 2026 (.42% in 2020 and 2019, principal amount ¥5.0 billion) 46 45 Variable interest rate loan due September 2029 (.57% in 2020 and 2019, principal amount ¥25.0 billion) 230 227 Finance lease obligations payable through 2027 11 12 Operating lease obligations payable through 2049 142 149 Total notes payable and lease obligations $ 7,771 $ 6,569 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 April 2020, the Parent Company issued $1.0 billion of senior notes through a U.S. public debt offering. The notes bear interest at a fixed rate of 3.60% per annum, payable semi-annually, and will mature in April 2030. These notes are redeemable at the Parent Company's option in whole at any time or in part from time to time at a redemption price equal to the greater of: (i) the aggregate principal amount of the notes to be redeemed or (ii) the amount equal to the sum of the present values of the remaining scheduled payments for principal of and interest on the notes to be redeemed, not including any portion of the payments of interest accrued as of such redemption date, discounted to such redemption date on a semiannual basis at the yield to maturity for a U.S. Treasury security with a maturity comparable to the remaining term of the notes, plus 45 basis points, plus in each case, accrued and unpaid interest on the principal amount of the notes to be redeemed to, but excluding, such redemption date. In March 2020, the Parent Company issued four series of senior notes totaling ¥57.0 billion through a public debt offering under its U.S. shelf registration statement. The first series, which totaled ¥12.4 billion , bears interest at a fixed rate of .300% per annum, payable semiannually and will mature in September 2025. The second series, which totaled ¥13.3 billion , bears interest at a fixed rate of .550% per annum, payable semi-annually, and will mature in March 2030. The third series, which totaled ¥20.7 billion , bears interest at a fixed rate of .750% per annum, payable semiannually and will mature in March 2032. The fourth series, which totaled ¥10.6 billion , bears interest at a fixed rate of .830% per annum, payable semi-annually, and will mature in March 2035. These notes may only be redeemed before maturity, in whole but not in part, upon the occurrence of certain changes affecting U.S. taxation, as specified in the indenture governing the terms of the issuance. In January 2020, the Parent Company used the net proceeds from senior notes issued in December 2019 to redeem $350 million of its 4.00% fixed-rate senior notes due February 2022. A summary of the Company's lines of credit as of June 30, 2020 follows: Borrower(s) 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 18, 2020 $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 November 18, 2024, or the date commitments are terminated pursuant to an event of default $1.0 billion $0.0 billion A rate per annum equal to, at the Company's option, either, (a) 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 November 18, 2024 .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 30, 2020 $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, 2021 ¥50.0 billion ¥0.0 billion Three-month TIBOR plus 70 basis points per annum 3 months None General corporate purposes Aflac Incorporated (1) uncommitted revolving 364 days November 25, 2020 ¥50.0 billion ¥0.0 billion Three-month TIBOR plus 70 basis points per annum 3 months None General corporate purposes Aflac New York (1) uncommitted revolving 364 days April 7, 2021 $25 million $0 million USD three-month LIBOR plus 75 basis points per annum 3 months None General corporate purposes CAIC (1) uncommitted revolving 364 days March 20, 2021 $15 million $0 million USD three-month LIBOR plus 75 basis points per annum 3 months None General corporate purposes Tier One Insurance Company (1) uncommitted revolving 364 days March 20, 2021 $.3 million $0 million USD three-month LIBOR plus 75 basis points per annum 3 months None General corporate purposes AGV Management Services Japan K.K. (1) uncommitted revolving 364 days May 1, 2021 ¥500 million ¥0 million A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period No later than May 1, 2021 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 June 30, 2020 . No events of default or defaults occurred during the six -month period ended June 30, 2020 . For additional information, see Notes 4 and 9 of the Notes to the Consolidated Financial Statements in the 2019 Annual Report.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law and includes certain income tax provisions relevant to businesses. The Company was required to recognize the effect on the consolidated financial statements in the period the law was enacted, which was the period ended March 31, 2020. For the six-month period ended June 30, 2020, the CARES Act did not have a material impact on the Company’s consolidated financial statements. At this time, the Company does not expect the impact of the CARES Act to have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2020. The Company’s combined U.S. and Japanese effective income tax rate on pretax earnings was 24.8% and 26.3% for the three-month periods and 23.4% and 25.8% for the six-month periods ended June 30, 2020 and 2019, respectively. This combined effective tax rate differs from the U.S. statutory rate primarily due to foreign earnings taxed at different rates. The primary driver for the reduced income tax rate in the current period is the pretax investment losses in Japan, which provide a 28% income tax benefit.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
SHAREHOLDERS' EQUITY	Jun. 30, 2020
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 six -month periods ended June 30 . (In thousands of shares) 2020 2019 Common stock - issued: Balance, beginning of period 1,349,309 1,347,540 Exercise of stock options and issuance of restricted shares 1,426 1,504 Balance, end of period 1,350,735 1,349,044 Treasury stock: Balance, beginning of period 622,516 592,254 Purchases of treasury stock: Share repurchase program 15,193 17,179 Other 521 574 Dispositions of treasury stock: Shares issued to AFL Stock Plan (1,116 ) (836 ) Exercise of stock options (45 ) (305 ) Other (242 ) (287 ) Balance, end of period 636,827 608,579 Shares outstanding, end of period 713,908 740,465 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 Six Months Ended (In thousands) 2020 2019 2020 2019 Anti-dilutive share-based awards 1,257 1 989 12 Share Repurchase Program During the first six months of 2020 , the Company repurchased 15.2 million shares of its common stock for $637 million as part of its share repurchase program. During the first six months of 2019 , the Company repurchased 17.2 million shares of its common stock for $847 million as part of its share repurchase program. As of June 30, 2020 , a remaining balance of 21.9 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 at March 31, 2020 $ (1,543 ) $ 6,043 $ (35 ) $ (277 ) $ 4,188 Other comprehensive 74 2,433 (1 ) (5 ) 2,501 Amounts reclassified from 0 56 0 5 61 Net current-period other 74 2,489 (1 ) 0 2,562 Balance at June 30, 2020 $ (1,469 ) $ 8,532 $ (36 ) $ (277 ) $ 6,750 All amounts in the table above are net of tax. Three Months Ended (In millions) Unrealized Foreign Unrealized Unrealized Pension Liability Adjustment Total Balance at March 31, 2019 $ (1,848 ) $ 6,561 $ (26 ) $ (206 ) $ 4,481 Other comprehensive 393 1,512 (1 ) (5 ) 1,899 Amounts reclassified from 0 (18 ) 0 2 (16 ) Net current-period other 393 1,494 (1 ) (3 ) 1,883 Balance at June 30, 2019 $ (1,455 ) $ 8,055 $ (27 ) $ (209 ) $ 6,364 All amounts in the table above are net of tax. Six Months Ended (In millions) Unrealized Foreign Unrealized Unrealized Pension Total Balance at December 31, 2019 $ (1,623 ) $ 8,548 $ (33 ) $ (277 ) $ 6,615 Cumulative effect of change 0 848 0 0 848 Balance at January 1, 2020 $ (1,623 ) $ 9,396 $ (33 ) $ (277 ) $ 7,463 Other comprehensive 154 (975 ) (3 ) (11 ) (835 ) Amounts reclassified from 0 111 0 11 122 Net current-period other 154 (864 ) (3 ) 0 (713 ) Balance at June 30, 2020 $ (1,469 ) $ 8,532 $ (36 ) $ (277 ) $ 6,750 All amounts in the table above are net of tax. Six Months Ended (In millions) Unrealized Foreign Unrealized Unrealized Pension Liability Adjustment Total Balance at December 31, 2018 $ (1,847 ) $ 4,234 $ (24 ) $ (212 ) $ 2,151 Other comprehensive 392 3,853 (3 ) (2 ) 4,240 Amounts reclassified from 0 (32 ) 0 5 (27 ) Net current-period other 392 3,821 (3 ) 3 4,213 Balance at June 30, 2019 $ (1,455 ) $ 8,055 $ (27 ) $ (209 ) $ 6,364 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 $ (75 ) Net investment gains (losses) 19 Tax (expense) or benefit (1) $ (56 ) Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (7 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 2 Tax (expense) or benefit (1) $ (5 ) Net of tax Total reclassifications for the period $ (61 ) 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 12 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 $ 25 Net investment gains (losses) (7 ) Tax (expense) or benefit (1) $ 18 Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (3 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 1 Tax (expense) or benefit (1) $ (2 ) Net of tax Total reclassifications for the period $ 16 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 12 for additional details). (In millions) Six 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 $ (145 ) Net investment gains (losses) 34 Tax (expense) or benefit (1) $ (111 ) Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (15 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 4 Tax (expense) or benefit (1) $ (11 ) Net of tax Total reclassifications for the period $ (122 ) Net of tax (1) Based on 23% blended tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 12 for additional details). (In millions) Six 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 $ 43 Net investment gains (losses) (11 ) Tax (expense) or benefit (1) $ 32 Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (7 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 2 Tax (expense) or benefit (1) $ (5 ) Net of tax Total reclassifications for the period $ 27 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 12 for additional details).

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
SHARE-BASED COMPENSATION	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION In July 2020, the Company transitioned from T. Rowe Price Trust Company to Fidelity Management Trust Company as the trustee and recordkeeper of the Company's long-term share-based compensation plans. As of June 30, 2020 , 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 June 30, 2020 , approximately 37.9 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 June 30, 2020 , the only performance-based awards issued and outstanding were restricted stock awards and units. 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 June 30, 2020 . Stock Weighted-Average Aggregate Weighted-Average Outstanding 3,366 4.3 $ 21 $ 30.11 Exercisable 3,307 4.2 21 30.01 The Company received cash from the exercise of stock options in the amount of $7 million during the first six months of 2020 , compared with $30 million in the first six months of 2019 . The tax benefit realized as a result of stock option exercises and restricted stock releases was $18 million in the first six months of 2020 , compared with $25 million in the first six months of 2019 . As of June 30, 2020 , total compensation cost not yet recognized in the Company's consolidated financial statements related to restricted stock awards was $59 million , of which $27 million ( 1 million 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 1.8 years . There are no other contractual terms covering restricted stock awards once vested. The following table summarizes restricted stock activity during the six -month period ended June 30, 2020 . (In thousands of shares) Shares Weighted-Average Grant-Date Fair Value Per Share Restricted stock at December 31, 2019 2,715 (1) $ 43.74 Granted in 2020 1,448 46.14 Canceled in 2020 (53 ) 49.71 Vested in 2020 (1,501 ) 34.96 Restricted stock at June 30, 2020 2,609 $ 48.68 (1) The balance has been adjusted to include dividends In February 2020, the Company granted 409 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 2019 Annual Report.

BENEFIT PLANS

BENEFIT PLANS	6 Months Ended
BENEFIT PLANS	Jun. 30, 2020
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 U.S., 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 $12 million for both of the six -month periods ended June 30, 2020 and 2019 , respectively. Total net periodic cost includes the following components: Three Months Ended June 30, Pension Benefits Other Japan U.S. Postretirement Benefits (In millions) 2020 2019 2020 2019 2020 2019 Components of net periodic Service cost $ 6 $ 5 $ 7 $ 6 $ 0 $ 0 Interest cost 1 2 8 9 1 1 Expected return on plan assets (2 ) (1 ) (9 ) (7 ) 0 0 Amortization of net actuarial loss 1 1 6 2 0 0 Net periodic (benefit) cost $ 6 $ 7 $ 12 $ 10 $ 1 $ 1 Six Months Ended June 30, Pension Benefits Other Japan U.S. Postretirement Benefits (In millions) 2020 2019 2020 2019 2020 2019 Components of net periodic Service cost $ 12 $ 10 $ 14 $ 12 $ 0 $ 0 Interest cost 2 3 16 18 1 1 Expected return on plan assets (4 ) (3 ) (18 ) (14 ) 0 0 Amortization of net actuarial loss 2 2 12 5 1 0 Net periodic (benefit) cost $ 12 $ 12 $ 24 $ 21 $ 2 $ 1 During the six months ended June 30, 2020 , Aflac Japan contributed approximately $18 million (using the weighted-average yen/dollar exchange rate for the six -month period ending June 30, 2020 ) to the Japanese funded defined benefit plan, and Aflac U.S. did not make a contribution 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 2019 Annual Report.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	6 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Effective for 2020, 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 June 30, 2020 , the agreement has a remaining term of five years and an aggregate remaining cost of ¥15.3 billion ( $142 million using the June 30, 2020 , 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 U.S. 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 June 30, 2020 . 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 six -month period ended June 30, 2020 were immaterial.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2020
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 (U.S.) and Japan. The Company’s operations consist of two reportable business segments: Aflac Japan and Aflac U.S. The Parent Company's primary insurance subsidiaries are Aflac Life Insurance Japan Ltd. (Aflac Japan) and American Family Life Assurance Company of Columbus (Aflac); Continental American Insurance Company (CAIC), branded as Aflac Group Insurance (AGI); American Family Life Assurance Company of New York (Aflac New York); Tier One Insurance Company (TOIC) and Argus Dental & Vision, Inc. (Argus), which provides a platform for Aflac Dental and Vision in the U.S. (collectively, Aflac U.S.). Aflac Japan's revenues, including net gains and losses on its investment portfolio, accounted for 67% and 68% of the Company's total revenues in the six -month periods ended June 30, 2020 and 2019 , respectively. The percentage of the Company's total assets attributable to Aflac Japan was 83% at June 30, 2020 , compared with 84% at December 31, 2019 . 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 June 30, 2020 , and December 31, 2019 , the consolidated statements of earnings and comprehensive income (loss) for the three-month and six-month periods ended June 30, 2020 and 2019 , the consolidated statement of shareholders' equity for the three-month periods ended March 31, 2020 and 2019 and June 30, 2020 and 2019, and the consolidated statement of cash flows for the six -month periods ended June 30, 2020 and 2019 . 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, 2019 ( 2019 Annual Report). COVID-19: On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. The impact of COVID-19 on the Company continues to evolve, and its future effects remain uncertain. The Company continues to closely monitor the effects and risks of COVID-19 to assess its impact on the Company's business, financial condition, results of operations, liquidity and capital position. Liquidity and Capital Resources The Company entered the crisis having maintained capital ratios in Japan and the U.S. at a level designed to absorb a degree of market volatility. To further support liquidity and capital resources, the Parent Company, in March 2020, issued four series of senior notes totaling ¥57.0 billion and, in April 2020, issued $1 billion in senior notes through public debt offerings under its U.S. shelf registration statement. The Company has available liquidity in its unsecured revolving credit facilities of $1.0 billion and ¥100.0 billion and currently has no borrowings under either of these facilities. In April 2020, Aflac increased its internal limit for Federal Home Loan Bank of Atlanta (FHLB) borrowings to $800 million , $300 million of which the Company has designated to be used for short-term liquidity needs and subject to qualified collateral availability and other conditions. The Company continues to evaluate other sources of liquidity including reinvestment cash flows and selling investments. Loan Modifications On March 27, 2020, the Coronavirus, Aid, Relief, and Economic Security (CARES) Act, which provides relief from certain requirements under GAAP, was signed into law. Section 4013 of the CARES Act gives entities temporary relief from the accounting and disclosure requirements for troubled debt restructurings (TDRs) under ASC 310-40 in certain situations. On April 7, 2020, certain regulatory banking agencies, in consultation with the FASB, issued the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Interagency statement) applicable for all entities, which offers practical expedients for evaluating whether loan modifications in response to the COVID-19 pandemic are treated as TDRs. The Company will apply GAAP relief under Section 4013 of the CARES Act and the Interagency statement with respect to certain qualifying loan modifications. For loan modifications that qualify under the CARES Act, TDR accounting and reporting is suspended through the period of the modification; however, the Company will continue to apply its existing non-accrual policies including consideration of the loan's past due status which is determined on the basis of the contractual terms of the loan. Once a loan has been contractually modified, the past due status is generally based on the updated terms including payment deferrals. As of June 30, 2020, loan modifications did not have a material impact on the Company's results of operations. See Note 3 of Notes to the Consolidated Financial Statements for additional details.
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	Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters Accounting Standards Update( ASU) 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued amendments that provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the reference rate reform if certain criteria are met. The amendments in this ASU only apply to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. An entity may elect to apply the amendments as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. The amendments generally expire on December 31 2022, i.e., they do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and hedging relationships evaluated for periods after December 31, 2022. April 1, 2020 The adoption of the new guidance did not have an impact on the Company’s financial statements. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships through December 31, 2022. 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. 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 recent adoption of that update below. January 1, 2020 The adoption of this guidance resulted in a reclassification of $6.9 billion (at amortized cost) of pre-payable fixed-maturity securities from the held-to-maturity to the available-for-sale category. The reclassification resulted in recording in accumulated other comprehensive income a net unrealized gain of $848 million on an after-tax basis, based on the securities’ fair values on the reclassification date. The reclassification impacted the adoption of ASU 2016-13 (see ASU 2016-13 below for additional details). Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters 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. January 1, 2020 The adoption of this guidance did not have a significant impact on the Company's financial position, results of operations, or disclosures. 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. January 1, 2020 The adoption of this guidance did not have a significant impact on the Company’s financial position, results of operations, or disclosures. 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. January 1, 2020 The adoption of this guidance did not have a significant impact on the Company's financial position, results of operations, or disclosures. 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, ASU 2019-05 , Financial Instruments - Credit Losses (Topic 326), Targeted Transition Relief and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments- Credit Losses 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 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 is measured in a manner similar to prior 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). January 1, 2020 The Company recorded a cumulative effect adjustment with a decrease to beginning 2020 retained earnings of $56 million, net of taxes. See Note 3 of the Notes to the Consolidated Financial Statements for credit loss disclosures. The following line items in the consolidated balance sheets were most significantly impacted by the adoption of the new accounting standard: • Fixed maturity securities held to maturity, at amortized cost • Commercial mortgage and other loans • Reinsurance recoverable, included within Other assets
Description of Accounting Pronouncements Pending Adoption	Standard Description Effect on Financial Statements or Other Significant Matters ASU 2020-01 Clarifying the interactions between Topic 321, Topic 323, and Topic 815 In January 2020, the FASB issued amendments clarifying that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. In addition, the amendments clarify that for the purpose of applying certain derivative guidance in Topic 815, an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825. An entity also would evaluate the remaining characteristics in Topic 815 to determine the accounting for those forward contracts and purchased options. The amendments are effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. 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 2018-12 Financial Services - Insurance, Targeted Improvements to the Accounting for Long-Duration Contracts as clarified and amended by: ASU 2019-09 Financial Services - Insurance (Topic 944): Effective Date 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. In November 2019, the FASB issued an amendment extending the effective date for public business entities that meet the definition of an SEC filer, excluding entities eligible to be small reporting companies as defined by the SEC, by one year. The amendments are now effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. 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.

