Equitable Financial Life Insurance 10-Q 13 May 20 2020 FY Quarterly report Financial data

COVER

COVER - shares	3 Months Ended
	Mar. 31, 2020	Mar. 10, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-20501
Entity Registrant Name	AXA EQUITABLE LIFE INSURANCE COMPANY
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-5570651
Entity Address, Address Line One	1290 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10104
City Area Code	212
Local Phone Number	554-1234
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,000,000
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Amendment Flag	false
Entity Central Index Key	0000727920
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Mar. 31, 2020	Dec. 31, 2019
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost of $61,331 and $59,278) (allowance for credit losses of $2 at March 31, 2020)		$ 66,371	$ 62,362
Mortgage loans on real estate (net of allowance for credit losses of $46 at March 31, 2020)		12,106	12,090
Policy loans		3,255	3,270
Other equity investments	[1]	1,210	1,149
Trading securities, at fair value		6,076	6,598
Other invested assets		1,595	2,156
Total investments		90,613	87,625
Cash and cash equivalents		7,492	1,492
Deferred policy acquisition costs		4,068	4,337
Amounts due from reinsurers (allowance for credit losses of $6 at March 31, 2020)		3,031	3,001
Loans to affiliates		1,200	1,200
GMIB reinsurance contract asset, at fair value		3,305	2,466
Current and deferred income taxes		0	224
Other assets		5,000	3,050
Separate Accounts assets		104,132	124,646
Total Assets		218,841	228,041
LIABILITIES
Policyholders’ account balances		52,385	55,421
Future policy benefits and other policyholders' liabilities		37,830	33,976
Broker-dealer related payables		473	428
Amounts due to reinsurers		75	105
Current and deferred income taxes		1,637	0
Other liabilities		3,396	1,768
Separate Accounts liabilities		104,132	124,646
Total Liabilities		199,928	216,344
Redeemable noncontrolling interest	[2]	32	39
Commitments and contingent liabilities
Equity attributable to Equitable Life:
Common stock, $1.25 par value; 2,000,000 shares authorized, issued and outstanding		2	2
Additional paid-in capital		7,811	7,809
Retained earnings		7,953	2,242
Accumulated other comprehensive income (loss)		3,106	1,592
Total equity attributable to Equitable Life		18,872	11,645
Noncontrolling interest		9	13
Total Equity		18,881	11,658
Total Liabilities, Redeemable Noncontrolling Interest and Equity		$ 218,841	$ 228,041
[1]	See Note 2 for details of balances with variable interest entities.
[2]	See Note 12 for details of Redeemable noncontrolling interest.

CONSOLIDATED BALANCE SHEETS (PA

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fixed maturities available-for-sale, amortized cost	$ 61,329
Fixed maturities available-for-sale, allowance for credit losses	(2)	$ 0
Mortgage loans on real estate, valuation allowances	46
Reinsurance recoverable, allowance for credit loss	$ 6
Common stock par value (in dollars per share)	$ 1.25	$ 1.25
Common stock authorized (in shares)	2,000,000	2,000,000
Common stock issued (in shares)	2,000,000	2,000,000
Common stock outstanding (in shares)	2,000,000	2,000,000
Fixed maturities
Fixed maturities available-for-sale, amortized cost	$ 61,331	$ 59,278
Fixed maturities available-for-sale, allowance for credit losses	$ 2

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
REVENUES
Policy charges and fee income	$ 904	$ 859
Premiums	236	232
Net derivative gains (losses)	9,533	(1,555)
Net investment income (loss)	591	904
Investment gains (losses), net:
Credit losses on AFS debt securities and loans	(12)	0
Other investment gains (losses), net	67	(8)
Total investment gains (losses), net	55	(8)
Investment management and service fees	252	248
Other income	17	10
Total revenues	11,588	690
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	2,597	819
Interest credited to policyholders’ account balances	289	269
Compensation and benefits	80	82
Commissions	161	157
Interest expense	0	4
Amortization of deferred policy acquisition costs	1,058	165
Other operating costs and expenses	213	184
Total benefits and other deductions	4,398	1,680
Income (loss) from continuing operations, before income taxes	7,190	(990)
Income tax (expense) benefit	(1,454)	162
Net income (loss)	5,736	(828)
Less: Net income (loss) attributable to the noncontrolling interest	(7)	2
Net income (loss) attributable to Equitable Life	$ 5,743	$ (830)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
COMPREHENSIVE INCOME (LOSS)
Net income (loss)		$ 5,736	$ (828)
Other comprehensive income (loss), net of income taxes:
Change in unrealized gains (losses), net of adjustment	[1]	1,514	764
Other comprehensive income (loss), net of income taxes		1,514	764
Comprehensive income (loss)		7,250	(64)	[2]
Less: Comprehensive income (loss) attributable to the noncontrolling interest		(7)	2	[2]
Comprehensive income (loss) attributable to Equitable Life		$ 7,257	$ (66)	[1]
[1]	See Note 11 for details of Change in unrealized gains (losses), net of adjustments.
[2]	Amount as of March 31, 2019 was reclassified to conform to the current year’s presentation.

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (PARENTHETICAL) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Less: Comprehensive income (loss) attributable to the noncontrolling interest	$ 2	[1]
Comprehensive income (loss) attributable to Equitable Life	(66)	[2]
As Previously Reported
Comprehensive income (loss) attributable to Equitable Life	$ (64)
[1]	Amount as of March 31, 2019 was reclassified to conform to the current year’s presentation.
[2]	See Note 11 for details of Change in unrealized gains (losses), net of adjustments.

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Parent	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated other comprehensive income (loss) attributable to AXA Equitable	Noncontrolling Interest
Beginning balance at Dec. 31, 2018	$ 12,428	$ 12,416	$ 2	$ 7,807	$ 5,098	$ (491)	$ 12
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(830)	(830)			(830)		0
Other comprehensive income (loss)	764	764				764
Other	8	8		8
Ending balance at Mar. 31, 2019	12,370	12,358	2	7,815	4,268	273	12
Beginning balance at Dec. 31, 2019	11,658	11,645	2	7,809	2,242	1,592	13
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	5,741	5,743			5,743		(2)
Other comprehensive income (loss)	1,514	1,514				1,514
Other	0	2		2			(2)
Ending balance at Mar. 31, 2020	$ 18,881	$ 18,872	$ 2	$ 7,811	$ 7,953	$ 3,106	$ 9

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Cash Flows [Abstract]
Net income (loss)	$ 5,736	$ (828)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances	289	269
Policy charges and fee income	(904)	(859)
Net derivative (gains) losses	(9,533)	1,555
Credit losses on AFS debt securities and loans	12	0
Investment (gains) losses, net	(67)	8
Realized and unrealized (gains) losses on trading securities	148	(250)
Non-cash long-term incentive compensation expense	4	8
Amortization and depreciation	1,025	143
Equity (income) loss from limited partnerships	(25)	(11)
Changes in:
Reinsurance recoverable	(97)	(97)
Capitalization of deferred policy acquisition costs	(159)	(145)
Future policy benefits	1,817	41
Current and deferred income taxes	1,462	54
Other, net	(329)	(36)
Net cash provided by (used in) operating activities	(621)	(148)
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale	2,576	2,662
Mortgage loans on real estate	120	216
Trading account securities	476	3,376
Real estate joint ventures	0	1
Short-term investments	715	747
Other	132	41
Payment for the purchase/origination of:
Fixed maturities, available-for-sale	(4,772)	(5,065)
Mortgage loans on real estate	(181)	(517)
Trading account securities	(110)	(518)
Short-term investments	(359)	(681)
Other	(183)	(62)
Cash settlements related to derivative instruments	5,630	(978)
Investment in capitalized software, leasehold improvements and EDP equipment	(11)	(13)
Other, net	84	97
Net cash provided by (used in) investing activities	4,117	(694)
Cash flows from financing activities:
Deposits	2,362	2,271
Withdrawals	(1,117)	(1,048)
Transfer (to) from Separate Accounts	529	445
Change in collateralized pledged assets	45	(6)
Change in collateralized pledged liabilities	667	625
Repayment of loans from affiliates	0	(572)
Increase (decrease) in securities sold under agreement to repurchase	0	(573)
Other, net	18	0
Net cash provided by (used in) financing activities	2,504	1,142
Change in cash and cash equivalents	6,000	300
Cash and cash equivalents, beginning of year	1,492	2,622
Cash and cash equivalents, end of year	7,492	2,922
Non-cash transactions:
Right-of-use assets obtained in exchange for lease obligations	$ 13	$ 1

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2020
Organization [Abstract]
ORGANIZATION	ORGANIZATION AXA Equitable Life Insurance Company’s (“Equitable Life” and, collectively with its consolidated subsidiaries, the “Company”) primary business is providing variable annuity, life insurance and employee benefit products to both individuals and businesses. The Company is an indirect, wholly-owned subsidiary of Equitable Holdings, Inc. (“Holdings”). Equitable Life is a stock life insurance company organized in 1859 under the laws of the State of New York. It is licensed to sell life insurance and annuities in New York, and sells such products primarily through affiliated distributors. The Company’s two principal subsidiaries include AXA Distributors, LLC (“Equitable Distributors”) and AXA Equitable Funds Management Group, LLC (“FMG”). Both Equitable Distributors and FMG are wholly-owned Delaware limited liability companies.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The unaudited interim consolidated financial statements (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature, with the exception of the Company’s update of its interest rate assumption as further described in Assumption Updates and Model Changes. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . The accompanying consolidated financial statements present the consolidated results of operations, financial condition and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those variable interest entities (“VIEs”) that meet the requirements for consolidation. All significant intercompany transactions and balances have been eliminated in consolidation. The terms “ first quarter 2020 ” and “ first quarter 2019 ” refer to the three months ended March 31, 2020 and 2019 , respectively. Adoption of New Accounting Pronouncements Description Effect on the Financial Statement or Other Significant Matters ASU 2016-13: Financial Instruments—Credit Losses (Topic 326), as clarified and amended by ASU 2018-19: Codification Improvements to Topic 326, Financial Instruments—Credit Losses, ASU 2019-04: Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments and ASU 2019-05: Financial Instruments—Credit Losses (Topic 326) Targeted Transition Relief, ASU 2019-11: Codification Improvements to Topic 326, Financial Instruments-Credit Losses ASU 2016-13 contains new guidance which introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. On January 1, 2020, the Company adopted the new standard and completed implementation of its updated expected credit loss models, processes and controls related to the identified financial assets that fall within the scope of the new standard. Upon adoption, the Company recorded a cumulative effect adjustment to reduce the opening retained earnings balance by approximately $40 million, on a pre-tax and pre-DAC basis. The adjustment is primarily attributable to an increase in the allowance for credit losses associated with the Company’s commercial and agricultural mortgage loan portfolios and reinsurance. ASU 2018-13 : Fair Value Measurement (Topic 820) This ASU improves the effectiveness of fair value disclosures in the notes to financial statements. Amendments in this ASU impact the disclosure requirements in Topic 820, including the removal, modification and addition to existing disclosure requirements. The Company elected to early adopt during 2019 the removed disclosures relating to transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and valuation processes for Level 3 fair value measurements. The Company adopted the additional disclosures related to Level 3 fair value information on January 1, 2020. ASU 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU provides guidance requiring that indirect interests held through related parties in common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The Company adopted this new standard effective for January 1, 2020. Adoption of this standard did not materially impact the Company’s financial position or results of operations. Future Adoption of New Accounting Pronouncements Description Effective Date and Method of Adoption Effect on the Financial Statement or Other Significant Matters ASU 2018-12 : Financial Services - Insurance (Topic 944); ASU 2019-09: Financial Services - Insurance (Topic 944): Effective Date This ASU provides targeted improvements to existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The ASU primarily impacts four key areas, including: In November 2019, ASU 2019-09 was issued which modified ASU 2018-12 to be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted. Accumulated other comprehensive income (“ AOCI”) or a full retrospective transition method using actual historical experience information as of contract inception. The same adoption method must be used for deferred policy acquisition costs. The Company is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements, however the adoption of the ASU is expected to have a significant impact on the Company’s consolidated financial condition, results of operations, cash flows and required disclosures, as well as processes and controls. Description Effective Date and Method of Adoption Effect on the Financial Statement or Other Significant Matters Measurement of market risk benefits (“MRBs”). MRBs, as defined under the ASU, will encompass certain GMxB features associated with variable annuity products and other general account annuities with other than nominal market risk. The ASU requires MRBs to be measured at fair value with changes in value attributable to changes in instrument-specific credit risk recognized in OCI. Amortization of deferred acquisition costs. The ASU simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. Deferred costs will be required to be written off for unexpected contract terminations but will not be subject to impairment testing. For MRBs, the ASU should be applied retrospectively as of the beginning of the earliest period presented. ASU 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, as well as clarifying and amending existing guidance. Effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact adopting the guidance will have on the Company’s consolidated financial statements, however the adoption is not expected to materially impact the Company’s financial position, results of operation, or cash flows. ASU2020-04: Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this ASU provide optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. The Company will determine the applicability of the optional expedients and exceptions provided under the ASU as reference rate reform continues to develop. Investments The carrying values of fixed maturities classified as available-for-sale (“AFS”) are reported at fair value. Changes in fair value are reported in other comprehensive income (“OCI”), net of allowance for credit losses, policy related amounts and deferred income taxes. With the adoption of the new Financial Instruments-Credit Losses standard, changes in credit losses are recognized in Investment gains (losses), net. The redeemable preferred stock investments that are reported in fixed maturities include real estate investment trusts (“REIT”), perpetual preferred stock and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer. The Company determines the fair values of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment. The Company’s management, with the assistance of its investment advisors, evaluates AFS debt securities that experienced a decline in fair value below amortized cost for credit losses which are evaluated in accordance with the new financial instruments credit losses guidance effective January 1, 2020. Integral to this review is an assessment made each quarter, on a security-by-security basis, by the Company’s Investments Under Surveillance (“IUS”) Committee, of various indicators of credit deterioration to determine whether the investment security has experienced a credit loss. This assessment includes, but is not limited to, consideration of the severity of the unrealized loss, failure, if any, of the issuer of the security to make scheduled payments, actions taken by rating agencies, adverse conditions specifically related to the security or sector, the financial strength, liquidity and continued viability of the issuer. The Company recognizes an allowance for credit losses on AFS debt securities with a corresponding adjustment to earnings rather than a direct write down that reduces the cost basis of the investment, and credit losses are limited to the amount by which the security’s amortized cost basis exceeds its fair value. Any improvements in estimated credit losses on AFS debt securities are recognized immediately in earnings. Management does not use the length of time a security has been in an unrealized loss position as a factor, either by itself or in combination with other factors, to conclude that a credit loss does not exist, as they were permitted to do prior to January 1, 2020. If there is no intent to sell or likely requirement to dispose of the fixed maturity security before its recovery, only the credit loss component of any resulting allowance is recognized in income (loss) and the remainder of the fair value loss is recognized in OCI. The amount of credit loss is the shortfall of the present value of the cash flows expected to be collected as compared to the amortized cost basis of the security. The present value is calculated by discounting management’s best estimate of projected future cash flows at the effective interest rate implicit in the debt security at the date of acquisition. Projections of future cash flows are based on assumptions regarding probability of default and estimates regarding the amount and timing of recoveries. These assumptions and estimates require use of management judgment and consider internal credit analyses as well as market observable data relevant to the collectability of the security. Write-offs of AFS debt securities are recorded when all or a portion of a financial asset is deemed uncollectible. Full or partial write-offs are recorded as reductions to the amortized cost basis of the AFS debt security and deducted from the allowance in the period in which the financial assets are deemed uncollectible. The Company elected to reverse accrued interest deemed uncollectible as a reversal of interest income. In instances where the Company collects cash that it has previously written off, the recovery will be recognized through earnings or as a reduction of the amortized cost basis for interest and principal, respectively. Real estate held for the production of income is stated at depreciated cost less allowance for credit losses. Depreciation of real estate held for production of income is computed using the straight-line method over the estimated useful lives of the properties, which generally range from 40 to 50 years. Policy loans represent funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies. Partnerships, investment companies and joint venture interests that the Company has control of and has an economic interest in or those that meet the requirements for consolidation under accounting guidance for consolidation of VIEs are consolidated. Those that the Company does not have control of and does not have a majority economic interest in and those that do not meet the VIE requirements for consolidation are reported on the equity method of accounting and are reported in other equity investments. The Company records its interests in certain of these partnerships on a month or one quarter lag. Trading securities, which include equity securities and fixed maturities, are carried at fair value based on quoted market prices, with realized and unrealized gains (losses) reported in net investment income (loss) in the consolidated statements of income (loss). Corporate owned life insurance (“COLI”) has been purchased by the Company and certain subsidiaries on the lives of certain key employees and the Company and these subsidiaries are named as beneficiaries under these policies. COLI is carried at the cash surrender value of the policies. At March 31, 2020 and December 31, 2019 , the carrying value of COLI was $874 million and $942 million , respectively, and is reported in Other invested assets in the consolidated balance sheets. Cash and cash equivalents includes cash on hand, demand deposits, money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value is deemed to approximate fair value. All securities owned, including U.S. government and agency securities, mortgage-backed securities, futures and forwards transactions, are reported in the consolidated financial statements on a trade-date basis. Commercial and Agricultural Mortgage Loans on Real Estate Mortgage loans are stated at unpaid principal balances, net of unamortized discounts and the allowance for credit losses. The Company calculates the allowance for credit losses in accordance with the current expected credit losses (“CECL”) model in order to provide for the risk of credit losses in the lending process. Expected credit losses for loans with similar risk characteristics are estimated on a collective (i.e., pool) basis in order to meet CECL’s risk of loss concept which requires the Company to consider possibilities of loss, even if remote. For collectively evaluated mortgages, the Company estimates the allowance for credit losses based on the amortized cost basis of its mortgages over their expected life using a probability of default (“PD”) / loss given default (“LGD”) model. The PD/LGD model incorporates the Company’s reasonable and supportable forecast of macroeconomic information over a specified period. For periods beyond the reasonable and supportable forecast period, the model reverts to historical loss information. The CECL model is configured to the Company’s specifications and takes into consideration the detailed risk attributes of each discrete loan in the mortgage portfolio which include, but are not limited to the following: • Loan-to-value (“LTV”) ratio - Derived from current loan balance divided by the fair market value of the property. An LTV ratio in excess of 100% indicates an underwater mortgage. • Debt service coverage (“DSC”) ratio - Derived from actual operating earnings divided by annual debt service. If the ratio is below 1.0x, then the income from the property does not support the debt. • Occupancy - Criteria varies by property type but low or below market occupancy is an indicator of sub-par property performance. • Lease expirations - The percentage of leases expiring in the upcoming 12 to 36 months are monitored as a decline in rent and/or occupancy may negatively impact the debt service coverage ratio. In the case of single-tenant properties or properties with large tenant exposure, the lease expiration is a material risk factor. • Other - Any other factors such as maturity, borrower/tenant related issues, payment status, property condition, or current economic conditions may call into question the performance of the loan. For individually evaluated mortgages, the Company continues to recognize an allowance on the present value of expected future cash flows discounted at the loan’s original effective interest rate or on its collateral value. Mortgage loans that do not share similar risk characteristics with other loans in the portfolio are individually evaluated quarterly by the Company’s IUS Committee. The allowance for credit losses on these individually evaluated mortgages is a loan-specific reserve as a result of the loan review process that is recorded based on the present value of expected future cash flows discounted at the loan’s effective interest rate or based on the fair value of the collateral. The individually assessed allowance for mortgage loans can increase or decrease from period to period based on such factors. Individually assessed loans may include, but are not limited to, mortgages that have deteriorated in credit quality such as troubled debt restructurings (“TDR”) and reasonably expected TDRs, mortgages for which foreclosure is probable, and mortgages which have been classified as “potential problem” or “problem” loans within the Company’s IUS Committee processes as described below. Within the IUS process, Commercial mortgages 60 days or more past due and agricultural mortgages 90 days or more past due, as well as all mortgages in the process of foreclosure, are identified as problem mortgages. Based on its monthly monitoring of mortgages, a class of potential problem mortgages are also identified, consisting of mortgage loans not currently classified as problem mortgages but for which management has doubts as to the ability of the borrower to comply with the present loan payment terms and which may result in the loan becoming a problem or being modified. The decision whether to classify a performing mortgage loan as a potential problem involves judgments by management as to likely future industry conditions and developments with respect to the borrower or the individual mortgaged property. Individually assessed mortgage loans without provision for losses are mortgage loans where the fair value of the collateral or the net present value of the expected future cash flows related to the loan equals or exceeds the recorded investment. Interest income earned on mortgage loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on mortgage loans where the present value method is used to measure impairment is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows. Mortgage loans are placed on nonaccrual status once management believes the collection of accrued interest is not probable. Once mortgage loans are classified as nonaccrual mortgage loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured to where the collection of interest is considered likely. The Company charges off loan balances and accrued interest that are deemed uncollectible. Net Investment Income (Loss), Investment Gains (Losses), Net and Unrealized Investment Gains (Losses) Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the allowance for credit losses are included in Investment gains (losses), net. Realized and unrealized holding gains (losses) on trading and equity securities are reflected in Net investment income (loss). Unrealized investment gains (losses) on fixed maturities designated as AFS held by the Company are accounted for as a separate component of AOCI, net of related deferred income taxes, as are amounts attributable to certain pension operations, Closed Block’s policyholders’ dividend obligation, insurance liability loss recognition, DAC related to UL policies, investment-type products and participating traditional life policies. Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities classified as AFS and do not reflect any change in fair value of policyholders’ account balances and future policy benefits. Accounting and Consolidation of VIEs For all new investment products and entities developed by the Company (other than Collateralized Debt Obligations (“CDOs”)), the Company first determines whether the entity is a VIE, which involves determining an entity’s variability and variable interests, identifying the holders of the equity investment at risk and assessing the five characteristics of a VIE. Once an entity has been determined to be a VIE, the Company then identifies the primary beneficiary of the VIE. If the Company is deemed to be the primary beneficiary of the VIE, then the Company consolidates the entity. Management of the Company reviews quarterly its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client assets under management (“AUM”) to determine the entities that the Company is required to consolidate under this guidance. These entities include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts and limited partnerships. The analysis performed to identify variable interests held, determine whether entities are VIEs or VOEs, and evaluate whether the Company has a controlling financial interest in such entities requires the exercise of judgment and is updated on a continuous basis as circumstances change or new entities are developed. The primary beneficiary evaluation generally is performed qualitatively based on all facts and circumstances, including consideration of economic interests in the VIE held directly and indirectly through related parties and entities under common control, as well as quantitatively, as appropriate. Consolidated VIEs At March 31, 2020 and December 31, 2019 , the Company consolidated one real estate joint venture for which it was identified as the primary beneficiary under the VIE model. The consolidated entity is jointly owned by Equitable Life and AXA France and holds an investment in a real estate venture. Included in Other invested assets in the Company’s consolidated balance sheets at March 31, 2020 and December 31, 2019 are total assets of $32 million and $32 million , respectively related to this VIE, primarily resulting from the consolidated presentation of this real estate joint venture as real estate held for sale. Redeemable noncontrolling interests are presented in mezzanine equity and non-redeemable noncontrolling interests are presented within permanent equity. Non-Consolidated VIEs At March 31, 2020 and December 31, 2019 , respectively, the Company held approximately $1.2 billion and $1.1 billion of investment assets in the form of equity interests issued by non-corporate legal entities determined under the guidance to be VIEs, such as limited partnerships and limited liability companies, including hedge funds, private equity funds and real estate-related funds. As an equity investor, the Company is considered to have a variable interest in each of these VIEs as a result of its participation in the risks and/or rewards these funds were designed to create by their defined portfolio objectives and strategies. Primarily through qualitative assessment, including consideration of related party interests or other financial arrangements, if any, the Company was not identified as primary beneficiary of any of these VIEs, largely due to its inability to direct the activities that most significantly impact their economic performance. Consequently, the Company continues to reflect these equity interests in the consolidated balance sheets as Other equity investments and applies the equity method of accounting for these positions. The net assets of these non-consolidated VIEs are approximately $151.4 billion and $160.2 billion at March 31, 2020 and December 31, 2019 , respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is the carrying value of its investment of $1.2 billion and $1.1 billion and approximately $1.0 billion and $1.1 billion of unfunded commitments at March 31, 2020 and December 31, 2019 , respectively. The Company has no further economic interest in these VIEs in the form of guarantees, derivatives, credit enhancements or similar instruments and obligations. In addition, at March 31, 2020 and December 31, 2019 , Other invested assets includes real estate held for sale of $(5) million and $(5) million , respectively, as related to one non-consolidated real estate joint venture. Assumption Updates and Model Changes The Company conducts its annual review of its assumptions and models during the third quarter of each year. The annual review encompasses assumptions underlying the valuation of unearned revenue liabilities, embedded derivatives for our insurance business, liabilities for future policyholder benefits, DAC and deferred sales inducement assets (“DSI”). However, the Company updates its assumptions as needed in the event it becomes aware of economic conditions or events that could require a change in assumptions that it believes may have a significant impact to the carrying value of product liabilities and assets or more frequently if evidence suggest that assumptions should be revised . Due to the extraordinary economic conditions driven by the COVID-19 pandemic in the first quarter of 2020, the Company updated its interest rate assumption to grade from the current spot interest rate curve to an ultimate five-year historical average over a 10-year period. As such, the 10-year U.S. Treasury yield grades from the current level to an ultimate 5-year average of 2.25% . The low interest rates environment and subsequent update to the interest rate assumption caused a loss recognition event for the Company’s life interest-sensitive products, as well as to certain run-off business. This loss recognition event caused an acceleration of DAC amortization on the life interest-sensitive products and an increase in the premium deficiency reserve on the run-off business in the first quarter of 2020. The net impact of the economic assumption update in the first quarter of 2020 increased Policyholders’ benefits by $1.3 billion , increased Amortization of DAC by $861 million , increased Policy charges and fee income by $54 million and decreased Interest credited to policyholders’ account balances by $6 million . This resulted in a decrease in Income (loss) from continuing operations, before income taxes of $2.1 billion and decreased Net income (loss) of $1.7 billion .

