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DERIVATIVES (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value and Notional Value of Derivative Assets and Liabilities
The fair value and notional value of the derivative assets and liabilities were as follows:
As of September 30, 2024Notional
Value		Derivative
Assets		Derivative
Liabilities
Asset Management and Strategic Holdings
Foreign Exchange Contracts and Options$17,514,755 $180,689 $575,940 
Other Derivatives580,500 2,442 3,595 
Total Asset Management and Strategic Holdings$18,095,255 $183,131 $579,535 
Insurance
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate Contracts$12,815,742 $53,742 $291,866 
Foreign Currency Contracts2,474,065 7,805 82,336 
Total Derivatives Designated as Hedge Accounting Instruments$15,289,807 $61,547 $374,202 
Derivatives Not Designated as Hedge Accounting Instruments:
Equity Market Contracts$36,371,795 $2,035,779 $183,989 
Interest Rate Contracts29,981,843 248,933 258,875 
Foreign Currency Contracts2,795,486 80,328 154,179 
Other Contracts61,071 — 8,495 
Total Derivatives Not Designated as Hedge Accounting Instruments$69,210,195 $2,365,040 $605,538 
Impact of Netting(2)
— (2,340,512)(788,114)
Total Insurance(1)
$84,500,002 $86,075 $191,626 
Fair Value Included Within Total Assets and Liabilities$102,595,257 $269,206 $771,161 
(1)Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was $95.3 million and the fair value of these embedded derivatives related to liabilities was $4.2 billion as of September 30, 2024.
(2)Represents netting of derivative exposures covered by qualifying master netting agreements.
As of December 31, 2023
Notional
Value		Derivative
Assets		Derivative
Liabilities
Asset Management and Strategic Holdings
Foreign Exchange Contracts and Options$15,771,463 $264,621 $441,608 
Other Derivatives374,604 4,792 2,382 
Total Asset Management and Strategic Holdings$16,146,067 $269,413 $443,990 
Insurance
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate Contracts$7,320,500 $— $372,212 
Foreign Currency Contracts2,302,335 24,278 73,478 
Total Derivatives Designated as Hedge Accounting Instruments$9,622,835 $24,278 $445,690 
Derivatives Not Designated as Hedge Accounting Instruments:
Equity Market Contracts$35,203,206 $1,480,875 $248,127 
Interest Rate Contracts22,259,423 284,067 306,244 
Foreign Currency Contracts1,331,345 65,803 56,616 
Other Contracts60,000 — 600 
Total Derivatives Not Designated as Hedge Accounting Instruments$58,853,974 $1,830,745 $611,587 
Impact of Netting(2)
— (1,809,329)(911,080)
Total Insurance(1)
$68,476,809 $45,694 $146,197 
Fair Value Included Within Total Assets and Liabilities$84,622,876 $315,107 $590,187 
(1)Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was $88.7 million and the fair value of these embedded derivatives related to liabilities was $1.6 billion as of December 31, 2023.
(2)Represents netting of derivative exposures covered by qualifying master netting agreements.
Schedule of Derivative Liabilities at Fair Value
The following table presents the financial statement classification, carrying amount and cumulative fair value hedging adjustments for qualifying hedged assets and liabilities:
As of September 30, 2024As of December 31, 2023
Carrying Amount of Hedged Assets/(Liabilities)
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities)(1)        
Carrying Amount of Hedged Assets/(Liabilities)
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities)(1)        
AFS Fixed Maturity Securities(2)
$2,249,047 $33,784 $2,324,364 $80,210 
Debt(2,413,581)(98,292)(1,608,294)(165,817)
Policy Liabilities(4,504,481)(154,561)(4,380,048)(255,308)
(1)Includes $16.9 million and $27.8 million of hedging adjustments on discontinued hedging relationships as of September 30, 2024 and December 31, 2023, respectively.
(2)Carrying amount is the amortized cost for AFS debt securities.