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	6 Months Ended
BUSINESS SEGMENT INFORMATION (Tables)	Jun. 30, 2020
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	Information regarding operations by reportable segment and Corporate and other, follows: Three Months Ended Six Months Ended (In millions) 2020 2019 2020 2019 Revenues: Aflac Japan: Net earned premiums $ 3,158 $ 3,172 $ 6,308 $ 6,352 Adjusted net investment income (1),(2) 633 609 1,276 1,219 Other income 12 11 22 22 Total adjusted revenue Aflac Japan 3,803 3,792 7,606 7,593 Aflac U.S.: Net earned premiums 1,458 1,459 2,941 2,920 Net investment income 172 180 348 357 Other income 26 2 54 4 Total adjusted revenue Aflac U.S. 1,656 1,641 3,343 3,281 Corporate and other (3) 100 95 204 191 Total adjusted revenues 5,559 5,528 11,153 11,065 Net investment gains (losses) (1),(2),(3) (152 ) (17 ) (584 ) 103 Total revenues $ 5,407 $ 5,511 $ 10,569 $ 11,168 (1) Amortized hedge costs of $50 and $62 for the three-month periods and $105 and $124 for the six -month periods ended June 30, 2020 , and 2019 , respectively, related to certain foreign currency exposure management strategies have been reclassified from net 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 $6 and $(7) for the three-month periods and an immaterial amount and $(14) for the six -month periods ended June 30, 2020 and 2019 , respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income. (3) Amortized hedge income of $27 and $20 for the three-month periods $56 and $40 for the six -month periods ended June 30, 2020 , and 2019 , respectively, related to certain foreign currency exposure management strategies has been reclassified from net 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 Six Months Ended (In millions) 2020 2019 2020 2019 Pretax adjusted earnings: Aflac Japan (1),(2) $ 839 $ 831 $ 1,694 $ 1,666 Aflac U.S. 426 338 752 661 Corporate and other (3),(4) (30 ) (26 ) (28 ) (45 ) Pretax adjusted earnings (5) 1,235 1,143 2,418 2,282 Net investment gains (losses) (1),(2),(3),(4) (166 ) (34 ) (614 ) 70 Other income (loss) 1 0 (15 ) (1 ) Total earnings before income taxes $ 1,070 $ 1,109 $ 1,789 $ 2,351 Income taxes applicable to pretax adjusted earnings $ 315 $ 297 $ 615 $ 587 Effect of foreign currency translation on after-tax 5 (4 ) 14 (13 ) (1) Amortized hedge costs of $50 and $62 for the three-month periods and $105 and $124 for the six -month periods ended June 30, 2020 , and 2019 , respectively, related to certain foreign currency exposure management strategies have been reclassified from net 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 $6 and $(7) for the three-month periods and an immaterial amount and $(14) for the six -month periods ended June 30, 2020 and 2019 , respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income. (3) Amortized hedge income of $27 and $20 for the three-month periods and $56 and $40 for the six -month periods ended June 30, 2020 , and 2019 , respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase in net investment income when analyzing operations. (4) A gain of $14 and $17 for three-month periods and $30 and $33 for the six -month periods ended June 30, 2020 , and 2019 , respectively, related to the interest rate component of the change in fair value of foreign currency swaps on notes payable has been reclassified from net investment gains (losses) and included in adjusted earnings when analyzing operations. (5) Includes $44 and $34 for the three-month periods and $77 and $66 for the six-month periods ended June 30, 2020 , and 2019 , respectively, of interest expense on debt.
Reconciliation of Assets from Segment to Consolidated	Assets were as follows: (In millions) June 30, December 31, Assets: Aflac Japan $ 130,156 $ 127,523 Aflac U.S. 21,776 20,945 Corporate and other 5,155 4,300 Total assets $ 157,087 $ 152,768

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
INVESTMENTS (Tables)	Jun. 30, 2020
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. June 30, 2020 (In millions) Allowance for Credit Losses Gross Gross Fair Securities available for sale, carried at fair Fixed maturity securities: Yen-denominated: Japan government and agencies $ 32,004 $ 0 $ 4,199 $ 45 $ 36,158 Municipalities 994 0 226 8 1,212 Mortgage- and asset-backed securities 334 0 28 1 361 Public utilities 4,550 0 643 15 5,178 Sovereign and supranational 1,035 0 46 5 1,076 Banks/financial institutions 7,412 0 529 319 7,622 Other corporate 7,798 0 1,054 153 8,699 Total yen-denominated 54,127 0 6,725 546 60,306 U.S. dollar-denominated: U.S. government and agencies 309 0 20 0 329 Municipalities 1,119 0 161 0 1,280 Mortgage- and asset-backed securities 175 0 10 0 185 Public utilities 3,880 0 899 15 4,764 Sovereign and supranational 240 0 68 7 301 Banks/financial institutions 2,876 0 722 6 3,592 Other corporate 25,451 38 4,086 297 29,202 Total U.S. dollar-denominated 34,050 38 5,966 325 39,653 Total securities available for sale $ 88,177 $ 38 $ 12,691 $ 871 $ 99,959 December 31, 2019 (In millions) Gross Gross Fair Securities available for sale, carried at fair value through other comprehensive income: Fixed maturity securities: Yen-denominated: Japan government and agencies $ 30,929 $ 5,169 $ 0 $ 36,098 Municipalities 516 116 3 629 Mortgage- and asset-backed securities 229 25 0 254 Public utilities 1,855 406 0 2,261 Sovereign and supranational 680 50 0 730 Banks/financial institutions 6,152 700 86 6,766 Other corporate 5,323 944 24 6,243 Total yen-denominated 45,684 7,410 113 52,981 U.S dollar-denominated: U.S. government and agencies 293 9 0 302 Municipalities 1,077 141 0 1,218 Mortgage- and asset-backed securities 149 7 0 156 Public utilities 3,804 725 10 4,519 Sovereign and supranational 239 73 0 312 Banks/financial institutions 2,879 646 4 3,521 Other corporate 25,246 3,255 248 28,253 Total U.S. dollar-denominated 33,687 4,856 262 38,281 Total securities available for sale $ 79,371 $ 12,266 $ 375 $ 91,262
Held-to-maturity Securities	June 30, 2020 (In millions) Allowance for Credit Losses Net Carrying Amount Gross Gross Fair Securities held to maturity, carried at Fixed maturity securities: Yen-denominated: Japan government and agencies $ 22,531 $ 3 $ 22,528 $ 5,502 $ 0 $ 28,030 Municipalities 364 0 364 117 0 481 Public utilities 46 1 45 14 0 59 Sovereign and supranational 554 5 549 143 0 692 Other corporate 23 0 23 8 0 31 Total yen-denominated 23,518 9 23,509 5,784 0 29,293 Total securities held to maturity $ 23,518 $ 9 $ 23,509 $ 5,784 $ 0 $ 29,293 December 31, 2019 (In millions) Gross Gross Fair Securities held to maturity, carried at Fixed maturity securities: Yen-denominated: Japan government and agencies $ 22,241 $ 6,050 $ 0 $ 28,291 Municipalities 821 262 0 1,083 Mortgage- and asset-backed securities 16 1 0 17 Public utilities 2,535 419 0 2,954 Sovereign and supranational 1,123 197 0 1,320 Banks/financial institutions 916 105 3 1,018 Other corporate 2,433 485 7 2,911 Total yen-denominated 30,085 7,519 10 37,594 Total securities held to maturity $ 30,085 $ 7,519 $ 10 $ 37,594
Equity securities, FV-NI	(In millions) June 30, 2020 December 31, 2019 Equity securities, carried at fair value through net earnings: Fair Value Fair Value Equity securities: Yen-denominated $ 609 $ 658 U.S. dollar-denominated 140 144 Total equity securities $ 749 $ 802
Investments Classified by Contractual Maturity Date	The contractual and economic maturities of the Company's investments in fixed maturity securities at June 30, 2020 , were as follows: (In millions) Amortized (1) Fair Available for sale: Due in one year or less $ 957 $ 994 Due after one year through five years 8,899 9,108 Due after five years through 10 years 12,751 14,450 Due after 10 years 65,023 74,861 Mortgage- and asset-backed securities 509 546 Total fixed maturity securities available for sale $ 88,139 $ 99,959 Held to maturity: Due in one year or less $ 0 $ 0 Due after one year through five years 0 0 Due after five years through 10 years 107 123 Due after 10 years 23,402 29,170 Mortgage- and asset-backed securities 0 0 Total fixed maturity securities held to maturity $ 23,509 $ 29,293 (1) Net of allowance for credit losses
Investment Exposures Exceeding Ten Percent Shareholders Equity	Investment exposures that individually exceeded 10% of shareholders' equity were as follows: June 30, 2020 December 31, 2019 (In millions) Credit Amortized Fair Credit Amortized Fair Japan National Government (1) A+ $53,145 $62,513 A+ $51,726 $62,584 (1) Japan Government Bonds (JGBs) or JGB-backed securities
Gain (Loss) on Investments	Information regarding pretax net gains and losses from investments is as follows: Three Months Ended Six Months Ended (In millions) 2020 2019 2020 2019 Net investment gains (losses): Sales and redemptions: Fixed maturity securities available for sale: Gross gains from sales $ 14 $ 32 $ 21 $ 44 Gross losses from sales (46 ) (3 ) (46 ) (11 ) Foreign currency gains (losses) on sales and redemptions (20 ) (4 ) (34 ) 9 Total sales and redemptions (52 ) 25 (59 ) 42 Equity securities 31 (11 ) (118 ) 47 Loan loss reserves (1) 0 (2 ) 0 (4 ) Credit losses: Fixed maturity securities available for sale (12 ) 0 (75 ) 0 Fixed maturity securities held to maturity 0 0 1 0 Commercial mortgage and other loans (127 ) 0 (164 ) 0 Loan commitments (35 ) 0 (81 ) 0 Reinsurance recoverables and other (2 ) 0 (2 ) 0 Total credit losses (176 ) 0 (321 ) 0 Derivatives and other: Derivative gains (losses) 120 122 35 122 Foreign currency gains (losses) (93 ) (200 ) (170 ) (202 ) Total derivatives and other 27 (78 ) (135 ) (80 ) Total net investment gains (losses) $ (170 ) $ (66 ) $ (633 ) $ 5 (1) U.S. GAAP guidance adopted as of January 1, 2020 has superseded these losses, included for comparative purposes only.
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) June 30, 2020 December 31, Unrealized gains (losses) on securities available for sale $ 11,820 $ 11,891 Deferred income taxes (3,288 ) (3,343 ) Shareholders’ equity, unrealized gains (losses) on fixed maturity securities $ 8,532 $ 8,548
Investments Gross Unrealized Loss Aging	The following tables show the fair values and gross unrealized losses of the Company's available-for-sale investments for the period ended June 30, 2020 and available-for-sale and held-to-maturity investments for prior periods 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. June 30, 2020 Total Less than 12 months 12 months or longer (In millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturity securities available Japan government and Yen-denominated $ 2,196 $ 45 $ 2,196 $ 45 $ 0 $ 0 Municipalities: Yen-denominated 144 8 131 7 13 1 Mortgage- and asset- Yen-denominated 36 1 36 1 0 0 Public utilities: U.S. dollar-denominated 301 15 181 8 120 7 Yen-denominated 799 15 799 15 0 0 Sovereign and supranational: U.S. dollar-denominated 35 7 35 7 0 0 Yen-denominated 219 5 219 5 0 0 Banks/financial institutions: U.S. dollar-denominated 60 6 23 1 37 5 Yen-denominated 3,584 319 2,753 205 831 114 Other corporate: U.S. dollar-denominated 3,625 297 1,329 70 2,296 227 Yen-denominated 1,647 153 1,394 128 253 25 Total $ 12,646 $ 871 $ 9,096 $ 492 $ 3,550 $ 379 December 31, 2019 Total Less than 12 months 12 months or longer (In millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturity securities: Municipalities: Yen-denominated $ 80 $ 3 $ 80 $ 3 $ 0 $ 0 Public utilities: U.S. dollar-denominated 306 10 69 2 237 8 Banks/financial institutions: U.S. dollar-denominated 79 4 18 0 61 4 Yen-denominated 1,828 89 1,828 89 0 0 Other corporate: U.S. dollar-denominated 4,261 248 792 53 3,469 195 Yen-denominated 636 31 636 31 0 0 Total $ 7,190 $ 385 $ 3,423 $ 178 $ 3,767 $ 207
Composition of the Carrying Value for Commercial Mortgage and Other Loans by Property Type	The following table reflects the composition of the carrying value for commercial mortgage and other loans by property type as of the periods presented. (In millions) June 30, 2020 December 31, 2019 Amortized Cost % of Total Amortized Cost % of Total Commercial Mortgage and other loans: Transitional real estate loans: Office $ 2,112 19.3 % $ 1,800 18.7 % Retail 173 1.6 131 1.4 Apartments/Multi-Family 2,076 18.9 2,085 21.7 Industrial 176 1.6 256 2.7 Hospitality 1,078 9.8 1,036 10.8 Other 78 0.7 164 1.7 Total transitional real estate loans 5,693 51.9 5,472 57.0 Commercial mortgage loans: Office 405 3.7 410 4.3 Retail 344 3.1 348 3.5 Apartments/Multi-Family 596 5.5 569 5.9 Industrial 395 3.6 383 4.0 Total commercial mortgage loans 1,740 15.9 1,710 17.7 Middle market loans 3,526 32.2 2,432 25.3 Total commercial mortgage and other loans $ 10,959 100.0 % $ 9,614 100.0 % Allowance for credit losses (242 ) (45 ) (1) Total net commercial mortgage and other loans $ 10,717 $ 9,569 (1) U.S. GAAP guidance adopted as of January 1, 2020 has superseded these losses, included for comparative purposes only.
Allowance for Loan Losses by Portfolio Segment	The following table presents the roll forward of the allowance for credit losses by portfolio segment during the six-month period ended June 30, 2020 . (in millions) Transitional Real Estate Loans Commercial Mortgage Loans Middle Market Loans Held to Maturity Securities Available for Sale Securities Reinsurance Recoverables Balance at December 31, 2019 (1) $ (22 ) $ (3 ) $ (20 ) $ 0 $ 0 $ 0 Transition impact to retained earnings (2 ) (8 ) (33 ) (10 ) 0 (11 ) (Addition to) release of allowance for credit losses (42 ) (31 ) (90 ) 1 (74 ) 0 Write-offs, net of recoveries 0 0 9 0 36 0 Balance at June 30, 2020 $ (66 ) $ (42 ) $ (134 ) $ (9 ) $ (38 ) $ (11 ) (1) U.S. GAAP guidance adopted as of January 1, 2020 has superseded these losses, included for comparative purposes only.
Other Investments	The table below reflects the composition of the carrying value for other investments as of the periods presented. (In millions) June 30, 2020 December 31, 2019 Other investments: Policy loans $ 263 $ 250 Short-term investments (1) 763 628 Limited partnerships 718 569 Other 27 30 Total other investments $ 1,771 $ 1,477 (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 Remaining Contractual Maturity of the Agreements June 30, 2020 December 31, 2019 (In millions) Overnight (1) Up to 30 30-90 days Total Overnight (1) Up to 30 Total Securities lending transactions: Fixed maturity securities: Japan government and $ 0 $ 1,720 $ 155 $ 1,875 $ 0 $ 1,013 $ 1,013 Public utilities 25 0 0 25 35 0 35 Sovereign and supranational 5 0 0 5 2 0 2 Banks/financial institutions 38 0 0 38 48 0 48 Other corporate 332 0 0 332 778 0 778 Total borrowings $ 400 $ 1,720 $ 155 $ 2,275 $ 863 $ 1,013 $ 1,876 Gross amount of recognized liabilities for securities lending $ 2,275 $ 1,876 (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 June 30, 2020 December 31, 2019 (In millions) Amortized (1) Fair Amortized Fair Assets: Fixed maturity securities, available for sale $ 3,127 $ 4,063 $ 3,308 $ 4,312 Commercial mortgage and other loans 9,117 9,049 7,956 8,015 Other investments (2) 589 589 494 494 Other assets (3) 87 87 169 169 Total assets of consolidated VIEs $ 12,920 $ 13,788 $ 11,927 $ 12,990 Liabilities: Other liabilities (3) $ 255 $ 255 $ 126 $ 126 Total liabilities of consolidated VIEs $ 255 $ 255 $ 126 $ 126 (1) Net of allowance for credit losses (2) Consists entirely of alternative investments in limited partnerships (3) 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 June 30, 2020 December 31, 2019 (In millions) Amortized Fair Amortized Fair Assets: Fixed maturity securities, available for sale $ 5,982 $ 6,837 $ 4,129 $ 4,884 Fixed maturity securities, held to maturity 0 0 1,848 2,236 Other investments (1) 129 129 75 74 Total investments in VIEs not consolidated $ 6,111 $ 6,966 $ 6,052 $ 7,194 (1) Consists entirely of alternative investments in limited partnerships
Transitional real estate loans
Financing Receivable Credit Quality Indicators	Transitional Real Estate Loans (In millions) 2020 2019 2018 2017 2016 Prior Total Loan-to-Value Ratio: 0%-59.99% $ 45 $ 523 $ 417 $ 157 $ 20 $ 57 $ 1,219 60%-69.99% 191 790 839 437 0 0 2,257 70%-79.99% 131 816 971 224 14 0 2,156 80% or greater 25 36 0 0 0 0 61 Total $ 392 $ 2,165 $ 2,227 $ 818 $ 34 $ 57 $ 5,693
Commercial mortgage loans
Financing Receivable Credit Quality Indicators	Commercial Mortgage Loans (In millions) 2020 2019 2018 2017 2016 Prior Total Weighted-Average DSCR Loan-to-Value Ratio: 0%-59.99% $ 32 $ 404 $ 101 $ 69 $ 594 $ 0 $ 1,200 2.59 60%-69.99% 16 224 70 0 148 0 458 1.92 70%-79.99% 0 33 0 0 23 0 56 1.79 80% or greater 0 0 0 0 26 0 26 1.63 Total 48 661 171 69 791 0 1,740 2.37 Weighted Average DSCR 1.91 2.50 2.23 2.59 2.31 0 2.37
Middle market loans
Financing Receivable Credit Quality Indicators	Middle Market Loans (In millions) 2020 2019 2018 2017 2016 Prior Revolving Loans Total Credit Ratings: BBB $ 38 $ 121 $ 57 $ 57 $ 13 $ 0 $ 24 $ 310 BB 150 214 235 90 30 24 80 823 B 184 767 303 266 120 41 219 1,900 CCC 21 103 129 58 33 17 90 451 CC 0 1 0 39 0 0 2 42 Total $ 393 $ 1,206 $ 724 $ 510 $ 196 $ 82 $ 415 $ 3,526