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS Fixed Maturities Available-for-Sale Accounting for impairments of fixed maturities classified as AFS has changed from a direct write-down, or other-than-temporary impairment (“OTTI”) approach to an allowance for credit loss model starting in 2020 upon adoption of the new credit impairment guidance (see Note 2, Significant Accounting Policies – Investments). The components of fair value and amortized cost for fixed maturities classified as AFS on the consolidated balance sheets excludes accrued interest receivable because the Company elected to present accrued interest receivable within Other assets. Accrued interest receivable on AFS fixed maturities at March 31, 2020 was $464 million . When the Company determines that there is more than 50% likelihood that it is not going to recover the principal and interest cash flows related to an AFS debt security, the security is placed on nonaccrual status and the Company reverses Accrued interest receivable against Interest income. Since the nonaccrual policy results in a timely reversal of Accrued interest receivable, the Company does not record an allowance for credit losses on Accrued interest receivable. The total amount of accrued interest written off for the three months ended March 31, 2020 for AFS fixed maturities was $1 million . Comparative tables as of December 31, 2019 include OTTI, reported net of tax in OCI and in AOCI until realized. The following tables provide information relating to the Company’s fixed maturities classified as AFS. AFS Fixed Maturities by Classification Amortized Allowance for Credit Losses (4) Gross Gross Fair Value (in millions) March 31, 2020: Fixed Maturities: Corporate (1) $ 43,805 $ 2 $ 1,627 $ 792 $ 44,638 U.S. Treasury, government and agency 14,195 — 4,255 — 18,450 States and political subdivisions 607 — 68 6 669 Foreign governments 481 — 27 12 496 Residential mortgage-backed (2) 154 — 12 — 166 Asset-backed (3) 1,509 — 5 124 1,390 Commercial mortgage-backed 37 — 2 — 39 Redeemable preferred stock 543 — 11 31 523 Total at March 31, 2020 $ 61,331 $ 2 $ 6,007 $ 965 $ 66,371 December 31, 2019: Fixed Maturities: Corporate (1) $ 42,347 $ — $ 2,178 $ 61 $ 44,464 U.S. Treasury, government and agency 14,385 — 1,151 305 15,231 States and political subdivisions 584 — 68 3 649 Foreign governments 460 — 35 5 490 Residential mortgage-backed (2) 161 — 12 — 173 Asset-backed (3) 843 — 3 2 844 Redeemable preferred stock 498 — 18 5 511 Total at December 31, 2019 $ 59,278 $ — $ 3,465 $ 381 $ 62,362 ______________ (1) Corporate fixed maturities include both public and private issues. (2) Includes publicly traded agency pass-through securities and collateralized obligations. (3) Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. (4) Amounts represent the allowance for credit losses for 2020 - (see Note 2 Significant Accounting Policies - Investments). The contractual maturities of AFS fixed maturities at March 31, 2020 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Contractual Maturities of AFS Fixed Maturities Amortized Cost (Less Allowance for Credit Losses) Fair Value (in millions) March 31, 2020 (1): Contractual maturities: Due in one year or less $ 4,472 $ 4,466 Due in years two through five 13,620 13,697 Due in years six through ten 16,703 17,130 Due after ten years 24,291 28,960 Subtotal 59,086 64,253 Residential mortgage-backed 154 166 Asset-backed 1,509 1,390 Commercial mortgage-backed 37 39 Redeemable preferred stock 543 523 Total at March 31, 2020 $ 61,329 $ 66,371 ______________ (1) Net amortized cost is equal to amortized cost, less any allowance for credit losses to the extent applicable. The following table shows proceeds from sales, gross gains (losses) from sales and credit losses for AFS fixed maturities for the three months ended March 31, 2020 and 2019 : Proceeds from Sales, Gross Gains (Losses) from Sales and Credit Losses for AFS Fixed Maturities Three Months Ended March 31, 2020 2019 (in millions) Proceeds from sales $ 1,722 $ 1,361 Gross gains on sales $ 69 $ 8 Gross losses on sales $ (3 ) $ (15 ) Credit losses (1) $ (2 ) $ — ______________ (1) Commencing with the Company’s adoption of ASU 2016-13 on January 1, 2020 , credit losses on AFS debt securities were recognized as an allowance for credit losses. In 2019 and prior, credit losses on AFS fixed maturities were recognized as OTTI. The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts: AFS Fixed Maturities - Credit Loss Impairments Three Months Ended March 31, 2020 2019 (in millions) Balance at January 1, $ (15 ) $ (46 ) Previously recognized impairments on securities that matured, paid, prepaid or sold — 28 Recognized impairments on securities impaired to fair value this period (1) — — Credit losses recognized this period on securities for which credit losses were not previously recognized (2 ) — Additional credit losses this period on securities previously impaired — — Increases due to passage of time on previously recorded credit losses — — Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior) — — Balance at March 31, $ (17 ) $ (18 ) ______________ (1) Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost. Net unrealized investment gains (losses) on AFS fixed maturities are included in the consolidated balance sheets as a component of AOCI. Changes in net unrealized investment gains (losses) recognized in AOCI include reclassification adjustments to reflect amounts realized in Net income (loss) for the current period that had been part of OCI in earlier periods. The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI, split between amounts related to fixed maturities on which a credit loss has been recognized, and all other: Net Unrealized Gains (Losses) on AFS Fixed Maturities Net Unrealized Gains (Losses) on Investments DAC Policyholders’ Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, January 1, 2020 $ 3,084 $ (831 ) $ (192 ) $ (433 ) $ 1,628 Net investment gains (losses) arising during the period 2,026 — — — 2,026 Reclassification adjustment: — Included in Net income (loss) (63 ) — — — (63 ) Excluded from Net income (loss) — — — — — Impact of net unrealized investment gains (losses) on: DAC — 626 — — 626 Deferred income taxes — — — (373 ) (373 ) Policyholders’ liabilities — — (812 ) — (812 ) Net unrealized investment gains (losses) excluding credit losses 5,047 (205 ) (1,004 ) (806 ) 3,032 Net unrealized investment gains (losses) with credit losses (7 ) — 1 1 (5 ) Balance, March 31, 2020 $ 5,040 $ (205 ) $ (1,003 ) $ (805 ) $ 3,027 Net Unrealized Gains (Losses) on Investments DAC Policyholders’ Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, January 1, 2019 $ (577 ) $ 39 $ (55 ) $ 125 $ (468 ) Net investment gains (losses) arising during the period 1,583 — — — 1,583 Reclassification adjustment: Included in Net income (loss) (3 ) — — — (3 ) Excluded from Net income (loss) — — — — — Impact of net unrealized investment gains (losses) on: DAC — (655 ) — — (655 ) Deferred income taxes — — — (211 ) (211 ) Policyholders’ liabilities — — 77 — 77 Net unrealized investment gains (losses) excluding credit losses 1,003 (616 ) 22 (86 ) 323 Net unrealized investment gains (losses) with credit losses (1) — — — — — Balance, March 31, 2019 $ 1,003 $ (616 ) $ 22 $ (86 ) $ 323 ______________ (1) Credit losses for 2019 were OTTI losses. The following tables disclose the fair values and gross unrealized losses of the 1,620 issues at March 31, 2020 and the 390 issues at December 31, 2019 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated: AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in millions) March 31, 2020: Fixed Maturities: Corporate $ 13,696 $ 701 $ 262 $ 88 $ 13,958 $ 789 States and political subdivisions 173 6 — — 173 6 Foreign governments 127 4 36 8 163 12 Asset-backed 1,202 117 61 7 1,263 124 Redeemable preferred stock 263 25 43 6 306 31 Total at March 31, 2020 $ 15,461 $ 853 $ 402 $ 109 $ 15,863 $ 962 December 31, 2019 (1): Fixed Maturities: Corporate $ 2,669 $ 41 $ 366 $ 20 $ 3,035 $ 61 U.S. Treasury, government and agency 4,245 305 2 — 4,247 305 States and political subdivisions 123 3 — — 123 3 Foreign governments 11 — 47 5 58 5 Asset-backed 319 — 201 2 520 2 Redeemable preferred stock 29 — 49 5 78 5 Total at December 31, 2019 $ 7,396 $ 349 $ 665 $ 32 $ 8,061 $ 381 ______________ (1) Amounts represents fixed maturities in an unrealized loss position that are not deemed to be other-than-temporarily impaired for 2019. The Company’s investments in fixed maturities do not include concentrations of credit risk of any single issuer greater than 10% of the consolidated equity of the Company, other than securities of the U.S. government, U.S. government agencies, and certain securities guaranteed by the U.S. government. The Company maintains a diversified portfolio of corporate securities across industries and issuers and does not have exposure to any single issuer in excess of 0.6% of total corporate securities. The largest exposures to a single issuer of corporate securities held at March 31, 2020 and December 31, 2019 were $275 million and $279 million , respectively, representing 1.5% and 2.4% of the consolidated equity of the Company. Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the National Association of Insurance Commissioners (“NAIC”) designation of 3 (medium investment grade), 4 or 5 (below investment grade) or 6 (in or near default). At March 31, 2020 and December 31, 2019 , respectively, approximately $1.7 billion and $1.4 billion , or 2.7% and 2.3% , of the $61.3 billion and $59.3 billion aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had gross unrealized losses of $205 million and $21 million at March 31, 2020 and December 31, 2019 , respectively. At March 31, 2020 and December 31, 2019 , respectively, the $109 million and $32 million of gross unrealized losses of twelve months or more were concentrated in corporate securities, as applicable. In accordance with the policy described in Note 2 , the Company concluded that an adjustment to income for OTTI (prior to January 1, 2020) nor an allowance for credit losses (after January 1, 2020) for these securities was not warranted at either March 31, 2020 or December 31, 2019 . At March 31, 2020 and December 31, 2019 , the Company did not intend to sell the securities nor will it likely be required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis. Based on the Company’s evaluation both qualitatively and quantitatively of the drivers of the decline in fair value of fixed maturity securities, the Company determined that the unrealized loss was primarily due to increases in credit spreads and changes in credit ratings due to the impact of the COVID-19 pandemic on financial markets and assessments of fundamental risks. Mortgage Loans The Company utilizes a PD/LGD model, configured in accordance with the Company’s policies that meet the concepts in the CECL framework, to estimate expected credit losses for mortgage loans as a product of PD, LGD and the exposure at default across various economic scenarios. The PD and LGD are estimated at the loan-level based on loans’ current and forecasted risk characteristics as well as macroeconomic forecasts. The PD is estimated using both macroeconomic conditions as well as individual loan risk characteristics including loan-to-value (“LTV”) ratios, debt service coverage (“DSC”) ratios, seasoning, collateral type, geography, and underlying credit. The LGD is driven primarily by the type and value of collateral, and secondarily by expected liquidation costs and time to recovery. The model also incorporates the Company’s reasonable and supportable forecasts of the macroeconomic variables deemed to be correlated to the credit risk of its loans. The length of the reasonable and supportable forecast period is reassessed on a quarterly basis and may be adjusted as appropriate over time to be consistent with macroeconomic conditions and the environment as of the reporting date. Reversion to historical loss information is performed for periods beyond the reasonable and supportable forecast period. The components of amortized cost for mortgage loans on the consolidated balance sheets excludes accrued interest amounts because the Company presents accrued interest receivables within Other assets. Accrued interest receivable on commercial and agricultural mortgage loans at March 31, 2020 and December 31, 2019 was $29 million and $32 million , respectively. No accrued interest was written off for the three months ended March 31, 2020 for commercial and agricultural mortgage loans. Once mortgage loans are placed on nonaccrual status, the Company reverses accrued interest receivable against interest income. Since the nonaccrual policy results in the timely reversal of accrued interest receivable, the Company does not record an allowance for credit losses on accrued interest receivable. At March 31, 2020 , the Company had no loans for which foreclosure was probable included within the individually assessed mortgage loans, and accordingly had no associated allowance for credit losses. Allowance for Credit Losses on Mortgage Loans The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the three months ended March 31, 2020 was as follows: Three Months Ended March 31, 2020 (in millions) Allowance for credit losses on mortgage loans (1): Commercial mortgages: Beginning Balance, January 1, $ (33 ) Current-period provision for expected credit losses (11 ) Write-offs charged against the allowance — Recoveries of amounts previously written off 1 Net change in allowance (10 ) Ending Balance, March 31, $ (43 ) Agricultural mortgages: Beginning Balance, January 1, $ (3 ) Current-period provision for expected credit losses — Write-offs charged against the allowance — Recoveries of amounts previously written off — Net change in allowance — Ending Balance, March 31, $ (3 ) Total allowance for credit losses $ (46 ) ____________ (1) See Note 2 for discussion of the transition balance. The change in the allowance for credit losses is attributable to: • increases/decreases in the loan balance due to new originations, maturing mortgages, and loan amortization; • changes in credit quality; and • changes in market assumptions primarily related to COVID-19 driven economic changes. Credit Quality Information The following tables summarize the Company’s mortgage loans segregated by risk rating exposure for the three months ended March 31, 2020 . LTV Ratios (1)(3) At March 31, 2020 Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (in millions) Mortgage loans: Commercial: 0% - 50% $ — $ — $ 28 $ 324 $ 196 $ 637 $ 1,185 50% - 70% 119 767 1,003 1,072 2,501 2,046 7,508 70% - 90% — 85 209 10 59 391 754 90% plus — — — — — — — Total commercial $ 119 $ 852 $ 1,240 $ 1,406 $ 2,756 $ 3,074 $ 9,447 At March 31, 2020 Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (in millions) Agricultural: 0% - 50% $ 30 $ 136 $ 164 $ 171 $ 270 $ 834 $ 1,605 50% - 70% 38 165 187 126 145 420 1,081 70% - 90% — — 3 — — 16 19 90% plus — — — — — — — Total agricultural $ 68 $ 301 $ 354 $ 297 $ 415 $ 1,270 $ 2,705 Total mortgage loans: 0% - 50% $ 30 $ 136 $ 192 $ 495 $ 466 $ 1,471 $ 2,790 50% - 70% 157 932 1,190 1,198 2,646 2,466 8,589 70% - 90% — 85 212 10 59 407 773 90% plus — — — — — — — Total mortgage loans $ 187 $ 1,153 $ 1,594 $ 1,703 $ 3,171 $ 4,344 $ 12,152 Debt Service Coverage Ratios (2)(3) At March 31, 2020 Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (in millions) Mortgage loans: Commercial: Greater than 2.0x $ 119 $ 373 $ 680 $ 583 $ 2,225 $ 1,340 $ 5,320 1.8x to 2.0x — 184 48 379 40 451 1,102 1.5x to 1.8x — 242 223 332 491 577 1,865 1.2x to 1.5x — — 207 75 — 590 872 1.0x to 1.2x — 53 82 37 — 116 288 Less than 1.0x — — — — — — — Total commercial $ 119 $ 852 $ 1,240 $ 1,406 $ 2,756 $ 3,074 $ 9,447 Agricultural Greater than 2.0x $ 3 $ 38 $ 41 $ 37 $ 77 $ 189 $ 385 1.8x to 2.0x 7 30 15 17 22 102 193 1.5x to 1.8x 26 39 47 49 62 249 472 1.2x to 1.5x 12 127 150 121 174 413 997 1.0x to 1.2x 17 57 92 72 61 276 575 Less than 1.0x 3 10 9 1 19 41 83 Total agricultural $ 68 $ 301 $ 354 $ 297 $ 415 $ 1,270 $ 2,705 Total mortgage loans Greater than 2.0x $ 122 $ 411 $ 721 $ 620 $ 2,302 $ 1,529 $ 5,705 1.8x to 2.0x 7 214 63 396 62 553 1,295 1.5x to 1.8x 26 281 270 381 553 826 2,337 1.2x to 1.5x 12 127 357 196 174 1,003 1,869 1.0x to 1.2x 17 110 174 109 61 392 863 Less than 1.0x 3 10 9 1 19 41 83 Total mortgage loans $ 187 $ 1,153 $ 1,594 $ 1,703 $ 3,171 $ 4,344 $ 12,152 _____________ (1) The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually. (2) The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service. (3) Amounts presented at amortized cost basis. The following tables provide information relating to the LTV and DSC ratios for commercial and agricultural mortgage loans at March 31, 2020 and December 31, 2019 . The values used in these ratio calculations were developed as part of the periodic review of the commercial and agricultural mortgage loan portfolio, which includes an evaluation of the underlying collateral value. Mortgage Loans by LTV and DSC Ratios DSC Ratio (2) (3) LTV Ratio (1) (3): Greater than 2.0x 1.8x to 2.0x 1.5x to 1.8x 1.2x to 1.5x 1.0x to 1.2x Less than 1.0x Total (in millions) March 31, 2020: Mortgage loans: Commercial: 0% - 50% $ 925 $ 21 $ 214 $ 25 $ — $ — $ 1,185 50% - 70% 4,143 983 1,437 704 241 — 7,508 70% - 90% 252 98 214 143 47 — 754 90% plus — — — — — — — Total commercial $ 5,320 $ 1,102 $ 1,865 $ 872 $ 288 $ — $ 9,447 Agricultural: 0% - 50% $ 304 $ 110 $ 252 $ 558 $ 333 $ 48 $ 1,605 50% - 70% 81 83 220 420 242 35 1,081 70% - 90% — — — 19 — — 19 90% plus — — — — — — — Total agricultural $ 385 $ 193 $ 472 $ 997 $ 575 $ 83 $ 2,705 Total mortgage loans: 0% - 50% $ 1,229 $ 131 $ 466 $ 583 $ 333 $ 48 $ 2,790 50% - 70% 4,224 1,066 1,657 1,124 483 35 8,589 70% - 90% 252 98 214 162 47 — 773 90% plus — — — — — — — Total mortgage loans $ 5,705 $ 1,295 $ 2,337 $ 1,869 $ 863 $ 83 $ 12,152 December 31, 2019: Mortgage loans: Commercial: 0% - 50% $ 887 $ 38 $ 214 $ 24 $ — $ — $ 1,163 50% - 70% 4,097 1,195 1,118 795 242 — 7,447 70% - 90% 251 98 214 154 46 — 763 90% plus — — — — — — — Total commercial $ 5,235 $ 1,331 $ 1,546 $ 973 $ 288 $ — $ 9,373 DSC Ratio (2) (3) LTV Ratio (1) (3): Greater than 2.0x 1.8x to 2.0x 1.5x to 1.8x 1.2x to 1.5x 1.0x to 1.2x Less than 1.0x Total (in millions) Agricultural: 0% - 50% $ 322 $ 104 $ 241 $ 545 $ 321 $ 50 $ 1,583 50% - 70% 82 87 236 426 251 33 1,115 70% - 90% — — — 19 — — 19 90% plus — — — — — — — Total agricultural $ 404 $ 191 $ 477 $ 990 $ 572 $ 83 $ 2,717 Total mortgage loans: 0% - 50% $ 1,209 $ 142 $ 455 $ 569 $ 321 $ 50 $ 2,746 50% - 70% 4,179 1,282 1,354 1,221 493 33 8,562 70% - 90% 251 98 214 173 46 — 782 90% plus — — — — — — — Total mortgage loans $ 5,639 $ 1,522 $ 2,023 $ 1,963 $ 860 $ 83 $ 12,090 ______________ (1) The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually. (2) The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service. (3) Amounts presented at amortized cost basis. Past-Due and Nonaccrual Mortgage Loan Status The following table provides information relating to the aging analysis of past-due mortgage loans at March 31, 2020 and December 31, 2019 , respectively: Age Analysis of Past Due Mortgage Loans (1) Accruing Loans Non-accruing Loans Total Loans Non-accruing Loans with No Allowance Interest Income on Non-accruing Loans Past Due Current Total 30-59 Days 60-89 Days 90 Days or More Total (in millions) March 31, 2020: Mortgage loans: Commercial $ — $ — $ — $ — $ 9,447 $ 9,447 $ — $ 9,447 $ — $ — Agricultural 7 17 63 87 2,618 2,705 — 2,705 — — Total $ 7 $ 17 $ 63 $ 87 $ 12,065 $ 12,152 $ — $ 12,152 $ — $ — December 31, 2019: Mortgage loans: Commercial $ — $ — $ — $ — $ 9,373 $ 9,373 $ — $ 9,373 $ — $ — Agricultural 57 1 66 124 2,593 2,717 66 2,783 — — Total $ 57 $ 1 $ 66 $ 124 $ 11,966 $ 12,090 $ 66 $ 12,156 $ — $ — _______________ (1) Amounts presented at amortized cost basis. At March 31, 2020 and December 31, 2019 , the carrying values of problem mortgage loans that had been classified as non-accrual loans were $0 million and $0 million , respectively. Trading Securities At March 31, 2020 and December 31, 2019 , respectively, the fair value of the Company’s trading securities was $6.1 billion and $6.6 billion . At March 31, 2020 and December 31, 2019 , respectively, trading securities included the General Account’s investment in Separate Accounts, which had carrying values of $45 million and $58 million . Net unrealized and realized gains (losses) on trading securities are included in Net investment income (loss) in the consolidated statements of income (loss). The table below shows a breakdown of Net investment income (loss) from trading securities during the three months ended March 31, 2020 and 2019 : Net Investment Income (Loss) from Trading Securities Three Months Ended March 31, 2020 2019 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ (163 ) $ 274 Net investment gains (losses) recognized on securities sold during the period 3 (24 ) Unrealized and realized gains (losses) on trading securities (160 ) 250 Interest and dividend income from trading securities 49 90 Net investment income (loss) from trading securities $ (111 ) $ 340

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company uses derivatives as part of its overall asset/liability risk management primarily to reduce exposures to equity market and interest rate risks. Derivative hedging strategies are designed to reduce these risks from an economic perspective and are all executed within the framework of a “Derivative Use Plan” approved by applicable states’ insurance law. Derivatives are generally not accounted for using hedge accounting, with the exception of Treasury Inflation-Protected Securities (“TIPS”), which is discussed further below. Operation of these hedging programs is based on models involving numerous estimates and assumptions, including, among others, mortality, lapse, surrender and withdrawal rates, election rates, fund performance, market volatility and interest rates. A wide range of derivative contracts are used in these hedging programs, including exchange traded equity, currency and interest rate futures contracts, total return and/or other equity swaps, interest rate swap and floor contracts, bond and bond-index total return swaps, swaptions, variance swaps and equity options, credit and foreign exchange derivatives, as well as bond and repo transactions to support the hedging. The derivative contracts are collectively managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in capital markets. In addition, as part of its hedging strategy, the Company targets an asset level for all variable annuity products at or above a CTE98 level under most economic scenarios (Conditional Tail Expectation, or “CTE”, is a statistical measure of tail risk which quantifies the total asset requirement to sustain a loss if an event outside a given probability level has occurred. CTE98 denotes the financial resources a company would need to cover the average of the worst 2% of scenarios.) Derivatives Utilized to Hedge Exposure to Variable Annuities with Guarantee Features The Company has issued and continues to offer variable annuity products with GMxB features. The risk associated with the GMDB feature is that under-performance of the financial markets could result in GMDB benefits, in the event of death, being higher than what accumulated policyholders’ account balances would support. The risk associated with the GMIB feature is that under-performance of the financial markets could result in the present value of GMIB, in the event of annuitization, being higher than what accumulated policyholders’ account balances would support, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. The risk associated with products that have a GMxB derivative features liability is that under-performance of the financial markets could result in the GMxB derivative features’ benefits being higher than what accumulated policyholders’ account balances would support. For GMxB features, the Company retains certain risks including basis, credit spread and some volatility risk and risk associated with actual versus expected actuarial assumptions for mortality, lapse and surrender, withdrawal and policyholder election rates, among other things. The derivative contracts are managed to correlate with changes in the value of the GMxB features that result from financial markets movements. A portion of exposure to realized equity volatility is hedged using equity options and variance swaps and a portion of exposure to credit risk is hedged using total return swaps on fixed income indices. Additionally, the Company is party to total return swaps for which the reference U.S. Treasury securities are contemporaneously purchased from the market and sold to the swap counterparty. As these transactions result in a transfer of control of the U.S. Treasury securities to the swap counterparty, the Company derecognizes these securities with consequent gain or loss from the sale. The Company has also purchased reinsurance contracts to mitigate the risks associated with GMDB features and the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. The reinsurance of the GMIB features is accounted for as a derivative. The Company has in place an economic hedge program using interest rate swaps and U.S. Treasury futures to partially protect the overall profitability of future variable annuity sales against declining interest rates. Derivatives Utilized to Hedge Crediting Rate Exposure on SCS, SIO, MSO and IUL Products/Investment Options The Company hedges crediting rates in the Structured Capital Strategies (“SCS”) variable annuity, Structured Investment Option in the EQUI-VEST variable annuity series (“SIO”), Market Stabilizer Option (“MSO”) in the variable life insurance products and Indexed Universal Life (“IUL”) insurance products. These products permit the contract owner to participate in the performance of an index, ETF or commodity price movement up to a cap for a set period of time. They also contain a protection feature, in which the Company will absorb, up to a certain percentage, the loss of value in an index, ETF or commodity price, which varies by product segment. In order to support the returns associated with these features, the Company enters into derivative contracts whose payouts, in combination with fixed income investments, emulate those of the index, ETF or commodity price, subject to caps and buffers, thereby substantially reducing any exposure to market-related earnings volatility. Derivatives Used to Hedge Equity Market Risks Associated with the General Account’s Seed Money Investments in Retail Mutual Funds The Company’s General Account seed money investments in retail mutual funds expose us to market risk, including equity market risk which is partially hedged through equity-index futures contracts to minimize such risk. Derivatives Used to Hedge Universal Life Products with Secondary Guarantee (“ULSG”) Policy The Company implemented a hedge program using fixed income total return swaps to mitigate the interest rate exposure in the ULSG policy statutory liability. Derivatives Used for General Account Investment Portfolio The Company maintains a strategy in its General Account investment portfolio to replicate the credit exposure of fixed maturity securities otherwise permissible for investment under its investment guidelines through the sale of credit default swaps (“CDSs”). Under the terms of these swaps, the Company receives quarterly fixed premiums that, together with any initial amount paid or received at trade inception, replicate the credit spread otherwise currently obtainable by purchasing the referenced entity’s bonds of similar maturity. These credit derivatives generally have remaining terms of five years or less and are recorded at fair value with changes in fair value, including the yield component that emerges from initial amounts paid or received, reported in Net derivative gains (losses). The Company manages its credit exposure taking into consideration both cash and derivatives based positions and selects the reference entities in its replicated credit exposures in a manner consistent with its selection of fixed maturities. In addition, the Company generally transacts the sale of CDSs in single name reference entities of investment grade credit quality and with counterparties subject to collateral posting requirements. If there is an event of default by the reference entity or other such credit event as defined under the terms of the swap contract, the Company is obligated to perform under the credit derivative and, at the counterparty’s option, either pay the referenced amount of the contract less an auction-determined recovery amount or pay the referenced amount of the contract and receive in return the defaulted or similar security of the reference entity for recovery by sale at the contract settlement auction. To date, there have been no events of default or circumstances indicative of a deterioration in the credit quality of the named referenced entities to require or suggest that the Company will have to perform under these CDSs. The maximum potential amount of future payments the Company could be required to make under these credit derivatives is limited to the par value of the referenced securities which is the dollar or euro-equivalent of the derivative’s notional amount. The Standard North American CDS Contract (“SNAC”) or Standard European Corporate Contract (“STEC”) under which the Company executes these CDS sales transactions does not contain recourse provisions for recovery of amounts paid under the credit derivative. The Company purchased 30-year TIPS and other sovereign bonds, both inflation-linked and non-inflation linked, as General Account investments and enters into asset or cross-currency basis swaps, to result in payment of the given bond’s coupons and principal at maturity in the bond’s specified currency to the swap counterparty in return for fixed dollar amounts. These swaps, when considered in combination with the bonds, together result in a net position that is intended to replicate a dollar-denominated fixed-coupon cash bond with a yield higher than a term-equivalent U.S. Treasury bond. The tables below present quantitative disclosures about the Company’s derivative instruments, including those embedded in other contracts required to be accounted for as derivative instruments: Derivative Instruments by Category At March 31, 2020 Three Months Ended March 31, 2020 Fair Value Notional Derivative Assets Derivative Liabilities Net Derivative Gains (Losses) (2) (in millions) Derivative instruments: Freestanding derivatives (1): Equity contracts: Futures $ 5,625 $ — $ — $ 258 Swaps 12,857 583 115 3,763 Options 29,975 2,539 3,083 (3,843 ) Interest rate contracts: Swaps 22,813 2,472 340 3,578 Futures 26,261 — — 1,993 Swaptions — — — 9 Credit contracts: Credit default swaps 1,232 9 7 (13 ) Other freestanding contracts: Foreign currency contracts 347 — — (3 ) Margin — 79 171 — Collateral — 27 3,753 — Embedded derivatives: GMIB reinsurance contracts (3) — 3,305 — 892 GMxB derivative features liability (4) — — 9,509 (1,165 ) SCS, SIO, MSO and IUL indexed features (5) — — (966 ) 4,067 Total derivative instruments $ 99,110 $ 9,014 $ 16,012 Net derivative gains (losses) (6) $ 9,536 ______________ (1) Reported in Other invested assets in the consolidated balance sheets. (2) Reported in Net derivative gains (losses) in the consolidated statements of income (loss). (3) Reported in GMIB reinsurance contract asset in the consolidated balance sheets. (4) Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. (5) Reported in Policyholders’ account balances in the consolidated balance sheets. (6) Investment fees of $3 million are reported in Net derivative gains (losses) in the consolidated statements of income (loss). Derivative Instruments by Category At December 31, 2019 Three Months Ended March 31, 2019 Fair Value Notional Derivative Assets Derivative Liabilities Net Derivative Gains (Losses) (2) (in millions) Derivative instruments: Freestanding derivatives (1): Equity contracts: Futures $ 3,510 $ — $ — $ (738 ) Swaps 17,064 9 279 (973 ) Options 47,766 5,080 1,749 1,101 Interest rate contracts: Swaps 23,700 467 523 648 Futures 20,424 — — 55 Swaptions 3,201 16 — — Credit contracts: Credit default swaps 1,232 18 — 10 Other freestanding contracts: Foreign currency contracts 501 3 — 10 Margin — 140 — — Collateral — 72 3,001 — Embedded derivatives: GMIB reinsurance contracts (3) — 2,466 — 27 GMxB derivative features liability (4) — — 8,246 (409 ) SCS, SIO, MSO and IUL indexed features (5) — — 3,150 (1,286 ) Total derivative instruments $ 117,398 $ 8,271 $ 16,948 Net derivative gains (losses) $ (1,555 ) ______________ (1) Reported in Other invested assets in the consolidated balance sheets. (2) Reported in Net derivative gains (losses) in the consolidated statements of income (loss). (3) Reported in GMIB reinsurance contract asset in the consolidated balance sheets. (4) Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. (5) Reported in Policyholders’ account balances in the consolidated balance sheets. Equity-Based and Treasury Futures Contracts Margin All outstanding equity-based and treasury futures contracts at March 31, 2020 and December 31, 2019 are exchange-traded and net settled daily in cash. At March 31, 2020 and December 31, 2019 , respectively, the Company had open exchange-traded futures positions on: (i) the S&P 500, Russell 2000 and Emerging Market indices, having initial margin requirements of $240 million and $58 million , (ii) the 2-year, 5-year and 10-year U.S. Treasury Notes on U.S. Treasury bonds and ultra-long bonds, having initial margin requirements of $649 million and $165 million , and (iii) the Euro Stoxx, FTSE 100, Topix, ASX 200 and European, Australasia, and Far East (“EAFE”) indices as well as corresponding currency futures on the Euro/U.S. dollar, Pound/U.S. dollar, Australian dollar/U.S. dollar, and Yen/U.S. dollar, having initial margin requirements of $159 million and $60 million . Collateral Arrangements The Company generally has executed a Credit Support Annex (“CSA”) under the International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) it maintains with each of its over-the-counter (“OTC”) derivative counterparties that requires both posting and accepting collateral either in the form of cash or high-quality securities, such as U.S. Treasury securities, U.S. government and government agency securities and investment grade corporate bonds. The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. At March 31, 2020 and December 31, 2019 , respectively, the Company held $3.8 billion and $3.0 billion in cash and securities collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. The unrestricted cash collateral is reported in Other invested assets. The Company posted collateral of $27 million and $72 million at March 31, 2020 and December 31, 2019 , respectively, in the normal operation of its collateral arrangements. The following table presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments at March 31, 2020 : Offsetting of Financial Assets and Liabilities and Derivative Instruments At March 31, 2020 Gross Amount Recognized Gross Amount Offset in the Balance Sheets Net Amount Presented in the Balance Sheets Gross Amount not Offset in the Balance Sheets (1) Net Amount (in millions) Assets: Derivative assets $ 5,710 $ 5,475 $ 235 $ (162 ) $ 73 Other financial assets 1,360 — 1,360 — 1,360 Other invested assets $ 7,070 $ 5,475 $ 1,595 $ (162 ) $ 1,433 Liabilities: Derivative liabilities $ 7,307 $ 5,475 $ 1,832 $ — $ 1,832 Other financial liabilities 1,564 — 1,564 — 1,564 Other liabilities $ 8,871 $ 5,475 $ 3,396 $ — $ 3,396 ______________ (1) Primarily financial instrument sent (held). The following table presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments at December 31, 2019 . Offsetting of Financial Assets and Liabilities and Derivative Instruments At December 31, 2019 Gross Amount Recognized Gross Amount Offset in the Balance Sheets Net Amount Presented in the Balance Sheets Gross Amount not Offset in the Balance Sheets (1) Net Amount (in millions) Assets: Derivative assets $ 5,804 $ 5,429 $ 375 $ (77 ) $ 298 Other financial instruments 1,781 — 1,781 — 1,781 Other invested assets $ 7,585 $ 5,429 $ 2,156 $ (77 ) $ 2,079 Liabilities: Derivative liabilities $ 5,474 $ 5,429 $ 45 $ — $ 45 Other financial liabilities 1,723 — 1,723 — 1,723 Other liabilities $ 7,197 $ 5,429 $ 1,768 $ — $ 1,768 ______________ (1) Primarily financial instrument sent (held).

