COVER PAGE
COVER PAGE - shares | 3 Months Ended | |
Mar. 31, 2024 | May 08, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-34820 | |
Entity Registrant Name | KKR & CO. INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 88-1203639 | |
Entity Address, Address Line One | 30 Hudson Yards | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10001 | |
City Area Code | 212 | |
Local Phone Number | 750-8300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 887,401,714 | |
Entity Central Index Key | 0001404912 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | KKR | |
Security Exchange Name | NYSE | |
4.625% Subordinated Notes due 2061 of KKR Group Finance Co. IX LLC | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 4.625% Subordinated Notes due 2061 of KKR Group Finance Co. IX LLC | |
Trading Symbol | KKRS | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Other Assets | $ 10,477,526 | $ 9,858,930 |
Separate Account Assets | 4,223,173 | 4,107,000 |
Total Assets | 339,773,927 | 317,294,194 |
Liabilities and Equity | ||
Accrued Expenses and Other Liabilities | 12,252,816 | 10,974,421 |
Separate Account Liabilities | 4,223,173 | 4,107,000 |
Total Liabilities | 282,862,077 | 258,915,282 |
Commitments and Contingencies (See Note 24) | ||
Redeemable Noncontrolling Interests (See Note 23) | 922,093 | 615,427 |
Stockholders' Equity | ||
Common Stock, $0.01 par value. $3,500,000,000 shares authorized, 885,010,967 and $885,005,588 shares, issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. | 8,850 | 8,850 |
Additional Paid-In Capital | 18,032,599 | 17,549,157 |
Retained Earnings | 10,354,524 | 9,818,336 |
Accumulated Other Comprehensive Income (Loss) ("AOCI") | (6,974,780) | (4,517,649) |
Total KKR & Co. Inc. Stockholders' Equity | 21,421,193 | 22,858,694 |
Noncontrolling Interests (See Note 22) | 34,568,564 | 34,904,791 |
Total Equity | 55,989,757 | 57,763,485 |
Total Liabilities and Equity | 339,773,927 | 317,294,194 |
Series I Preferred Stock | ||
Stockholders' Equity | ||
Series I Preferred Stock, $0.01 par value. 1 share authorized, 1 share issued and outstanding as of March 31, 2024 and December 31, 2023. | 0 | 0 |
Asset Management and Strategic Holdings | ||
Assets | ||
Cash and Cash Equivalents | 7,083,931 | 8,393,892 |
Restricted Cash and Cash Equivalents | 227,486 | 116,599 |
Investments | 100,693,987 | 98,634,801 |
Due from Affiliates | 1,449,394 | 1,446,852 |
Other Assets | 4,869,575 | 4,975,223 |
Total Assets | 114,324,373 | 113,567,367 |
Liabilities and Equity | ||
Debt Obligations | 45,053,639 | 44,886,870 |
Due to Affiliates | 443,219 | 538,099 |
Accrued Expenses and Other Liabilities | 8,868,372 | 7,718,415 |
Total Liabilities | 54,365,230 | 53,143,384 |
Insurance | ||
Assets | ||
Cash and Cash Equivalents | 8,524,962 | 11,954,675 |
Restricted Cash and Cash Equivalents | 329,149 | 342,954 |
Investments | 157,747,170 | 141,370,323 |
Reinsurance Recoverable | 44,160,226 | 36,617,344 |
Insurance Intangible Assets | 4,856,923 | 4,450,824 |
Other Assets | 5,607,951 | 4,883,707 |
Separate Account Assets | 4,223,173 | 4,107,000 |
Total Assets | 225,449,554 | 203,726,827 |
Liabilities and Equity | ||
Debt Obligations | 3,086,113 | 2,587,857 |
Accrued Expenses and Other Liabilities | 3,384,444 | 3,256,006 |
Policy Liabilities (market risk benefit liabilities: $1,023,053 and $1,120,968, respectively.) | 173,598,686 | 160,058,271 |
Funds Withheld Payable at Interest | 42,639,725 | 34,339,522 |
Reinsurance Liabilities | 1,564,706 | 1,423,242 |
Separate Account Liabilities | 4,223,173 | 4,107,000 |
Total Liabilities | $ 228,496,847 | $ 205,771,898 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Liabilities and Equity | ||
Market risk benefit liability | $ 1,023,053 | $ 1,120,968 |
Stockholders' Equity | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 3,500,000,000 | 3,500,000,000 |
Common stock, shares issued (in shares) | 885,010,967 | 885,005,588 |
Common stock, shares outstanding (in shares) | 885,010,967 | 885,005,588 |
Series I Preferred Stock | ||
Stockholders' Equity | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1 | 1 |
Preferred stock, shares issued (in shares) | 1 | 1 |
Preferred stock, shares outstanding (in shares) | 1 | 1 |
Insurance | ||
Liabilities and Equity | ||
Market risk benefit liability | $ 1,023,053 | $ 1,120,968 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - VIE (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Other Assets | $ 10,477,526 | $ 9,858,930 |
Total Assets | 339,773,927 | 317,294,194 |
Liabilities | ||
Accrued Expenses and Other Liabilities | 12,252,816 | 10,974,421 |
Total Liabilities | 282,862,077 | 258,915,282 |
Consolidated VIEs | ||
Assets | ||
Total Assets | 111,056,209 | 109,927,538 |
Liabilities | ||
Total Liabilities | 35,900,732 | 35,526,497 |
Consolidated VIEs | Consolidated CLOs | ||
Assets | ||
Total Assets | 27,218,322 | 27,135,648 |
Liabilities | ||
Total Liabilities | 26,163,010 | 26,146,169 |
Consolidated VIEs | Consolidated Funds and Other Investment Vehicles | ||
Assets | ||
Total Assets | 60,029,375 | 58,961,228 |
Liabilities | ||
Total Liabilities | 9,411,748 | 9,043,166 |
Consolidated VIEs | Other VIEs | ||
Assets | ||
Total Assets | 23,808,512 | 23,830,662 |
Liabilities | ||
Total Liabilities | 325,974 | 337,162 |
Asset Management and Strategic Holdings | ||
Assets | ||
Cash and Cash Equivalents | 7,083,931 | 8,393,892 |
Restricted Cash and Cash Equivalents | 227,486 | 116,599 |
Investments | 100,693,987 | 98,634,801 |
Other Assets | 4,869,575 | 4,975,223 |
Total Assets | 114,324,373 | 113,567,367 |
Liabilities | ||
Debt Obligations | 45,053,639 | 44,886,870 |
Accrued Expenses and Other Liabilities | 8,868,372 | 7,718,415 |
Total Liabilities | 54,365,230 | 53,143,384 |
Asset Management and Strategic Holdings | Consolidated VIEs | ||
Assets | ||
Cash and Cash Equivalents | 3,130,150 | 2,871,697 |
Restricted Cash and Cash Equivalents | 222,046 | 110,308 |
Investments | 82,967,603 | 82,339,535 |
Other Assets | 927,898 | 775,336 |
Total Assets | 87,247,697 | 86,096,876 |
Liabilities | ||
Debt Obligations | 34,106,517 | 33,830,853 |
Accrued Expenses and Other Liabilities | 1,468,241 | 1,358,482 |
Total Liabilities | 35,574,758 | 35,189,335 |
Asset Management and Strategic Holdings | Consolidated VIEs | Consolidated CLOs | ||
Assets | ||
Cash and Cash Equivalents | 1,809,877 | 1,709,523 |
Restricted Cash and Cash Equivalents | 0 | 0 |
Investments | 24,961,635 | 24,996,298 |
Other Assets | 446,810 | 429,827 |
Total Assets | 27,218,322 | 27,135,648 |
Liabilities | ||
Debt Obligations | 25,075,510 | 25,276,404 |
Accrued Expenses and Other Liabilities | 1,087,500 | 869,765 |
Total Liabilities | 26,163,010 | 26,146,169 |
Asset Management and Strategic Holdings | Consolidated VIEs | Consolidated Funds and Other Investment Vehicles | ||
Assets | ||
Cash and Cash Equivalents | 1,320,273 | 1,162,174 |
Restricted Cash and Cash Equivalents | 222,046 | 110,308 |
Investments | 58,005,968 | 57,343,237 |
Other Assets | 481,088 | 345,509 |
Total Assets | 60,029,375 | 58,961,228 |
Liabilities | ||
Debt Obligations | 9,031,007 | 8,554,449 |
Accrued Expenses and Other Liabilities | 380,741 | 488,717 |
Total Liabilities | 9,411,748 | 9,043,166 |
Asset Management and Strategic Holdings | Consolidated VIEs | Other VIEs | ||
Assets | ||
Cash and Cash Equivalents | 0 | 0 |
Restricted Cash and Cash Equivalents | 0 | 0 |
Investments | 0 | 0 |
Other Assets | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities | ||
Debt Obligations | 0 | 0 |
Accrued Expenses and Other Liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Insurance | ||
Assets | ||
Cash and Cash Equivalents | 8,524,962 | 11,954,675 |
Restricted Cash and Cash Equivalents | 329,149 | 342,954 |
Investments | 157,747,170 | 141,370,323 |
Other Assets | 5,607,951 | 4,883,707 |
Total Assets | 225,449,554 | 203,726,827 |
Liabilities | ||
Debt Obligations | 3,086,113 | 2,587,857 |
Accrued Expenses and Other Liabilities | 3,384,444 | 3,256,006 |
Total Liabilities | 228,496,847 | 205,771,898 |
Insurance | Consolidated VIEs | ||
Assets | ||
Cash and Cash Equivalents | 971,977 | 783,015 |
Investments | 22,073,507 | 22,556,040 |
Other Assets | 763,028 | 491,607 |
Total Assets | 23,808,512 | 23,830,662 |
Liabilities | ||
Accrued Expenses and Other Liabilities | 325,974 | 337,162 |
Insurance | Consolidated VIEs | Consolidated CLOs | ||
Assets | ||
Cash and Cash Equivalents | 0 | 0 |
Investments | 0 | 0 |
Other Assets | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities | ||
Accrued Expenses and Other Liabilities | 0 | 0 |
Insurance | Consolidated VIEs | Consolidated Funds and Other Investment Vehicles | ||
Assets | ||
Cash and Cash Equivalents | 0 | 0 |
Investments | 0 | 0 |
Other Assets | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities | ||
Accrued Expenses and Other Liabilities | 0 | 0 |
Insurance | Consolidated VIEs | Other VIEs | ||
Assets | ||
Cash and Cash Equivalents | 971,977 | 783,015 |
Investments | 22,073,507 | 22,556,040 |
Other Assets | 763,028 | 491,607 |
Total Assets | 23,808,512 | 23,830,662 |
Liabilities | ||
Accrued Expenses and Other Liabilities | $ 325,974 | $ 337,162 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | ||
Net Premiums | $ 6,036,522 | $ 473,624 |
Net Investment Income | 1,519,902 | 1,300,697 |
Total Revenues | 9,656,738 | 3,127,482 |
Expenses | ||
Total Expenses | 9,312,944 | 2,860,083 |
Investment Income (Loss) - Asset Management and Strategic Holdings | ||
Net Gains (Losses) from Investment Activities | 638,162 | (159,409) |
Dividend Income | 245,057 | 148,167 |
Interest Income | 890,102 | 728,616 |
Interest Expense | (754,064) | (576,338) |
Total Investment Income (Loss) | 1,019,257 | 141,036 |
Income (Loss) Before Taxes | 1,363,051 | 408,435 |
Income Tax Expense (Benefit) | 269,201 | 148,747 |
Net Income (Loss) | 1,093,850 | 259,688 |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests | 32,678 | (7,303) |
Net Income (Loss) Attributable to Noncontrolling Interests | 378,958 | (73,003) |
Net Income (Loss) Attributable to KKR & Co. Inc. | 682,214 | 339,994 |
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders | 682,214 | 322,744 |
Series C Mandatory Convertible Preferred Stock Dividends | ||
Investment Income (Loss) - Asset Management and Strategic Holdings | ||
Series C Mandatory Convertible Preferred Stock Dividends | $ 0 | $ 17,250 |
Common Stock | ||
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock | ||
Basic (in dollars per share) | $ 0.77 | $ 0.37 |
Diluted (in dollars per share) | $ 0.74 | $ 0.36 |
Weighted Average Shares of Common Stock Outstanding | ||
Basic (in shares) | 885,005,824 | 861,108,510 |
Diluted (in shares) | 925,141,166 | 887,169,336 |
Asset Management and Strategic Holdings | ||
Revenues | ||
Fees and Other | $ 693,526 | $ 677,016 |
Capital Allocation-Based Income (Loss) | 1,262,942 | 449,018 |
Total Revenues | 1,956,468 | 1,126,034 |
Expenses | ||
Compensation and Benefits | 1,316,448 | 575,670 |
Occupancy and Related Charges | 23,540 | 22,149 |
General, Administrative and Other | 277,981 | 213,689 |
Total Expenses | 1,617,969 | 811,508 |
Insurance | ||
Revenues | ||
Net Premiums | 6,036,522 | 473,624 |
Policy Fees | 328,947 | 313,802 |
Net Investment Income | 1,519,902 | 1,300,697 |
Net Investment-Related Gains (Losses) | (241,486) | (123,833) |
Other Income | 56,385 | 37,158 |
Total Revenues | 7,700,270 | 2,001,448 |
Expenses | ||
General, Administrative and Other | 183,855 | 211,731 |
Net Policy Benefits and Claims (including market risk benefit loss (gain) of $(101,760) and $146,309, respectively.) | 7,261,069 | 1,527,054 |
Amortization of Policy Acquisition Costs | (3,752) | 44,211 |
Interest Expense | 54,567 | 40,261 |
Insurance Expenses | 199,236 | 225,318 |
Total Expenses | $ 7,694,975 | $ 2,048,575 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Market risk benefit, (gain) loss | $ (101,760) | $ 146,309 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income (Loss) | $ 1,093,850 | $ 259,688 |
Other Comprehensive Income (Loss), Net of Tax: | ||
Unrealized Gains (Losses) on Available-For-Sale Securities and Other | (200,221) | 1,132,752 |
Net effect of changes in discount rates and instrument-specific credit risk on policy liabilities | 125,180 | (137,101) |
Foreign Currency Translation Adjustments | (107,161) | (18,238) |
Comprehensive Income (Loss) | 911,648 | 1,237,101 |
Comprehensive Income (Loss) Attributable to Redeemable Noncontrolling Interests | 32,678 | (7,303) |
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 377,478 | 294,185 |
Comprehensive Income (Loss) Attributable to KKR & Co. Inc. | $ 501,492 | $ 950,219 |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Series I Preferred Stock | Total KKR & Co. Inc. Stockholders' Equity | Preferred Stock Series C Mandatory Convertible Preferred Stock Dividends | Preferred Stock Series I Preferred Stock | Common Stock | Additional Paid-In Capital | Additional Paid-In Capital 2024 GA Acquisition | Additional Paid-In Capital As previously reported | Additional Paid-In Capital Adjustment | Retained Earnings | Retained Earnings As previously reported | Retained Earnings Adjustment | Retained Earnings Series C Mandatory Convertible Preferred Stock Dividends | Accumulated Other Comprehensive Income (Loss) (net of tax) | Accumulated Other Comprehensive Income (Loss) (net of tax) 2024 GA Acquisition | Accumulated Other Comprehensive Income (Loss) (net of tax) As previously reported | Accumulated Other Comprehensive Income (Loss) (net of tax) Adjustment | Noncontrolling Interests | Noncontrolling Interests 2024 GA Acquisition | Noncontrolling Interests As previously reported | Noncontrolling Interests Adjustment |
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||||
Redeemable Noncontrolling Interests (See Note 23) | $ 152,065 | |||||||||||||||||||||
Stockholders' equity, beginning balance at Dec. 31, 2022 | $ 1,115,792 | $ 8,611 | $ 16,284,057 | $ 16,190,407 | $ 93,650 | $ 6,701,107 | $ 6,315,711 | $ 385,396 | $ (5,301,800) | $ (5,901,701) | $ 599,901 | $ 36,410,858 | $ 35,778,000 | $ 632,858 | ||||||||
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022 | 22,999,974 | 1 | ||||||||||||||||||||
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022 | 861,110,478 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||||
Clawback of Transfer Restricted Shares (in shares) | (13,624) | |||||||||||||||||||||
Net Delivery of Common Stock (in shares) | 7,146 | |||||||||||||||||||||
Equity-Based Compensation | 55,415 | |||||||||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | 339,994 | 339,994 | ||||||||||||||||||||
Series C Mandatory Convertible Preferred Stock Dividends ($0.75 per share) | $ (17,250) | |||||||||||||||||||||
Common Stock Dividends ($0.165 and $0.155 per share) | (133,470) | |||||||||||||||||||||
Other Comprehensive Income (Loss) | 610,225 | |||||||||||||||||||||
Stockholders' equity, ending balance at Mar. 31, 2023 | 56,979,250 | $ 19,662,681 | $ 1,115,792 | $ 8,611 | 16,339,472 | 6,890,381 | (4,691,575) | 37,316,569 | ||||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2023 | 22,999,974 | 1 | ||||||||||||||||||||
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2023 | 861,104,000 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||||
Redeemable Noncontrolling Interests (See Note 23) | 144,126 | |||||||||||||||||||||
Redeemable Noncontrolling Interests (See Note 23) | 615,427 | |||||||||||||||||||||
Stockholders' equity, beginning balance at Dec. 31, 2023 | $ 57,763,485 | $ 8,850 | 17,549,157 | $ 17,549,157 | 9,818,336 | $ 9,818,336 | (4,517,649) | $ (4,517,649) | 34,904,791 | $ 34,904,791 | ||||||||||||
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023 | 1 | 1 | ||||||||||||||||||||
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023 | 885,005,588 | 885,005,588 | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||||
Private Placement Share Issuance (in shares) | 5,379 | |||||||||||||||||||||
Compensation Modification (See Note 19) | 226,011 | 53,623 | ||||||||||||||||||||
Compensation Modification - Issuance of Holdings III Units (See Note 19) | (53,623) | |||||||||||||||||||||
Equity-Based Compensation | 79,504 | |||||||||||||||||||||
2024 GA Acquisition - Issuance of Holdings III Units (See Note 1) | $ (40,789) | |||||||||||||||||||||
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22) | 144,145 | $ 128,194 | 21,085 | $ (2,297,494) | (165,230) | $ 2,169,300 | ||||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | $ 682,214 | 682,214 | ||||||||||||||||||||
Common Stock Dividends ($0.165 and $0.155 per share) | (146,026) | |||||||||||||||||||||
Other Comprehensive Income (Loss) | (180,722) | |||||||||||||||||||||
Stockholders' equity, ending balance at Mar. 31, 2024 | $ 55,989,757 | $ 21,421,193 | $ 8,850 | $ 18,032,599 | $ 10,354,524 | $ (6,974,780) | $ 34,568,564 | |||||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2024 | 1 | 1 | ||||||||||||||||||||
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2024 | 885,010,967 | 885,010,967 | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||||
Redeemable Noncontrolling Interests (See Note 23) | $ 922,093 |
CONDENSED CONSOLIDATED STATEM_8
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | |
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2018-12 [Member] | ||
Series C Mandatory Convertible Preferred Stock Dividends | |||
Preferred stock, dividends declared (in dollars per share) | $ 0.75 | ||
Common Stock | |||
Common stock, dividends declared (in dollars per share) | $ 0.165 | $ 0.155 |
CONDENSED CONSOLIDATED STATEM_9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities | ||
Net Income (Loss) | $ 1,093,850 | $ 259,688 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities: | ||
Equity-Based and Other Non-Cash Compensation | 183,411 | 184,135 |
Change in Unrealized (Gains) Losses - Asset Management and Strategic Holdings | (829,067) | 258,789 |
Net Accretion and Amortization | (14,484) | 32,180 |
Other Non-Cash Amounts | 59,030 | 49,999 |
Cash Flows Due to Changes in Operating Assets and Liabilities: | ||
Change in Due from / to Affiliates | (101,267) | (145,301) |
Change in Other Assets | (19,836) | 493,728 |
Change in Accrued Expenses and Other Liabilities | 951,953 | 699,553 |
Net Cash Provided (Used) by Operating Activities | 1,527,433 | (1,932,888) |
Investing Activities | ||
Purchases of Fixed Assets | (17,295) | (23,207) |
Net Cash Provided (Used) by Investing Activities | (6,198,779) | (3,818,533) |
Financing Activities | ||
Common Stock Dividends | (146,026) | (133,470) |
Distributions to Redeemable Noncontrolling Interests | (8,265) | (636) |
Contributions from Redeemable Noncontrolling Interests | 282,253 | 0 |
Distributions to Noncontrolling Interests | (1,732,066) | (1,840,303) |
Contributions from Noncontrolling Interests | 1,434,323 | 2,468,778 |
2024 GA Acquisition - Cash consideration (See Note 1) | (2,622,230) | 0 |
Proceeds from Debt Obligations | 5,717,282 | 3,378,792 |
Repayment of Debt Obligations | (4,928,299) | (1,858,984) |
Net Cash Provided (Used) by Financing Activities | 44,964 | 2,072,968 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (16,210) | 21,603 |
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash | (4,642,592) | (3,656,850) |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 20,808,120 | 13,385,370 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 16,165,528 | 9,728,520 |
Cash, Cash Equivalents and Restricted Cash are comprised of the following: | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total | 16,165,528 | 9,728,520 |
Supplemental Disclosures of Cash Flow Information | ||
Payments for Interest | 745,412 | 566,904 |
Payments for Income Taxes | 39,375 | 21,441 |
Payments for Operating Lease Liabilities | 17,339 | 15,281 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities | ||
Non-Cash Contribution from Noncontrolling Interests | 3,879 | 0 |
Debt Obligations - Net Gains (Losses), Translation and Other | 400,122 | (428,559) |
Right-of-Use Assets obtained in Exchange for new Operating Lease Liabilities | 0 | 17,167 |
Investments Acquired through Reinsurance Agreements | 9,996,537 | 0 |
Contractholder Deposit Funds Acquired through Reinsurance Agreements | 1,229,728 | 24,083 |
Change in Consolidation | ||
Noncontrolling Interests | 0 | (93,545) |
Series C Mandatory Convertible Preferred Stock Dividends | ||
Financing Activities | ||
Series C Mandatory Convertible Preferred Stock Dividends | 0 | (17,250) |
Asset Management and Strategic Holdings | ||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities: | ||
Net Realized (Gains) Losses - Asset Management and Strategic Holdings | 190,905 | (99,380) |
Change in Unrealized (Gains) Losses - Asset Management and Strategic Holdings | (829,067) | 258,789 |
Capital Allocation-Based (Income) Loss - Asset Management and Strategic Holdings | (1,262,942) | (449,018) |
Cash Flows Due to Changes in Operating Assets and Liabilities: | ||
Investments Purchased - Asset Management and Strategic Holdings | (10,454,480) | (9,966,282) |
Proceeds from Investments - Asset Management and Strategic Holdings | 9,746,020 | 5,229,772 |
Financing Activities | ||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 8,510,491 | 6,958,756 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 7,311,417 | 5,737,740 |
Cash, Cash Equivalents and Restricted Cash are comprised of the following: | ||
Cash and Cash Equivalents | 7,083,931 | 5,576,121 |
Restricted Cash and Cash Equivalents | 227,486 | 161,619 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total | 7,311,417 | 5,737,740 |
Insurance | ||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities: | ||
Net Investment and Policy Liability-Related (Gains) Losses - Insurance | 591,288 | 953,155 |
Interest Credited to Policyholder Account Balances (net of Policy Fees) - Insurance | 925,399 | 623,849 |
Cash Flows Due to Changes in Operating Assets and Liabilities: | ||
Reinsurance Transactions and Acquisitions, Net of Cash Provided - Insurance | 152,861 | 242,554 |
Change in Premiums, Notes Receivable and Reinsurance Recoverable, Net of Reinsurance Premiums Payable - Insurance | 583,293 | (263,534) |
Change in Deferred Policy Acquisition Costs - Insurance | (178,684) | (166,926) |
Change in Policy Liabilities and Accruals, Net - Insurance | (89,817) | 130,151 |
Investing Activities | ||
Investments Purchased - Insurance | (13,726,204) | (8,769,518) |
Proceeds from Investments - Insurance | 7,528,657 | 4,956,273 |
Other Investing Activities, Net - Insurance | 16,063 | 17,919 |
Financing Activities | ||
Additions to Contractholder Deposit Funds - Insurance | 7,451,253 | 4,547,895 |
Withdrawals from Contractholder Deposit Funds - Insurance | (4,887,018) | (4,060,332) |
Reinsurance Transactions, Net of Cash Provided - Insurance | 12,198 | 79,516 |
Other Financing Activity, Net - Insurance | (528,441) | (491,038) |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 12,297,629 | 6,426,614 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 8,854,111 | 3,990,780 |
Cash, Cash Equivalents and Restricted Cash are comprised of the following: | ||
Cash and Cash Equivalents | 8,524,962 | 3,713,382 |
Restricted Cash and Cash Equivalents | 329,149 | 277,398 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total | 8,854,111 | 3,990,780 |
Change in Consolidation | ||