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
DERIVATIVE INSTRUMENTS (Tables)	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	June 30, 2020 December 31, 2019 (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 $ 13 $ 75 $ 0 $ 8 Total cash flow hedges 75 0 13 75 0 8 Fair value hedges: Foreign currency forwards 62 0 0 964 0 38 Foreign currency options 8,689 0 2 11,573 0 5 Interest rate swaptions 243 0 0 243 0 0 Total fair value hedges 8,994 0 2 12,780 0 43 Net investment hedge: Foreign currency forwards 4,994 122 2 4,952 72 2 Foreign currency options 2,732 1 0 2,000 0 0 Total net investment hedge 7,726 123 2 6,952 72 2 Non-qualifying strategies: Foreign currency swaps 2,250 73 29 2,800 72 78 Foreign currency swaps - VIE 2,657 87 242 2,587 169 118 Foreign currency forwards 17,110 177 391 19,821 166 337 Foreign currency options 9,149 0 0 9,553 0 0 Interest rate swaps 2,000 14 0 7,120 3 0 Interest rate swaptions 7 0 0 7 0 0 Forward bond purchase commitment - VIE 52 0 1 0 0 0 Total non-qualifying strategies 33,225 351 663 41,888 410 533 Total derivatives $ 50,020 $ 474 $ 680 $ 61,695 $ 482 $ 586
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 Investment Gains (Losses) Recognized for Fair Value Hedge Three Months Ended June 30, 2020: Foreign currency Fixed maturity securities $ 0 $ (1 ) $ 1 $ (1 ) $ 0 Foreign currency options Fixed maturity securities (2 ) (1 ) (1 ) 1 0 Total gains (losses) $ (2 ) $ (2 ) $ 0 $ 0 $ 0 Six Months Ended June 30, 2020: Foreign currency Fixed maturity securities $ (16 ) $ (8 ) $ (8 ) $ 9 $ 1 Foreign currency Fixed maturity securities (2 ) (1 ) (1 ) 1 0 Total gains (losses) $ (18 ) $ (9 ) $ (9 ) $ 10 $ 1 Three Months Ended June 30, 2019: Foreign currency forwards Fixed maturity securities $ 6 $ (14 ) $ 20 $ (21 ) $ (1 ) Interest rate Fixed maturity securities (2 ) (2 ) 0 0 0 Total gains (losses) 4 (16 ) 20 (21 ) (1 ) Six Months Ended June 30, 2019: Foreign currency forwards Fixed maturity securities $ 15 $ (24 ) $ 39 $ (39 ) $ 0 Foreign currency options Fixed maturity securities (4 ) (4 ) 0 0 0 Interest rate Fixed maturity securities (3 ) (3 ) 0 0 0 Total gains (losses) $ 8 $ (31 ) $ 39 $ (39 ) $ 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 net investment gains (losses). It also includes the change in the fair value of the interest rate swaptions related to the time value of the swaptions which is recognized as a component of other comprehensive income (loss). (2) Gains and losses on foreign currency forwards and options and related hedged items are reported in the consolidated statement of earnings as net investment gains (losses). For interest rate swaptions and related hedged items, gains and losses included in the hedge assessment, premium amortization and time value amortization while the hedge items are still outstanding are reported within net investment income. The time value gains and losses for interest rate swaptions when the related hedged items are redeemed are reported in net investment gains and losses consistent with the impact of the hedged item. For the three-month and six -month periods ended June 30, 2020 and 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) June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Fixed maturity securities $ 4,540 $ 4,633 $ 245 $ 256 (1) The balance includes hedging adjustment on discontinued hedging relationships of $245 in 2020 and $256 in 2019. The total notional amount of the Company's interest rate swaptions was $243 in 2020 and $243 in 2019. 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 net investment gains (losses) and other comprehensive income (loss) from all derivatives and hedging instruments. Three Months Ended June 30, 2020 2019 (In millions) Net Investment Income (1) Net Investment Other (2) Net Investment Income (1) Net Investment Other (2) Qualifying hedges: Cash flow hedges: Foreign currency swaps - VIE $ 0 $ 0 $ (2 ) $ 0 $ 0 $ 0 Total cash flow hedges 0 0 (3 ) (2 ) 0 0 (3 ) 0 Fair value hedges: Foreign currency forwards (3) (1 ) (15 ) Foreign currency options (3) (1 ) 0 Interest rate swaptions (3) (1 ) 0 1 (1 ) 0 (1 ) Total fair value hedges (1 ) (2 ) 1 (1 ) (15 ) (1 ) Net investment hedge: Non-derivative hedging 0 (28 ) 0 (54 ) Foreign currency forwards 101 (50 ) 0 0 Foreign currency options (7 ) 0 0 0 Total net investment hedge 94 (78 ) 0 (54 ) Non-qualifying strategies: Foreign currency swaps 31 0 Foreign currency swaps - VIE (30 ) 13 Foreign currency forwards 30 114 Foreign currency options (3 ) 0 Interest rate swaps 2 10 Forward bond purchase (2 ) 0 Total non- qualifying strategies 28 137 Total $ (1 ) $ 120 $ (79 ) $ (1 ) $ 122 $ (55 ) (1) 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). (2) Impact of cash flow hedges reported as net 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 June 30, 2020 and 2019 , respectively. (3) Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail) Six Months Ended June 30, 2020 2019 (In millions) Net Investment Income (1) Net Investment Other (2) Net Investment Income (1) Net Investment Other (2) Qualifying hedges: Cash flow hedges: Foreign currency swaps - VIE $ (1 ) $ 0 $ (6 ) $ (1 ) $ 0 $ (2 ) Total cash flow hedges (1 ) 0 (3 ) (6 ) (1 ) 0 (3 ) (2 ) Fair value hedges: Foreign currency forwards (3) (7 ) (24 ) Foreign currency options (3) (1 ) (4 ) Interest rate swaptions (3) (1 ) 0 1 (1 ) 0 (2 ) Total fair value hedges (1 ) (8 ) 1 (1 ) (28 ) (2 ) Net investment hedge: Non-derivative hedging instruments 0 (21 ) 0 (54 ) Foreign currency forwards 152 (75 ) 0 0 Foreign currency options (1 ) 0 0 0 Total net investment hedge 151 (96 ) 0 (54 ) Non-qualifying strategies: Foreign currency swaps 81 44 Foreign currency swaps - VIE (225 ) (3 ) Foreign currency forwards (6 ) 93 Foreign currency options (5 ) 0 Interest rate swaps 49 16 Forward bond purchase (2 ) 0 Total non-qualifying strategies (108 ) 150 Total $ (2 ) $ 35 $ (101 ) $ (2 ) $ 122 $ (58 ) (1) 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). (2) Impact of cash flow hedges reported as net 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 six -month periods ended June 30, 2020 and 2019 , respectively. (3) 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 June 30, 2020 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 $ 373 $ 0 $ 373 $ (200 ) $ (6 ) $ (162 ) $ 5 OTC - cleared 14 0 14 0 0 (10 ) 4 Total derivative assets subject to a master netting agreement or offsetting arrangement 387 0 387 (200 ) (6 ) (172 ) 9 Derivative assets not subject to a master netting agreement or offsetting arrangement OTC - bilateral 87 87 87 Total derivative assets not subject to a master netting agreement or offsetting arrangement 87 87 87 Total derivative assets 474 0 474 (200 ) (6 ) (172 ) 96 Securities lending and similar arrangements 2,260 0 2,260 0 0 (2,260 ) 0 Total $ 2,734 $ 0 $ 2,734 $ (200 ) $ (6 ) $ (2,432 ) $ 96 December 31, 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 $ 310 $ 0 $ 310 $ (190 ) $ (7 ) $ (113 ) $ 0 OTC - cleared 3 0 3 0 0 0 3 Total derivative assets subject to a master netting agreement or offsetting arrangement 313 0 313 (190 ) (7 ) (113 ) 3 Derivative assets not subject to a master netting agreement or offsetting arrangement OTC - bilateral 169 169 169 Total derivative assets not subject to a master netting agreement or offsetting arrangement 169 169 169 Total derivative assets 482 0 482 (190 ) (7 ) (113 ) 172 Securities lending and similar arrangements 1,860 0 1,860 0 0 (1,860 ) 0 Total $ 2,342 $ 0 $ 2,342 $ (190 ) $ (7 ) $ (1,973 ) $ 172
Offsetting Liabilities	Offsetting of Financial Liabilities and Derivative Liabilities June 30, 2020 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 $ 425 $ 0 $ 425 $ (200 ) $ (188 ) $ 0 $ 37 Total derivative liabilities subject to a master netting agreement or offsetting arrangement 425 0 425 (200 ) (188 ) 0 37 Derivative liabilities not subject to a master netting agreement or offsetting arrangement OTC - bilateral 255 255 255 Total derivative liabilities not subject to a master netting agreement or offsetting arrangement 255 255 255 Total derivative liabilities 680 0 680 (200 ) (188 ) 0 292 Securities lending and similar arrangements 2,275 0 2,275 (2,260 ) 0 0 15 Total $ 2,955 $ 0 $ 2,955 $ (2,460 ) $ (188 ) $ 0 $ 307 December 31, 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 $ 459 $ 0 $ 459 $ (190 ) $ (222 ) $ (32 ) $ 15 OTC - cleared 1 0 1 0 0 (1 ) 0 Total derivative liabilities subject to a master netting agreement or offsetting arrangement 460 0 460 (190 ) (222 ) (33 ) 15 Derivative liabilities not subject to a master netting agreement or offsetting arrangement OTC - bilateral 126 126 126 Total derivative liabilities not subject to a master netting agreement or offsetting arrangement 126 126 126 Total derivative liabilities 586 0 586 (190 ) (222 ) (33 ) 141 Securities lending and similar arrangements 1,876 0 1,876 (1,860 ) 0 0 16 Total $ 2,462 $ 0 $ 2,462 $ (2,050 ) $ (222 ) $ (33 ) $ 157

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Jun. 30, 2020
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. June 30, 2020 (In millions) Quoted Prices in Significant Significant Total Assets: Securities available for sale, carried at Fixed maturity securities: Government and agencies $ 34,980 $ 1,507 $ 0 $ 36,487 Municipalities 0 2,492 0 2,492 Mortgage- and asset-backed securities 0 358 188 546 Public utilities 0 9,620 322 9,942 Sovereign and supranational 0 1,377 0 1,377 Banks/financial institutions 0 11,190 24 11,214 Other corporate 0 37,658 243 37,901 Total fixed maturity securities 34,980 64,202 777 99,959 Equity securities 587 76 86 749 Other investments 763 0 0 763 Cash and cash equivalents 5,528 0 0 5,528 Other assets: Foreign currency swaps 0 73 87 160 Foreign currency forwards 0 299 0 299 Foreign currency options 0 1 0 1 Interest rate swaps 0 14 0 14 Total other assets 0 387 87 474 Total assets $ 41,858 $ 64,665 $ 950 $ 107,473 Liabilities: Other liabilities: Foreign currency swaps $ 0 $ 29 $ 255 $ 284 Foreign currency forwards 0 393 0 393 Foreign currency options 0 2 0 2 Forward bond purchase commitment 0 1 0 1 Total liabilities $ 0 $ 425 $ 255 $ 680 December 31, 2019 (In millions) Quoted Prices in Significant Significant Total Assets: Securities available for sale, carried at Fixed maturity securities: Government and agencies $ 34,878 $ 1,522 $ 0 $ 36,400 Municipalities 0 1,847 0 1,847 Mortgage- and asset-backed securities 0 232 178 410 Public utilities 0 6,556 224 6,780 Sovereign and supranational 0 1,042 0 1,042 Banks/financial institutions 0 10,264 23 10,287 Other corporate 0 34,234 262 34,496 Total fixed maturity securities 34,878 55,697 687 91,262 Equity securities 642 80 80 802 Other investments 628 0 0 628 Cash and cash equivalents 4,896 0 0 4,896 Other assets: Foreign currency swaps 0 72 169 241 Foreign currency forwards 0 238 0 238 Interest rate swaps 0 3 0 3 Total other assets 0 313 169 482 Total assets $ 41,044 $ 56,090 $ 936 $ 98,070 Liabilities: Other liabilities: Foreign currency swaps $ 0 $ 78 $ 126 $ 204 Foreign currency forwards 0 377 0 377 Foreign currency options 0 5 0 5 Total liabilities $ 0 $ 460 $ 126 $ 586
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. June 30, 2020 (In millions) Carrying Quoted Prices in Significant Significant Total Assets: Securities held to maturity, Fixed maturity securities: Government and agencies $ 22,528 $ 27,781 $ 249 $ 0 $ 28,030 Municipalities 364 0 481 0 481 Public utilities 45 0 59 0 59 Sovereign and 549 0 692 0 692 Other corporate 23 0 31 0 31 Commercial mortgage and 10,717 0 0 10,650 10,650 Other investments (1) 27 0 27 0 27 Total assets $ 34,253 $ 27,781 $ 1,539 $ 10,650 $ 39,970 Liabilities: Other policyholders’ funds $ 7,484 $ 0 $ 0 $ 7,393 $ 7,393 Notes payable 7,618 0 8,200 276 8,476 Total liabilities $ 15,102 $ 0 $ 8,200 $ 7,669 $ 15,869 (1) Excludes policy loans of $263 and equity method investments of $718 , at carrying value December 31, 2019 (In millions) Carrying Quoted Prices in Significant Significant Total Assets: Securities held to maturity, Fixed maturity securities: Government and agencies $ 22,241 $ 27,937 $ 354 $ 0 $ 28,291 Municipalities 821 0 1,083 0 1,083 Mortgage and asset-backed 16 0 7 10 17 Public utilities 2,535 0 2,954 0 2,954 Sovereign and 1,123 0 1,320 0 1,320 Banks/financial institutions 916 0 1,018 0 1,018 Other corporate 2,433 0 2,911 0 2,911 Commercial mortgage and 9,569 0 0 9,648 9,648 Other investments (1) 30 0 30 0 30 Total assets $ 39,684 $ 27,937 $ 9,677 $ 9,658 $ 47,272 Liabilities: Other policyholders’ funds $ 7,317 $ 0 $ 0 $ 7,234 $ 7,234 Notes payable 6,408 0 6,663 272 6,935 Total liabilities $ 13,725 $ 0 $ 6,663 $ 7,506 $ 14,169 (1) Excludes policy loans of $250 and equity method investments of $569 , at carrying value
Fair Value Assets Securities Carried At Fair Value Primary Pricing Sources	The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities. June 30, 2020 (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 $ 34,980 $ 1,507 $ 0 $ 36,487 Total government and agencies 34,980 1,507 0 36,487 Municipalities: Third party pricing vendor 0 2,492 0 2,492 Total municipalities 0 2,492 0 2,492 Mortgage- and asset-backed securities: Third party pricing vendor 0 358 0 358 Broker/other 0 0 188 188 Total mortgage- and asset-backed securities 0 358 188 546 Public utilities: Third party pricing vendor 0 9,620 0 9,620 Broker/other 0 0 322 322 Total public utilities 0 9,620 322 9,942 Sovereign and supranational: Third party pricing vendor 0 1,377 0 1,377 Total sovereign and supranational 0 1,377 0 1,377 Banks/financial institutions: Third party pricing vendor 0 11,190 0 11,190 Broker/other 0 0 24 24 Total banks/financial institutions 0 11,190 24 11,214 Other corporate: Third party pricing vendor 0 37,658 0 37,658 Broker/other 0 0 243 243 Total other corporate 0 37,658 243 37,901 Total securities available for sale $ 34,980 $ 64,202 $ 777 $ 99,959 Equity securities, carried at fair value: Third party pricing vendor $ 587 $ 76 $ 0 $ 663 Broker/other 0 0 86 86 Total equity securities $ 587 $ 76 $ 86 $ 749 December 31, 2019 (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 $ 34,878 $ 1,522 $ 0 $ 36,400 Total government and agencies 34,878 1,522 0 36,400 Municipalities: Third party pricing vendor 0 1,847 0 1,847 Total municipalities 0 1,847 0 1,847 Mortgage- and asset-backed securities: Third party pricing vendor 0 232 0 232 Broker/other 0 0 178 178 Total mortgage- and asset-backed securities 0 232 178 410 Public utilities: Third party pricing vendor 0 6,556 0 6,556 Broker/other 0 0 224 224 Total public utilities 0 6,556 224 6,780 Sovereign and supranational: Third party pricing vendor 0 1,042 0 1,042 Total sovereign and supranational 0 1,042 0 1,042 Banks/financial institutions: Third party pricing vendor 0 10,264 0 10,264 Broker/other 0 0 23 23 Total banks/financial institutions 0 10,264 23 10,287 Other corporate: Third party pricing vendor 0 34,234 0 34,234 Broker/other 0 0 262 262 Total other corporate 0 34,234 262 34,496 Total securities available for sale $ 34,878 $ 55,697 $ 687 $ 91,262 Equity securities, carried at fair value: Third party pricing vendor $ 642 $ 80 $ 0 $ 722 Broker/other 0 0 80 80 Total equity securities $ 642 $ 80 $ 80 $ 802
Fair Value Assets Held-To-Maturity Securities Primary Pricing Sources	June 30, 2020 (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 $ 27,781 $ 249 $ 0 $ 28,030 Total government and agencies 27,781 249 0 28,030 Municipalities: Third party pricing vendor 0 481 0 481 Total municipalities 0 481 0 481 Public utilities: Third party pricing vendor 0 59 0 59 Total public utilities 0 59 0 59 Sovereign and supranational: Third party pricing vendor 0 692 0 692 Total sovereign and supranational 0 692 0 692 Other corporate: Third party pricing vendor 0 31 0 31 Total other corporate 0 31 0 31 Total securities held to maturity $ 27,781 $ 1,512 $ 0 $ 29,293 December 31, 2019 (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 $ 27,937 $ 354 $ 0 $ 28,291 Total government and agencies 27,937 354 0 28,291 Municipalities: Third party pricing vendor 0 1,083 0 1,083 Total municipalities 0 1,083 0 1,083 Mortgage- and asset-backed securities: Third party pricing vendor 0 7 0 7 Broker/other 0 0 10 10 Total mortgage- and asset-backed securities 0 7 10 17 Public utilities: Third party pricing vendor 0 2,954 0 2,954 Total public utilities 0 2,954 0 2,954 Sovereign and supranational: Third party pricing vendor 0 1,320 0 1,320 Total sovereign and supranational 0 1,320 0 1,320 Banks/financial institutions: Third party pricing vendor 0 1,018 0 1,018 Total banks/financial institutions 0 1,018 0 1,018 Other corporate: Third party pricing vendor 0 2,911 0 2,911 Total other corporate 0 2,911 0 2,911 Total securities held to maturity $ 27,937 $ 9,647 $ 10 $ 37,594
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 Total Balance, beginning of period $ 188 $ 298 $ 23 $ 245 $ 82 $ (146 ) $ 690 Realized investment gains (losses) included in earnings 0 0 0 0 0 (20 ) (20 ) Unrealized gains (losses) included in other comprehensive income (loss) 1 0 0 1 0 (2 ) 0 Purchases, issuances, sales and settlements: Purchases 0 13 1 12 5 0 31 Issuances 0 0 0 0 0 0 0 Sales 0 0 0 0 (1 ) 0 (1 ) Settlements (1 ) (4 ) 0 0 0 0 (5 ) Transfers into Level 3 0 15 (2) 0 0 0 0 15 Transfers out of Level 3 0 0 0 (15 ) (2) 0 0 (15 ) Balance, end of period $ 188 $ 322 $ 24 $ 243 $ 86 $ (168 ) $ 695 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ 0 $ (20 ) $ (20 ) (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 Total Balance, beginning of period $ 178 $ 85 $ 23 $ 284 $ 46 $ 70 $ 686 Realized investment gains (losses) included in 0 0 0 0 0 24 24 Unrealized gains (losses) included in other 5 5 1 6 0 0 17 Purchases, issuances, sales and settlements: Purchases 0 0 0 25 0 0 25 Issuances 0 0 0 0 19 0 19 Sales 0 0 0 0 0 0 0 Settlements 0 (2 ) 0 0 0 0 (2 ) Transfers into Level 3 0 116 (2) 0 0 0 0 116 Transfers out of Level 3 0 0 0 (116 ) (2) 0 0 (116 ) Balance, end of period $ 183 $ 204 $ 24 $ 199 $ 65 $ 94 $ 769 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ 0 $ 24 $ 24 (1) Derivative assets and liabilities are presented net (2) Transfer due to sector classification change Six Months Ended Fixed Maturity Securities Equity Derivatives (1) (In millions) Mortgage- Public Banks/ Other Foreign Total Balance, beginning of period $ 178 $ 224 $ 23 $ 262 $ 80 $ 43 $ 810 Net investment gains (losses) included 0 0 0 0 0 (205 ) (205 ) Unrealized gains (losses) included in other 2 (9 ) 0 (16 ) 0 (6 ) (29 ) Purchases, issuances, sales and settlements: Purchases 0 96 1 12 7 0 116 Issuances 0 0 0 0 0 0 0 Sales 0 0 0 0 (1 ) 0 (1 ) Settlements (1 ) (4 ) 0 0 0 0 (5 ) Transfers into Level 3 9 (2) 15 (3) 0 0 0 0 24 Transfers out of Level 3 0 0 0 (15 ) (3) 0 0 (15 ) Balance, end of period $ 188 $ 322 $ 24 $ 243 $ 86 $ (168 ) $ 695 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ 0 $ (205 ) $ (205 ) (1) Derivative assets and liabilities are presented net (2) Transfer due to reclassification of level 3 securities from HTM to AFS (3) Transfer due to sector classification change Six Months Ended Fixed Maturity Securities Equity Derivatives (1) (In millions) Mortgage- Public Banks/ Other Foreign Total Balance, beginning of period $ 177 $ 109 $ 23 $ 213 $ 46 $ 80 $ 648 Net investment gains (losses) included in earnings 0 0 0 0 0 16 16 Unrealized gains (losses) included in other comprehensive income (loss) 6 6 1 7 0 (2 ) 18 Purchases, issuances, sales and settlements: Purchases 0 0 0 88 19 0 107 Issuances 0 0 0 0 0 0 0 Sales 0 0 0 (2 ) 0 0 (2 ) Settlements 0 (2 ) 0 0 0 0 (2 ) Transfers into Level 3 0 116 (2) 0 25 (2) 0 0 141 Transfers out of Level 3 0 (25 ) (2) 0 (132 ) (2),(3) 0 0 (157 ) Balance, end of period $ 183 $ 204 $ 24 $ 199 $ 65 $ 94 $ 769 Changes in unrealized gains (losses) relating $ 0 $ 0 $ 0 $ 0 $ 0 $ 16 $ 16 (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 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. June 30, 2020 (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 $ 188 Consensus pricing Offered quotes N/A (a) Public utilities 322 Discounted cash flow Credit spreads N/A (a) Banks/financial institutions 24 Consensus pricing Offered quotes N/A (a) Other corporate 243 Discounted cash flow Credit spreads N/A (a) Equity securities 86 Net asset value Offered quotes N/A (a) Other assets: Foreign currency swaps 12 Discounted cash flow Interest rates (USD) .61% - .88% (b) Interest rates (JPY) .06% - .37% (c) CDS spreads 12 - 119 bps 75 Discounted cash flow Interest rates (USD) .61% - .88% (b) Interest rates (JPY) .06% - .37% (c) Total assets $ 950 Liabilities: Other liabilities: Foreign currency swaps $ 237 Discounted cash flow Interest rates (USD) .61% - .88% (b) Interest rates (JPY) .06% - .37% (c) CDS spreads 46 - 202 bps 18 Discounted cash flow Interest rates (USD) .61% - .88% (b) Interest rates (JPY) .06% - .37% (c) Total liabilities $ 255 (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, 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 $ 178 Consensus pricing Offered quotes N/A (a) Public utilities 224 Discounted cash flow Credit spreads N/A (a) Banks/financial institutions 23 Consensus pricing Offered quotes N/A (a) Other corporate 262 Discounted cash flow Credit spreads N/A (a) Equity securities 80 Net asset value Offered quotes N/A (a) Other assets: Foreign currency swaps 106 Discounted cash flow Interest rates (USD) 1.89% - 2.09% (b) Interest rates (JPY) .12% - .43% (c) CDS spreads 10 - 100 bps 63 Discounted cash flow Interest rates (USD) 1.89% - 2.09% (b) Interest rates (JPY) .12% - .43% (c) Total assets $ 936 Liabilities: Other liabilities: Foreign currency swaps $ 118 Discounted cash flow Interest rates (USD) 1.89% - 2.09% (b) Interest rates (JPY) .12% - .43% (c) CDS spreads 13 - 159 bps 8 Discounted cash flow Interest rates (USD) 1.89% - 2.09% (b) Interest rates (JPY) .12% - .43% (c) Total liabilities $ 126 (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)	6 Months Ended
POLICY LIABILITIES (Tables)	Jun. 30, 2020
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 Six Months Ended (In millions) 2020 2019 2020 2019 Unpaid supplemental health claims, beginning of period $ 3,983 $ 3,967 $ 3,968 $ 3,952 Less reinsurance recoverables 33 29 31 28 Net balance, beginning of period 3,950 3,938 3,937 3,924 Add claims incurred during the period related to: Current year 1,736 1,785 3,574 3,610 Prior years (166 ) (136 ) (302 ) (303 ) Total incurred 1,570 1,649 3,272 3,307 Less claims paid during the period on claims incurred during: Current year 1,127 1,229 1,681 1,735 Prior years 411 430 1,558 1,568 Total paid 1,538 1,659 3,239 3,303 Effect of foreign exchange rate changes on unpaid claims 22 65 34 65 Net balance, end of period 4,004 3,993 4,004 3,993 Add reinsurance recoverables 37 31 37 31 Unpaid supplemental health claims, end of period 4,041 4,024 4,041 4,024 Unpaid life claims, end of period 732 682 732 682 Total liability for unpaid policy claims $ 4,773 $ 4,706 $ 4,773 $ 4,706

