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DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Gains and Losses | The following table represents the gains (losses) recognized on derivative instruments and related hedged items in fair value hedging relationship:
Year Ended December 31, 2022 | Derivatives |  | Hedged items |  | Net
2029 Senior Notes | $ | (70,382) |  |  | $ | 70,382 |  |  | $ | — |
2031 Senior Notes | (107,473) |  |  | 107,473 |  |  | — |
FHLB funding agreement liabilities | (47,266) |  |  | 47,266 |  |  | — |
FABN liabilities | (335,110) |  |  | 335,110 |  |  | — |
Year Ended December 31, 2021 | Derivatives |  | Hedged items |  | Net
2029 Senior Notes | $ | (18,808) |  |  | $ | 18,808 |  |  | $ | — |
2031 Senior Notes | (5,561) |  |  | 5,561 |  |  | — |
FHLB funding agreement liabilities | (16,092) |  |  | 16,092 |  |  | — |
The following table represents the gains (losses) related to the FX forwards hedging instruments:
| Years Ended December 31,
| 2022 |  | 2021
FX forward derivative: |  |  |
Net investment-related gains (losses) | $ | 64,945 |  |  | $ | 21,490 |
AOCI | (6,784) |  |  | 2,275 |
Amortization - excluded component | 14,737 |  |  | 2,971 |
Hedged available-for-sale securities: |  |  |
Net investment-related gains (losses) | (61,785) |  |  | (22,721) |
| December 31, 2022 |  | December 31, 2021
Notional value of foreign currency forward | $ | 2,021,061 |  |  | $ | 1,192,412 |
The amounts of derivative gains and losses recognized are reported in the consolidated statements of operations as follows:
Derivative contracts not designated as hedges |  |  | Years Ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Asset Management |  |  |  |  |  |  |  |  |
Net Gains (Losses) from Investment Activities: |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts and Options |  |  |  |  | 362,965 |  |  | $ | 545,238 |  |  | $ | (332,096) |
Other Derivatives |  |  |  |  | 6,790 |  |  | (77,034) |  |  | (202,744) |
Total included in Net Gains (Losses) from Investment Activities |  |  |  |  | $ | 369,755 |  |  | $ | 468,204 |  |  | $ | (534,840) |
Insurance |  |  |  |  |  |  |  |  |
Net investment-related gains (losses): |  |  |  |  |  |  |  |  |
Funds withheld receivable embedded derivatives |  |  |  |  | $ | (29,390) |  |  | $ | 31,740 |  |  | $ | — |
Funds withheld payable embedded derivatives |  |  |  |  | 3,448,710 |  |  | 49,491 |  |  | — |
Equity index options |  |  |  |  | (895,602) |  |  | 549,987 |  |  | — |
Equity future contracts |  |  |  |  | 167,924 |  |  | (263,637) |  |  | — |
Interest rate contracts and other |  |  |  |  | (333,937) |  |  | (146,920) |  |  | — |
Credit risk contracts |  |  |  |  | (108) |  |  | (400) |  |  | — |
Other |  |  |  |  | (29,779) |  |  | — |  |  | — |
Total included in net investment-related gains (losses) |  |  |  |  | $ | 2,327,818 |  |  | $ | 220,261 |  |  | $ | — |
Derivative contracts designated as hedges |  |  | Years Ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Insurance |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |
Net investment-related gains (losses): |  |  |  |  |  |  |  |  |
Foreign currency forwards |  |  |  |  | $ | 18,929 |  |  | $ | 2,484 |  |  | $ | — |
Total included in net investment-related gains (losses) |  |  |  |  | $ | 18,929 |  |  | $ | 2,484 |  |  | $ | — |
Expenses |  |  |  |  |  |  |  |  |
Net policy benefits and claims: |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  |  |  | $ | (438,707) |  |  | $ | (16,177) |  |  | $ | — |
Total included in net policy benefits and claims |  |  |  |  | $ | (438,707) |  |  | $ | (16,177) |  |  | $ | — |
Interest expense: |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  |  |  | $ | (179,259) |  |  | $ | (15,069) |  |  | $ | — |
Total included in interest expense |  |  |  |  | $ | (179,259) |  |  | $ | (15,069) |  |  | $ | — |
Schedule of Derivative Liabilities at Fair Value | The following table represents the carrying values and cumulative fair value adjustments for hedged items reflected there-in:
| As of December 31, 2022 |  | As of December 31, 2021
| Carrying value |  | Cumulative fair value of hedge adjustments(1) |  | Carrying value |  | Cumulative fair value of hedge adjustments
2029 Senior Notes | $ | 408,295 |  |  | $ | (89,180) |  |  | $ | 473,890 |  |  | $ | (18,808) |
2031 Senior Notes | 537,578 |  |  | (112,423) |  |  | 644,439 |  |  | (5,561) |
FHLB funding agreement liabilities | 1,039,632 |  |  | (67,116) |  |  | 1,070,770 |  |  | (16,092) |
FABN liabilities | 4,631,252 |  |  | (368,378) |  |  | — |  |  | — |
(1)Includes $19.8 million and $33.3 million of fair value hedge adjustments on discontinued hedges of FHLB and FABN liabilities, respectively, as of December 31, 2022.