CLOSED BLOCK

CLOSED BLOCK	3 Months Ended
	Mar. 31, 2020
Closed Block Disclosure [Abstract]
CLOSED BLOCK	CLOSED BLOCK As a result of demutualization, the Company’s Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders. Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of the Company. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of the Company’s General Account, any of its Separate Accounts or any affiliate of the Company without the approval of the New York State Department of Financial Services (the “NYDFS”). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. For more information on the Closed Block, see Note 5 to the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2019 . March 31, 2020 December 31, 2019 (in millions) Closed Block Liabilities: Future policy benefits, policyholders’ account balances and other $ 6,404 $ 6,478 Policyholder dividend obligation — 2 Other liabilities 76 38 Total Closed Block liabilities 6,480 6,518 Assets Designated to the Closed Block: Fixed maturities available-for-sale, at fair value, net of allowance for credit losses of $0 and $0 (amortized cost of $3,557 and $3,558) 3,684 3,754 Mortgage loans on real estate, net of allowance for credit losses of $4 and $0 1,742 1,759 Policy loans 676 706 Cash and other invested assets 112 82 Other assets 133 145 Total assets designated to the Closed Block 6,347 6,446 Excess of Closed Block liabilities over assets designated to the Closed Block 133 72 Amounts included in accumulated other comprehensive income (loss): Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $(2); and net of income tax: $27 and $41 111 164 Maximum future earnings to be recognized from Closed Block assets and liabilities $ 244 $ 236 The Company’s Closed Block revenues and expenses were as follows: Three Months Ended March 31, 2020 2019 (in millions) Revenues: Premiums and other income $ 42 $ 48 Net investment income (loss) 66 67 Investment gains (losses), net — (1 ) Total revenues 108 114 Benefits and Other Deductions: Policyholders’ benefits and dividends 103 121 Other operating costs and expenses — 1 Total benefits and other deductions 103 122 Net income (loss), before income taxes 5 (8 ) Income tax (expense) benefit — (1 ) Net income (loss) $ 5 $ (9 )

INSURANCE LIABILITIES

INSURANCE LIABILITIES	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
INSURANCE LIABILITIES	INSURANCE LIABILITIES Variable Annuity Contracts – GMDB, GMIB, GIB and GWBL and Other Features The Company has certain variable annuity contracts with GMDB, GMIB, GIB and GWBL and other features in-force that guarantee one of the following: • Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals); • Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals); • Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages; • Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit, which may include either a five year or an annual reset; or • Withdrawal: the withdrawal is guaranteed up to a maximum amount per year for life. Liabilities for Variable Annuity Contracts with GMDB and GMIB Features without No-Lapse Guarantee Rider (“NLG”) Feature The change in the liabilities for variable annuity contracts with GMDB and GMIB features and without a NLG guarantee rider feature are summarized in the tables below. The amounts for the direct contracts (before reinsurance ceded) and assumed contracts are reflected in the consolidated balance sheets in Future policy benefits and other policyholders’ liabilities. The amounts for the ceded contracts are reflected in the consolidated balance sheets in Amounts due from reinsurers. Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature For the Three Months Ended March 31, 2020 and 2019 GMDB GMIB Direct Ceded Direct Ceded (in millions) Balance at January 1, 2020 4,779 (98 ) 4,688 (2,466 ) Paid guarantee benefits (111 ) 5 (74 ) 20 Other changes in reserve 379 (12 ) 1,683 (859 ) Balance at March 31, 2020 $ 5,047 $ (105 ) $ 6,297 $ (3,305 ) Balance at January 1, 2019 4,654 (107 ) 3,741 (1,991 ) Paid guarantee benefits (118 ) 4 (56 ) 21 Other changes in reserve 129 — 55 (39 ) Balance at March 31, 2019 $ 4,665 $ (103 ) $ 3,740 $ (2,009 ) Liabilities for Embedded and Freestanding Insurance Related Derivatives The liability for the GMxB derivative features, the liability for SCS, SIO, MSO and IUL indexed features and the asset and liability for the GMIB reinsurance contracts are considered embedded or freestanding insurance derivatives and are reported at fair value. For the fair value of the assets and liabilities associated with these embedded or freestanding insurance derivatives , see Note 7 . Account Values and Net Amount at Risk Account Values and Net Amount at Risk (“NAR”) for direct variable annuity contracts in force with GMDB and GMIB features as of March 31, 2020 are presented in the following tables by guarantee type. For contracts with the GMDB feature, the NAR in the event of death is the amount by which the GMDB feature exceeds the related Account Values. For contracts with the GMIB feature, the NAR in the event of annuitization is the amount by which the present value of the GMIB benefits exceed the related Account Values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB features may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive. Direct Variable Annuity Contracts with GMDB and GMIB Features at March 31, 2020 Guarantee Type Return of Premium Ratchet Roll-Up Combo Total (in millions, except age and interest rate) Variable annuity contracts with GMDB features Account Values invested in: General Account $ 14,662 $ 92 $ 58 $ 176 $ 14,988 Separate Accounts 40,733 7,887 2,607 27,713 78,940 Total Account Values $ 55,395 $ 7,979 $ 2,665 $ 27,889 $ 93,928 Net Amount at Risk, gross $ 715 $ 877 $ 2,296 $ 22,881 $ 26,769 Net Amount at Risk, net of amounts reinsured $ 715 $ 857 $ 1,647 $ 22,881 $ 26,100 Average attained age of policyholders (in years) 51.1 67.8 74.4 69.6 55.1 Percentage of policyholders over age 70 10.7 % 45.7 % 68.7 % 51.6 % 19.5 % Range of contractually specified interest rates N/A N/A 3% - 6% 3% - 6.5% 3% - 6.5% Variable annuity contracts with GMIB features Account Values invested in: General Account $ — $ — $ 18 $ 228 $ 246 Separate Accounts — — 20,724 29,476 50,200 Total Account Values $ — $ — $ 20,742 $ 29,704 $ 50,446 Net Amount at Risk, gross $ — $ — $ 1,360 $ 17,568 $ 18,928 Net Amount at Risk, net of amounts reinsured $ — $ — $ 425 $ 15,774 $ 16,199 Average attained age of policyholders (in years) N/A N/A 68.9 69.7 69.6 Weighted average years remaining until annuitization N/A N/A 1.6 0.3 0.4 Range of contractually specified interest rates N/A N/A 3% - 6% 3% - 6.5% 3% - 6.5% For more information about the reinsurance programs of the Company’s GMDB and GMIB exposure, see “Reinsurance” in Note 10 to the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2019 . Separate Accounts Investments by Investment Category Underlying Variable Annuity Contracts with GMDB and GMIB Features The total Account Values of variable annuity contracts with GMDB and GMIB features include amounts allocated to the guaranteed interest option, which is part of the General Account and variable investment options that invest through Separate Accounts in variable insurance trusts. The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB features. The investment performance of the assets impacts the related Account Values and, consequently, the NAR associated with the GMDB and GMIB benefits and guarantees. Because the Company’s variable annuity contracts offer both GMDB and GMIB features, GMDB and GMIB amounts are not mutually exclusive. Investment in Variable Insurance Trust Mutual Funds March 31, 2020 December 31, 2019 Mutual Fund Type GMDB GMIB GMDB GMIB (in millions) Equity $ 32,913 $ 13,765 $ 42,489 $ 17,941 Fixed income 5,151 2,680 5,263 2,699 Balanced 39,965 33,483 45,871 38,445 Other 911 272 865 263 Total $ 78,940 $ 50,200 $ 94,488 $ 59,348 Hedging Programs for GMDB, GMIB, GIB and Other Features The Company has a program intended to hedge certain risks associated first with the GMDB feature and with the GMIB feature of the Accumulator series of variable annuity products. The program has also been extended to cover other guaranteed benefits as they have been made available. This program utilizes derivative contracts, such as exchange-traded equity, currency and interest rate futures contracts, total return and/or equity swaps, interest rate swap and floor contracts, swaptions, variance swaps as well as equity options, that collectively are managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in the capital markets. At the present time, this program hedges certain economic risks on products sold from 2001 forward, to the extent such risks are not externally reinsured. These programs do not qualify for hedge accounting treatment. Therefore, gains (losses) on the derivatives contracts used in these programs, including current period changes in fair value, are recognized in Net derivative gains (losses) in the period in which they occur, and may contribute to income (loss) volatility. Variable and Interest-Sensitive Life Insurance Policies - NLG The NLG feature contained in variable and interest-sensitive life insurance policies keeps them in force in situations where the policy value is not sufficient to cover monthly charges then due. The NLG remains in effect so long as the policy meets a contractually specified premium funding test and certain other requirements. Direct Liability Reinsurance Ceded Net (in millions) Balance at January 1, 2020 893 (807 ) 86 Paid guarantee benefits (13 ) — (13 ) Other changes in reserves 40 (20 ) 20 Balance at March 31, 2020 $ 920 $ (827 ) $ 93 Balance at January 1, 2019 787 (733 ) 54 Paid guarantee benefits (7 ) — (7 ) Other changes in reserves 21 (11 ) 10 Balance at March 31, 2019 $ 801 $ (744 ) $ 57

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES The accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. The Company uses unadjusted quoted market prices to measure fair value for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value cannot be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument. Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued also are considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness. Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis are summarized below. At March 31, 2020 and December 31, 2019 , no assets were required to be measured at fair value on a non-recurring basis. Fair value measurements are required on a non-recurring basis for certain assets, including goodwill and mortgage loans on real estate, only when an impairment or other event occurs. When such fair value measurements are recorded, they must be classified and disclosed within the fair value hierarchy. Fair Value Measurements at March 31, 2020 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 43,464 $ 1,174 $ 44,638 U.S. Treasury, government and agency — 18,450 — 18,450 States and political subdivisions — 633 36 669 Foreign governments — 496 — 496 Residential mortgage-backed (2) — 166 — 166 Asset-backed (3) — 1,350 40 1,390 Commercial mortgage-backed — 39 — 39 Redeemable preferred stock 250 273 — 523 Total fixed maturities, AFS 250 64,871 1,250 66,371 Other equity investments 12 — — 12 Trading securities 265 5,811 — 6,076 Other invested assets: Short-term investments — 124 — 124 Assets of consolidated VIEs/VOEs — — 15 15 Swaps — 2,600 — 2,600 Credit default swaps — 2 — 2 Options — (544 ) — (544 ) Total other invested assets — 2,182 15 2,197 Cash equivalents 7,100 — — 7,100 GMIB reinsurance contracts asset — — 3,305 3,305 Separate Accounts assets (4) 100,873 2,618 — 103,491 Total Assets $ 108,500 $ 75,482 $ 4,570 $ 188,552 Liabilities: GMxB derivative features’ liability $ — $ — $ 9,509 $ 9,509 SCS, SIO, MSO and IUL indexed features’ liability — (966 ) — (966 ) Total Liabilities $ — $ (966 ) $ 9,509 $ 8,543 ______________ (1) Corporate fixed maturities includes both public and private issues. (2) Includes publicly traded agency pass-through securities and collateralized obligations. (3) Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. (4) Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate and commercial mortgages. At March 31, 2020 the fair value of such investments was $361 million . Fair Value Measurements at December 31, 2019 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 43,218 $ 1,246 $ 44,464 U.S. Treasury, government and agency — 15,231 — 15,231 States and political subdivisions — 610 39 649 Foreign governments — 490 — 490 Residential mortgage-backed (2) — 173 — 173 Asset-backed (3) — 744 100 844 Redeemable preferred stock 237 274 — 511 Total fixed maturities, AFS 237 60,740 1,385 62,362 Other equity investments 13 — — 13 Trading securities 321 6,277 — 6,598 Other invested assets: Short-term investments — 468 — 468 Assets of consolidated VIEs/VOEs — — 16 16 Swaps — (326 ) — (326 ) Credit default swaps — 18 — 18 Options — 3,331 — 3,331 Total other invested assets — 3,491 16 3,507 Cash equivalents 1,155 — — 1,155 GMIB reinsurance contracts asset — — 2,466 2,466 Separate Accounts assets (4) 121,184 2,878 — 124,062 Total Assets $ 122,910 $ 73,386 $ 3,867 $ 200,163 Liabilities: GMxB derivative features’ liability $ — $ — $ 8,246 $ 8,246 SCS, SIO, MSO and IUL indexed features’ liability — 3,150 — 3,150 Total Liabilities $ — $ 3,150 $ 8,246 $ 11,396 ______________ (1) Corporate fixed maturities includes both public and private issues. (2) Includes publicly traded agency pass-through securities and collateralized obligations. (3) Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. (4) Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate and commercial mortgages. At December 31, 2019 the fair value of such investments was $356 million . Public Fixed Maturities The fair values of the Company’s public fixed maturities are generally based on prices obtained from independent valuation service providers and for which the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Although each security generally is priced by multiple independent valuation service providers, the Company ultimately uses the price received from the independent valuation service provider highest in the vendor hierarchy based on the respective asset type, with limited exception. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades. Consistent with the fair value hierarchy, public fixed maturities validated in this manner generally are reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. Private Fixed Maturities The fair values of the Company’s private fixed maturities are determined from prices obtained from independent valuation service providers. Prices not obtained from an independent valuation service provider are determined by using a discounted cash flow model or a market comparable company valuation technique. In certain cases, these models use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model or a market comparable company valuation technique may also incorporate unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the fair value measurement of a security, a Level 3 classification generally is made. Freestanding Derivative Positions The net fair value of the Company’s freestanding derivative positions as disclosed in Note 4 are generally based on prices obtained either from independent valuation service providers or derived by applying market inputs from recognized vendors into industry standard pricing models. The majority of these derivative contracts are traded in the OTC derivative market and are classified in Level 2. The fair values of derivative assets and liabilities traded in the OTC market are determined using quantitative models that require use of the contractual terms of the derivative instruments and multiple market inputs, including interest rates, prices, and indices to generate continuous yield or pricing curves, including overnight index swap (“OIS”) curves, and volatility factors, which then are applied to value the positions. The predominance of market inputs is actively quoted and can be validated through external sources or reliably interpolated if less observable. Level Classifications of the Company’s Financial Instruments Financial Instruments Classified as Level 1 Investments classified as Level 1 primarily include redeemable preferred stock, trading securities, cash equivalents and Separate Accounts assets. Fair value measurements classified as Level 1 include exchange-traded prices of fixed maturities, equity securities and derivative contracts, and net asset values for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. Cash equivalents classified as Level 1 include money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less and are carried at cost as a proxy for fair value measurement due to their short-term nature. Financial Instruments Classified as Level 2 Investments classified as Level 2 are measured at fair value on a recurring basis and primarily include U.S. government and agency securities and certain corporate debt securities, such as public and private fixed maturities. As market quotes generally are not readily available or accessible for these securities, their fair value measures are determined utilizing relevant information generated by market transactions involving comparable securities and often are based on model pricing techniques that effectively discount prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. Observable inputs generally used to measure the fair value of securities classified as Level 2 include benchmark yields, reported secondary trades, issuer spreads, benchmark securities and other reference data. Additional observable inputs are used when available, and as may be appropriate, for certain security types, such as prepayment, default, and collateral information for the purpose of measuring the fair value of mortgage- and asset-backed securities. The Company’s AAA-rated mortgage- and asset-backed securities are classified as Level 2 for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently contracted, market activity in these sectors. Certain Company products, such as the SCS and EQUI-VEST variable annuity products, IUL and the MSO fund available in some life contracts offer investment options which permit the contract owner to participate in the performance of an index, ETF or commodity price. These investment options, which depending on the product and on the index selected can currently have one, three, five or six year terms, provide for participation in the performance of specified indices, ETF or commodity price movement up to a segment-specific declared maximum rate. Under certain conditions that vary by product, e.g., holding these segments for the full term, these segments also shield policyholders from some or all negative investment performance associated with these indices, ETF or commodity prices. These investment options have defined formulaic liability amounts, and the current values of the option component of these segment reserves are accounted for as Level 2 embedded derivatives. The fair values of these embedded derivatives are based on data obtained from independent valuation service providers. Financial Instruments Classified as Level 3 The Company’s investments classified as Level 3 primarily include corporate debt securities, such as private fixed maturities and asset-backed securities. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. Included in the Level 3 classification are fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data. The Company also issues certain benefits on its variable annuity products that are accounted for as derivatives and are also considered Level 3. The GMIBNLG feature allows the policyholder to receive guaranteed minimum lifetime annuity payments based on predetermined annuity purchase rates applied to the contract’s benefit base if and when the contract account value is depleted and the NLG feature is activated. The GMWB feature allows the policyholder to withdraw at minimum, over the life of the contract, an amount based on the contract’s benefit base. The GWBL feature allows the policyholder to withdraw, each year for the life of the contract, a specified annual percentage of an amount based on the contract’s benefit base. The GMAB feature increases the contract account value at the end of a specified period to a GMAB base. The GIB feature provides a lifetime annuity based on predetermined annuity purchase rates if and when the contract account value is depleted. This lifetime annuity is based on predetermined annuity purchase rates applied to a GIB base. Level 3 also includes the GMIB reinsurance contract assets which are accounted for as derivative contracts. The GMIB reinsurance contract asset and liabilities’ fair value reflects the present value of reinsurance premiums and recoveries and risk margins over a range of market consistent economic scenarios while GMxB derivative features liability reflects the present value of expected future payments (benefits) less fees, adjusted for risk margins and nonperformance risk, attributable to GMxB derivative features’ liability over a range of market-consistent economic scenarios. The valuations of the GMIB reinsurance contract asset and GMxB derivative features liability incorporate significant non-observable assumptions related to policyholder behavior, risk margins and projections of equity Separate Accounts funds. The credit risks of the counterparty and of the Company are considered in determining the fair values of its GMIB reinsurance contract asset and GMxB derivative features liability positions, respectively, after taking into account the effects of collateral arrangements. Incremental adjustment to the swap curve for non-performance risk is made to the fair values of the GMIB reinsurance contract asset and liabilities and GMIBNLG feature to reflect the claims-paying ratings of counterparties and the Company. Equity and fixed income volatilities were modeled to reflect current market volatilities. Due to the unique, long duration of the GMIBNLG feature, adjustments were made to the equity volatilities to remove the illiquidity bias associated with the longer tenors and risk margins were applied to the non-capital markets inputs to the GMIBNLG valuations. After giving consideration to collateral arrangements, the Company reduced the fair value of its GMIB reinsurance contract asset by $585 million and $175 million at March 31, 2020 and December 31, 2019 , respectively, to recognize incremental counterparty non-performance risk. Lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, which include other factors such as considering surrender charges. Generally, lapse rates are assumed to be lower in periods when a surrender charge applies. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. For valuing the embedded derivative, lapse rates vary throughout the period over which cash flows are projected. The Company’s consolidated VIEs/VOEs hold investments that are classified as Level 3, primarily corporate bonds that are vendor priced with no ratings available, bank loans, non-agency collateralized mortgage obligations and asset-backed securities. Transfers of Financial Instruments Between Levels 2 and 3 During the three months ended March 31, 2020 , AFS fixed maturities with fair values of $126 million w ere transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, AFS fixed maturities with fair value of $0 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 0.7% of total equity at March 31, 2020 . During the three months ended March 31, 2019 , AFS fixed maturities with fair values of $69 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, AFS fixed maturities with fair value of $17 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 0.7% of total equity at March 31, 2019 . The tables below present reconciliations for all Level 3 assets and liabilities at March 31, 2020 and 2019 , respectively. Level 3 Instruments - Fair Value Measurements Corporate State and Political Subdivisions Asset-backed (in millions) Balance, January 1, 2020 $ 1,246 $ 39 $ 100 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 1 — — Investment gains (losses), net (2 ) — — Subtotal (1 ) — — Other comprehensive income (loss) (60 ) (3 ) (8 ) Purchases 61 — 48 Sales (46 ) — — Transfers into Level 3 (1) — — — Transfers out of Level 3 (1) (26 ) — (100 ) Balance, March 31, 2020 $ 1,174 $ 36 $ 40 Balance, January 1, 2019 $ 1,174 $ 38 $ 519 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 1 — — Investment gains (losses), net — — — Subtotal 1 — — Other comprehensive income (loss) 9 1 4 Purchases 70 — 11 Sales (33 ) — — Transfers into Level 3 (1) 17 — — Transfers out of Level 3 (1) (69 ) — — Balance, March 31, 2019 $ 1,169 $ 39 $ 534 ______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. Other Equity Investments GMIB Reinsurance Contract Asset Separate Accounts Assets GMxB Derivative Features Liability (in millions) Balance, January 1, 2020 $ 16 $ 2,466 $ — $ (8,246 ) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), net — — — — Net derivative gains (losses), excluding non-performance risk — 1,220 — (3,900 ) Non-performance risk (1) — (328 ) — 2,735 Total realized and unrealized gains (losses) — 892 — (1,165 ) Purchases (2) — 11 — (109 ) Sales (3) — (19 ) — 11 Settlements — — — — Change in estimate (4) — (45 ) — — Activity related to consolidated VIEs/VOEs (1 ) — — — Transfers into Level 3 (5) — — — — Transfers out of Level 3 (5) — — — — Balance, March 31, 2020 $ 15 $ 3,305 $ — $ (9,509 ) Balance, January 1, 2019 $ 48 $ 1,991 $ 21 $ (5,431 ) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), net — — — — Net derivative gains (losses), excluding non-performance risk — (13 ) — 51 Non-performance risk (1) — 40 — (460 ) Total realized and unrealized gains (losses) — 27 — (409 ) Other comprehensive income (loss) — — — — Purchases (2) — 12 4 (107 ) Sales (3) — (21 ) — 3 Settlements — — (1 ) — Activity related to consolidated VIEs/VOEs (1 ) — — — Transfers into Level 3 (5) — — — — Transfers out of Level 3 (5) (29 ) — (1 ) — Balance, March 31, 2019 $ 18 $ 2,009 $ 23 $ (5,944 ) ______________ (1) The Company’s non-performance risk is recorded through Net derivative gains (losses). (2) For the GMIB reinsurance contract asset and GMxB derivative features liability, represents attributed fee. (3) For the GMIB reinsurance contract asset, represents recoveries from reinsurers and for GMxB derivative features liability, represents benefits paid. (4) For the GMIB reinsurance contract asset, represents a transfer from amounts due from reinsurers. (5) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. The table below details changes in unrealized gains (losses) for the three months ended March 31, 2020 and 2019 by category for Level 3 assets and liabilities still held at March 31, 2020 and 2019 , respectively. Change in Unrealized Gains (Losses) for Level 3 Instruments Net Income (Loss) Net Derivative Gains (Losses) OCI (in millions) Held at March 31, 2020: Change in unrealized gains (losses): Fixed maturities, AFS: Corporate $ — $ (60 ) State and political subdivisions — (3 ) Asset-backed — (8 ) Total fixed maturities, AFS — (71 ) GMIB reinsurance contracts 892 — GMxB derivative features liability (1,165 ) — Total $ (273 ) $ (71 ) Held at March 31, 2019: Change in unrealized gains (losses): Fixed maturities, AFS: Corporate $ — $ 9 State and political subdivisions — 1 Asset-backed — 4 Total fixed maturities, AFS — 14 GMIB reinsurance contracts 27 — GMxB derivative features liability (409 ) — Total $ (382 ) $ 14 Quantitative and Qualitative Information about Level 3 Fair Value Measurements The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities at March 31, 2020 and December 31, 2019 , respectively. Quantitative Information about Level 3 Fair Value Measurements at March 31, 2020 Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average (2) (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 57 Matrix pricing Spread over Benchmark 15 - 580 bps 280 bps 1,034 Market EBITDA multiples 3.2x - 31.5x 14.0x GMIB reinsurance contract asset 3,305 Discounted cash flow Non-performance risk 144 - 293 bps 233 bps Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average (2) (in millions) Liabilities: GMIBNLG 9,308 Discounted cash flow Non-performance risk 304 bps 2.75% GWBL/GMWB 146 Discounted cash flow Non-performance risk 304 bps GIB 38 Discounted cash flow Non-performance risk 304 bps GMAB 17 Discounted cash flow Non-performance risk 304 bps ______________ (1) Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives. (2) For Lapses, Withdrawals, and Utilizations the rates were weighted by counts, for Mortality weighted average rates are shown for all ages combined and for Withdrawals the weighted averages were based on an estimated split of partial withdrawal and dollar-for-dollar withdrawals. Quantitative Information about Level 3 Fair Value Measurements at December 31, 2019 Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 51 Matrix pricing model Spread over benchmark 65 - 580 bps 186 bps 1,025 Market comparable companies EBITDA multiples 3.3x - 56.7x 14.3x GMIB reinsurance contract asset 2,466 Discounted cash flow Non-performance risk 55 - 109 bps Liabilities: GMIBNLG 8,128 Discounted cash flow Non-performance risk 124 bps GWBL/GMWB 109 Discounted cash flow Non-performance risk 124 bps GIB 5 Discounted cash flow Non-performance risk 124 bps GMAB 4 Discounted cash flow Lapse rates 1.0% - 10.0% ______________ (1) Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives. Level 3 Financial Instruments for which Quantitative Inputs are Not Available Certain Privately Placed Debt Securities with Limited Trading Activity Excluded from the tables above at March 31, 2020 and December 31, 2019 , respectively, are approximately $174 million and $325 million of Level 3 fair value measurements of investments for which the underlying quantitative inputs are not developed by the Company and are not readily available. These investments primarily consist of certain privately placed debt securities with limited trading activity, including residential mortgage- and asset-backed instruments, and their fair values generally reflect unadjusted prices obtained from independent valuation service providers and indicative, non-binding quotes obtained from third-party broker-dealers recognized as market participants. Significant increases or decreases in the fair value amounts received from these pricing sources may result in the Company’s reporting significantly higher or lower fair value measurements for these Level 3 investments. • The fair value of private placement securities is determined by application of a matrix pricing model or a market comparable company value technique. The significant unobservable input to the matrix pricing model valuation technique is the spread over the industry-specific benchmark yield curve. Generally, an increase or decrease in spreads would lead to directionally inverse movement in the fair value measurements of these securities. The significant unobservable input to the market comparable company valuation technique is the discount rate. Generally, a significant increase (decrease) in the discount rate would result in significantly lower (higher) fair value measurements of these securities. • Residential mortgage-backed securities classified as Level 3 primarily consist of non-agency paper with low trading activity. Included in the tables above at March 31, 2020 and December 31, 2019 , there were no Level 3 securities that were determined by application of a matrix pricing model and for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Generally, a change in spreads would lead to directionally inverse movement in the fair value measurements of these securities. • Asset-backed securities classified as Level 3 primarily consist of non-agency mortgage loan trust certificates, including subprime and Alt-A paper, credit tenant loans, and equipment financings. Included in the tables above at March 31, 2020 and December 31, 2019 , there were no securities that were determined by the application of matrix-pricing for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Significant increases (decreases) in spreads would have resulted in significantly lower (higher) fair value measurements. GMIB Reinsurance Contract Asset and GMxB Derivative Features Liability Significant unobservable inputs with respect to the fair value measurement of the Level 3 GMIB reinsurance contract asset and the Level 3 liabilities identified in the table above are developed using the Company data. The significant unobservable inputs used in the fair value measurement of the Company’s GMIB reinsurance contract asset are lapse rates, withdrawal rates and GMIB utilization rates. Significant increases in GMIB utilization rates or decreases in lapse or withdrawal rates in isolation would tend to increase the GMIB reinsurance contract asset. Fair value measurement of the GMIB reinsurance contract asset and liabilities includes dynamic lapse and GMIB utilization assumptions whereby projected contractual lapses and GMIB utilization reflect the projected net amount of risks of the contract. As the net amount of risk of a contract increases, the assumed lapse rate decreases and the GMIB utilization increases. Increases in volatility would increase the asset and liabilities. The significant unobservable inputs used in the fair value measurement of the Company’s GMIBNLG liability are lapse rates, withdrawal rates, GMIB utilization rates, adjustment for Non-performance risk and NLG forfeiture rates. NLG forfeiture rates are caused by excess withdrawals above the annual GMIB accrual rate that cause the NLG to expire. Significant decreases in lapse rates, NLG forfeiture rates, adjustment for non-performance risk and GMIB utilization rates would tend to increase the GMIBNLG liability, while decreases in withdrawal rates and volatility rates would tend to decrease the GMIBNLG liability. The significant unobservable inputs used in the fair value measurement of the Company’s GMWB and GWBL liability are lapse rates and withdrawal rates. Significant increases in withdrawal rates or decreases in lapse rates in isolation would tend to increase these liabilities. Increases in volatility would increase these liabilities. Carrying Value of Financial Instruments Not Otherwise Disclosed in Note 3 and Note 4 The carrying values and fair values at March 31, 2020 and December 31, 2019 for financial instruments not otherwise disclosed in Note 3 and Note 4 are presented in the table below. Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed Carrying Value Fair Value Level 1 Level 2 Level 3 Total (in millions) March 31, 2020: Mortgage loans on real estate $ 12,106 $ — $ — $ 12,117 $ 12,117 Policy loans $ 3,255 $ — $ — $ 4,173 $ 4,173 Loans to affiliates $ 1,200 $ — $ 1,220 $ — $ 1,220 Policyholders’ liabilities: Investment contracts $ 1,954 $ — $ — $ 2,063 $ 2,063 FHLBNY funding agreem

