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NET INVESTMENT-RELATED GAINS (LOSSES) - INSURANCE (Tables) | 12 Months Ended
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Dec. 31, 2022
Insurance [Abstract] |
Net Investment Gains | Net investment-related gains (losses) were as follows:
| Years Ended December 31,
| 2022 |  | 2021
Realized gains on equity investments | $ | — |  |  | $ | 511,247 |
Realized losses on available-for-sale fixed maturity debt securities | (559,987) |  |  | (201,411) |
Credit loss allowances on available-for-sale securities | (57,411) |  |  | 25,316 |
Credit loss allowances on mortgage and other loan receivables | (369,296) |  |  | (252,979) |
Allowances on unfunded commitments | (34,112) |  |  | (21,675) |
Unrealized losses on fixed maturity securities classified as trading | (2,603,874) |  |  | (118,714) |
Unrealized gains on investments recognized under the fair-value option | 60,237 |  |  | 39,758 |
Unrealized (losses) gains on real estate investments recognized at fair value under investment company accounting | (42,870) |  |  | 35,418 |
Net gains on derivative instruments | 2,346,747 |  |  | 222,745 |
Realized gains (losses) on funds withheld at interest payable portfolio | 38,074 |  |  | (30,015) |
Realized (losses) gains on funds withheld at interest receivable portfolio | (3,176) |  |  | 12,418 |
Other realized losses | (92,822) |  |  | (18,355) |
Net investment-related (losses) gains | $ | (1,318,490) |  |  | $ | 203,753 |
Roll-forward of the Allowance for Credit Losses for Fixed Maturity Securities | The table below presents a roll-forward of the allowance for credit losses recognized for fixed maturity securities held by Global Atlantic:
| Year Ended December 31, 2022 |  | Year Ended December 31, 2021
| Corporate |  | Structured |  | Total |  | Corporate |  | Structured |  | Total
Balance, as of beginning of period(1) | $ | 3,238 |  |  | $ | 84,895 |  |  | $ | 88,133 |  |  | $ | — |  |  | $ | 120,895 |  |  | $ | 120,895 |
Initial impairments for credit losses recognized on securities not previously impaired | 791 |  |  | 68,943 |  |  | 69,734 |  |  | 3,238 |  |  | 55,271 |  |  | 58,509 |
Initial credit loss allowance recognized on purchased credit deteriorated ("PCD") securities | — |  |  | 707 |  |  | 707 |  |  | — |  |  | 8,072 |  |  | 8,072 |
Accretion of initial credit loss allowance on PCD securities | — |  |  | 1,847 |  |  | 1,847 |  |  | — |  |  | 2,782 |  |  | 2,782 |
Reductions due to sales (or maturities, pay downs or prepayments) during the period of securities previously identified as credit impaired | — |  |  | (11,925) |  |  | (11,925) |  |  | — |  |  | (18,300) |  |  | (18,300) |
Net additions / reductions for securities previously impaired | 5,110 |  |  | (17,433) |  |  | (12,323) |  |  | — |  |  | (83,825) |  |  | (83,825) |
Balances charged off | (7,841) |  |  | — |  |  | (7,841) |  |  | — |  |  | — |  |  | — |
Balance, as of end of period | $ | 1,298 |  |  | $ | 127,034 |  |  | $ | 128,332 |  |  | $ | 3,238 |  |  | $ | 84,895 |  |  | $ | 88,133 |
(1)For the year ended December 31, 2021, includes securities designated as purchased credit impaired as of the time of the acquisition of Global Atlantic.
Changes in the Allowance for Loan Losses for Mortgages and Other Receivables | Changes in the allowance for credit losses on mortgage and other loan receivables held by Global Atlantic are summarized below:
| Year Ended December 31, 2022 |  | Year Ended December 31, 2021
| Commercial Mortgage Loans |  | Residential Mortgage Loans |  | Consumer and Other Loan Receivables |  | Total |  | Commercial Mortgage Loans |  | Residential Mortgage Loans |  | Consumer and Other Loan Receivables |  | Total
Balance, as of beginning of period(1) | $ | 65,970 |  |  | $ | 72,082 |  |  | $ | 236,025 |  |  | $ | 374,077 |  |  | $ | 58,203 |  |  | $ | 62,056 |  |  | $ | — |  |  | $ | 120,259 |
Net provision (release) | 161,345 |  |  | 74,798 |  |  | 133,153 |  |  | 369,296 |  |  | 7,767 |  |  | 10,024 |  |  | 235,188 |  |  | 252,979 |
Loans purchased with credit deterioration | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 799 |  |  | 837 |  |  | 1,636 |
Balances charged off, net of recoveries(2) | — |  |  | (21,055) |  |  | (162,090) |  |  | (183,145) |  |  | — |  |  | (797) |  |  | — |  |  | (797) |
Balance, as of end of period | $ | 227,315 |  |  | $ | 125,825 |  |  | $ | 207,088 |  |  | $ | 560,228 |  |  | $ | 65,970 |  |  | $ | 72,082 |  |  | $ | 236,025 |  |  | $ | 374,077 |
(1)For the year ended December 31, 2021, includes loans designated as purchased credit deteriorated as of the time of the acquisition of Global Atlantic. (2)Consumer and other loan receivables included $12.8 million of recoveries for the year ended December 31, 2022.
Proceeds from Voluntary Sales and Gross Gains and Losses for AFS Fixed Maturity Securities | The proceeds from voluntary sales and the gross gains and losses on those sales of available-for-sale ("AFS") fixed maturity securities were as follows:
| Years Ended December 31,
| 2022 |  | 2021
AFS fixed maturity securities: |  |  |
Proceeds from voluntary sales | $ | 12,050,106 |  |  | $ | 17,946,293 |
Gross gains | 21,567 |  |  | 45,532 |
Gross losses | (569,706) |  |  | (187,619) |

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