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 December 31, 2022 |  | Notional Value |  | Derivative Assets |  | Derivative Liabilities
Asset Management |  |  |  |  |  |
Foreign Exchange Contracts and Options |  | $ | 16,144,795 |  |  | $ | 668,716 |  |  | $ | 406,746 |
Other Derivatives |  | 125,000 |  |  | 7,519 |  |  | 11,018 |
Total Asset Management |  |  |  | $ | 676,235 |  |  | $ | 417,764 |
Insurance |  |  |  |  |  |
Equity market contracts |  | $ | 34,889,122 |  |  | $ | 626,391 |  |  | $ | 91,344 |
Interest rate contracts |  | 15,699,253 |  |  | 182,734 |  |  | 962,329 |
Foreign currency contracts |  | 2,696,451 |  |  | 127,440 |  |  | 91,680 |
Credit risk contracts |  | 60,000 |  |  | — |  |  | 929 |
Impact of netting(1) |  |  |  | (212,175) |  |  | (212,175) |
Fair value included within derivative assets and derivative liabilities |  |  |  | 724,390 |  |  | 934,107 |
Embedded derivative – indexed universal life products |  |  |  | — |  |  | 337,860 |
Embedded derivative – annuity products |  |  |  | — |  |  | 1,855,366 |
Fair value included within policy liabilities |  |  |  | — |  |  | 2,193,226 |
Embedded derivative – funds withheld at interest |  |  |  | 12,785 |  |  | (3,487,766) |
Total Insurance |  |  |  | $ | 737,175 |  |  | $ | (360,433) |
Fair value included within total assets and liabilities |  |  |  | $ | 1,413,410 |  |  | $ | 57,331 |
(1)Represents netting of derivative exposures covered by qualifying master netting agreements.
As of December 31, 2021 | Notional Value |  | Derivative Assets |  | Derivative Liabilities
Asset Management |  |  |  |  |
Foreign Exchange Contracts and Options | $ | 12,822,521 |  |  | $ | 590,637 |  |  | $ | 319,511 |
Other Derivatives | 505,725 |  |  | 491 |  |  | 45,003 |
Total Asset Management |  |  | $ | 591,128 |  |  | $ | 364,514 |
Insurance |  |  |  |  |
Equity market contracts | $ | 31,294,053 |  |  | $ | 1,216,843 |  |  | $ | 186,754 |
Interest rate contracts | 16,692,035 |  |  | 198,658 |  |  | 101,245 |
Foreign currency contracts | 1,517,434 |  |  | 32,464 |  |  | 7,639 |
Credit risk contracts | 107,754 |  |  | — |  |  | 1,540 |
Impact of netting(1) |  |  | (152,015) |  |  | (152,015) |
Fair value included within derivative assets and derivative liabilities |  |  | 1,295,950 |  |  | 145,163 |
Embedded derivative – indexed universal life products |  |  | — |  |  | 557,276 |
Embedded derivative – annuity products |  |  | — |  |  | 1,983,949 |
Fair value included within policy liabilities |  |  | — |  |  | 2,541,225 |
Embedded derivative – funds withheld at interest |  |  | 31,740 |  |  | (49,491) |
Total Insurance |  |  | $ | 1,327,690 |  |  | $ | 2,636,897 |
Fair value included within total assets and liabilities |  | $ | 1,918,818 |  |  | $ | 3,001,411 |
(1)Represents netting of derivative exposures covered by qualifying master netting agreements.
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 December 31, 2022 | Gross amount recognized |  | Gross amounts offset in the statements of financial position(1) |  | Net amounts presented in the statements of financial condition |  | Collateral (received) / pledged |  | Net amount after collateral
Derivative assets (excluding embedded derivatives) | $ | 936,565 |  |  | $ | (212,175) |  |  | $ | 724,390 |  |  | $ | (466,371) |  |  | $ | 258,019 |
Derivative liabilities (excluding embedded derivatives) | $ | 1,146,282 |  |  | $ | (212,175) |  |  | $ | 934,107 |  |  | $ | 366,508 |  |  | $ | 567,599 |
(1)Represents netting of derivative exposures covered by qualifying master netting agreements.
As of December 31, 2021 | Gross amount recognized |  | Gross amounts offset in the statements of financial position(1) |  | Net amounts presented in the statements of financial condition |  | Collateral (received) / pledged |  | Net amount after collateral
Derivative assets (excluding embedded derivatives) | $ | 1,447,965 |  |  | $ | (152,015) |  |  | $ | 1,295,950 |  |  | $ | (1,086,061) |  |  | $ | 209,889 |
Derivative liabilities (excluding embedded derivatives) | $ | 297,178 |  |  | $ | (152,015) |  |  | $ | 145,163 |  |  | $ | 49,860 |  |  | $ | 95,303 |
(1) Represents netting of derivative exposures covered by qualifying master netting agreements.
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 December 31, 2022 | Gross amount recognized |  | Gross amounts offset in the statements of financial position(1) |  | Net amounts presented in the statements of financial condition |  | Collateral (received) / pledged |  | Net amount after collateral
Derivative assets (excluding embedded derivatives) | $ | 936,565 |  |  | $ | (212,175) |  |  | $ | 724,390 |  |  | $ | (466,371) |  |  | $ | 258,019 |
Derivative liabilities (excluding embedded derivatives) | $ | 1,146,282 |  |  | $ | (212,175) |  |  | $ | 934,107 |  |  | $ | 366,508 |  |  | $ | 567,599 |
(1)Represents netting of derivative exposures covered by qualifying master netting agreements.
As of December 31, 2021 | Gross amount recognized |  | Gross amounts offset in the statements of financial position(1) |  | Net amounts presented in the statements of financial condition |  | Collateral (received) / pledged |  | Net amount after collateral
Derivative assets (excluding embedded derivatives) | $ | 1,447,965 |  |  | $ | (152,015) |  |  | $ | 1,295,950 |  |  | $ | (1,086,061) |  |  | $ | 209,889 |
Derivative liabilities (excluding embedded derivatives) | $ | 297,178 |  |  | $ | (152,015) |  |  | $ | 145,163 |  |  | $ | 49,860 |  |  | $ | 95,303 |
(1) Represents netting of derivative exposures covered by qualifying master netting agreements.

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