REINSURANCE (Tables)

REINSURANCE (Tables)	6 Months Ended
REINSURANCE (Tables)	Jun. 30, 2020
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 Six Months Ended (In millions) 2020 2019 2020 2019 Direct premium income $ 4,752 $ 4,766 $ 9,525 $ 9,542 Ceded to other companies: Ceded Aflac Japan closed blocks (116 ) (119 ) (232 ) (240 ) Other (24 ) (17 ) (48 ) (32 ) Assumed from other companies: Retrocession activities 49 50 97 100 Other 3 1 4 3 Net premium income $ 4,664 $ 4,681 $ 9,346 $ 9,373 Direct benefits and claims $ 2,975 $ 3,038 $ 6,003 $ 6,078 Ceded benefits and change in reserves for future benefits: Ceded Aflac Japan closed blocks (105 ) (109 ) (210 ) (219 ) Eliminations 10 10 19 20 Other (21 ) (12 ) (45 ) (24 ) Assumed from other companies: Retrocession activities 47 47 87 97 Eliminations (10 ) (10 ) (19 ) (20 ) Other 1 0 2 0 Benefits and claims, net $ 2,897 $ 2,964 $ 5,837 $ 5,932

NOTES PAYABLE AND LEASE OBLIG_2

NOTES PAYABLE AND LEASE OBLIGATIONS (Tables)	6 Months Ended
NOTES PAYABLE AND LEASE OBLIGATIONS (Tables)	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	A summary of notes payable and lease obligations follows: (In millions) June 30, 2020 December 31, 2019 4.00% senior notes paid January 2020 $ 0 $ 348 3.625% senior notes due June 2023 698 698 3.625% senior notes due November 2024 747 747 3.25% senior notes due March 2025 448 448 2.875% senior notes due October 2026 298 298 3.60% senior notes due April 2030 990 0 6.90% senior notes due December 2039 221 220 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 541 541 Yen-denominated senior notes and subordinated debentures: .300% senior notes due September 2025 (principal amount ¥ 12.4 billion) 114 0 .932% senior notes due January 2027 (principal amount ¥60.0 billion) 555 545 .500% senior notes due December 2029 (principal amount ¥12.6 billion) 116 114 .550% senior notes due March 2030 (principal ¥ 13.3 billion) 122 0 1.159% senior notes due October 2030 (principal amount ¥29.3 billion) 271 266 .843% senior notes due December 2031 (principal amount ¥9.3 billion) 86 84 .750% senior notes due March 2032 (principal amount ¥20.7 billion) 191 0 1.488% senior notes due October 2033 (principal amount ¥15.2 billion) 140 138 .934% senior notes due December 2034 (principal amount ¥9.8 billion) 90 88 .830% senior notes due March 2035 (principal amount ¥10.6 billion) 97 0 1.750% senior notes due October 2038 (principal amount ¥8.9 billion) 82 81 1.122% senior notes due December 2039 (principal amount ¥6.3 billion) 58 57 2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion) 552 543 .963% subordinated bonds due April 2049 (principal amount ¥30.0 billion) 277 272 Yen-denominated loans: Variable interest rate loan due September 2026 (.42% in 2020 and 2019, principal amount ¥5.0 billion) 46 45 Variable interest rate loan due September 2029 (.57% in 2020 and 2019, principal amount ¥25.0 billion) 230 227 Finance lease obligations payable through 2027 11 12 Operating lease obligations payable through 2049 142 149 Total notes payable and lease obligations $ 7,771 $ 6,569 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 Line of Credit Facilities	A summary of the Company's lines of credit as of June 30, 2020 follows: Borrower(s) 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 18, 2020 $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 November 18, 2024, or the date commitments are terminated pursuant to an event of default $1.0 billion $0.0 billion A rate per annum equal to, at the Company's option, either, (a) 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 November 18, 2024 .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 30, 2020 $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, 2021 ¥50.0 billion ¥0.0 billion Three-month TIBOR plus 70 basis points per annum 3 months None General corporate purposes Aflac Incorporated (1) uncommitted revolving 364 days November 25, 2020 ¥50.0 billion ¥0.0 billion Three-month TIBOR plus 70 basis points per annum 3 months None General corporate purposes Aflac New York (1) uncommitted revolving 364 days April 7, 2021 $25 million $0 million USD three-month LIBOR plus 75 basis points per annum 3 months None General corporate purposes CAIC (1) uncommitted revolving 364 days March 20, 2021 $15 million $0 million USD three-month LIBOR plus 75 basis points per annum 3 months None General corporate purposes Tier One Insurance Company (1) uncommitted revolving 364 days March 20, 2021 $.3 million $0 million USD three-month LIBOR plus 75 basis points per annum 3 months None General corporate purposes AGV Management Services Japan K.K. (1) uncommitted revolving 364 days May 1, 2021 ¥500 million ¥0 million A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period No later than May 1, 2021 None General corporate purposes (1) Intercompany credit agreement

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	6 Months Ended
SHAREHOLDERS' EQUITY (Tables)	Jun. 30, 2020
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 six -month periods ended June 30 . (In thousands of shares) 2020 2019 Common stock - issued: Balance, beginning of period 1,349,309 1,347,540 Exercise of stock options and issuance of restricted shares 1,426 1,504 Balance, end of period 1,350,735 1,349,044 Treasury stock: Balance, beginning of period 622,516 592,254 Purchases of treasury stock: Share repurchase program 15,193 17,179 Other 521 574 Dispositions of treasury stock: Shares issued to AFL Stock Plan (1,116 ) (836 ) Exercise of stock options (45 ) (305 ) Other (242 ) (287 ) Balance, end of period 636,827 608,579 Shares outstanding, end of period 713,908 740,465
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 Six Months Ended (In thousands) 2020 2019 2020 2019 Anti-dilutive share-based awards 1,257 1 989 12
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 at March 31, 2020 $ (1,543 ) $ 6,043 $ (35 ) $ (277 ) $ 4,188 Other comprehensive 74 2,433 (1 ) (5 ) 2,501 Amounts reclassified from 0 56 0 5 61 Net current-period other 74 2,489 (1 ) 0 2,562 Balance at June 30, 2020 $ (1,469 ) $ 8,532 $ (36 ) $ (277 ) $ 6,750 All amounts in the table above are net of tax. Three Months Ended (In millions) Unrealized Foreign Unrealized Unrealized Pension Liability Adjustment Total Balance at March 31, 2019 $ (1,848 ) $ 6,561 $ (26 ) $ (206 ) $ 4,481 Other comprehensive 393 1,512 (1 ) (5 ) 1,899 Amounts reclassified from 0 (18 ) 0 2 (16 ) Net current-period other 393 1,494 (1 ) (3 ) 1,883 Balance at June 30, 2019 $ (1,455 ) $ 8,055 $ (27 ) $ (209 ) $ 6,364 All amounts in the table above are net of tax. Six Months Ended (In millions) Unrealized Foreign Unrealized Unrealized Pension Total Balance at December 31, 2019 $ (1,623 ) $ 8,548 $ (33 ) $ (277 ) $ 6,615 Cumulative effect of change 0 848 0 0 848 Balance at January 1, 2020 $ (1,623 ) $ 9,396 $ (33 ) $ (277 ) $ 7,463 Other comprehensive 154 (975 ) (3 ) (11 ) (835 ) Amounts reclassified from 0 111 0 11 122 Net current-period other 154 (864 ) (3 ) 0 (713 ) Balance at June 30, 2020 $ (1,469 ) $ 8,532 $ (36 ) $ (277 ) $ 6,750 All amounts in the table above are net of tax. Six Months Ended (In millions) Unrealized Foreign Unrealized Unrealized Pension Liability Adjustment Total Balance at December 31, 2018 $ (1,847 ) $ 4,234 $ (24 ) $ (212 ) $ 2,151 Other comprehensive 392 3,853 (3 ) (2 ) 4,240 Amounts reclassified from 0 (32 ) 0 5 (27 ) Net current-period other 392 3,821 (3 ) 3 4,213 Balance at June 30, 2019 $ (1,455 ) $ 8,055 $ (27 ) $ (209 ) $ 6,364
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 $ (75 ) Net investment gains (losses) 19 Tax (expense) or benefit (1) $ (56 ) Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (7 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 2 Tax (expense) or benefit (1) $ (5 ) Net of tax Total reclassifications for the period $ (61 ) 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 12 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 $ 25 Net investment gains (losses) (7 ) Tax (expense) or benefit (1) $ 18 Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (3 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 1 Tax (expense) or benefit (1) $ (2 ) Net of tax Total reclassifications for the period $ 16 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 12 for additional details). (In millions) Six 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 $ (145 ) Net investment gains (losses) 34 Tax (expense) or benefit (1) $ (111 ) Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (15 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 4 Tax (expense) or benefit (1) $ (11 ) Net of tax Total reclassifications for the period $ (122 ) Net of tax (1) Based on 23% blended tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 12 for additional details). (In millions) Six 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 $ 43 Net investment gains (losses) (11 ) Tax (expense) or benefit (1) $ 32 Net of tax Amortization of defined benefit pension items: Actuarial gains (losses) $ (7 ) Acquisition and operating expenses (2) Prior service (cost) credit 0 Acquisition and operating expenses (2) 2 Tax (expense) or benefit (1) $ (5 ) Net of tax Total reclassifications for the period $ 27 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 12 for additional details).

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
SHARE-BASED COMPENSATION (Tables)	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock Options Outstanding and Exercisable	The following table provides information on stock options outstanding and exercisable at June 30, 2020 . Stock Weighted-Average Aggregate Weighted-Average Outstanding 3,366 4.3 $ 21 $ 30.11 Exercisable 3,307 4.2 21 30.01
Schedule of Nonvested Restricted Stock Units Activity	The following table summarizes restricted stock activity during the six -month period ended June 30, 2020 . (In thousands of shares) Shares Weighted-Average Grant-Date Fair Value Per Share Restricted stock at December 31, 2019 2,715 (1) $ 43.74 Granted in 2020 1,448 46.14 Canceled in 2020 (53 ) 49.71 Vested in 2020 (1,501 ) 34.96 Restricted stock at June 30, 2020 2,609 $ 48.68

BENEFIT PLANS (Tables)

BENEFIT PLANS (Tables)	6 Months Ended
BENEFIT PLANS (Tables)	Jun. 30, 2020
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 $12 million for both of the six -month periods ended June 30, 2020 and 2019 , respectively. Total net periodic cost includes the following components: Three Months Ended June 30, Pension Benefits Other Japan U.S. Postretirement Benefits (In millions) 2020 2019 2020 2019 2020 2019 Components of net periodic Service cost $ 6 $ 5 $ 7 $ 6 $ 0 $ 0 Interest cost 1 2 8 9 1 1 Expected return on plan assets (2 ) (1 ) (9 ) (7 ) 0 0 Amortization of net actuarial loss 1 1 6 2 0 0 Net periodic (benefit) cost $ 6 $ 7 $ 12 $ 10 $ 1 $ 1 Six Months Ended June 30, Pension Benefits Other Japan U.S. Postretirement Benefits (In millions) 2020 2019 2020 2019 2020 2019 Components of net periodic Service cost $ 12 $ 10 $ 14 $ 12 $ 0 $ 0 Interest cost 2 3 16 18 1 1 Expected return on plan assets (4 ) (3 ) (18 ) (14 ) 0 0 Amortization of net actuarial loss 2 2 12 5 1 0 Net periodic (benefit) cost $ 12 $ 12 $ 24 $ 21 $ 2 $ 1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions, ¥ in Billions		6 Months Ended
		Jun. 30, 2020JPY (¥)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Apr. 30, 2020USD ($)	Mar. 31, 2020JPY (¥)series	Mar. 31, 2020USD ($)series	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Significant Accounting Policies [Line Items]
Number of Series of Senior Notes Issued Through a U.S. Public Debt Offering \| series						4	4
Cumulative effect of change in accounting principle, net of income taxes			$ 28,241	$ 29,420			$ 26,402		$ 28,959	$ 26,049	$ 23,462
Senior notes
Significant Accounting Policies [Line Items]
Debt instrument, principal amount \| ¥						¥ 57
3.60% senior notes due April 2030
Significant Accounting Policies [Line Items]
Debt instrument, principal amount				$ 1,000	$ 1,000
Aflac Japan
Significant Accounting Policies [Line Items]
Percentage of the Company's total assets		83.00%		83.00%					84.00%
Percentage of the Company's total revenues		67.00%	68.00%
Accounting Standards Update 2019-04
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								$ 6,900
Unrealized gains (losses) on investment securities
Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle, net of income taxes			$ 6,364	$ 6,750			4,188		$ 6,615	4,481	2,151
Retained earnings
Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle, net of income taxes			$ 33,130	35,204			$ 34,599		34,291	$ 32,513	$ 31,788
100.0 billion yen line of credit
Significant Accounting Policies [Line Items]
Line of credit facility, maximum borrowing capacity \| ¥		¥ 100
$1 billion line of credit
Significant Accounting Policies [Line Items]
Line of credit facility, maximum borrowing capacity				$ 1,000
Federal Home Loan Bank of Atlanta
Significant Accounting Policies [Line Items]
Line of credit facility, maximum borrowing capacity					800
Line of credit facility, capacity designated for short-term liquidity					$ 300
Cumulative effect, period of adoption, adjustment \| Accounting Standards Update 2016-13
Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle, net of income taxes	[1]								(56)
Cumulative effect, period of adoption, adjustment \| Accounting Standards Update 2019-04
Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle, net of income taxes	[1]								848
Cumulative effect, period of adoption, adjustment \| Unrealized gains (losses) on investment securities \| Accounting Standards Update 2016-13
Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle, net of income taxes	[1]								0
Cumulative effect, period of adoption, adjustment \| Unrealized gains (losses) on investment securities \| Accounting Standards Update 2019-04
Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle, net of income taxes	[1]								848
Cumulative effect, period of adoption, adjustment \| Retained earnings \| Accounting Standards Update 2016-13
Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle, net of income taxes	[1]								(56)
Cumulative effect, period of adoption, adjustment \| Retained earnings \| Accounting Standards Update 2019-04
Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle, net of income taxes	[1]								$ 0

[1]	See Note 1 of the Notes to the Consolidated Financial Statements for the adoption of accounting guidance on January 1, 2020.

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Operations by Segment - Revenues (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of reportable insurance business segments \| segment				2
Net earned premiums		$ 4,664	$ 4,681	$ 9,346	$ 9,373
Net investment income		870	878	1,774	1,756
Total adjusted revenues		5,559	5,528	11,153	11,065
Net investment gains (losses)	[1],[2],[3]	(152)	(17)	(584)	103
Total revenues		5,407	5,511	10,569	11,168
Aflac Japan
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earned premiums		3,158	3,172	6,308	6,352
Adjusted net investment income	[1],[3]	633	609	1,276	1,219
Other income		12	11	22	22
Total revenues		3,803	3,792	7,606	7,593
Hedge costs		50	62	105	124
Net interest cash flows from derivatives		6	(7)		(14)
Aflac U.S.
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earned premiums		1,458	1,459	2,941	2,920
Net investment income		172	180	348	357
Other income		26	2	54	4
Total revenues		1,656	1,641	3,343	3,281
Corporate and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	[2]	100	95	204	191
Hedge income		$ 27	$ 20	$ 56	$ 40

[1]	Amortized hedge costs of $50 and $62 for the three-month periods and $105 and $124 for the six -month periods ended June 30, 2020 , and 2019 , respectively, related to certain foreign currency exposure management strategies have been reclassified from net investment gains (losses) and reported as a deduction from net investment income when analyzing operations.
[2]	Amortized hedge income of $27 and $20 for the three-month periods $56 and $40 for the six -month periods ended June 30, 2020 , and 2019 , respectively, related to certain foreign currency exposure management strategies has been reclassified from net 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 $6 and $(7) for the three-month periods and an immaterial amount and $(14) for the six -month periods ended June 30, 2020 and 2019 , respectively, have been reclassified from net 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		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]
Pretax adjusted earnings	[1]	$ 1,235	$ 1,143	$ 2,418	$ 2,282
Net investment gains (losses)	[2],[3],[4],[5]	(166)	(34)	(614)	70
Other income (loss)		1	0	(15)	(1)
Earnings before income taxes		1,070	1,109	1,789	2,351
Income taxes applicable to pretax adjusted earnings		315	297	615	587
Effect of foreign currency translation on after tax adjusted earnings		5	(4)	14	(13)
Interest expense on debt		44	34	77	66
Aflac Japan
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]
Pretax adjusted earnings	[3],[5]	839	831	1,694	1,666
Hedge costs		50	62	105	124
Net interest cash flows from derivatives		6	(7)		(14)
Aflac U.S.
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]
Pretax adjusted earnings		426	338	752	661
Corporate and other
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]
Pretax adjusted earnings	[2],[4]	(30)	(26)	(28)	(45)
Hedge income		27	20	56	40
Gain (loss) on change in fair value of derivative, interest rate component		$ 14	$ 17	$ 30	$ 33

[1]	Includes $44 and $34 for the three-month periods and $77 and $66 for the six-month periods ended June 30, 2020 , and 2019 , respectively, of interest expense on debt.
[2]	A gain of $14 and $17 for three-month periods and $30 and $33 for the six -month periods ended June 30, 2020 , and 2019 , respectively, related to the interest rate component of the change in fair value of foreign currency swaps on notes payable has been reclassified from net investment gains (losses) and included in adjusted earnings when analyzing operations.
[3]	Amortized hedge costs of $50 and $62 for the three-month periods and $105 and $124 for the six -month periods ended June 30, 2020 , and 2019 , respectively, related to certain foreign currency exposure management strategies have been reclassified from net investment gains (losses) and reported as a deduction from net investment income when analyzing operations.
[4]	Amortized hedge income of $27 and $20 for the three-month periods and $56 and $40 for the six -month periods ended June 30, 2020 , and 2019 , respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase in net investment income when analyzing operations.
[5]	Net interest cash flows from derivatives associated with certain investment strategies of $6 and $(7) for the three-month periods and an immaterial amount and $(14) for the six -month periods ended June 30, 2020 and 2019 , respectively, have been reclassified from net 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	Jun. 30, 2020	Dec. 31, 2019
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 157,087	$ 152,768
Aflac Japan
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	130,156	127,523
Aflac U.S.
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	21,776	20,945
Corporate and other
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 5,155	$ 4,300

INVESTMENTS - Available-for-sal

INVESTMENTS - Available-for-sale Debt Securities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 88,177	$ 79,371
Allowance for Credit Losses	38
Gross Unrealized Gains	12,691	12,266
Gross Unrealized Losses	871	375
Fair Value	99,959	91,262
Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	54,127	45,684
Allowance for Credit Losses	0
Gross Unrealized Gains	6,725	7,410
Gross Unrealized Losses	546	113
Fair Value	60,306	52,981
Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	34,050	33,687
Allowance for Credit Losses	38
Gross Unrealized Gains	5,966	4,856
Gross Unrealized Losses	325	262
Fair Value	39,653	38,281
Japan government and agencies \| Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	32,004	30,929
Allowance for Credit Losses	0
Gross Unrealized Gains	4,199	5,169
Gross Unrealized Losses	45	0
Fair Value	36,158	36,098
Municipalities
Debt Securities, Available-for-sale [Line Items]
Fair Value	2,492	1,847
Municipalities \| Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	994	516
Allowance for Credit Losses	0
Gross Unrealized Gains	226	116
Gross Unrealized Losses	8	3
Fair Value	1,212	629
Municipalities \| Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,119	1,077
Allowance for Credit Losses	0
Gross Unrealized Gains	161	141
Gross Unrealized Losses	0	0
Fair Value	1,280	1,218
Mortgage- and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	546	410
Mortgage- and asset-backed securities \| Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	334	229
Allowance for Credit Losses	0
Gross Unrealized Gains	28	25
Gross Unrealized Losses	1	0
Fair Value	361	254
Mortgage- and asset-backed securities \| Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	175	149
Allowance for Credit Losses	0
Gross Unrealized Gains	10	7
Gross Unrealized Losses	0	0
Fair Value	185	156
Public utilities
Debt Securities, Available-for-sale [Line Items]
Fair Value	9,942	6,780
Public utilities \| Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,550	1,855
Allowance for Credit Losses	0
Gross Unrealized Gains	643	406
Gross Unrealized Losses	15	0
Fair Value	5,178	2,261
Public utilities \| Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,880	3,804
Allowance for Credit Losses	0
Gross Unrealized Gains	899	725
Gross Unrealized Losses	15	10
Fair Value	4,764	4,519
Sovereign and supranational
Debt Securities, Available-for-sale [Line Items]
Fair Value	1,377	1,042
Sovereign and supranational \| Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,035	680
Allowance for Credit Losses	0
Gross Unrealized Gains	46	50
Gross Unrealized Losses	5	0
Fair Value	1,076	730
Sovereign and supranational \| Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	240	239
Allowance for Credit Losses	0
Gross Unrealized Gains	68	73
Gross Unrealized Losses	7	0
Fair Value	301	312
Banks/financial institutions
Debt Securities, Available-for-sale [Line Items]
Fair Value	11,214	10,287
Banks/financial institutions \| Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,412	6,152
Allowance for Credit Losses	0
Gross Unrealized Gains	529	700
Gross Unrealized Losses	319	86
Fair Value	7,622	6,766
Banks/financial institutions \| Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,876	2,879
Allowance for Credit Losses	0
Gross Unrealized Gains	722	646
Gross Unrealized Losses	6	4
Fair Value	3,592	3,521
Other corporate
Debt Securities, Available-for-sale [Line Items]
Fair Value	37,901	34,496
Other corporate \| Yen-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,798	5,323
Allowance for Credit Losses	0
Gross Unrealized Gains	1,054	944
Gross Unrealized Losses	153	24
Fair Value	8,699	6,243
Other corporate \| Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	25,451	25,246
Allowance for Credit Losses	38
Gross Unrealized Gains	4,086	3,255
Gross Unrealized Losses	297	248
Fair Value	29,202	28,253
U.S. government and agencies \| Dollar-denominated
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	309	293
Allowance for Credit Losses	0
Gross Unrealized Gains	20	9
Gross Unrealized Losses	0	0
Fair Value	$ 329	$ 302