Schedule of Derivative Gains and Losses
The following table presents the financial statement classification and amount of gains (losses) recognized on derivative instruments and related hedged items, where applicable:
Three Months Ended September 30, 2024
Net Gains (Losses) from Investment ActivitiesNet Investment-Related Gains (Losses)Net Investment IncomeNet Policy Benefits and ClaimsInterest ExpenseChange in AOCI
Derivatives Designated as Hedge Accounting Instruments:
Fair Value Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments:
Interest Rate Contracts$— $— $— $55,641 $96,672 $— 
Foreign Currency Contracts— (91,222)683 — — 15,275 
Total Gains (Losses) on Derivatives Designated as Hedge Instruments$— $(91,222)$683 $55,641 $96,672 $15,275 
Gains (Losses) on Hedged Items:
Interest Rate Contracts$— $— $— $(55,641)$(96,672)$— 
Foreign Currency Contracts— 88,474 — — — — 
Total Gains (Losses) on Hedged Items$— $88,474 $— $(55,641)$(96,672)$— 
Amortization for Gains (Losses) Excluded from Assessment of Effectiveness:
Foreign Currency Contracts$— $1,321 $— $— $— $— 
Total Amortization for Gains (Losses) Excluded from Assessment of Effectiveness— 1,321 — — — — 
Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items$— $(1,427)$683 $— $— $15,275 
Cash Flow Hedges
Interest Rate Contracts$— $887 $(3,215)$— $— $79,725 
Total Gains (Losses) on Cash Flow Hedges$— $887 $(3,215)$— $— $79,725 
Net Investment Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments$— $(106)$405 $— $— $(4,149)
Total Gains (Losses) on Net Investment Hedges$— $(106)$405 $— $— $(4,149)
Derivatives Not Designated as Hedge Accounting Instruments:
Asset Management and Strategic Holdings
Foreign Exchange Contracts and Options$(439,183)$— $— $— $— $— 
Other Derivatives(19,357)— — — — — 
Total included in Net Gains (Losses) from Investment Activities$(458,540)$— $— $— $— $— 
Insurance
Embedded Derivatives - Funds Withheld Receivable$— $(19,012)$— $— $— $— 
Embedded Derivatives - Funds Withheld Payable— (1,305,338)— — — — 
Equity Index Options— 231,926 — — — — 
Equity Future Contracts— (25,426)— — — — 
Interest Rate Contracts— 324,733 — — — — 
Foreign Exchange and Other Derivative Contracts— (83,770)— — — — 
Total Gains (Losses) on Derivatives Not Designated as Hedge Accounting Instruments from Insurance Activities$— $(876,887)$— $— $— $— 
Total$(458,540)$(877,533)$(2,127)$— $— $90,851 
Nine Months Ended September 30, 2024
Net Gains (Losses) from Investment ActivitiesNet Investment-Related Gains (Losses)Net Investment IncomeNet Policy Benefits and ClaimsInterest ExpenseChange in AOCI
Derivatives Designated as Hedge Accounting Instruments:
Fair Value Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments:
Interest Rate Contracts$— $— $— $(28,122)$14,469 $— 
Foreign Currency Contracts— (34,237)2,678 — — 8,857 
Total Gains (Losses) on Derivatives Designated as Hedge Instruments$— $(34,237)$2,678 $(28,122)$14,469 $8,857 
Gains (Losses) on Hedged Items:
Interest Rate Contracts$— $— $— $28,122 $(14,469)$— 
Foreign Currency Contracts— 33,784 — — — — 
Total Gains (Losses) on Hedged Items$— $33,784 $— $28,122 $(14,469)$— 
Amortization for Gains (Losses) Excluded from Assessment of Effectiveness:
Foreign Currency Contracts$— $14,035 $— $— $— $— 
Total Amortization for Gains (Losses) Excluded from Assessment of Effectiveness— $14,035 $— $— $— $— 
Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items$— $13,582 $2,678 $— $— $8,857 
Cash Flow Hedges
Interest Rate Contracts$— $— $(4,935)$— $— $29,971 
Total Gains (Losses) on Cash Flow Hedges$— $— $(4,935)$— $— $29,971 
Net Investment Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments$— $— $405 $— $— $(13,402)
