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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities at Fair Value

The following tables summarize the valuation of assets and liabilities measured and reported at fair value by the fair value hierarchy. Investments classified as Equity Method - Other, for which the fair value option has not been elected, and Equity Method - Capital Allocation-Based Income have been excluded from the tables below.

Assets, at fair value:

			December 31, 2022
			Level I						Level II						Level III						Total
Asset Management
Private Equity			$	1,057,025					$	213,706					$	25,336,957					$	26,607,688
Credit			187,504						1,830,862						5,786,026						7,804,392
Investments of Consolidated CFEs			—						22,492,366						—						22,492,366
Real Assets			—						961,254						17,015,112						17,976,366
Equity Method - Other			435,315						883,652						1,624,420						2,943,387
Other Investments			395,972						63,060						3,334,366						3,793,398
Total Investments			$	2,075,816					$	26,444,900					$	53,096,881					$	81,617,597
Foreign Exchange Contracts and Options			—						668,716						—						668,716
Other Derivatives			9						7,510						—						7,519
Total Assets at Fair Value - Asset Management			$	2,075,825					$	27,121,126					$	53,096,881					$	82,293,832
Insurance
AFS fixed maturity securities:
U.S. government and agencies			$	283,402					$	83,339					$	—					$	366,741
U.S. state, municipal and political subdivisions			—						4,410,960						—						4,410,960
Corporate			—						28,006,275						8,310,657						36,316,932
Structured securities			—						19,425,455						1,419,441						20,844,896
Total AFS fixed maturity securities			$	283,402					$	51,926,029					$	9,730,098					$	61,939,529
Trading fixed maturity securities:
U.S. government and agencies			$	93,697					$	59,940					$	—					$	153,637
U.S. state, municipal and political subdivisions			—						705,836						—						705,836
Corporate			—						7,218,354						672,023						7,890,377
Structured securities			—						2,645,186						643,811						3,288,997
Total trading fixed maturity securities			$	93,697					$	10,629,316					$	1,315,834					$	12,038,847
Equity securities			2,213						—						16,286						18,499
Mortgage and other loan receivables			—						—						787,515						787,515
Other investments(3)			—						—						4,883,441						4,883,441
Funds withheld receivable at interest			—						—						12,785						12,785
Reinsurance recoverable			—						—						981,775						981,775
Derivative assets:
Equity market contracts			31,025						595,366						—						626,391
Interest rate contracts			4,856						177,878						—						182,734
Foreign currency contracts			—						127,440						—						127,440
Impact of netting(4)			(7,079)						(205,096)						—						(212,175)
Total derivative assets			$	28,802					$	695,588					$	—					$	724,390
Separate account assets			4,130,794						—						—						4,130,794
Total Assets at Fair Value - Insurance			$	4,538,908					$	63,250,933					$	17,727,734					$	85,517,575
Total Assets at Fair Value			$	6,614,733					$	90,372,059					$	70,824,615					$	167,811,407

			December 31, 2021
			Level I						Level II						Level III						Total
Asset Management
Private Equity			$	2,044,380					$	318,736					$	23,322,634					$	25,685,750
Credit			—						2,122,912						5,826,661						7,949,573
Investments of Consolidated CFEs			—						22,076,809						—						22,076,809
Real Assets			—						1,111,219						11,389,530						12,500,749
Equity Method - Other			482,061						105,647						1,013,807						1,601,515
Other Investments			759,002						146,081						3,240,013						4,145,096
Total Investments			$	3,285,443					$	25,881,404					$	44,792,645					$	73,959,492
Foreign Exchange Contracts and Options			—						590,637						—						590,637
Other Derivatives			—						12						479			(1)			491
Total Assets at Fair Value - Asset Management			$	3,285,443					$	26,472,053					$	44,793,124					$	74,550,620
Insurance
AFS fixed maturity securities:
U.S. government and agencies			$	500,325					$	284,222					$	—					$	784,547
U.S. state, municipal and political subdivisions			—						5,109,697						—						5,109,697
Corporate			—						33,281,727						7,650,660						40,932,387
Structured securities			—						21,215,854						828,401						22,044,255
Total AFS fixed maturity securities			$	500,325					$	59,891,500					$	8,479,061					$	68,870,886
Trading fixed maturity securities:
U.S. government and agencies			$	371,366					$	252,266					$	—					$	623,632
U.S. state, municipal and political subdivisions			—						879,463						—						879,463
Corporate			—						8,486,922						565,025						9,051,947
Structured securities			—						2,779,757						418,774						3,198,531
Total trading fixed maturity securities			$	371,366					$	12,398,408					$	983,799					$	13,753,573
Equity securities			256,196						—						32,937						289,133
Mortgage and other loan receivables(2)			—						—						832,674						832,674
Other investments(3)			—						—						1,603,345						1,603,345
Funds withheld receivable at interest			—						—						31,740						31,740
Reinsurance recoverable			—						—						1,293,791						1,293,791
Derivative assets:
Equity market contracts			66,510						1,150,333						—						1,216,843
Interest rate contracts			44,472						154,186						—						198,658
Foreign currency contracts			—						32,464						—						32,464
Impact of netting(4)			(25,588)						(126,427)						—						(152,015)
Total derivative assets			$	85,394					$	1,210,556					$	—					$	1,295,950
Separate account assets			5,586,428						—						—						5,586,428
Total Assets at Fair Value - Insurance			$	6,799,709					$	73,500,464					$	13,257,347					$	93,557,520
Total Assets at Fair Value			$	10,085,152					$	99,972,517					$	58,050,471					$	168,108,140

(1)Includes derivative assets that were valued using a third-party valuation firm. The approach used to estimate the fair value of these derivative assets was generally the discounted cash flow method, which includes consideration of the current portfolio, projected portfolio construction, projected portfolio realizations, portfolio volatility (based on the volatility, correlation, and size of each underlying asset class), and the discounting of future cash flows to the reporting date.

