EQUITY (Tables)

12 Months Ended

Dec. 31, 2022

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 as of December 31, 2022 and 2021 follow:

	December 31,
	2022		2021
	(in millions)
Unrealized gains (losses) on investments	$	(8,008)	$	2,362
Defined benefit pension plans	(4)		(5)
Accumulated other comprehensive income (loss) attributable to Equitable Financial	$	(8,012)	$	2,357

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

The components of OCI, net of taxes for the years ended December 31, 2022, 2021 and 2020, follow:

	Year Ended December 31,
	2022		2021		2020
	(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period (1)	$	(12,915)	$	(2,293)	$	4,698
(Gains) losses reclassified into net income (loss) during the period (2)	699		(686)		(633)
Net unrealized gains (losses) on investments	(12,216)		(2,979)		4,065
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other	1,847		741		(1,066)
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of ($871), ($595) and $798)	(10,369)		(2,238)		2,999
Other comprehensive income (loss), attributable to Equitable Financial	$	(10,369)	$	(2,238)	$	2,999

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(1)For 2022, unrealized gains (losses) arising during the period is presented net of a valuation allowance of $1.5 billion established during the fourth quarter of 2022. The Company established the valuation allowance against its deferred tax assets related to unrealized capital

losses in the available for sale securities portfolio. See Note 14 of the Notes to these Consolidated Financial Statements for details on the valuation allowance.

(2)See “Reclassification adjustment” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of ($186) million, $182 million and ($168) million for the years ended December 31, 2022, 2021 and 2020, respectively.