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NET INVESTMENT-RELATED GAINS (LOSSES) - INSURANCE (Tables)
 12 Months Ended
Dec. 31, 2022
Insurance [Abstract]  
Net Investment Gains
Net investment-related gains (losses) were as follows:
Years Ended December 31,
20222021
Realized gains on equity investments$— $511,247 
Realized losses on available-for-sale fixed maturity debt securities(559,987)(201,411)
Credit loss allowances on available-for-sale securities(57,411)25,316 
Credit loss allowances on mortgage and other loan receivables(369,296)(252,979)
Allowances on unfunded commitments(34,112)(21,675)
Unrealized losses on fixed maturity securities classified as trading(2,603,874)(118,714)
Unrealized gains on investments recognized under the fair-value option60,237 39,758 
Unrealized (losses) gains on real estate investments recognized at fair value under investment company accounting(42,870)35,418 
Net gains on derivative instruments2,346,747 222,745 
Realized gains (losses) on funds withheld at interest payable portfolio38,074 (30,015)
Realized (losses) gains on funds withheld at interest receivable portfolio(3,176)12,418 
Other realized losses(92,822)(18,355)
Net investment-related (losses) gains$(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, 2022Year Ended December 31, 2021
CorporateStructuredTotalCorporateStructuredTotal
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 impaired791 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 impaired5,110 (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, 2022Year Ended December 31, 2021
Commercial Mortgage LoansResidential Mortgage LoansConsumer and Other Loan ReceivablesTotalCommercial Mortgage LoansResidential Mortgage LoansConsumer and Other Loan ReceivablesTotal
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,
20222021
AFS fixed maturity securities:
Proceeds from voluntary sales$12,050,106 $17,946,293 
Gross gains21,567 45,532 
Gross losses(569,706)(187,619)