(Dollars in millions)

2020

2019

2018

Before
tax

Income
tax

Net

Before
tax

Income
tax

Net

Before
tax

Income
tax

Net

Investments:

AOCI, January 1

$

590

$

123

$

467

$

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

590

123

467

46

9

37

385

81

304

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

371

78

293

545

115

430

(334)

(71)

(263)

Investment gains and losses, net, recognized in net income

65

14

51

(1)

—

(5)

(1)

(4)

OCI

436

92

344

544

114

430

(339)

(72)

(267)

AOCI, December 31

$

1,026

$

215

$

811

$

590

$

123

$

467

$

46

$

9

$

37

Pension obligations:

AOCI, January 1

$

(9)

$

—

$

(9)

$

(16)

$

(2)

$

(14)

$

(12)

$

(1)

$

(11)

OCI excluding amortization recognized in net income

(35)

(7)

(28)

6

2

4

(5)

(1)

(4)

Amortization recognized in net income

3

—

3

1

—

1

—

1

OCI

(32)

(7)

(25)

7

2

5

(4)

(1)

(3)

AOCI, December 31

$

(41)

$

(7)

$

(34)

$

(9)

$

—

$

(9)

$

(16)

$

(2)

$

(14)

Life deferred acquisition costs, life policy reserves and other:

AOCI, January 1

$

(13)

$

(3)

$

(10)

$

(1)

$

—

$

(1)

$

(10)

$

(2)

$

(8)

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

3

1

2

(15)

(3)

(12)

(3)

(1)

(2)

Investment gains and losses, net, recognized in net income

—

3

—

3

12

3

9

OCI

3

1

2

(12)

(3)

(9)

9

2

7

AOCI, December 31

$

(10)

$

(2)

$

(8)

$

(13)

$

(3)

$

(10)

$

(1)

$

—

$

(1)

Summary of AOCI:

AOCI, January 1

$

568

$

120

$

448

$

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

568

120

448

29

7

22

363

78

285

Investments OCI

436

92

344

544

114

430

(339)

(72)

(267)

Pension obligations OCI

(32)

(7)

(25)

7

2

5

(4)

(1)

(3)

Life deferred acquisition costs, life policy reserves and other OCI

3

1

2

(12)

(3)

(9)

9

2

7

Total OCI

407

86

321

539

113

426

(334)

(71)

(263)

AOCI, December 31

$

975

$

206

$

769

$

568

$

120

$

448

$

29

$

7

$

22