(2)Includes related party balance of $27.3 million in Level III for mortgage and other loan receivables as of December 31, 2021.

(3)Other investments excluded from the fair value hierarchy include certain real estate and private equity funds for which fair value is measured at net asset value per share as a practical expedient. As of December 31, 2022 and 2021, the fair value of these investments was $148.9 million and $108.7 million, respectively.

(4)Represents netting of derivative exposures covered by qualifying master netting agreements.

Liabilities, at fair value:

			December 31, 2022
			Level I						Level II						Level III						Total
Asset Management
Securities Sold Short			$	158,751					$	—					$	—					$	158,751
Foreign Exchange Contracts and Options			—						406,746						—						406,746
Unfunded Revolver Commitments			—						—						137,315			(1)			137,315
Other Derivatives			—						11,018						—						11,018
Debt Obligations of Consolidated CFEs			—						22,273,242						—						22,273,242
Total Liabilities at Fair Value - Asset Management			$	158,751					$	22,691,006					$	137,315					$	22,987,072
Insurance
Policy liabilities			$	—					$	—					$	394,638					$	394,638
Closed block policy liabilities			—						—						1,016,313						1,016,313
Funds withheld payable at interest			—						—						(3,487,766)						(3,487,766)
Derivative instruments payable:
Equity market contracts			2,692						88,652						—						91,344
Interest rate contracts			9,693						952,636						—						962,329
Foreign currency contracts			—						91,680						—						91,680
Credit contracts			—						929						—						929
Impact of netting(2)			(7,079)						(205,096)						—						(212,175)
Total derivative instruments payable			5,306						928,801						—						934,107
Embedded derivative – indexed universal life products			—						—						337,860						337,860
Embedded derivative – annuity products			—						—						1,855,366						1,855,366
Total Liabilities at Fair Value - Insurance			$	5,306					$	928,801					$	116,411					$	1,050,518
Total Liabilities at Fair Value			$	164,057					$	23,619,807					$	253,726					$	24,037,590

			December 31, 2021
			Level I						Level II						Level III						Total
Asset Management
Securities Sold Short			$	249,383					$	—					$	—					$	249,383
Foreign Exchange Contracts and Options			—						319,511						—						319,511
Unfunded Revolver Commitments			—						—						64,276			(1)			64,276
Other Derivatives			—						45,003						—						45,003
Debt Obligations of Consolidated CFEs			—						21,271,084						—						21,271,084
Total Liabilities at Fair Value - Asset Management			$	249,383					$	21,635,598					$	64,276					$	21,949,257
Insurance
Policy liabilities			$	—					$	—					$	519,454					$	519,454
Closed block policy liabilities			—						—						1,350,224						1,350,224
Funds withheld payable at interest			—						—						(49,491)						(49,491)
Derivative instruments payable:
Equity market contracts			33,933						152,821						—						186,754
Interest rate contracts			14,009						87,236						—						101,245
Foreign currency contracts			—						7,639						—						7,639
Credit contracts			—						1,540						—						1,540
Impact of netting(2)			(25,588)						(126,427)						—						(152,015)
Total derivative instruments payable			22,354						122,809						—						145,163
Embedded derivative – indexed universal life products			—						—						557,276						557,276
Embedded derivative – annuity products			—						—						1,983,949						1,983,949
Total Liabilities at Fair Value - Insurance			$	22,354					$	122,809					$	4,361,412					$	4,506,575
Total Liabilities at Fair Value			$	271,737					$	21,758,407					$	4,425,688					$	26,455,832

(1)These unfunded revolver commitments are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments.

(2)Represents netting of derivative exposures covered by qualifying master netting agreement.

Summary of Changes in Assets and Liabilities Reported at Fair Value for Which Level III Inputs Have Been Used to Determine Fair Value

The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level III inputs have been used to determine fair value for the years ended December 31, 2022 and 2021, respectively. For certain insurance disclosures, the beginning of the period represents balances as of the GA Acquisition Date.