Investments - Insurance | $ 0 | $ (93,545) |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION KKR & Co. Inc. (NYSE: KKR), through its subsidiaries (collectively, "KKR"), is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group LLC ("TGAFG" and, together with its insurance companies and other subsidiaries, "Global Atlantic"). KKR & Co. Inc. is the parent company of KKR Group Co. Inc., which in turn owns KKR Group Holdings Corp., which is the general partner of KKR Group Partnership L.P. ("KKR Group Partnership"). KKR & Co. Inc. both indirectly controls KKR Group Partnership and indirectly holds Class A partner interests in KKR Group Partnership ("KKR Group Partnership Units") representing economic interests in KKR's business. As of March 31, 2024, KKR & Co. Inc. held indirectly approximately 99.4% of the KKR Group Partnership Units. The remaining balance is held indirectly by KKR employees through restricted holdings units representing an ownership interest in KKR Group Partnership Units, which may be exchanged for shares of common stock of KKR & Co. Inc. ("exchangeable securities"). As limited partner interests, these KKR Group Partnership Units are non-voting and do not entitle anyone other than KKR to manage its business and affairs. KKR Group Partnership also has outstanding limited partner interests that provide for a carry pool provided by KKR Associates Holdings L.P. ("Associates Holdings"). On January 2, 2024, KKR acquired the remaining minority interests of Global Atlantic held by third party co-investors and Global Atlantic employees in exchange for cash and securities exchangeable for shares of KKR & Co. Inc. common stock (the “2024 GA Acquisition”). The purchase price paid by KKR was approximately $2.6 billion in cash and approximately $41 million in securities exchangeable for shares of KKR & Co. Inc. common stock. Global Atlantic was consolidated prior to January 2, 2024 and consequently, this transaction was accounted for as an equity transaction. At the time of the 2024 GA Acquisition, the carrying value of the noncontrolling interests held by third party co-investors and Global Atlantic employees in Global Atlantic was lower than the purchase price paid by KKR, which was determined by excluding unrealized losses on its available-for-sale portfolio and consistent with the calculation of the purchase price paid by KKR to acquire Global Atlantic in 2021. As such, this transaction resulted in a decrease in KKR & Co. Inc. Stockholders’ Equity. References to "KKR" in these financial statements refer to KKR & Co. Inc. and its subsidiaries, including Global Atlantic, unless the context requires otherwise, especially in sections where "KKR" is intended to refer to the asset management and strategic holdings businesses only. References in these financial statements to "principals" are to KKR's current and former employees who held interests in KKR's business through KKR Holdings prior to the Reorganization Mergers (as defined below). References to "Global Atlantic" in these financial statements includes the insurance companies and other subsidiaries of Global Atlantic, which are consolidated by KKR. Reorganization Agreement On October 8, 2021, KKR entered into a Reorganization Agreement (the "Reorganization Agreement") with KKR Holdings L.P. ("KKR Holdings"), KKR Management LLP (which holds the sole outstanding share of Series I preferred stock), Associates Holdings, and the other parties thereto. Pursuant to the Reorganization Agreement, the parties agreed to undertake a series of integrated transactions to effect a number of transformative structural and governance changes, some of which were completed on May 31, 2022, and other changes to be completed in the future. On May 31, 2022, KKR completed the merger transactions ("Reorganization Mergers") contemplated by the Reorganization Agreement pursuant to which KKR acquired KKR Holdings (which changed its name to KKR Group Holdings L.P.) and all of the KKR Group Partnership Units held by it. Pursuant to the Reorganization Agreement, the following transactions will occur in the future on the Sunset Date (as defined below): i. the control of KKR & Co. Inc. by KKR Management LLP and the Series I Preferred Stock held by it will be eliminated, ii. the voting rights for all common stock of KKR & Co. Inc., including with respect to the election of directors, will be established on a one vote per share basis, and iii. KKR will acquire control of Associates Holdings, the entity providing for the allocation of carry proceeds to KKR employees, also known as the carry pool. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements of KKR & Co. Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to this Quarterly Report on Form 10-Q. The condensed consolidated financial statements (referred to hereafter as the "financial statements"), including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the financial statements are presented fairly and that estimates made in preparing the financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The consolidated balance sheet data as of December 31, 2023 were derived from audited financial statements included in KKR & Co. Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission ("SEC") on February 29, 2024 (our "Annual Report"), and the financial statements should be read in conjunction with the audited financial statements included therein. Additionally, in the accompanying financial statements, the condensed consolidated statements of financial condition are referred to hereafter as the "consolidated statements of financial condition"; the condensed consolidated statements of operations are referred to hereafter as the "consolidated statements of operations"; the condensed consolidated statements of comprehensive income (loss) are referred to hereafter as the "consolidated statements of comprehensive income (loss)"; the condensed consolidated statements of changes in equity are referred to hereafter as the "consolidated statements of changes in equity"; and the condensed consolidated statements of cash flows are referred to hereafter as the "consolidated statements of cash flows." KKR consolidates the financial results of KKR Group Partnership and its consolidated entities, which include the accounts of KKR's investment management and capital markets companies, the general partners of certain unconsolidated investment funds, general partners of consolidated investment funds and their respective consolidated investment funds, Global Atlantic’s insurance companies and certain other entities including CFEs. The presentations in the consolidated statement of financial condition and consolidated statement of operations reflect the significant industry diversification of KKR by its acquisition of Global Atlantic. Global Atlantic operates an insurance business, and KKR operates an asset management business, which manages the operations of the newly-formed Strategic Holdings segment (see Note 21 - "Segment Reporting"), each of which possess distinct characteristics. As a result, KKR developed a two-tiered approach for the financial statements presentation, where Global Atlantic's insurance operations are presented separately from KKR's asset management business. KKR believes that these separate presentations provide a more informative view of the consolidated financial position and results of operations than traditional aggregated presentations and that reporting Global Atlantic’s insurance operations separately is appropriate given, among other factors, the relative significance of Global Atlantic’s policy liabilities, which are not obligations of KKR. (other than the insurance companies that issued them). If a traditional aggregate presentation were to be used, KKR would expect to eliminate or combine several identical or similar captions, which would condense the presentations, but would also reduce the level of information presented. KKR also believes that using a traditional aggregate presentation would result in no new line items compared to the two-tier presentation included in the financial statements in this report. In the ordinary course of business, KKR’s Asset Management business, Strategic Holdings business and Insurance business enter into transactions with each other, which may include transactions pursuant to their investment management agreements and certain financing arrangements. The borrowings from these financing arrangements are non-recourse to KKR beyond the assets designated to support such borrowings. All of the investment management and financing arrangements amongst KKR segments are eliminated in consolidation. All intercompany transactions and balances have been eliminated. For a detailed discussion about KKR’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2 to the financial statements in the Annual Report. Other than the items listed below, during the three months ended March 31, 2024, there were no significant updates to KKR’s significant accounting policies. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the recognition and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, investment income (loss) and income taxes during the reporting periods. Such estimates include but are not limited to (i) the valuation of investments and financial instruments, (ii) the determination of the income tax provision, (iii) the impairment of goodwill and intangible assets, (iv) the impairment of available-for-sale investments, (v) the valuation of insurance policy liabilities, including market risk benefits, (vi) the valuation of embedded derivatives in policy liabilities and funds withheld, (vii) the determination of the allowance for loan losses, and (viii) amortization of deferred revenues and expenses associated with the insurance business. Certain events particular to each industry and country or region in which the portfolio companies conduct their operations, as well as general market, economic, political and geopolitical, regulatory and public health conditions, may have a significant negative impact on KKR’s investments and profitability. Such events are beyond KKR’s control, and the likelihood that they may occur and the effect on KKR's use of estimates cannot be predicted. Actual results could differ from those estimates, and such differences could be material to the financial statements. Compensation and Benefits Carry Pool Allocation With respect to our funds that provide for carried interest, KKR allocates a portion of the realized and unrealized carried interest that KKR earns to Associates Holdings, which is referred to as the carry pool, from which KKR's asset management employees and certain other carry pool participants are eligible to receive a carried interest allocation. The allocation is determined based upon a fixed arrangement between Associates Holdings and KKR, and KKR does not exercise discretion on whether to make an allocation to the carry pool upon a realization event. KKR refers to the portion of carried interest that KKR allocates to the carry pool as the carry pool percentage. As of December 31, 2023, the carry pool percentage was fixed at 40%, 43% or 65% by investment fund, depending on the fund’s vintage. For funds that closed after December 31, 2020 but before December 31, 2023, the carry pool percentage was fixed at 65%. For funds that closed after June 30, 2017 but before December 31, 2020, the carry pool percentage was fixed at 43%, and the carry pool percentage was fixed at 40% for older funds that contributed to KKR's carry pool. Effective January 2, 2024, KKR is authorized to apply a carry pool percentage in excess of these fixed percentages of up to 80% for all funds. This increase to the carry pool percentage was approved by a majority of KKR's independent directors, and the carry pool percentage may not be increased above 80% without the further approval of a majority of KKR's independent directors. For funds that closed after December 31, 2023, the carry pool percentage is fixed at 80%. For funds that closed prior to December 31, 2023, the carry pool percentage is calculated at a fixed percentage of 40%, 43% or 65% (depending on the fund’s vintage) for carried interest realized up to a high water mark, which was established based on the unrealized carried interest balance that existed on January 2, 2024, plus an additional percentage amount up to 80% based on a formulaic allocation, only if the unrealized carried interest balance at any period end exceeds the high water mark. This imposes a limitation of the carry pool allocation for such funds based on the amount of cumulative unrealized carried interest income earned subsequent to December 31, 2023. For funds that closed before December 31, 2023, if the cumulative carried interest subsequent to December 31, 2023 is not sufficient to fund this formulaic allocation, the allocation of carried interest reverts to the carry pool percentage in effect before this modification. As such, upon modification of the carry pool percentage effective on January 2, 2024, the cumulative unrealized carried interest was not sufficient to fund the additional formulaic allocation percentage in excess of the pre-existing 40%, 43% and 65% carry pool percentages, and therefore no incremental expense was recognized as of such date. The carry pool percentage applicable for all funds that closed prior to December 31, 2023 will not be less than their applicable carry pool percentages of 40%, 43% or 65% prior to December 31, 2023, and will not be more than 80%. The intent of this modification is that for all funds that closed prior to January 2, 2024, upon the final liquidation of each fund, realized carried interest distributed will equal the historical fund carry pool allocations up to the high water mark and only distributions of realized carried interest in excess of the high water mark will be distributed at 80 percent if and only if the unrealized carried interest balance at any period end exceeds the high water mark. Under no circumstance would a distribution of carried interest exceed 80% of the total allocable carried interest at any time. KKR accounts for the carry pool as a compensatory profit-sharing arrangement in Accrued Expenses and Other Liabilities within the accompanying consolidated statements of financial condition in conjunction with the related carried interest income and it is recorded as compensation expense. The liability that is recorded in each period reflects the legal entitlement of Associates Holdings at each point in time should the total unrealized carried interest be realized at the value recorded at each reporting date. Upon a reversal of carried interest income, the related carry pool allocation, if any, is also reversed. Accordingly, such compensation expense is subject to both positive and negative adjustments. Adoption of new accounting pronouncements Fair value measurement of equity securities subject to contractual sale restrictions In June 2022, the FASB issued ASU 2022–03, ASC Subtopic 820 “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” ("ASU 2022–03"). According to ASU 2022-03, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value and an entity is not allowed to recognize a contractual sale restriction as a separate unit of account. ASU 2022–03 is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. KKR adopted this accounting standard effective January 1, 2024 and its adoption on a prospective basis did not have any material impact on KKR's consolidated financial statements. Accounting for Investments in Tax Credit Structures In March 2023, the FASB issued ASU 2023–02 "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method" ("ASU 2023–02") to expand the population of investments in tax credit structures that may be eligible to apply the proportional amortization method (“PAM”), if certain criteria are met. The election to use the PAM can be made on a tax credit program-by-program basis. Under the new guidance, certain disclosures are required for investments in tax credit programs for which the PAM is elected. The guidance is effective for fiscal years beginning after December 15, 2023. KKR adopted this accounting standard effective January 1, 2024 and its adoption did not have any material impact on KKR's consolidated financial statements. Future application of accounting standards Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023–07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023–07"). ASU 2023–07 intends to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. KKR is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures. Scope Application of Profits Interest and Similar Awards In March 2024, the FASB issued ASU 2024–01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024–01”). ASU 2024–01 amends the guidance in Accounting Standard Codification 718 (“ASC 718”) by adding an illustrative example to demonstrate and clarify how to apply the scope guidance to determine whether profits interests and similar awards should be accounted for as a share-based payment arrangement under ASC 718 or another standard. ASU 2024–01 will be effective for KKR’s reporting period ended March 31, 2025. KKR is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023–09 "Improvements to Income Tax Disclosures" ("ASU 2023–09"). ASU 2023–09 intends to enhance the transparency and decision usefulness of income tax disclosures, requiring disaggregated information about an entity’s effective tax rate reconciliation as well as income taxes paid. This is effective for fiscal years beginning after December 15, 2024. KKR is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures. |
REVENUES - ASSET MANAGEMENT AND
REVENUES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS | REVENUES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS For the three months ended March 31, 2024 and 2023, respectively, Asset Management and Strategic Holdings revenues consisted of the following: Three Months Ended March 31, 2024 2023 Management Fees $ 486,754 $ 453,093 Fee Credits (94,046) (57,531) Transaction Fees 218,618 209,839 Monitoring Fees 48,967 29,853 Incentive Fees 6,626 6,413 Expense Reimbursements 8,093 15,544 Consulting Fees 18,514 19,805 Total Fees and Other 693,526 677,016 Carried Interest 1,144,928 343,070 General Partner Capital Interest 118,014 105,948 Total Capital Allocation-Based Income (Loss) 1,262,942 449,018 Total Revenues $ 1,956,468 $ 1,126,034 |
NET GAINS (LOSSES) FROM INVESTM
NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS | NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS Net Gains (Losses) from Investment Activities in the consolidated statements of operations consist primarily of the realized and unrealized gains and losses on investments (including foreign exchange gains and losses attributable to foreign denominated investments and related activities) and other financial instruments, including those for which the fair value option has been elected. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments during a period. Upon disposition of an investment or financial instrument, previously recognized unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period. The following table summarizes total Net Gains (Losses) from Investment Activities: Three Months Ended March 31, 2024 Net Realized Gains (Losses) Net Unrealized Gains (Losses) Total Private Equity (1) $ (12,676) $ 348,441 $ 335,765 Credit (1) 57,430 (81,451) (24,021) Investments of Consolidated CFEs (1) 5,005 96,973 101,978 Real Assets (1) (109,398) (105,223) (214,621) Equity Method - Other (1) 102,903 87,540 190,443 Other Investments (1) (269,858) 345,478 75,620 Foreign Exchange Forward Contracts and Options (2) 35,139 148,203 183,342 Securities Sold Short (2) (7,169) (2,093) (9,262) Other Derivatives (2) 87 2,363 2,450 Debt Obligations and Other (3) 7,632 (11,164) (3,532) Net Gains (Losses) From Investment Activities $ (190,905) $ 829,067 $ 638,162 Three Months Ended March 31, 2023 Net Realized Gains (Losses) Net Unrealized Gains (Losses) Total Private Equity (1) $ 199,081 $ (36,664) $ 162,417 Credit (1) (22,963) 104,775 81,812 Investments of Consolidated CFEs (1) (5,017) 317,881 312,864 Real Assets (1) 9,434 (325,909) (316,475) Equity Method - Other (1) 39,219 29,505 68,724 Other Investments (1) (112,663) (519) (113,182) Foreign Exchange Forward Contracts and Options (2) (58,635) 36,269 (22,366) Securities Sold Short (2) (3,475) 2,241 (1,234) Other Derivatives (2) (2,122) 14,330 12,208 Debt Obligations and Other (3) 56,521 (400,698) (344,177) Net Gains (Losses) From Investment Activities $ 99,380 $ (258,789) $ (159,409) (1) See Note 7 "Investments." (2) See Note 8 "Derivatives" and Note 14 "Other Assets and Accrued Expenses and Other Liabilities." (3) |
NET INVESTMENT INCOME - INSURAN
NET INVESTMENT INCOME - INSURANCE | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
NET INVESTMENT INCOME - INSURANCE | NET INVESTMENT INCOME - INSURANCE Net investment income for Global Atlantic is comprised primarily of interest income, including amortization of premiums and accretion of discounts, based on yields that change due to expectations in projected cash flows, dividend income from common and preferred stock, earnings from investments accounted for under equity method accounting, and lease income on other investments. The components of net investment income were as follows: Three Months Ended March 31, 2024 2023 Fixed maturity securities – interest and other income $ 1,327,010 $ 1,050,796 Mortgage and other loan receivables 559,682 459,146 Investments in transportation and other leased assets 78,460 76,188 Investments in renewable energy 13,591 20,583 Investments in real estate 45,979 36,101 Short-term and other investment income 167,331 77,616 Income assumed from funds withheld receivable at interest 22,233 22,101 Policy loans 24,503 10,277 Income ceded to funds withheld payable at interest (519,999) (301,223) Gross investment income 1,718,790 1,451,585 Less investment expenses: Investment management and administration 117,089 85,341 Transportation and renewable energy asset depreciation and maintenance 50,151 49,162 Interest expense on derivative collateral and repurchase agreements 31,648 16,385 Net investment income $ 1,519,902 $ 1,300,697 Net investment-related gains (losses) from insurance operations primarily consists of (i) realized gains (losses) from the disposal of investments, (ii) unrealized gains (losses) from investments held for trading, equity securities, real estate investments accounted for under investment company accounting, and investments with fair value remeasurements recognized in earnings as a result of the election of a fair-value option, (iii) unrealized gains (losses) on funds withheld receivable and payable at interest, (iv) unrealized gains (losses) from derivatives (excluding certain derivatives designated as hedge accounting instruments), and (v) allowances for credit losses, and other impairments of investments. Net investment-related gains (losses) were as follows: Three Months Ended March 31, 2024 2023 Realized (losses) gains on available-for-sale fixed maturity debt securities $ (28,157) $ 3,432 Credit loss allowances on available-for-sale securities 29,367 (76,318) Credit loss allowances on mortgage and other loan receivables (126,902) (64,111) Allowances on unfunded commitments (4,578) (8,000) Impairment of available-for-sale fixed maturity debt securities due to intent to sell — (26,741) Unrealized (losses) gains on fixed maturity securities classified as trading (99,579) 376,290 Unrealized losses on investments recognized under the fair-value option (42,207) (55,773) Unrealized (losses) gains on real estate investments recognized at fair value under investment company accounting (78,011) 63,192 Net gains (losses) on derivative instruments 100,968 (348,225) Realized gains on funds withheld payable at interest portfolio 24,287 3,980 Realized (losses) gains on funds withheld receivable at interest portfolio (2,286) 17,733 Other realized losses (14,388) (9,292) Net investment-related gains (losses) $ (241,486) $ (123,833) Allowance for credit losses Available-for-sale 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: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Corporate Structured Total Corporate Structured Total Balance, as of beginning of period $ 49,008 $ 219,704 $ 268,712 $ 1,298 $ 127,034 $ 128,332 Initial credit loss allowance recognized on securities with no previously recognized allowance 8,694 877 9,571 151 45,200 45,351 Accretion of initial credit loss allowance on PCD securities — 163 163 — 351 351 Reductions due to sales (or maturities, pay downs or prepayments) during the period of securities with a previously recognized credit loss allowance (60) (5,859) (5,919) — (3,887) (3,887) Net additions / reductions for securities with a previously recognized