EQUITY

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

EQUITY

EQUITY

AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of December 31, 2021, 2020, and 2019 follow:

	December 31,
	2021		2020
	(in millions)
Unrealized gains (losses) on investments	$	2,362	$	4,600
Defined benefit pension plans	(5)		(5)
Accumulated other comprehensive income (loss) attributable to Equitable Financial	$	2,357	$	4,595

The components of OCI, net of taxes for the years ended December 31, 2021, 2020 and 2019, follow:

	Year Ended December 31,
	2021		2020		2019
	(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period	$	(2,293)	$	4,698	$	3,052
(Gains) losses reclassified into net income (loss) during the period (1)	(686)		(633)		(160)
Net unrealized gains (losses) on investments	(2,979)		4,065		2,892
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other	741		(1,066)		(797)
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(595), $798, and $547)	(2,238)		2,999		2,095
Change in defined benefit plans:
Reclassification to net income (loss) of amortization of net prior service credit included in net periodic cost	—		—		2
Change in defined benefit plans, (net of deferred income tax expense (benefit) of $0, $0 and $0 (2))	—		—		2
Other comprehensive income (loss), attributable to Equitable Financial	$	(2,238)	$	2,999	$	2,097

____________

(1)See “Reclassification adjustments” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $182 million, $(168) million , and $(42) million for the years ended December 31, 2021, 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.