			For the Year Ended December 31, 2022
			Balance, Beg. of Period			Transfers In / (Out) - Changes in Consolidation			Transfers In			Transfers Out			Net Purchases/Issuances/Sales/Settlements			Net Unrealized and Realized Gains (Losses)			Change in OCI			Balance, End of Period			Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date			Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date
Assets
Asset Management
Private Equity			$	23,322,634		$	(49,000)		$	—		$	(138,220)		$	2,496,973		$	(295,430)		$	—		$	25,336,957		$	(593,364)		$	—
Credit			5,826,661			34,245			9,617			(96,218)			362,875			(346,686)			(4,468)			5,786,026			(278,038)			—
Real Assets			11,389,530			—			—			—			5,115,282			510,300			—			17,015,112			114,614			—
Equity Method - Other			1,013,807			156,183			—			—			603,992			(149,562)			—			1,624,420			(142,352)			—
Other Investments			3,240,013			513,875			—			(839)			93,743			(512,426)			—			3,334,366			(459,482)			—
Other Derivatives			479			—			—			—			30,593			(31,072)			—			—			—			—
Total Assets - Asset Management			$	44,793,124		$	655,303		$	9,617		$	(235,277)		$	8,703,458		$	(824,876)		$	(4,468)		$	53,096,881		$	(1,358,622)		$	—
Insurance
AFS fixed maturity securities:
Corporate fixed maturity securities			$	7,650,660		$	—		$	—		$	(88,076)		$	1,177,295		$	(59,342)		$	(369,880)		$	8,310,657		$	—		$	(328,184)
Structured securities			828,401			—			343,338			—			368,742			(7,296)			(113,744)			1,419,441			—			(123,614)
Total AFS fixed maturity securities			8,479,061			—			343,338			(88,076)			1,546,037			(66,638)			(483,624)			9,730,098			—			(451,798)
Trading fixed maturity securities:
Corporate fixed maturity securities			565,025			—			11,826			(44,273)			219,892			(80,447)			—			672,023			(79,031)			—
Structured securities			418,774			—			128,744			(31,741)			232,211			(104,177)			—			643,811			(107,122)			—
Total trading fixed maturity securities			983,799			—			140,570			(76,014)			452,103			(184,624)			—			1,315,834			(186,153)			—
Equity securities			32,937			—			—			—			195			(16,846)			—			16,286			(16,846)			—
Mortgage and other loan receivables			832,674			—			—			—			54,239			(99,398)			—			787,515			(84,219)			—
Other investments			1,603,345			—			—			—			3,167,542			112,554			—			4,883,441			42,996			—
Funds withheld receivable at interest			31,740			—			—			—			10,435			(29,390)			—			12,785			—			—
Reinsurance recoverable			1,293,791			—			—			—			(11,088)			(300,928)			—			981,775			—			—
Total Assets - Insurance			$	13,257,347		$	—		$	483,908		$	(164,090)		$	5,219,463		$	(585,270)		$	(483,624)		$	17,727,734		$	(244,222)		$	(451,798)
Total			$	58,050,471		$	655,303		$	493,525		$	(399,367)		$	13,922,921		$	(1,410,146)		$	(488,092)		$	70,824,615		$	(1,602,844)		$	(451,798)

			For the Year Ended December 31, 2021
			Balance, Beg. of Period			Transfers In / (Out) - Changes in Consolidation			Transfers In			Transfers Out			Net Purchases/Issuances/Sales/Settlements			Net Unrealized and Realized Gains (Losses)			Change in OCI			Balance, End of Period			Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date			Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date
Assets
Asset Management
Private Equity			$	15,234,904		$	—		$	5,034		$	(504,112)		$	2,672,278		$	5,914,530		$	—		$	23,322,634		$	5,610,159		$	—
Credit			9,172,848			(5,461,589)			86,135			—			1,898,617			120,236			10,414			5,826,661			143,647			10,414
Real Assets			5,924,575			(208,518)			17,567			(1,914,962)			5,996,313			1,574,555			—			11,389,530			1,443,458			—
Equity Method - Other			1,014,378			—			—			(22,601)			(250,391)			272,421			—			1,013,807			222,087			—
Other Investments			2,341,981			(2,879)			18,780			(115,274)			518,817			478,588			—			3,240,013			520,477			—
Other Derivatives			6,668			—			—			—			49,978			(56,167)			—			479			(56,167)			—
Total Assets - Asset Management			$	33,695,354		$	(5,672,986)		$	127,516		$	(2,556,949)		$	10,885,612		$	8,304,163		$	10,414		$	44,793,124		$	7,883,661		$	10,414
Insurance
AFS fixed maturity securities:
Corporate fixed maturity securities			$	3,504,578		$	—		$	111,805		$	(65,664)		$	4,112,225		$	—		$	(12,284)		$	7,650,660		$	—		$	5,973
Structured securities			197,970			—			398,477			(4,150)			240,561			—			(4,457)			828,401			—			(808)
Total AFS fixed maturity securities			3,702,548			—			510,282			(69,814)			4,352,786			—			(16,741)			8,479,061			—			5,165
Trading fixed maturity securities:
Corporate fixed maturity securities			676,650			—			—			—			(111,516)			(109)			—			565,025			(1,332)			—
Structured securities			14,661			—			172,721			(4,150)			235,581			(39)			—			418,774			940			—
Total trading fixed maturity securities			691,311			—			172,721			(4,150)			124,065			(148)			—			983,799			(392)			—
Equity securities			66,660			—			—			—			(86,778)			53,055			—			32,937			20,292			—
Mortgage and other loan receivables			928,673			—			—			—			(98,120)			2,121			—			832,674			(1,515)			—
Other investments			437,275			—			5,003			—			630,457			530,610			—			1,603,345			3,666			—
Funds withheld receivable at interest			—			—			—			—			—			31,740			—			31,740			—			—
Reinsurance recoverable			1,339,702			—			—			—			(9,864)			(36,047)			—			1,293,791			—			—
Total Assets - Insurance			$	7,166,169		$	—		$	688,006		$	(73,964)		$	4,912,546		$	581,331		$	(16,741)		$	13,257,347		$	22,051		$	5,165
Total			$	40,861,523		$	(5,672,986)		$	815,522		$	(2,630,913)		$	15,798,158		$	8,885,494		$	(6,327)		$	58,050,471		$	7,905,712		$	15,579