credit loss allowance (5,094) (33,844) (38,938) — 30,967 30,967 Balances charged off (23,629) — (23,629) — — — Balance, as of end of period $ 28,919 $ 181,041 $ 209,960 $ 1,449 $ 199,665 $ 201,114 Mortgage and other loan receivables Changes in the allowance for credit losses on mortgage and other loan receivables held by Global Atlantic are summarized below: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 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 $ 319,631 $ 107,204 $ 175,608 $ 602,443 $ 227,315 $ 125,824 $ 207,089 $ 560,228 Net provision (release) 57,156 (5,141) 74,887 126,902 20,111 10,316 33,684 64,111 Charge-offs (16,379) (639) (41,439) (58,457) — (1,693) (35,372) (37,065) Recoveries of amounts previously charged-off — — 5,108 5,108 — — 1,826 1,826 Balance, as of end of period $ 360,408 $ 101,424 $ 214,164 $ 675,996 $ 247,426 $ 134,447 $ 207,227 $ 589,100 Proceeds and gross gains and losses from voluntary sales 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: Three Months Ended March 31, 2024 2023 AFS fixed maturity securities: Proceeds from voluntary sales $ 1,999,289 $ 1,406,925 Gross gains $ 8,359 $ 15,464 Gross losses $ (16,544) $ (10,044) The following reflects the reconciliation of the components of insurance intangibles to the total balance reported in the consolidated statements of financial condition as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Deferred acquisition costs $ 1,260,724 $ 1,154,697 Value of business acquired 1,230,964 1,252,984 Cost-of-reinsurance intangibles 2,365,235 2,043,143 Total insurance intangibles $ 4,856,923 $ 4,450,824 Deferred acquisition costs The following tables reflect the deferred acquisition costs roll-forward by product category for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 Fixed rate annuities Fixed indexed annuities Interest sensitive life Other Total Balance, as of the beginning of the period $ 373,863 $ 481,970 $ 132,079 $ 166,785 $ 1,154,697 Capitalizations 75,597 58,366 3,291 18,605 155,859 Amortization expense (23,718) (19,709) (2,187) (4,218) (49,832) Balance, as of the end of the period $ 425,742 $ 520,627 $ 133,183 $ 181,172 $ 1,260,724 Three months ended March 31, 2023 Fixed rate annuities Fixed indexed annuities Interest sensitive life Other Total Balance, as of the beginning of the period $ 221,679 $ 367,813 $ 116,021 $ 115,457 $ 820,970 Capitalizations 59,969 52,469 11,128 17,112 140,678 Amortization expense (13,607) (12,930) (1,258) (3,385) (31,180) Balance, as of the end of the period $ 268,041 $ 407,352 $ 125,891 $ 129,184 $ 930,468 Value of business acquired The following tables reflect the value of business acquired, or “VOBA” asset roll-forward by product category for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 44,922 $ 621,372 $ 262,942 $ 245,042 $ 78,706 $ 1,252,984 Amortization expense (939) (10,719) (3,453) (5,201) (1,708) (22,020) Balance, as of the end of the period $ 43,983 $ 610,653 $ 259,489 $ 239,841 $ 76,998 $ 1,230,964 Three months ended March 31, 2023 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 48,762 $ 663,296 $ 276,795 $ 241,778 $ 85,898 $ 1,316,529 Amortization expense (972) (10,358) (3,048) (6,370) (1,854) (22,602) Balance, as of the end of the period $ 47,790 $ 652,938 $ 273,747 $ 235,408 $ 84,044 $ 1,293,927 The following tables reflect the negative value of business acquired, or “negative VOBA” liability roll-forward by product category for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 65,966 $ 106,538 $ 421,213 $ 91,295 $ 182,920 $ 867,932 Amortization expense (6,543) (8,849) (9,794) (1,567) (3,401) (30,154) Balance, as of the end of the period $ 59,423 $ 97,689 $ 411,419 $ 89,728 $ 179,519 $ 837,778 Three months ended March 31, 2023 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 98,342 $ 145,610 $ 461,592 $ 99,776 $ 198,804 $ 1,004,124 Amortization expense (8,720) (10,036) (8,144) (2,423) (5,349) (34,672) Balance, as of the end of the period $ 89,622 $ 135,574 $ 453,448 $ 97,353 $ 193,455 $ 969,452 Unearned revenue reserves and unearned front-end loads Three Months Ended March 31, 2024 2023 Preneed Balance, as of the beginning of the period $ 178,053 $ 118,186 Deferral 17,453 17,791 Amortized to income during the year (3,725) (2,517) Balance, as of the end of the period $ 191,781 $ 133,460 |
NET INVESTMENT-RELATED GAINS (L
NET INVESTMENT-RELATED GAINS (LOSSES) - INSURANCE | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
NET INVESTMENT-RELATED GAINS (LOSSES) - INSURANCE | NET INVESTMENT INCOME - INSURANCE Net investment income for Global Atlantic is comprised primarily of interest income, including amortization of premiums and accretion of discounts, based on yields that change due to expectations in projected cash flows, dividend income from common and preferred stock, earnings from investments accounted for under equity method accounting, and lease income on other investments. The components of net investment income were as follows: Three Months Ended March 31, 2024 2023 Fixed maturity securities – interest and other income $ 1,327,010 $ 1,050,796 Mortgage and other loan receivables 559,682 459,146 Investments in transportation and other leased assets 78,460 76,188 Investments in renewable energy 13,591 20,583 Investments in real estate 45,979 36,101 Short-term and other investment income 167,331 77,616 Income assumed from funds withheld receivable at interest 22,233 22,101 Policy loans 24,503 10,277 Income ceded to funds withheld payable at interest (519,999) (301,223) Gross investment income 1,718,790 1,451,585 Less investment expenses: Investment management and administration 117,089 85,341 Transportation and renewable energy asset depreciation and maintenance 50,151 49,162 Interest expense on derivative collateral and repurchase agreements 31,648 16,385 Net investment income $ 1,519,902 $ 1,300,697 Net investment-related gains (losses) from insurance operations primarily consists of (i) realized gains (losses) from the disposal of investments, (ii) unrealized gains (losses) from investments held for trading, equity securities, real estate investments accounted for under investment company accounting, and investments with fair value remeasurements recognized in earnings as a result of the election of a fair-value option, (iii) unrealized gains (losses) on funds withheld receivable and payable at interest, (iv) unrealized gains (losses) from derivatives (excluding certain derivatives designated as hedge accounting instruments), and (v) allowances for credit losses, and other impairments of investments. Net investment-related gains (losses) were as follows: Three Months Ended March 31, 2024 2023 Realized (losses) gains on available-for-sale fixed maturity debt securities $ (28,157) $ 3,432 Credit loss allowances on available-for-sale securities 29,367 (76,318) Credit loss allowances on mortgage and other loan receivables (126,902) (64,111) Allowances on unfunded commitments (4,578) (8,000) Impairment of available-for-sale fixed maturity debt securities due to intent to sell — (26,741) Unrealized (losses) gains on fixed maturity securities classified as trading (99,579) 376,290 Unrealized losses on investments recognized under the fair-value option (42,207) (55,773) Unrealized (losses) gains on real estate investments recognized at fair value under investment company accounting (78,011) 63,192 Net gains (losses) on derivative instruments 100,968 (348,225) Realized gains on funds withheld payable at interest portfolio 24,287 3,980 Realized (losses) gains on funds withheld receivable at interest portfolio (2,286) 17,733 Other realized losses (14,388) (9,292) Net investment-related gains (losses) $ (241,486) $ (123,833) Allowance for credit losses Available-for-sale 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: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Corporate Structured Total Corporate Structured Total Balance, as of beginning of period $ 49,008 $ 219,704 $ 268,712 $ 1,298 $ 127,034 $ 128,332 Initial credit loss allowance recognized on securities with no previously recognized allowance 8,694 877 9,571 151 45,200 45,351 Accretion of initial credit loss allowance on PCD securities — 163 163 — 351 351 Reductions due to sales (or maturities, pay downs or prepayments) during the period of securities with a previously recognized credit loss allowance (60) (5,859) (5,919) — (3,887) (3,887) Net additions / reductions for securities with a previously recognized credit loss allowance (5,094) (33,844) (38,938) — 30,967 30,967 Balances charged off (23,629) — (23,629) — — — Balance, as of end of period $ 28,919 $ 181,041 $ 209,960 $ 1,449 $ 199,665 $ 201,114 Mortgage and other loan receivables Changes in the allowance for credit losses on mortgage and other loan receivables held by Global Atlantic are summarized below: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 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 $ 319,631 $ 107,204 $ 175,608 $ 602,443 $ 227,315 $ 125,824 $ 207,089 $ 560,228 Net provision (release) 57,156 (5,141) 74,887 126,902 20,111 10,316 33,684 64,111 Charge-offs (16,379) (639) (41,439) (58,457) — (1,693) (35,372) (37,065) Recoveries of amounts previously charged-off — — 5,108 5,108 — — 1,826 1,826 Balance, as of end of period $ 360,408 $ 101,424 $ 214,164 $ 675,996 $ 247,426 $ 134,447 $ 207,227 $ 589,100 Proceeds and gross gains and losses from voluntary sales 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: Three Months Ended March 31, 2024 2023 AFS fixed maturity securities: Proceeds from voluntary sales $ 1,999,289 $ 1,406,925 Gross gains $ 8,359 $ 15,464 Gross losses $ (16,544) $ (10,044) The following reflects the reconciliation of the components of insurance intangibles to the total balance reported in the consolidated statements of financial condition as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Deferred acquisition costs $ 1,260,724 $ 1,154,697 Value of business acquired 1,230,964 1,252,984 Cost-of-reinsurance intangibles 2,365,235 2,043,143 Total insurance intangibles $ 4,856,923 $ 4,450,824 Deferred acquisition costs The following tables reflect the deferred acquisition costs roll-forward by product category for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 Fixed rate annuities Fixed indexed annuities Interest sensitive life Other Total Balance, as of the beginning of the period $ 373,863 $ 481,970 $ 132,079 $ 166,785 $ 1,154,697 Capitalizations 75,597 58,366 3,291 18,605 155,859 Amortization expense (23,718) (19,709) (2,187) (4,218) (49,832) Balance, as of the end of the period $ 425,742 $ 520,627 $ 133,183 $ 181,172 $ 1,260,724 Three months ended March 31, 2023 Fixed rate annuities Fixed indexed annuities Interest sensitive life Other Total Balance, as of the beginning of the period $ 221,679 $ 367,813 $ 116,021 $ 115,457 $ 820,970 Capitalizations 59,969 52,469 11,128 17,112 140,678 Amortization expense (13,607) (12,930) (1,258) (3,385) (31,180) Balance, as of the end of the period $ 268,041 $ 407,352 $ 125,891 $ 129,184 $ 930,468 Value of business acquired The following tables reflect the value of business acquired, or “VOBA” asset roll-forward by product category for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 44,922 $ 621,372 $ 262,942 $ 245,042 $ 78,706 $ 1,252,984 Amortization expense (939) (10,719) (3,453) (5,201) (1,708) (22,020) Balance, as of the end of the period $ 43,983 $ 610,653 $ 259,489 $ 239,841 $ 76,998 $ 1,230,964 Three months ended March 31, 2023 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 48,762 $ 663,296 $ 276,795 $ 241,778 $ 85,898 $ 1,316,529 Amortization expense (972) (10,358) (3,048) (6,370) (1,854) (22,602) Balance, as of the end of the period $ 47,790 $ 652,938 $ 273,747 $ 235,408 $ 84,044 $ 1,293,927 The following tables reflect the negative value of business acquired, or “negative VOBA” liability roll-forward by product category for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 65,966 $ 106,538 $ 421,213 $ 91,295 $ 182,920 $ 867,932 Amortization expense (6,543) (8,849) (9,794) (1,567) (3,401) (30,154) Balance, as of the end of the period $ 59,423 $ 97,689 $ 411,419 $ 89,728 $ 179,519 $ 837,778 Three months ended March 31, 2023 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 98,342 $ 145,610 $ 461,592 $ 99,776 $ 198,804 $ 1,004,124 Amortization expense (8,720) (10,036) (8,144) (2,423) (5,349) (34,672) Balance, as of the end of the period $ 89,622 $ 135,574 $ 453,448 $ 97,353 $ 193,455 $ 969,452 Unearned revenue reserves and unearned front-end loads Three Months Ended March 31, 2024 2023 Preneed Balance, as of the beginning of the period $ 178,053 $ 118,186 Deferral 17,453 17,791 Amortized to income during the year (3,725) (2,517) Balance, as of the end of the period $ 191,781 $ 133,460 |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
INVESTMENTS | INVESTMENTS Investments consist of the following: March 31, 2024 December 31, 2023 Asset Management and Strategic Holdings Private Equity $ 33,672,500 $ 32,742,484 Credit 8,401,513 8,274,904 Investments of Consolidated CFEs 24,961,635 24,996,298 Real Assets 11,973,032 12,000,008 Equity Method - Other 8,217,489 8,163,831 Equity Method - Capital Allocation-Based Income 8,950,579 7,877,904 Other Investments 4,517,239 4,579,372 Investments - Asset Management and Strategic Holdings $ 100,693,987 $ 98,634,801 Insurance Fixed maturity securities, available-for-sale, at fair value (1) $ 74,048,277 $ 69,414,188 Mortgage and other loan receivables 41,215,981 39,177,927 Fixed maturity securities, trading, at fair value (2) 27,984,949 18,805,470 Other investments 10,241,161 9,683,326 Funds withheld receivable at interest 2,673,723 2,713,645 Policy loans 1,561,608 1,556,030 Equity securities at fair value 21,471 19,737 Investments - Insurance $ 157,747,170 $ 141,370,323 Total Investments $ 258,441,157 $ 240,005,124 (1) Amortized cost of $83.5 billion and $78.7 billion, net of credit loss allowances of $210.0 million and $268.7 million, respectively. (2) Amortized cost of $29.8 billion and $20.5 billion, respectively. Trading fixed maturity securities are held to back funds withheld payable at interest. The investment performance on these investments are ceded to third-party reinsurers. As of March 31, 2024 and December 31, 2023, there were no investments which represented greater than 5% of total investments. Fixed maturity securities The cost or amortized cost and fair value for AFS fixed maturity securities were as follows: Cost or amortized cost Allowance for Credit Losses (1)(2) Gross unrealized Fair value As of March 31, 2024 gains losses AFS fixed maturity securities portfolio by type: U.S. government and agencies $ 3,621,287 $ — $ 43,351 $ (81,879) $ 3,582,759 U.S. state, municipal and political subdivisions 5,530,066 — 23,263 (1,011,431) 4,541,898 Corporate 46,971,213 (28,919) 163,284 (6,850,383) 40,255,195 Residential mortgage-backed securities, or “RMBS” 10,497,867 (122,870) 31,290 (715,753) 9,690,534 Commercial mortgage-backed securities, or “CMBS” 7,846,132 (35,630) 9,321 (581,330) 7,238,493 Collateralized bond obligations, or “CBOs” 2,839,214 (1,197) — (142,271) 2,695,746 CLOs 3,341,591 (9,649) 10,521 (42,526) 3,299,937 Asset-backed securities, or “ABSs” 2,874,043 (11,695) 17,654 (136,287) 2,743,715 Total AFS fixed maturity securities $ 83,521,413 $ (209,960) $ 298,684 $ (9,561,860) $ 74,048,277 (1) Represents the cumulative amount of credit impairments that have been recognized in the consolidated statements of operations (as net investment (losses) gains) or that were recognized as a gross-up of the purchase price of PCD securities. Amount excludes unrealized losses related to non-credit impairment. (2) Includes credit loss allowances on purchase-credit deteriorated fixed-maturity securities of $(10.7) million. Cost or amortized cost Allowance for Credit Losses (1)(2) Gross unrealized Fair value As of December 31, 2023 gains losses AFS fixed maturity securities portfolio by type: U.S. government and agencies $ 1,209,507 $ — $ 62,514 $ (68,929) $ 1,203,092 U.S. state, municipal and political subdivisions 5,562,826 — 29,699 (985,133) 4,607,392 Corporate 46,378,337 (49,008) 211,570 (6,592,143) 39,948,756 RMBS 8,734,629 (152,067) 38,206 (674,550) 7,946,218 CMBS 7,491,743 (35,953) 4,195 (731,358) 6,728,627 CBOs 2,951,511 (1,214) — (143,818) 2,806,479 CLOs 3,493,731 (19,077) 6,483 (52,365) 3,428,772 ABSs 2,901,573 (11,393) 14,358 (159,686) 2,744,852 Total AFS fixed maturity securities $ 78,723,857 $ (268,712) $ 367,025 $ (9,407,982) $ 69,414,188 (1) Represents the cumulative amount of credit impairments that have been recognized in the consolidated statements of operations (as net investment (losses) gains) or that were recognized as a gross-up of the purchase price of PCD securities. Amount excludes unrealized losses related to non-credit impairment. (2) Includes credit loss allowances on purchase-credit deteriorated fixed-maturity securities of $(12.8) million. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, or Global Atlantic may have the right to put or sell the obligations back to the issuers. Structured securities are shown separately as they have periodic payments and are not due at a single maturity. The maturity distribution for AFS fixed maturity securities is as follows: As of March 31, 2024 Cost or Fair value Due in one year or less $ 1,582,351 $ 1,527,973 Due after one year through five years 14,708,223 14,259,600 Due after five years through ten years 8,802,878 8,289,300 Due after ten years 31,000,195 24,302,979 Subtotal 56,093,647 48,379,852 RMBS 10,374,997 9,690,534 CMBS 7,810,502 7,238,493 CBOs 2,838,017 2,695,746 CLOs 3,331,942 3,299,937 ABSs 2,862,348 2,743,715 Total AFS fixed maturity securities $ 83,311,453 $ 74,048,277 Securities in a continuous unrealized loss position The following tables provide information about AFS fixed maturity securities that have been continuously in an unrealized loss position: Less than 12 months 12 months or more Total As of March 31, 2024 Fair Unrealized losses Fair Unrealized losses Fair Unrealized losses AFS fixed maturity securities portfolio by type: U.S. government and agencies $ 683,724 $ (11,291) $ 194,595 $ (70,588) $ 878,319 $ (81,879) U.S. state, municipal and political subdivisions 158,009 (3,405) 3,748,828 (1,008,026) 3,906,837 (1,011,431) Corporate 4,496,293 (175,062) 26,091,489 (6,675,321) 30,587,782 (6,850,383) RMBS 2,844,225 (86,123) 4,342,132 (629,630) 7,186,357 (715,753) CMBS 271,541 (1,838) 5,962,927 (579,492) 6,234,468 (581,330) CBOs 1,817 (169) 2,693,929 (142,102) 2,695,746 (142,271) CLOs 591,577 (1,202) 619,979 (41,324) 1,211,556 (42,526) ABSs 322,632 (8,046) 1,789,721 (128,241) 2,112,353 (136,287) Total AFS fixed maturity securities in a continuous loss position $ 9,369,818 $ (287,136) $ 45,443,600 $ (9,274,724) $ 54,813,418 $ (9,561,860) Less than 12 months 12 months or more Total As of December 31, 2023 Fair Unrealized losses Fair Unrealized losses Fair Unrealized losses AFS fixed maturity securities portfolio by type: U.S. government and agencies $ 94,807 $ (2,512) $ 198,750 $ (66,417) $ 293,557 $ (68,929) U.S. state, municipal and political subdivisions 112,468 (4,140) 3,829,447 (980,993) 3,941,915 (985,133) Corporate 4,360,234 (189,026) 27,108,292 (6,403,117) 31,468,526 (6,592,143) RMBS 1,371,230 (66,550) 4,354,902 (608,000) 5,726,132 (674,550) CMBS 332,095 (4,535) 6,031,766 (726,823) 6,363,861 (731,358) CBOs 1,867 (118) 2,804,612 (143,700) 2,806,479 (143,818) CLOs 246,728 (868) 1,679,813 (51,497) 1,926,541 (52,365) ABSs 553,438 (15,760) 1,742,373 (143,926) 2,295,811 (159,686) Total AFS fixed maturity securities in a continuous loss position $ 7,072,867 $ (283,509) $ 47,749,955 $ (9,124,473) $ 54,822,822 $ (9,407,982) Unrealized gains and losses can be created by changing interest rates or several other factors, including changing credit spreads. Global Atlantic had gross unrealized losses on below investment grade AFS fixed maturity securities of $647.8 million and $694.6 million as of March 31, 2024 and December 31, 2023, respectively. The single largest unrealized loss on AFS fixed maturity securities was $53.1 million and $53.4 million as of March 31, 2024 and December 31, 2023, respectively. Global Atlantic had 5,940 and 5,886 securities in an unrealized loss position as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, AFS fixed maturity securities in an unrealized loss position for 12 months or more consisted of 4,875 debt securities. These debt securities primarily relate to Corporate, RMBS, and U.S. state, municipal and political subdivisions fixed maturity securities, which have depressed values due primarily to an increase in interest rates since the purchase of these securities. Unrealized losses were not recognized in net income on these debt securities since Global Atlantic neither intends to sell the securities nor does it believe that it is more likely than not that it will be required to sell these securities before recovery of their cost or amortized cost basis. For securities with significant declines in value, individual security level analysis was performed utilizing underlying collateral default expectations, market data and industry analyst reports. Mortgage and other loan receivables Mortgage and other loan receivables consist of the following: March 31, 2024 December 31, 2023 Commercial mortgage loans (1) $ 22,159,689 $ 21,861,245 Residential mortgage loans (1) 14,728,782 12,722,778 Consumer loans 4,225,078 4,424,882 Other loan receivables (2) 778,428 771,465 Total mortgage and other loan receivables 41,891,977 39,780,370 Allowance for credit losses (3) (675,996) (602,443) Total mortgage and other loan receivables, net of allowance for credit losses $ 41,215,981 $ 39,177,927 (1) Includes $686.9 million and $697.4 million of loans carried at fair value using the fair value option as of March 31, 2024 and December 31, 2023, respectively. The fair value option was elected for these loans for asset-liability matching purposes. These loans had unpaid principal balances of $779.8 million and $785.2 million as of March 31, 2024 and December 31, 2023, respectively. (2) As of March 31, 2024 and December 31, 2023, other loan receivables consisted primarily of loans collateralized by aircraft of $337.0 million and $315.4 million, respectively, and loans collateralized by residential mortgages of $200 million. (3) Includes credit loss allowances on purchase-credit deteriorated mortgage and other loan receivables of $(86.5) million and $(91.7) million as of March 31, 2024 and December 31, 2023, respectively. The maturity distribution for residential and commercial mortgage loans was as follows as of March 31, 2024: Years Residential Commercial Total mortgage loans Remainder of 2024 $ 87,916 $ 2,248,670 $ 2,336,586 2025 14,602 3,780,919 3,795,521 2026 767,423 6,547,221 7,314,644 2027 802,349 3,560,252 4,362,601 2028 135,238 1,448,707 1,583,945 2029 13,882 672,159 686,041 Thereafter 12,907,372 3,901,761 16,809,133 Total $ 14,728,782 $ 22,159,689 $ 36,888,471 Actual maturities could differ from contractual maturities because borrowers may have the right to prepay (with or without prepayment penalties) and loans may be refinanced. Global Atlantic diversifies its mortgage loan portfolio by both geographic region and property type to reduce concentration risk. The following tables present the mortgage loans by geographic region and property type: Mortgage loans – carrying value by geographic region March 31, 2024 December 31, 2023 Pacific $ 9,339,086 25.3 % $ 8,649,256 25.0 % West South Central 4,646,656 12.6 % 4,202,501 12.2 % South Atlantic 10,251,281 27.8 % 9,653,955 27.9 % Middle Atlantic 4,658,931 12.6 % 4,436,129 12.8 % East North Central 1,241,368 3.4 % 1,166,460 3.4 % Mountain 3,390,723 9.2 % 3,262,801 9.4 % New England 1,510,263 4.1 % 1,470,741 4.3 % East South Central 791,429 2.1 % 731,053 2.1 % West North Central 412,522 1.1 % 358,609 1.0 % Other regions 646,212 1.8 % 652,518 1.9 % Total by geographic region $ 36,888,471 100.0 % $ 34,584,023 100.0 % Mortgage loans – carrying value by property type March 31, 2024 December 31, 2023 