LOANS TO AFFILIATES

LOANS TO AFFILIATES	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
LOANS TO AFFILIATES	LOANS TO AFFILIATES Loans Issued to Holdings In April 2018, Equitable Life made a $800 million loan to Holdings. The loan has an interest rate of 3.69% and matures in April 2021. In December 2018, and in December 2019, Holdings repaid $200 million and $300 million , respectively. At March 31, 2020 , the amount outstanding was $300 million . In November 2019, Equitable Life made a $900 million loan to Holdings. The loan has an interest rate of one-month LIBOR plus 1.33% . The loan matures on November 24, 2024 . At March 31, 2020 , the amount outstanding was $900 million .

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense for the three months ended March 31, 2020 and 2019

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company did not enter into any new significant transactions with related parties during the three months ended March 31, 2020 .

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
EQUITY	EQUITY AOCI represents cumulative gains (losses) on items that are not reflected in Net income (loss). The balances as of March 31, 2020 and 2019 follow: March 31, 2020 2019 (in millions) Unrealized gains (losses) on investments $ 3,111 $ 280 Defined benefit pension plans (5 ) (7 ) Accumulated other comprehensive income (loss) attributable to Equitable Life $ 3,106 $ 273 The components of OCI, net of taxes for the three months ended March 31, 2020 and 2019 , follow: Three Months Ended March 31, 2020 2019 (in millions) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period $ 1,596 $ 1,243 (Gains) losses reclassified into Net income (loss) during the period (1) (48 ) 6 Net unrealized gains (losses) on investments 1,548 1,249 Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other (34 ) (485 ) Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $403 and $203) 1,514 764 Other comprehensive income (loss), attributable to Equitable Life $ 1,514 $ 764 ____________ (1) See “Reclassification adjustments” in Note 3 . Reclassification amounts presented net of income tax expense (benefit) of $(13) million and $1 million for the three months ended March 31, 2020 and 2019 , respectively. Investment gains and losses reclassified from AOCI to Net income (loss) primarily consist of realized gains (losses) on sales and credit losses of AFS securities and are included in Total investment gains (losses), net on the consolidated statements of income (loss). Amounts reclassified from AOCI to Net income (loss) as related to defined benefit plans primarily consist of amortization of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in Compensation and benefits in the consolidated statements of income (loss). Amounts presented in the table above are net of tax.

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTEREST	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTEREST	REDEEMABLE NONCONTROLLING INTEREST The changes in the components of redeemable noncontrolling interests are presented in the table that follows: Three Months Ended March 31, 2020 2019 (in millions) Balance, beginning of period $ 39 $ 39 Net earnings (loss) attributable to redeemable noncontrolling interests (5 ) 2 Purchase/change of redeemable noncontrolling interests (2 ) 7 Balance, end of period $ 32 $ 48