						For the Year Ended December 31, 2022
																					Purchases			Issuances			Sales			Settlements			Net Purchases/ Issuances/ Sales/ Settlements
Assets
Asset Management
Private Equity																					$	3,026,251		$	—		$	(529,278)		$	—		$	2,496,973
Credit																					2,468,167			—			(1,526,492)			(578,800)			362,875
Real Assets																					6,906,707			—			(1,736,916)			(54,509)			5,115,282
Equity Method - Other																					612,818			—			(8,826)			—			603,992
Other Investments																					497,617			—			(382,290)			(21,584)			93,743
Other Derivatives																					64,500			—			(33,907)			—			30,593
Total Assets - Asset Management																					$	13,576,060		$	—		$	(4,217,709)		$	(654,893)		$	8,703,458
Insurance
AFS fixed maturity securities:
Corporate fixed maturity securities																					$	3,175,479		$	—		$	(204,292)		$	(1,793,892)		$	1,177,295
Structured securities																					589,561			—			(13)			(220,806)			368,742
Total AFS fixed maturity securities																					3,765,040			—			(204,305)			(2,014,698)			1,546,037
Trading fixed maturity securities:
Corporate fixed maturity securities																					300,744			—			(606)			(80,246)			219,892
Structured securities																					322,291			—			(4,700)			(85,380)			232,211
Total trading fixed maturity securities																					623,035			—			(5,306)			(165,626)			452,103
Equity securities																					195			—			—			—			195
Mortgage and other loan receivables																					239,013			—			(7,302)			(177,472)			54,239
Other investments																					3,665,360			—			(497,818)			—			3,167,542
Funds withheld receivable at interest																					—			10,435			—			—			10,435
Reinsurance recoverable																					—			—			—			(11,088)			(11,088)
Total Assets - Insurance																					$	8,292,643		$	10,435		$	(714,731)		$	(2,368,884)		$	5,219,463
Total																					$	21,868,703		$	10,435		$	(4,932,440)		$	(3,023,777)		$	13,922,921

															For the Year Ended December 31, 2021
																																				Purchases			Issuances			Sales			Settlements			Net Purchases/ Issuances/ Sales/ Settlements
Assets
Asset Management
Private Equity																																				$	3,400,895		$	—		$	(728,617)		$	—		$	2,672,278
Credit																																				5,840,132			—			(3,612,448)			(329,067)			1,898,617
Real Assets																																				8,124,055			—			(2,127,742)			—			5,996,313
Equity Method - Other																																				23,110			—			(273,501)			—			(250,391)
Other Investments																																				921,181			—			(402,364)			—			518,817
Other Derivatives																																				49,978			—			—			—			49,978
Total Assets - Asset Management																																				$	18,359,351		$	—		$	(7,144,672)		$	(329,067)		$	10,885,612
Insurance
AFS fixed maturity securities:
Corporate fixed maturity securities																																				$	7,165,017		$	—		$	(71,254)		$	(2,981,538)		$	4,112,225
Structured securities																																				268,050			—			—			(27,489)			240,561
Total AFS fixed maturity securities																																				7,433,067			—			(71,254)			(3,009,027)			4,352,786
Trading fixed maturity securities:
Corporate fixed maturity securities																																				893,521			—			(2,114)			(1,002,923)			(111,516)
Structured securities																																				240,119			—			—			(4,538)			235,581
Total trading fixed maturity securities																																				1,133,640			—			(2,114)			(1,007,461)			124,065
Equity securities																																				4,077			—			(83,864)			(6,991)			(86,778)
Mortgage and other loan receivables																																				413,335			—			(26,676)			(484,779)			(98,120)
Other investments																																				1,164,713			—			(534,256)			—			630,457
Reinsurance recoverable																																				—			—			—			(9,864)			(9,864)
Total Assets - Insurance																																				$	10,148,832		$	—		$	(718,164)		$	(4,518,122)		$	4,912,546
Total																																				$	28,508,183		$	—		$	(7,862,836)		$	(4,847,189)		$	15,798,158

			For the Year Ended December 31, 2022
			Balance, Beg. of Period			Transfers In / (Out) - Changes in Consolidation			Transfers In			Transfers Out			Net Purchases/Sales/Settlements/Issuances			Net Unrealized and Realized Gains (Losses)			Change in OCI			Balance, End of Period			Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date
Liabilities
Asset Management
Unfunded Revolver Commitments			$	64,276		$	—		$	—		$	—		$	1,749		$	71,290		$	—		$	137,315		$	66,957
Total Liabilities - Asset Management			$	64,276		$	—		$	—		$	—		$	1,749		$	71,290		$	—		$	137,315		$	66,957
Insurance
Policy liabilities			$	519,454		$	—		$	—		$	—		$	—		$	(107,374)		$	(17,442)		$	394,638		$	—
Closed block policy liabilities			1,350,224			—			—			—			(3,479)			(327,226)			(3,206)			1,016,313			—
Funds withheld payable at interest			(49,491)			—			—			—			10,435			(3,448,710)			—			(3,487,766)			—
Embedded derivative – indexed universal life products			557,276			—			—			—			12,645			(232,061)			—			337,860			—
Embedded derivative – annuity products			1,983,949			—			—			—			688,872			(817,455)			—			1,855,366			—
Total Liabilities - Insurance			$	4,361,412		$	—		$	—		$	—		$	708,473		$	(4,932,826)		$	(20,648)		$	116,411		$	—
Total			$	4,425,688		$	—		$	—		$	—		$	710,222		$	(4,861,536)		$	(20,648)		$	253,726		$	66,957