Total Gains (Losses) on Net Investment Hedges$— $— $405 $— $— $(13,402)
Derivatives Not Designated as Hedge Accounting Instruments:
Asset Management and Strategic Holdings
Foreign Exchange Contracts and Options(165,930)$— $— $— $— $— 
Other Derivatives(18,086)— — — — — 
Total included in Net Gains (Losses) from Investment Activities$(184,016)$— $— $— $— $— 
Insurance
Embedded Derivatives - Funds Withheld Receivable$— $6,592 $— $— $— $— 
Embedded Derivatives - Funds Withheld Payable— (852,165)— — — — 
Equity Index Options— 580,358 — — — — 
Equity Future Contracts— (96,312)— — — — 
Interest Rate Contracts— (42,280)— — — — 
Foreign Exchange and Other Derivative Contracts— (61,522)— — — — 
Total Gains (Losses) on Derivatives Not Designated as Hedge Accounting Instruments from Insurance Activities$— $(465,329)$— $— $— $— 
Total$(184,016)$(451,747)$(1,852)$— $— $25,426 
Three Months Ended September 30, 2023
Net Gains (Losses) from Investment ActivitiesNet Investment-Related Gains (Losses)Net Investment IncomeNet Policy Benefits and ClaimsInterest ExpenseChange in AOCI
Derivatives Designated as Hedge Accounting Instruments:
Fair Value Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments:
Interest Rate Contracts$— $— $— $(68,477)$(57,764)$— 
Foreign Currency Contracts— 70,209 — — — 318 
Total Gains (Losses) on Derivatives Designated as Hedge Instruments$— $70,209 $— $(68,477)$(57,764)$318 
Gains (Losses) on Hedged Items:
Interest Rate Contracts$— $— $— $68,477 $57,764 $— 
Foreign Currency Contracts— (69,155)— — — — 
Total Gains (Losses) on Hedged Items$— $(69,155)$— $68,477 $57,764 $— 
Amortization for Gains (Losses) Excluded from Assessment of Effectiveness:
Foreign Currency Contracts$— $7,150 $— $— $— $— 
Total Amortization for Gains (Losses) Excluded from Assessment of Effectiveness$— $7,150 $— $— $— — 
Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items$— $8,204 $— $— $— $318 
Cash Flow Hedges
Interest Rate Contracts$— $(279)$— $— $— $(160,607)
Total Gains (Losses) on Cash Flow Hedges$— $(279)$— $— $— $(160,607)
Derivatives Not Designated as Hedge Accounting Instruments:
Asset Management and Strategic Holdings
Foreign Exchange Contracts and Options$166,539 $— $— $— $— $— 
Other Derivatives11,416 — — — — — 
Total included in Net Gains (Losses) from Investment Activities$177,955 $— $— $— $— $— 
Insurance
Embedded Derivatives - Funds Withheld Receivable$— $75,929 $— $— $— $— 
Embedded Derivatives - Funds Withheld Payable— 666,599 — — — — 
Equity Index Options— (191,382)— — — — 
Equity Future Contracts— 52,484 — — — — 
Interest Rate and Foreign Exchange Contracts— (297,107)— — — — 
Other— (68)— — — — 
Total Gains (Losses) on Derivatives Not Designated as Hedge Accounting Instruments from Insurance Activities$— $306,455 $— $— $— $— 
Total$177,955 $314,380 $— $— $— $(160,289)
Nine Months Ended September 30, 2023
Net Gains (Losses) from Investment ActivitiesNet Investment-Related Gains (Losses)Net Investment IncomeNet Policy Benefits and ClaimsInterest ExpenseChange in AOCI
Derivatives Designated as Hedge Accounting Instruments:
Fair Value Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments:
Interest Rate Contracts$— $— $— $(119,815)$(78,152)$— 
Foreign Currency Contracts— 15,309 — — — 3,201 
Total Gains (Losses) on Derivatives Designated as Hedge Instruments$— $15,309 $— $(119,815)$(78,152)$3,201 
Gains (Losses) on Hedged Items:
Interest Rate Contracts$— $— $— $119,815 $78,152 $— 
Foreign Currency Contracts— (13,118)— — — — 
Total Gains (Losses) on Hedged Items$— $(13,118)$— $119,815 $78,152 $— 
