XML 86 R57.htm IDEA: XBRL DOCUMENT v3.22.4
POLICY LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2022
Insurance [Abstract]  
Policy Liabilities by Product
Policy liabilities by product were as follows as of December 31, 2022 and 2021:
December 31, 2022December 31, 2021
Fixed-rate annuity(1)
$68,718,308 $61,827,855 
Fixed-indexed annuity31,738,016 27,935,000 
Indexed universal life13,623,263 12,133,840 
Other life insurance10,373,376 11,840,323 
Funding agreements7,535,489 6,014,553 
Preneed2,858,628 2,897,018 
Variable annuity5,311,294 2,469,759 
Closed blocks1,017,632 1,351,601 
Other47,281 50,095 
Total$141,223,287 $126,520,044 
(1)Policy liabilities as of December 31, 2022 and 2021 include $7.0 billion and $7.6 billion assumed disability income insurance of which 98% and 97% are comprised of policies in claim payout status, generally for the lifetime of the insured, and the remaining 2% and 3% comprised of an active life reserve where the Global Atlantic has retroceded the morbidity risk, respectively.
GMDB and GMWB Reserve Activity
The following table shows the balance of the GMDB reserves (as well as a rider for a long-term care benefit) reported in contractholder deposit funds and other policy liabilities in the consolidated statements of financial condition. The GMDB exposure includes reinsurance assumed.
Years Ended December 31,
20222021
Balance, as of beginning of year$119,705 $110,243 
Expense incurred71,687 28,352 
Claims paid(27,832)(15,011)
Reinsurance premium paid(18,101)(13,267)
Claims ceded to reinsurers15,549 9,388 
Balance, as of end of year$161,008 $119,705 
The following table shows the balance of the GMWB reserves reported in contractholder deposit funds and other policyholder liabilities in the consolidated balance sheets:
Years Ended
December 31, 2022December 31, 2021
Balance, as of beginning of year$1,010,846 $872,914 
Expense incurred171,603 137,932 
Balance, as of end of year$1,182,449 $1,010,846 
Net Amount of Risk by Product and Guarantee
The following table presents the account value, net amount at risk and average attained age of underlying variable annuity contractholders for guarantees in the event of death as of December 31, 2022 and 2021. The net amount at risk is the death benefit coverage in-force or the amount that Global Atlantic would have to pay if all variable annuity contractholders had died as of the specified date, and represents the excess of the guaranteed benefit over the account value.
December 31, 2022December 31, 2021
($ in thousands, except for contractholders information)
Net deposits paid
Account value$3,516,540 $4,615,409 
Net amount at risk$274,144 $95,467 
Average attained age of contractholders6969
Ratchet (highest historical account value at specified anniversary dates)
Account value$575,999 $512,683 
Net amount at risk$41,145 $15,827 
Average attained age of contractholders7172
Roll-up (net deposits accumulated at a specified rate)
Account value$— $11,053 
Net amount at risk$— $1,801 
Average attained age of contractholders084
Higher of ratchet or roll-up
Account value$1,259,431 $1,694,832 
Net amount at risk$485,094 $278,424 
Average attained age of contractholders7777
Total of guaranteed benefits categorized above
Account value$5,351,970 $6,833,977 
Net amount at risk$800,383 $391,519 
Average attained age of contractholders (weighted by account value)7171
Number of contractholders71,944 77,059 
The following table presents the account value, net amount at risk and number of contractholders for annuity contracts with guaranteed withdrawal benefits as of December 31, 2022 and 2021:
December 31, 2022December 31, 2021
($ in thousands, except for contractholders information)
Account value$10,444,227 $11,057,318 
Net amount at risk$4,761,980 $3,655,914 
Number of contractholders80,559 80,955 
Closed Block Assets & Liabilities
Summarized financial information of Global Atlantic’s closed blocks is as follows:
December 31, 2022December 31, 2021
Assets
Total investments$1,365 $2,964 
Cash and cash equivalents4,007 2,904 
Accrued investment income44 35 
Reinsurance recoverable981,775 1,293,791 
Deferred income taxes43,766 59,902 
Total assets1,030,957 1,359,596 
Liabilities
Future policy benefits894,117 1,226,231 
Outstanding claims27,912 28,655 
Contractholder deposit funds and other liabilities1,010 1,074 
Policyholder dividend obligation at fair value(1)
79,575 81,280 
Policyholder dividends payable at fair value(1)
10,013 11,096 
Total policy liabilities1,012,627 1,348,336 
Accrued expenses and other liabilities12,803 10,412 
Total liabilities1,025,430 1,358,748 
Excess of closed block liabilities over assets designated to the closed blocks and maximum future earnings to be recognized from closed block assets and liabilities$(5,527)$(848)
(1)Included within contractholder deposit funds and other policyholder liabilities in the consolidated balance sheets.

Years Ended
December 31, 2022December 31, 2021
Revenues
Premiums and other income$(436)$660 
Net investment expense164 (28)
Total revenues(272)632 
Benefits and expenses
Policy benefits(12,141)(5,652)
Other expenses251 8 
Total benefits and expenses(11,890)(5,644)
Net contribution from the closed blocks11,618 6,276 
Income tax (benefit) expense16,185 (3,026)
Net (loss) income$(4,567)$9,302 
Contractholder Deposit Funds with Embedded Derivatives
The following table shows the balances of the account value and embedded derivatives reported in policy liabilities in the consolidated statements of financial condition:
December 31, 2022December 31, 2021
Account value$35,615,978 $28,537,784 
Embedded derivatives$2,193,226 $2,541,225