			For the Year Ended December 31, 2021
			Balance, Beg. of Period			Transfers In / (Out) - Changes in Consolidation			Transfers In			Transfers Out			Net Purchases/Sales/Settlements/Issuances			Net Unrealized and Realized Gains (Losses)			Change in OCI			Balance, End of Period			Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date
Liabilities
Asset Management
Unfunded Revolver Commitments			$	46,340		$	—		$	—		$	—		$	311		$	17,625		$	—		$	64,276		$	17,625
Total Liabilities - Asset Management			$	46,340		$	—		$	—		$	—		$	311		$	17,625		$	—		$	64,276		$	17,625
Insurance
Policy liabilities			$	637,729		$	—		$	—		$	—		$	—		$	(118,275)		$	—		$	519,454		$	—
Closed block policy liabilities			1,395,746			—			—			—			(41,829)			(4,463)			770			1,350,224			—
Funds withheld payable at interest			—			—			—			—			—			(49,491)			—			(49,491)			—
Embedded derivative – indexed universal life products			386,746			—			—			—			(2,702)			173,232			—			557,276			—
Embedded derivative – annuity products			1,024,601			—			—			—			311,778			647,570			—			1,983,949			—
Total Liabilities - Insurance			$	3,444,822		$	—		$	—		$	—		$	267,247		$	648,573		$	770		$	4,361,412		$	—
Total			$	3,491,162		$	—		$	—		$	—		$	267,558		$	666,198		$	770		$	4,425,688		$	17,625

									Year Ended December 31, 2022
															Issuances			Settlements			Net Issuances/Settlements
Liabilities
Asset Management
Unfunded Revolver Commitments															$	19,141		$	(17,392)		$	1,749
Total Liabilities - Asset Management															$	19,141		$	(17,392)		$	1,749
Insurance
Closed block policy liabilities															$	—		$	(3,479)		$	(3,479)
Funds withheld payable at interest															10,435			—			10,435
Embedded derivative – indexed universal life products															29,068			(16,423)			12,645
Embedded derivative – annuity products															688,872			—			688,872
Total Liabilities - Insurance															$	728,375		$	(19,902)		$	708,473
Total															$	747,516		$	(37,294)		$	710,222

									Year Ended December 31, 2021
															Issuances			Settlements			Net Issuances/Settlements
Liabilities
Asset Management
Unfunded Revolver Commitments															$	12,169		$	(11,858)		$	311
Total Liabilities - Asset Management															$	12,169		$	(11,858)		$	311
Insurance
Closed block policy liabilities															$	—		$	(41,829)		$	(41,829)
Embedded derivative – indexed universal life products															15,549			(18,251)			(2,702)
Embedded derivative – annuity products															311,778			—			311,778
Total Liabilities - Insurance															$	327,327		$	(60,080)		$	267,247
Total															$	339,496		$	(71,938)		$	267,558

Summary of Valuation Methodologies Used for Assets, Measured at Fair Value and Categorized Within Level III

The following table presents additional information about valuation methodologies and significant unobservable inputs used for financial assets and liabilities that are measured and reported at fair value and categorized within Level III as of December 31, 2022. Because input information includes only those items for which information is reasonably available, balances shown below may not equal total amounts reported for such Level III assets and liabilities:

Level III Assets

Fair Value December 31, 2022

Valuation Methodologies

Unobservable Input(s) (1)

Weighted Average (2)

Range

Impact to  Valuation from an Increase in Input (3)

ASSET MANAGEMENT

Private Equity

$

25,336,957

Private Equity

$

22,763,550

Inputs to market comparables, discounted cash flow and transaction price

Illiquidity Discount

6.5%

5.0% - 15.0%

Decrease

Weight Ascribed to Market Comparables

29.2%

0.0% - 75.0%

(4)

Weight Ascribed to Discounted Cash Flow

68.9%

0.0% - 100.0%

(5)

Weight Ascribed to Transaction Price

1.9%

0.0% - 80.0%

(6)