INVESTMENTS - Held-to-Maturity

INVESTMENTS - Held-to-Maturity Debt Securities (Details) - USD ($) $ in Millions		Jun. 30, 2020	Dec. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost		$ 23,518	$ 30,085
Allowance for Credit Loss		9
Net Carrying Amount	[1]	23,509
Gross Unrealized Gains		5,784	7,519
Gross Unrealized Losses		0	10
Fair Value		29,293	37,594
Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost		23,518	30,085
Allowance for Credit Loss		9
Net Carrying Amount		23,509
Gross Unrealized Gains		5,784	7,519
Gross Unrealized Losses		0	10
Fair Value		29,293	37,594
Japan government and agencies \| Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost		22,531	22,241
Allowance for Credit Loss		3
Net Carrying Amount		22,528
Gross Unrealized Gains		5,502	6,050
Gross Unrealized Losses		0	0
Fair Value		28,030	28,291
Municipalities
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost		364	821
Fair Value		481	1,083
Municipalities \| Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost		364	821
Allowance for Credit Loss		0
Net Carrying Amount		364
Gross Unrealized Gains		117	262
Gross Unrealized Losses		0	0
Fair Value		481	1,083
Mortgage- and asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost			16
Fair Value			17
Mortgage- and asset-backed securities \| Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost			16
Gross Unrealized Gains			1
Gross Unrealized Losses			0
Fair Value			17
Public utilities
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost		45	2,535
Fair Value		59	2,954
Public utilities \| Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost		46	2,535
Allowance for Credit Loss		1
Net Carrying Amount		45
Gross Unrealized Gains		14	419
Gross Unrealized Losses		0	0
Fair Value		59	2,954
Sovereign and supranational
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost		549	1,123
Fair Value		692	1,320
Sovereign and supranational \| Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost		554	1,123
Allowance for Credit Loss		5
Net Carrying Amount		549
Gross Unrealized Gains		143	197
Gross Unrealized Losses		0	0
Fair Value		692	1,320
Banks/financial institutions
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost			916
Fair Value			1,018
Banks/financial institutions \| Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost			916
Gross Unrealized Gains			105
Gross Unrealized Losses			3
Fair Value			1,018
Other corporate
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost		23	2,433
Fair Value		31	2,911
Other corporate \| Yen-denominated
Schedule of Held-to-maturity Securities [Line Items]
Securities held to maturity, fixed maturities, amortized cost		23	2,433
Allowance for Credit Loss		0
Net Carrying Amount		23
Gross Unrealized Gains		8	485
Gross Unrealized Losses		0	7
Fair Value		$ 31	$ 2,911

[1]	Net of allowance for credit losses

INVESTMENTS - Contractual and E

INVESTMENTS - Contractual and Economic Maturities of Investments in Fixed Maturities (Detail) - USD ($) $ in Millions		Jun. 30, 2020	Dec. 31, 2019
Available for sale:
Due in one year or less	[1]	$ 957
Due after one year through five years	[1]	8,899
Due after five years through 10 years	[1]	12,751
Due after 10 years	[1]	65,023
Mortgage- and asset-backed securities	[1]	509
Total fixed maturity securities, available for sale, amortized cost	[1]	88,139
Held to maturity:
Due in one year or less	[1]	0
Due after one year through five years	[1]	0
Due after five years through 10 years	[1]	107
Due after 10 years	[1]	23,402
Mortgage- and asset-backed securities	[1]	0
Total fixed maturity securities, held to maturity, amortized cost	[1]	23,509
Available for sale:
Due in one year or less		994
Due after one year through five years		9,108
Due after five years through 10 years		14,450
Due after 10 years		74,861
Mortgage- and asset-backed securities		546
Total fixed maturity securities, available for sale, fair value		99,959	$ 91,262
Held to maturity:
Due in one year or less		0
Due after one year through five years		0
Due after five years through 10 years		123
Due after 10 years		29,170
Mortgage- and asset-backed securities		0
Total fixed maturity securities, held to maturity, fair value		$ 29,293	$ 37,594

[1]	Net of allowance for credit losses

INVESTMENTS - Equity Securities

INVESTMENTS - Equity Securities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Equity Securities, FV-NI [Line Items]
Fair Value	$ 749	$ 802
Yen-denominated
Equity Securities, FV-NI [Line Items]
Fair Value	609	658
Dollar-denominated
Equity Securities, FV-NI [Line Items]
Fair Value	$ 140	$ 144

INVESTMENTS - Investment Exposu

INVESTMENTS - Investment Exposures Individually Exceeded 10% of Shareholders' Equity (Details) - Japan National Government - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2020	Dec. 31, 2019
Summary of Investment Holdings [Line Items]
Credit Rating	[1]	A+	A+
Amortized Cost	[1]	$ 53,145	$ 51,726
Fair Value	[1]	$ 62,513	$ 62,584

[1]	Japan Government Bonds (JGBs) or JGB-backed securities

INVESTMENTS - Information Regar

INVESTMENTS - Information Regarding Pretax Net Gains and Losses From Investments (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Gain (Loss) on Securities [Line Items]
Loan loss reserves	[1]	$ 0	$ (2)	$ 0	$ (4)
Total net investment gains (losses)		(170)	(66)	(633)	5
Credit Losses
Fixed maturity securities available for sale		(12)	0	(75)	0
Fixed maturity securities held to maturity		0	0	1	0
Commercial mortgage and other loans		(127)	0	(164)	0
Loan commitments		(35)	0	(81)	0
Reinsurance recoverable and other		(2)	0	(2)	0
Total credit losses		(176)	0	(321)	0
Derivatives and Other
Derivative gains (losses)		120	122	35	122
Foreign currency gains (losses)		(93)	(200)	(170)	(202)
Derivatives and other
Gain (Loss) on Securities [Line Items]
Total net investment gains (losses)		27	(78)	(135)	(80)
Equity securities
Gain (Loss) on Securities [Line Items]
Total net investment gains (losses)		31	(11)	(118)	47
Fixed maturity securities
Gain (Loss) on Securities [Line Items]
Gross gains from sales		14	32	21	44
Gross losses from sales		(46)	(3)	(46)	(11)
Foreign currency gains (losses) on sales and redemptions		(20)	(4)	(34)	9
Total net investment gains (losses)		$ (52)	$ 25	$ (59)	$ 42

[1]	U.S. GAAP guidance adopted as of January 1, 2020 has superseded these losses, included for comparative purposes only.

INVESTMENTS - Net Effect on Sha

INVESTMENTS - Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Investments [Abstract]
Unrealized gains (losses) on securities available for sale	$ 11,820	$ 11,891
Deferred income taxes	(3,288)	(3,343)
Shareholders' equity, unrealized gains (losses) on fixed maturity securities	$ 8,532	$ 8,548

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	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2020
Investments, Unrealized Loss Position [Line Items]
Total Fair Value		$ 12,646
Total Unrealized Losses		871
Less than 12 months Fair Value		9,096
Less than 12 months Unrealized Losses		492
12 months or longer Fair Value		3,550
12 months or longer Unrealized Losses		379
Total Fair Value	$ 7,190
Total Unrealized Losses	385
Less than 12 months Fair Value	3,423
Less than 12 months Unrealized Losses	178
12 months or longer Fair Value	3,767
12 months or longer Unrealized Losses	207
Yen-denominated \| Municipalities
Investments, Unrealized Loss Position [Line Items]
Total Fair Value		144
Total Unrealized Losses		8
Less than 12 months Fair Value		131
Less than 12 months Unrealized Losses		7
12 months or longer Fair Value		13
12 months or longer Unrealized Losses		1
Total Fair Value	80
Total Unrealized Losses	3
Less than 12 months Fair Value	80
Less than 12 months Unrealized Losses	3
12 months or longer Fair Value	0
12 months or longer Unrealized Losses	0
Yen-denominated \| Public utilities
Investments, Unrealized Loss Position [Line Items]
Total Fair Value		799
Total Unrealized Losses		15
Less than 12 months Fair Value		799
Less than 12 months Unrealized Losses		15
12 months or longer Fair Value		0
12 months or longer Unrealized Losses		0
Yen-denominated \| Sovereign and supranational
Investments, Unrealized Loss Position [Line Items]
Total Fair Value		219
Total Unrealized Losses		5
Less than 12 months Fair Value		219
Less than 12 months Unrealized Losses		5
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		3,584
Total Unrealized Losses		319
Less than 12 months Fair Value		2,753
Less than 12 months Unrealized Losses		205
12 months or longer Fair Value		831
12 months or longer Unrealized Losses		114
Total Fair Value	1,828
Total Unrealized Losses	89
Less than 12 months Fair Value	1,828
Less than 12 months Unrealized Losses	89
12 months or longer Fair Value	0
12 months or longer Unrealized Losses	0
Yen-denominated \| Other corporate
Investments, Unrealized Loss Position [Line Items]
Total Fair Value		1,647
Total Unrealized Losses		153
Less than 12 months Fair Value		1,394
Less than 12 months Unrealized Losses		128
12 months or longer Fair Value		253
12 months or longer Unrealized Losses		25
Total Fair Value	636
Total Unrealized Losses	31
Less than 12 months Fair Value	636
Less than 12 months Unrealized Losses	31
12 months or longer Fair Value	0
12 months or longer Unrealized Losses	0
Yen-denominated \| Japan government and agencies
Investments, Unrealized Loss Position [Line Items]
Total Fair Value		2,196
Total Unrealized Losses		45
Less than 12 months Fair Value		2,196
Less than 12 months Unrealized Losses		45
12 months or longer Fair Value		0
12 months or longer Unrealized Losses		0
Yen-denominated \| Mortgage- and asset-backed securities
Investments, Unrealized Loss Position [Line Items]
Total Fair Value		36
Total Unrealized Losses		1
Less than 12 months Fair Value		36
Less than 12 months Unrealized Losses		1
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		301
Total Unrealized Losses		15
Less than 12 months Fair Value		181
Less than 12 months Unrealized Losses		8
12 months or longer Fair Value		120
12 months or longer Unrealized Losses		7
Total Fair Value	306
Total Unrealized Losses	10
Less than 12 months Fair Value	69
Less than 12 months Unrealized Losses	2
12 months or longer Fair Value	237
12 months or longer Unrealized Losses	8
Dollar-denominated \| Sovereign and supranational
Investments, Unrealized Loss Position [Line Items]
Total Fair Value		35
Total Unrealized Losses		7
Less than 12 months Fair Value		35
Less than 12 months Unrealized Losses		7
12 months or longer Fair Value		0
12 months or longer Unrealized Losses		0
Dollar-denominated \| Banks/financial institutions
Investments, Unrealized Loss Position [Line Items]
Total Fair Value		60
Total Unrealized Losses		6
Less than 12 months Fair Value		23
Less than 12 months Unrealized Losses		1
12 months or longer Fair Value		37
12 months or longer Unrealized Losses		5
Total Fair Value	79
Total Unrealized Losses	4
Less than 12 months Fair Value	18
Less than 12 months Unrealized Losses	0
12 months or longer Fair Value	61
12 months or longer Unrealized Losses	4
Dollar-denominated \| Other corporate
Investments, Unrealized Loss Position [Line Items]
Total Fair Value		3,625
Total Unrealized Losses		297
Less than 12 months Fair Value		1,329
Less than 12 months Unrealized Losses		70
12 months or longer Fair Value		2,296
12 months or longer Unrealized Losses		$ 227
Total Fair Value	4,261
Total Unrealized Losses	248
Less than 12 months Fair Value	792
Less than 12 months Unrealized Losses	53
12 months or longer Fair Value	3,469
12 months or longer Unrealized Losses	$ 195

INVESTMENTS - Commercial Mortga

INVESTMENTS - Commercial Mortgage and Other Loans by Portfolio Segment (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 10,959	$ 9,614
Percent of total commercial mortgage and other loans	100.00%	100.00%
Allowance for credit losses	$ (242)	$ (45)	[1]
Total net commercial mortgage and other loans	10,717	9,569
Transitional real estate loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 5,693	$ 5,472
Percent of total commercial mortgage and other loans	51.90%	57.00%
Allowance for credit losses	$ (66)	$ (22)	[1]
Commercial mortgage loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 1,740	$ 1,710
Percent of total commercial mortgage and other loans	15.90%	17.70%
Allowance for credit losses	$ (42)	$ (3)	[1]
Middle market loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 3,526	$ 2,432
Percent of total commercial mortgage and other loans	32.20%	25.30%
Allowance for credit losses	$ (134)	$ (20)	[1]
Office \| Transitional real estate loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 2,112	$ 1,800
Percent of total commercial mortgage and other loans	19.30%	18.70%
Office \| Commercial mortgage loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 405	$ 410
Percent of total commercial mortgage and other loans	3.70%	4.30%
Retail \| Transitional real estate loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 173	$ 131
Percent of total commercial mortgage and other loans	1.60%	1.40%
Retail \| Commercial mortgage loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 344	$ 348
Percent of total commercial mortgage and other loans	3.10%	3.50%
Apartment/Multi-Family \| Transitional real estate loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 2,076	$ 2,085
Percent of total commercial mortgage and other loans	18.90%	21.70%
Apartment/Multi-Family \| Commercial mortgage loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 596	$ 569
Percent of total commercial mortgage and other loans	5.50%	5.90%
Industrial \| Transitional real estate loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 176	$ 256
Percent of total commercial mortgage and other loans	1.60%	2.70%
Industrial \| Commercial mortgage loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 395	$ 383
Percent of total commercial mortgage and other loans	3.60%	4.00%
Hospitality \| Transitional real estate loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 1,078	$ 1,036
Percent of total commercial mortgage and other loans	9.80%	10.80%
Other \| Transitional real estate loans
Participating Mortgage Loans [Line Items]
Commercial mortgage and other loans, gross	$ 78	$ 164
Percent of total commercial mortgage and other loans	0.70%	1.70%

[1]	U.S. GAAP guidance adopted as of January 1, 2020 has superseded these losses, included for comparative purposes only.

INVESTMENTS - Transitional Real

INVESTMENTS - Transitional Real Estate Loans by Key Credit Quality Indicators (Details) - Transitional real estate loans $ in Millions	Jun. 30, 2020USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 392
2019	2,165
2018	2,227
2017	818
2016	34
Prior	57
Total Financing Receivable	5,693
Loan to Value Ratio, Zero to Fifty-nine Point Nine-nine Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	45
2019	523
2018	417
2017	157
2016	20
Prior	57
Total Financing Receivable	1,219
Loan to Value Ratio, Sixty to Sixty-nine Point Nine-nine Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	191
2019	790
2018	839
2017	437
2016	0
Prior	0
Total Financing Receivable	2,257
Loan to Value Ratio, Seventy to Seventy-nine Point Nine-nine Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	131
2019	816
2018	971
2017	224
2016	14
Prior	0
Total Financing Receivable	2,156
Loan-to-Value Ratio Eighty Percent and Above
Financing Receivable, Credit Quality Indicator [Line Items]
2020	25
2019	36
2018	0
2017	0
2016	0
Prior	0
Total Financing Receivable	$ 61

INVESTMENTS - Commercial Mort_2

INVESTMENTS - Commercial Mortgage Loans by Key Credit Quality Indicators (Details) - Commercial mortgage loans $ in Millions	Jun. 30, 2020USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 48
2019	661
2018	171
2017	69
2016	791
Prior	0
Total Financing Receivable	$ 1,740
Weighted Average Debt Service Coverage Ratio	2.37
2020
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average Debt Service Coverage Ratio	1.91
2019
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average Debt Service Coverage Ratio	2.50
2018
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average Debt Service Coverage Ratio	2.23
2017
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average Debt Service Coverage Ratio	2.59
2016
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average Debt Service Coverage Ratio	2.31
Prior
Financing Receivable, Credit Quality Indicator [Line Items]
Weighted Average Debt Service Coverage Ratio	0
Loan to Value Ratio, Zero to Fifty-nine Point Nine-nine Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 32
2019	404
2018	101
2017	69
2016	594
Prior	0
Total Financing Receivable	$ 1,200
Weighted Average Debt Service Coverage Ratio	2.59
Loan to Value Ratio, Sixty to Sixty-nine Point Nine-nine Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 16
2019	224
2018	70
2017	0
2016	148
Prior	0
Total Financing Receivable	$ 458
Weighted Average Debt Service Coverage Ratio	1.92
Loan to Value Ratio, Seventy to Seventy-nine Point Nine-nine Percent
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 0
2019	33
2018	0
2017	0
2016	23
Prior	0
Total Financing Receivable	$ 56
Weighted Average Debt Service Coverage Ratio	1.79
Loan-to-Value Ratio Eighty Percent and Above
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 0
2019	0
2018	0
2017	0
2016	26
Prior	0
Total Financing Receivable	$ 26
Weighted Average Debt Service Coverage Ratio	1.63

INVESTMENTS - Middle Market Loa

INVESTMENTS - Middle Market Loans by Key Credit Quality Indicators (Details) - Middle market loans $ in Millions	Jun. 30, 2020USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 393
2019	1,206
2018	724
2017	510
2016	196
Prior	82
Revolving Loans	415
Total Financing Receivable	3,526
BBB
Financing Receivable, Credit Quality Indicator [Line Items]
2020	38
2019	121
2018	57
2017	57
2016	13
Prior	0
Revolving Loans	24
Total Financing Receivable	310
BB
Financing Receivable, Credit Quality Indicator [Line Items]
2020	150
2019	214
2018	235
2017	90
2016	30
Prior	24
Revolving Loans	80
Total Financing Receivable	823
B
Financing Receivable, Credit Quality Indicator [Line Items]
2020	184
2019	767
2018	303
2017	266
2016	120
Prior	41
Revolving Loans	219
Total Financing Receivable	1,900
CCC
Financing Receivable, Credit Quality Indicator [Line Items]
2020	21
2019	103
2018	129
2017	58
2016	33
Prior	17
Revolving Loans	90
Total Financing Receivable	451
CC Credit Rating
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	1
2018	0
2017	39
2016	0
Prior	0
Revolving Loans	2
Total Financing Receivable	$ 42

INVESTMENTS - Allowance for Loa

INVESTMENTS - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period	[1]			$ (45)
(Addition to) release of allowance for credit losses	[2]	$ 0	$ 2	0	$ 4
Balance, end of period		(242)		(242)
Available-for-sale securities
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period	[1]			0
Transition impact to retained earnings						$ 0
(Addition to) release of allowance for credit losses				(74)
Write-offs, net of recoveries				36
Balance, end of period		(38)		(38)
Transitional real estate loans
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period	[1]			(22)
Transition impact to retained earnings						(2)
(Addition to) release of allowance for credit losses				(42)
Write-offs, net of recoveries				0
Balance, end of period		(66)		(66)
Commercial mortgage loans
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period	[1]			(3)
Transition impact to retained earnings						(8)
(Addition to) release of allowance for credit losses				(31)
Write-offs, net of recoveries				0
Balance, end of period		(42)		(42)
Middle market loans
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period	[1]			(20)
Transition impact to retained earnings						(33)
(Addition to) release of allowance for credit losses				(90)
Write-offs, net of recoveries				9
Balance, end of period		(134)		(134)
Held-to-maturity securities
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period	[1]			0
Transition impact to retained earnings						(10)
(Addition to) release of allowance for credit losses				1
Write-offs, net of recoveries				0
Balance, end of period		(9)		(9)
Reinsurance recoverables
Allowance for Loan Losses by Portfolio Segment [Roll Forward]
Balance, beginning of period	[1]			0
Transition impact to retained earnings						$ (11)
(Addition to) release of allowance for credit losses				0
Write-offs, net of recoveries				0
Balance, end of period		$ (11)		$ (11)

[1]	U.S. GAAP guidance adopted as of January 1, 2020 has superseded these losses, included for comparative purposes only.
[2]	U.S. GAAP guidance adopted as of January 1, 2020 has superseded these losses, included for comparative purposes only.

