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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 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)
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,
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.