Residential $ 14,728,782 39.9 % $ 12,722,778 36.8 % Office building 4,585,908 12.4 % 4,586,277 13.3 % Multi-family 11,463,511 31.1 % 11,495,638 33.2 % Industrial 4,514,193 12.2 % 4,415,819 12.8 % Retail 493,402 1.3 % 493,596 1.4 % Warehouse 304,257 0.8 % 291,116 0.8 % Other property types 798,418 2.3 % 578,799 1.7 % Total by property type $ 36,888,471 100.0 % $ 34,584,023 100.0 % As of March 31, 2024 and December 31, 2023, Global Atlantic had $586.6 million and $510.9 million of mortgage loans that were 90 days or more past due or are in the process of foreclosure, respectively, and have been classified as non-income producing (non-accrual status). Global Atlantic ceases accrual of interest on loans that are more than 90 days past due or are in the process of foreclosure and recognizes income as cash is received. Credit quality indicators Mortgage and loan receivable performance status The following table represents the portfolio of mortgage and loan receivables by origination year and performance status as of March 31, 2024 and December 31, 2023: By year of origination Performance status as of March 31, 2024 2024 2023 2022 2021 2020 Prior Total Commercial mortgage loans Gross charge-offs for the three months ended March 31, 2024 $ — $ — $ — $ — $ — $ (16,379) $ (16,379) Current $ 305,720 $ 3,604,283 $ 6,371,836 $ 6,558,483 $ 624,212 $ 4,291,434 $ 21,755,968 30 to 59 days past due — — — 45,651 — — 45,651 60 to 89 days past due — — — — — 9,494 9,494 90 days or more past due or in process of foreclosure — — — 225,345 36,890 86,341 348,576 Total commercial mortgage loans $ 305,720 $ 3,604,283 $ 6,371,836 $ 6,829,479 $ 661,102 $ 4,387,269 $ 22,159,689 Residential mortgage loans Gross charge-offs for the three months ended March 31, 2024 $ — $ (7) $ (47) $ (165) $ — $ (420) $ (639) Current $ 924,330 $ 3,824,892 $ 1,975,866 $ 4,446,268 $ 1,395,241 $ 1,620,715 $ 14,187,312 30 to 59 days past due — 74,901 29,106 42,586 2,629 97,015 246,237 60 to 89 days past due — 7,956 4,341 13,765 1,042 30,082 57,186 90 days or more past due or in process of foreclosure — 7,486 22,251 72,722 12,693 122,895 238,047 Total residential mortgage loans $ 924,330 $ 3,915,235 $ 2,031,564 $ 4,575,341 $ 1,411,605 $ 1,870,707 $ 14,728,782 Consumer loans Gross charge-offs for the three months ended March 31, 2024 $ — $ (468) $ (5,390) $ (21,344) $ (5,878) $ (8,296) $ (41,376) Current $ 352 $ 128,601 $ 470,761 $ 1,638,834 $ 666,875 $ 1,209,943 $ 4,115,366 30 to 59 days past due — 817 4,100 26,119 4,216 16,359 51,611 60 to 89 days past due — 226 2,635 11,742 2,391 8,601 25,595 90 days or more past due or in process of foreclosure — 1,033 4,163 13,223 4,003 10,084 32,506 Total consumer loans $ 352 $ 130,677 $ 481,659 $ 1,689,918 $ 677,485 $ 1,244,987 $ 4,225,078 Total mortgage and consumer loan receivables $ 1,230,402 $ 7,650,195 $ 8,885,059 $ 13,094,738 $ 2,750,192 $ 7,502,963 $ 41,113,549 By year of origination Performance status as of December 31, 2023 2023 2022 2021 2020 2019 Prior Total Commercial mortgage loans Gross charge-offs for the year ended December 31, 2023 $ — $ — $ — $ — $ (14,000) $ (7,616) $ (21,616) Current $ 3,600,652 $ 6,278,419 $ 6,633,293 $ 624,457 $ 1,395,717 $ 2,969,381 $ 21,501,919 30 to 59 days past due — — — — — — — 60 to 89 days past due — — — — — 79,635 79,635 90 days or more past due or in process of foreclosure — — 182,069 36,859 — 60,763 279,691 Total commercial mortgage loans $ 3,600,652 $ 6,278,419 $ 6,815,362 $ 661,316 $ 1,395,717 $ 3,109,779 $ 21,861,245 Residential mortgage loans Gross charge-offs for the year ended December 31, 2023 $ (6) $ (1,228) $ (2,244) $ (913) $ (1,412) $ (2,373) $ (8,176) Current $ 2,794,600 $ 1,981,373 $ 4,518,357 $ 1,358,200 $ 221,566 $ 1,365,231 $ 12,239,327 30 to 59 days past due 43,432 22,291 37,082 3,554 5,461 84,079 195,899 60 to 89 days past due 8,467 8,520 9,991 1,437 1,389 26,565 56,369 90 days or more past due or in process of foreclosure 2,518 19,326 72,753 12,048 9,265 115,273 231,183 Total residential mortgage loans $ 2,849,017 $ 2,031,510 $ 4,638,183 $ 1,375,239 $ 237,681 $ 1,591,148 $ 12,722,778 Consumer loans Gross charge-offs for the year ended December 31, 2023 $ (185) $ (18,117) $ (83,147) $ (23,273) $ (15,740) $ (19,783) $ (160,245) Current $ 109,393 $ 497,113 $ 1,726,280 $ 701,655 $ 610,988 $ 656,270 $ 4,301,699 30 to 59 days past due 1,707 4,229 28,966 5,082 4,497 12,686 57,167 60 to 89 days past due 1,193 2,548 14,872 3,298 2,561 6,756 31,228 Over 90 days past due 2,597 3,991 13,461 4,281 3,907 6,551 34,788 Total consumer loans 114,890 507,881 1,783,579 714,316 621,953 682,263 4,424,882 Total mortgage and consumer loan receivables $ 6,564,559 $ 8,817,810 $ 13,237,124 $ 2,750,871 $ 2,255,351 $ 5,383,190 $ 39,008,905 Loan-to-value ratio on mortgage loans The loan-to-value ratio is expressed as a percentage of the current amount of the loan relative to the value of the underlying collateral. The following table summarizes Global Atlantic's loan-to-value ratios for its commercial mortgage loans as of March 31, 2024 and December 31, 2023: Loan-to-value as of March 31, 2024, by year of origination Carrying value loan-to-value 70% and less Carrying value loan-to-value 71% - 90% Carrying value loan-to-value over 90% Total carrying value 2024 $ 305,720 $ — $ — $ 305,720 2023 3,604,283 — — 3,604,283 2022 6,005,991 365,845 — 6,371,836 2021 4,832,069 1,554,835 442,575 6,829,479 2020 496,247 92,789 72,066 661,102 2019 1,252,234 54,992 37,695 1,344,921 Prior 2,814,723 53,510 174,115 3,042,348 Total commercial mortgage loans $ 19,311,267 $ 2,121,971 $ 726,451 $ 22,159,689 Loan-to-value as of December 31, 2023, by year of origination Carrying value loan-to-value 70% and less Carrying value loan-to-value 71% - 90% Carrying value loan-to-value over 90% Total carrying value 2023 $ 3,600,652 $ — $ — $ 3,600,652 2022 5,912,623 365,796 — 6,278,419 2021 5,110,011 1,483,763 221,588 6,815,362 2020 496,085 93,210 72,021 661,316 2019 1,257,983 93,661 44,073 1,395,717 2018 881,620 52,640 114,989 1,049,249 Prior 1,991,780 — 68,750 2,060,530 Total commercial mortgage loans $ 19,250,754 $ 2,089,070 $ 521,421 $ 21,861,245 Changing economic conditions and updated assumptions affect Global Atlantic's assessment of the collectibility of commercial mortgage loans. Changing vacancies and rents are incorporated into the analysis that Global Atlantic performs to measure the allowance for credit losses. In addition, Global Atlantic continuously monitors its commercial mortgage loan portfolio to identify risk. Areas of emphasis are properties that have exposure to specific geographic events or have deteriorating credit. The weighted average loan-to-value ratio for Global Atlantic's residential mortgage loans was 64% and 63% as of March 31, 2024 and December 31, 2023, respectively. Loan modifications Global Atlantic may modify the terms of a loan when the borrower is experiencing financial difficulties, as a means to optimize recovery of amounts due on the loan. Modifications may involve temporary relief, such as payment forbearance for a short period time (where interest continues to accrue) or may involve more substantive changes to a loan. Changes to the terms of a loan, pursuant to a modification agreement, are factored into the analysis of the loan’s expected credit losses, under the allowance model applicable to the loan. For commercial mortgage loans, modifications for borrowers experiencing financial difficulty are tailored for individual loans and may include interest rate relief, maturity extensions or, less frequently, principal forgiveness. For both residential mortgage loans and consumer loans, the most common modifications for borrowers experiencing financial difficulty, aside from insignificant delays in payment, typically involve deferral of missed payments to the end of the loan term, interest rate relief, or maturity extensions. The tables below present the carrying value of loans to borrowers experiencing financial difficulty, for which modifications have been granted during the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 by loan type Deferral of Amounts Due Interest Rate Relief Maturity Extension Combination (1) Total Percentage of total carrying value outstanding Commercial mortgage loans $ — $ — $ — $ 37,695 $ 37,695 0.17 % Residential mortgage loans 2,649 — 8,150 5,334 16,133 0.11 % Consumer loans 965 522 11,985 9,036 22,508 0.53 % Total $ 3,614 $ 522 $ 20,135 $ 52,065 $ 76,336 (1) Includes modifications involving a combination of deferral of amounts due, interest rate relief, or maturity extension. Three months ended March 31, 2023 by loan type Deferral of Amounts Due Interest Rate Relief Maturity Extension Combination (1) Total Percentage of total carrying value outstanding Commercial mortgage loans $ — $ — $ — $ 66,813 $ 66,813 0.35 % Residential mortgage loans 725 190 28,686 522 30,123 0.28 % Consumer loans 1,251 — — — 1,251 0.03 % Total $ 1,976 $ 190 $ 28,686 $ 67,335 $ 98,187 (1) Includes modifications involving a combination of deferral of amounts due, interest rate relief, or maturity extension. All of the commercial mortgage loans that had a combination of modifications had both interest rate relief and maturity extensions. For these loans, the interest rate relief generally involved either a change from a floating rate or a decrease in fixed rate to a weighted average rate of 3.0% and 5.5%, for the three months ended March 31, 2024 and 2023, respectively. The maturity extensions for these loans added a weighted-average of 3.0 years and 1.0 year to the life of the loans, for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, Global Atlantic has commitments to lend additional funds of $3.8 million for the modified commercial mortgage loans disclosed above. The table below presents the performance status of the loans modified during the twelve months ended March 31, 2024: Performance status as of March 31, 2024 by loan type Current 30-59 days past due 60-89 days past due 90 days or more past due or in process of foreclosure Total Commercial mortgage loans $ 490,584 $ — $ — $ — $ 490,584 Residential mortgage loans 21,581 2,758 828 10,669 35,836 Consumer loans 56,993 9,163 3,399 2,605 72,160 Total (1) $ 569,158 $ 11,921 $ 4,227 $ 13,274 $ 598,580 (1) Loans may have been modified more than once during the twelve months period; in this circumstance, the loan is only included once in this table. In addition, certain loans that were modified in prior quarters have since been repaid in full. Other investments Other investments consist of the following: March 31, 2024 December 31, 2023 Investments in real estate (1) $ 4,737,200 $ 4,778,431 Investments in renewable energy (2) 1,326,992 1,348,080 Investments in transportation and other leased assets (3) 3,013,664 2,972,469 Other investment funds and partnerships 753,742 179,469 Federal Home Loan Bank (FHLB) common stock and other investments 409,563 404,877 Total other investments $ 10,241,161 $ 9,683,326 (1) Investments in real estate are held in consolidated investment companies that use fair value accounting. (2) Net of accumulated depreciation attributed to consolidated renewable energy assets of $163.5 million and $154.1 million as of March 31, 2024 and December 31, 2023, respectively. (3) Net of accumulated depreciation of $342.9 million and $313.6 million as of March 31, 2024 and December 31, 2023, respectively. The total amount of other investments accounted for using the equity method of accounting was $762.1 million and $143.3 million as of March 31, 2024 and December 31, 2023, respectively. Global Atlantic's maximum exposure to loss related to these equity method investments is limited to the carrying value of these investments plus unfunded commitments of $23.7 million and $19.7 million as of March 31, 2024 and December 31, 2023, respectively. In addition, Global Atlantic has investments that would otherwise require the equity method of accounting for which the fair value option has been elected. The carrying amount of these investments was $138.5 million and $175.3 million as of March 31, 2024 and December 31, 2023, respectively. Repurchase agreement transactions As of March 31, 2024 and December 31, 2023, Global Atlantic participated in repurchase agreements with a notional value of $843.2 million and $1.4 billion, respectively. As collateral for these transactions, Global Atlantic typically posts AFS fixed maturity securities and residential mortgage loans, which are included in Insurance - Investments in the consolidated statements of financial condition. The gross obligation for repurchase agreements is reported in other liabilities in the consolidated statements of financial condition. The carrying value of assets pledged for repurchase agreements by type of collateral and remaining contractual maturity of the repurchase agreements as of March 31, 2024 and December 31, 2023 is presented in the following tables: As of March 31, 2024 Overnight <30 Days 30 - 90 Days > 90 Days Total AFS corporate securities $ — $ — $ 836,566 $ 979 $ 837,545 Residential mortgage loans — 224 25,735 26,513 52,472 Total assets pledged $ — $ 224 $ 862,301 $ 27,492 $ 890,017 As of December 31, 2023 Overnight <30 Days 30 - 90 Days > 90 Days Total AFS corporate securities $ — $ — $ 524,411 $ 849,368 $ 1,373,779 Residential mortgage loans — 39,289 — — 39,289 Total assets pledged $ — $ 39,289 $ 524,411 $ 849,368 $ 1,413,068 Other pledges and restrictions Certain Global Atlantic subsidiaries are members of regional banks in the FHLB system and such membership requires the members to own stock in these FHLBs. Global Atlantic owns an aggregate of $131.7 million (accounted for at cost basis) of stock in FHLBs as of both March 31, 2024 and December 31, 2023. In addition, Global Atlantic insurance company subsidiaries have entered into funding agreements with the FHLB, which require that Global Atlantic pledge eligible assets, such as fixed maturity securities and mortgage loans, as collateral. Assets pledged as collateral for these funding agreements had a carrying value of $3.5 billion and $3.6 billion as of March 31, 2024 and December 31, 2023, respectively. Insurance – statutory deposits As of March 31, 2024 and December 31, 2023, the carrying value of the assets on deposit with various state and U.S. governmental authorities were $146.0 million and $148.5 million, respectively. |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES Asset Management and Strategic Holdings KKR and certain of its consolidated funds have entered into derivative transactions as part of its overall risk management for its investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include forward, swap and option contracts related to foreign currencies and interest rates to manage foreign exchange risk and interest rate risk arising from certain assets and liabilities. All derivatives are recognized in Other Assets or Accrued Expenses and Other Liabilities and are presented on a gross basis in the consolidated statements of financial condition and measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. KKR's derivative financial instruments contain credit risk to the extent that its counterparties may be unable to meet the terms of the agreements. KKR attempts to reduce this risk by limiting its counterparties to major financial institutions with strong credit ratings. Insurance Global Atlantic holds derivative instruments that are primarily used in its hedge program. Global Atlantic has established a hedge program that seeks to mitigate economic impacts primarily from interest rate and equity price movements, while taking into consideration accounting and capital impacts. Global Atlantic hedges interest rate and equity market risks associated with its insurance liabilities including fixed-indexed annuities, indexed universal life policies, variable annuity policies and variable universal life policies, among others. For fixed-indexed annuities and indexed universal life policies, Global Atlantic generally seeks to use static hedges to offset the exposure primarily created by changes in its embedded derivative balances. Global Atlantic generally purchases options which replicate the crediting rate strategies, often in the form of call spreads. Call spreads are the purchase of a call option matched by the sale of a different call option. For variable annuities and variable universal life policies, Global Atlantic generally seeks to dynamically hedge its exposure to changes in the value of the guarantee it provides to policyholders. Doing so requires the active trading of several financial instruments to respond to changes in market conditions. In addition, Global Atlantic enters into inflation swaps to manage inflation risk associated with inflation-indexed preneed policies. In the context of specific reinsurance transactions in the institutional channel or acquisitions, Global Atlantic may also enter into hedges which are designed to limit short-term market risks to the economic value of the target assets. From time to time, Global Atlantic also enters into hedges designed to mitigate interest rate and credit risk in investment income, interest expense, and fair value of assets and liabilities. In addition, Global Atlantic enters into currency swaps and forwards to manage any foreign exchange rate risks that may arise from investments denominated in foreign currencies. Global Atlantic attempts to mitigate the risk of loss due to ineffectiveness under these derivative investments through a regular monitoring process which evaluates the program’s effectiveness. Global Atlantic monitors its derivative activities by reviewing portfolio activities and risk levels. Global Atlantic also oversees all derivative transactions to ensure that the types of transactions entered into and the results obtained from those transactions are consistent with both Global Atlantic's risk management strategy and its policies and procedures. The restricted cash which was held in connection with open derivative transactions with exchange brokers was $181.7 million and $133.0 million as of March 31, 2024 and December 31, 2023, respectively. Global Atlantic also has embedded derivatives related to reinsurance contracts that are accounted for on a modified coinsurance and funds withheld basis. An embedded derivative exists because the arrangement exposes the reinsurer to third-party credit risk. These embedded derivatives are included in funds withheld receivable and payable at interest in the consolidated statements of financial condition. Credit Risk Global Atlantic may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of Global Atlantic’s derivatives is limited to the positive fair value of derivatives less any collateral received from the counterparty. Global Atlantic manages the credit risk on its derivatives by entering into derivative transactions with highly rated financial institutions and other creditworthy counterparties and, where feasible, by trading through central clearing counterparties. Global Atlantic further manages its credit risk on derivatives via the use of master netting agreements, which require the daily posting of collateral by the party in a liability position. Counterparty credit exposure and collateral values are monitored regularly and measured against counterparty exposure limits. The provisions of derivative transactions may allow for the termination and settlement of a transaction if there is a downgrade to Global Atlantic’s financial strength ratings below a specified level. The fair value and notional value of the derivative assets and liabilities were as follows: As of March 31, 2024 Notional Derivative Derivative Asset Management and Strategic Holdings Foreign Exchange Contracts and Options $ 17,908,773 $ 294,511 $ 321,024 Other Derivatives 824,134 4,258 17 Total Asset Management and Strategic Holdings $ 18,732,907 $ 298,769 $ 321,041 Insurance Derivatives designated as hedge accounting instruments: Interest rate contracts $ 8,770,500 $ — $ 421,859 Foreign currency contracts 2,199,012 35,573 35,332 Total derivatives designated as hedge accounting instruments $ 10,969,512 $ 35,573 $ 457,191 Derivatives not designated as hedge accounting instruments: Interest rate contracts $ 28,140,901 $ 182,268 $ 303,621 Equity market contracts 35,709,220 1,708,083 199,924 Foreign currency contracts 1,379,435 75,026 44,523 Other contracts 60,996 957 514 Total derivatives not designated as hedge accounting instruments $ 65,290,552 $ 1,966,334 $ 548,582 Impact of netting (2) — (1,973,523) (851,062) Total Insurance (1) $ 76,260,064 $ 28,384 $ 154,711 Fair value included within total assets and liabilities $ 94,992,971 $ 327,153 $ 475,752 (1) Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was $114.0 million and the fair value of these embedded derivatives related to liabilities was $2.0 billion as of March 31, 2024. (2) Represents netting of derivative exposures covered by qualifying master netting agreements. As of December 31, 2023 Notional Derivative Derivative Asset Management and Strategic Holdings Foreign Exchange Contracts and Options $ 15,771,463 $ 264,621 $ 441,608 Other Derivatives 374,604 4,792 2,382 Total Asset Management and Strategic Holdings $ 16,146,067 $ 269,413 $ 443,990 Insurance Derivatives designated as hedge accounting instruments: Interest rate contracts $ 7,320,500 $ — $ 372,212 Foreign currency contracts 2,302,335 24,278 73,478 Total derivatives designated as hedge accounting instruments $ 9,622,835 $ 24,278 $ 445,690 Derivatives not designated as hedge accounting instruments: Interest rate contracts $ 22,259,423 $ 284,067 $ 306,244 Equity market contracts 35,203,206 1,480,875 248,127 Foreign currency contracts 1,331,345 65,803 56,616 Other contracts 60,000 — 600 Total derivatives not designated as hedge accounting instruments $ 58,853,974 $ 1,830,745 $ 611,587 Impact of netting (2) — (1,809,329) (911,080) Total Insurance (1) $ 68,476,809 $ 45,694 $ 146,197 Fair value included within total assets and liabilities $ 84,622,876 $ 315,107 $ 590,187 (1) Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was $88.7 million and the fair value of these embedded derivatives related to liabilities was $1.6 billion as of December 31, 2023. (2) Represents netting of derivative exposures covered by qualifying master netting agreements. Derivatives designated as accounting hedges Where Global Atlantic has derivative instruments that are designated and qualify as accounting hedges, these derivative instruments receive hedge accounting. Global Atlantic has designated foreign exchange ("FX") derivative contracts, including forwards and swaps, to hedge the foreign currency risk associated with foreign currency-denominated bonds in fair value hedges. These foreign currency-denominated bonds are accounted for as AFS fixed maturity securities. Changes in the fair value of the hedged AFS fixed maturity securities due to changes in spot exchange rates are reclassified from AOCI to earnings, which offsets the earnings impact of the spot changes of the FX derivative contracts, both of which are recognized within investment-related (losses) gains. The effectiveness of these hedges is assessed using the spot method. Changes in the fair value of the FX derivative contracts related to changes in the spot-forward difference are excluded from the assessment of hedge effectiveness and are deferred in AOCI and recognized in earnings using a systematic and rational method over the life of the FX derivative contracts. Global Atlantic has designated interest rate swaps to hedge the interest rate risk associated with certain debt and policy liabilities. These fair value hedges qualify for the shortcut method of assessing hedge effectiveness. The following table presents the financial statement classification, carrying amount and cumulative fair value hedging adjustments for qualifying hedged assets and liabilities: As of March 31, 2024 As of December 31, 2023 Carrying amount of hedged assets/(liabilities) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets/(liabilities) (1) Carrying amount of hedged assets/(liabilities) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets/(liabilities) (1) AFS