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Litigation Litigation, regulatory and other loss contingencies arise in the ordinary course of the Company’s activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek, or they may be required only to state an amount sufficient to meet a court’s jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonably possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including, among other things, insurers’ sales practices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration, product design, features and accompanying disclosure, cost of insurance increases, payments of death benefits and the reporting and escheatment of unclaimed property, alleged breach of fiduciary duties, alleged mismanagement of client funds and other matters. As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters. The outcome of a litigation or regulatory matter is difficult to predict, and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company’s financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company’s litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company’s results of operations or cash flows in a particular quarterly or annual period. For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of March 31, 2020 , the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $100 million . For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company’s accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews. In August 2015, a lawsuit was filed in Connecticut Superior Court, Judicial Division of New Haven entitled Richard T. O’Donnell, on behalf of himself and all others similarly situated v. AXA Equitable Life Insurance Company. This lawsuit is a putative class action on behalf of all persons who purchased variable annuities from Equitable Life, which were subsequently subjected to the volatility management strategy and who suffered injury as a result thereof. Plaintiff asserts a claim for breach of contract alleging that Equitable Life implemented the volatility management strategy in violation of applicable law. Plaintiff seeks an award of damages individually and on a classwide basis, and costs and disbursements, including attorneys’ fees, expert witness fees and other costs. In November 2015, the Connecticut Federal District Court transferred this action to the United States District Court for the Southern District of New York. In March 2017, the Southern District of New York granted Equitable Life’s motion to dismiss the complaint. In April 2017, the plaintiff filed a notice of appeal. In April 2018, the United States Court of Appeals for the Second Circuit reversed the trial court’s decision with instructions to remand the case to Connecticut state court. In September 2018, the Second Circuit issued its mandate, following Equitable Life’s notification to the court that it would not file a petition for writ of certiorari. The case was transferred in December 2018 and is pending in Connecticut Superior Court, Judicial District of Stamford. We are vigorously defending this matter. In February 2016, a lawsuit was filed in the United States District Court for the Southern District of New York entitled Brach Family Foundation, Inc. v. AXA Equitable Life Insurance Company. This lawsuit is a putative class action brought on behalf of all owners of universal life (“UL”) policies subject to Equitable Life’s COI rate increase. In early 2016, Equitable Life raised COI rates for certain UL policies issued between 2004 and 2007, which had both issue ages 70 and above and a current face value amount of $1 million and above. A second putative class action was filed in Arizona in 2017 and consolidated with the Brach matter. The current consolidated amended class action complaint alleges the following claims: breach of contract; misrepresentations by Equitable Life in violation of Section 4226 of the New York Insurance Law; violations of New York General Business Law Section 349; and violations of the California Unfair Competition Law, and the California Elder Abuse Statute. Plaintiffs seek; (a) compensatory damages, costs, and, pre- and post-judgment interest; (b) with respect to their claim concerning Section 4226, a penalty in the amount of premiums paid by the plaintiffs and the putative class; and (c) injunctive relief and attorneys’ fees in connection with their statutory claims. Five other federal actions challenging the COI rate increase are also pending against Equitable Life and have been coordinated with the Brach action for the purposes of pre-trial activities. They contain allegations similar to those in the Brach action as well as additional allegations for violations of various states’ consumer protection statutes and common law fraud. Three actions are also pending against Equitable Life in New York state court. Equitable Life is vigorously defending each of these matters. Obligations under Funding Agreements Federal Home Loan Bank of New York As a member of the FHLBNY, Equitable Life has access to collateralized borrowings. It also may issue funding agreements to the FHLBNY. Both the collateralized borrowings and funding agreements would require Equitable Life to pledge qualified mortgage-backed assets and/or government securities as collateral. Equitable Life issues short-term funding agreements to the FHLBNY and uses the funds for asset, liability, and cash management purposes. Equitable Life issues long-term funding agreements to the FHLBNY and uses the funds for spread lending purposes. Entering into FHLBNY membership, borrowings and funding agreements requires the ownership of FHLBNY stock and the pledge of assets as collateral. Equitable Life has purchased FHLBNY stock of $315 million and pledged collateral with a carrying value of $9.8 billion as of March 31, 2020 . Funding agreements are reported in Policyholders’ account balances in the consolidated balance sheets. For other instruments used for asset/liability and cash management purposes, see “Derivative and offsetting assets and liabilities” included in Note 4 . The table below summarizes the Company’s activity of funding agreements with the FHLBNY. Change in FHLBNY Funding Agreements during the Three Months Ended March 31, 2020 Outstanding Balance at December 31, Issued During the Period Repaid During the Period Long-term Agreements Maturing Within One Year Outstanding Balance at March 31, (in millions) Short-term funding agreements: Due in one year or less $ 4,608 $ 11,750 $ 11,900 $ 174 $ 4,632 Long-term funding agreements: Due in years two through five 1,646 — — (174 ) 1,472 Due in more than five years 646 — — — 646 Total long-term funding agreements 2,292 — — (174 ) 2,119 Total funding agreements (1) $ 6,900 $ 11,750 $ 11,900 $ — $ 6,750 ____________ (1) The $9 million and $9 million difference between the funding agreements carrying value shown in fair value table for March 31, 2020 and December 31, 2019 , respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates. Guarantees and Other Commitments The Company provides certain guarantees or commitments to affiliates and others. At March 31, 2020 , these arrangements include commitments by the Company to provide equity financing of $1.0 billion (including $179 million with affiliates) to certain limited partnerships and real estate joint ventures under certain conditions. Management believes the Company will not incur material losses as a result of these commitments. The Company is the obligor under certain structured settlement agreements it had entered into with unaffiliated insurance companies and beneficiaries. To satisfy its obligations under these agreements, the Company owns single premium annuities issued by previously wholly-owned life insurance subsidiaries. The Company has directed payment under these annuities to be made directly to the beneficiaries under the structured settlement agreements. A contingent liability exists with respect to these agreements should the previously wholly-owned subsidiaries be unable to meet their obligations. Management believes the need for the Company to satisfy those obligations is remote. The Company had $17 million of undrawn letters of credit related to reinsurance at March 31, 2020 . The Company had $426 million commitments under existing mortgage loan agreements at March 31, 2020 . Pursuant to certain assumption agreements (the “Assumption Agreements”), AXA Financial legally assumed primary liability from Equitable Life for all current and future liabilities of Equitable Life under certain employee benefit plans that provide participants with medical, life insurance and deferred compensation benefits as well as under the AXA Equitable Retirement plan, a frozen qualified pension plan. Equitable Life remains secondarily liable for its obligations under these plans and would recognize such liabilities in the event AXA Financial does not perform under the terms of the Assumption Agreements. On October 1, 2018, AXA Financial merged with and into its direct parent, Holdings, with Holdings continuing as the surviving entity.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS COVID-19 Pandemic The Company has evaluated the effects of events subsequent to March 31, 2020 , and through the date of the filing of these unaudited consolidated financial statements with the Securities and Exchange Commission. Subsequent to March 31, 2020 , equity and financial markets have experienced significant volatility and interest rates have continued to decline due to the COVID-19 pandemic. The Company is currently unable to determine the extent of the impact of the pandemic to its operations and financial condition.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited interim consolidated financial statements (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature, with the exception of the Company’s update of its interest rate assumption as further described in Assumption Updates and Model Changes. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . The accompanying consolidated financial statements present the consolidated results of operations, financial condition and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those variable interest entities (“VIEs”) that meet the requirements for consolidation. All significant intercompany transactions and balances have been eliminated in consolidation. The terms “ first quarter 2020 ” and “ first quarter 2019 ” refer to the three months ended March 31, 2020 and 2019 , respectively.
Adoption of New Accounting Pronouncements and Future Adoption of New Accounting Pronouncements	Adoption of New Accounting Pronouncements Description Effect on the Financial Statement or Other Significant Matters ASU 2016-13: Financial Instruments—Credit Losses (Topic 326), as clarified and amended by ASU 2018-19: Codification Improvements to Topic 326, Financial Instruments—Credit Losses, ASU 2019-04: Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments and ASU 2019-05: Financial Instruments—Credit Losses (Topic 326) Targeted Transition Relief, ASU 2019-11: Codification Improvements to Topic 326, Financial Instruments-Credit Losses ASU 2016-13 contains new guidance which introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. On January 1, 2020, the Company adopted the new standard and completed implementation of its updated expected credit loss models, processes and controls related to the identified financial assets that fall within the scope of the new standard. Upon adoption, the Company recorded a cumulative effect adjustment to reduce the opening retained earnings balance by approximately $40 million, on a pre-tax and pre-DAC basis. The adjustment is primarily attributable to an increase in the allowance for credit losses associated with the Company’s commercial and agricultural mortgage loan portfolios and reinsurance. ASU 2018-13 : Fair Value Measurement (Topic 820) This ASU improves the effectiveness of fair value disclosures in the notes to financial statements. Amendments in this ASU impact the disclosure requirements in Topic 820, including the removal, modification and addition to existing disclosure requirements. The Company elected to early adopt during 2019 the removed disclosures relating to transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and valuation processes for Level 3 fair value measurements. The Company adopted the additional disclosures related to Level 3 fair value information on January 1, 2020. ASU 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU provides guidance requiring that indirect interests held through related parties in common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The Company adopted this new standard effective for January 1, 2020. Adoption of this standard did not materially impact the Company’s financial position or results of operations. Future Adoption of New Accounting Pronouncements Description Effective Date and Method of Adoption Effect on the Financial Statement or Other Significant Matters ASU 2018-12 : Financial Services - Insurance (Topic 944); ASU 2019-09: Financial Services - Insurance (Topic 944): Effective Date This ASU provides targeted improvements to existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The ASU primarily impacts four key areas, including: In November 2019, ASU 2019-09 was issued which modified ASU 2018-12 to be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted. Accumulated other comprehensive income (“ AOCI”) or a full retrospective transition method using actual historical experience information as of contract inception. The same adoption method must be used for deferred policy acquisition costs. The Company is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements, however the adoption of the ASU is expected to have a significant impact on the Company’s consolidated financial condition, results of operations, cash flows and required disclosures, as well as processes and controls. Description Effective Date and Method of Adoption Effect on the Financial Statement or Other Significant Matters Measurement of market risk benefits (“MRBs”). MRBs, as defined under the ASU, will encompass certain GMxB features associated with variable annuity products and other general account annuities with other than nominal market risk. The ASU requires MRBs to be measured at fair value with changes in value attributable to changes in instrument-specific credit risk recognized in OCI. Amortization of deferred acquisition costs. The ASU simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. Deferred costs will be required to be written off for unexpected contract terminations but will not be subject to impairment testing. For MRBs, the ASU should be applied retrospectively as of the beginning of the earliest period presented. ASU 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, as well as clarifying and amending existing guidance. Effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact adopting the guidance will have on the Company’s consolidated financial statements, however the adoption is not expected to materially impact the Company’s financial position, results of operation, or cash flows. ASU2020-04: Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this ASU provide optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. The Company will determine the applicability of the optional expedients and exceptions provided under the ASU as reference rate reform continues to develop.
Investments	Investments The carrying values of fixed maturities classified as available-for-sale (“AFS”) are reported at fair value. Changes in fair value are reported in other comprehensive income (“OCI”), net of allowance for credit losses, policy related amounts and deferred income taxes. With the adoption of the new Financial Instruments-Credit Losses standard, changes in credit losses are recognized in Investment gains (losses), net. The redeemable preferred stock investments that are reported in fixed maturities include real estate investment trusts (“REIT”), perpetual preferred stock and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer. The Company determines the fair values of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment. The Company’s management, with the assistance of its investment advisors, evaluates AFS debt securities that experienced a decline in fair value below amortized cost for credit losses which are evaluated in accordance with the new financial instruments credit losses guidance effective January 1, 2020. Integral to this review is an assessment made each quarter, on a security-by-security basis, by the Company’s Investments Under Surveillance (“IUS”) Committee, of various indicators of credit deterioration to determine whether the investment security has experienced a credit loss. This assessment includes, but is not limited to, consideration of the severity of the unrealized loss, failure, if any, of the issuer of the security to make scheduled payments, actions taken by rating agencies, adverse conditions specifically related to the security or sector, the financial strength, liquidity and continued viability of the issuer. The Company recognizes an allowance for credit losses on AFS debt securities with a corresponding adjustment to earnings rather than a direct write down that reduces the cost basis of the investment, and credit losses are limited to the amount by which the security’s amortized cost basis exceeds its fair value. Any improvements in estimated credit losses on AFS debt securities are recognized immediately in earnings. Management does not use the length of time a security has been in an unrealized loss position as a factor, either by itself or in combination with other factors, to conclude that a credit loss does not exist, as they were permitted to do prior to January 1, 2020. If there is no intent to sell or likely requirement to dispose of the fixed maturity security before its recovery, only the credit loss component of any resulting allowance is recognized in income (loss) and the remainder of the fair value loss is recognized in OCI. The amount of credit loss is the shortfall of the present value of the cash flows expected to be collected as compared to the amortized cost basis of the security. The present value is calculated by discounting management’s best estimate of projected future cash flows at the effective interest rate implicit in the debt security at the date of acquisition. Projections of future cash flows are based on assumptions regarding probability of default and estimates regarding the amount and timing of recoveries. These assumptions and estimates require use of management judgment and consider internal credit analyses as well as market observable data relevant to the collectability of the security. Write-offs of AFS debt securities are recorded when all or a portion of a financial asset is deemed uncollectible. Full or partial write-offs are recorded as reductions to the amortized cost basis of the AFS debt security and deducted from the allowance in the period in which the financial assets are deemed uncollectible. The Company elected to reverse accrued interest deemed uncollectible as a reversal of interest income. In instances where the Company collects cash that it has previously written off, the recovery will be recognized through earnings or as a reduction of the amortized cost basis for interest and principal, respectively. Real estate held for the production of income is stated at depreciated cost less allowance for credit losses. Depreciation of real estate held for production of income is computed using the straight-line method over the estimated useful lives of the properties, which generally range from 40 to 50 years. Policy loans represent funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies. Partnerships, investment companies and joint venture interests that the Company has control of and has an economic interest in or those that meet the requirements for consolidation under accounting guidance for consolidation of VIEs are consolidated. Those that the Company does not have control of and does not have a majority economic interest in and those that do not meet the VIE requirements for consolidation are reported on the equity method of accounting and are reported in other equity investments. The Company records its interests in certain of these partnerships on a month or one quarter lag. Trading securities, which include equity securities and fixed maturities, are carried at fair value based on quoted market prices, with realized and unrealized gains (losses) reported in net investment income (loss) in the consolidated statements of income (loss). Corporate owned life insurance (“COLI”) has been purchased by the Company and certain subsidiaries on the lives of certain key employees and the Company and these subsidiaries are named as beneficiaries under these policies. COLI is carried at the cash surrender value of the policies. At March 31, 2020 and December 31, 2019 , the carrying value of COLI was $874 million and $942 million , respectively, and is reported in Other invested assets in the consolidated balance sheets. Cash and cash equivalents includes cash on hand, demand deposits, money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value is deemed to approximate fair value. All securities owned, including U.S. government and agency securities, mortgage-backed securities, futures and forwards transactions, are reported in the consolidated financial statements on a trade-date basis. Commercial and Agricultural Mortgage Loans on Real Estate Mortgage loans are stated at unpaid principal balances, net of unamortized discounts and the allowance for credit losses. The Company calculates the allowance for credit losses in accordance with the current expected credit losses (“CECL”) model in order to provide for the risk of credit losses in the lending process. Expected credit losses for loans with similar risk characteristics are estimated on a collective (i.e., pool) basis in order to meet CECL’s risk of loss concept which requires the Company to consider possibilities of loss, even if remote. For collectively evaluated mortgages, the Company estimates the allowance for credit losses based on the amortized cost basis of its mortgages over their expected life using a probability of default (“PD”) / loss given default (“LGD”) model. The PD/LGD model incorporates the Company’s reasonable and supportable forecast of macroeconomic information over a specified period. For periods beyond the reasonable and supportable forecast period, the model reverts to historical loss information. The CECL model is configured to the Company’s specifications and takes into consideration the detailed risk attributes of each discrete loan in the mortgage portfolio which include, but are not limited to the following: • Loan-to-value (“LTV”) ratio - Derived from current loan balance divided by the fair market value of the property. An LTV ratio in excess of 100% indicates an underwater mortgage. • Debt service coverage (“DSC”) ratio - Derived from actual operating earnings divided by annual debt service. If the ratio is below 1.0x, then the income from the property does not support the debt. • Occupancy - Criteria varies by property type but low or below market occupancy is an indicator of sub-par property performance. • Lease expirations - The percentage of leases expiring in the upcoming 12 to 36 months are monitored as a decline in rent and/or occupancy may negatively impact the debt service coverage ratio. In the case of single-tenant properties or properties with large tenant exposure, the lease expiration is a material risk factor. • Other - Any other factors such as maturity, borrower/tenant related issues, payment status, property condition, or current economic conditions may call into question the performance of the loan. For individually evaluated mortgages, the Company continues to recognize an allowance on the present value of expected future cash flows discounted at the loan’s original effective interest rate or on its collateral value. Mortgage loans that do not share similar risk characteristics with other loans in the portfolio are individually evaluated quarterly by the Company’s IUS Committee. The allowance for credit losses on these individually evaluated mortgages is a loan-specific reserve as a result of the loan review process that is recorded based on the present value of expected future cash flows discounted at the loan’s effective interest rate or based on the fair value of the collateral. The individually assessed allowance for mortgage loans can increase or decrease from period to period based on such factors. Individually assessed loans may include, but are not limited to, mortgages that have deteriorated in credit quality such as troubled debt restructurings (“TDR”) and reasonably expected TDRs, mortgages for which foreclosure is probable, and mortgages which have been classified as “potential problem” or “problem” loans within the Company’s IUS Committee processes as described below. Within the IUS process, Commercial mortgages 60 days or more past due and agricultural mortgages 90 days or more past due, as well as all mortgages in the process of foreclosure, are identified as problem mortgages. Based on its monthly monitoring of mortgages, a class of potential problem mortgages are also identified, consisting of mortgage loans not currently classified as problem mortgages but for which management has doubts as to the ability of the borrower to comply with the present loan payment terms and which may result in the loan becoming a problem or being modified. The decision whether to classify a performing mortgage loan as a potential problem involves judgments by management as to likely future industry conditions and developments with respect to the borrower or the individual mortgaged property. Individually assessed mortgage loans without provision for losses are mortgage loans where the fair value of the collateral or the net present value of the expected future cash flows related to the loan equals or exceeds the recorded investment. Interest income earned on mortgage loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on mortgage loans where the present value method is used to measure impairment is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows. Mortgage loans are placed on nonaccrual status once management believes the collection of accrued interest is not probable. Once mortgage loans are classified as nonaccrual mortgage loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured to where the collection of interest is considered likely. The Company charges off loan balances and accrued interest that are deemed uncollectible. Net Investment Income (Loss), Investment Gains (Losses), Net and Unrealized Investment Gains (Losses) Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the allowance for credit losses are included in Investment gains (losses), net. Realized and unrealized holding gains (losses) on trading and equity securities are reflected in Net investment income (loss). Unrealized investment gains (losses) on fixed maturities designated as AFS held by the Company are accounted for as a separate component of AOCI, net of related deferred income taxes, as are amounts attributable to certain pension operations, Closed Block’s policyholders’ dividend obligation, insurance liability loss recognition, DAC related to UL policies, investment-type products and participating traditional life policies. Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities classified as AFS and do not reflect any change in fair value of policyholders’ account balances and future policy benefits.
Accounting and Consolidation of VIEs	Accounting and Consolidation of VIEs For all new investment products and entities developed by the Company (other than Collateralized Debt Obligations (“CDOs”)), the Company first determines whether the entity is a VIE, which involves determining an entity’s variability and variable interests, identifying the holders of the equity investment at risk and assessing the five characteristics of a VIE. Once an entity has been determined to be a VIE, the Company then identifies the primary beneficiary of the VIE. If the Company is deemed to be the primary beneficiary of the VIE, then the Company consolidates the entity. Management of the Company reviews quarterly its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client assets under management (“AUM”) to determine the entities that the Company is required to consolidate under this guidance. These entities include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts and limited partnerships. The analysis performed to identify variable interests held, determine whether entities are VIEs or VOEs, and evaluate whether the Company has a controlling financial interest in such entities requires the exercise of judgment and is updated on a continuous basis as circumstances change or new entities are developed. The primary beneficiary evaluation generally is performed qualitatively based on all facts and circumstances, including consideration of economic interests in the VIE held directly and indirectly through related parties and entities under common control, as well as quantitatively, as appropriate. Consolidated VIEs At March 31, 2020 and December 31, 2019 , the Company consolidated one real estate joint venture for which it was identified as the primary beneficiary under the VIE model. The consolidated entity is jointly owned by Equitable Life and AXA France and holds an investment in a real estate venture. Included in Other invested assets in the Company’s consolidated balance sheets at March 31, 2020 and December 31, 2019 are total assets of $32 million and $32 million , respectively related to this VIE, primarily resulting from the consolidated presentation of this real estate joint venture as real estate held for sale. Redeemable noncontrolling interests are presented in mezzanine equity and non-redeemable noncontrolling interests are presented within permanent equity. Non-Consolidated VIEs At March 31, 2020 and December 31, 2019 , respectively, the Company held approximately $1.2 billion and $1.1 billion of investment assets in the form of equity interests issued by non-corporate legal entities determined under the guidance to be VIEs, such as limited partnerships and limited liability companies, including hedge funds, private equity funds and real estate-related funds. As an equity investor, the Company is considered to have a variable interest in each of these VIEs as a result of its participation in the risks and/or rewards these funds were designed to create by their defined portfolio objectives and strategies. Primarily through qualitative assessment, including consideration of related party interests or other financial arrangements, if any, the Company was not identified as primary beneficiary of any of these VIEs, largely due to its inability to direct the activities that most significantly impact their economic performance. Consequently, the Company continues to reflect these equity interests in the consolidated balance sheets as Other equity investments and applies the equity method of accounting for these positions. The net assets of these non-consolidated VIEs are approximately $151.4 billion and $160.2 billion at March 31, 2020 and December 31, 2019 , respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is the carrying value of its investment of $1.2 billion and $1.1 billion and approximately $1.0 billion and $1.1 billion of unfunded commitments at March 31, 2020 and December 31, 2019 , respectively. The Company has no further economic interest in these VIEs in the form of guarantees, derivatives, credit enhancements or similar instruments and obligations. In addition, at March 31, 2020 and December 31, 2019 , Other invested assets includes real estate held for sale of $(5) million and $(5) million , respectively, as related to one non-consolidated real estate joint venture.
Fair Value Measurement	The accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. The Company uses unadjusted quoted market prices to measure fair value for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value cannot be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument. Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued also are considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Adoption of New Accounting Pronouncements Description Effect on the Financial Statement or Other Significant Matters ASU 2016-13: Financial Instruments—Credit Losses (Topic 326), as clarified and amended by ASU 2018-19: Codification Improvements to Topic 326, Financial Instruments—Credit Losses, ASU 2019-04: Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments and ASU 2019-05: Financial Instruments—Credit Losses (Topic 326) Targeted Transition Relief, ASU 2019-11: Codification Improvements to Topic 326, Financial Instruments-Credit Losses ASU 2016-13 contains new guidance which introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. On January 1, 2020, the Company adopted the new standard and completed implementation of its updated expected credit loss models, processes and controls related to the identified financial assets that fall within the scope of the new standard. Upon adoption, the Company recorded a cumulative effect adjustment to reduce the opening retained earnings balance by approximately $40 million, on a pre-tax and pre-DAC basis. The adjustment is primarily attributable to an increase in the allowance for credit losses associated with the Company’s commercial and agricultural mortgage loan portfolios and reinsurance. ASU 2018-13 : Fair Value Measurement (Topic 820) This ASU improves the effectiveness of fair value disclosures in the notes to financial statements. Amendments in this ASU impact the disclosure requirements in Topic 820, including the removal, modification and addition to existing disclosure requirements. The Company elected to early adopt during 2019 the removed disclosures relating to transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and valuation processes for Level 3 fair value measurements. The Company adopted the additional disclosures related to Level 3 fair value information on January 1, 2020. ASU 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU provides guidance requiring that indirect interests held through related parties in common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The Company adopted this new standard effective for January 1, 2020. Adoption of this standard did not materially impact the Company’s financial position or results of operations. Future Adoption of New Accounting Pronouncements Description Effective Date and Method of Adoption Effect on the Financial Statement or Other Significant Matters ASU 2018-12 : Financial Services - Insurance (Topic 944); ASU 2019-09: Financial Services - Insurance (Topic 944): Effective Date This ASU provides targeted improvements to existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The ASU primarily impacts four key areas, including: In November 2019, ASU 2019-09 was issued which modified ASU 2018-12 to be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted. Accumulated other comprehensive income (“ AOCI”) or a full retrospective transition method using actual historical experience information as of contract inception. The same adoption method must be used for deferred policy acquisition costs. The Company is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements, however the adoption of the ASU is expected to have a significant impact on the Company’s consolidated financial condition, results of operations, cash flows and required disclosures, as well as processes and controls. Description Effective Date and Method of Adoption Effect on the Financial Statement or Other Significant Matters Measurement of market risk benefits (“MRBs”). MRBs, as defined under the ASU, will encompass certain GMxB features associated with variable annuity products and other general account annuities with other than nominal market risk. The ASU requires MRBs to be measured at fair value with changes in value attributable to changes in instrument-specific credit risk recognized in OCI. Amortization of deferred acquisition costs. The ASU simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. Deferred costs will be required to be written off for unexpected contract terminations but will not be subject to impairment testing. For MRBs, the ASU should be applied retrospectively as of the beginning of the earliest period presented. ASU 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, as well as clarifying and amending existing guidance. Effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact adopting the guidance will have on the Company’s consolidated financial statements, however the adoption is not expected to materially impact the Company’s financial position, results of operation, or cash flows. ASU2020-04: Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this ASU provide optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. The Company will determine the applicability of the optional expedients and exceptions provided under the ASU as reference rate reform continues to develop.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Available-for-Sale Fixed Maturities by Classification	The following tables provide information relating to the Company’s fixed maturities classified as AFS. AFS Fixed Maturities by Classification Amortized Allowance for Credit Losses (4) Gross Gross Fair Value (in millions) March 31, 2020: Fixed Maturities: Corporate (1) $ 43,805 $ 2 $ 1,627 $ 792 $ 44,638 U.S. Treasury, government and agency 14,195 — 4,255 — 18,450 States and political subdivisions 607 — 68 6 669 Foreign governments 481 — 27 12 496 Residential mortgage-backed (2) 154 — 12 — 166 Asset-backed (3) 1,509 — 5 124 1,390 Commercial mortgage-backed 37 — 2 — 39 Redeemable preferred stock 543 — 11 31 523 Total at March 31, 2020 $ 61,331 $ 2 $ 6,007 $ 965 $ 66,371 December 31, 2019: Fixed Maturities: Corporate (1) $ 42,347 $ — $ 2,178 $ 61 $ 44,464 U.S. Treasury, government and agency 14,385 — 1,151 305 15,231 States and political subdivisions 584 — 68 3 649 Foreign governments 460 — 35 5 490 Residential mortgage-backed (2) 161 — 12 — 173 Asset-backed (3) 843 — 3 2 844 Redeemable preferred stock 498 — 18 5 511 Total at December 31, 2019 $ 59,278 $ — $ 3,465 $ 381 $ 62,362 ______________ (1) Corporate fixed maturities include both public and private issues. (2) Includes publicly traded agency pass-through securities and collateralized obligations. (3) Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. (4) Amounts represent the allowance for credit losses for 2020 - (see Note 2 Significant Accounting Policies - Investments).
Contractual Maturities of Available-for-Sale Fixed Maturities	The contractual maturities of AFS fixed maturities at March 31, 2020 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Contractual Maturities of AFS Fixed Maturities Amortized Cost (Less Allowance for Credit Losses) Fair Value (in millions) March 31, 2020 (1): Contractual maturities: Due in one year or less $ 4,472 $ 4,466 Due in years two through five 13,620 13,697 Due in years six through ten 16,703 17,130 Due after ten years 24,291 28,960 Subtotal 59,086 64,253 Residential mortgage-backed 154 166 Asset-backed 1,509 1,390 Commercial mortgage-backed 37 39 Redeemable preferred stock 543 523 Total at March 31, 2020 $ 61,329 $ 66,371 ______________ (1) Net amortized cost is equal to amortized cost, less any allowance for credit losses to the extent applicable.
Proceeds and Gains (Losses) on Sales for Available-for-Sale Fixed Maturities	The following table shows proceeds from sales, gross gains (losses) from sales and credit losses for AFS fixed maturities for the three months ended March 31, 2020 and 2019 : Proceeds from Sales, Gross Gains (Losses) from Sales and Credit Losses for AFS Fixed Maturities Three Months Ended March 31, 2020 2019 (in millions) Proceeds from sales $ 1,722 $ 1,361 Gross gains on sales $ 69 $ 8 Gross losses on sales $ (3 ) $ (15 ) Credit losses (1) $ (2 ) $ — ______________ (1) Commencing with the Company’s adoption of ASU 2016-13 on January 1, 2020 , credit losses on AFS debt securities were recognized as an allowance for credit losses. In 2019
AFS Fixed Maturities - Credit Loss Impairments	The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts: AFS Fixed Maturities - Credit Loss Impairments Three Months Ended March 31, 2020 2019 (in millions) Balance at January 1, $ (15 ) $ (46 ) Previously recognized impairments on securities that matured, paid, prepaid or sold — 28 Recognized impairments on securities impaired to fair value this period (1) — — Credit losses recognized this period on securities for which credit losses were not previously recognized (2 ) — Additional credit losses this period on securities previously impaired — — Increases due to passage of time on previously recorded credit losses — — Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior) — — Balance at March 31, $ (17 ) $ (18 ) ______________ (1) Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.
Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities	The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI, split between amounts related to fixed maturities on which a credit loss has been recognized, and all other: Net Unrealized Gains (Losses) on AFS Fixed Maturities Net Unrealized Gains (Losses) on Investments DAC Policyholders’ Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, January 1, 2020 $ 3,084 $ (831 ) $ (192 ) $ (433 ) $ 1,628 Net investment gains (losses) arising during the period 2,026 — — — 2,026 Reclassification adjustment: — Included in Net income (loss) (63 ) — — — (63 ) Excluded from Net income (loss) — — — — — Impact of net unrealized investment gains (losses) on: DAC — 626 — — 626 Deferred income taxes — — — (373 ) (373 ) Policyholders’ liabilities — — (812 ) — (812 ) Net unrealized investment gains (losses) excluding credit losses 5,047 (205 ) (1,004 ) (806 ) 3,032 Net unrealized investment gains (losses) with credit losses (7 ) — 1 1 (5 ) Balance, March 31, 2020 $ 5,040 $ (205 ) $ (1,003 ) $ (805 ) $ 3,027 Net Unrealized Gains (Losses) on Investments DAC Policyholders’ Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, January 1, 2019 $ (577 ) $ 39 $ (55 ) $ 125 $ (468 ) Net investment gains (losses) arising during the period 1,583 — — — 1,583 Reclassification adjustment: Included in Net income (loss) (3 ) — — — (3 ) Excluded from Net income (loss) — — — — — Impact of net unrealized investment gains (losses) on: DAC — (655 ) — — (655 ) Deferred income taxes — — — (211 ) (211 ) Policyholders’ liabilities — — 77 — 77 Net unrealized investment gains (losses) excluding credit losses 1,003 (616 ) 22 (86 ) 323 Net unrealized investment gains (losses) with credit losses (1) — — — — — Balance, March 31, 2019 $ 1,003 $ (616 ) $ 22 $ (86 ) $ 323 ______________ (1) Credit losses for 2019 were OTTI losses.
Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities	The following tables disclose the fair values and gross unrealized losses of the 1,620 issues at March 31, 2020 and the 390 issues at December 31, 2019 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated: AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in millions) March 31, 2020: Fixed Maturities: Corporate $ 13,696 $ 701 $ 262 $ 88 $ 13,958 $ 789 States and political subdivisions 173 6 — — 173 6 Foreign governments 127 4 36 8 163 12 Asset-backed 1,202 117 61 7 1,263 124 Redeemable preferred stock 263 25 43 6 306 31 Total at March 31, 2020 $ 15,461 $ 853 $ 402 $ 109 $ 15,863 $ 962 December 31, 2019 (1): Fixed Maturities: Corporate $ 2,669 $ 41 $ 366 $ 20 $ 3,035 $ 61 U.S. Treasury, government and agency 4,245 305 2 — 4,247 305 States and political subdivisions 123 3 — — 123 3 Foreign governments 11 — 47 5 58 5 Asset-backed 319 — 201 2 520 2 Redeemable preferred stock 29 — 49 5 78 5 Total at December 31, 2019 $ 7,396 $ 349 $ 665 $ 32 $ 8,061 $ 381 ______________ (1) Amounts represents fixed maturities in an unrealized loss position that are not deemed to be other-than-temporarily impaired for 2019.
Financing Receivable, Allowance for Credit Loss	The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the three months ended March 31, 2020 was as follows: Three Months Ended March 31, 2020 (in millions) Allowance for credit losses on mortgage loans (1): Commercial mortgages: Beginning Balance, January 1, $ (33 ) Current-period provision for expected credit losses (11 ) Write-offs charged against the allowance — Recoveries of amounts previously written off 1 Net change in allowance (10 ) Ending Balance, March 31, $ (43 ) Agricultural mortgages: Beginning Balance, January 1, $ (3 ) Current-period provision for expected credit losses — Write-offs charged against the allowance — Recoveries of amounts previously written off — Net change in allowance — Ending Balance, March 31, $ (3 ) Total allowance for credit losses $ (46 ) ____________ (1) See Note 2 for discussion of the transition balance.
Financing Receivable Credit Quality Indicators	The following tables summarize the Company’s mortgage loans segregated by risk rating exposure for the three months ended March 31, 2020 . LTV Ratios (1)(3) At March 31, 2020 Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (in millions) Mortgage loans: Commercial: 0% - 50% $ — $ — $ 28 $ 324 $ 196 $ 637 $ 1,185 50% - 70% 119 767 1,003 1,072 2,501 2,046 7,508 70% - 90% — 85 209 10 59 391 754 90% plus — — — — — — — Total commercial $ 119 $ 852 $ 1,240 $ 1,406 $ 2,756 $ 3,074 $ 9,447 At March 31, 2020 Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (in millions) Agricultural: 0% - 50% $ 30 $ 136 $ 164 $ 171 $ 270 $ 834 $ 1,605 50% - 70% 38 165 187 126 145 420 1,081 70% - 90% — — 3 — — 16 19 90% plus — — — — — — — Total agricultural $ 68 $ 301 $ 354 $ 297 $ 415 $ 1,270 $ 2,705 Total mortgage loans: 0% - 50% $ 30 $ 136 $ 192 $ 495 $ 466 $ 1,471 $ 2,790 50% - 70% 157 932 1,190 1,198 2,646 2,466 8,589 70% - 90% — 85 212 10 59 407 773 90% plus — — — — — — — Total mortgage loans $ 187 $ 1,153 $ 1,594 $ 1,703 $ 3,171 $ 4,344 $ 12,152 Debt Service Coverage Ratios (2)(3) At March 31, 2020 Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (in millions) Mortgage loans: Commercial: Greater than 2.0x $ 119 $ 373 $ 680 $ 583 $ 2,225 $ 1,340 $ 5,320 1.8x to 2.0x — 184 48 379 40 451 1,102 1.5x to 1.8x — 242 223 332 491 577 1,865 1.2x to 1.5x — — 207 75 — 590 872 1.0x to 1.2x — 53 82 37 — 116 288 Less than 1.0x — — — — — — — Total commercial $ 119 $ 852 $ 1,240 $ 1,406 $ 2,756 $ 3,074 $ 9,447 Agricultural Greater than 2.0x $ 3 $ 38 $ 41 $ 37 $ 77 $ 189 $ 385 1.8x to 2.0x 7 30 15 17 22 102 193 1.5x to 1.8x 26 39 47 49 62 249 472 1.2x to 1.5x 12 127 150 121 174 413 997 1.0x to 1.2x 17 57 92 72 61 276 575 Less than 1.0x 3 10 9 1 19 41 83 Total agricultural $ 68 $ 301 $ 354 $ 297 $ 415 $ 1,270 $ 2,705 Total mortgage loans Greater than 2.0x $ 122 $ 411 $ 721 $ 620 $ 2,302 $ 1,529 $ 5,705 1.8x to 2.0x 7 214 63 396 62 553 1,295 1.5x to 1.8x 26 281 270 381 553 826 2,337 1.2x to 1.5x 12 127 357 196 174 1,003 1,869 1.0x to 1.2x 17 110 174 109 61 392 863 Less than 1.0x 3 10 9 1 19 41 83 Total mortgage loans $ 187 $ 1,153 $ 1,594 $ 1,703 $ 3,171 $ 4,344 $ 12,152 _____________ (1) The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually. (2) The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service. (3) Amounts presented at amortized cost basis. The following tables provide information relating to the LTV and DSC ratios for commercial and agricultural mortgage loans at March 31, 2020 and December 31, 2019 . The values used in these ratio calculations were developed as part of the periodic review of the commercial and agricultural mortgage loan portfolio, which includes an evaluation of the underlying collateral value. Mortgage Loans by LTV and DSC Ratios DSC Ratio (2) (3) LTV Ratio (1) (3): Greater than 2.0x 1.8x to 2.0x 1.5x to 1.8x 1.2x to 1.5x 1.0x to 1.2x Less than 1.0x Total (in millions) March 31, 2020: Mortgage loans: Commercial: 0% - 50% $ 925 $ 21 $ 214 $ 25 $ — $ — $ 1,185 50% - 70% 4,143 983 1,437 704 241 — 7,508 70% - 90% 252 98 214 143 47 — 754 90% plus — — — — — — — Total commercial $ 5,320 $ 1,102 $ 1,865 $ 872 $ 288 $ — $ 9,447 Agricultural: 0% - 50% $ 304 $ 110 $ 252 $ 558 $ 333 $ 48 $ 1,605 50% - 70% 81 83 220 420 242 35 1,081 70% - 90% — — — 19 — — 19 90% plus — — — — — — — Total agricultural $ 385 $ 193 $ 472 $ 997 $ 575 $ 83 $ 2,705 Total mortgage loans: 0% - 50% $ 1,229 $ 131 $ 466 $ 583 $ 333 $ 48 $ 2,790 50% - 70% 4,224 1,066 1,657 1,124 483 35 8,589 70% - 90% 252 98 214 162 47 — 773 90% plus — — — — — — — Total mortgage loans $ 5,705 $ 1,295 $ 2,337 $ 1,869 $ 863 $ 83 $ 12,152 December 31, 2019: Mortgage loans: Commercial: 0% - 50% $ 887 $ 38 $ 214 $ 24 $ — $ — $ 1,163 50% - 70% 4,097 1,195 1,118 795 242 — 7,447 70% - 90% 251 98 214 154 46 — 763 90% plus — — — — — — — Total commercial $ 5,235 $ 1,331 $ 1,546 $ 973 $ 288 $ — $ 9,373 DSC Ratio (2) (3) LTV Ratio (1) (3): Greater than 2.0x 1.8x to 2.0x 1.5x to 1.8x 1.2x to 1.5x 1.0x to 1.2x Less than 1.0x Total (in millions) Agricultural: 0% - 50% $ 322 $ 104 $ 241 $ 545 $ 321 $ 50 $ 1,583 50% - 70% 82 87 236 426 251 33 1,115 70% - 90% — — — 19 — — 19 90% plus — — — — — — — Total agricultural $ 404 $ 191 $ 477 $ 990 $ 572 $ 83 $ 2,717 Total mortgage loans: 0% - 50% $ 1,209 $ 142 $ 455 $ 569 $ 321 $ 50 $ 2,746 50% - 70% 4,179 1,282 1,354 1,221 493 33 8,562 70% - 90% 251 98 214 173 46 — 782 90% plus — — — — — — — Total mortgage loans $ 5,639 $ 1,522 $ 2,023 $ 1,963 $ 860 $ 83 $ 12,090 ______________ (1) The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually. (2) The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service. (3) Amounts presented at amortized cost basis.
Age Analysis Of Past Due Mortgage Loans	The following table provides information relating to the aging analysis of past-due mortgage loans at March 31, 2020 and December 31, 2019 , respectively: Age Analysis of Past Due Mortgage Loans (1) Accruing Loans Non-accruing Loans Total Loans Non-accruing Loans with No Allowance Interest Income on Non-accruing Loans Past Due Current Total 30-59 Days 60-89 Days 90 Days or More Total (in millions) March 31, 2020: Mortgage loans: Commercial $ — $ — $ — $ — $ 9,447 $ 9,447 $ — $ 9,447 $ — $ — Agricultural 7 17 63 87 2,618 2,705 — 2,705 — — Total $ 7 $ 17 $ 63 $ 87 $ 12,065 $ 12,152 $ — $ 12,152 $ — $ — December 31, 2019: Mortgage loans: Commercial $ — $ — $ — $ — $ 9,373 $ 9,373 $ — $ 9,373 $ — $ — Agricultural 57 1 66 124 2,593 2,717 66 2,783 — — Total $ 57 $ 1 $ 66 $ 124 $ 11,966 $ 12,090 $ 66 $ 12,156 $ — $ — _______________ (1) Amounts presented at amortized cost basis.
Net Investment Income (Loss) from Trading Securities	Net unrealized and realized gains (losses) on trading securities are included in Net investment income (loss) in the consolidated statements of income (loss). The table below shows a breakdown of Net investment income (loss) from trading securities during the three months ended March 31, 2020 and 2019 : Net Investment Income (Loss) from Trading Securities Three Months Ended March 31, 2020 2019 (in millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ (163 ) $ 274 Net investment gains (losses) recognized on securities sold during the period 3 (24 ) Unrealized and realized gains (losses) on trading securities (160 ) 250 Interest and dividend income from trading securities 49 90 Net investment income (loss) from trading securities $ (111 ) $ 340

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments by Category	The tables below present quantitative disclosures about the Company’s derivative instruments, including those embedded in other contracts required to be accounted for as derivative instruments: Derivative Instruments by Category At March 31, 2020 Three Months Ended March 31, 2020 Fair Value Notional Derivative Assets Derivative Liabilities Net Derivative Gains (Losses) (2) (in millions) Derivative instruments: Freestanding derivatives (1): Equity contracts: Futures $ 5,625 $ — $ — $ 258 Swaps 12,857 583 115 3,763 Options 29,975 2,539 3,083 (3,843 ) Interest rate contracts: Swaps 22,813 2,472 340 3,578 Futures 26,261 — — 1,993 Swaptions — — — 9 Credit contracts: Credit default swaps 1,232 9 7 (13 ) Other freestanding contracts: Foreign currency contracts 347 — — (3 ) Margin — 79 171 — Collateral — 27 3,753 — Embedded derivatives: GMIB reinsurance contracts (3) — 3,305 — 892 GMxB derivative features liability (4) — — 9,509 (1,165 ) SCS, SIO, MSO and IUL indexed features (5) — — (966 ) 4,067 Total derivative instruments $ 99,110 $ 9,014 $ 16,012 Net derivative gains (losses) (6) $ 9,536 ______________ (1) Reported in Other invested assets in the consolidated balance sheets. (2) Reported in Net derivative gains (losses) in the consolidated statements of income (loss). (3) Reported in GMIB reinsurance contract asset in the consolidated balance sheets. (4) Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. (5) Reported in Policyholders’ account balances in the consolidated balance sheets. (6) Investment fees of $3 million are reported in Net derivative gains (losses) in the consolidated statements of income (loss). Derivative Instruments by Category At December 31, 2019 Three Months Ended March 31, 2019 Fair Value Notional Derivative Assets Derivative Liabilities Net Derivative Gains (Losses) (2) (in millions) Derivative instruments: Freestanding derivatives (1): Equity contracts: Futures $ 3,510 $ — $ — $ (738 ) Swaps 17,064 9 279 (973 ) Options 47,766 5,080 1,749 1,101 Interest rate contracts: Swaps 23,700 467 523 648 Futures 20,424 — — 55 Swaptions 3,201 16 — — Credit contracts: Credit default swaps 1,232 18 — 10 Other freestanding contracts: Foreign currency contracts 501 3 — 10 Margin — 140 — — Collateral — 72 3,001 — Embedded derivatives: GMIB reinsurance contracts (3) — 2,466 — 27 GMxB derivative features liability (4) — — 8,246 (409 ) SCS, SIO, MSO and IUL indexed features (5) — — 3,150 (1,286 ) Total derivative instruments $ 117,398 $ 8,271 $ 16,948 Net derivative gains (losses) $ (1,555 ) ______________ (1) Reported in Other invested assets in the consolidated balance sheets. (2) Reported in Net derivative gains (losses) in the consolidated statements of income (loss). (3) Reported in GMIB reinsurance contract asset in the consolidated balance sheets. (4) Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. (5) Reported in Policyholders’ account balances in the consolidated balance sheets.
Offsetting Financial Assets and Liabilities and Derivative Instruments	The following table presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments at December 31, 2019 . Offsetting of Financial Assets and Liabilities and Derivative Instruments At December 31, 2019 Gross Amount Recognized Gross Amount Offset in the Balance Sheets Net Amount Presented in the Balance Sheets Gross Amount not Offset in the Balance Sheets (1) Net Amount (in millions) Assets: Derivative assets $ 5,804 $ 5,429 $ 375 $ (77 ) $ 298 Other financial instruments 1,781 — 1,781 — 1,781 Other invested assets $ 7,585 $ 5,429 $ 2,156 $ (77 ) $ 2,079 Liabilities: Derivative liabilities $ 5,474 $ 5,429 $ 45 $ — $ 45 Other financial liabilities 1,723 — 1,723 — 1,723 Other liabilities $ 7,197 $ 5,429 $ 1,768 $ — $ 1,768 ______________ (1) Primarily financial instrument sent (held). The following table presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments at March 31, 2020 : Offsetting of Financial Assets and Liabilities and Derivative Instruments At March 31, 2020 Gross Amount Recognized Gross Amount Offset in the Balance Sheets Net Amount Presented in the Balance Sheets Gross Amount not Offset in the Balance Sheets (1) Net Amount (in millions) Assets: Derivative assets $ 5,710 $ 5,475 $ 235 $ (162 ) $ 73 Other financial assets 1,360 — 1,360 — 1,360 Other invested assets $ 7,070 $ 5,475 $ 1,595 $ (162 ) $ 1,433 Liabilities: Derivative liabilities $ 7,307 $ 5,475 $ 1,832 $ — $ 1,832 Other financial liabilities 1,564 — 1,564 — 1,564 Other liabilities $ 8,871 $ 5,475 $ 3,396 $ — $ 3,396 ______________ (1) Primarily financial instrument sent (held).

