EQUITY (Tables)

6 Months Ended

Jun. 30, 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 of AOCI were as follows:

	June 30, 2024		December 31, 2023
	(in millions)
Unrealized gains (losses) on investments	$	(7,165)	$	(6,363)
Market risk benefits - instrument-specific credit risk component	(945)		(764)
Liability for future policy benefits - current discount rate component	372		194
Defined benefit pension plans	(4)		(5)
Accumulated other comprehensive income (loss) attributable to Equitable Financial	$	(7,742)	$	(6,938)

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period	$	(399)	$	(616)	$	(861)	$	836
(Gains) losses reclassified into net income (loss) during the period (1)	3		39		24		94
Net unrealized gains (losses) on investments	(396)		(577)		(837)		930
Adjustments for policyholders’ liabilities, insurance liability loss recognition and other	29		31		35		33
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(91), $(310), $(206), and $7)	(367)		(546)		(802)		963
Change in LFPB discount rate and MRB credit risk, net of tax
Market risk benefits - change in instrument-specific credit risk (net of deferred income tax expense (benefit) of $(42), $(23), $(38) and $225)	(161)		(88)		(144)		845
Liability for future policy benefits - change in current discount rate (net of deferred income tax expense (benefit) of $15, $19, $37 and $(10) )	58		73		141		(36)
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost	—		—		1		—
Change in defined benefit plans (net of deferred income tax expense (benefit) of $0, $0, $0 and $0)	—		—		1		—
Change in accumulated other comprehensive income (loss) attributable to Equitable Financial	$	(470)	$	(561)	$	(804)	$	1,772

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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 $(1) million, $(10) million, $(6) million and $(25) million for the three and six months ended June 30, 2024 and 2023, respectively.