INVESTMENTS - Other Investments

INVESTMENTS - Other Investments (Details) - USD ($) $ in Millions		Jun. 30, 2020	Dec. 31, 2019
Investment Holdings [Line Items]
Other investments		$ 1,771	$ 1,477
Policy loans
Investment Holdings [Line Items]
Other investments		263	250
Short-term investments
Investment Holdings [Line Items]
Other investments	[1]	763	628
Limited partnerships
Investment Holdings [Line Items]
Other investments		718	569
Other
Investment Holdings [Line Items]
Other investments		$ 27	$ 30

[1]	Includes securities lending collateral

INVESTMENTS - Investments in Co

INVESTMENTS - Investments in Consolidated Variable Interest Entities (Detail) - USD ($) $ in Millions		Jun. 30, 2020		Dec. 31, 2019
Variable Interest Entity [Line Items]
Available for sale, fixed maturity securities, amortized cost		$ 88,177		$ 79,371
Available for sale, fixed maturity securities		99,959		91,262
Equity securities		749		802
Commercial mortgage and other loans		10,717		9,569
Commercial mortgage and other loans, fair value		10,650		9,648
Other investments		1,771		1,477
Asset derivatives		474		482
Assets, fair value		107,473		98,070
Liability derivatives		680		586
Liabilities		127,667		123,809
Liabilities, fair value		680		586
Variable Interest Entity, Consolidated
Variable Interest Entity [Line Items]
Available for sale, fixed maturity securities, amortized cost		3,127	[1]	3,308
Available for sale, fixed maturity securities		4,063		4,312
Commercial mortgage and other loans		9,117	[1]	7,956
Commercial mortgage and other loans, fair value		9,049		8,015
Other investments	[2]	589	[1]	494
Other investments, fair value	[2]	589		494
Asset derivatives, amortized cost	[3]	87	[1]	169
Asset derivatives	[3]	87		169
Assets, amortized cost		12,920	[1]	11,927
Assets, fair value		13,788		12,990
Liability derivatives, amortized cost	[3]	255	[1]	126
Liability derivatives	[3]	255		126
Liabilities		255	[1]	126
Liabilities, fair value		$ 255		$ 126

[1]	Net of allowance for credit losses
[2]	Consists entirely of alternative investments in limited partnerships
[3]	Consists entirely of derivatives

INVESTMENTS - Investments in Va

INVESTMENTS - Investments in Variable Interest Entities Not Consolidated (Details) - USD ($) $ in Millions		Jun. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Available for sale, fixed maturity securities, amortized cost		$ 88,177	$ 79,371
Available for sale, fixed maturity securities		99,959	91,262
Securities held to maturity, fixed maturities, amortized cost		23,518	30,085
Held to maturity, fixed maturity securities, fair value		29,293	37,594
Other investments		1,771	1,477
Assets, fair value		107,473	98,070
Variable Interest Entity, Not Consolidated
Variable Interest Entity [Line Items]
Available for sale, fixed maturity securities, amortized cost		5,982	4,129
Available for sale, fixed maturity securities		6,837	4,884
Securities held to maturity, fixed maturities, amortized cost		0	1,848
Held to maturity, fixed maturity securities, fair value		0	2,236
Other investments	[1]	129	75
Other investments, fair value	[1]	129	74
Assets, amortized cost		6,111	6,052
Assets, fair value		$ 6,966	$ 7,194

[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		Jun. 30, 2020	Dec. 31, 2019
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		$ 2,275	$ 1,876
Gross amount of recognized liabilities for securities lending		2,275	1,876
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		1,875	1,013
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		25	35
Sovereign and supranational
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	2
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		38	48
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		332	778
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]	400	863
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 \| 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]	25	35
Maturity Overnight and Continuous \| Sovereign and supranational
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	2
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]	38	48
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]	332	778
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		1,720	1,013
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		1,720	1,013
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 \| Sovereign and supranational
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 30 to 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		155
Maturity 30 to 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		155
Maturity 30 to 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
Maturity 30 to 90 Days \| Sovereign and supranational
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 30 to 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
Maturity 30 to 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

[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	6 Months Ended
INVESTMENTS - Additional Information (Detail) $ in Millions	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)investment	Jun. 30, 2019investment	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)
Schedule of Investments [Line Items]
Held to maturity securities transferred to available for sale securities, number of investments \| investment		0	0
Equity securities, FV-NI, unrealized gain (loss)	$ 31	$ (118)
Available for sale, fixed maturity securities, allowance for credit losses	38	38
Transitional real estate loan commitments	729	729
Commercial mortgage loan commitments	0	0
Middle market loan program unfunded amount	19	19			$ 99
Middle market loan commitments	2,500	2,500
Middle Market Loan Commitment Increase During Period		2,200
Securities held to maturity, fixed maturities, amortized cost	23,518	23,518			30,085
Loan Commitments, Allowance for Credit Loss	95	95
Limited partnerships investment commitments	$ 1,300	$ 1,300
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%
Securities Lending, Securities Received as Collateral	$ 4,731	$ 4,731			$ 4,759
Accounting Standards Update 2019-04
Schedule of Investments [Line Items]
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Reclassification From Held To Maturity To Available For Sale Debt Securities				$ 6,900
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Unrealized Gain Loss Net Of Tax Reclassification To Accumulated Other Comprehensive Income				$ 848
Zero-credit-loss expectation \| Japan government and agencies
Schedule of Investments [Line Items]
Securities held to maturity, fixed maturities, amortized cost	$ 22,300	$ 22,300
CALIFORNIA \| Commercial Mortgage and Transitional Real Estate Loans
Schedule of Investments [Line Items]
Concentration Risk, Percentage		20.00%
TEXAS \| Commercial Mortgage and Transitional Real Estate Loans
Schedule of Investments [Line Items]
Concentration Risk, Percentage		13.00%
FLORIDA \| Commercial Mortgage and Transitional Real Estate Loans
Schedule of Investments [Line Items]
Concentration Risk, Percentage		10.00%

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Detail) $ in Millions	Jun. 30, 2020USD ($)yr	Dec. 31, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	$ 50,020	$ 61,695
Cash flow hedging activity, maximum time period \| yr	6
Derivative, net liability position, aggregate fair value	$ 339	$ 301
Additional Collateral, Aggregate Fair Value	151
Senior notes \| Interest rate swaps
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	$ 2,300

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	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Notional Amount	$ 50,020	$ 61,695
Derivative asset, fair value, gross asset including not subject to master netting arrangement	474	482
Derivative liability, fair value, gross liability including not subject to master netting arrangement	680	586
Asset derivatives fair value	387	313
Liability derivatives fair value	425	460
Cash flow hedges
Derivatives, Fair Value [Line Items]
Notional Amount	75	75
Asset derivatives fair value	0	0
Liability derivatives fair value	13	8
Cash flow hedges \| Foreign currency swaps \| Variable Interest Entity
Derivatives, Fair Value [Line Items]
Notional Amount	75	75
Asset derivatives fair value	0	0
Liability derivatives fair value	13	8
Fair value hedges
Derivatives, Fair Value [Line Items]
Notional Amount	8,994	12,780
Asset derivatives fair value	0	0
Liability derivatives fair value	2	43
Fair value hedges \| Foreign currency forwards
Derivatives, Fair Value [Line Items]
Notional Amount	62	964
Asset derivatives fair value	0	0
Liability derivatives fair value	0	38
Fair value hedges \| Foreign currency options
Derivatives, Fair Value [Line Items]
Notional Amount	8,689	11,573
Asset derivatives fair value	0	0
Liability derivatives fair value	2	5
Fair value hedges \| Interest rate swaptions
Derivatives, Fair Value [Line Items]
Notional Amount	243	243
Asset derivatives fair value	0	0
Liability derivatives fair value	0	0
Net investment hedge
Derivatives, Fair Value [Line Items]
Notional Amount	7,726	6,952
Asset derivatives fair value	123	72
Liability derivatives fair value	2	2
Net investment hedge \| Foreign currency forwards
Derivatives, Fair Value [Line Items]
Notional Amount	4,994	4,952
Asset derivatives fair value	122	72
Liability derivatives fair value	2	2
Net investment hedge \| Foreign currency options
Derivatives, Fair Value [Line Items]
Notional Amount	2,732	2,000
Asset derivatives fair value	1	0
Liability derivatives fair value	0	0
Non-qualifying strategies
Derivatives, Fair Value [Line Items]
Notional Amount	33,225	41,888
Asset derivatives fair value	351	410
Liability derivatives fair value	663	533
Non-qualifying strategies \| Foreign currency swaps \| Variable Interest Entity
Derivatives, Fair Value [Line Items]
Notional Amount	2,657	2,587
Asset derivatives fair value	87	169
Liability derivatives fair value	242	118
Non-qualifying strategies \| Foreign currency swaps \| Consolidated Entity Excluding Variable Interest Entities (VIE)
Derivatives, Fair Value [Line Items]
Notional Amount	2,250	2,800
Asset derivatives fair value	73	72
Liability derivatives fair value	29	78
Non-qualifying strategies \| Foreign currency forwards
Derivatives, Fair Value [Line Items]
Notional Amount	17,110	19,821
Asset derivatives fair value	177	166
Liability derivatives fair value	391	337
Non-qualifying strategies \| Foreign currency options
Derivatives, Fair Value [Line Items]
Notional Amount	9,149	9,553
Asset derivatives fair value	0	0
Liability derivatives fair value	0	0
Non-qualifying strategies \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	2,000	7,120
Asset derivatives fair value	14	3
Liability derivatives fair value	0	0
Non-qualifying strategies \| Interest rate swaptions
Derivatives, Fair Value [Line Items]
Notional Amount	7	7
Asset derivatives fair value	0	0
Liability derivatives fair value	0	0
Non-qualifying strategies \| Forward bond purchase commitment \| Variable Interest Entity
Derivatives, Fair Value [Line Items]
Notional Amount	52	0
Asset derivatives fair value	0	0
Liability derivatives fair value	$ 1	$ 0

DERIVATIVE INSTRUMENTS - Gains

DERIVATIVE INSTRUMENTS - Gains (Losses) Recognized on Fair Value Hedging Relationships (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) recognized for derivatives		$ (2)	$ 4	$ (18)	$ 8
Gains (losses) on derivatives excluded from effectiveness testing	[1]	(2)	(16)	(9)	(31)
Gains (losses) on derivatives included in effectiveness testing	[2]	0	20	(9)	39
Gains (losses) recognized for hedged items	[2]	0	(21)	10	(39)
Net realized gains (losses) recognized for fair value hedge		0	(1)	1	0
Fixed maturity securities \| Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) recognized for derivatives		0	6	(16)	15
Gains (losses) on derivatives excluded from effectiveness testing	[1]	(1)	(14)	(8)	(24)
Gains (losses) on derivatives included in effectiveness testing	[2]	1	20	(8)	39
Gains (losses) recognized for hedged items	[2]	(1)	(21)	9	(39)
Net realized gains (losses) recognized for fair value hedge		0	(1)	1	0
Fixed maturity securities \| Foreign currency options
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) recognized for derivatives		(2)		(2)	(4)
Gains (losses) on derivatives excluded from effectiveness testing	[1]	(1)		(1)	(4)
Gains (losses) on derivatives included in effectiveness testing	[2]	(1)		(1)	0
Gains (losses) recognized for hedged items	[2]	1		1	0
Net realized gains (losses) recognized for fair value hedge		$ 0		$ 0	0
Fixed maturity securities \| Interest rate swaptions
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) recognized for derivatives			(2)		(3)
Gains (losses) on derivatives excluded from effectiveness testing	[1]		(2)		(3)
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 net investment gains (losses). It also includes the change in the fair value of the interest rate swaptions related to the time value of the swaptions which is recognized as a component of other comprehensive income (loss).
[2]	Gains and losses on foreign currency forwards and options and related hedged items are reported in the consolidated statement of earnings as net investment gains (losses). For interest rate swaptions and related hedged items, gains and losses included in the hedge assessment, premium amortization and time value amortization while the hedge items are still outstanding are reported within net investment income. The time value gains and losses for interest rate swaptions when the related hedged items are redeemed are reported in net investment gains and losses consistent with the impact of the hedged item. For the three-month and six -month periods ended June 30, 2020 and 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		Jun. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount		$ 50,020	$ 61,695
Fair value hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount		8,994	12,780
Interest rate swaptions \| Fair value hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount		243	243
Fixed maturity securities \| Interest rate swaptions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of Hedged Assets/ (Liabilities)	[1]	4,540	4,633
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities)		$ 245	$ 256

[1]	The balance includes hedging adjustment on discontinued hedging relationships of $245 in 2020 and $256 in 2019.

DERIVATIVE INSTRUMENTS - Deriva

DERIVATIVE INSTRUMENTS - Derivatives and Hedging Instruments Gain (Loss) Summary (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net	[1]	$ (1)	$ (1)	$ (2)	$ (2)
Unrealized foreign currency translation gains (losses) during period		73	417	159	416
Derivative gains (losses)		120	122	35	122
Derivative and non-derivative hedging instruments gain (loss) recognized in other comprehensive income effective portion before tax	[2]	(79)	(55)	(101)	(58)
Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net	[1]	0	0	(1)	(1)
Net investment gains (losses) recognized in income on derivative (ineffective portion)	[3]	0	0	0	0
Gain (loss) recognized in other comprehensive income on derivative (effective portion)	[2]	(2)	0	(6)	(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]	0	0	(1)	(1)
Net investment gains (losses) recognized in income on derivative (ineffective portion)		0	0	0	0
Gain (loss) recognized in other comprehensive income on derivative (effective portion)	[2]	(2)	0	(6)	(2)
Fair value hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net	[1]	(1)	(1)	(1)	(1)
Net investment gains (losses) recognized in income on derivative (ineffective portion)		(2)	(15)	(8)	(28)
Gain (loss) recognized in other comprehensive income on derivative (effective portion)	[2]	1	(1)	1	(2)
Fair value hedges \| Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Net investment gains (losses) recognized in income on derivative (ineffective portion)	[3]	(1)	(15)	(7)	(24)
Fair value hedges \| Foreign currency options
Derivative Instruments, Gain (Loss) [Line Items]
Net investment gains (losses) recognized in income on derivative (ineffective portion)	[3]	(1)	0	(1)	(4)
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],[3]	(1)	(1)	(1)	(1)
Net investment gains (losses) recognized in income on derivative (ineffective portion)	[3]	0	0	0	0
Gain (loss) recognized in other comprehensive income on derivative (effective portion)	[2],[3]	1	(1)	1	(2)
Net investment hedge
Derivative Instruments, Gain (Loss) [Line Items]
Net investment gains (losses) recognized in income on derivative (ineffective portion)		94	0	151	0
Unrealized foreign currency translation gains (losses) during period	[2]	(78)	(54)	(96)	(54)
Net investment hedge \| Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Net investment gains (losses) recognized in income on derivative (ineffective portion)		101	0	152	0
Unrealized foreign currency translation gains (losses) during period	[2]	(50)	0	(75)	0
Net investment hedge \| Foreign currency options
Derivative Instruments, Gain (Loss) [Line Items]
Net investment gains (losses) recognized in income on derivative (ineffective portion)		(7)	0	(1)	0
Unrealized foreign currency translation gains (losses) during period	[2]	0	0	0	0
Net investment hedge \| Non-derivative hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Net investment gains (losses) recognized in income on derivative (ineffective portion)		0	0	0	0
Unrealized foreign currency translation gains (losses) during period	[2]	(28)	(54)	(21)	(54)
Non-qualifying strategies
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net		28	137	(108)	150
Non-qualifying strategies \| Foreign currency swaps \| Variable Interest Entity
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net		(30)	13	(225)	(3)
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		31	0	81	44
Non-qualifying strategies \| Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net		30	114	(6)	93
Non-qualifying strategies \| Foreign currency options
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net		(3)	0	(5)	0
Non-qualifying strategies \| Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net		2	10	49	16
Non-qualifying strategies \| Forward bond purchase commitment \| Variable Interest Entity
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net		$ (2)	$ 0	$ (2)	$ 0

[1]	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).
[2]	Impact of cash flow hedges reported as net 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 six -month periods ended June 30, 2020 and 2019 , respectively.
[3]	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	Jun. 30, 2020	Dec. 31, 2019
Offsetting Assets [Line Items]
Gross amount of recognized derivative assets	$ 387	$ 313
Gross amount of liabilities offset in balance sheet	0	0
Net amount of derivative assets presented in balance sheet	387	313
Financial instruments, amount not offset	(200)	(190)
Derivative, collateral, obligation to return securities	(6)	(7)
Derivative, collateral, obligation to return cash	(172)	(113)
Derivative asset, fair value, amount offset against collateral, subject to master netting agreement	9	3
Derivative asset, not subject to master netting arrangement	87	169
Derivative asset, fair value, amount offset against collateral, not subject to master netting agreement	87	169
Derivative asset, fair value, gross asset including not subject to master netting arrangement	474	482
Net amount of derivative assets presented in balance sheet	474	482
Derivative asset, fair value, amount offset against collateral	96	172
Gross amounts of recognized financial instruments	2,734	2,342
Gross amounts offset in balance sheet	0	0
Net amounts of assets presented in balance sheet	2,734	2,342
Carrying value of financial instruments not offset in balance sheet	(200)	(190)
Securities collateral, not offset in balance sheet	(6)	(7)
Cash collateral, not offset in balance sheet	(2,432)	(1,973)
Financial instruments, amount of assets offset against collateral	96	172
Over the Counter - Bilateral
Offsetting Assets [Line Items]
Gross amount of recognized derivative assets	373	310
Gross amount of liabilities offset in balance sheet	0	0
Net amount of derivative assets presented in balance sheet	373	310
Financial instruments, amount not offset	(200)	(190)
Derivative, collateral, obligation to return securities	(6)	(7)
Derivative, collateral, obligation to return cash	(162)	(113)
Derivative asset, fair value, amount offset against collateral, subject to master netting agreement	5	0
Derivative asset, not subject to master netting arrangement	87	169
Derivative asset, fair value, amount offset against collateral, not subject to master netting agreement	87	169
Other the Counter - Cleared
Offsetting Assets [Line Items]
Gross amount of recognized derivative assets	14	3
Gross amount of liabilities offset in balance sheet	0	0
Net amount of derivative assets presented in balance sheet	14	3
Financial instruments, amount not offset	0	0
Derivative, collateral, obligation to return securities	0	0
Derivative, collateral, obligation to return cash	(10)	0
Derivative asset, fair value, amount offset against collateral, subject to master netting agreement	4	3
Securities Lending and Similar Arrangements
Offsetting Assets [Line Items]
Gross amounts of recognized financial instruments	2,260	1,860
Gross amounts offset in balance sheet	0	0
Net amounts of assets presented in balance sheet	2,260	1,860
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	(2,260)	(1,860)
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	Jun. 30, 2020	Dec. 31, 2019
Offsetting Liabilities [Line Items]
Gross amount of recognized derivative liabilities	$ 425	$ 460
Gross amount of assets offset in balance sheet	0	0
Derivative liability, fair value, amount not offset against collateral	425	460
Financial instruments, amount not offset	(200)	(190)
Derivative, collateral, right to reclaim securities	(188)	(222)
Derivative, collateral, right to reclaim cash	0	(33)
Derivative liability, fair value, amount offset against collateral, subject to master netting agreement	37	15
Derivative liability, not subject to master netting arrangement	255	126
Derivative liability, fair value, amount offset against collateral, not subject to master netting agreement	255	126
Derivative liability, fair value, gross liability including not subject to master netting arrangement	680	586
Net amount of derivative liabilities presented in balance sheet	680	586
Derivative liability, fair value, amount offset against collateral	292	141
Gross Amounts of Recognized Financial Instruments, Offsetting Liabilities	2,955	2,462
Gross Amounts Offset in Statement of Financial Position, Offsetting Liabilities	0	0
Net Amounts of Financial Instruments Presented in Balance Sheet, Offsetting Liabilities	2,955	2,462
Carrying value of financial instruments, liabilities not offset in balance sheet	(2,460)	(2,050)
Securities Collateral, Liabilities Not Offset in Balance Sheet	(188)	(222)
Cash Collateral, Liabilities Not Offset in Balance Sheet	0	(33)
Financial instruments, amount of liabilities offset against collateral	307	157
Over the Counter - Bilateral
Offsetting Liabilities [Line Items]
Gross amount of recognized derivative liabilities	425	459
Gross amount of assets offset in balance sheet	0	0
Derivative liability, fair value, amount not offset against collateral	425	459
Financial instruments, amount not offset	(200)	(190)
Derivative, collateral, right to reclaim securities	(188)	(222)
Derivative, collateral, right to reclaim cash	0	(32)
Derivative liability, fair value, amount offset against collateral, subject to master netting agreement	37	15
Derivative liability, not subject to master netting arrangement	255	126
Derivative liability, fair value, amount offset against collateral, not subject to master netting agreement	255	126
Exchange Cleared [Member]
Offsetting Liabilities [Line Items]
Gross amount of recognized derivative liabilities		1
Gross amount of assets offset in balance sheet		0
Derivative liability, fair value, amount not offset against collateral		1
Financial instruments, amount not offset		0
Derivative, collateral, right to reclaim securities		0
Derivative, collateral, right to reclaim cash		(1)
Derivative liability, fair value, amount offset against collateral, subject to master netting agreement		0
Securities Lending and Similar Arrangements
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Financial Instruments, Offsetting Liabilities	2,275	1,876
Gross Amounts Offset in Statement of Financial Position, Offsetting Liabilities	0	0
Net Amounts of Financial Instruments Presented in Balance Sheet, Offsetting Liabilities	2,275	1,876
Carrying value of financial instruments, liabilities not offset in balance sheet	(2,260)	(1,860)
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	$ 15	$ 16