CLOSED BLOCK (Tables)

CLOSED BLOCK (Tables)	3 Months Ended
	Mar. 31, 2020
Closed Block Disclosure [Abstract]
Schedule of Closed Block Assets and Liabilities	Summarized financial information for the Company’s Closed Block is as follows: March 31, 2020 December 31, 2019 (in millions) Closed Block Liabilities: Future policy benefits, policyholders’ account balances and other $ 6,404 $ 6,478 Policyholder dividend obligation — 2 Other liabilities 76 38 Total Closed Block liabilities 6,480 6,518 Assets Designated to the Closed Block: Fixed maturities available-for-sale, at fair value, net of allowance for credit losses of $0 and $0 (amortized cost of $3,557 and $3,558) 3,684 3,754 Mortgage loans on real estate, net of allowance for credit losses of $4 and $0 1,742 1,759 Policy loans 676 706 Cash and other invested assets 112 82 Other assets 133 145 Total assets designated to the Closed Block 6,347 6,446 Excess of Closed Block liabilities over assets designated to the Closed Block 133 72 Amounts included in accumulated other comprehensive income (loss): Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $(2); and net of income tax: $27 and $41 111 164 Maximum future earnings to be recognized from Closed Block assets and liabilities $ 244 $ 236
Closed Block Operations, Net Results	The Company’s Closed Block revenues and expenses were as follows: Three Months Ended March 31, 2020 2019 (in millions) Revenues: Premiums and other income $ 42 $ 48 Net investment income (loss) 66 67 Investment gains (losses), net — (1 ) Total revenues 108 114 Benefits and Other Deductions: Policyholders’ benefits and dividends 103 121 Other operating costs and expenses — 1 Total benefits and other deductions 103 122 Net income (loss), before income taxes 5 (8 ) Income tax (expense) benefit — (1 ) Net income (loss) $ 5 $ (9 )

INSURANCE LIABILITIES (Tables)

INSURANCE LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
GMDB and GMIB Liabilities and Other Policyholder's Liabilities	Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature For the Three Months Ended March 31, 2020 and 2019 GMDB GMIB Direct Ceded Direct Ceded (in millions) Balance at January 1, 2020 4,779 (98 ) 4,688 (2,466 ) Paid guarantee benefits (111 ) 5 (74 ) 20 Other changes in reserve 379 (12 ) 1,683 (859 ) Balance at March 31, 2020 $ 5,047 $ (105 ) $ 6,297 $ (3,305 ) Balance at January 1, 2019 4,654 (107 ) 3,741 (1,991 ) Paid guarantee benefits (118 ) 4 (56 ) 21 Other changes in reserve 129 — 55 (39 ) Balance at March 31, 2019 $ 4,665 $ (103 ) $ 3,740 $ (2,009 )
Variable Annuity Contracts with GMDB and GMIB Features	Account Values and Net Amount at Risk (“NAR”) for direct variable annuity contracts in force with GMDB and GMIB features as of March 31, 2020 are presented in the following tables by guarantee type. For contracts with the GMDB feature, the NAR in the event of death is the amount by which the GMDB feature exceeds the related Account Values. For contracts with the GMIB feature, the NAR in the event of annuitization is the amount by which the present value of the GMIB benefits exceed the related Account Values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB features may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive. Direct Variable Annuity Contracts with GMDB and GMIB Features at March 31, 2020 Guarantee Type Return of Premium Ratchet Roll-Up Combo Total (in millions, except age and interest rate) Variable annuity contracts with GMDB features Account Values invested in: General Account $ 14,662 $ 92 $ 58 $ 176 $ 14,988 Separate Accounts 40,733 7,887 2,607 27,713 78,940 Total Account Values $ 55,395 $ 7,979 $ 2,665 $ 27,889 $ 93,928 Net Amount at Risk, gross $ 715 $ 877 $ 2,296 $ 22,881 $ 26,769 Net Amount at Risk, net of amounts reinsured $ 715 $ 857 $ 1,647 $ 22,881 $ 26,100 Average attained age of policyholders (in years) 51.1 67.8 74.4 69.6 55.1 Percentage of policyholders over age 70 10.7 % 45.7 % 68.7 % 51.6 % 19.5 % Range of contractually specified interest rates N/A N/A 3% - 6% 3% - 6.5% 3% - 6.5% Variable annuity contracts with GMIB features Account Values invested in: General Account $ — $ — $ 18 $ 228 $ 246 Separate Accounts — — 20,724 29,476 50,200 Total Account Values $ — $ — $ 20,742 $ 29,704 $ 50,446 Net Amount at Risk, gross $ — $ — $ 1,360 $ 17,568 $ 18,928 Net Amount at Risk, net of amounts reinsured $ — $ — $ 425 $ 15,774 $ 16,199 Average attained age of policyholders (in years) N/A N/A 68.9 69.7 69.6 Weighted average years remaining until annuitization N/A N/A 1.6 0.3 0.4 Range of contractually specified interest rates N/A N/A 3% - 6% 3% - 6.5% 3% - 6.5%
Investment in Variable Insurance Trust Mutual Funds	The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB features. The investment performance of the assets impacts the related Account Values and, consequently, the NAR associated with the GMDB and GMIB benefits and guarantees. Because the Company’s variable annuity contracts offer both GMDB and GMIB features, GMDB and GMIB amounts are not mutually exclusive. Investment in Variable Insurance Trust Mutual Funds March 31, 2020 December 31, 2019 Mutual Fund Type GMDB GMIB GMDB GMIB (in millions) Equity $ 32,913 $ 13,765 $ 42,489 $ 17,941 Fixed income 5,151 2,680 5,263 2,699 Balanced 39,965 33,483 45,871 38,445 Other 911 272 865 263 Total $ 78,940 $ 50,200 $ 94,488 $ 59,348
No Lapse Guarantee Liabilities	Direct Liability Reinsurance Ceded Net (in millions) Balance at January 1, 2020 893 (807 ) 86 Paid guarantee benefits (13 ) — (13 ) Other changes in reserves 40 (20 ) 20 Balance at March 31, 2020 $ 920 $ (827 ) $ 93 Balance at January 1, 2019 787 (733 ) 54 Paid guarantee benefits (7 ) — (7 ) Other changes in reserves 21 (11 ) 10 Balance at March 31, 2019 $ 801 $ (744 ) $ 57

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis are summarized below. At March 31, 2020 and December 31, 2019 , no assets were required to be measured at fair value on a non-recurring basis. Fair value measurements are required on a non-recurring basis for certain assets, including goodwill and mortgage loans on real estate, only when an impairment or other event occurs. When such fair value measurements are recorded, they must be classified and disclosed within the fair value hierarchy. Fair Value Measurements at March 31, 2020 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 43,464 $ 1,174 $ 44,638 U.S. Treasury, government and agency — 18,450 — 18,450 States and political subdivisions — 633 36 669 Foreign governments — 496 — 496 Residential mortgage-backed (2) — 166 — 166 Asset-backed (3) — 1,350 40 1,390 Commercial mortgage-backed — 39 — 39 Redeemable preferred stock 250 273 — 523 Total fixed maturities, AFS 250 64,871 1,250 66,371 Other equity investments 12 — — 12 Trading securities 265 5,811 — 6,076 Other invested assets: Short-term investments — 124 — 124 Assets of consolidated VIEs/VOEs — — 15 15 Swaps — 2,600 — 2,600 Credit default swaps — 2 — 2 Options — (544 ) — (544 ) Total other invested assets — 2,182 15 2,197 Cash equivalents 7,100 — — 7,100 GMIB reinsurance contracts asset — — 3,305 3,305 Separate Accounts assets (4) 100,873 2,618 — 103,491 Total Assets $ 108,500 $ 75,482 $ 4,570 $ 188,552 Liabilities: GMxB derivative features’ liability $ — $ — $ 9,509 $ 9,509 SCS, SIO, MSO and IUL indexed features’ liability — (966 ) — (966 ) Total Liabilities $ — $ (966 ) $ 9,509 $ 8,543 ______________ (1) Corporate fixed maturities includes both public and private issues. (2) Includes publicly traded agency pass-through securities and collateralized obligations. (3) Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. (4) Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate and commercial mortgages. At March 31, 2020 the fair value of such investments was $361 million . Fair Value Measurements at December 31, 2019 Level 1 Level 2 Level 3 Total (in millions) Assets: Investments: Fixed maturities, AFS: Corporate (1) $ — $ 43,218 $ 1,246 $ 44,464 U.S. Treasury, government and agency — 15,231 — 15,231 States and political subdivisions — 610 39 649 Foreign governments — 490 — 490 Residential mortgage-backed (2) — 173 — 173 Asset-backed (3) — 744 100 844 Redeemable preferred stock 237 274 — 511 Total fixed maturities, AFS 237 60,740 1,385 62,362 Other equity investments 13 — — 13 Trading securities 321 6,277 — 6,598 Other invested assets: Short-term investments — 468 — 468 Assets of consolidated VIEs/VOEs — — 16 16 Swaps — (326 ) — (326 ) Credit default swaps — 18 — 18 Options — 3,331 — 3,331 Total other invested assets — 3,491 16 3,507 Cash equivalents 1,155 — — 1,155 GMIB reinsurance contracts asset — — 2,466 2,466 Separate Accounts assets (4) 121,184 2,878 — 124,062 Total Assets $ 122,910 $ 73,386 $ 3,867 $ 200,163 Liabilities: GMxB derivative features’ liability $ — $ — $ 8,246 $ 8,246 SCS, SIO, MSO and IUL indexed features’ liability — 3,150 — 3,150 Total Liabilities $ — $ 3,150 $ 8,246 $ 11,396 ______________ (1) Corporate fixed maturities includes both public and private issues. (2) Includes publicly traded agency pass-through securities and collateralized obligations. (3) Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. (4) Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate and commercial mortgages. At December 31, 2019 the fair value of such investments was $356 million .
Reconciliation of Assets and Liabilities at Level 3	The tables below present reconciliations for all Level 3 assets and liabilities at March 31, 2020 and 2019 , respectively. Level 3 Instruments - Fair Value Measurements Corporate State and Political Subdivisions Asset-backed (in millions) Balance, January 1, 2020 $ 1,246 $ 39 $ 100 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 1 — — Investment gains (losses), net (2 ) — — Subtotal (1 ) — — Other comprehensive income (loss) (60 ) (3 ) (8 ) Purchases 61 — 48 Sales (46 ) — — Transfers into Level 3 (1) — — — Transfers out of Level 3 (1) (26 ) — (100 ) Balance, March 31, 2020 $ 1,174 $ 36 $ 40 Balance, January 1, 2019 $ 1,174 $ 38 $ 519 Total gains and (losses), realized and unrealized, included in: Net income (loss) as: Net investment income (loss) 1 — — Investment gains (losses), net — — — Subtotal 1 — — Other comprehensive income (loss) 9 1 4 Purchases 70 — 11 Sales (33 ) — — Transfers into Level 3 (1) 17 — — Transfers out of Level 3 (1) (69 ) — — Balance, March 31, 2019 $ 1,169 $ 39 $ 534 ______________ (1) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. Other Equity Investments GMIB Reinsurance Contract Asset Separate Accounts Assets GMxB Derivative Features Liability (in millions) Balance, January 1, 2020 $ 16 $ 2,466 $ — $ (8,246 ) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), net — — — — Net derivative gains (losses), excluding non-performance risk — 1,220 — (3,900 ) Non-performance risk (1) — (328 ) — 2,735 Total realized and unrealized gains (losses) — 892 — (1,165 ) Purchases (2) — 11 — (109 ) Sales (3) — (19 ) — 11 Settlements — — — — Change in estimate (4) — (45 ) — — Activity related to consolidated VIEs/VOEs (1 ) — — — Transfers into Level 3 (5) — — — — Transfers out of Level 3 (5) — — — — Balance, March 31, 2020 $ 15 $ 3,305 $ — $ (9,509 ) Balance, January 1, 2019 $ 48 $ 1,991 $ 21 $ (5,431 ) Realized and unrealized gains (losses), included in Net income (loss) as: Investment gains (losses), net — — — — Net derivative gains (losses), excluding non-performance risk — (13 ) — 51 Non-performance risk (1) — 40 — (460 ) Total realized and unrealized gains (losses) — 27 — (409 ) Other comprehensive income (loss) — — — — Purchases (2) — 12 4 (107 ) Sales (3) — (21 ) — 3 Settlements — — (1 ) — Activity related to consolidated VIEs/VOEs (1 ) — — — Transfers into Level 3 (5) — — — — Transfers out of Level 3 (5) (29 ) — (1 ) — Balance, March 31, 2019 $ 18 $ 2,009 $ 23 $ (5,944 ) ______________ (1) The Company’s non-performance risk is recorded through Net derivative gains (losses). (2) For the GMIB reinsurance contract asset and GMxB derivative features liability, represents attributed fee. (3) For the GMIB reinsurance contract asset, represents recoveries from reinsurers and for GMxB derivative features liability, represents benefits paid. (4) For the GMIB reinsurance contract asset, represents a transfer from amounts due from reinsurers. (5) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. The table below details changes in unrealized gains (losses) for the three months ended March 31, 2020 and 2019 by category for Level 3 assets and liabilities still held at March 31, 2020 and 2019 , respectively. Change in Unrealized Gains (Losses) for Level 3 Instruments Net Income (Loss) Net Derivative Gains (Losses) OCI (in millions) Held at March 31, 2020: Change in unrealized gains (losses): Fixed maturities, AFS: Corporate $ — $ (60 ) State and political subdivisions — (3 ) Asset-backed — (8 ) Total fixed maturities, AFS — (71 ) GMIB reinsurance contracts 892 — GMxB derivative features liability (1,165 ) — Total $ (273 ) $ (71 ) Held at March 31, 2019: Change in unrealized gains (losses): Fixed maturities, AFS: Corporate $ — $ 9 State and political subdivisions — 1 Asset-backed — 4 Total fixed maturities, AFS — 14 GMIB reinsurance contracts 27 — GMxB derivative features liability (409 ) — Total $ (382 ) $ 14
Quantitative Information About Level 3 Fair Value Measurement	The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities at March 31, 2020 and December 31, 2019 , respectively. Quantitative Information about Level 3 Fair Value Measurements at March 31, 2020 Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average (2) (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 57 Matrix pricing Spread over Benchmark 15 - 580 bps 280 bps 1,034 Market EBITDA multiples 3.2x - 31.5x 14.0x GMIB reinsurance contract asset 3,305 Discounted cash flow Non-performance risk 144 - 293 bps 233 bps Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average (2) (in millions) Liabilities: GMIBNLG 9,308 Discounted cash flow Non-performance risk 304 bps 2.75% GWBL/GMWB 146 Discounted cash flow Non-performance risk 304 bps GIB 38 Discounted cash flow Non-performance risk 304 bps GMAB 17 Discounted cash flow Non-performance risk 304 bps ______________ (1) Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives. (2) For Lapses, Withdrawals, and Utilizations the rates were weighted by counts, for Mortality weighted average rates are shown for all ages combined and for Withdrawals the weighted averages were based on an estimated split of partial withdrawal and dollar-for-dollar withdrawals. Quantitative Information about Level 3 Fair Value Measurements at December 31, 2019 Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average (in millions) Assets: Investments: Fixed maturities, AFS: Corporate $ 51 Matrix pricing model Spread over benchmark 65 - 580 bps 186 bps 1,025 Market comparable companies EBITDA multiples 3.3x - 56.7x 14.3x GMIB reinsurance contract asset 2,466 Discounted cash flow Non-performance risk 55 - 109 bps Liabilities: GMIBNLG 8,128 Discounted cash flow Non-performance risk 124 bps GWBL/GMWB 109 Discounted cash flow Non-performance risk 124 bps GIB 5 Discounted cash flow Non-performance risk 124 bps GMAB 4 Discounted cash flow Lapse rates 1.0% - 10.0% ______________ (1) Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.
Fair Value Disclosure Financial Instruments Not Carried At Fair Value	The carrying values and fair values at March 31, 2020 and December 31, 2019 for financial instruments not otherwise disclosed in Note 3 and Note 4 are presented in the table below. Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed Carrying Value Fair Value Level 1 Level 2 Level 3 Total (in millions) March 31, 2020: Mortgage loans on real estate $ 12,106 $ — $ — $ 12,117 $ 12,117 Policy loans $ 3,255 $ — $ — $ 4,173 $ 4,173 Loans to affiliates $ 1,200 $ — $ 1,220 $ — $ 1,220 Policyholders’ liabilities: Investment contracts $ 1,954 $ — $ — $ 2,063 $ 2,063 FHLBNY funding agreements $ 6,759 $ — $ 6,835 $ — $ 6,835 Separate Accounts liabilities $ 7,563 $ — $ — $ 7,563 $ 7,563 December 31, 2019: Mortgage loans on real estate $ 12,090 $ — $ — $ 12,317 $ 12,317 Policy loans $ 3,270 $ — $ — $ 4,199 $ 4,199 Loans to affiliates $ 1,200 $ — $ 1,224 $ — $ 1,224 Policyholders’ liabilities: Investment contracts $ 1,922 $ — $ — $ 2,029 $ 2,029 FHLBNY funding agreements $ 6,909 $ — $ 6,957 $ — $ 6,957 Separate Accounts liabilities $ 9,041 $ — $ — $ 9,041 $ 9,041

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	AOCI represents cumulative gains (losses) on items that are not reflected in Net income (loss). The balances as of March 31, 2020 and 2019 follow: March 31, 2020 2019 (in millions) Unrealized gains (losses) on investments $ 3,111 $ 280 Defined benefit pension plans (5 ) (7 ) Accumulated other comprehensive income (loss) attributable to Equitable Life $ 3,106 $ 273
Comprehensive Income (Loss)	The components of OCI, net of taxes for the three months ended March 31, 2020 and 2019 , follow: Three Months Ended March 31, 2020 2019 (in millions) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period $ 1,596 $ 1,243 (Gains) losses reclassified into Net income (loss) during the period (1) (48 ) 6 Net unrealized gains (losses) on investments 1,548 1,249 Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other (34 ) (485 ) Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $403 and $203) 1,514 764 Other comprehensive income (loss), attributable to Equitable Life $ 1,514 $ 764 ____________ (1) See “Reclassification adjustments” in Note 3 . Reclassification amounts presented net of income tax expense (benefit) of $(13) million and $1 million for the three months ended March 31, 2020 and 2019 , respectively.

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTEREST (Tables)	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The changes in the components of redeemable noncontrolling interests are presented in the table that follows: Three Months Ended March 31, 2020 2019 (in millions) Balance, beginning of period $ 39 $ 39 Net earnings (loss) attributable to redeemable noncontrolling interests (5 ) 2 Purchase/change of redeemable noncontrolling interests (2 ) 7 Balance, end of period $ 32 $ 48

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Activity of Funding Agreements with FHLBNY	Change in FHLBNY Funding Agreements during the Three Months Ended March 31, 2020 Outstanding Balance at December 31, Issued During the Period Repaid During the Period Long-term Agreements Maturing Within One Year Outstanding Balance at March 31, (in millions) Short-term funding agreements: Due in one year or less $ 4,608 $ 11,750 $ 11,900 $ 174 $ 4,632 Long-term funding agreements: Due in years two through five 1,646 — — (174 ) 1,472 Due in more than five years 646 — — — 646 Total long-term funding agreements 2,292 — — (174 ) 2,119 Total funding agreements (1) $ 6,900 $ 11,750 $ 11,900 $ — $ 6,750 ____________ (1) The $9 million and $9 million difference between the funding agreements carrying value shown in fair value table for March 31, 2020 and December 31, 2019 , respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates.

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - New Accounting Pronouncements (Details) $ in Millions	Jan. 01, 2020USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cumulative effect of adoption of ASU 2016-13, CECL	$ (32)
Accounting Standards Update 2016-13
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cumulative effect of adoption of ASU 2016-13, CECL	$ 40

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Investments and Commercial and Agricultural Mortgage Loans on Real Estate (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Mortgage Loans on Real Estate, Write-down or Reserve, Management Judgment Factor [Line Items]
Carrying value of COLI	$ 874	$ 942
Real estate held for the production of income | Minimum
Mortgage Loans on Real Estate, Write-down or Reserve, Management Judgment Factor [Line Items]
Real estate held for the production of income, useful lives	40 years
Real estate held for the production of income | Maximum
Mortgage Loans on Real Estate, Write-down or Reserve, Management Judgment Factor [Line Items]
Real estate held for the production of income, useful lives	50 years

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Accounting and Consolidation of Variable Interest Entities (VIEs) (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)joint_venture	Dec. 31, 2019USD ($)joint_venture
Variable Interest Entity [Line Items]
Assets	$ 218,841	$ 228,041
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of consolidated real estate joint ventures | joint_venture	1	1
Assets	$ 32	$ 32
Variable interest entity, measure of activity, operating income or loss	$ (5)	$ (5)
Number of non-consolidated real estate joint ventures | joint_venture	1	1
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	$ 1,200	$ 1,100
Nonconsolidated VIE, carrying amount, assets	151,400	160,200
Maximum loss exposure, amount	1,200	1,100
Unfunded commitments	$ 1,000	$ 1,100

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Assumption Updates and Model Changes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Change in Accounting Estimate [Line Items]
Policyholders’ benefits increase (decrease)	$ 2,597,000,000	$ 819,000,000
Policy charges and fee income	904,000,000	859,000,000
Interest credited to policyholder's account balances	289,000,000	269,000,000
Income (loss) from operations, before income taxes	7,190,000,000	(990,000,000)
Net income (loss)	5,736,000,000	$ (828,000,000)
Long-term Lapses, Partial Withdrawal Rates and Election Assumptions Updates
Change in Accounting Estimate [Line Items]
Policyholders’ benefits increase (decrease)	1,300,000,000
Amortization of deferred policy acquisition costs, net increase (decrease)	861,000,000
Policy charges and fee income	54,000,000
Interest credited to policyholder's account balances	(6,000,000)
Income (loss) from operations, before income taxes	(2,100,000,000)
Net income (loss)	(1,700,000,000)
5-year Historical Average Over A 10-year Period
Change in Accounting Estimate [Line Items]
Interest rate assumptions	$ 0.0225

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details)	3 Months Ended
	Mar. 31, 2020USD ($)security	Dec. 31, 2019USD ($)security
Net Investment Income [Line Items]
Number of positions in unrealized loss position | security	1,620	390
Debt securities exposure in single issuer greater than stated percentage of total investments	0.60%
Amortized cost	$ 61,329,000,000
Unrealized loss on available for sale securities	205,000,000	$ 21,000,000
Gross unrealized losses	109,000,000	32,000,000
Allowance for credit loss	46,000,000
Separate account equity investment carrying value	45,000,000	58,000,000
Corporate
Net Investment Income [Line Items]
Exposure in single issuer of total investments	$ 275,000,000	$ 279,000,000
Debt securities exposure in single issuer of total investments, percentage	1.50%	2.40%
Gross unrealized losses	$ 88,000,000	$ 20,000,000
Fixed maturities
Net Investment Income [Line Items]
Accrued investment income receivable	464,000,000
Accrued interest, written off	1,000,000
Amortized cost	61,331,000,000	59,278,000,000
Commercial Real Estate and Agricultural Real Estate Portfolio Segment
Net Investment Income [Line Items]
Accrued investment income receivable	29,000,000	32,000,000
Accrued interest, written off	0
Individually Assessed Mortgage Loans
Net Investment Income [Line Items]
Mortgage loans foreclosure probable	0
Allowance for credit loss	0
Commercial Real Estate Portfolio Segment
Net Investment Income [Line Items]
Allowance for credit loss	43,000,000	33,000,000
Non-accruing Loans	0	0
Fair Value, Recurring
Net Investment Income [Line Items]
Trading securities, at fair value	6,076,000,000	6,598,000,000
Other Than Investment Grade | External Credit Rating, Non Investment Grade | Fixed maturities
Net Investment Income [Line Items]
Available-for-sale securities, amortized cost basis other than investment grade	$ 1,700,000,000	$ 1,400,000,000
Percentage of available for sale securities	2.70%	2.30%

INVESTMENTS - Available-for-sal

INVESTMENTS - Available-for-sale Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 61,331		$ 59,278
Allowance for Credit Losses	2		0
Gross Unrealized Gains	6,007		3,465
Gross Unrealized Losses	965		381
Fair Value	66,371		62,362
Amortized Cost
Due in one year or less	4,472
Due in years two through five	13,620
Due in years six through ten	16,703
Due after ten years	24,291
Subtotal	59,086
Amortized cost	61,329
Fair Value
Due in one year or less	4,466
Due in years two through five	13,697
Due in years six through ten	17,130
Due after ten years	28,960
Subtotal	64,253
Fair Value	66,371
Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Abstract]
Proceeds from sales	1,722	$ 1,361
Gross gains on sales	69	8
Gross losses on sales	(3)	(15)
Credit losses	(2)	0
Fixed Maturities - Credit Loss Impairments
Balances, beginning of period	(15)	(46)
Previously recognized impairments on securities that matured, paid, prepaid or sold	0	28
Recognized impairments on securities impaired to fair value this period	0	0
Credit losses recognized this period on securities for which credit losses were not previously recognized	(2)	0
Additional impairments this period on securities previously impaired	0	0
Increases due to passage of time on previously recorded credit losses	0	0
Accretion of previously recognized impairments due to increases in expected cash flows	0	0
Balances, end of period	(17)	$ (18)
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	43,805		42,347
Allowance for Credit Losses	2		0
Gross Unrealized Gains	1,627		2,178
Gross Unrealized Losses	792		61
Fair Value	44,638		44,464
U.S. Treasury, government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,195		14,385
Allowance for Credit Losses	0		0
Gross Unrealized Gains	4,255		1,151
Gross Unrealized Losses	0		305
Fair Value	18,450		15,231
States and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	607		584
Allowance for Credit Losses	0		0
Gross Unrealized Gains	68		68
Gross Unrealized Losses	6		3
Fair Value	669		649
Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	481		460
Allowance for Credit Losses	0		0
Gross Unrealized Gains	27		35
Gross Unrealized Losses	12		5
Fair Value	496		490
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	154		161
Allowance for Credit Losses	0		0
Gross Unrealized Gains	12		12
Gross Unrealized Losses	0		0
Fair Value	166		173
Amortized Cost
Without single maturity date	154
Fair Value
Without single maturity date	166
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,509		843
Allowance for Credit Losses	0		0
Gross Unrealized Gains	5		3
Gross Unrealized Losses	124		2
Fair Value	1,390		844
Amortized Cost
Without single maturity date	1,509
Fair Value
Without single maturity date	1,390
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	37
Allowance for Credit Losses	0
Gross Unrealized Gains	2
Gross Unrealized Losses	0
Fair Value	39
Amortized Cost
Without single maturity date	37
Fair Value
Without single maturity date	39
Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	543		498
Allowance for Credit Losses	0		0
Gross Unrealized Gains	11		18
Gross Unrealized Losses	31		5
Fair Value	523		$ 511
Amortized Cost
Without single maturity date	543
Fair Value
Without single maturity date	$ 523

INVESTMENTS - Rollforward of Ne

INVESTMENTS - Rollforward of Net Unrealized Investment Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 11,658	$ 12,428
Deferred income taxes	(403)	(203)
Ending balance	18,881	12,370
Accumulated Net Investment Gain (Loss) Attributable to Parent | All other | Net Unrealized Gains (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3,084	(577)
Net investment gains (losses) arising during the period	2,026	1,583
Included in Net income (loss)	(63)	(3)
Excluded from Net income (loss)	0	0
Net unrealized investment gains (losses) excluding OTTI losses	5,047	1,003
Net unrealized investment gains (losses) with OTTI losses	(7)	0
Ending balance	5,040	1,003
Accumulated Net Investment Gain (Loss) Attributable to Parent | All other | DAC
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(831)	39
DAC	626	(655)
Net unrealized investment gains (losses) excluding OTTI losses	(205)	(616)
Ending balance	(205)	(616)
Accumulated Net Investment Gain (Loss) Attributable to Parent | All other | Policyholders’ Liabilities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(192)	(55)
Policyholders’ liabilities	(812)	77
Net unrealized investment gains (losses) excluding OTTI losses	(1,004)	22
Ending balance	(1,003)	22
Accumulated Net Investment Gain (Loss) Attributable to Parent | All other | Deferred Income Tax Asset (Liability)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(433)	125
Deferred income taxes	(373)	(211)
Net unrealized investment gains (losses) excluding OTTI losses	(806)	(86)
Ending balance	(805)	(86)
Accumulated Net Investment Gain (Loss) Attributable to Parent | All other | AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1,628	(468)
Net investment gains (losses) arising during the period	2,026	1,583
Included in Net income (loss)	(63)	(3)
Excluded from Net income (loss)	0	0
DAC	626	(655)
Deferred income taxes	(373)	(211)
Policyholders’ liabilities	(812)	77
Net unrealized investment gains (losses) excluding OTTI losses	3,032	323
Net unrealized investment gains (losses) with OTTI losses	(5)	0
Ending balance	3,027	323
Accumulated Net Investment Gain (Loss) Attributable to Parent | Fixed Maturities | All other | DAC
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net unrealized investment gains (losses) with OTTI losses	0	0
Accumulated Net Investment Gain (Loss) Attributable to Parent | Fixed Maturities | All other | Policyholders’ Liabilities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net unrealized investment gains (losses) with OTTI losses	1	0
Accumulated Net Investment Gain (Loss) Attributable to Parent | Fixed Maturities | All other | Deferred Income Tax Asset (Liability)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net unrealized investment gains (losses) with OTTI losses	$ 1	$ 0

