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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 were as follows:
March 31, 2024December 31, 2023
(in millions)
Unrealized gains (losses) on investments$(140)$(51)
Market risk benefits - instrument-specific credit risk component(587)(649)
Liability or future policy benefits - current discount rate component28 6 
Accumulated other comprehensive income (loss) $(699)$(694)
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
$(72)$72 
(Gains) losses reclassified into net income (loss) during the period (1)
— 4 
Net unrealized gains (losses) on investments(72)76 
Adjustments for policyholders’ liabilities, insurance liability loss recognition and other
1 (1)
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(13) and $16)
(71)75 
Change in LFPB discount rate and MRB credit risk
Change in market risk benefits - instrument-specific credit risk (net of deferred income tax expense (benefit) of $13 and $1)
48 4 
Changes in liability for future policy benefits - current discount rate (net of deferred income tax expense (benefit) of $5 and $0)
18 — 
Other comprehensive income (loss)$(5)$79 
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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 $0 million and $1 million and 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 presented in the table above are net of tax.