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	Jun. 30, 2020	Dec. 31, 2019
Assets:
Available for sale, fixed maturity securities	$ 99,959	$ 91,262
Equity securities	749	802
Other investments	763	628
Cash and cash equivalents	5,528	4,896
Asset derivatives	474	482
Total assets	107,473	98,070
Liabilities:
Liability derivatives	680	586
Total liabilities	680	586
Foreign currency swaps
Assets:
Asset derivatives	160	241
Liabilities:
Liability derivatives	284	204
Foreign currency forwards
Assets:
Asset derivatives	299	238
Liabilities:
Liability derivatives	393	377
Foreign currency options
Assets:
Asset derivatives	1
Liabilities:
Liability derivatives	2	5
Interest rate swaps
Assets:
Asset derivatives	14	3
Forward bond purchase commitment
Liabilities:
Liability derivatives	1
Government and agencies
Assets:
Available for sale, fixed maturity securities	36,487	36,400
Municipalities
Assets:
Available for sale, fixed maturity securities	2,492	1,847
Mortgage- and asset-backed securities
Assets:
Available for sale, fixed maturity securities	546	410
Public utilities
Assets:
Available for sale, fixed maturity securities	9,942	6,780
Sovereign and supranational
Assets:
Available for sale, fixed maturity securities	1,377	1,042
Banks/financial institutions
Assets:
Available for sale, fixed maturity securities	11,214	10,287
Other corporate
Assets:
Available for sale, fixed maturity securities	37,901	34,496
Level 1
Assets:
Available for sale, fixed maturity securities	34,980	34,878
Equity securities	587	642
Other investments	763	628
Cash and cash equivalents	5,528	4,896
Asset derivatives	0	0
Total assets	41,858	41,044
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
Liabilities:
Liability derivatives	0	0
Level 1 \| Interest rate swaps
Assets:
Asset derivatives	0	0
Level 1 \| Forward bond purchase commitment
Liabilities:
Liability derivatives	0
Level 1 \| Government and agencies
Assets:
Available for sale, fixed maturity securities	34,980	34,878
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	64,202	55,697
Equity securities	76	80
Other investments	0	0
Cash and cash equivalents	0	0
Asset derivatives	387	313
Total assets	64,665	56,090
Liabilities:
Total liabilities	425	460
Level 2 \| Foreign currency swaps
Assets:
Asset derivatives	73	72
Liabilities:
Liability derivatives	29	78
Level 2 \| Foreign currency forwards
Assets:
Asset derivatives	299	238
Liabilities:
Liability derivatives	393	377
Level 2 \| Foreign currency options
Assets:
Asset derivatives	1
Liabilities:
Liability derivatives	2	5
Level 2 \| Interest rate swaps
Assets:
Asset derivatives	14	3
Level 2 \| Forward bond purchase commitment
Liabilities:
Liability derivatives	1
Level 2 \| Government and agencies
Assets:
Available for sale, fixed maturity securities	1,507	1,522
Level 2 \| Municipalities
Assets:
Available for sale, fixed maturity securities	2,492	1,847
Level 2 \| Mortgage- and asset-backed securities
Assets:
Available for sale, fixed maturity securities	358	232
Level 2 \| Public utilities
Assets:
Available for sale, fixed maturity securities	9,620	6,556
Level 2 \| Sovereign and supranational
Assets:
Available for sale, fixed maturity securities	1,377	1,042
Level 2 \| Banks/financial institutions
Assets:
Available for sale, fixed maturity securities	11,190	10,264
Level 2 \| Other corporate
Assets:
Available for sale, fixed maturity securities	37,658	34,234
Level 3
Assets:
Available for sale, fixed maturity securities	777	687
Equity securities	86	80
Other investments	0	0
Cash and cash equivalents	0	0
Asset derivatives	87	169
Total assets	950	936
Liabilities:
Total liabilities	255	126
Level 3 \| Foreign currency swaps
Assets:
Asset derivatives	87	169
Liabilities:
Liability derivatives	255	126
Level 3 \| Foreign currency forwards
Assets:
Asset derivatives	0	0
Liabilities:
Liability derivatives	0	0
Level 3 \| Foreign currency options
Assets:
Asset derivatives	0
Liabilities:
Liability derivatives	0	0
Level 3 \| Interest rate swaps
Assets:
Asset derivatives	0	0
Level 3 \| Forward bond purchase commitment
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	188	178
Level 3 \| Public utilities
Assets:
Available for sale, fixed maturity securities	322	224
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	24	23
Level 3 \| Other corporate
Assets:
Available for sale, fixed maturity securities	$ 243	$ 262

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	Jun. 30, 2020		Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 1,771		$ 1,477
Assets:
Securities held to maturity, fixed maturities, amortized cost	23,518		30,085
Held to maturity, fixed maturity securities, fair value	29,293		37,594
Commercial mortgage and other loans	10,717		9,569
Commercial mortgage and other loans, fair value	10,650		9,648
Other investments carried at amortized cost	27	[1]	30	[2]
Other investments carried at amortized cost, fair value	27	[1]	30	[2]
Total financial instruments assets not carried at fair value	34,253		39,684
Assets fair value disclosure financial instruments carried at cost	39,970		47,272
Liabilities:
Other policyholders’ funds	7,484		7,317
Other policyholders' funds fair value disclosure	7,393		7,234
Notes payable	7,618		6,408
Notes payable, fair value disclosure	8,476		6,935
Total financial instrument liabilities not carried at fair value	15,102		13,725
Liabilities fair value disclosure financial instruments carried at cost	15,869		14,169
Government and agencies
Assets:
Securities held to maturity, fixed maturities, amortized cost	22,528		22,241
Held to maturity, fixed maturity securities, fair value	28,030		28,291
Municipalities
Assets:
Securities held to maturity, fixed maturities, amortized cost	364		821
Held to maturity, fixed maturity securities, fair value	481		1,083
Mortgage- and asset-backed securities
Assets:
Securities held to maturity, fixed maturities, amortized cost			16
Held to maturity, fixed maturity securities, fair value			17
Public utilities
Assets:
Securities held to maturity, fixed maturities, amortized cost	45		2,535
Held to maturity, fixed maturity securities, fair value	59		2,954
Sovereign and supranational
Assets:
Securities held to maturity, fixed maturities, amortized cost	549		1,123
Held to maturity, fixed maturity securities, fair value	692		1,320
Banks/financial institutions
Assets:
Securities held to maturity, fixed maturities, amortized cost			916
Held to maturity, fixed maturity securities, fair value			1,018
Other corporate
Assets:
Securities held to maturity, fixed maturities, amortized cost	23		2,433
Held to maturity, fixed maturity securities, fair value	31		2,911
Policy loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	263		250
Equity method investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	718		569
Level 1
Assets:
Held to maturity, fixed maturity securities, fair value	27,781		27,937
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	27,781		27,937
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	27,781		27,937
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
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
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	1,512		9,647
Commercial mortgage and other loans, fair value	0		0
Other investments carried at amortized cost, fair value	27	[1]	30	[2]
Assets fair value disclosure financial instruments carried at cost	1,539		9,677
Liabilities:
Other policyholders' funds fair value disclosure	0		0
Notes payable, fair value disclosure	8,200		6,663
Liabilities fair value disclosure financial instruments carried at cost	8,200		6,663
Level 2 \| Government and agencies
Assets:
Held to maturity, fixed maturity securities, fair value	249		354
Level 2 \| Municipalities
Assets:
Held to maturity, fixed maturity securities, fair value	481		1,083
Level 2 \| Mortgage- and asset-backed securities
Assets:
Held to maturity, fixed maturity securities, fair value			7
Level 2 \| Public utilities
Assets:
Held to maturity, fixed maturity securities, fair value	59		2,954
Level 2 \| Sovereign and supranational
Assets:
Held to maturity, fixed maturity securities, fair value	692		1,320
Level 2 \| Banks/financial institutions
Assets:
Held to maturity, fixed maturity securities, fair value			1,018
Level 2 \| Other corporate
Assets:
Held to maturity, fixed maturity securities, fair value	31		2,911
Level 3
Assets:
Held to maturity, fixed maturity securities, fair value	0		10
Commercial mortgage and other loans, fair value	10,650		9,648
Other investments carried at amortized cost, fair value	0	[1]	0	[2]
Assets fair value disclosure financial instruments carried at cost	10,650		9,658
Liabilities:
Other policyholders' funds fair value disclosure	7,393		7,234
Notes payable, fair value disclosure	276		272
Liabilities fair value disclosure financial instruments carried at cost	7,669		7,506
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			10
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
Level 3 \| Other corporate
Assets:
Held to maturity, fixed maturity securities, fair value	$ 0		$ 0

[1]	Excludes policy loans of $263 and equity method investments of $718 , at carrying value
[2]	Excludes policy loans of $250 and equity method investments of $569 , 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	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	$ 99,959	$ 91,262
Equity securities	749	802
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	34,980	34,878
Equity securities	587	642
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	64,202	55,697
Equity securities	76	80
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	777	687
Equity securities	86	80
Third party pricing vendor valuation technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	663	722
Third party pricing vendor valuation technique \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	587	642
Third party pricing vendor valuation technique \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	76	80
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	86	80
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	86	80
Government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	36,487	36,400
Government and agencies \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	34,980	34,878
Government and agencies \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	1,507	1,522
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	36,487	36,400
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	34,980	34,878
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	1,507	1,522
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	2,492	1,847
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	2,492	1,847
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	2,492	1,847
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	2,492	1,847
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	546	410
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	358	232
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	188	178
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	358	232
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	358	232
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	188	178
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	188	178
Public utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	9,942	6,780
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	9,620	6,556
Public utilities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	322	224
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	9,620	6,556
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	9,620	6,556
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	322	224
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	322	224
Sovereign and supranational
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	1,377	1,042
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	1,377	1,042
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	1,377	1,042
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	1,377	1,042
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	11,214	10,287
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	11,190	10,264
Banks/financial institutions \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	24	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	11,190	10,264
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	11,190	10,264
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	24	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	0	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	24	23
Other corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	37,901	34,496
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	37,658	34,234
Other corporate \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fixed maturity securities	243	262
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	37,658	34,234
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	37,658	34,234
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	243	262
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	0	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	$ 243	$ 262

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	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	$ 29,293	$ 37,594
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	27,781	27,937
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	1,512	9,647
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	0	10
Government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	28,030	28,291
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	27,781	27,937
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	249	354
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	28,030	28,291
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	27,781	27,937
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	249	354
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	481	1,083
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	481	1,083
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	481	1,083
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	481	1,083
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		17
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
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		7
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		10
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		7
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		7
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		10
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
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
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		10
Public utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	59	2,954
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	59	2,954
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	59	2,954
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	59	2,954
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	692	1,320
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	692	1,320
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	692	1,320
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	692	1,320
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		1,018
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
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		1,018
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
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		1,018
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
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		1,018
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
Other corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held to maturity, fixed maturity securities, fair value	31	2,911
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	31	2,911
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	31	2,911
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	31	2,911
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		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020		Jun. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		$ 690	$ 686	$ 810		$ 648
Net investment gains (losses) included in earnings		(20)	24	(205)		16
Unrealized gains (losses) included in other comprehensive income (loss)		0	17	(29)		18
Purchases		31	25	116		107
Issuances		0	19	0		0
Sales		(1)	0	(1)		(2)
Settlements		(5)	(2)	(5)		(2)
Transfers into Level 3		15	116	24		141
Transfers out of Level 3		(15)	(116)	(15)		(157)
Balance, end of period		695	769	695		769
Change in unrealized gains (losses) still held		(20)	24	(205)		16
Foreign currency swaps
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	[1]	(146)	70	43		80
Net investment gains (losses) included in earnings	[1]	(20)	24	(205)		16
Unrealized gains or losses included in other comprehensive income (loss)	[1]	(2)	0	(6)		(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]	(168)	94	(168)		94
Changes in unrealized gain (losses) still held	[1]	(20)	24	(205)		16
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		188	178	178		177
Net investment gains (losses) included in earnings		0	0	0		0
Unrealized gains (losses) included in other comprehensive income (loss)		1	5	2		6
Purchases		0	0	0		0
Issuances		0	0	0		0
Sales		0	0	0		0
Settlements		(1)	0	(1)		0
Transfers into Level 3		0	0	9	[2]	0
Transfers out of Level 3		0	0	0		0
Balance, end of period		188	183	188		183
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		298	85	224		109
Net investment gains (losses) included in earnings		0	0	0		0
Unrealized gains (losses) included in other comprehensive income (loss)		0	5	(9)		6
Purchases		13	0	96		0
Issuances		0	0	0		0
Sales		0	0	0		0
Settlements		(4)	(2)	(4)		(2)
Transfers into Level 3	[3]	15	116	15		116
Transfers out of Level 3		0	0	0		(25)	[3]
Balance, end of period		322	204	322		204
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		23	23	23		23
Net investment gains (losses) included in earnings		0	0	0		0
Unrealized gains (losses) included in other comprehensive income (loss)		0	1	0		1
Purchases		1	0	1		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		24	24	24		24
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		245	284	262		213
Net investment gains (losses) included in earnings		0	0	0		0
Unrealized gains (losses) included in other comprehensive income (loss)		1	6	(16)		7
Purchases		12	25	12		88
Issuances		0	0	0		0
Sales		0	0	0		(2)
Settlements		0	0	0		0
Transfers into Level 3		0	0	0		25	[3]
Transfers out of Level 3	[3]	(15)	(116)	(15)		(132)	[4]
Balance, end of period		243	199	243		199
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		82	46	80		46
Net investment gains (losses) included in earnings		0	0	0		0
Unrealized gains (losses) included in other comprehensive income (loss)		0	0	0		0
Purchases		5	0	7		19
Issuances		0	19	0		0
Sales		(1)	0	(1)		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		86	65	86		65
Change in unrealized gains (losses) still held		$ 0	$ 0	$ 0		$ 0

[1]	Derivative assets and liabilities are presented net
[2]	Transfer due to reclassification of level 3 securities from HTM to AFS
[3]	Transfer due to sector classification change
[4]	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		Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 99,959	$ 91,262
Equity securities		749	802
Asset derivatives		474	482
Liability derivatives		680	586
Assets, fair value		107,473	98,070
Liabilities, fair value		680	586
Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		777	687
Equity securities		86	80
Asset derivatives		87	169
Assets, fair value		950	936
Liabilities, fair value		255	126
Net asset value valuation technique
Fair Value Measurement Inputs and Valuation Techniques
Equity securities		86	80
Net asset value valuation technique \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Equity securities		86	80
Foreign currency swaps
Fair Value Measurement Inputs and Valuation Techniques
Asset derivatives		160	241
Liability derivatives		284	204
Foreign currency swaps \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Asset derivatives		87	169
Liability derivatives		255	126
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		12	106
Liability derivatives		237	118
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		75	63
Liability derivatives		$ 18	$ 8
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	0.0010
Derivative liability, measurement input		0.0046	0.0013
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		0.0119	0.0100
Derivative liability, measurement input		0.0202	0.0159
Dollar-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 39,653	$ 38,281
Equity securities		$ 140	$ 144
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]	0.0061	0.0189
Derivative liability, measurement input	[1]	0.0061	0.0189
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]	0.0088	0.0209
Derivative liability, measurement input	[1]	0.0088	0.0209
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]	0.0061	0.0189
Derivative liability, measurement input	[1]	0.0061	0.0189
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]	0.0088	0.0209
Derivative liability, measurement input	[1]	0.0088	0.0209
Yen-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 60,306	$ 52,981
Equity securities		$ 609	$ 658
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]	0.0006	0.0012
Derivative liability, measurement input	[2]	0.0006	0.0012
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]	0.0037	0.0043
Derivative liability, measurement input	[2]	0.0037	0.0043
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]	0.0006	0.0012
Derivative liability, measurement input	[2]	0.0006	0.0012
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]	0.0037	0.0043
Derivative liability, measurement input	[2]	0.0037	0.0043
Mortgage- and asset-backed securities
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 546	$ 410
Mortgage- and asset-backed securities \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		188	178
Mortgage- and asset-backed securities \| Consensus pricing valuation technique
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		188	178
Mortgage- and asset-backed securities \| Consensus pricing valuation technique \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		188	178
Mortgage- and asset-backed securities \| Dollar-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		185	156
Mortgage- and asset-backed securities \| Yen-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		361	254
Banks/financial institutions
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		11,214	10,287
Banks/financial institutions \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		24	23
Banks/financial institutions \| Consensus pricing valuation technique
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		24	23
Banks/financial institutions \| Consensus pricing valuation technique \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		24	23
Banks/financial institutions \| Dollar-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		3,592	3,521
Banks/financial institutions \| Yen-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		7,622	6,766
Public utilities
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		9,942	6,780
Public utilities \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		322	224
Public utilities \| Discounted cash flow technique
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		322	224
Public utilities \| Discounted cash flow technique \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		322	224
Public utilities \| Dollar-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		4,764	4,519
Public utilities \| Yen-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		5,178	2,261
Other corporate
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		37,901	34,496
Other corporate \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		243	262
Other corporate \| Discounted cash flow technique
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		243	262
Other corporate \| Discounted cash flow technique \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		243	262
Other corporate \| Dollar-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		29,202	28,253
Other corporate \| Yen-denominated
Fair Value Measurement Inputs and Valuation Techniques
Available for sale, fixed maturity securities		$ 8,699	$ 6,243

[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

POLICY LIABILITIES - Changes in

POLICY LIABILITIES - Changes in Liability for Unpaid Policy Claims (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Liability for Unpaid Claims and Claims Expenses
Net balance, beginning of period			$ 4,659
Less claims paid during the period on claims incurred during:
Net balance, end of period	$ 4,773		4,773
Total liability for unpaid policy claims	4,773	$ 4,706	4,773	$ 4,706
Health insurance
Liability for Unpaid Claims and Claims Expenses
Unpaid supplemental health claims, beginning of period	3,983	3,967	3,968	3,952
Less reinsurance recoverables	33	29	31	28
Net balance, beginning of period	3,950	3,938	3,937	3,924
Add claims incurred during the period related to:
Current year	1,736	1,785	3,574	3,610
Prior years	(166)	(136)	(302)	(303)
Total incurred	1,570	1,649	3,272	3,307
Less claims paid during the period on claims incurred during:
Current year	1,127	1,229	1,681	1,735
Prior years	411	430	1,558	1,568
Total paid	1,538	1,659	3,239	3,303
Effect of foreign exchange rate changes on unpaid claims	22	65	34	65
Net balance, end of period	4,004	3,993	4,004	3,993
Add reinsurance recoverables	37	31	37	31
Total liability for unpaid policy claims	4,041	4,024	4,041	4,024
Life insurance
Less claims paid during the period on claims incurred during:
Total liability for unpaid policy claims	$ 732	$ 682	$ 732	$ 682

POLICY LIABILITIES - Additional

POLICY LIABILITIES - Additional Information (Details) - Health insurance - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Liability for Future Policy Benefit, by Product Segment [Line Items]
Prior years claims and claims adjustment expense	$ (166)	$ (136)	$ (302)	$ (303)
Aflac Japan
Liability for Future Policy Benefit, by Product Segment [Line Items]
Prior years claims and claims adjustment expense			$ 188
Percentage of total prior year claims and claims adjustment expense			62.00%
Liability for unpaid claims and claims adjustment expense, foreign currency translation gain (loss), prior year claims adjustment expense			$ 1
Prior year claims and claims adjustment expense excluding effect of foreign currency			$ 187
Percentage of total prior year claims and claims adjustment expense excluding effect of foreign currency			62.00%