INVESTMENTS - Fixed Maturities

INVESTMENTS - Fixed Maturities Available-for-sale (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than Twelve Months, Fair Value	$ 15,461	$ 7,396
Less than 12 Months, Gross unrealized Losses	853	349
12 Months or Longer, Fair Value	402	665
12 Months or Longer, Gross unrealized Losses	109	32
Total Fair Value	15,863	8,061
Total Gross unrealized losses	962	381
Corporate
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than Twelve Months, Fair Value	13,696	2,669
Less than 12 Months, Gross unrealized Losses	701	41
12 Months or Longer, Fair Value	262	366
12 Months or Longer, Gross unrealized Losses	88	20
Total Fair Value	13,958	3,035
Total Gross unrealized losses	789	61
U.S. Treasury, government and agency
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than Twelve Months, Fair Value		4,245
Less than 12 Months, Gross unrealized Losses		305
12 Months or Longer, Fair Value		2
12 Months or Longer, Gross unrealized Losses		0
Total Fair Value		4,247
Total Gross unrealized losses		305
States and political subdivisions
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than Twelve Months, Fair Value	173	123
Less than 12 Months, Gross unrealized Losses	6	3
12 Months or Longer, Fair Value	0	0
12 Months or Longer, Gross unrealized Losses	0	0
Total Fair Value	173	123
Total Gross unrealized losses	6	3
Foreign governments
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than Twelve Months, Fair Value	127	11
Less than 12 Months, Gross unrealized Losses	4	0
12 Months or Longer, Fair Value	36	47
12 Months or Longer, Gross unrealized Losses	8	5
Total Fair Value	163	58
Total Gross unrealized losses	12	5
Asset-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than Twelve Months, Fair Value	1,202	319
Less than 12 Months, Gross unrealized Losses	117	0
12 Months or Longer, Fair Value	61	201
12 Months or Longer, Gross unrealized Losses	7	2
Total Fair Value	1,263	520
Total Gross unrealized losses	124	2
Redeemable preferred stock
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than Twelve Months, Fair Value	263	29
Less than 12 Months, Gross unrealized Losses	25	0
12 Months or Longer, Fair Value	43	49
12 Months or Longer, Gross unrealized Losses	6	5
Total Fair Value	306	78
Total Gross unrealized losses	$ 31	$ 5

INVESTMENTS - Mortgage Loans (D

INVESTMENTS - Mortgage Loans (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Ending balance	$ (46)
Commercial Real Estate Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(33)
Current-period provision for expected credit losses	(11)
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	1
Net change in allowance	(10)
Ending balance	(43)
Agricultural Real Estate Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(3)
Current-period provision for expected credit losses	0
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0
Net change in allowance	0
Ending balance	$ (3)

INVESTMENTS - Credit Quality (D

INVESTMENTS - Credit Quality (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Commercial Mortgage Loans
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			$ 119
2019			852
2018			1,240
2017			1,406
2016			2,756
Prior			3,074
Total	$ 9,447	$ 9,373	9,447	$ 9,373
Age Analysis of Past Due Mortgage Loan
Total Past Due			0	0
Current			9,447	9,373
Total Financing Receivables			9,447	9,373
Non-accruing Loans			0	0
Total	9,447	9,373
Non-accruing Loans with No allowance			0	0
Interest Income on Non-accruing Loans	0	0
Commercial Mortgage Loans | 30-59 Days
Age Analysis of Past Due Mortgage Loan
Total Past Due			0	0
Commercial Mortgage Loans | 60-89 Days
Age Analysis of Past Due Mortgage Loan
Total Past Due			0	0
Commercial Mortgage Loans | 90 Days Or Greater
Age Analysis of Past Due Mortgage Loan
Total Past Due			0	0
Commercial Mortgage Loans | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			119
2019			373
2018			680
2017			583
2016			2,225
Prior			1,340
Total	5,320		5,320
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			5,320	5,235
Total	5,320
Commercial Mortgage Loans | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			0
2019			184
2018			48
2017			379
2016			40
Prior			451
Total	1,102		1,102
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			1,102	1,331
Total	1,102
Commercial Mortgage Loans | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			0
2019			242
2018			223
2017			332
2016			491
Prior			577
Total	1,865		1,865
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			1,865	1,546
Total	1,865
Commercial Mortgage Loans | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			0
2019			0
2018			207
2017			75
2016			0
Prior			590
Total	872		872
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			872	973
Total	872
Commercial Mortgage Loans | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			0
2019			53
2018			82
2017			37
2016			0
Prior			116
Total	288		288
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			288	288
Total	288
Commercial Mortgage Loans | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			0
2019			0
2018			0
2017			0
2016			0
Prior			0
Total	0		0
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Total	0
Commercial Mortgage Loans | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			0
2019			0
2018			28
2017			324
2016			196
Prior			637
Total	1,185		1,185
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			1,185	1,163
Total	1,185
Commercial Mortgage Loans | 0% - 50% | Greater than 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			925	887
Commercial Mortgage Loans | 0% - 50% | 1.8x to 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			21	38
Commercial Mortgage Loans | 0% - 50% | 1.5x to 1.8x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			214	214
Commercial Mortgage Loans | 0% - 50% | 1.2x to 1.5x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			25	24
Commercial Mortgage Loans | 0% - 50% | 1.0x to 1.2x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Commercial Mortgage Loans | 0% - 50% | Less than 1.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Commercial Mortgage Loans | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			119
2019			767
2018			1,003
2017			1,072
2016			2,501
Prior			2,046
Total	7,508		7,508
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			7,508	7,447
Total	7,508
Commercial Mortgage Loans | 50% - 70% | Greater than 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			4,143	4,097
Commercial Mortgage Loans | 50% - 70% | 1.8x to 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			983	1,195
Commercial Mortgage Loans | 50% - 70% | 1.5x to 1.8x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			1,437	1,118
Commercial Mortgage Loans | 50% - 70% | 1.2x to 1.5x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			704	795
Commercial Mortgage Loans | 50% - 70% | 1.0x to 1.2x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			241	242
Commercial Mortgage Loans | 50% - 70% | Less than 1.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Commercial Mortgage Loans | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			0
2019			85
2018			209
2017			10
2016			59
Prior			391
Total	754		754
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			754	763
Total	754
Commercial Mortgage Loans | 70% - 90% | Greater than 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			252	251
Commercial Mortgage Loans | 70% - 90% | 1.8x to 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			98	98
Commercial Mortgage Loans | 70% - 90% | 1.5x to 1.8x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			214	214
Commercial Mortgage Loans | 70% - 90% | 1.2x to 1.5x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			143	154
Commercial Mortgage Loans | 70% - 90% | 1.0x to 1.2x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			47	46
Commercial Mortgage Loans | 70% - 90% | Less than 1.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Commercial Mortgage Loans | 90% plus
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			0
2019			0
2018			0
2017			0
2016			0
Prior			0
Total	0		0
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Total	0
Commercial Mortgage Loans | 90% plus | Greater than 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Commercial Mortgage Loans | 90% plus | 1.8x to 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Commercial Mortgage Loans | 90% plus | 1.5x to 1.8x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Commercial Mortgage Loans | 90% plus | 1.2x to 1.5x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Commercial Mortgage Loans | 90% plus | 1.0x to 1.2x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Commercial Mortgage Loans | 90% plus | Less than 1.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Agricultural Mortgage Loans
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			68
2019			301
2018			354
2017			297
2016			415
Prior			1,270
Total	2,705	2,783	2,705	2,783
Age Analysis of Past Due Mortgage Loan
Total Past Due			87	124
Current			2,618	2,593
Total Financing Receivables			2,705	2,717
Non-accruing Loans			0	66
Total	2,705	2,783
Non-accruing Loans with No allowance			0	0
Interest Income on Non-accruing Loans	0	0
Agricultural Mortgage Loans | 30-59 Days
Age Analysis of Past Due Mortgage Loan
Total Past Due			7	57
Agricultural Mortgage Loans | 60-89 Days
Age Analysis of Past Due Mortgage Loan
Total Past Due			17	1
Agricultural Mortgage Loans | 90 Days Or Greater
Age Analysis of Past Due Mortgage Loan
Total Past Due			63	66
Agricultural Mortgage Loans | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			3
2019			38
2018			41
2017			37
2016			77
Prior			189
Total	385		385
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			385	404
Total	385
Agricultural Mortgage Loans | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			7
2019			30
2018			15
2017			17
2016			22
Prior			102
Total	193		193
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			193	191
Total	193
Agricultural Mortgage Loans | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			26
2019			39
2018			47
2017			49
2016			62
Prior			249
Total	472		472
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			472	477
Total	472
Agricultural Mortgage Loans | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			12
2019			127
2018			150
2017			121
2016			174
Prior			413
Total	997		997
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			997	990
Total	997
Agricultural Mortgage Loans | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			17
2019			57
2018			92
2017			72
2016			61
Prior			276
Total	575		575
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			575	572
Total	575
Agricultural Mortgage Loans | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			3
2019			10
2018			9
2017			1
2016			19
Prior			41
Total	83		83
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			83	83
Total	83
Agricultural Mortgage Loans | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			30
2019			136
2018			164
2017			171
2016			270
Prior			834
Total	1,605		1,605
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			1,605	1,583
Total	1,605
Agricultural Mortgage Loans | 0% - 50% | Greater than 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			304	322
Agricultural Mortgage Loans | 0% - 50% | 1.8x to 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			110	104
Agricultural Mortgage Loans | 0% - 50% | 1.5x to 1.8x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			252	241
Agricultural Mortgage Loans | 0% - 50% | 1.2x to 1.5x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			558	545
Agricultural Mortgage Loans | 0% - 50% | 1.0x to 1.2x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			333	321
Agricultural Mortgage Loans | 0% - 50% | Less than 1.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			48	50
Agricultural Mortgage Loans | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			38
2019			165
2018			187
2017			126
2016			145
Prior			420
Total	1,081		1,081
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			1,081	1,115
Total	1,081
Agricultural Mortgage Loans | 50% - 70% | Greater than 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			81	82
Agricultural Mortgage Loans | 50% - 70% | 1.8x to 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			83	87
Agricultural Mortgage Loans | 50% - 70% | 1.5x to 1.8x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			220	236
Agricultural Mortgage Loans | 50% - 70% | 1.2x to 1.5x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			420	426
Agricultural Mortgage Loans | 50% - 70% | 1.0x to 1.2x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			242	251
Agricultural Mortgage Loans | 50% - 70% | Less than 1.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			35	33
Agricultural Mortgage Loans | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			0
2019			0
2018			3
2017			0
2016			0
Prior			16
Total	19		19
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			19	19
Total	19
Agricultural Mortgage Loans | 70% - 90% | Greater than 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Agricultural Mortgage Loans | 70% - 90% | 1.8x to 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Agricultural Mortgage Loans | 70% - 90% | 1.5x to 1.8x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Agricultural Mortgage Loans | 70% - 90% | 1.2x to 1.5x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			19	19
Agricultural Mortgage Loans | 70% - 90% | 1.0x to 1.2x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Agricultural Mortgage Loans | 70% - 90% | Less than 1.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Agricultural Mortgage Loans | 90% plus
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			0
2019			0
2018			0
2017			0
2016			0
Prior			0
Total	0		0
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Total	0
Agricultural Mortgage Loans | 90% plus | Greater than 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Agricultural Mortgage Loans | 90% plus | 1.8x to 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Agricultural Mortgage Loans | 90% plus | 1.5x to 1.8x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Agricultural Mortgage Loans | 90% plus | 1.2x to 1.5x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Agricultural Mortgage Loans | 90% plus | 1.0x to 1.2x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Agricultural Mortgage Loans | 90% plus | Less than 1.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Total Mortgages Loan
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			187
2019			1,153
2018			1,594
2017			1,703
2016			3,171
Prior			4,344
Total	12,152	12,156	12,152	12,156
Age Analysis of Past Due Mortgage Loan
Total Past Due			87	124
Current			12,065	11,966
Total Financing Receivables			12,152	12,090
Non-accruing Loans			0	66
Total	12,152	12,156
Non-accruing Loans with No allowance			0	0
Interest Income on Non-accruing Loans	0	$ 0
Total Mortgages Loan | 30-59 Days
Age Analysis of Past Due Mortgage Loan
Total Past Due			7	57
Total Mortgages Loan | 60-89 Days
Age Analysis of Past Due Mortgage Loan
Total Past Due			17	1
Total Mortgages Loan | 90 Days Or Greater
Age Analysis of Past Due Mortgage Loan
Total Past Due			63	66
Total Mortgages Loan | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			122
2019			411
2018			721
2017			620
2016			2,302
Prior			1,529
Total	5,705		5,705
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			5,705	5,639
Total	5,705
Total Mortgages Loan | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			7
2019			214
2018			63
2017			396
2016			62
Prior			553
Total	1,295		1,295
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			1,295	1,522
Total	1,295
Total Mortgages Loan | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			26
2019			281
2018			270
2017			381
2016			553
Prior			826
Total	2,337		2,337
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			2,337	2,023
Total	2,337
Total Mortgages Loan | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			12
2019			127
2018			357
2017			196
2016			174
Prior			1,003
Total	1,869		1,869
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			1,869	1,963
Total	1,869
Total Mortgages Loan | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			17
2019			110
2018			174
2017			109
2016			61
Prior			392
Total	863		863
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			863	860
Total	863
Total Mortgages Loan | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			3
2019			10
2018			9
2017			1
2016			19
Prior			41
Total	83		83
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			83	83
Total	83
Total Mortgages Loan | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			30
2019			136
2018			192
2017			495
2016			466
Prior			1,471
Total	2,790		2,790
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			2,790	2,746
Total	2,790
Total Mortgages Loan | 0% - 50% | Greater than 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			1,229	1,209
Total Mortgages Loan | 0% - 50% | 1.8x to 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			131	142
Total Mortgages Loan | 0% - 50% | 1.5x to 1.8x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			466	455
Total Mortgages Loan | 0% - 50% | 1.2x to 1.5x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			583	569
Total Mortgages Loan | 0% - 50% | 1.0x to 1.2x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			333	321
Total Mortgages Loan | 0% - 50% | Less than 1.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			48	50
Total Mortgages Loan | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			157
2019			932
2018			1,190
2017			1,198
2016			2,646
Prior			2,466
Total	8,589		8,589
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			8,589	8,562
Total	8,589
Total Mortgages Loan | 50% - 70% | Greater than 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			4,224	4,179
Total Mortgages Loan | 50% - 70% | 1.8x to 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			1,066	1,282
Total Mortgages Loan | 50% - 70% | 1.5x to 1.8x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			1,657	1,354
Total Mortgages Loan | 50% - 70% | 1.2x to 1.5x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			1,124	1,221
Total Mortgages Loan | 50% - 70% | 1.0x to 1.2x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			483	493
Total Mortgages Loan | 50% - 70% | Less than 1.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			35	33
Total Mortgages Loan | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			0
2019			85
2018			212
2017			10
2016			59
Prior			407
Total	773		773
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			773	782
Total	773
Total Mortgages Loan | 70% - 90% | Greater than 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			252	251
Total Mortgages Loan | 70% - 90% | 1.8x to 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			98	98
Total Mortgages Loan | 70% - 90% | 1.5x to 1.8x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			214	214
Total Mortgages Loan | 70% - 90% | 1.2x to 1.5x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			162	173
Total Mortgages Loan | 70% - 90% | 1.0x to 1.2x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			47	46
Total Mortgages Loan | 70% - 90% | Less than 1.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Total Mortgages Loan | 90% plus
Financing Receivable, before Allowance for Credit Loss [Abstract]
2020			0
2019			0
2018			0
2017			0
2016			0
Prior			0
Total	0		0
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Total	$ 0
Total Mortgages Loan | 90% plus | Greater than 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Total Mortgages Loan | 90% plus | 1.8x to 2.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Total Mortgages Loan | 90% plus | 1.5x to 1.8x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Total Mortgages Loan | 90% plus | 1.2x to 1.5x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Total Mortgages Loan | 90% plus | 1.0x to 1.2x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			0	0
Total Mortgages Loan | 90% plus | Less than 1.0x
Age Analysis of Past Due Mortgage Loan
Total Financing Receivables			$ 0	$ 0

INVESTMENTS - Trading Securitie

INVESTMENTS - Trading Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ (163)	$ 274
Net investment gains (losses) recognized on securities sold during the period	3	(24)
Unrealized and realized gains (losses) on trading securities	(160)	250
Interest and dividend income from trading securities	49	90
Net investment income (loss) from trading securities	$ (111)	$ 340

DERIVATIVES - Derivatives by Ca

DERIVATIVES - Derivatives by Category (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Notional amount	$ 99,110	$ 117,398
Asset Derivatives	9,014	8,271
Liability Derivatives	16,012	16,948
Net Gains (Losses) Reported In Net Income (Loss)	9,536	(1,555)
Futures
Derivatives, Fair Value [Line Items]
Notional amount	5,625	3,510
Asset Derivatives	0	0
Liability Derivatives	0	0
Net Gains (Losses) Reported In Net Income (Loss)	258	(738)
Swaps
Derivatives, Fair Value [Line Items]
Notional amount	12,857	17,064
Asset Derivatives	583	9
Liability Derivatives	115	279
Net Gains (Losses) Reported In Net Income (Loss)	3,763	(973)
Options
Derivatives, Fair Value [Line Items]
Notional amount	29,975	47,766
Asset Derivatives	2,539	5,080
Liability Derivatives	3,083	1,749
Net Gains (Losses) Reported In Net Income (Loss)	(3,843)	1,101
Swaps
Derivatives, Fair Value [Line Items]
Notional amount	22,813	23,700
Asset Derivatives	2,472	467
Liability Derivatives	340	523
Net Gains (Losses) Reported In Net Income (Loss)	3,578	648
Futures
Derivatives, Fair Value [Line Items]
Notional amount	26,261	20,424
Asset Derivatives	0	0
Liability Derivatives	0	0
Net Gains (Losses) Reported In Net Income (Loss)	1,993	55
Swaptions
Derivatives, Fair Value [Line Items]
Notional amount	0	3,201
Asset Derivatives	0	16
Liability Derivatives	0	0
Net Gains (Losses) Reported In Net Income (Loss)	9	0
Credit default swaps
Derivatives, Fair Value [Line Items]
Notional amount	1,232	1,232
Asset Derivatives	9	18
Liability Derivatives	7	0
Net Gains (Losses) Reported In Net Income (Loss)	(13)	10
Foreign currency contracts
Derivatives, Fair Value [Line Items]
Notional amount	347	501
Asset Derivatives	0	3
Liability Derivatives	0	0
Net Gains (Losses) Reported In Net Income (Loss)	(3)	10
Collateral
Derivatives, Fair Value [Line Items]
Notional amount	0	0
Asset Derivatives	79	140
Liability Derivatives	171	0
Net Gains (Losses) Reported In Net Income (Loss)	0	0
Margin
Derivatives, Fair Value [Line Items]
Notional amount	0	0
Asset Derivatives	27	72
Liability Derivatives	3,753	3,001
Net Gains (Losses) Reported In Net Income (Loss)	0	0
GMIB Reinsurance Contracts
Derivatives, Fair Value [Line Items]
Notional amount	0	0
Asset Derivatives	3,305	2,466
Liability Derivatives	0	0
Net Gains (Losses) Reported In Net Income (Loss)	892	27
GMxB Derivative Features’ Liability
Derivatives, Fair Value [Line Items]
Notional amount	0	0
Asset Derivatives	0	0
Liability Derivatives	9,509	8,246
Net Gains (Losses) Reported In Net Income (Loss)	(1,165)	(409)
SCS, SIO, MSO and IUL Indexed Features
Derivatives, Fair Value [Line Items]
Notional amount	0	0
Asset Derivatives	0	0
Liability Derivatives	(966)	3,150
Net Gains (Losses) Reported In Net Income (Loss)	4,067	$ (1,286)
Investment fees	$ 3

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Liability derivatives	$ 16,012	$ 16,948
Collateralized derivative transactions	27	72
Collateral
Derivative [Line Items]
Liability derivatives	3,800	3,000
S&P 500, Russell 1000, NASDAQ 100 and Emerging Market Indices
Derivative [Line Items]
Initial margin requirements	240	58
Us Treasury Notes Ultra Long Bonds And Euro Dollar
Derivative [Line Items]
Initial margin requirements	649	165
Euro Stoxx, FTSE100, EAFE And Topix Indices
Derivative [Line Items]
Initial margin requirements	$ 159	$ 60

DERIVATIVES - Offsetting of Fin

DERIVATIVES - Offsetting of Financial Assets and Liabilities and Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Total derivatives
Assets
Gross Amount Recognized	$ 5,710	$ 5,804
Gross Amount Offset in the Balance Sheets	5,475	5,429
Net Amount Presented in the Balance Sheets	235	375
Gross Amount not Offset in the Balance Sheets	(162)	(77)
Net Amount	73	298
Liabilities
Gross Amount Recognized	7,307	5,474
Gross Amount Offset in the Balance Sheets	5,475	5,429
Net Amount Presented in the Balance Sheets	1,832	45
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	1,832	45
Other financial instruments
Assets
Gross Amount Recognized	1,360	1,781
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	1,360	1,781
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	1,360	1,781
Other invested assets
Assets
Gross Amount Recognized	7,070	7,585
Gross Amount Offset in the Balance Sheets	5,475	5,429
Net Amount Presented in the Balance Sheets	1,595	2,156
Gross Amount not Offset in the Balance Sheets	(162)	(77)
Net Amount	1,433	2,079
Other financial liabilities
Liabilities
Gross Amount Recognized	1,564	1,723
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	1,564	1,723
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	1,564	1,723
Other liabilities
Liabilities
Gross Amount Recognized	8,871	7,197
Gross Amount Offset in the Balance Sheets	5,475	5,429
Net Amount Presented in the Balance Sheets	3,396	1,768
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	$ 3,396	$ 1,768

CLOSED BLOCK - Summarized Finan

CLOSED BLOCK - Summarized Financial Information for Closed Block (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$ 6,404	$ 6,478
Policyholder dividend obligation	0	2
Other liabilities	76	38
Total Closed Block liabilities	6,480	6,518
Assets Designated to the Closed Block:
Fixed maturities available-for-sale, at fair value, net of allowance for credit losses of $0 and $0 (amortized cost of $3,557 and $3,558)	3,684	3,754
Mortgage loans on real estate, net of allowance for credit losses of $4 and $0	1,742	1,759
Policy loans	676	706
Cash and other invested assets	112	82
Other assets	133	145
Total assets designated to the Closed Block	6,347	6,446
Excess of Closed Block liabilities over assets designated to the Closed Block	133	72
Amounts included in accumulated other comprehensive income (loss):
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $(2); and net of income tax: $27 and $41	111	164
Maximum future earnings to be recognized from Closed Block assets and liabilities	244	236
Fixed maturities available-for-sale, allowance for credit losses	0	0
Fixed maturities, available for sale, amortized cost	3,557	3,558
Mortgage loans, credit losses	4	0
Policyholder dividend obligation	0	(2)
Closed block operations, income taxes	$ 27	$ 41

CLOSED BLOCK - Revenues and Exp

CLOSED BLOCK - Revenues and Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Premiums and other income	$ 42	$ 48
Net investment income (loss)	66	67
Investment gains (losses), net	0	(1)
Total revenues	108	114
Benefits and Other Deductions:
Policyholders’ benefits and dividends	103	121
Other operating costs and expenses	0	1
Total benefits and other deductions	103	122
Net income (loss), before income taxes	5	(8)
Income tax (expense) benefit	0	(1)
Net income (loss)	$ 5	$ (9)

INSURANCE LIABILITIES - Rollfor

INSURANCE LIABILITIES - Rollforward of Liability and Reinsurance Ceded (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
GMDB
Direct Liability
Balance, beginning of period	$ 4,779	$ 4,654
Balance, beginning of period	(98)	(107)
Paid guarantee benefits	(111)	(118)
Paid guarantee benefits	5	4
Other changes in reserves	379	129
Other changes in reserve	(12)	0
Balance, end of period	5,047	4,665
Balance, end of period	(105)	(103)
GMIB
Direct Liability
Balance, beginning of period	4,688	3,741
Balance, beginning of period	(2,466)	(1,991)
Paid guarantee benefits	(74)	(56)
Paid guarantee benefits	20	21
Other changes in reserves	1,683	55
Other changes in reserve	(859)	(39)
Balance, end of period	6,297	3,740
Balance, end of period	$ (3,305)	$ (2,009)

INSURANCE LIABILITIES - Variabl

INSURANCE LIABILITIES - Variable Annuity Contracts with GMDB and GMIB Features (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
GMDB
Net Amount at Risk by Product and Guarantee [Line Items]
Separate Accounts	$ 78,940	$ 94,488
Net Amount At Risk By Product And Guarantee, Account Value	93,928
GMDB | Return of Premium
Net Amount at Risk by Product and Guarantee [Line Items]
Net Amount At Risk By Product And Guarantee, Account Value	55,395
GMDB | Ratchet
Net Amount at Risk by Product and Guarantee [Line Items]
Net Amount At Risk By Product And Guarantee, Account Value	7,979
GMDB | Roll-Up
Net Amount at Risk by Product and Guarantee [Line Items]
Net Amount At Risk By Product And Guarantee, Account Value	2,665
GMDB | Combo
Net Amount at Risk by Product and Guarantee [Line Items]
Net Amount At Risk By Product And Guarantee, Account Value	27,889
GMIB
Net Amount at Risk by Product and Guarantee [Line Items]
Separate Accounts	50,200	$ 59,348
Immediate Variable Annuity | GMDB
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	14,988
Separate Accounts	78,940
Net Amount at Risk, gross	26,769
Net Amount at Risk, net of amounts reinsured	$ 26,100
Average attained age of policyholders (in years)	55 years 1 month 6 days
Percentage of policyholders over age 70	19.50%
Immediate Variable Annuity | GMDB | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates	3.00%
Immediate Variable Annuity | GMDB | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates	6.50%
Immediate Variable Annuity | GMDB | Return of Premium
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 14,662
Separate Accounts	40,733
Net Amount at Risk, gross	715
Net Amount at Risk, net of amounts reinsured	$ 715
Average attained age of policyholders (in years)	51 years 1 month 6 days
Percentage of policyholders over age 70	10.70%
Immediate Variable Annuity | GMDB | Ratchet
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 92
Separate Accounts	7,887
Net Amount at Risk, gross	877
Net Amount at Risk, net of amounts reinsured	$ 857
Average attained age of policyholders (in years)	67 years 9 months 18 days
Percentage of policyholders over age 70	45.70%
Immediate Variable Annuity | GMDB | Roll-Up
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 58
Separate Accounts	2,607
Net Amount at Risk, gross	2,296
Net Amount at Risk, net of amounts reinsured	$ 1,647
Average attained age of policyholders (in years)	74 years 4 months 24 days
Percentage of policyholders over age 70	68.70%
Immediate Variable Annuity | GMDB | Roll-Up | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates	3.00%
Immediate Variable Annuity | GMDB | Roll-Up | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates	6.00%
Immediate Variable Annuity | GMDB | Combo
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 176
Separate Accounts	27,713
Net Amount at Risk, gross	22,881
Net Amount at Risk, net of amounts reinsured	$ 22,881
Average attained age of policyholders (in years)	69 years 7 months 6 days
Percentage of policyholders over age 70	51.60%
Immediate Variable Annuity | GMDB | Combo | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates	3.00%
Immediate Variable Annuity | GMDB | Combo | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates	6.50%
Immediate Variable Annuity | GMIB
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 246
Separate Accounts	50,200
Net Amount At Risk By Product And Guarantee, Account Value	50,446
Net Amount at Risk, gross	18,928
Net Amount at Risk, net of amounts reinsured	$ 16,199
Average attained age of policyholders (in years)	69 years 7 months 6 days
Weighted average years remaining until annuitization (in years)	4 months 24 days
Immediate Variable Annuity | GMIB | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates	3.00%
Immediate Variable Annuity | GMIB | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates	6.50%
Immediate Variable Annuity | GMIB | Return of Premium
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 0
Separate Accounts	0
Net Amount At Risk By Product And Guarantee, Account Value	0
Net Amount at Risk, gross	0
Net Amount at Risk, net of amounts reinsured	0
Immediate Variable Annuity | GMIB | Ratchet
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	0
Separate Accounts	0
Net Amount At Risk By Product And Guarantee, Account Value	0
Net Amount at Risk, gross	0
Net Amount at Risk, net of amounts reinsured	0
Immediate Variable Annuity | GMIB | Roll-Up
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	18
Separate Accounts	20,724
Net Amount At Risk By Product And Guarantee, Account Value	20,742
Net Amount at Risk, gross	1,360
Net Amount at Risk, net of amounts reinsured	$ 425
Average attained age of policyholders (in years)	68 years 10 months 25 days
Weighted average years remaining until annuitization (in years)	1 year 7 months 6 days
Immediate Variable Annuity | GMIB | Roll-Up | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates	3.00%
Immediate Variable Annuity | GMIB | Roll-Up | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates	6.00%
Immediate Variable Annuity | GMIB | Combo
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 228
Separate Accounts	29,476
Net Amount At Risk By Product And Guarantee, Account Value	29,704
Net Amount at Risk, gross	17,568
Net Amount at Risk, net of amounts reinsured	$ 15,774
Average attained age of policyholders (in years)	69 years 8 months 12 days
Weighted average years remaining until annuitization (in years)	3 months 19 days
Immediate Variable Annuity | GMIB | Combo | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates	3.00%
Immediate Variable Annuity | GMIB | Combo | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates	6.50%

