XML 64 R46.htm IDEA: XBRL DOCUMENT v3.24.1.u1
REINSURANCE (Tables)
 3 Months Ended
Mar. 31, 2024
Insurance [Abstract]  
Effects of Reinsurance Agreements
The effects of all reinsurance agreements on the consolidated statements of financial condition were as follows:
March 31, 2024December 31, 2023
Policy liabilities:
Direct$78,687,136 $75,715,857 
Assumed94,911,550 84,342,414 
Total policy liabilities173,598,686 160,058,271 
Ceded(1)
(43,953,900)(35,773,958)
Net policy liabilities$129,644,786 $124,284,313 
(1)Reported within reinsurance recoverable within the consolidated statements of financial condition.
The effects of reinsurance on the consolidated statements of operations were as follows:
Three Months Ended March 31,
20242023
Net premiums:
Direct$34,863 $32,653 
Assumed9,109,378 618,730 
Ceded(3,107,719)(177,759)
Net premiums$6,036,522 $473,624 

Three Months Ended March 31,
20242023
Policy fees:
Direct$226,322 $227,857 
Assumed174,418 104,589 
Ceded(71,793)(18,644)
Net policy fees$328,947 $313,802 

Three Months Ended March 31,
20242023
Net policy benefits and claims:
Direct$844,660 $948,119 
Assumed9,899,999 1,016,936 
Ceded(3,483,590)(438,001)
Net policy benefits and claims$7,261,069 $1,527,054 
Reinsurance Recoverable and Funds Withheld Receivable at Interest by Credit Quality Indicator The following shows the amortized cost basis of Global Atlantic’s reinsurance recoverable and funds withheld receivable at interest by credit quality indicator and any associated credit enhancements Global Atlantic has obtained to mitigate counterparty credit risk:
As of March 31, 2024 As of December 31, 2023
A.M. Best Rating(1)
Reinsurance recoverable and funds withheld receivable at interest
Credit enhancements(2)
Net reinsurance credit exposure(3)
Reinsurance recoverable and funds withheld receivable at interest
Credit enhancements(2)
Net reinsurance credit exposure(3)
A++$44,895 $— $44,895 $38,857 $— $38,857 
A+1,779,822 — 1,779,822 1,801,954 — 1,801,954 
A2,223,845 — 2,223,845 2,212,800 — 2,212,800 
A-4,259,094 3,728,593 530,501 4,430,484 3,814,976 615,508 
B++1,065 — 1,065 589 — 589 
B+— — — — — — 
B— — — — — — 
B-— — — — — — 
C++/C+(228)— — (228)— — 
Not rated or private rating(4)
38,537,428 38,911,132 — 30,859,068 30,210,350 648,718 
Total$46,845,921 $42,639,725 $4,580,128 $39,343,524 $34,025,326 $5,318,426 
(1)Ratings are periodically updated (at least annually) as A.M. Best issues new ratings.
(2)Credit enhancements primarily include funds withheld payable at interest.
(3)Includes credit loss allowance of $24.8 million and $21.0 million as of March 31, 2024 and December 31, 2023, respectively, held against reinsurance recoverable and funds withheld receivable at interest.
(4)Includes $38.5 billion and $30.8 billion as of March 31, 2024 and December 31, 2023, respectively, associated with cessions to co-investment vehicles (the "sponsored reinsurance sidecar vehicles") that participate in qualifying reinsurance transactions sourced by Global Atlantic.