fixed maturity securities (2) $ 2,168,807 $ (45,116) $ 2,324,364 $ 80,210 Debt (2,307,233) (202,919) (1,608,294) (165,817) Policy liabilities (5,058,716) (272,648) (4,380,048) (255,308) (1) Includes $23.4 million and $27.8 million of hedging adjustments on discontinued hedging relationships as of March 31, 2024 and December 31, 2023 , respectively. (2) Carrying amount is the amortized cost for AFS debt securities. Global Atlantic has designated bond forwards to hedge the interest rate risk associated with the planned purchase of AFS debt securities in cash flow hedges. These arrangements are hedging purchases through December 2027 and are expected to affect earnings until 2053. Regression analysis is used to assess the effectiveness of these hedges. As of March 31, 2024 and December 31, 2023, there was a cumulative loss of $(158.2) million and $(126.9) million, respectively, on the currently designated bond forwards recorded in accumulated other comprehensive loss. Amounts deferred in accumulated other comprehensive loss are reclassified to net investment income following the qualifying purchases of AFS securities, as an adjustment to the yield earned over the life of the purchased securities, using the effective interest method. Global Atlantic estimates that the amount of gains/losses in accumulated other comprehensive loss to be reclassified into earnings in the next 12 months will not be material. Derivative results The following table presents the financial statement classification and amount of gains (losses) recognized on derivative instruments and related hedged items, where applicable: Three Months Ended March 31, 2024 Net Gains (Losses) from Investment Activities Net investment-related gains (losses) Net investment income Net policy benefits and claims Interest expense Change in AOCI Derivatives designated as hedge accounting instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest rate contracts $ — $ — $ — $ (63,695) $ (52,695) $ — Foreign currency contracts — 49,541 982 — — (4,690) Total gains (losses) on derivatives designated as hedge instruments $ — $ 49,541 $ 982 $ (63,695) $ (52,695) $ (4,690) Gains (losses) on hedged items: Interest rate contracts $ — $ — $ — $ 63,695 $ 52,695 $ — Foreign currency contracts — (45,116) — — — — Total gains (losses) on hedged items $ — $ (45,116) $ — $ 63,695 $ 52,695 $ — Amortization for gains (losses) excluded from assessment of effectiveness: Foreign currency contracts $ — $ 6,381 $ — $ — $ — $ — Total amortization for gains (losses) excluded from assessment of effectiveness — 6,381 — — — — Total gains (losses) on fair value hedges, net of hedged items $ — $ 10,806 $ 982 $ — $ — $ (4,690) Cash flow hedges Interest rate contracts $ — $ — $ (845) $ — $ — $ (31,288) Total gains (losses) on cash flow hedges $ — $ — $ (845) $ — $ — $ (31,288) Derivatives not designated as hedge accounting instruments: Asset Management and Strategic Holdings Foreign Exchange Contracts and Options $ 183,342 $ — $ — $ — $ — $ — Other Derivatives 2,450 — — — — — Total included in Net Gains (Losses) from Investment Activities $ 185,792 $ — $ — $ — $ — $ — Insurance Embedded derivatives - funds withheld receivable $ — $ 25,330 $ — $ — $ — $ — Embedded derivatives - funds withheld payable — 95,441 — — — — Equity index options — 257,103 — — — — Equity future contracts — (63,516) — — — — Interest rate contracts — (249,295) — — — — Foreign exchange and other derivative contracts — 25,099 — — — — Total gains (losses) on derivatives not designated as hedge accounting instruments from Insurance Activities $ — $ 90,162 $ — $ — $ — $ — Total $ 185,792 $ 100,968 $ 137 $ — $ — $ (35,978) Three Months Ended March 31, 2023 Net Gains (Losses) from Investment Activities Net investment-related gains (losses) Net investment income Net policy benefits and claims Interest expense Change in AOCI Derivatives designated as hedge accounting instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest rate contracts $ — $ — $ — $ 34,557 $ 20,104 $ — Foreign currency contracts — (35,388) — — — 9,280 Total gains (losses) on derivatives designated as hedge instruments $ — $ (35,388) $ — $ 34,557 $ 20,104 $ 9,280 Gains (losses) on hedged items: Interest rate contracts $ — $ — $ — $ (34,557) $ (20,104) $ — Foreign currency contracts — 29,624 — — — — Total gains (losses) on hedged items $ — $ 29,624 $ — $ (34,557) $ (20,104) $ — Amortization for gains (losses) excluded from assessment of effectiveness: Foreign currency contracts $ — $ 6,826 $ — $ — $ — $ — Total amortization for gains (losses) excluded from assessment of effectiveness $ — $ 6,826 $ — $ — $ — $ — Total gains (losses) on fair value hedges, net of hedged items $ — $ 1,062 $ — $ — $ — $ 9,280 Cash flow hedges Interest rate contracts $ — $ (268) $ — $ — $ — $ 57,920 Total gains (losses) on cash flow hedges $ — $ (268) $ — $ — $ — $ 57,920 Derivatives not designated as hedge accounting instruments: Asset Management and Strategic Holdings Foreign Exchange Contracts and Options $ (22,366) $ — $ — $ — $ — $ — Other Derivatives 12,208 — — — — — Total included in Net Gains (Losses) from Investment Activities $ (10,158) $ — $ — $ — $ — $ — Insurance Embedded derivatives - funds withheld receivable $ — $ (30,767) $ — $ — $ — $ — Embedded derivatives - funds withheld payable — (430,235) — — — — Equity index options — 83,887 — — — — Equity future contracts — (40,825) — — — — Interest rate and foreign exchange contracts — 68,996 — — — — Other contracts — (75) — — — — Total gains (losses) on derivatives not qualifying as hedge accounting instruments from Insurance Activities $ — $ (349,019) $ — $ — $ — $ — Total $ (10,158) $ (348,225) $ — $ — $ — $ 67,200 Collateral The amount of Global Atlantic's net derivative assets and liabilities after consideration of collateral received or pledged were as follows: As of March 31, 2024 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) $ 2,001,907 $ (1,973,523) $ 28,384 $ (16,333) $ 12,051 Derivative liabilities (excluding embedded derivatives) $ 1,005,773 $ (851,062) $ 154,711 $ 198,464 $ (43,753) (1) Represents netting of derivative exposures covered by qualifying master netting agreements. As of December 31, 2023 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) $ 1,855,023 $ (1,809,329) $ 45,694 $ (45,095) $ 599 Derivative liabilities (excluding embedded derivatives) $ 1,057,277 $ (911,080) $ 146,197 $ 167,973 $ (21,776) (1) Represents netting of derivative exposures covered by qualifying master netting agreements. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS 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: March 31, 2024 Level I Level II Level III Total Asset Management and Strategic Holdings Private Equity $ 1,356,004 $ 58,353 $ 32,258,143 $ 33,672,500 Credit 208,618 2,997,980 5,194,915 8,401,513 Investments of Consolidated CFEs — 24,961,635 — 24,961,635 Real Assets 424,911 18,573 11,529,548 11,973,032 Equity Method - Other 370,264 593,050 1,534,073 2,497,387 Other Investments 239,257 73,780 4,204,202 4,517,239 Total Investments $ 2,599,054 $ 28,703,371 $ 54,720,881 $ 86,023,306 Foreign Exchange Contracts and Options — 294,511 — 294,511 Other Derivatives — 4,258 — 4,258 Total Assets at Fair Value - Asset Management and Strategic Holdings $ 2,599,054 $ 29,002,140 $ 54,720,881 $ 86,322,075 Insurance AFS fixed maturity securities: U.S. government and agencies $ 3,461,569 $ 121,190 $ — $ 3,582,759 U.S. state, municipal and political subdivisions — 4,541,898 — 4,541,898 Corporate — 32,183,616 8,071,579 40,255,195 Structured securities — 23,742,369 1,926,056 25,668,425 Total AFS fixed maturity securities $ 3,461,569 $ 60,589,073 $ 9,997,635 $ 74,048,277 Trading fixed maturity securities: U.S. government and agencies $ 5,991,106 $ 170,734 $ — $ 6,161,840 U.S. state, municipal and political subdivisions — 1,266,878 — 1,266,878 Corporate — 14,271,718 378,435 14,650,153 Structured securities — 5,235,935 670,143 5,906,078 Total trading fixed maturity securities $ 5,991,106 $ 20,945,265 $ 1,048,578 $ 27,984,949 Equity securities 5,648 — 15,823 21,471 Mortgage and other loan receivables — — 686,938 686,938 Other investments — — 4,897,017 (1) 4,897,017 Funds withheld receivable at interest — — 113,991 113,991 Reinsurance recoverable — — 965,877 965,877 Derivative assets: Equity market contracts 1,225 1,706,858 — 1,708,083 Interest rate contracts 1,577 180,691 — 182,268 Other contracts — 957 — 957 Foreign currency contracts — 110,599 — 110,599 Impact of netting (2,188) (1,971,335) — (2) (1,973,523) Total derivative assets $ 614 $ 27,770 $ — $ 28,384 Separate account assets 4,223,173 — — 4,223,173 Total Assets at Fair Value - Insurance $ 13,682,110 $ 81,562,108 $ 17,725,859 $ 112,970,077 Total Assets at Fair Value $ 16,281,164 $ 110,564,248 $ 72,446,740 $ 199,292,152 December 31, 2023 Level I Level II Level III Total Asset Management and Strategic Holdings Private Equity $ 1,762,257 $ 58,653 $ 30,921,574 $ 32,742,484 Credit 281,626 2,540,362 5,452,916 8,274,904 Investments of Consolidated CFEs — 24,996,298 — 24,996,298 Real Assets 676,808 27,567 11,295,633 12,000,008 Equity Method - Other 418,791 326,835 1,537,962 2,283,588 Other Investments 218,151 95,453 4,265,768 4,579,372 Total Investments $ 3,357,633 $ 28,045,168 $ 53,473,853 $ 84,876,654 Foreign Exchange Contracts and Options — 264,621 — 264,621 Other Derivatives — 4,792 — 4,792 Total Assets at Fair Value - Asset Management and Strategic Holdings $ 3,357,633 $ 28,314,581 $ 53,473,853 $ 85,146,067 Insurance AFS fixed maturity securities: U.S. government and agencies $ 1,082,421 $ 120,671 $ — $ 1,203,092 U.S. state, municipal and political subdivisions — 4,607,392 — 4,607,392 Corporate — 31,377,753 8,571,003 39,948,756 Structured securities — 21,824,948 1,830,000 23,654,948 Total AFS fixed maturity securities $ 1,082,421 $ 57,930,764 $ 10,401,003 $ 69,414,188 Trading fixed maturity securities: U.S. government and agencies $ 2,354,194 $ 163,919 $ — $ 2,518,113 U.S. state, municipal and political subdivisions — 1,223,946 — 1,223,946 Corporate — 9,815,909 656,923 10,472,832 Structured securities — 3,997,341 593,238 4,590,579 Total trading fixed maturity securities $ 2,354,194 $ 15,201,115 $ 1,250,161 $ 18,805,470 Equity securities 4,215 — 15,522 19,737 Mortgage and other loan receivables — — 697,402 697,402 Other investments — — 4,925,751 (1) 4,925,751 Funds withheld receivable at interest — — 88,661 88,661 Reinsurance recoverable — — 926,035 926,035 Derivative assets: Equity market contracts 1,669 1,479,206 — 1,480,875 Interest rate contracts 19,474 264,593 — 284,067 Foreign currency contracts — 90,081 — 90,081 Impact of netting (23,522) (1,785,807) — (2) (1,809,329) Total derivative assets $ (2,379) $ 48,073 $ — $ 45,694 Separate account assets 4,107,000 — — 4,107,000 Total Assets at Fair Value - Insurance $ 7,545,451 $ 73,179,952 $ 18,304,535 $ 99,029,938 Total Assets at Fair Value $ 10,903,084 $ 101,494,533 $ 71,778,388 $ 184,176,005 (1) Other investments excluded from the fair value hierarchy include private equity funds for which fair value is measured at net asset value per share as a practical expedient. As of March 31, 2024 and December 31, 2023, the fair value of these investments was $670.6 million and $138.5 million, respectively. These investments have strategies primarily focused on real assets (including real estate and infrastructure) and are subject to certain restrictions on redemption. As of March 31, 2024, there were $3.1 million of unfunded commitments associated with these investments. (2) Represents netting of derivative exposures covered by qualifying master netting agreements. Liabilities, at fair value: March 31, 2024 Level I Level II Level III Total Asset Management and Strategic Holdings Securities Sold Short $ 168,262 $ — $ — $ 168,262 Foreign Exchange Contracts and Options — 321,024 — 321,024 Unfunded Revolver Commitments — — 95,004 (1) 95,004 Other Derivatives 17 — — 17 Debt Obligations of Consolidated CFEs — 25,075,510 — 25,075,510 Total Liabilities at Fair Value - Asset Management and Strategic Holdings $ 168,279 $ 25,396,534 $ 95,004 $ 25,659,817 Insurance Policy liabilities (including market risk benefits) $ — $ — $ 1,337,563 (3) $ 1,337,563 Closed block policy liabilities — — 1,005,627 1,005,627 Funds withheld payable at interest — — (2,542,744) (2,542,744) Derivative instruments payable: Equity market contracts 4,069 195,855 — 199,924 Interest rate contracts 1,087 724,393 — 725,480 Foreign currency contracts — 79,855 — 79,855 Other contracts — 514 — 514 Impact of netting (2,188) (848,874) — (2) (851,062) Total derivative instruments payable 2,968 151,743 — 154,711 Embedded derivative – interest-sensitive life products — — 486,199 486,199 Embedded derivative – annuity products — — 4,051,405 4,051,405 Total Liabilities at Fair Value - Insurance $ 2,968 $ 151,743 $ 4,338,050 $ 4,492,761 Total Liabilities at Fair Value $ 171,247 $ 25,548,277 $ 4,433,054 $ 30,152,578 December 31, 2023 Level I Level II Level III Total Asset Management and Strategic Holdings Securities Sold Short $ 149,136 $ — $ — $ 149,136 Foreign Exchange Contracts and Options — 441,608 — 441,608 Unfunded Revolver Commitments — — 94,683 (1) 94,683 Other Derivatives 143 2,239 — 2,382 Debt Obligations of Consolidated CFEs — 25,276,404 — 25,276,404 Total Liabilities at Fair Value - Asset Management and Strategic Holdings $ 149,279 $ 25,720,251 $ 94,683 $ 25,964,213 Insurance Policy liabilities (including market risk benefits) $ — $ — $ 1,474,970 (3) $ 1,474,970 Closed block policy liabilities — — 968,554 968,554 Funds withheld payable at interest — — (2,447,303) (2,447,303) Derivative instruments payable: Equity market contracts 7,088 241,039 — 248,127 Interest rate contracts 17,931 660,525 — 678,456 Foreign currency contracts — 130,094 — 130,094 Other contracts — 600 — 600 Impact of netting (23,522) (887,558) — (2) (911,080) Total derivative instruments payable 1,497 144,700 — 146,197 Embedded derivative – interest-sensitive life products — — 458,302 458,302 Embedded derivative – annuity products — — 3,587,371 3,587,371 Total Liabilities at Fair Value - Insurance $ 1,497 $ 144,700 $ 4,041,894 $ 4,188,091 Total Liabilities at Fair Value $ 150,776 $ 25,864,951 $ 4,136,577 $ 30,152,304 (1) These unfunded revolver commitments are valued using the same valuation methodologies as KKR's Level III credit investments. (2) Represents netting of derivative exposures covered by qualifying master netting agreements. (3) Includes market risk benefit of $1.0 billion and $1.1 billion as of March 31, 2024 and December 31, 2023, respectively. 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 three months ended March 31, 2024 and 2023, respectively. Three Months Ended March 31, 2024 Balance, Beg. of Period Transfers In / (Out) - Changes in Consolidation Transfers 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 and Strategic Holdings Private Equity $ 30,921,574 $ — $ — $ — $ 741,462 $ 595,107 $ — $ 32,258,143 $ 593,507 $ — Credit 5,452,916 — 148,072 (105,080) (258,589) (42,404) — 5,194,915 (37,131) — Real Assets 11,295,633 — — — 350,333 (116,418) — 11,529,548 (117,618) — Equity Method - Other 1,537,962 — — — 623 (4,512) — 1,534,073 (6,115) — Other Investments 4,265,768 — — (8,106) (122,560) 68,923 177 4,204,202 74,729 177 Total Assets - Asset Management and Strategic Holdings $ 53,473,853 $ — $ 148,072 $ (113,186) $ 711,269 $ 500,696 $ 177 $ 54,720,881 $ 507,372 $ 177 Insurance AFS fixed maturity securities: Corporate fixed maturity securities $ 8,571,003 $ — $ — $ (301) $ (544,590) $ (47,622) $ 93,089 $ 8,071,579 $ — $ 93,046 Structured securities 1,830,000 — 53,014 — 23,814 7,639 11,589 1,926,056 — 12,136 Total AFS fixed maturity securities 10,401,003 — 53,014 (301) (520,776) (39,983) 104,678 9,997,635 — 105,182 Trading fixed maturity securities: Corporate fixed maturity securities 656,923 — 191 — (319,550) 40,871 — 378,435 40,396 — Structured securities 593,238 — 91,658 — (24,223) 9,470 — 670,143 10,428 — Total trading fixed maturity securities 1,250,161 — 91,849 — (343,773) 50,341 — 1,048,578 50,824 — Equity securities 15,522 — — — — 301 — 15,823 301 — Mortgage and other loan receivables 697,402 — — — (5,792) (4,672) — 686,938 (4,304) — Other investments 4,925,751 — — — 51,066 (79,800) — 4,897,017 (78,044) — Funds withheld receivable at interest 88,661 — — — — 25,330 — 113,991 — — Reinsurance recoverable 926,035 — — — (11,668) 51,510 — 965,877 — — Total Assets - Insurance $ 18,304,535 $ — $ 144,863 $ (301) $ (830,943) $ 3,027 $ 104,678 $ 17,725,859 $ (31,223) $ 105,182 Total $ 71,778,388 $ — $ 292,935 $ (113,487) $ (119,674) $ 503,723 $ 104,855 $ 72,446,740 $ 476,149 $ 105,359 Three Months Ended March 31, 2023 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 and Strategic Holdings Private Equity $ 25,336,957 $ — $ — $ — $ 933,427 $ (80,883) $ — $ 26,189,501 $ (82,903) $ — Credit 5,786,026 — 17,628 (23,758) 76,332 46,350 — 5,902,578 44,069 — Real Assets 17,015,112 — — — 2,215,040 (283,301) — 18,946,851 (288,639) — Equity Method - Other 1,624,420 — — — 5,644 (27,370) — 1,602,694 (23,357) — Other Investments 3,334,366 — — (22,376) 511,252 (84,796) — 3,738,446 (92,618) — Other Derivatives — — — — 2,153 (2,153) — — — — Total Assets - Asset Management and Strategic Holdings $ 53,096,881 $ — $ 17,628 $ (46,134) $ 3,743,848 $ (432,153) $ — $ 56,380,070 $ (443,448) $ — Insurance AFS fixed maturity securities: Corporate fixed maturity securities $ 8,310,657 $ — $ — $ — $ (66,084) $ 21,265 $ 28,585 $ 8,294,423 $ — $ 19,326 Structured securities 1,419,441 — 170,775 (3,374) 154,983 (4,139) 33,099 1,770,785 — 32,822 Total AFS fixed maturity securities 9,730,098 — 170,775 (3,374) 88,899 17,126 61,684 10,065,208 — 52,148 Trading fixed maturity securities: Corporate fixed maturity securities 672,023 — — — (27,893) (12,260) — 631,870 (11,841) — Structured securities 643,811 — 5,890 (6,747) 14,017 4,594 — 661,565 6,060 — Total trading fixed maturity securities 1,315,834 — 5,890 (6,747) (13,876) (7,666) — 1,293,435 (5,781) — Equity securities 16,286 — — — — (975) — 15,311 (975) — Mortgage and other loan receivables 787,515 — — — (10,560) (3,038) — 773,917 (2,165) — Other investments 4,883,441 — — — 110,942 14,730 — 5,009,113 24,546 — Funds withheld receivable at interest 12,785 — — — — (30,767) — (17,982) — — Reinsurance recoverable 981,775 — — — (10,654) 39,481 — 1,010,602 — — Total Assets - Insurance $ 17,727,734 $ — $ 176,665 $ (10,121) $ 164,751 $ 28,891 $ 61,684 $ 18,149,604 $ 15,625 $ 52,148 Total $ 70,824,615 $ — $ 194,293 $ (56,255) $ 3,908,599 $ (403,262) $ 61,684 $ 74,529,674 $ (427,823) $ 52,148 Three Months Ended March 31, 2024 Purchases Issuances Sales Settlements Net Purchases/ Issuances/ Sales/ Settlements Assets Asset Management and Strategic Holdings Private Equity $ 986,552 $ — $ (245,090) $ — $ 741,462 Credit 322,033 — (230,387) (350,235) (258,589) Real Assets 383,467 — (33,134) — 350,333 Equity Method - Other 3,080 — (2,457) — 623 Other Investments 390,664 — (448,621) (64,603) (122,560) Total Assets - Asset Management and Strategic Holdings $ 2,085,796 $ — $ (959,689) $ (414,838) $ 711,269 Insurance AFS fixed maturity securities: Corporate fixed maturity securities $ 662,876 $ — $ (170,021) $ (1,037,445) $ (544,590) Structured securities 91,045 — (2,002) (65,229) 23,814 Total AFS fixed maturity securities 753,921 — (172,023) (1,102,674) (520,776) Trading fixed maturity securities: Corporate fixed maturity securities 61,018 — (54,206) (326,362) (319,550) Structured securities 237 — (6,470) (17,990) (24,223) Total trading fixed maturity securities 61,255 — (60,676) (344,352) (343,773) Mortgage and other loan receivables 1,795 — — (7,587) (5,792) Other investments 54,950 — (3,884) — 51,066 Reinsurance recoverable — — — (11,668) (11,668) Total Assets - Insurance $ 871,921 $ — $ (236,583) $ (1,466,281) $ (830,943) Total $ 2,957,717 $ — $ (1,196,272) $ (1,881,119) $ (119,674) Three Months Ended March 31, 2023 Purchases Issuances Sales Settlements Net Purchases/ Issuances/ Sales/ Settlements Assets Asset Management and Strategic Holdings Private Equity $ 955,937 $ — $ (22,510) $ — $ 933,427 Credit 440,733 — (278,981) (85,420) 76,332 Real Assets 2,291,691 — (75,612) (1,039) 2,215,040 Equity Method - Other 6,472 — (828) — 5,644 Other Investments 592,177 — (16,016) (64,909) 511,252 Other Derivatives 2,153 — — — 2,153 Total Assets - Asset Management and Strategic Holdings $ 4,289,163 $ — $ (393,947) $ (151,368) $ 3,743,848 Insurance AFS fixed maturity securities: Corporate fixed maturity securities $ 235,382 $ — $ (588) $ (300,878) $ (66,084) Structured securities 176,819 — — (21,836) 154,983 Total AFS fixed maturity securities 412,201 — (588) (322,714) 88,899 Trading fixed maturity securities: Corporate fixed maturity securities 7,717 — (1,000) (34,610) (27,893) Structured securities 24,650 — (694) (9,939) 14,017 Total trading fixed maturity securities 32,367 — (1,694) (44,549) (13,876) Mortgage and other loan receivables 377 — (3,078) (7,859) (10,560) Other investments 118,394 — (7,452) — 110,942 Reinsurance recoverable — — — (10,654) (10,654) Total Assets - Insurance $ 563,339 $ — $ (12,812) $ (385,776) $ 164,751 Total $ 4,852,502 $ — $ (406,759) $ (537,144) $ 3,908,599 Three Months Ended March 31, 2024 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 and Strategic Holdings Unfunded Revolver Commitments $ 94,683 $ — $ — $ — $ — $ 321 $ — $ 95,004 $ 321 Total Liabilities - Asset Management and Strategic Holdings $ 94,683 $ — $ — $ — $ — $ 321 $ — $ 95,004 $ 321 Insurance Policy liabilities $ 1,474,970 $ — $ — $ — $ (49) $ (142,526) $ 5,168 $ 1,337,563 $ — Closed block policy liabilities 968,554 — — — (865) 38,529 (591) 1,005,627 — Funds withheld payable at interest (2,447,303) — — — — (95,441) — (2,542,744) — Embedded derivative – interest-sensitive life products 458,302 — — — (24,478) 52,375 — 486,199 — Embedded derivative – annuity products 3,587,371 — — — 259,459 204,575 — 4,051,405 — Total Liabilities - Insurance $ 4,041,894 $ — $ — $ — $ 234,067 $ 57,512 $ 4,577 $ 4,338,050 $ — Total $ 4,136,577 $ — $ — $ — $ 234,067 $ 57,833 $ 4,577 $ 4,433,054 $ 321 Three Months Ended March 31, 2023 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 and Strategic Holdings Unfunded Revolver Commitments $ 137,315 $ — $ — $ — $ — $ (24,781) $ — $ 112,534 $ (24,781) Total Liabilities - Asset Management and Strategic Holdings $ 137,315 $ — $ — $ — $ — $ (24,781) $ — $ 112,534 $ (24,781) Insurance Policy liabilities $ 1,063,496 $ — $ — $ — $ (865) $ 123,163 $ (52,015) $ 1,133,779 $ — Closed block policy liabilities 1,016,313 — — — (5,862) 37,258 (1,251) 1,046,458 — Funds withheld payable at interest (3,487,766) — — — — 430,235 — (3,057,531) — Embedded derivative – interest-sensitive life products 337,860 — — — (2,948) 38,479 — 373,391 — Embedded derivative – annuity products 1,851,381 — — — 349,482 201,564 — 2,402,427 — Total Liabilities - Insurance $ 781,284 $ — $ — $ — $ 339,807 $ 830,699 $ (53,266) $ 1,898,524 $ — Total $ 918,599 $ — $ — $ — $ 339,807 $ 805,918 $ (53,266) $ 2,011,058 $ (24,781) Three Months Ended March 31, 2024 Issuances Sales Settlements Net Issuances/Settlements Liabilities Asset Management and Strategic Holdings Unfunded Revolver Commitments $ — $ — $ — $ — Total Liabilities - Asset Management and Strategic Holdings $ — $ — $ — $ — Insurance Policy liabilities $ 3,407 $ — $ (3,456) $ (49) Closed block policy liabilities — — (865) (865) Embedded derivative – interest-sensitive life products — — (24,478) (24,478) Embedded derivative – annuity products 318,092 — (58,633) 259,459 Total Liabilities - Insurance $ 321,499 $ — $ (87,432) $ 234,067 Total $ 321,499 $ — $ (87,432) $ 234,067 Three Months Ended March 31, 2023 Issuances Sales Settlements Net Issuances/Settlements Liabilities Asset Management and Strategic Holdings Unfunded Revolver Commitments $ — $ — $ — $ — Total Liabilities - Asset Management and Strategic Holdings $ — $ — $ — $ — Insurance Policy liabilities $ (45) $ — $ (820) $ (865) Closed block policy liabilities — — (5,862) (5,862) Embedded derivative – interest-sensitive life products — — (2,948) (2,948) Embedded derivative – annuity products 368,898 — (19,416) 349,482 Total Liabilities - Insurance $ 368,853 $ — $ (29,046) $ 339,807 Total $ 368,853 $ — $ (29,046) $ 339,807 Total realized and unrealized gains and losses recorded for Asset Management and Strategic Holdings - Level III assets and liabilities are reported in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations while Insurance - Level III assets and liabilities are reported in Net Investment Gains and Policy Benefits and Claims in the accompanying consolidated statements of operations. 