INSURANCE LIABILITIES - Investm

INSURANCE LIABILITIES - Investment in Variable Insurance Trust Mutual Funds (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
GMDB
Fair Value, Separate Account Investment [Line Items]
Investment in Variable Insurance Trust Mutual Funds	$ 78,940	$ 94,488
GMDB | Equity
Fair Value, Separate Account Investment [Line Items]
Investment in Variable Insurance Trust Mutual Funds	32,913	42,489
GMDB | Fixed income
Fair Value, Separate Account Investment [Line Items]
Investment in Variable Insurance Trust Mutual Funds	5,151	5,263
GMDB | Balanced
Fair Value, Separate Account Investment [Line Items]
Investment in Variable Insurance Trust Mutual Funds	39,965	45,871
GMDB | Other
Fair Value, Separate Account Investment [Line Items]
Investment in Variable Insurance Trust Mutual Funds	911	865
GMIB
Fair Value, Separate Account Investment [Line Items]
Investment in Variable Insurance Trust Mutual Funds	50,200	59,348
GMIB | Equity
Fair Value, Separate Account Investment [Line Items]
Investment in Variable Insurance Trust Mutual Funds	13,765	17,941
GMIB | Fixed income
Fair Value, Separate Account Investment [Line Items]
Investment in Variable Insurance Trust Mutual Funds	2,680	2,699
GMIB | Balanced
Fair Value, Separate Account Investment [Line Items]
Investment in Variable Insurance Trust Mutual Funds	33,483	38,445
GMIB | Other
Fair Value, Separate Account Investment [Line Items]
Investment in Variable Insurance Trust Mutual Funds	$ 272	$ 263

INSURANCE LIABILITIES - Summary

INSURANCE LIABILITIES - Summary of No-Lapse Guarantee Liabilities and Other Policyholder's Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Direct Liability
Direct Liability
Balance, beginning of period	$ 893	$ 787
Paid guaranteed benefits	(13)	(7)
Other changes in reserves	40	21
Balance, end of period	920	801
Reinsurance Ceded
Direct Liability
Balance, beginning of period	(807)	(733)
Paid guaranteed benefits	0	0
Other changes in reserves	(20)	(11)
Balance, end of period	(827)	(744)
Net
Direct Liability
Balance, beginning of period	86	54
Paid guaranteed benefits	(13)	(7)
Other changes in reserves	20	10
Balance, end of period	$ 93	$ 57

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedules Of Assets And Liabilities Measured On Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets, Fair Value Disclosure [Abstract]
Fair Value	$ 66,371	$ 62,362
Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	66,371	62,362
Other equity investments	12	13
Trading securities	6,076	6,598
Other invested assets:	2,197	3,507
Cash equivalents	7,100	1,155
GMIB reinsurance contracts asset	3,305	2,466
Separate Accounts assets	103,491	124,062
Total Assets	188,552	200,163
Liabilities, Fair Value Disclosure [Abstract]
Total Liabilities	8,543	11,396
Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	250	237
Other equity investments	12	13
Trading securities	265	321
Other invested assets:	0	0
Cash equivalents	7,100	1,155
GMIB reinsurance contracts asset	0	0
Separate Accounts assets	100,873	121,184
Total Assets	108,500	122,910
Liabilities, Fair Value Disclosure [Abstract]
Total Liabilities	0	0
Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	64,871	60,740
Other equity investments	0	0
Trading securities	5,811	6,277
Other invested assets:	2,182	3,491
Cash equivalents	0	0
GMIB reinsurance contracts asset	0	0
Separate Accounts assets	2,618	2,878
Total Assets	75,482	73,386
Liabilities, Fair Value Disclosure [Abstract]
Total Liabilities	(966)	3,150
Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,250	1,385
Other equity investments	0	0
Trading securities	0	0
Other invested assets:	15	16
Cash equivalents	0	0
GMIB reinsurance contracts asset	3,305	2,466
Separate Accounts assets	0	0
Total Assets	4,570	3,867
Liabilities, Fair Value Disclosure [Abstract]
Total Liabilities	9,509	8,246
Fair Value, Recurring | Fair Value Measured at Net Asset Value Per Share
Assets, Fair Value Disclosure [Abstract]
Separate Accounts assets	361	356
Corporate | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	44,638	44,464
Corporate | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Corporate | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	43,464	43,218
Corporate | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,174	1,246
U.S. Treasury, government and agency
Assets, Fair Value Disclosure [Abstract]
Fair Value	18,450	15,231
U.S. Treasury, government and agency | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	18,450	15,231
U.S. Treasury, government and agency | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
U.S. Treasury, government and agency | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	18,450	15,231
U.S. Treasury, government and agency | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
States and political subdivisions
Assets, Fair Value Disclosure [Abstract]
Fair Value	669	649
States and political subdivisions | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	669	649
States and political subdivisions | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
States and political subdivisions | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	633	610
States and political subdivisions | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	36	39
Foreign governments
Assets, Fair Value Disclosure [Abstract]
Fair Value	496	490
Foreign governments | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	496	490
Foreign governments | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Foreign governments | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	496	490
Foreign governments | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Residential mortgage-backed
Assets, Fair Value Disclosure [Abstract]
Fair Value	166	173
Residential mortgage-backed | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	166	173
Residential mortgage-backed | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Residential mortgage-backed | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	166	173
Residential mortgage-backed | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Asset-backed
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,390	844
Asset-backed | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,390	844
Asset-backed | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Asset-backed | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	1,350	744
Asset-backed | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	40	100
Commercial mortgage-backed
Assets, Fair Value Disclosure [Abstract]
Fair Value	39
Commercial mortgage-backed | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	39
Commercial mortgage-backed | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	0
Commercial mortgage-backed | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	39
Commercial mortgage-backed | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	0
Redeemable preferred stock
Assets, Fair Value Disclosure [Abstract]
Fair Value	523	511
Redeemable preferred stock | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Fair Value	523	511
Redeemable preferred stock | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	250	237
Redeemable preferred stock | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	273	274
Redeemable preferred stock | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	0	0
Short-term investments | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	124	468
Short-term investments | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Short-term investments | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	124	468
Short-term investments | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Assets of consolidated VIEs/VOEs | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	15	16
Assets of consolidated VIEs/VOEs | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Assets of consolidated VIEs/VOEs | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Assets of consolidated VIEs/VOEs | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	15	16
Swaps | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	2,600	(326)
Swaps | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Swaps | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	2,600	(326)
Swaps | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Credit default swaps | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	2	18
Credit default swaps | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Credit default swaps | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	2	18
Credit default swaps | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Options | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	(544)	3,331
Options | Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
Options | Fair Value, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	(544)	3,331
Options | Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Other invested assets:	0	0
GMxB derivative features’ liability | Fair Value, Recurring
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	9,509	8,246
GMxB derivative features’ liability | Fair Value, Recurring | Level 1
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	0	0
GMxB derivative features’ liability | Fair Value, Recurring | Level 2
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	0	0
GMxB derivative features’ liability | Fair Value, Recurring | Level 3
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	9,509	8,246
SCS, SIO, MSO and IUL indexed features’ liability | Fair Value, Recurring
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	(966)	3,150
SCS, SIO, MSO and IUL indexed features’ liability | Fair Value, Recurring | Level 1
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	0	0
SCS, SIO, MSO and IUL indexed features’ liability | Fair Value, Recurring | Level 2
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	(966)	3,150
SCS, SIO, MSO and IUL indexed features’ liability | Fair Value, Recurring | Level 3
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	$ 0	$ 0

FAIR VALUE DISCLOSURES - Narrat

FAIR VALUE DISCLOSURES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Fair value adjustments on GMIB asset	$ 585	$ 175
AFS fixed maturities transferred from Level 3 to Level 2	126	69
AFS fixed maturities transferred from Level 3 to Level 2	$ 0	$ 17
AFS fixed maturities transferred between Level 2 and 3 (percentage)	0.70%	0.70%
Level 3 | Fair Value, Nonrecurring
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Fair value measurements not included in quantitative information about level 3 fair value measurements	$ 174		$ 325

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value Measurement Reconciliation For All Levels (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Total Gains Losses Realized Unrealized Included In [Abstract]
Investment gains (losses), net	$ 67	$ (8)
Transfers into level 3	0	17
Transfers out of Level 3	(126)	(69)
Corporate
Total Gains Losses Realized Unrealized Included In [Abstract]
Other comprehensive income (loss)	(60)	9
States and political subdivisions
Total Gains Losses Realized Unrealized Included In [Abstract]
Other comprehensive income (loss)	(3)	1
Asset- backed
Total Gains Losses Realized Unrealized Included In [Abstract]
Other comprehensive income (loss)	(8)	4
GMIB reinsurance contracts
Total Gains Losses Realized Unrealized Included In [Abstract]
Other comprehensive income (loss)	0	0
GMxB derivative features liability
Total Gains Losses Realized Unrealized Included In [Abstract]
Other comprehensive income (loss)	0	0
Level 3 | Corporate
Total Gains Losses Realized Unrealized Included In [Abstract]
Beginning Balance	1,246	1,174
Net investment income (loss)	1	1
Investment gains (losses), net	(2)	0
Subtotal	(1)	1
Other comprehensive income (loss)	(60)	9
Purchases	61	70
Sales	(46)	(33)
Transfers into level 3	0	17
Transfers out of Level 3	(26)	(69)
Closing Balance	1,174	1,169
Level 3 | States and political subdivisions
Total Gains Losses Realized Unrealized Included In [Abstract]
Beginning Balance	39	38
Net investment income (loss)	0	0
Investment gains (losses), net	0	0
Subtotal	0	0
Other comprehensive income (loss)	(3)	1
Purchases	0	0
Sales	0	0
Transfers into level 3	0	0
Transfers out of Level 3	0	0
Closing Balance	36	39
Level 3 | Asset- backed
Total Gains Losses Realized Unrealized Included In [Abstract]
Beginning Balance	100	519
Net investment income (loss)	0	0
Investment gains (losses), net	0	0
Subtotal	0	0
Other comprehensive income (loss)	(8)	4
Purchases	48	11
Sales	0	0
Transfers into level 3	0	0
Transfers out of Level 3	(100)	0
Closing Balance	40	534
Level 3 | Other equity investments
Total Gains Losses Realized Unrealized Included In [Abstract]
Beginning Balance	16	48
Investment gains (losses), net	0	0
Net derivative gains (losses), excluding non-performance risk	0	0
Nonperformance risk	0	0
Subtotal	0	0
Other comprehensive income (loss)		0
Purchases	0	0
Sales	0	0
Settlements	0	0
Change in estimate	0
Activity related to consolidated VIEs/VOEs	(1)	(1)
Transfers into level 3	0	0
Transfers out of Level 3	0	(29)
Closing Balance	15	18
Level 3 | GMIB reinsurance contracts
Total Gains Losses Realized Unrealized Included In [Abstract]
Beginning Balance	2,466	1,991
Investment gains (losses), net	0	0
Net derivative gains (losses), excluding non-performance risk	1,220	(13)
Nonperformance risk	(328)	40
Subtotal	892	27
Other comprehensive income (loss)		0
Purchases	11	12
Sales	(19)	(21)
Settlements	0	0
Change in estimate	(45)
Activity related to consolidated VIEs/VOEs	0	0
Transfers into level 3	0	0
Transfers out of Level 3	0	0
Closing Balance	3,305	2,009
Level 3 | Separate Accounts’ assets
Total Gains Losses Realized Unrealized Included In [Abstract]
Beginning Balance	0	21
Investment gains (losses), net	0	0
Net derivative gains (losses), excluding non-performance risk	0	0
Nonperformance risk	0	0
Subtotal	0	0
Other comprehensive income (loss)		0
Purchases	0	4
Sales	0	0
Settlements	0	(1)
Change in estimate	0
Activity related to consolidated VIEs/VOEs	0	0
Transfers into level 3	0	0
Transfers out of Level 3	0	(1)
Closing Balance	0	23
Level 3 | GMxB derivative features liability
Total Gains Losses Realized Unrealized Included In [Abstract]
Beginning Balance	(8,246)	(5,431)
Investment gains (losses), net	0	0
Net derivative gains (losses), excluding non-performance risk	(3,900)	51
Nonperformance risk	2,735	(460)
Subtotal	(1,165)	(409)
Other comprehensive income (loss)		0
Purchases	(109)	(107)
Sales	11	3
Settlements	0	0
Change in estimate	0
Activity related to consolidated VIEs/VOEs	0	0
Transfers into level 3	0	0
Transfers out of Level 3	0	0
Closing Balance	$ (9,509)	$ (5,944)

FAIR VALUE DISCLOSURES - Unreal

FAIR VALUE DISCLOSURES - Unrealized Gains (Losses) For Level 3 Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Level 3 Assets And Liabilities Held
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	$ (273)	$ (382)
OCI	(71)	14
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	0	0
OCI	(60)	9
States and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	0	0
OCI	(3)	1
Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	0	0
OCI	(8)	4
Total debt maturities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	0	0
OCI	(71)	14
GMIB reinsurance contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	892	27
OCI	0	0
GMxB derivative features liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Gains (Losses)	(1,165)	(409)
OCI	$ 0	$ 0

FAIR VALUE DISCLOSURES - Quanti

FAIR VALUE DISCLOSURES - Quantitative Information About Level 3 (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset, fair value	$ 9,014	$ 8,271
Corporate | Level 3 | Matrix Pricing Model Valuation Technique
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset, fair value	$ 57	$ 51
Corporate | Level 3 | Matrix Pricing Model Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Spread over Benchmark	0.0015	0.0065
Corporate | Level 3 | Matrix Pricing Model Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Spread over Benchmark	0.0580	0.058
Corporate | Level 3 | Matrix Pricing Model Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Spread over Benchmark	0.0280	0.0186
Corporate | Level 3 | Market Comparable Companies Valuation Technique
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset, fair value	$ 1,034	$ 1,025
Corporate | Level 3 | EBITDA multiples | Market Comparable Companies Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	3.2	3.3
Corporate | Level 3 | EBITDA multiples | Market Comparable Companies Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	31.5	56.7
Corporate | Level 3 | EBITDA multiples | Market Comparable Companies Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	14	14.1
Corporate | Level 3 | Discount rate | Market Comparable Companies Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	0.060	0.039
Corporate | Level 3 | Discount rate | Market Comparable Companies Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	0.252	0.165
Corporate | Level 3 | Discount rate | Market Comparable Companies Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	0.101	0.100
Corporate | Level 3 | Cash flow multiples | Market Comparable Companies Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	0.8	0.8
Corporate | Level 3 | Cash flow multiples | Market Comparable Companies Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	25.8	41.1
Corporate | Level 3 | Cash flow multiples | Market Comparable Companies Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, measurement input	11.1	10.7
GMIB reinsurance contracts | Level 3 | Discounted Cash Flow Valuation Technique
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset, fair value	$ 3,305	$ 2,466
GMIB reinsurance contracts | Level 3 | Non-performance risk | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0144	0.0055
GMIB reinsurance contracts | Level 3 | Non-performance risk | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0293	0.0109
GMIB reinsurance contracts | Level 3 | Non-performance risk | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0233
GMIB reinsurance contracts | Level 3 | Lapse rate | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.08	0.008
GMIB reinsurance contracts | Level 3 | Lapse rate | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.10	0.10
GMIB reinsurance contracts | Level 3 | Lapse rate | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0156
GMIB reinsurance contracts | Level 3 | Withdrawal rate | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0	0
GMIB reinsurance contracts | Level 3 | Withdrawal rate | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.08	0.08
GMIB reinsurance contracts | Level 3 | Withdrawal rate | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0119
GMIB reinsurance contracts | Level 3 | Utilization rate | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0	0
GMIB reinsurance contracts | Level 3 | Utilization rate | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.49	0.49
GMIB reinsurance contracts | Level 3 | Utilization rate | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0659
GMIB reinsurance contracts | Level 3 | Volatility rates - Equity | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.20	0.09
GMIB reinsurance contracts | Level 3 | Volatility rates - Equity | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.37	0.30
GMIB reinsurance contracts | Level 3 | Volatility rates - Equity | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.27
GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0271
GMIBNLG | Level 3 | Discounted Cash Flow Valuation Technique
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	$ 9,308	$ 8,128
GMIBNLG | Level 3 | Non-performance risk | Discounted Cash Flow Valuation Technique
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0304	0.0124
GMIBNLG | Level 3 | Lapse rate | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.008	0.008
GMIBNLG | Level 3 | Lapse rate | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.199	0.199
GMIBNLG | Level 3 | Lapse rate | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0275
GMIBNLG | Level 3 | Withdrawal rate | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.003	0.003
GMIBNLG | Level 3 | Withdrawal rate | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.11	0.11
GMIBNLG | Level 3 | Withdrawal rate | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0121
GMIBNLG | Level 3 | Annuitization rate | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0	0
GMIBNLG | Level 3 | Annuitization rate | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	1	1
GMIBNLG | Level 3 | Annuitization rate | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0646
GMIBNLG | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0134
GWBL/GMWB | Level 3 | Discounted Cash Flow Valuation Technique
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	$ 146	$ 109
GWBL/GMWB | Level 3 | Non-performance risk | Discounted Cash Flow Valuation Technique
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0304	0.0124
GWBL/GMWB | Level 3 | Lapse rate | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.008	0.008
GWBL/GMWB | Level 3 | Lapse rate | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.100	0.10
GWBL/GMWB | Level 3 | Lapse rate | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0175
GWBL/GMWB | Level 3 | Withdrawal rate | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0	0
GWBL/GMWB | Level 3 | Withdrawal rate | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.07	0.070
GWBL/GMWB | Level 3 | Withdrawal rate | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0119
GWBL/GMWB | Level 3 | Utilization rate | Discounted Cash Flow Valuation Technique
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	1	1
GWBL/GMWB | Level 3 | Volatility rates - Equity | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.20	0.09
GWBL/GMWB | Level 3 | Volatility rates - Equity | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.37	0.30
GWBL/GMWB | Level 3 | Volatility rates - Equity | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.27
GIB | Level 3 | Discounted Cash Flow Valuation Technique
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	$ 38	$ 5
GIB | Level 3 | Non-performance risk | Discounted Cash Flow Valuation Technique
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0304
GIB | Level 3 | Lapse rate | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.012	0.012
GIB | Level 3 | Lapse rate | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.199	0.199
GIB | Level 3 | Lapse rate | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0175
GIB | Level 3 | Withdrawal rate | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0	0
GIB | Level 3 | Withdrawal rate | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.08	0.080
GIB | Level 3 | Withdrawal rate | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0119
GIB | Level 3 | Utilization rate | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0	0
GIB | Level 3 | Utilization rate | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	1	1
GIB | Level 3 | Utilization rate | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0659
GIB | Level 3 | Volatility rates - Equity | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.20	0.09
GIB | Level 3 | Volatility rates - Equity | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.37	0.300
GIB | Level 3 | Volatility rates - Equity | Discounted Cash Flow Valuation Technique | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.27
GMAB | Level 3 | Discounted Cash Flow Valuation Technique
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	$ 17	$ 4
GMAB | Level 3 | Non-performance risk | Discounted Cash Flow Valuation Technique
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.000304
GMAB | Level 3 | Lapse rate | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.010	0.01
GMAB | Level 3 | Lapse rate | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.10	0.1
GMAB | Level 3 | Volatility rates - Equity | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.20	0.09
GMAB | Level 3 | Volatility rates - Equity | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.37	0.30
Ages 0 - 40 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0001	0.0001
Ages 0 - 40 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0018	0.0018
Ages 0 - 40 | GMIBNLG | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0001	0.0001
Ages 0 - 40 | GMIBNLG | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0019	0.0019
Ages 41 - 60 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0007	0.0007
Ages 41 - 60 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0054	0.0054
Ages 41 - 60 | GMIBNLG | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0006	0.0006
Ages 41 - 60 | GMIBNLG | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0053	0.0053
Ages 61 - 115 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.0042
Ages 61 - 115 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input	0.4220
Ages 61 - 115 | GMIBNLG | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.0041
Ages 61 - 115 | GMIBNLG | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input	0.4139
Ages 60 - 115 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input		0.0042
Ages 60 - 115 | GMIB reinsurance contracts | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing asset, measurement input		0.4220
Ages 60 - 115 | GMIBNLG | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input		0.0041
Ages 60 - 115 | GMIBNLG | Level 3 | Mortality rates | Discounted Cash Flow Valuation Technique | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing liability, measurement input		0.4139

FAIR VALUE DISCLOSURES - Carryi

FAIR VALUE DISCLOSURES - Carrying Values And Fair Values Of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Consolidated Amounts [Abstract]
Mortgage loans on real estate	$ 12,106	$ 12,090
Policy loans	3,255	3,270
Policyholders’ liabilities: Investment contracts	52,385	55,421
Separate Accounts liabilities	104,132	124,646
Carrying Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	12,106	12,090
Policy loans	3,255	3,270
Loans to affiliates	1,200	1,200
Policyholders’ liabilities: Investment contracts	1,954	1,922
FHLBNY funding agreements	6,759	6,909
Separate Accounts liabilities	7,563	9,041
Fair Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate	12,117	12,317
Policy loans	4,173	4,199
Loans to affiliates	1,220	1,224
Policyholders’ liabilities: Investment contracts	2,063	2,029
FHLBNY funding agreements	6,835	6,957
Separate Accounts liabilities	7,563	9,041
Fair Value | Level 1
Consolidated Amounts [Abstract]
Mortgage loans on real estate	0	0
Policy loans	0	0
Loans to affiliates	0	0
Policyholders’ liabilities: Investment contracts	0	0
FHLBNY funding agreements	0	0
Separate Accounts liabilities	0	0
Fair Value | Level 2
Consolidated Amounts [Abstract]
Mortgage loans on real estate	0	0
Policy loans	0	0
Loans to affiliates	1,220	1,224
Policyholders’ liabilities: Investment contracts	0	0
FHLBNY funding agreements	6,835	6,957
Separate Accounts liabilities	0	0
Fair Value | Level 3
Consolidated Amounts [Abstract]
Mortgage loans on real estate	12,117	12,317
Policy loans	4,173	4,199
Loans to affiliates	0	0
Policyholders’ liabilities: Investment contracts	2,063	2,029
FHLBNY funding agreements	0	0
Separate Accounts liabilities	$ 7,563	$ 9,041

LOANS TO AFFILIATES (Details)

LOANS TO AFFILIATES (Details) - USD ($) $ in Millions	1 Months Ended				3 Months Ended
	Dec. 31, 2019	Nov. 30, 2019	Dec. 31, 2018	Apr. 30, 2018	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Repayments of related party debt					$ 0	$ 572
Parent | EQH-AEL internal debt (3.69%, due 2021)
Related Party Transaction [Line Items]
Loans from affiliates				$ 800
Related party transaction, rate (as a percent)				3.69%
Repayments of related party debt	$ 300		$ 200
Outstanding debt					300
Parent | EQH-AEL internal debt (one-month LIBOR 1.33%, due 2024)
Related Party Transaction [Line Items]
Loans from affiliates		$ 900
Related party transaction, rate (as a percent)		1.33%
Outstanding debt					$ 900

EQUITY - Components of AOCI (De

EQUITY - Components of AOCI (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Equity [Abstract]
Unrealized gains (losses) on investments	$ 3,111		$ 280
Defined benefit pension plans	(5)		(7)
Accumulated other comprehensive income (loss) attributable to Equitable Life	$ 3,106	$ 1,592	$ 273

EQUITY - Changes in AOCI (Detai

EQUITY - Changes in AOCI (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Other Comprehensive Income (Loss), Tax [Abstract]
Net unrealized gains (losses) arising during the period		$ 1,596	$ 1,243
(Gains) losses reclassified into net income (loss) during the period		(48)	6
Net unrealized gains (losses) on investments		1,548	1,249
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other		(34)	(485)
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $403 and $203)	[1]	1,514	764
Other comprehensive income (loss), attributable to Equitable Life		1,514	764
Deferred income taxes		403	203
Unrealized gains (losses) on investments
Other Comprehensive Income (Loss), Tax [Abstract]
Reclassification from AOCI, current period, tax		$ (13)	$ 1
[1]	See Note 11 for details of Change in unrealized gains (losses), net of adjustments.

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTEREST - Summary of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net (income) loss attributable to the noncontrolling interest	$ (7)	$ 2
Redeemable Noncontrolling Interest
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, beginning of period	39	39
Net (income) loss attributable to the noncontrolling interest	(5)	2
Purchase/change of redeemable noncontrolling interests	(2)	7
Balance, end of period	$ 32	$ 48

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Feb. 29, 2016
Loss Contingencies [Line Items]
Unaccrued amounts of reasonably possible range of losses	$ 100
Federal home loan bank stock	315
Carrying value of collateral pledged for federal home loan bank	9,800
Brach Family Foundation Litigation
Loss Contingencies [Line Items]
Liability for future policy benefits, face value of policy		$ 1
Letter of Credit
Loss Contingencies [Line Items]
Undrawn balance	17
AXA
Loss Contingencies [Line Items]
Commitments by the Company to provide equity financing	1,000
Commitments under existing mortgage loan agreements	426
Affiliated Entity | AXA
Loss Contingencies [Line Items]
Commitments by the Company to provide equity financing	$ 179

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES - Funding Agreements with FHBLNY (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	$ 6,900
Issued During the Period	11,750
Repaid During the Period	11,900
Long-term Agreements Maturing Within One Year	0
Outstanding Balance, period end	6,750
Difference related to remaining amortization	9	$ 9
Federal Home Loan Bank of New York Short-Term Funding Agreements Maturing in One Year or Less
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	4,608
Issued During the Period	11,750
Repaid During the Period	11,900
Long-term Agreements Maturing Within One Year	174
Outstanding Balance, period end	4,632
Federal Home Loan Bank of New York Long-Term Funding Agreements Maturing Between Two and Five Years
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	1,646
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(174)
Outstanding Balance, period end	1,472
Federal Home Loan Bank of New York Long-Term Funding Agreements Maturing in Greater than Five Years
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	646
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Outstanding Balance, period end	646
Federal Home Loan Bank of New York Long-Term Funding Agreements
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	2,292
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(174)
Outstanding Balance, period end	$ 2,119

Uncategorized Items - aelq12020

Label	Element	Value
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (32,000,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (32,000,000)