REINSURANCE - Additional Infor

REINSURANCE - Additional Information (Details) $ in Millions, ¥ in Billions	6 Months Ended
	Jun. 30, 2020JPY (¥)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Effects of Reinsurance [Line Items]
Percent change in spot yen/dollar exchange rate		1.70%
Percent change in ceded reserves		3.90%
Aflac Japan
Effects of Reinsurance [Line Items]
Committed reinsurance facility \| ¥	¥ 110
Aflac Japan \| Closed Block
Effects of Reinsurance [Line Items]
Reinsurance deferred profit liability		$ 1,000	$ 1,000
Reinsurance recoverable		$ 991	$ 970

REINSURANCE - Effect of Reinsu

REINSURANCE - Effect of Reinsurance on Premiums and Benefits and Claims (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Effects of Reinsurance [Line Items]
Direct premium income	$ 4,752	$ 4,766	$ 9,525	$ 9,542
Net premium income	4,664	4,681	9,346	9,373
Direct benefits and claims	2,975	3,038	6,003	6,078
Benefits and claims, net	2,897	2,964	5,837	5,932
All other
Effects of Reinsurance [Line Items]
Ceded premiums	(24)	(17)	(48)	(32)
Assumed premiums earned	3	1	4	3
Ceded benefits and claims	(21)	(12)	(45)	(24)
Assumed benefits and claims from other companies	1	0	2	0
Aflac Japan
Effects of Reinsurance [Line Items]
Net premium income	3,158	3,172	6,308	6,352
Aflac Japan \| Closed Block
Effects of Reinsurance [Line Items]
Ceded premiums	(116)	(119)	(232)	(240)
Assumed premiums earned	49	50	97	100
Ceded benefits and claims	(105)	(109)	(210)	(219)
Assumed benefits and claims from other companies	47	47	87	97
Intercompany eliminations
Effects of Reinsurance [Line Items]
Ceded benefits and claims	10	10	19	20
Assumed benefits and claims from other companies	$ (10)	$ (10)	$ (19)	$ (20)

NOTES PAYABLE AND LEASE OBLIG_3

NOTES PAYABLE AND LEASE OBLIGATIONS - Additional Information (Details) $ in Millions, ¥ in Billions	1 Months Ended
	Apr. 30, 2020USD ($)	Jan. 31, 2020USD ($)	Jun. 30, 2020JPY (¥)	Jun. 30, 2020USD ($)	Mar. 31, 2020JPY (¥)series	Dec. 31, 2019
Debt Instrument [Line Items]
Number of Series of Senior Notes Issued Through a U.S. Public Debt Offering \| series					4
Lines of credit
Debt Instrument [Line Items]
Debt instrument, debt default, amount \| $				$ 0
3.60% senior notes due April 2030
Debt Instrument [Line Items]
Debt instrument, principal amount \| $	$ 1,000			$ 1,000
Debt instrument, interest rate			3.60%	3.60%
Debt instrument, redemption, description	These notes are redeemable at the Parent Company's option in whole at any time or in part from time to time at a redemption price equal to the greater of: (i) the aggregate principal amount of the notes to be redeemed or (ii) the amount equal to the sum of the present values of the remaining scheduled payments for principal of and interest on the notes to be redeemed, not including any portion of the payments of interest accrued as of such redemption date, discounted to such redemption date on a semiannual basis at the yield to maturity for a U.S. Treasury security with a maturity comparable to the remaining term of the notes, plus 45 basis points, plus in each case, accrued and unpaid interest on the principal amount of the notes to be redeemed to, but excluding, such redemption date.
Notes payable
Debt Instrument [Line Items]
Debt instrument, debt default, amount \| $				$ 0
Senior notes
Debt Instrument [Line Items]
Debt instrument, principal amount					¥ 57
.300% senior notes due September 2025
Debt Instrument [Line Items]
Debt instrument, principal amount			¥ 12.4		¥ 12.4
Debt instrument, interest rate			0.30%	0.30%	0.30%
.550% senior notes due March 2030
Debt Instrument [Line Items]
Debt instrument, principal amount			¥ 13.3		¥ 13.3
Debt instrument, interest rate			0.55%	0.55%	0.55%
.750% senior notes due March 2032
Debt Instrument [Line Items]
Debt instrument, principal amount			¥ 20.7		¥ 20.7
Debt instrument, interest rate			0.75%	0.75%	0.75%
.830% senior notes due March 2035
Debt Instrument [Line Items]
Debt instrument, principal amount			¥ 10.6		¥ 10.6
Debt instrument, interest rate			0.83%	0.83%	0.83%
4.00% senior notes paid January 2020
Debt Instrument [Line Items]
Debt instrument, interest rate		4.00%	4.00%	4.00%		4.00%
Repayments of debt \| $		$ 350

NOTES PAYABLE AND LEASE OBLIG_4

NOTES PAYABLE AND LEASE OBLIGATIONS - Summary of Notes Payable (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Notes payable and lease obligations	$ 7,771	$ 6,569
Finance lease obligations	11	12
Operating lease obligations	142	149
4.00% senior notes paid January 2020
Debt Instrument [Line Items]
Notes payable and lease obligations	0	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	747	747
3.25% senior notes due March 2025
Debt Instrument [Line Items]
Notes payable and lease obligations	448	448
2.875% senior notes due October 2026
Debt Instrument [Line Items]
Notes payable and lease obligations	298	298
3.60% senior notes due April 2030
Debt Instrument [Line Items]
Notes payable and lease obligations	990	0
6.90% senior notes due December 2039
Debt Instrument [Line Items]
Notes payable and lease obligations	221	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	541	541
.300% senior notes due September 2025
Debt Instrument [Line Items]
Notes payable and lease obligations	114	0
.932% senior notes due January 2027
Debt Instrument [Line Items]
Notes payable and lease obligations	555	545
.500% senior noted due December 2029
Debt Instrument [Line Items]
Notes payable and lease obligations	116	114
.550% senior notes due March 2030
Debt Instrument [Line Items]
Notes payable and lease obligations	122	0
1.159% senior notes due October 2030
Debt Instrument [Line Items]
Notes payable and lease obligations	271	266
.843% senior notes due December 2031
Debt Instrument [Line Items]
Notes payable and lease obligations	86	84
.750% senior notes due March 2032
Debt Instrument [Line Items]
Notes payable and lease obligations	191	0
1.488% senior notes due October 2033
Debt Instrument [Line Items]
Notes payable and lease obligations	140	138
.934% senior notes due December 2034
Debt Instrument [Line Items]
Notes payable and lease obligations	90	88
.830% senior notes due March 2035
Debt Instrument [Line Items]
Notes payable and lease obligations	97	0
1.750% senior notes due October 2038
Debt Instrument [Line Items]
Notes payable and lease obligations	82	81
1.122% senior notes due December 2039
Debt Instrument [Line Items]
Notes payable and lease obligations	58	57
2.108% subordinated notes due October 2047
Debt Instrument [Line Items]
Notes payable and lease obligations	552	543
.963% subordinate bond due April 2049
Debt Instrument [Line Items]
Notes payable and lease obligations	277	272
Yen-denominated loan variable interest rate due September 2026
Debt Instrument [Line Items]
Notes payable and lease obligations	46	45
Yen-denominated loan variable interest rate due September 2029
Debt Instrument [Line Items]
Notes payable and lease obligations	$ 230	$ 227

NOTES PAYABLE AND LEASE OBLIG_5

NOTES PAYABLE AND LEASE OBLIGATIONS - Summary of Notes Payable (Parenthetical) (Details) ¥ in Billions, $ in Billions	Jun. 30, 2020JPY (¥)	Jun. 30, 2020USD ($)	Apr. 30, 2020USD ($)	Mar. 31, 2020JPY (¥)	Jan. 31, 2020	Dec. 31, 2019JPY (¥)
4.00% senior notes paid January 2020
Debt Instrument [Line Items]
Debt instrument, interest rate	4.00%	4.00%			4.00%	4.00%
3.625% senior notes due June 2023
Debt Instrument [Line Items]
Debt instrument, interest rate	3.625%	3.625%				3.625%
3.625% senior notes due November 2024
Debt Instrument [Line Items]
Debt instrument, interest rate	3.625%	3.625%				3.625%
3.25% senior notes due March 2025
Debt Instrument [Line Items]
Debt instrument, interest rate	3.25%	3.25%				3.25%
2.875% senior notes due October 2026
Debt Instrument [Line Items]
Debt instrument, interest rate	2.875%	2.875%				2.875%
3.60% senior notes due April 2030
Debt Instrument [Line Items]
Debt instrument, interest rate	3.60%	3.60%
Debt instrument, principal amount \| $		$ 1	$ 1
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%
.300% senior notes due September 2025
Debt Instrument [Line Items]
Debt instrument, interest rate	0.30%	0.30%		0.30%
Debt instrument, principal amount	¥ 12.4			¥ 12.4
.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
.500% senior noted due December 2029
Debt Instrument [Line Items]
Debt instrument, interest rate	0.50%	0.50%				0.50%
Debt instrument, principal amount	¥ 12.6					¥ 12.6
.550% senior notes due March 2030
Debt Instrument [Line Items]
Debt instrument, interest rate	0.55%	0.55%		0.55%
Debt instrument, principal amount	¥ 13.3			¥ 13.3
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
.843% senior notes due December 2031
Debt Instrument [Line Items]
Debt instrument, interest rate	0.843%	0.843%				0.843%
Debt instrument, principal amount	¥ 9.3					¥ 9.3
.750% senior notes due March 2032
Debt Instrument [Line Items]
Debt instrument, interest rate	0.75%	0.75%		0.75%
Debt instrument, principal amount	¥ 20.7			¥ 20.7
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
.934% senior notes due December 2034
Debt Instrument [Line Items]
Debt instrument, interest rate	0.934%	0.934%				0.934%
Debt instrument, principal amount	¥ 9.8					¥ 9.8
.830% senior notes due March 2035
Debt Instrument [Line Items]
Debt instrument, interest rate	0.83%	0.83%		0.83%
Debt instrument, principal amount	¥ 10.6			¥ 10.6
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
1.122% senior notes due December 2039
Debt Instrument [Line Items]
Debt instrument, interest rate	1.122%	1.122%				1.122%
Debt instrument, principal amount	¥ 6.3					¥ 6.3
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% subordinate bond due April 2049
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	0.42%	0.42%				0.42%
Debt instrument, principal amount	¥ 5					¥ 5
Yen-denominated loan variable interest rate due September 2029
Debt Instrument [Line Items]
Debt instrument, interest rate	0.57%	0.57%				0.57%
Debt instrument, principal amount	¥ 25					¥ 25

NOTES PAYABLE AND LEASE OBLIG_6

NOTES PAYABLE AND LEASE OBLIGATIONS - Summary of Lines of Credit (Details) - 6 months ended Jun. 30, 2020 ¥ in Millions, $ in Millions	JPY (¥)	USD ($)
$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
$1 billion 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) 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		1,000
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 expiring April 2021
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
50.0 billion yen line of credit expiring November 2020
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
$25 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		25
Line of credit facility, amount outstanding		0
Debt instrument, term	3 months
$15 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		15
Line of credit facility, amount outstanding		0
Debt instrument, term	3 months
$300 thousand 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		0.3
Line of credit facility, amount outstanding		$ 0
Debt instrument, term	3 months
500 million yen line of credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description	A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period
Line of credit facility term	364 days
Line of credit facility, maximum borrowing capacity \| ¥	¥ 500
Line of credit facility, amount outstanding \| ¥	¥ 0
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 \| $1 billion 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 \| $1 billion 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

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details)	3 Months Ended		6 Months Ended
INCOME TAXES - Additional Information (Details)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Blended statutory income tax rate	24.80%	26.30%	23.40%	25.80%
Japan tax rate	28.00%		28.00%

SHAREHOLDERS' EQUITY - Reconcil

SHAREHOLDERS' EQUITY - Reconciliation of Number of Shares of Common Stock (Detail) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Common Stock Issued [Roll Forward]
Balance, beginning of period	1,349,309	1,347,540
Exercise of stock options and issuance of restricted shares	1,426	1,504
Balance, end of period	1,350,735	1,349,044
Treasury Stock [Roll Forward]
Balance, beginning of period	622,516	592,254
Balance, end of period	636,827	608,579
Shares outstanding, end of period	713,908	740,465
Treasury Stock
Treasury Stock [Roll Forward]
Stock acquired under share repurchase program, shares	15,193	17,179
Other purchases	521	574
Shares issued to AFL Stock Plan	(1,116)	(836)
Exercise of stock options	(45)	(305)
Other dispositions	(242)	(287)

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stockholders' Equity Note [Abstract]
Anti-dilutive share-based awards	1,257	1	989	12

SHAREHOLDERS' EQUITY - Addition

SHAREHOLDERS' EQUITY - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Stockholders Equity Note [Line Items]
Common stock, share repurchase, dollar amount	$ 637	$ 847
Remaining common stock available for purchase under share repurchase authorizations	21.9
Share Repurchase Program
Stockholders Equity Note [Line Items]
Stock acquired under share repurchase program, shares	15.2	17.2
Common stock, share repurchase, dollar amount	$ 637	$ 847

SHAREHOLDERS' EQUITY - Changes

SHAREHOLDERS' EQUITY - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period	$ 4,188	$ 4,481	$ 6,615	$ 2,151
Other comprehensive income (loss) before reclassifications net of tax	2,501	1,899	(835)	4,240
Amounts reclassified from accumulated other comprehensive income net of tax	61	(16)	122	(27)
Other comprehensive income (loss), net of tax	2,562	1,883	(713)	4,213
Balance, end of period	6,750	6,364	6,750	6,364
Unrealized foreign currency translation gains (losses)
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period	(1,543)	(1,848)	(1,623)	(1,847)
Other comprehensive income (loss) before reclassifications net of tax	74	393	154	392
Amounts reclassified from accumulated other comprehensive income net of tax	0	0	0	0
Other comprehensive income (loss), net of tax	74	393	154	392
Balance, end of period	(1,469)	(1,455)	(1,469)	(1,455)
Unrealized gains (losses) on investment securities
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period	6,043	6,561	8,548	4,234
Other comprehensive income (loss) before reclassifications net of tax	2,433	1,512	(975)	3,853
Amounts reclassified from accumulated other comprehensive income net of tax	56	(18)	111	(32)
Other comprehensive income (loss), net of tax	2,489	1,494	(864)	3,821
Balance, end of period	8,532	8,055	8,532	8,055
Unrealized gains (losses) on derivatives
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period	(35)	(26)	(33)	(24)
Other comprehensive income (loss) before reclassifications net of tax	(1)	(1)	(3)	(3)
Amounts reclassified from accumulated other comprehensive income net of tax	0	0	0	0
Other comprehensive income (loss), net of tax	(1)	(1)	(3)	(3)
Balance, end of period	(36)	(27)	(36)	(27)
Pension liability adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period	(277)	(206)	(277)	(212)
Other comprehensive income (loss) before reclassifications net of tax	(5)	(5)	(11)	(2)
Amounts reclassified from accumulated other comprehensive income net of tax	5	2	11	5
Other comprehensive income (loss), net of tax	0	(3)	0	3
Balance, end of period	$ (277)	$ (209)	(277)	$ (209)
Cumulative effect, period of adoption, adjustment \| Accounting Standards Update 2019-04
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period			848
Cumulative effect, period of adoption, adjustment \| Unrealized foreign currency translation gains (losses) \| Accounting Standards Update 2019-04
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period			0
Cumulative effect, period of adoption, adjustment \| Unrealized gains (losses) on investment securities \| Accounting Standards Update 2019-04
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period			848
Cumulative effect, period of adoption, adjustment \| Unrealized gains (losses) on derivatives \| Accounting Standards Update 2019-04
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period			0
Cumulative effect, period of adoption, adjustment \| Pension liability adjustment \| Accounting Standards Update 2019-04
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period			0
Cumulative effect, period of adoption, adjusted balance
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period			7,463
Cumulative effect, period of adoption, adjusted balance \| Unrealized foreign currency translation gains (losses)
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period			(1,623)
Cumulative effect, period of adoption, adjusted balance \| Unrealized gains (losses) on investment securities
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period			9,396
Cumulative effect, period of adoption, adjusted balance \| Unrealized gains (losses) on derivatives
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period			(33)
Cumulative effect, period of adoption, adjusted balance \| Pension liability adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Balance, beginning of period			$ (277)

SHAREHOLDERS' EQUITY - Reclassi

SHAREHOLDERS' EQUITY - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions		3 Months Ended						6 Months Ended
		Jun. 30, 2020		Mar. 31, 2020	Jun. 30, 2019		Mar. 31, 2019	Jun. 30, 2020		Jun. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)		$ 75			$ (25)			$ 145		$ (43)
Income tax (expense) or benefit		(265)			(292)			(419)		(606)
Net of tax		$ 805		$ 566	$ 817		$ 928	$ 1,370		$ 1,745
Blended statutory income tax rate		24.80%			26.30%			23.40%		25.80%
Reclassification Out Of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax		$ (61)			$ 16			$ (122)		$ 27
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]
Net investment gains (losses)		(75)			25			(145)		43
Income tax (expense) or benefit		19	[1]		(7)	[2]		34	[3]	(11)	[4]
Net of tax		(56)			18			(111)		32
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)	[5]	(7)			(3)			(15)		(7)
Acquisition and operating expenses, prior service (cost) credit	[5]	0			0			0		0
Income tax (expense) or benefit		2	[1]		1	[2]		4	[3]	2	[4]
Net of tax		$ (5)			$ (2)			$ (11)		$ (5)

[1]	Based on 25% blended tax rate
[2]	Based on 26% blended tax rate
[3]	Based on 23% blended tax rate
[4]	Based on 26% blended tax rate
[5]	These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 12 for additional details).

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	6 Months Ended
	Feb. 29, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	[1]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised		$ 7	$ 30
Tax benefit from exercise of stock options		$ 18	$ 25
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		37,900
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		$ 59
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number, shares		2,609		2,715
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition		1 year 9 months 18 days
Restricted stock awards, grants in period		1,448
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		$ 27
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number, shares		1,000
Restricted stock awards, grants in period	409

[1]	The balance has been adjusted to include dividends

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock Options Outstanding and Exercisable (Detail) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares
Share-based Payment Arrangement [Abstract]
Options Outstanding - Stock Option Shares \| shares	3,366
Options Outstanding - Weighted-Average Remaining Term (Yrs)	4 years 3 months 18 days
Options Outstanding - Aggregate Intrinsic Value \| $	$ 21
Options Outstanding - Weighted-Average Exercise Price Per Share \| $ / shares	$ 30.11
Options Exercisable - Stock Option Shares \| shares	3,307
Options Exercisable - Weighted-Average Remaining Term (Yrs.)	4 years 2 months 12 days
Options Exercisable - Aggregate Intrinsic Value \| $	$ 21
Options Exercisable - Weighted-Average Exercise Price Per Share \| $ / shares	$ 30.01

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted Stock Activity (Details) - Restricted Stock shares in Thousands	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Shares
Beginning Balance \| shares	2,715	[1]
Granted \| shares	1,448
Canceled \| shares	(53)
Vested \| shares	(1,501)
Ending Balance \| shares	2,609
Weighted-Average Grant-Date Fair Value Per Share
Beginning Balance \| $ / shares	$ 43.74
Granted \| $ / shares	46.14
Cancelled \| $ / shares	49.71
Vested \| $ / shares	34.96
Ending Balance \| $ / shares	$ 48.68

[1]	The balance has been adjusted to include dividends

BENEFIT PLANS - Additional Info

BENEFIT PLANS - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	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	$ 12	$ 12
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			18
U.S. \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions			$ 0

BENEFIT PLANS - Net Periodic (B

BENEFIT PLANS - Net Periodic (Benefit) Cost Included in Acquisition and Operating Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
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	1	1	1	1
Expected return on plan assets	0	0	0	0
Amortization of net actuarial loss	0	0	1	0
Net periodic (benefit) cost	1	1	2	1
Japan \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	6	5	12	10
Interest cost	1	2	2	3
Expected return on plan assets	(2)	(1)	(4)	(3)
Amortization of net actuarial loss	1	1	2	2
Net periodic (benefit) cost	6	7	12	12
U.S. \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	7	6	14	12
Interest cost	8	9	16	18
Expected return on plan assets	(9)	(7)	(18)	(14)
Amortization of net actuarial loss	6	2	12	5
Net periodic (benefit) cost	$ 12	$ 10	$ 24	$ 21

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES - Additional Information (Details) $ in Millions, ¥ in Billions	3 Months Ended
	Jun. 30, 2020JPY (¥)	Jun. 30, 2020USD ($)	Mar. 31, 2017USD ($)
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 agreement
Commitments And Contingencies Disclosure [Line Items]
Outsourcing agreement, remaining term	5 years	5 years
Outsourcing agreement, aggregate remaining cost	¥ 15.3	$ 142