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 March 31, 2024. 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 March 31, 2024 Valuation Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) ASSET MANAGEMENT AND STRATEGIC HOLDINGS Private Equity $ 32,258,143 Private Equity $ 29,294,376 Inputs to market comparables, discounted cash flow and transaction price Illiquidity Discount 6.3% 5.0% - 15.0% Decrease Weight Ascribed to Market Comparables 27.5% 0.0% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 63.0% 0.0% - 100.0% (5) Weight Ascribed to Transaction Price 9.5% 0.0% - 100.0% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 18.3x 5.5x - 50.2x Increase Enterprise Value/Forward EBITDA Multiple 16.9x 4.4x - 31.4x Increase Discounted cash flow Weighted Average Cost of Capital 10.1% 6.3% - 14.9% Decrease Enterprise Value/EBITDA Exit Multiple 13.1x 6.0x - 27.6x Increase Level III Assets Fair Value March 31, 2024 Valuation Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Growth Equity $ 2,963,767 Inputs to market comparables, discounted cash flow and milestones Illiquidity Discount 10.1% 10.0% - 15.0% Decrease Weight Ascribed to Market Comparables 45.1% 0.0% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 2.3% 0.0% - 50.0% (5) Weight Ascribed to Transaction Price 12.2% 0.0% - 100.0% (6) Weight Ascribed to Milestones 40.4% 0.0% - 100.0% (6) Scenario Weighting Base 69.6% 60.0% - 85.0% Increase Downside 8.7% 5.0% - 15.0% Decrease Upside 21.7% 10.0% - 35.0% Increase Market Comparables Enterprise Value/Revenues Multiple 9.5x 3.4x - 11.7x Increase Credit $ 5,194,915 Yield Analysis Yield 11.4% 0.0% - 21.4% Decrease Net Leverage 5.9x 1.7x -20.4x Decrease EBITDA Multiple 12.4x 6.8x - 30.0x Increase Real Assets $ 11,529,548 Energy $ 1,542,876 Inputs to market comparables, discounted cash flow and transaction price Weight Ascribed to Market Comparables 44.4% 0.0% - 50.0% (4) Weight Ascribed to Discounted Cash Flow 55.6% 50.0% - 100.0% (5) Market comparables Enterprise Value/LTM EBITDA Multiple 4.7x 4.7x - 4.7x Increase Enterprise Value/Forward EBITDA Multiple 7.0x 4.6x- 7.8x Increase Discounted cash flow Weighted Average Cost of Capital 12.1% 11.8% - 12.2% Decrease Average Price Per BOE (8) $48.28 $46.55 - $52.47 Increase Infrastructure $ 1,482,424 Inputs to market comparables, discounted cash flow and transaction price Illiquidity Discount 5.9% 5.0% - 10.0% Decrease Weight Ascribed to Market Comparables 6.3% 0.0% - 25.0% (4) Weight Ascribed to Discounted Cash Flow 56.5% 10.0% - 100.0% (5) Weight Ascribed to Transaction Price 37.2% 0.0% - 90.0% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 10.8x 10.8x - 10.8x Increase Enterprise Value/Forward EBITDA Multiple 19.6x 10.6x - 23.8x Increase Discounted cash flow Weighted Average Cost of Capital 7.5% 6% - 9.6% Decrease Enterprise Value/EBITDA Exit Multiple 15.2x 10.0x - 22.0x Increase Real Estate $ 8,504,248 Inputs to direct income capitalization, discounted cash flow and transaction price Weight Ascribed to Direct Income Capitalization 20.5% 0.0% - 100.0% (7) Weight Ascribed to Discounted Cash Flow 73.5% 0.0% - 100.0% (5) Weight Ascribed to Transaction Price 6.0% 0.0% - 100.0% (6) Direct income capitalization Current Capitalization Rate 4.1% 1.9% - 7.7% Decrease Discounted cash flow Exit Capitalization Rate 5.6% 2.9% - 9.0% Decrease Unlevered Discount Rate 6.6% 2.6% - 18.0% Decrease Equity Method - Other $ 1,534,073 Inputs to market comparables, discounted cash flow and transaction price Illiquidity Discount 7.1% 5.0% - 15.0% Decrease Weight Ascribed to Market Comparables 47.1% 0.0% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 41.5% 0.0% - 50.0% (5) Weight Ascribed to Transaction Price 11.4% 0.0% - 100.0% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 13.4x 4.7x - 18.7x Increase Enterprise Value/Forward EBITDA Multiple 12.3x 4.6x - 17.4x Increase Discounted cash flow Weighted Average Cost of Capital 10.6% 7.4% - 15.7% Decrease Enterprise Value/EBITDA Exit Multiple 11.0x 9.5x - 15.0x Increase Other Investments $ 4,204,202 (9) Inputs to market comparables, discounted cash flow and transaction price Illiquidity Discount 8.3% 5.0% - 15.0% Decrease Weight Ascribed to Market Comparables 25.9% 0.0% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 45.1% 0.0% - 100.0% (5) Weight Ascribed to Transaction Price 29.0% 0.0% - 100.0% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 10.4x 0.6x - 21.5x Increase Enterprise Value/Forward EBITDA Multiple 11.9x 3.3x - 19.1x Increase Discounted cash flow Weighted Average Cost of Capital 9.8% 7.7% - 38.9% Decrease Enterprise Value/EBITDA Exit Multiple 10.7x 7.3x - 15.0x Increase Level III Assets Fair Value March 31, 2024 Valuation Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) INSURANCE (10) Corporate fixed maturity securities $ 8,450,014 Discounted cash flow Discount Spread 2.5% 0.4% - 5.5% Decrease Structured securities $ 2,596,199 Discounted cash flow Discount Spread 3.1% 2.0% - 5.6% Decrease Constant Prepayment Rate 12.0% 10.0% - 15.0% Increase/Decrease Constant Default Rate 0.4% 0.0% - 3.0% Decrease Loss Severity 10.1% 0.0% - 95.0% Decrease Other investments $ 4,897,017 Discounted cash flow Vacancy rate 2.1% 0.0% - 2.5% Decrease Discount rate 7.6% 6.8% - 8.2% Decrease Terminal capitalization rate 6.1% 5.0% - 7.0% Decrease Reinsurance recoverable $ 965,877 Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities. Expense assumption $17.4 The average expense assumption is between $8.2 and $78.0 per policy, increased by inflation. The annual inflation rate was increased by 2.5%. 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 9.4% Decrease Cost of capital 9.8% 3.7% - 13.9% Increase Discounted cash flow Mortality Rate 5.5% Increase Surrender Rate 2.0% 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 different 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 88% liquids and 12% 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. (10) The funds withheld receivable at interest has been excluded from the above table. As discussed in Note 12 – Reinsurance, the funds withheld receivable at interest is created through funds withheld contracts. The assets supporting these receivables were held in trusts for the benefit of Global Atlantic. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the funds withheld reinsurance agreements. Level III Liabilities Fair Value March 31, 2024 Valuation Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) ASSET MANAGEMENT AND STRATEGIC HOLDINGS Unfunded Revolver Commitments $ 95,004 Yield Analysis Yield 9.6% 9.1% - 11.3% Decrease INSURANCE (4) Policy liabilities $ 1,337,563 Policy liabilities under fair value option: 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 0.7% 0.5% - 0.9% Decrease Policyholder behavior is also a significant unobservable input, including lapse, surrender and mortality. Surrender Rate 6.3% 3.5% - 7.6% Decrease Mortality Rate 4.7% 3.5% - 9.1% Increase Market risk benefit: Fair value using a non-option and option valuation approach Instrument-specific credit risk (10 and 30 year) 0.7% / 0.8% Decrease Policyholder behavior is also a significant unobservable input, including lapse, surrender, and mortality. Mortality Rate 2.4% 0.4% - 29.7% Increase Surrender Rate 3.9% 0.1% - 39.3% Increase Level III Liabilities Fair Value March 31, 2024 Valuation Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Closed block policy liabilities $ 1,005,627 Present value of expenses paid from the open block plus the cost o |
FAIR VALUE OPTION
FAIR VALUE OPTION | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OPTION | FAIR VALUE OPTION The following table summarizes the financial instruments for which the fair value option has been elected: March 31, 2024 December 31, 2023 Assets Asset Management and Strategic Holdings Credit $ 1,481,048 $ 976,978 Investments of Consolidated CFEs 24,961,635 24,996,298 Real Assets 58,610 59,721 Equity Method - Other 2,497,387 2,283,588 Other Investments 141,404 153,597 Total Asset Management and Strategic Holdings $ 29,140,084 $ 28,470,182 Insurance Mortgage and other loan receivables $ 686,938 $ 697,402 Other investments 196,012 232,877 Reinsurance recoverable 965,877 926,035 Total Insurance $ 1,848,827 $ 1,856,314 Total Assets $ 30,988,911 $ 30,326,496 Liabilities Asset Management and Strategic Holdings Debt Obligations of Consolidated CFEs $ 25,075,510 $ 25,276,404 Total Asset Management and Strategic Holdings $ 25,075,510 $ 25,276,404 Insurance Policy liabilities $ 1,320,137 $ 1,322,555 Total Insurance $ 1,320,137 $ 1,322,555 Total Liabilities $ 26,395,647 $ 26,598,959 The following table presents the net realized and unrealized gains (losses) on financial instruments for which the fair value option was elected: Three Months Ended March 31, 2024 Net Realized Net Unrealized Total Assets Asset Management and Strategic Holdings Credit $ (7,473) $ 14,856 $ 7,383 Investments of Consolidated CFEs 5,005 96,973 101,978 Real Assets — (1,111) (1,111) Equity Method - Other 15,445 (68,243) (52,798) Other Investments — (123) (123) Total Asset Management and Strategic Holdings $ 12,977 $ 42,352 $ 55,329 Insurance Mortgage and other loan receivables $ — $ (4,388) $ (4,388) Other investments — (39,679) (39,679) Total Insurance $ — $ (44,067) $ (44,067) Total Assets $ 12,977 $ (1,715) $ 11,262 Liabilities Asset Management and Strategic Holdings Debt Obligations of Consolidated CFEs $ (168) $ (78,896) $ (79,064) Total Asset Management and Strategic Holdings $ (168) $ (78,896) $ (79,064) Insurance Policy liabilities $ — $ 41,101 $ 41,101 Total Insurance $ — $ 41,101 $ 41,101 Total Liabilities $ (168) $ (37,795) $ (37,963) Three Months Ended March 31, 2023 Net Realized Net Unrealized Total Assets Asset Management and Strategic Holdings Credit $ (7,753) $ (6,971) $ (14,724) Investments of Consolidated CFEs (5,017) 317,881 312,864 Real Assets — (8,303) (8,303) Equity Method - Other 33,306 (75,743) (42,437) Other Investments 1,636 2,478 4,114 Total Asset Management and Strategic Holdings $ 22,172 $ 229,342 $ 251,514 Insurance Mortgage and other loan receivables $ — $ (6,344) $ (6,344) Other investments — (46,992) (46,992) Total Insurance $ — $ (53,336) $ (53,336) Total Assets $ 22,172 $ 176,006 $ 198,178 Liabilities Asset Management and Strategic Holdings Debt Obligations of Consolidated CFEs $ — $ (376,488) $ (376,488) Total Asset Management and Strategic Holdings $ — $ (376,488) $ (376,488) Insurance Policy liabilities $ — $ 594 $ 594 Total Insurance $ — $ 594 $ 594 Total Liabilities $ — $ (375,894) $ (375,894) |
INSURANCE INTANGIBLES, UNEARNED
INSURANCE INTANGIBLES, UNEARNED REVENUE RESERVES AND UNEARNED FRONT-END LOADS | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
INSURANCE INTANGIBLES, UNEARNED REVENUE RESERVES AND UNEARNED FRONT-END LOADS | NET INVESTMENT INCOME - INSURANCE Net investment income for Global Atlantic is comprised primarily of interest income, including amortization of premiums and accretion of discounts, based on yields that change due to expectations in projected cash flows, dividend income from common and preferred stock, earnings from investments accounted for under equity method accounting, and lease income on other investments. The components of net investment income were as follows: Three Months Ended March 31, 2024 2023 Fixed maturity securities – interest and other income $ 1,327,010 $ 1,050,796 Mortgage and other loan receivables 559,682 459,146 Investments in transportation and other leased assets 78,460 76,188 Investments in renewable energy 13,591 20,583 Investments in real estate 45,979 36,101 Short-term and other investment income 167,331 77,616 Income assumed from funds withheld receivable at interest 22,233 22,101 Policy loans 24,503 10,277 Income ceded to funds withheld payable at interest (519,999) (301,223) Gross investment income 1,718,790 1,451,585 Less investment expenses: Investment management and administration 117,089 85,341 Transportation and renewable energy asset depreciation and maintenance 50,151 49,162 Interest expense on derivative collateral and repurchase agreements 31,648 16,385 Net investment income $ 1,519,902 $ 1,300,697 Net investment-related gains (losses) from insurance operations primarily consists of (i) realized gains (losses) from the disposal of investments, (ii) unrealized gains (losses) from investments held for trading, equity securities, real estate investments accounted for under investment company accounting, and investments with fair value remeasurements recognized in earnings as a result of the election of a fair-value option, (iii) unrealized gains (losses) on funds withheld receivable and payable at interest, (iv) unrealized gains (losses) from derivatives (excluding certain derivatives designated as hedge accounting instruments), and (v) allowances for credit losses, and other impairments of investments. Net investment-related gains (losses) were as follows: Three Months Ended March 31, 2024 2023 Realized (losses) gains on available-for-sale fixed maturity debt securities $ (28,157) $ 3,432 Credit loss allowances on available-for-sale securities 29,367 (76,318) Credit loss allowances on mortgage and other loan receivables (126,902) (64,111) Allowances on unfunded commitments (4,578) (8,000) Impairment of available-for-sale fixed maturity debt securities due to intent to sell — (26,741) Unrealized (losses) gains on fixed maturity securities classified as trading (99,579) 376,290 Unrealized losses on investments recognized under the fair-value option (42,207) (55,773) Unrealized (losses) gains on real estate investments recognized at fair value under investment company accounting (78,011) 63,192 Net gains (losses) on derivative instruments 100,968 (348,225) Realized gains on funds withheld payable at interest portfolio 24,287 3,980 Realized (losses) gains on funds withheld receivable at interest portfolio (2,286) 17,733 Other realized losses (14,388) (9,292) Net investment-related gains (losses) $ (241,486) $ (123,833) Allowance for credit losses Available-for-sale 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: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Corporate Structured Total Corporate Structured Total Balance, as of beginning of period $ 49,008 $ 219,704 $ 268,712 $ 1,298 $ 127,034 $ 128,332 Initial credit loss allowance recognized on securities with no previously recognized allowance 8,694 877 9,571 151 45,200 45,351 Accretion of initial credit loss allowance on PCD securities — 163 163 — 351 351 Reductions due to sales (or maturities, pay downs or prepayments) during the period of securities with a previously recognized credit loss allowance (60) (5,859) (5,919) — (3,887) (3,887) Net additions / reductions for securities with a previously recognized credit loss allowance (5,094) (33,844) (38,938) — 30,967 30,967 Balances charged off (23,629) — (23,629) — — — Balance, as of end of period $ 28,919 $ 181,041 $ 209,960 $ 1,449 $ 199,665 $ 201,114 Mortgage and other loan receivables Changes in the allowance for credit losses on mortgage and other loan receivables held by Global Atlantic are summarized below: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 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 $ 319,631 $ 107,204 $ 175,608 $ 602,443 $ 227,315 $ 125,824 $ 207,089 $ 560,228 Net provision (release) 57,156 (5,141) 74,887 126,902 20,111 10,316 33,684 64,111 Charge-offs (16,379) (639) (41,439) (58,457) — (1,693) (35,372) (37,065) Recoveries of amounts previously charged-off — — 5,108 5,108 — — 1,826 1,826 Balance, as of end of period $ 360,408 $ 101,424 $ 214,164 $ 675,996 $ 247,426 $ 134,447 $ 207,227 $ 589,100 Proceeds and gross gains and losses from voluntary sales 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: Three Months Ended March 31, 2024 2023 AFS fixed maturity securities: Proceeds from voluntary sales $ 1,999,289 $ 1,406,925 Gross gains $ 8,359 $ 15,464 Gross losses $ (16,544) $ (10,044) The following reflects the reconciliation of the components of insurance intangibles to the total balance reported in the consolidated statements of financial condition as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Deferred acquisition costs $ 1,260,724 $ 1,154,697 Value of business acquired 1,230,964 1,252,984 Cost-of-reinsurance intangibles 2,365,235 2,043,143 Total insurance intangibles $ 4,856,923 $ 4,450,824 Deferred acquisition costs The following tables reflect the deferred acquisition costs roll-forward by product category for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 Fixed rate annuities Fixed indexed annuities Interest sensitive life Other Total Balance, as of the beginning of the period $ 373,863 $ 481,970 $ 132,079 $ 166,785 $ 1,154,697 Capitalizations 75,597 58,366 3,291 18,605 155,859 Amortization expense (23,718) (19,709) (2,187) (4,218) (49,832) Balance, as of the end of the period $ 425,742 $ 520,627 $ 133,183 $ 181,172 $ 1,260,724 Three months ended March 31, 2023 Fixed rate annuities Fixed indexed annuities Interest sensitive life Other Total Balance, as of the beginning of the period $ 221,679 $ 367,813 $ 116,021 $ 115,457 $ 820,970 Capitalizations 59,969 52,469 11,128 17,112 140,678 Amortization expense (13,607) (12,930) (1,258) (3,385) (31,180) Balance, as of the end of the period $ 268,041 $ 407,352 $ 125,891 $ 129,184 $ 930,468 Value of business acquired The following tables reflect the value of business acquired, or “VOBA” asset roll-forward by product category for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 44,922 $ 621,372 $ 262,942 $ 245,042 $ 78,706 $ 1,252,984 Amortization expense (939) (10,719) (3,453) (5,201) (1,708) (22,020) Balance, as of the end of the period $ 43,983 $ 610,653 $ 259,489 $ 239,841 $ 76,998 $ 1,230,964 Three months ended March 31, 2023 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 48,762 $ 663,296 $ 276,795 $ 241,778 $ 85,898 $ 1,316,529 Amortization expense (972) (10,358) (3,048) (6,370) (1,854) (22,602) Balance, as of the end of the period $ 47,790 $ 652,938 $ 273,747 $ 235,408 $ 84,044 $ 1,293,927 The following tables reflect the negative value of business acquired, or “negative VOBA” liability roll-forward by product category for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 65,966 $ 106,538 $ 421,213 $ 91,295 $ 182,920 $ 867,932 Amortization expense (6,543) (8,849) (9,794) (1,567) (3,401) (30,154) Balance, as of the end of the period $ 59,423 $ 97,689 $ 411,419 $ 89,728 $ 179,519 $ 837,778 Three months ended March 31, 2023 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 98,342 $ 145,610 $ 461,592 $ 99,776 $ 198,804 $ 1,004,124 Amortization expense (8,720) (10,036) (8,144) (2,423) (5,349) (34,672) Balance, as of the end of the period $ 89,622 $ 135,574 $ 453,448 $ 97,353 $ 193,455 $ 969,452 Unearned revenue reserves and unearned front-end loads Three Months Ended March 31, 2024 2023 Preneed Balance, as of the beginning of the period $ 178,053 $ 118,186 Deferral 17,453 17,791 Amortized to income during the year (3,725) (2,517) Balance, as of the end of the period $ 191,781 $ 133,460 |
REINSURANCE
REINSURANCE | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
REINSURANCE | REINSURANCE Global Atlantic maintains a number of reinsurance treaties with third parties whereby Global Atlantic assumes annuity and life policies on a coinsurance, modified coinsurance or funds withheld basis. Global Atlantic also maintains other reinsurance treaties including the cession of certain annuity, life and health policies. The effects of all reinsurance agreements on the consolidated statements of financial condition were as follows: March 31, 2024 December 31, 2023 Policy liabilities: Direct $ 78,687,136 $ 75,715,857 Assumed 94,911,550 84,342,414 Total policy liabilities 173,598,686 160,058,271 Ceded (1) (43,953,900) (35,773,958) Net policy liabilities $ 129,644,786 $ 124,284,313 (1) Reported within reinsurance recoverable within the consolidated statements of financial condition. A key credit quality indicator is a counterparty’s AM Best financial strength rating. A.M. Best ratings are an independent opinion of a reinsurer’s ability to meet ongoing obligations to policyholders. Global Atlantic mitigates counterparty credit risk by requiring collateral and credit enhancements in various forms including engaging in funds withheld at interest and modified coinsurance transactions. The following shows the amortized cost basis of Global Atlantic’s reinsurance recoverable and funds withheld receivable at interest by credit quality indicator and any associated credit enhancements Global Atlantic has obtained to mitigate counterparty credit risk: As of March 31, 2024 As of December 31, 2023 A.M. Best Rating (1) Reinsurance recoverable and funds withheld receivable at interest Credit enhancements (2) Net reinsurance credit exposure (3) Reinsurance recoverable and funds withheld receivable at interest Credit enhancements (2) Net reinsurance credit exposure (3) A++ $ 44,895 $ — $ 44,895 $ 38,857 $ — $ 38,857 A+ 1,779,822 — 1,779,822 1,801,954 — 1,801,954 A 2,223,845 — 2,223,845 2,212,800 — 2,212,800 A- 4,259,094 3,728,593 530,501 4,430,484 3,814,976 615,508 B++ 1,065 — 1,065 589 — 589 B+ — — — — — — B — — — — — — B- — — — — — — C++/C+ (228) — — (228) — — Not rated or private rating (4) 38,537,428 38,911,132 — 30,859,068 30,210,350 648,718 Total $ 46,845,921 $ 42,639,725 $ 4,580,128 $ 39,343,524 $ 34,025,326 $ 5,318,426 (1) Ratings are periodically updated (at least annually) as A.M. Best issues new ratings. (2) Credit enhancements primarily include funds withheld payable at interest. (3) Includes credit loss allowance of $24.8 million and $21.0 million as of March 31, 2024 and December 31, 2023, respectively, held against reinsurance recoverable and funds withheld receivable at interest. (4) Includes $38.5 billion and $30.8 billion as of March 31, 2024 and December 31, 2023, respectively, associated with cessions to co-investment vehicles (the "sponsored reinsurance sidecar vehicles") that participate in qualifying reinsurance transactions sourced by Global Atlantic. As of both March 31, 2024 and December 31, 2023, Global Atlantic had $2.7 billion of funds withheld receivable at interest with six counterparties related to modified coinsurance and funds withheld contracts. The assets supporting the funds withheld receivable at interest balance are held in trusts for the benefit of Global Atlantic. The effects of reinsurance on the consolidated statements of operations were as follows: Three Months Ended March 31, 2024 2023 Net premiums: Direct $ 34,863 $ 32,653 Assumed 9,109,378 618,730 Ceded (3,107,719) (177,759) Net premiums $ 6,036,522 $ 473,624 Three Months Ended March 31, 2024 2023 Policy fees: Direct $ 226,322 $ 227,857 Assumed 174,418 104,589 Ceded (71,793) (18,644) Net policy fees $ 328,947 $ 313,802 Three Months Ended March 31, 2024 2023 Net policy benefits and claims: Direct $ 844,660 $ 948,119 Assumed 9,899,999 1,016,936 Ceded (3,483,590) (438,001) Net policy benefits and claims $ 7,261,069 $ 1,527,054 Global Atlantic holds collateral for and provides collateral to its reinsurance clients. Global Atlantic held $45.1 billion and $36.7 billion of collateral in the form of funds withheld payable at interest on behalf of its reinsurers as of March 31, 2024 and December 31, 2023, respectively. As of both March 31, 2024 and December 31, 2023, reinsurers held collateral of $1.2 billion on behalf of Global Atlantic. A significant portion of the collateral that Global Atlantic provides to its reinsurance clients is provided in the form of assets held in a trust for the benefit of the counterparty. As of March 31, 2024 and December 31, 2023, these trusts held in excess of the $92.9 billion and $81.8 billion of assets they are required to hold in order to support reserves of $90.0 billion and $79.4 billion, respectively. Of the cash held in trust, Global Atlantic classified $75.1 million and $90.8 million as restricted as of March 31, 2024 and December 31, 2023, respectively. |
