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Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2019
Accumulated Other Comprehensive Income [Abstract]  
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life deferred acquisition costs, life policy reserves and other as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in millions)
Three months ended March 31,
 
2019
 
 
2018
 
Before tax
 
Income tax
 
Net
 
 
Before tax
 
Income tax
 
Net
Investments:
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
$
46

 
$
9

 
$
37

 
 
$
3,540

 
$
733

 
$
2,807

Cumulative effect of change in accounting for equity securities as of January 1, 2018
—

 
—

 
—

 
 
(3,155
)
 
(652
)
 
(2,503
)
Adjusted AOCI, beginning of period
46

 
9

 
37

 
 
385

 
81

 
304

OCI before investment gains and losses, net, recognized in net income
244

 
51

 
193

 
 
(217
)
 
(45
)
 
(172
)
Investment gains and losses, net, recognized in net income
(2
)
 
(1
)
 
(1
)
 
 
(4
)
 
(1
)
 
(3
)
OCI
242

 
50

 
192

 
 
(221
)
 
(46
)
 
(175
)
AOCI, end of period
$
288

 
$
59

 
$
229

 
 
$
164

 
$
35

 
$
129

 
 
 
 
 
 
 
 
 
 
 
 
 
Pension obligations:
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
$
(16
)
 
$
(2
)
 
$
(14
)
 
 
$
(12
)
 
$
(1
)
 
$
(11
)
OCI excluding amortization recognized in net income
—

 
—

 
—

 
 
—

 
—

 
—

Amortization recognized in net income
—

 
—

 
—

 
 
—

 
—

 
—

OCI
—

 
—

 
—

 
 
—

 
—

 
—

AOCI, end of period
$
(16
)
 
$
(2
)
 
$
(14
)
 
 
$
(12
)
 
$
(1
)
 
$
(11
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Life deferred acquisition costs, life policy reserves and other:
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
$
(1
)
 
$
—

 
$
(1
)
 
 
$
(10
)
 
$
(2
)
 
$
(8
)
OCI before investment gains and losses, net, recognized in net income
—

 
—

 
—

 
 
6

 
1

 
5

Investment gains and losses, net, recognized in net income
(5
)
 
(1
)
 
(4
)
 
 
—

 
—

 
—

OCI
(5
)
 
(1
)
 
(4
)
 
 
6

 
1

 
5

AOCI, end of period
$
(6
)
 
$
(1
)
 
$
(5
)
 
 
$
(4
)
 
$
(1
)
 
$
(3
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of AOCI:
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
$
29

 
$
7

 
$
22

 
 
$
3,518

 
$
730

 
$
2,788

Cumulative effect of change in accounting for equity securities as of January 1, 2018
—

 
—

 
—

 
 
(3,155
)
 
(652
)
 
(2,503
)
Adjusted AOCI, beginning of period
29

 
7

 
22

 
 
363

 
78

 
285

Investments OCI
242

 
50

 
192

 
 
(221
)
 
(46
)
 
(175
)
Pension obligations OCI
—

 
—

 
—

 
 
—

 
—

 
—

Life deferred acquisition costs, life policy reserves and other OCI
(5
)
 
(1
)
 
(4
)
 
 
6

 
1

 
5

Total OCI
237

 
49

 
188

 
 
(215
)
 
(45
)
 
(170
)
AOCI, end of period
$
266

 
$
56

 
$
210

 
 
$
148

 
$
33

 
$
115

 
 
 
 
 
 
 
 
 
 
 
 
 

Investment gains and losses, net, and life deferred acquisition costs, life policy reserves and other investment gains and losses, net, are recorded in the investment gains and losses, net, line item in the condensed consolidated statements of income. Amortization on pension obligations is recorded in the insurance losses and contract holders' benefits and underwriting, acquisition and insurance expenses in the condensed consolidated statements of income.