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EQUITY
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
EQUITY EQUITY
AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances of AOCI were as follows:
 March 31,December 31,
 20242023
(in millions)
Unrealized gains (losses) on investments $(6,825)$(6,363)
Market risk benefits - instrument-specific credit risk component(742)(764)
Liability for future policy benefits - current discount rate component299 194 
Defined benefit pension plans(4)(5)
Accumulated other comprehensive income (loss) attributable to Equitable Financial$(7,272)$(6,938)
The components of OCI, net of taxes were as follows:
Three Months Ended March 31,
20242023
(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period
$(462)$1,452 
(Gains) losses reclassified into net income (loss) during the period (1)
21 55 
Net unrealized gains (losses) on investments
(441)1,507 
Adjustments for policyholders’ liabilities, insurance liability loss recognition and other
6 2 
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(115) and $317)
(435)1,509 
Change in LFPB discount rate and MRB credit risk, net of tax
Market risk benefits - change in instrument-specific credit risk (net of deferred income tax expense (benefit) of $4 and $248)
17 933 
Liability for future policy benefits - change in current discount rate (net of deferred income tax expense (benefit) of $22 and $(29) )
83 (109)
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost (3)1 — 
Change in defined benefit plans (net of deferred income tax expense
(benefit) of $0 and $0)
1 — 
Change in accumulated other comprehensive income (loss) attributable to Equitable Financial
$(334)$2,333 
______________
(1)See “Reclassification adjustment” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(6) million and $(15) million for the three months ended March 31, 2024 and 2023, 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.