Amortization for Gains (Losses) Excluded from Assessment of Effectiveness:
Foreign Currency Contracts$— $21,205 $— $— $— $— 
Total Amortization for Gains (Losses) Excluded from Assessment of Effectiveness$— $21,205 $— $— $— $— 
Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items$— $23,396 $— $— $— $3,201 
Cash Flow Hedges
Interest Rate Contracts$— $(816)$— $— $— $(123,389)
Total Gains (Losses) on Cash Flow Hedges$— $(816)$— $— $— $(123,389)
Derivatives Not Designated as Hedge Accounting Instruments:
Asset Management and Strategic Holdings
Foreign Exchange Contracts and Options$135,207 $— $— $— $— $— 
Other Derivatives31,275 — — — — — 
Total included in Net Gains (Losses) from Investment Activities$166,482 $— $— $— $— $— 
Insurance
Embedded Derivatives - Funds Withheld Receivable$— $59,311 $— $— $— $— 
Embedded Derivatives - Funds Withheld Payable— 269,206 — — — — 
Equity Index Options— 123,107 — — — — 
Equity Future Contracts— (36,724)— — — — 
Interest Rate and Foreign Exchange Contracts— (392,876)— — — — 
Other(205)— — — — 
Total Gains (Losses) on Derivatives Not Designated as Hedge Accounting Instruments from Insurance Activities$— $21,819 $— $— $— $— 
Total$166,482 $44,399 $— $— $— $(120,188)
Schedule of Offsetting Assets
The amount of Global Atlantic's net derivative assets and liabilities after consideration of collateral received or pledged were as follows:
As of September 30, 2024Gross Amount Recognized
Gross Amounts Offset in the Statements of Financial Position(1)
Net Amounts Presented in the Statements of Financial ConditionCollateral (Received) / PledgedNet Amount after Collateral
Derivative Assets (Excluding Embedded Derivatives)$2,426,587 $(2,340,512)$86,075 $(128,902)$(42,827)
Derivative Liabilities (Excluding Embedded Derivatives)$979,740 $(788,114)$191,626 $229,388 $(37,762)
(1)Represents netting of derivative exposures covered by qualifying master netting agreements.
As of December 31, 2023Gross Amount Recognized
Gross Amounts Offset in the Statements of Financial Position(1)
Net Amounts Presented in the Statements of Financial ConditionCollateral (Received) / PledgedNet Amount after Collateral
Derivative Assets (Excluding Embedded Derivatives)$1,855,023 $(1,809,329)$45,694 $(45,095)$599 
Derivative Liabilities (Excluding Embedded Derivatives)$1,057,277 $(911,080)$146,197 $167,973 $(21,776)
(1)Represents netting of derivative exposures covered by qualifying master netting agreements.
Schedule of Offsetting Liabilities
The amount of Global Atlantic's net derivative assets and liabilities after consideration of collateral received or pledged were as follows:
As of September 30, 2024Gross Amount Recognized
Gross Amounts Offset in the Statements of Financial Position(1)
Net Amounts Presented in the Statements of Financial ConditionCollateral (Received) / PledgedNet Amount after Collateral
Derivative Assets (Excluding Embedded Derivatives)$2,426,587 $(2,340,512)$86,075 $(128,902)$(42,827)
Derivative Liabilities (Excluding Embedded Derivatives)$979,740 $(788,114)$191,626 $229,388 $(37,762)
(1)Represents netting of derivative exposures covered by qualifying master netting agreements.
As of December 31, 2023Gross Amount Recognized
Gross Amounts Offset in the Statements of Financial Position(1)
Net Amounts Presented in the Statements of Financial ConditionCollateral (Received) / PledgedNet Amount after Collateral
Derivative Assets (Excluding Embedded Derivatives)$1,855,023 $(1,809,329)$45,694 $(45,095)$599 
Derivative Liabilities (Excluding Embedded Derivatives)$1,057,277 $(911,080)$146,197 $167,973 $(21,776)
(1)Represents netting of derivative exposures covered by qualifying master netting agreements.