Market comparables

Enterprise Value/LTM EBITDA Multiple

17.5x

7.7x - 51.1x

Increase

Enterprise Value/Forward EBITDA Multiple

15.8x

7.4x - 30.7x

Increase

Discounted cash flow

Weighted Average Cost of Capital

10.2%

5.9% - 14.4%

Decrease

Enterprise Value/LTM EBITDA Exit Multiple

14.3x

6.0x - 27.6x

Increase

Level III Assets						Fair Value December 31, 2022						Valuation Methodologies						Unobservable Input(s) (1)						Weighted Average (2)						Range						Impact to  Valuation from an Increase in Input (3)
Growth Equity						$	2,573,407					Inputs to market comparables, discounted cash flow and milestones						Illiquidity Discount						9.5%						5.0% - 50.0%						Decrease
																		Weight Ascribed to Market Comparables						27.7%						0.0% - 100.0%						(4)
																		Weight Ascribed to Discounted Cash Flow						0.2%						0.0% - 10.0%						(5)
																		Weight Ascribed to Milestones						72.1%						0.0% - 100.0%						(6)
												Scenario Weighting						Base						73.7%						60.0% - 75.0%						Increase
																		Downside						3.6%						0.0% - 25.0%						Decrease
																		Upside						22.7%						15.0% - 25.0%						Increase
Credit						$	5,786,026					Yield Analysis						Yield						11.5%						0.0% - 21.6%						Decrease
																		Net Leverage						6.1x						0.2x - 24.9x						Decrease
																		EBITDA Multiple						12.4x						0.3x - 33.0x						Increase
Real Assets						$	17,015,112
Energy						$	1,804,385					Inputs to market comparables and discounted cash flow						Weight Ascribed to Market Comparables						48.3%						0.0% - 50.0%						(4)
																		Weight Ascribed to Discounted Cash Flow						51.7%						50.0% - 100.0%						(5)
												Market comparables						Enterprise Value/LTM EBITDA Multiple						4.2x						4.2x - 4.2x						Increase
																		Enterprise Value/Forward EBITDA Multiple						6.6x						3.0x- 7.7x						Increase
												Discounted cash flow						Weighted Average Cost of Capital						12.3%						11.2% - 14.6%						Decrease
																		Average Price Per BOE (8)						$52.96						$50.49 - $57.28						Increase
Infrastructure						$	7,105,673					Inputs to market comparables, discounted cash flow and transaction price						Illiquidity Discount						5.7%						5.0% - 10.0%						Decrease
																		Weight Ascribed to Market Comparables						1.5%						0.0% - 25.0%						(4)
																		Weight Ascribed to Discounted Cash Flow						84.2%						0.0% - 100.0%						(5)
																		Weight Ascribed to Transaction Price						14.3%						0.0% - 100.0%						(6)
												Market comparables						Enterprise Value/LTM EBITDA Multiple						10.9x						10.9x - 10.9x						Increase
																		Enterprise Value/Forward EBITDA Multiple						14.7x						10.8x - 20.5x						Increase
												Discounted cash flow						Weighted Average Cost of Capital						7.2%						5.1% - 8.5%						Decrease
																		Enterprise Value/LTM EBITDA Exit Multiple						13.1x						1.4x - 22.0x						Increase
Real Estate						$	8,105,054					Inputs to direct income capitalization, discounted cash flow and transaction price						Weight Ascribed to Direct Income Capitalization						23.0%						0.0% - 100.0%						(7)
																		Weight Ascribed to Discounted Cash Flow						75.2%						0.0% - 100.0%						(5)
																		Weight Ascribed to Transaction Price						1.8%						0.0% - 100.0%						(6)
												Direct income capitalization						Current Capitalization Rate						5.0%						2.3% - 7.7%						Decrease
												Discounted cash flow						Unlevered Discount Rate						6.6%						2.6% - 18.0%						Decrease
Equity Method - Other						$	1,624,420					Inputs to market comparables, discounted cash flow and transaction price						Illiquidity Discount						6.3%						5.0% - 10.0%						Decrease
																		Weight Ascribed to Market Comparables						48.0%						0.0% - 100.0%						(4)
																		Weight Ascribed to Discounted Cash Flow						23.7%						0.0% - 100.0%						(5)
																		Weight Ascribed to Transaction Price						28.3%						0.0% - 100.0%						(6)
												Market comparables						Enterprise Value/LTM EBITDA Multiple						19.7x						4.2x - 41.7x						Increase
																		Enterprise Value/Forward EBITDA Multiple						17.1x						3.9x - 33.4x						Increase
												Discounted cash flow						Weighted Average Cost of Capital						10.0%						6.6% - 18.3%						Decrease
																		Enterprise Value/LTM EBITDA Exit Multiple						19.5x						6.0x - 41.7x						Increase
Other Investments						$	3,334,366		(9)			Inputs to market comparables, discounted cash flow and transaction price						Illiquidity Discount						10.8%						6.4% - 20.0%						Decrease
																		Weight Ascribed to Market Comparables						17.9%						0.0% - 100.0%						(4)
																		Weight Ascribed to Discounted Cash Flow						55.2%						0.0% - 100.0%						(5)
																		Weight Ascribed to Transaction Price						26.9%						0.0% - 100.0%						(6)
												Market comparables						Enterprise Value/LTM EBITDA Multiple						12.0x						6.3x - 26.1x						Increase
																		Enterprise Value/Forward EBITDA Multiple						11.6x						7.3x - 20.3x						Increase
												Discounted cash flow						Weighted Average Cost of Capital						14.0%						8.2% - 44.0%						Decrease
																		Enterprise Value/LTM EBITDA Exit Multiple						8.4x						6.0x - 11.0x						Increase

Level III Assets

Fair Value December 31, 2022

Valuation Methodologies

Unobservable Input(s) (1)

Weighted Average (2)

Range

Impact to  Valuation from an Increase in Input (3)

