EQUITY

6 Months Ended

Jun. 30, 2020

AOCI represents cumulative gains (losses) on items that are not reflected in Net income (loss). The balances as of June 30, 2020 and 2019 follow:


	June 30,
	2020		2019
	(in millions)
Unrealized gains (losses) on investments	$	4,680	$	1,571
Defined benefit pension plans	(4)		(7)
Accumulated other comprehensive income (loss) attributable to Equitable Financial	$	4,676	$	1,564

The components of OCI, net of taxes for the three and six months ended June 30, 2020 and 2019, follow:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period	$	2,633	$	1,283	$	4,229	$	2,526
(Gains) losses reclassified into net income (loss) during the period (1)	(134)		(4)		(182)		2
Net unrealized gains (losses) on investments	2,499		1,279		4,047		2,528
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other	(930)		12		(964)		(473)
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $417, $341, $820 and $541)	1,569		1,291		3,083		2,055
Other comprehensive income (loss), attributable to Equitable Financial	$	1,570	$	1,291	$	3,084	$	2,055

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(1)See “Reclassification adjustments” in Note 3. Reclassification amounts presented net of income tax expense (benefit) of $(35) million, $0 million, $(48) million and $1 million for the three and six months ended June 30, 2020 and 2019, 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.