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REINSURANCE (Tables) | 12 Months Ended
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Dec. 31, 2022
Insurance [Abstract] |
Effects of Reinsurance Agreements | The effects of all reinsurance agreements on the consolidated statements of financial condition were as follows:
| December 31, 2022 |  | December 31, 2021
Policy liabilities: |  |  |
Direct | $ | 71,758,288 |  |  | $ | 67,131,818 |
Assumed | 69,464,999 |  |  | 59,388,226 |
Total policy liabilities | 141,223,287 |  |  | 126,520,044 |
Ceded(1) | (27,662,874) |  |  | (25,035,228) |
Net policy liabilities | $ | 113,560,413 |  |  | $ | 101,484,816 |
(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:
|  |  | Years Ended December 31,
|  |  |  |  | 2022 |  | 2021
Net premiums: |  |  |  |  |  |  |
Direct |  |  |  |  | $ | 111,602 |  |  | $ | 107,733 |
Assumed(1) |  |  |  |  | 2,413,234 |  |  | 4,573,925 |
Ceded |  |  |  |  | (1,342,375) |  |  | (2,455,580) |
Net premiums |  |  |  |  | $ | 1,182,461 |  |  | $ | 2,226,078 |
(1)Includes related party activity of $8.7 million for the year ended December 31, 2021.
|  |  | Years Ended December 31,
|  |  |  |  | 2022 |  | 2021
Policy fees: |  |  |  |  |  |  |
Direct |  |  |  |  | $ | 967,716 |  |  | $ | 860,170 |
Assumed(1) |  |  |  |  | 328,528 |  |  | 288,870 |
Ceded |  |  |  |  | (17,508) |  |  | (1,127) |
Net policy fees |  |  |  |  | $ | 1,278,736 |  |  | $ | 1,147,913 |
(1)Includes related party activity of $6.2 million for the year ended December 31, 2021.
|  |  | Years Ended December 31,
|  |  |  |  | 2022 |  | 2021
Net policy benefits and claims: |  |  |  |  |  |  |
Direct |  |  |  |  | $ | 1,266,262 |  |  | $ | 2,610,210 |
Assumed(1) |  |  |  |  | 3,421,780 |  |  | 5,175,944 |
Ceded |  |  |  |  | (1,503,615) |  |  | (2,730,445) |
Net policy benefits and claims |  |  |  |  | $ | 3,184,427 |  |  | $ | 5,055,709 |
(1)Includes related party activity of $76.2 million for the year ended December 31, 2021.
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 December 31, 2022 |  | As of December 31, 2021
A.M. Best Rating(1) | Reinsurance recoverable and funds withheld receivable at interest(2) |  | Credit enhancements(3) |  | Net reinsurance credit exposure(4) |  | Reinsurance recoverable and funds withheld receivable at interest(2) |  | Credit enhancements(3) |  | Net reinsurance credit exposure(4)
A++ | $ | 62,674 |  |  | $ | — |  |  | $ | 62,674 |  |  | $ | 7,911 |  |  | $ | — |  |  | $ | 7,911 |
A+ | 1,849,918 |  |  | — |  |  | 1,849,918 |  |  | 1,989,426 |  |  | — |  |  | 1,989,426 |
A | 2,491,461 |  |  | — |  |  | 2,491,461 |  |  | 2,652,286 |  |  | — |  |  | 2,652,286 |
A- | 5,397,767 |  |  | 4,197,739 |  |  | 1,200,028 |  |  | 5,645,633 |  |  | 5,166,559 |  |  | 479,074 |
B++ | 37,939 |  |  | — |  |  | 37,939 |  |  | 33,410 |  |  | — |  |  | 33,410 |
B+ | — |  |  | — |  |  | — |  |  | 1,122 |  |  | — |  |  | 1,122 |
B | — |  |  | — |  |  | — |  |  | 9,227 |  |  | — |  |  | 9,227 |
B- | (221) |  |  | — |  |  | — |  |  | 1,274 |  |  | — |  |  | 1,274 |
Not rated or private rating(5) | 20,994,058 |  |  | 18,541,678 |  |  | 2,452,380 |  |  | 17,698,613 |  |  | 18,323,795 |  |  | — |
Total | $ | 30,833,596 |  |  | $ | 22,739,417 |  |  | $ | 8,094,400 |  |  | $ | 28,038,902 |  |  | $ | 23,490,354 |  |  | $ | 5,173,730 |
(1)Ratings are periodically updated (at least annually) as A.M. Best issues new ratings. (2)At amortized cost, excluding any associated embedded derivative assets and liabilities. (3)Includes funds withheld payable at interest and deferred intangible reinsurance assets and liabilities. (4)Includes credit loss allowance of $41.2 million and $8.4 million as of December 31, 2022 and 2021, respectively, held against reinsurance recoverable. (5)Includes $21.0 billion and $17.7 billion as of December 31, 2022 and 2021, respectively, associated with cessions to Ivy Re Limited and Ivy Re II Limited (the “Ivy Vehicles”), which are co-investment vehicles that participate in qualifying reinsurance transactions sourced by Global Atlantic.

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- Definition Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6486672&loc=d3e27261-158547 + Details
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- Definition Tabular disclosure of reinsurer or group of reinsurers for whom the entity has a concentration of credit risk. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 825 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123600520&loc=SL75241803-196195 + Details
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