INSURANCE

Corporate fixed maturity securities

$

1,851,939

Discounted cash flow

Discount Spread

3.05%

0.22% - 6.02%

Decrease

Structured securities

$

93,561

Discounted cash flow

Discount Spread

3.55%

2.93% - 6.58%

Decrease

Constant Prepayment Rate

7.39%

5.00% - 15.00%

Increase/Decrease

Constant Default Rate

1.20%

1.00% - 2.50%

Decrease

Loss Severity

100%

Decrease

Other investments

$

4,639,349

Direct capitalization

Current Capitalization Rate

5.30%

Decrease

Vacancy rate

3.30%

—% - 5.00%

Decrease

Discounted cash flow

Rate

7.23%

5.50% - 7.57%

Decrease

Terminal capitalization rate

6.11%

4.25% - 6.46%

Decrease

Funds withheld receivable at interest

$

12,785

Discounted cash flow

Duration/Weighted Average Life

8.49 years

0.0 years - 20.3 years

Increase

Contractholder Persistency

7.09%

3.60% - 16.70%

Increase

Nonperformance Risk

0.98%

0.61% - 1.42%

Decrease

Reinsurance recoverable

$

981,775

Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities.

Expense assumption

$17.2

The average expense assumption is between $8.23 and $78.00 per policy, increased by inflation. The annual inflation rate was increased by 2.50%.

Increase

Unobservable inputs are a market participant’s view of the expenses, a risk margin on the uncertainty of the level of expenses and a cost of capital on the capital held in support of the liabilities.

Expense risk margin

9.42%

Decrease

Cost of capital

9.7%

3.69% - 13.85%

Increase

Discounted cash flow

Mortality Rate

5.46%

Increase

Surrender Rate

2.01%

Increase

(1)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. KKR has determined that market participants would take these inputs into account when valuing the investments and debt obligations. "LTM" means last twelve months, and "EBITDA" means earnings before interest, taxes, depreciation and amortization.

(2)Inputs were weighted based on the fair value of the investments included in the range.

(3)Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

(4)The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price. The opposite would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price.

(5)The directional change from an increase in the weight ascribed to the discounted cash flow approach would increase the fair value of the Level III investments if the discounted cash flow approach results in a higher valuation than the market comparables approach, transaction price and direct income capitalization approach. The opposite would be true if the discounted cash flow approach results in a lower valuation than the market comparables approach, transaction price and direct income capitalization approach.

(6)The directional change from an increase in the weight ascribed to the transaction price or milestones would increase the fair value of the Level III investments if the transaction price or milestones results in a higher valuation than the market comparables and discounted cash flow approach. The opposite would be true if the transaction price or milestones results in a lower valuation than the market comparables approach and discounted cash flow approach.

(7)The directional change from an increase in the weight ascribed to the direct income capitalization approach would increase the fair value of the Level III investments if the direct income capitalization approach results in a higher valuation than the discounted cash flow approach. The opposite would be true if the direct income capitalization approach results in a lower valuation than the discounted cash flow approach.

(8)The total energy fair value amount includes multiple investments (in multiple locations throughout North America) that are held in multiple investment funds and produce varying quantities of oil, condensate, natural gas liquids, and natural gas. Commodity price may be measured using a common volumetric equivalent where one barrel of oil equivalent ("BOE"), is determined using the ratio of six thousand cubic feet of natural gas to one barrel of oil, condensate or natural gas liquids. The price per BOE is provided to show the aggregate of all price inputs for the various investments over a common volumetric equivalent although the valuations for specific investments may use price inputs specific to the asset for purposes of our valuations. The discounted cash flows include forecasted production of liquids (oil, condensate, and natural gas liquids) and natural gas with a forecasted revenue ratio of approximately 83% liquids and 17% natural gas.

(9)Consists primarily of investments in common stock, preferred stock, warrants and options of companies that are not private equity, real assets, credit, equity method - other or investments of consolidated CFEs.

Level III Liabilities

Fair Value December 31, 2022

Valuation Methodologies

Unobservable Input(s) (1)

Weighted Average (2)

Range

Impact to  Valuation from an Increase in Input (3)

ASSET MANAGEMENT

Unfunded Revolver Commitments

$

137,315

Yield Analysis

Yield

13.4%

8.0% - 39.6%

Decrease

INSURANCE

Policy liabilities

$

394,638

Present value of best estimate liability cash flows. Unobservable inputs include a market participant view of the risk margin included in the discount rate which reflects the variability of the cash flows.

Risk Margin Rate

1.26%

0.65% - 1.94%

Decrease

Policyholder behavior is also a significant unobservable input, including surrender and mortality.

Surrender Rate

5.88%

3.60% - 6.83%

Decrease

Mortality Rate

4.53%

3.61% - 9.14%

Increase

Closed block policy liabilities

$

1,016,313

Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities.

Expense assumption

$17.2

The average expense assumption is between $8.23 and $78.00 per policy, increased by inflation. The annual inflation rate was increased by 2.50%.

Increase

Nonperformance Risk

0.98%

0.61% - 1.42%

Decrease

Unobservable inputs are a market participant’s view of the expenses, a risk margin on the uncertainty of the level of expenses and a cost of capital on the capital held in support of the liabilities.