NET INCOME (LOSS) ATTRIBUTABLE
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. INC. PER SHARE OF COMMON STOCK | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. INC. PER SHARE OF COMMON STOCK | NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. INC. PER SHARE OF COMMON STOCK For the three months ended March 31, 2024 and 2023, basic and diluted Net Income (Loss) attributable to KKR & Co. Inc. per share of common stock were calculated as follows: Three Months Ended March 31, 2024 2023 Net Income (Loss) Available to KKR & Co. Inc. $ 682,214 $ 322,744 (+) Series C Mandatory Convertible Preferred Dividend (if dilutive) (1) — — Net Income (Loss) Available to KKR & Co. Inc. $ 682,214 $ 322,744 Basic Net Income (Loss) Per Share of Common Stock Weighted Average Shares of Common Stock Outstanding - Basic 885,005,824 861,108,510 Net Income (Loss) Attributable to KKR & Co. Inc. $ 0.77 $ 0.37 Diluted Net Income (Loss) Per Share of Common Stock Weighted Average Shares of Common Stock Outstanding - Basic 885,005,824 861,108,510 Incremental Common Shares: Assumed vesting of dilutive equity awards (2) 40,135,342 26,060,826 Assumed conversion of Series C Mandatory Convertible Preferred Stock (1) — — Weighted Average Shares of Common Stock Outstanding - Diluted 925,141,166 887,169,336 Net Income (Loss) Attributable to KKR & Co. Inc. $ 0.74 $ 0.36 (1) For the three months ended March 31, 2023, the impact of Series C Mandatory Convertible Preferred Stock calculated under the if-converted method was anti-dilutive, and as such (i) shares of common stock (assuming a conversion ratio based on the average volume weighted average price per share of common stock over each reporting period) were not included in the Weighted Average Shares of Common Stock Outstanding - Diluted and (ii) Series C Mandatory Convertible Preferred dividends were not added back to Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Diluted. (2) For the three months ended March 31, 2024 and 2023, Weighted Average Shares of Common Stock Outstanding – Diluted includes unvested equity awards, including certain equity awards that have met their market price-based vesting condition but have not satisfied their service-based vesting condition. Vesting of these equity awards dilute equity holders of KKR Group Partnership, including KKR & Co. Inc. and holders of exchangeable securities pro rata in accordance with their respective ownership interests in KKR Group Partnership. Exchangeable Securities For the three months ended March 31, 2024 and 2023, vested restricted holdings units (as defined in Note 19 "Equity Based Compensation") have been excluded from the calculation of Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Diluted since the exchange of these units would not dilute KKR & Co. Inc.'s ownership interests in KKR Group Partnership. See Note 1 "Organization" in our financial statements. Three Months Ended March 31, 2024 2023 Weighted Average Vested Restricted Holdings Units 5,739,616 2,695,142 Market Condition Awards For the three months ended March 31, 2024 and 2023, 33.0 million and 22.5 million, respectively, of unvested equity awards that are subject to market price based and service-based vesting conditions were excluded from the calculation of Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Diluted since the market price based vesting condition was not satisfied. See Note 19 "Equity Based Compensation" in our financial statements. |
OTHER ASSETS AND ACCRUED EXPENS
OTHER ASSETS AND ACCRUED EXPENSES AND OTHER LIABILITIES | 3 Months Ended |
Mar. 31, 2024 | |
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES | |
OTHER ASSETS AND ACCRUED EXPENSES AND OTHER LIABILITIES | OTHER ASSETS AND ACCRUED EXPENSES AND OTHER LIABILITIES Other Assets consist of the following: March 31, 2024 December 31, 2023 Asset Management and Strategic Holdings Unsettled Investment Sales (1) $ 295,141 $ 271,544 Receivables 66,066 55,602 Due from Broker (2) 81,585 76,075 Deferred Tax Assets, net 44,477 48,580 Interest Receivable 380,014 351,999 Fixed Assets, net (3) 855,621 863,096 Foreign Exchange Contracts and Options (4) 294,511 264,621 Goodwill (5) 526,089 558,279 Intangible Assets (6) 1,514,797 1,624,648 Derivative Assets 4,258 4,792 Prepaid Taxes 109,774 211,966 Prepaid Expenses 51,775 56,828 Operating Lease Right of Use Assets (7) 341,879 358,684 Deferred Financing Costs 15,500 19,213 Other 288,088 209,296 Total Asset Management and Strategic Holdings $ 4,869,575 $ 4,975,223 Insurance Unsettled Investment Sales (1) and Derivative Collateral Receivables $ 475,490 $ 27,562 Deferred Tax Assets, net 2,439,636 2,273,757 Derivative Assets 28,384 45,694 Accrued Investment Income 1,356,917 1,220,781 Goodwill 501,496 501,496 Intangible Assets and Deferred Sales Inducements (8) 258,075 258,529 Operating Lease Right of Use Assets (7) 171,570 172,955 Premiums and Other Account Receivables 221,851 188,136 Other 154,501 152,486 Prepaid Taxes — 42,294 Market Risk Benefit Asset 31 17 Total Insurance $ 5,607,951 $ 4,883,707 Total Other Assets $ 10,477,526 $ 9,858,930 (1) Represents amounts due from third parties for investments sold for which cash settlement has not occurred. (2) Represents amounts held at clearing brokers resulting from securities transactions. (3) Net of accumulated depreciation and amortization of $275.3 million and $257.4 million as of March 31, 2024 and December 31, 2023, respectively. Depreciation and amortization expense of $17.9 million and $15.8 million, for the three months ended March 31, 2024 and 2023, respectively, are included in General, Administrative and Other in the accompanying consolidated statements of operations. Additionally, KKR’s fixed assets are predominantly located in the United States. (4) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign currency denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements for the net changes in fair value associated with these instruments. (5) As of March 31, 2024, the carrying value of goodwill is recorded and assessed for impairment at the reporting unit. As of March 31, 2024, there are approximately $(66.4) million of cumulative foreign currency translation adjustments included in AOCI related to the goodwill recorded as result of the acquisition of KJRM. (6) As of March 31, 2024, there are approximately $(226.4) million of cumulative foreign currency translation adjustments included in AOCI related to the intangible assets recorded as result of the acquisition of KJRM. (7) For Asset Management, non-cancelable operating leases consist of leases for office space in North America, Europe, Asia and Australia. KKR is the lessee under the terms of the operating leases. The operating lease cost was $16.6 million and $15.7 million for the three months ended March 31, 2024 and 2023, respectively. For Insurance, non-cancelable operating leases consist of leases for office space and land in the U.S. For the three months ended March 31, 2024 and 2023, the operating lease cost was $5.5 million and $6.8 million, respectively. (8) The definite life intangible assets are amortized using the straight-line method over the useful life of the assets which is an average of 14 years. The indefinite life intangible assets are not subject to amortization. The amortization expense of definite life intangible assets was $4.4 million for both the three months ended March 31, 2024 and 2023. Accrued Expenses and Other Liabilities consist of the following: March 31, 2024 December 31, 2023 Asset Management and Strategic Holdings Amounts Payable to Carry Pool (1) $ 3,512,458 $ 2,664,694 Unsettled Investment Purchases (2) 833,986 574,986 Securities Sold Short (3) 168,262 149,136 Derivative Liabilities 17 2,382 Accrued Compensation and Benefits 205,734 210,625 Interest Payable 486,206 492,501 Foreign Exchange Contracts and Options (4) 321,024 441,608 Accounts Payable and Accrued Expenses 285,698 221,851 Taxes Payable 93,423 39,255 Uncertain Tax Positions 24,470 23,579 Unfunded Revolver Commitments 95,004 94,683 Operating Lease Liabilities (5) 344,646 360,852 Deferred Tax Liabilities, net 2,412,737 2,370,118 Other Liabilities 84,707 72,145 Total Asset Management and Strategic Holdings $ 8,868,372 $ 7,718,415 Insurance Unsettled Investment Purchases (2) and Derivative Collateral Liabilities $ 1,043,257 $ 205,669 Securities Sold Under Agreements to Repurchase 854,710 1,358,434 Accrued Expenses 629,548 607,262 Insurance Operations Balances in Course of Settlement 300,490 250,367 Operating Lease Liabilities (5) 193,212 193,566 Derivative Liabilities 154,711 146,197 Accrued Employee Related Expenses 64,340 370,984 Interest Payable 49,799 15,894 Tax Payable to Former Parent Company 47,841 62,545 Accounts and Commissions Payable 26,797 32,104 Other Tax Related Liabilities 14,315 12,984 Current Income Tax Payable 5,424 — Total Insurance $ 3,384,444 $ 3,256,006 Total Accrued Expenses and Other Liabilities $ 12,252,816 $ 10,974,421 (1) Represents the amount of carried interest payable to current and former KKR employees arising from KKR's investment funds and co-investment vehicles that provide for carried interest. (2) Represents amounts owed to third parties for investment purchases for which cash settlement has not occurred. (3) Represents the obligations of KKR to deliver a specified security at a future point in time. Such securities are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements for the net changes in fair value associated with these instruments. (4) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign currency denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements for the net changes in fair value associated with these instruments. (5) For Asset Management, operating leases for office space have remaining lease terms that range from approximately 1 year to 17 years, some of which include options to extend the leases from 5 years to 10 years. The weighted average remaining lease terms were 10.3 years and 10.3 years as of March 31, 2024 and December 31, 2023, respectively. The weighted average discount rates were 2.9% and 2.9% as of March 31, 2024 and December 31, 2023, respectively. For Insurance, operating leases for office space have remaining lease terms that range from approximately 1 year to 11 years, some of which include options to extend the leases for up to 10 years. The weighted average remaining lease terms were 7.5 years and 7.6 years as of March 31, 2024 and December 31, 2023, respectively. The weighted average discount rates were 4.5% and 4.4% as of March 31, 2024 and December 31, 2023, respectively. The weighted average remaining lease terms for land were 42.7 years and 43.7 years as of March 31, 2024 and December 31, 2023, respectively. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES Consolidated VIEs KKR consolidates certain VIEs in which it is determined that KKR is the primary beneficiary. The consolidated VIEs are predominately CLOs and certain investment funds sponsored by KKR. The primary purpose of these VIEs is to provide strategy specific investment opportunities to earn investment gains, current income or both in exchange for management fees and performance income. KKR's investment strategies differ for these VIEs; however, the fundamental risks have similar characteristics, including loss of invested capital and loss of management fees and performance income. KKR does not provide performance guarantees and has no other financial obligation to provide funding to these consolidated VIEs, beyond amounts previously committed, if any. Furthermore, KKR consolidates certain VIEs that are formed by Global Atlantic to hold investments, including investments in transportation, renewable energy, consumer and other loans and fixed maturity securities. Unconsolidated VIEs KKR holds variable interests in certain VIEs which are not consolidated as it has been determined that KKR is not the primary beneficiary. VIEs that are not consolidated predominantly include certain investment funds sponsored by KKR as well as certain investment partnerships where Global Atlantic retains an economic interest. KKR's investment strategies differ by investment fund; however, the fundamental risks have similar characteristics, including loss of invested capital and loss of management fees and performance income. KKR's maximum exposure to loss as a result of its investments in the unconsolidated investment funds is the carrying value of such investments, including KKR's capital interest and any unrealized carried interest. Accordingly, disaggregation of KKR's involvement by type of unconsolidated investment fund would not provide more useful information. For these unconsolidated investment funds in which KKR is the sponsor, KKR may have an obligation as general partner to provide commitments to such investment funds. As of March 31, 2024, KKR's commitments to these unconsolidated investment funds were $2.6 billion. KKR has not provided any financial support other than its obligated amount as of March 31, 2024. Additionally, Global Atlantic also has unfunded commitments of $26.7 million in relation to other limited partnership interests as of March 31, 2024. As of March 31, 2024 and December 31, 2023, the maximum exposure to loss, before allocations to the carry pool and noncontrolling interests, if any, for those VIEs in which KKR is determined not to be the primary beneficiary but in which it has a variable interest is as follows: Asset Management and Strategic Holdings March 31, 2024 December 31, 2023 Investments $ 8,950,579 $ 7,877,904 Due from (to) Affiliates, net 1,151,902 1,097,939 Maximum Exposure to Loss $ 10,102,481 $ 8,975,843 Insurance Other Investment Partnerships $ 740,835 $ 169,265 Investment in Renewable Energy 55,325 55,485 Maximum Exposure to Loss $ 796,160 $ 224,750 Total Maximum Exposure to Loss $ 10,898,641 $ 9,200,593 |
DEBT OBLIGATIONS
DEBT OBLIGATIONS | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
DEBT OBLIGATIONS | DEBT OBLIGATIONS Asset Management and Strategic Holdings Debt Obligations KKR enters into credit agreements and issues debt for its general operating and investment purposes. KKR consolidates and reports debt obligations of KKR Financial Holdings LLC, a KKR subsidiary ("KFN"), which are non-recourse to KKR beyond the assets of KFN. From time to time, KKR may provide credit support for the funding obligations of its subsidiaries. Certain of KKR's consolidated investment funds have entered into financing arrangements with financial institutions, generally to provide liquidity to such investment funds. These financing arrangements are generally not direct obligations of the general partners of KKR's investment funds (beyond KKR's capital interest) or its management companies. Such borrowings have varying maturities and bear interest at floating rates. Borrowings are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. When an investment vehicle borrows, the proceeds are available only for use by that investment vehicle and are not available for the benefit of other investment vehicles or KKR. Collateral within each investment vehicle is also available only against borrowings by that investment vehicle and not against the borrowings of other investment vehicles or KKR. In certain other cases, investments and other assets held directly by majority-owned consolidated investment vehicles and other entities have been funded with borrowings that are collateralized by the investments and assets they own. These borrowings are non-recourse to KKR beyond the investments or assets serving as collateral or the capital that KKR has committed to fund such investment vehicles. Such borrowings have varying maturities and generally bear interest at fixed rates. In addition, consolidated CFEs issue debt securities to third-party investors which are collateralized by assets held by the CFE. Debt securities issued by CFEs are supported solely by the assets held at the CFEs and are not collateralized by assets of any other KKR entity. CFEs also may have warehouse facilities with banks to provide liquidity to the CFE. The CFE's debt obligations are non-recourse to KKR beyond the assets of the CFE. KKR's Asset Management and Strategic Holdings debt obligations consisted of the following: March 31, 2024 December 31, 2023 Financing Available Borrowing Outstanding Fair Value Financing Available Borrowing Outstanding Fair Value Revolving Credit Facilities: Corporate Credit Agreement $ 1,500,000 $ — $ — $ 1,500,000 $ — $ — KCM Credit Facility (1) 717,399 — — 736,492 — — KCM 364-Day Revolving Credit Facility 750,000 — — 750,000 — — Notes Issued: (2) KKR ¥5 billion (or $33.0 million) 0.764% Notes Due 2025 (5) — 32,925 32,963 — 35,316 35,390 KKR ¥36.4 billion (or $240.5 million) 1.054% Notes Due 2027 (5) — 239,589 238,111 — 257,132 255,840 KKR ¥44.7 billion (or $295.3 million) 1.428% Notes Due 2028 (5) — 294,043 293,777 — 315,599 315,217 KKR €650 million (or $701.7 million) 1.625% Notes Due 2029 (5) — 696,881 629,560 — 712,331 646,248 KKR $750 million 3.750% Notes Due 2029 (7) (5) — 745,333 700,613 — 726,331 684,323 KKR ¥4.9 billion (or $32.4 million) 1.244% Notes Due 2029 (5) — 31,986 31,675 — 34,339 33,985 KKR ¥1.8 billion (or $11.9 million) 1.614% Notes Due 2030 (5) — 11,589 11,673 — 12,448 12,514 KKR $750 million 4.850% Notes Due 2032 (5) — 742,767 725,520 — 742,545 733,163 KKR ¥6.2 billion (or $41.0 million) 1.437% Notes Due 2032 (5) — 40,476 39,392 — 43,461 42,155 KKR ¥1.5 billion (or $9.9 million) 1.939% Notes Due 2033 (5) — 9,599 9,662 — 10,316 10,322 KKR ¥7.5 billion (or $49.6 million) 1.553% Notes Due 2034 (5) — 48,980 46,706 — 52,595 49,937 KKR ¥5.5 billion (or $36.3 million) 1.795% Notes Due 2037 (5) — 35,799 33,446 — 38,450 35,742 KKR ¥10.3 billion (or $68.1 million) 1.595% Notes Due 2038 (5) — 67,191 60,555 — 72,161 64,646 KKR ¥3 billion (or $19.8 million) 2.312% Notes Due 2038 (5) — 19,429 18,912 — 20,874 20,272 KKR $500 million 5.500% Notes Due 2043 (7) (5) — 490,783 481,993 — 490,728 475,022 KKR ¥4.5 billion (or $29.7 million) 2.574% Notes Due 2043 (5) — 29,241 27,694 — 31,413 29,723 KKR $1 billion 5.125% Notes Due 2044 (7) (5) — 963,536 896,327 — 963,674 887,286 KKR $500 million 3.625% Notes Due 2050 (5) — 493,086 364,765 — 493,020 358,580 KKR $750 million 3.500% Notes Due 2050 (7) (5) — 737,055 526,649 — 734,437 527,183 KKR $750 million 3.250% Notes Due 2051 (5) — 740,272 504,210 — 740,184 516,038 KKR ¥6 billion (or $39.6 million) 2.747% Notes Due 2053 (5) — 39,030 34,849 — 41,929 37,801 KKR $500 million 4.625% Notes Due 2061 (6) — 486,844 399,200 — 486,755 377,400 KFN $500 million 5.500% Notes Due 2032 (3) — 496,118 456,201 — 495,997 455,340 KFN $120 million 5.200% Notes Due 2033 (3) — 118,925 106,283 — 118,895 106,030 KFN $70 million 5.400% Notes Due 2033 (3) — 69,162 62,757 — 69,140 62,648 KFN Issued Junior Subordinated Notes (4) (3) — 239,133 216,175 — 238,801 208,902 2,967,399 7,919,772 6,949,668 2,986,492 7,978,871 6,981,707 Other Debt Obligations (1)(7) 7,255,481 37,133,867 36,984,301 6,618,692 36,907,999 36,699,920 $ 10,222,880 $ 45,053,639 $ 43,933,969 $ 9,605,184 $ 44,886,870 $ 43,681,627 (1) Financing available is reduced by the dollar amounts specified in any issued letters of credit. (2) Borrowing outstanding includes: (i) unamortized note discount (net of premium), as applicable and (ii) unamortized debt issuance costs, as applicable. Financing costs related to the issuance of the notes have been deducted from the note liability and are being amortized over the life of the notes. (3) These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments. (4) KKR consolidates KFN and reports KFN's outstanding $258.5 million aggregate principal amount of junior subordinated notes. The weighted average interest rate is 8.0% and 8.1% and the weighted average years to maturity is 12.5 years and 12.8 years as of March 31, 2024 and December 31, 2023, respectively. (5) The notes are classified as Level II within the fair value hierarchy and fair value is determined by third party broker quotes. (6) The notes are classified as Level I within the fair value hierarchy and fair value is determined by quoted prices in active markets since the debt is publicly listed. (7) As of March 31, 2024 and December 31, 2023, the borrowing outstanding and fair value reflects the elimination for the portion of these debt obligations that are held by Global Atlantic. KCM 364-Day Revolving Credit Facility On April 4, 2024, KKR Capital Markets Holdings L.P. and certain other capital markets subsidiaries (the "KCM Borrowers") replaced their existing 364-day revolving credit agreement with a new 364-day revolving credit agreement (the "KCM 364-Day Revolving Credit Facility”) with Mizuho Bank, Ltd., as administrative agent, and one or more lenders party thereto. The KCM 364-Day Revolving Credit Facility replaces the prior 364-day revolving credit facility, dated as of April 7, 2023, between the KCM Borrowers and the administrative agent, and one or more lenders party to the prior facility, which was terminated according to its terms on April 4, 2024. The KCM 364-Day Revolving Credit Facility provides for revolving borrowings up to $750 million, expires on April 3, 2025, and ranks pari passu with the existing $750 million revolving credit facility provided by them for KKR's capital markets business (the "KCM Credit Facility"). If a borrowing is made under the KCM 364-Day Revolving Credit Agreement, the interest rate will vary depending on the type of drawdown requested. If the borrowing is (i) denominated in U.S. dollars and a term rate, it will be based on the term Secured Overnight Financing Rate ("SOFR"), (ii) denominated in euros, it will be based on EURIBOR and (iii) denominated in pounds sterling, it will be based on the Sterling Overnight Interbank Average Rate ("SONIA"), in each case, plus the applicable margin which ranges initially between 1.50% and 2.75%, depending on the duration of the loan. If the borrowing is an ABR Loan, it will be based on the greater of (i) the federal funds rate plus 0.50% and (ii) term SOFR for one-month tenor plus 1.00%, in each case, plus the applicable margin which ranges initially between 0.50% and 1.75% depending on the amount and nature of the loan. Borrowings under the KCM 364-Day Revolving Credit Agreement may only be used to facilitate the settlement of debt transactions syndicated by KKR's capital markets business. Obligations under the KCM 364-Day Revolving Credit Agreement are limited to the KCM Borrowers, which are solely entities involved in KKR's capital markets business, and liabilities under the KCM 364-Day Revolving Credit Agreement are non-recourse to other parts of KKR. The KCM 364-Day Revolving Credit Facility contains customary representations and warranties, events of default, and affirmative and negative covenants, including a financial covenant providing for a maximum debt to equity ratio for the KCM Borrowers. The KCM Borrowers' obligations under the KCM 364-Day Revolving Credit Facility are secured by certain assets of the KCM Borrowers, including a pledge of equity interests of certain subsidiaries of the KCM Borrowers. KCM Credit Facility On April 4, 2024, the KCM Borrowers (as defined above) also entered into a fourth amended and restated 5-year revolving credit agreement (the “KCM Credit Facility”) with Mizuho Bank, Ltd., as administrative agent, and the lenders party thereto. This facility provides for revolving borrowings of up to $750 million with a $750 million sublimit for letters of credit, expires on April 4, 2029 and ranks pari passu with the KCM 364-Day Revolving Credit Facility. The prior facility for the KCM