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REINSURANCE (Tables)
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Schedule of Effects of Reinsurance Agreements
The effects of all reinsurance agreements on the consolidated statements of financial condition were as follows:
September 30, 2024December 31, 2023
Policy Liabilities:
Direct$82,402,530 $75,715,857 
Assumed101,647,880 84,342,414 
Total Policy Liabilities184,050,410 160,058,271 
Ceded(1)
(46,042,433)(35,773,958)
Net Policy Liabilities$138,007,977 $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 September 30,Nine Months Ended September 30,
2024202320242023
Net Premiums:
Direct$128,276 $26,153 $293,649 $92,061 
Assumed893,449 435,931 11,625,814 2,189,835 
Ceded(400,507)(241,872)(4,325,929)(961,631)
Net Premiums$621,218 $220,212 $7,593,534 $1,320,265 

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Policy Fees:
Direct$235,567 $229,351 $691,415 $686,251 
Assumed377,621 104,842 816,592 315,104 
Ceded(237,817)(20,177)(469,789)(58,155)
Net Policy Fees$375,371 $314,016 $1,038,218 $943,200 

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net Policy Benefits and Claims:
Direct$1,340,829 $302,553 $3,137,429 $2,035,840 
Assumed2,162,227 767,329 14,544,107 3,367,807 
Ceded(1,081,361)(322,644)(5,799,612)(1,393,341)
Net Policy Benefits and Claims$2,421,695 $747,238 $11,881,924 $4,010,306 
Schedule of 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 September 30, 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++$108,924 $— $108,924 $38,857 $— $38,857 
A+1,764,620 — 1,764,620 1,801,954 — 1,801,954 
A2,149,024 — 2,149,024 2,212,800 — 2,212,800 
A-4,108,309 3,600,954 507,355 4,430,484 3,814,976 615,508 
B++700 — 700 589 — 589 
B+— — — — — — 
B— — — — — — 
B-— — — — — — 
C++/C+(230)— — (228)— — 
Not Rated or Private Rating(4)
40,809,162 41,788,353 — 30,859,068 30,210,350 648,718 
Total$48,940,509 $45,389,307 $4,530,623 $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 $23.2 million and $21.0 million as of September 30, 2024 and December 31, 2023, respectively, held against reinsurance recoverable and funds withheld receivable at interest.
(4)Includes $40.8 billion and $30.8 billion as of September 30, 2024 and December 31, 2023, respectively, associated with cessions to co-investment vehicles (the "sponsored reinsurance vehicles") that participate in qualifying reinsurance transactions sourced by Global Atlantic.