Expense Risk Margin

9.42%

Decrease

Cost of Capital

9.7%

3.69% - 13.85%

Increase

Discounted cash flow

Mortality Rate

5.46%

Increase

Surrender Rate

2.01%

Increase

Funds withheld payable at interest

$

(3,487,766)

Discounted cash flow

Duration/Weighted Average Life

8.56 years

0.0 years - 17.37 years

Decrease

Contractholder Persistency

7.09%

3.60% - 16.70%

Decrease

Nonperformance Risk

0.98%

0.61% - 1.42%

Decrease

Embedded derivative – indexed universal life products

$

337,860

Policy persistency is a significant unobservable input.

Lapse Rate

3.45%

Decrease

Mortality Rate

0.72%

Decrease

Future costs for options used to hedge the contract obligations

Option Budge Assumption

3.66%

Increase

Nonperformance Risk

0.98%

0.61% - 1.42%

Decrease

Level III Liabilities

Fair Value December 31, 2022

Valuation Methodologies

Unobservable Input(s) (1)

Weighted Average (2)

Range

Impact to  Valuation from an Increase in Input (3)

Embedded derivative – annuity products

$

1,855,366

Policyholder behavior is a significant unobservable input, including utilization and lapse.

Utilization:

Fixed-indexed annuity

3.49%

Decrease

Variable annuity

4.28%

2.50% - 32.84%

Decrease

Surrender Rate:

Retail FIA

10.81%

Decrease

Institutional FIA

17.26%

Decrease

Variable annuity

3.45% - 41.68%

Decrease

Mortality Rate:

Retail FIA

2.12%

Decrease

Institutional FIA

2.01%

Decrease

Variable annuity

1.46% - 7.55%

Decrease

Future costs for options used to hedge the contract obligations

Option Budge Assumption:

Retail RIA

1.99%

Increase

Institutional FIA

2.36%

Increase

Variable annuity

n/a

Nonperformance Risk

0.98%

0.61% - 1.42%

Decrease

(1)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. KKR has determined that market participants would take these inputs into account when valuing the investments and debt obligations. "LTM" means last twelve months, and "EBITDA" means earnings before interest, taxes, depreciation and amortization.

(2)Inputs were weighted based on the fair value of the investments included in the range.

(3)Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Summary of Financial Instruments Not Carried at Fair Value

The following tables present carrying amounts and fair values of Global Atlantic’s financial instruments which are not carried at fair value as of December 31, 2022 and 2021:

									Fair Value Hierarchy
As of December 31, 2022			Carrying Value						Level I						Level II						Level III						Fair Value
($ in thousands)
Financial assets:
Insurance
Mortgage and other loan receivables			$	34,303,183					$	—					$	—					$	31,256,107					$	31,256,107
Policy loans			868,911						—						—						789,726						789,726
FHLB common stock and other investments			163,289						—						—						163,289						163,289
Funds withheld receivables at interest			2,855,251						—						2,855,251						—						2,855,251
Cash and cash equivalents			6,118,231						6,118,231						—						—						6,118,231
Restricted cash and cash equivalents			308,383						308,383						—						—						308,383
Total financial assets			$	44,617,248					$	6,426,614					$	2,855,251					$	32,209,122					$	41,490,987
Financial liabilities:
Insurance
Other contractholder deposit funds			$	38,200,664					$	—					$	35,908,184					$	—					$	35,908,184
Supplementary contracts without life contingencies			12,148						—						—						12,349						12,349
Funding agreements			2,464,295						—						—						2,399,611						2,399,611
Funds withheld payables at interest			26,227,183						—						26,227,183						—						26,227,183
Debt obligations			2,128,166						—						—						1,698,526						1,698,526
Securities sold under agreements to repurchase			805,316						—						805,316						—						805,316
Total financial liabilities			$	69,837,772					$	—					$	62,940,683					$	4,110,486					$	67,051,169

									Fair Value Hierarchy
As of December 31, 2021			Carrying Value						Level I						Level II						Level III						Fair Value
($ in thousands)
Financial assets:
Insurance
Mortgage and other loan receivables			$	28,044,085					$	—					$	—					$	28,645,675					$	28,645,675
Policy loans			765,310						—						—						754,530						754,530
FHLB common stock and other investments			171,842						—						—						171,842						171,842
Funds withheld receivables at interest			2,967,708						—						2,967,708						—						2,967,708
Cash and cash equivalents			3,391,934						3,391,934						—						—						3,391,934
Restricted cash and cash equivalents			300,404						300,404						—						—						300,404
Total financial assets			$	35,641,283					$	3,692,338					$	2,967,708					$	29,572,047					$	36,232,093
Financial liabilities:
Insurance
Other contractholder deposit funds			$	30,295,965					$	—					$	28,419,520					$	—					$	28,419,520
Supplementary contracts without life contingencies			31,118						—						—						31,311						31,311
Funding agreements			2,566,410						—						—						2,549,494						2,549,494
Funds withheld payables at interest			23,509,744						—						23,509,744						—						23,509,744
Debt obligations			1,908,006						—						—						1,953,631						1,953,631
Securities sold under agreements to repurchase			300,446						—						300,446						—						300,446
Total financial liabilities			$	58,611,689					$	—					$	52,229,710					$	4,534,436					$	56,764,146

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of information about fair value of asset and liability not measured at fair value.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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