EQUITY (Tables)

3 Months Ended

Mar. 31, 2024

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 of AOCI were as follows:

	March 31,		December 31,
	2024		2023
	(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 component	299		194
Defined benefit pension plans	(4)		(5)
Accumulated other comprehensive income (loss) attributable to Equitable Financial	$	(7,272)	$	(6,938)

Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes

The components of OCI, net of taxes were as follows:

	Three Months Ended March 31,
	2024		2023
	(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

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(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.