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EQUITY
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
EQUITY EQUITY
AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of March 31, 2023 and December 31, 2022 is as follows:
March 31, 2023December 31, 2022
(in millions)
Unrealized gains (losses) on investments$(309)$(383)
Market risk benefits - instrument-specific credit risk component7 1 
Accumulated other comprehensive income (loss) $(302)$(382)

The components of OCI, net of taxes for the three months ended March 31, 2023 and 2022, follow:
Three Months Ended March 31,
20232022
(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period$72 $(176)
(Gains) losses reclassified into net income (loss) during the period (1)4 1 
Net unrealized gains (losses) on investments76 (175)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other(1)4 
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $16 and $(45).75 (171)
Change in LFPB discount rate and MRB credit risk
Changes in instrument-specific credit risk - market risk benefits (net of deferred income tax expense (benefit) of $1 and $1.5 5 
Changes in current discount rate - liability for future policy benefits (net of deferred income tax expense (benefit) of $0 and $0. — — 
Other comprehensive income (loss)$80 $(166)
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(1)See “Reclassification adjustment” in Note 3 of the Notes to these Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $1 million and $0 million for the three months ended March 31, 2023 and 2022, 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 statements of income (loss). Amounts presented in the table above are net of tax.