Borrowers, dated as of March 20, 2020 (as amended), between the KCM Borrowers, Mizuho Bank, Ltd., as administrative agent, and the lenders party thereto, was terminated according to its terms on April 4, 2024 and replaced by the KCM Credit Facility. If a borrowing is made on the KCM Credit Facility, the interest rate will vary depending on the type of drawdown requested. If the borrowing is (i) denominated in U.S. dollars and a term rate, it will be based on term SOFR, (ii) denominated in euros, it will be based on EURIBOR and (iii) denominated in pounds sterling, it will be based on SONIA, in each case, plus the applicable margin which ranges initially between 1.75% and 3.00%, depending on the amount and nature of the loan. If the loan is an ABR Loan, it will be based on the greater of (i) the federal funds rate plus 0.50% and (ii) term SOFR for one-month tenor plus 1.00%, in each case, plus the applicable margin which ranges initially between 0.75% and 2.00% depending on the amount and nature of the loan. Obligations under the KCM Credit Facility may only be used for KKR’s capital markets business, and its only obligors are entities involved in KKR’s capital markets business, and its liabilities are non-recourse to other parts of KKR’s business. The KCM Credit Facility contains customary representations and warranties, events of default, and affirmative and negative covenants, including a financial covenant providing for a maximum debt to equity ratio for the KCM Borrowers. The KCM Borrowers’ obligations under the KCM Credit Facility are secured by certain assets of the KCM Borrowers, including a pledge of equity interests of certain subsidiaries of the KCM Borrowers. Other Asset Management and Strategic Holdings Debt Obligations As of March 31, 2024, other debt obligations consisted of the following: Financing Available Borrowing Fair Value Weighted Weighted Average Remaining Maturity in Years Financing Facilities of Consolidated Funds and Other (1) $ 7,255,481 $ 12,058,357 $ 11,908,791 6.5% 4.7 Debt Obligations of Consolidated CLOs — 25,075,510 25,075,510 (2) 9.2 $ 7,255,481 $ 37,133,867 $ 36,984,301 (1) Includes borrowings collateralized by fund investments, fund co-investments and other assets held by levered investment vehicles of $2.9 billion. (2) The senior notes of the consolidated CLOs had a weighted average interest rate of 6.8%. The subordinated notes of the consolidated CLOs do not have contractual interest rates but instead receive a pro rata amount of the net distributions from the excess cash flows of the respective CLO vehicle. Accordingly, weighted average borrowing rates for the subordinated notes are based on cash distributions during the period, if any. Debt obligations of consolidated CLOs are collateralized by assets held by each respective CLO vehicle and assets of one CLO vehicle may not be used to satisfy the liabilities of another. As of March 31, 2024, the fair value of the consolidated CLO assets was $27.2 billion. This collateral consisted of Cash and Cash Equivalents, Investments, and Other Assets. Insurance Debt Obligations Global Atlantic's debt obligations consisted of the following: March 31, 2024 December 31, 2023 Financing Available Borrowing Outstanding Fair Value (2) Financing Available Borrowing Outstanding Fair Value (2) Revolving Credit Facilities: Global Atlantic revolving credit facility, due August 2026 $ 1,000,000 $ — $ — $ 800,000 $ 200,000 $ 200,000 Notes Issued and Others: Global Atlantic senior notes, due October 2029 500,000 465,350 500,000 460,850 Global Atlantic senior notes, due June 2031 650,000 538,785 650,000 533,130 Global Atlantic senior notes, due June 2033 650,000 722,150 650,000 721,175 Global Atlantic senior notes, due March 2054 750,000 770,025 — — Global Atlantic subordinated debentures, due October 2051 750,000 676,350 750,000 643,575 3,300,000 $ 3,172,660 2,750,000 $ 2,558,730 Purchase accounting adjustments (1) 39,395 40,173 Debt issuance costs, net of accumulated amortization (50,363) (36,499) Fair value loss of hedged debt obligations, recognized in earnings (202,919) (165,817) $ 3,086,113 $ 2,587,857 (1) The amortization of the purchase accounting adjustments was $778 thousand for both the three months ended March 31, 2024 and 2023, respectively. (2) These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments. Senior Notes Due 2054 Global Atlantic (Fin) Company ("GA FinCo") and Global Atlantic Limited (Delaware) (formerly known as Global Atlantic Financial Limited, "GALD") are both Delaware corporations and wholly-owned indirect subsidiaries of TGAFG, the holding company for the Global Atlantic business. In March 2024, GA FinCo issued $750 million aggregate principal amount of 6.750% senior unsecured notes due 2054 (the “GA 2054 Senior Notes”). The GA 2054 Senior Notes were issued pursuant to an indenture, dated October 7, 2019, among GA FinCo, as issuer, GALD, as guarantor, and U.S. Bank National Association, as trustee, and supplemented by the fifth supplemental indenture thereto, dated March 15, 2024, among GA FinCo, GALD and the trustee. The GA 2054 Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by GALD. The GA 2054 Senior Notes bear interest at a rate of 6.750% per year. Interest on the GA 2054 Senior Notes is payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2024. The GA 2054 Senior Notes will mature on March 15, 2054. GA FinCo may, at its option, redeem some or all of the GA 2054 Senior Notes at any time: (i) prior to September 15, 2053 at a redemption price equal to the greater of 100% of the principal amount of the GA 2054 Senior Notes to be redeemed and a make-whole payment plus, in either case, accrued and unpaid interest, if any, to the date of redemption; and (ii) on or after September 15, 2053 at a redemption price equal to 100% of the principal amount of the GA 2054 Senior Notes to be redeemed, plus accrued and unpaid interest to the date of redemption. Global Atlantic Credit Agreement In March 2024, GA FinCo repaid $300 million then outstanding indebtedness under the Global Atlantic Credit Agreement with proceeds from the GA 2054 Senior Notes. In May 2024, subsequent to the end of the quarter, GA FinCo terminated the existing revolving credit facility (“RCF”) and replaced it with a new credit agreement with GA FinCo, as borrower, GALD, as guarantor, and Wells Fargo Bank, N.A., as administrative agent, that (1) provides for up to $1.0 billion of revolving borrowings, including up to $500 million of letters of credit, (2) has a maturity of May 2029, and (3) contains customary events of default, representations and warranties and covenants that are substantially similar to those that were in the terminated RCF, including the consolidated debt to capitalization and net worth covenants. Interest on any funded borrowings accrues at SOFR plus a spread ranging from 1.225% to 1.975%, based on GALD’s long-term issuer credit ratings. The borrower must pay a commitment fee on any unfunded committed balance under the agreement, ranging from 0.125% to 0.300% based on the long-term issuer credit rating. Debt Covenants Borrowings of KKR (including Global Atlantic) contain various debt covenants. These covenants do not, in management's opinion, materially restrict KKR's operating business or investment strategies as of March 31, 2024. KKR (including Global Atlantic) was in compliance with such debt covenants in all material respects as of March 31, 2024. |
POLICY LIABILITIES
POLICY LIABILITIES | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
POLICY LIABILITIES | POLICY LIABILITIES The following reflects the reconciliation of the components of policy liabilities to the total balance reported in the consolidated statements of financial condition as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Policyholders’ account balances $ 129,509,137 $ 125,187,354 Liability for future policy benefits 25,410,733 17,823,750 Additional liability for annuitization, death, or other insurance benefits 7,213,357 7,129,785 Market risk benefit liability 1,023,053 1,120,968 Other policy-related liabilities (1) 10,442,406 8,796,414 Total policy liabilities $ 173,598,686 $ 160,058,271 (1) Other policy-related liabilities as of March 31, 2024 and December 31, 2023 primarily consist of negative VOBA ($837.8 million and $867.9 million, respectively), policy liabilities accounted under a fair value option (both $1.2 billion), embedded derivatives associated with contractholder deposit funds ($4.5 billion and $4.0 billion, respectively), cost-of-reinsurance liabilities ($3.0 billion and $1.8 billion, respectively) and outstanding claims ($240.0 million and $235.1 million, respectively). Policyholders’ account balances The following reflects the policyholders’ account balances roll-forward for the three months ended March 31, 2024 and 2023, and the policyholders’ account balances weighted average interest rates, net amount at risk, and cash surrender value as of those dates: Three months ended March 31, 2024 Fixed rate annuities Fixed indexed annuities Interest sensitive life Funding agreements Other (1) Total Balance as of beginning of period $ 56,762,736 $ 30,168,445 $ 21,969,053 $ 7,015,998 $ 9,271,122 $ 125,187,354 Issuances and premiums received 4,784,285 1,549,004 312,020 695,933 1,339,437 8,680,679 Benefit payments, surrenders, and withdrawals (2,879,479) (1,294,134) (306,463) (68,159) (411,941) (4,960,176) Interest (2) 498,543 165,239 177,275 69,519 74,324 984,900 Other activity (3) (102,899) 25,879 (305,139) (21,815) 20,354 (383,620) Balance as of end of period $ 59,063,186 $ 30,614,433 $ 21,846,746 $ 7,691,476 $ 10,293,296 $ 129,509,137 Less: reinsurance recoverable (10,557,317) (3,189,167) (7,159,910) — (3,830,017) (24,736,411) Balance as of end of period, net of reinsurance recoverable $ 48,505,869 $ 27,425,266 $ 14,686,836 $ 7,691,476 $ 6,463,279 $ 104,772,726 Average interest rate 3.58 % 2.30 % 3.22 % 3.80 % 3.47 % 3.15 % Net amount at risk, gross of reinsurance (4) $ — $ — $ 117,008,523 $ — $ 1,161,762 $ 118,170,285 Cash surrender value (5) $ 45,612,785 $ 29,313,985 $ 13,827,297 $ — $ 4,604,037 $ 93,358,104 (1) “Other” consists of activity related to payout annuities without life contingencies, preneed, variable annuities and life products. (2) Interest includes interest credited to policyholders’ account values, and interest accreted in other components of the policyholder account balance, including investment-type contract values, host amounts for contractholder deposits with embedded derivatives, funding agreements and other associated reserves. (3) “Other activity” includes policy charges, fees and commissions, transfers, assumption changes, fair value changes and the impact of hedge fair value adjustments. (4) Net amount at risk represents the difference between the face value of the insurance policy and the reserve accumulated under that same policy. (5) Cash surrender values are reported net of any applicable surrender charges, net of reinsurance. Three months ended March 31, 2023 Fixed rate annuities Fixed indexed annuities Interest sensitive life Funding agreements Other (1) Total Balance as of beginning of period $ 48,510,703 $ 29,123,926 $ 17,397,185 $ 7,535,489 $ 9,713,933 $ 112,281,236 Issuances and premiums received 3,416,916 1,640,745 144,797 — 100,616 5,303,074 Benefit payments, surrenders, and withdrawals (2,329,373) (937,627) (230,514) (224,107) (401,156) (4,122,777) Interest (2) 340,106 114,739 107,298 51,423 74,209 687,775 Other activity (3) (63,346) (45,130) (25,172) 86,057 78,474 30,883 Balance as of end of period $ 49,875,006 $ 29,896,653 $ 17,393,594 $ 7,448,862 $ 9,566,076 $ 114,180,191 Less: reinsurance recoverable (6,699,771) (3,311,541) (3,467,814) — (3,119,287) (16,598,413) Balance as of end of period, net of reinsurance recoverable $ 43,175,235 $ 26,585,112 $ 13,925,780 $ 7,448,862 $ 6,446,789 $ 97,581,778 Average interest rate 2.85 % 1.70 % 3.09 % 2.75 % 2.69 % 2.53 % Net amount at risk, gross of reinsurance (4) $ — $ — $ 84,498,038 $ — $ 1,182,896 $ 85,680,934 Cash surrender value (5) $ 40,420,172 $ 27,236,116 $ 12,948,054 $ — $ 4,744,008 $ 85,348,350 (1) “Other” consists of activity related to payout annuities without life contingencies, preneed, variable annuities and life products. (2) Interest includes interest credited to policyholders’ account values, and interest accreted in other components of the policyholder account balance, including investment-type contract values, host amounts for contractholder deposits with embedded derivatives, funding agreements and other associated reserves. (3) “Other activity” includes policy charges, fees and commissions, transfers, assumption changes, fair value changes and the impact of hedge fair value adjustments. (4) Net amount at risk represents the difference between the face value of the insurance policy and the reserve accumulated under that same policy. (5) Cash surrender values are reported net of any applicable surrender charges, net of reinsurance. The following table presents the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums. Account values, as disclosed below, differ from policyholder account balances as they exclude balances associated with index credits, contractholder deposit fund host balances, funding agreements, and other associated reserves. In addition, policyholder account balances include discounts and premiums on assumed business which are not reflected in account values. As of March 31, 2024 Account values with adjustable crediting rates subject to guaranteed minimums: Range of guaranteed minimum crediting rates: At guaranteed minimum 1 - 49 bps above guaranteed minimum 50 - 99 bps above guaranteed minimum 100 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total Less than 1.00% $ 2,894,495 $ 30,211 $ 559,718 $ 2,726,724 $ 28,705,318 $ 34,916,466 1.00% - 1.99% 1,443,207 939,437 914,146 1,924,889 7,614,747 12,836,426 2.00% - 2.99% 855,374 45,699 56,328 99,215 1,338,545 2,395,161 3.00% - 4.00% 11,515,571 1,472,797 391,942 1,183,923 1,294,192 15,858,425 Greater than 4.00% 11,888,750 1,353,373 141,937 115,460 288,949 13,788,469 Total $ 28,597,397 $ 3,841,517 $ 2,064,071 $ 6,050,211 $ 39,241,751 $ 79,794,947 Percentage of total 36 % 5 % 3 % 8 % 48 % 100 % As of December 31, 2023 Account values with adjustable crediting rates subject to guaranteed minimums: Range of guaranteed minimum crediting rates: At guaranteed minimum 1 - 49 bps above guaranteed minimum 50 - 99 bps above guaranteed minimum 100 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total Less than 1.00% $ 2,706,701 $ 25,839 $ 660,189 $ 3,546,450 $ 25,940,436 $ 32,879,615 1.00% - 1.99% 1,471,320 1,013,423 999,852 1,968,519 6,603,795 12,056,909 2.00% - 2.99% 896,276 44,850 55,874 109,411 1,310,234 2,416,645 3.00% - 4.00% 12,494,439 1,186,572 414,111 953,560 1,067,325 16,116,007 Greater than 4.00% 12,095,647 1,385,538 138,112 117,561 298,493 14,035,351 Total $ 29,664,383 $ 3,656,222 $ 2,268,138 $ 6,695,501 $ 35,220,283 $ 77,504,527 Percentage of total 38 % 5 % 3 % 9 % 45 % 100 % Liability for future policy benefits The following tables summarize the balances of, and changes in, the liability for future policy benefits for traditional and limited-payment contracts for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 March 31, 2023 Payout annuities (1) Other (2) Total Payout annuities (1) Other (2) Total Present value of expected net premiums Balance as of beginning of the period $ — $ (208,370) $ (208,370) $ — $ (255,401) $ (255,401) Balance at original discount rate $ — $ (241,058) $ (241,058) $ — $ (303,610) $ (303,610) Effect of actual variances from expected experience — 2,481 2,481 — 992 992 Adjusted beginning of period balance — (238,577) (238,577) — (302,618) (302,618) Issuances — (1,138,831) (1,138,831) — — — Interest (949) (949) — (1,206) (1,206) Net premiums collected — 8,416 8,416 — 8,283 8,283 Ending balance at original discount rate — (1,369,941) (1,369,941) — (295,541) (295,541) Effect of changes in discount rate assumptions — 36,556 36,556 — 43,489 43,489 Balance as of the end of the period $ — $ (1,333,385) $ (1,333,385) $ — $ (252,052) $ (252,052) Three Months Ended March 31, 2024 March 31, 2023 Payout annuities (1) Other (2) Total Payout annuities (1) Other (2) Total Present value of expected future policy benefits Balance as of beginning of the period $ 17,427,353 $ 604,767 $ 18,032,120 $ 14,021,514 $ 679,807 $ 14,701,321 Balance at original discount rate $ 20,040,000 $ 701,655 $ 20,741,655 $ 17,180,626 $ 806,555 $ 17,987,181 Effect of actual variances from expected experience (5,403) (4,126) (9,529) (7,777) 3,539 (4,238) Adjusted beginning of period balance 20,034,597 697,529 20,732,126 17,172,849 810,094 17,982,943 Issuances 521,384 8,829,048 9,350,432 559,421 15 559,436 Interest 145,265 2,146 147,411 93,654 2,467 96,121 Benefit payments (443,016) (16,726) (459,742) (389,426) (25,861) (415,287) Ending balance at original discount rate 20,258,230 9,511,997 29,770,227 17,436,498 786,715 18,223,213 Effect of changes in discount rate assumptions (2,934,499) (91,610) (3,026,109) (2,721,312) (115,387) (2,836,699) Balance as of the end of the period 17,323,731 9,420,387 26,744,118 14,715,186 671,328 15,386,514 Net liability for future policy benefits 17,323,731 8,087,002 25,410,733 14,715,186 419,276 15,134,462 Less: reinsurance recoverable (3) (9,184,956) (6,395,483) (15,580,439) (7,636,570) 1,750 (7,634,820) Net liability for future policy benefits, net of reinsurance recoverables $ 8,138,775 $ 1,691,519 $ 9,830,294 $ 7,078,616 $ 421,026 $ 7,499,642 (1) Payout annuities generally only have a single premium received at contract inception. As a result, the liability for future policy benefits generally would not reflect a present value for future premiums for payout annuities. (2) “Other” consists of activity related to long-term care insurance, variable annuities, traditional life insurance, preneed insurance and fixed-rate annuity products. Mortality and morbidity risks associated with the long-term care insurance have been ceded to a third-party reinsurer. (3) Reinsurance recoverables associated with the liability for future policy benefits is net of the effect of changes in discount rate assumptions of $(141.4) million and $237.1 million for the three months ended March 31, 2024 and 2023, respectively. The following table summarizes the amount of gross premiums related to traditional and limited-payment contracts recognized in the consolidated statements of operations for the three months ended March 31, 2024 and 2023: Gross premiums Three Months Ended March 31, 2024 2023 Payout annuities $ 582,588 $ 492,727 Other 8,547,653 14,391 Total products $ 9,130,241 $ 507,118 The following table reflects the weighted-average duration and weighted-average interest rates of the future policy benefit liability as of March 31, 2024 and December 31, 2023: As of March 31, 2024 Payout annuities Other Weighted-average interest rates, original discount rate 3.44 % 4.85 % Weighted-average interest rates, current discount rate 5.22 % 5.29 % Weighted-average liability duration (years, current rates) 8.42 10.70 As of December 31, 2023 Payout annuities Other Weighted-average interest rates, original discount rate 3.37 % 2.57 % Weighted-average interest rates, current discount rate 4.95 % 4.95 % Weighted-average liability duration (years, current rates) 8.58 9.03 The following reflects the undiscounted ending balance of expected future gross premiums and expected future benefits and payments for traditional and limited-payment contracts, as of March 31, 2024 and December 31, 2023: As of March 31, 2024 Payout annuities Other Expected future benefit payments, undiscounted $ 29,845,573 $ 16,966,712 Expected future benefit payments, discounted (original discount rate) 20,258,230 9,511,997 Expected future benefit payments, discounted (current discount rate) 17,323,731 9,420,387 Expected future gross premiums, undiscounted — 1,880,510 Expected future gross premiums, discounted (original discount rate) — 1,447,508 Expected future gross premiums, discounted (current discount rate) — 1,398,867 As of December 31, 2023 Payout annuities Other Expected future benefit payments, undiscounted $ 29,164,580 $ 832,608 Expected future benefit payments, discounted (original discount rate) 19,899,423 689,760 Expected future benefit payments, discounted (current discount rate) 17,427,352 604,768 Expected future gross premiums, undiscounted — 377,693 Expected future gross premiums, discounted (original discount rate) — 317,710 Expected future gross premiums, discounted (current discount rate) — 262,653 Additional liability for annuitization, death, or other insurance benefits The following tables reflect the additional liability for annuitization, death, or other insurance benefits roll-forward for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Balance as of beginning of period $ 7,251,266 $ 5,104,810 Effect of changes in cash flow assumptions — — Effect of changes in experience (29,667) (21,177) Adjusted balance as of beginning of period 7,221,599 5,083,633 Issuances 6,079 5,684 Assessments 175,430 85,683 Benefits paid (136,605) (84,913) Interest 59,363 26,296 Balance as of end of period 7,325,866 5,116,383 Less: impact of unrealized investment gain and losses 112,509 117,958 Less: reinsurance recoverable, end of period 1,460,314 — Balance, end of year, net of reinsurance recoverable and impact of unrealized investment $ 5,753,043 $ 4,998,425 The additional liability for annuitization, death, or other insurance benefits relates primarily to secondary guarantees on certain interest-sensitive life products, and preneed insurance. The following reflects the amount of gross assessments recognized for the additional liability for annuitization, death, or other insurance benefits in the consolidated statements of operations for the three months ended March 31, 2024 and 2023: Gross assessments Three Months Ended March 31, 2024 2023 Total amount recognized within revenue in the consolidated statements of operations $ 168,504 $ 146,376 The following reflects the weighted average duration and weighted average interest rate for the additional liability for annuitization, death, or other insurance benefits as of March 31, 2024 and December 31, 2023: As of March 31, 2024 December 31, 2023 Weighted-average interest, current discount rate 3.27 % 3.09 % Weighted-average liability duration (years) 27.75 27.64 Market risk benefits The following table presents the balances of, and changes in, market risk benefits: Three months ended March 31, 2024 March 31, 2023 Fixed-indexed annuity Variable- and other annuities Total Fixed-indexed annuity Variable- and other annuities Total Balance as of beginning of period $ 868,268 $ 252,683 $ 1,120,951 $ 548,536 $ 120,322 $ 668,858 Balance as of beginning of period, before impact of changes in instrument-specific credit risk $ 790,616 $ 225,593 $ 1,016,209 $ 656,880 $ 150,633 $ 807,513 Issuances 3,408 (2) 3,406 (36) (9) (45) Interest 10,914 2,926 13,840 8,854 1,957 10,811 Attributed fees collected 24,660 21,874 46,534 24,143 21,095 45,238 Benefit payments (1,649) (1,807) (3,456) (802) (18) (820) Effect of changes in interest rates (68,282) (40,975) (109,257) 71,737 49,005 120,742 Effect of changes in equity markets (12,806) (42,848) (55,654) (3,822) (21,986) (25,808) Effect of actual experience different from assumptions 6,352 (5,001) 1,351 772 (12,676) (11,904) Balance as of end of period before impact of changes in instrument-specific credit risk 753,213 159,760 912,973 757,726 188,001 945,727 Effect of changes in instrument-specific credit risk 82,969 27,080 110,049 (146,505) (44,165) (190,670) Balance as of end of period 836,182 186,840 1,023,022 611,221 143,836 755,057 Less: reinsurance recoverable as of the end of the period — (12,820) (12,820) — (14,913) (14,913) Balance as of end of period, net of reinsurance recoverable $ 836,182 $ 174,020 $ 1,010,202 $ 611,221 $ 128,923 $ 740,144 Net amount at risk $ 4,356,548 $ 1,289,163 $ 5,645,711 $ 3,980,500 $ 1,277,299 $ 5,257,799 Weighted-average attained age of contract holders (years) 70 69 70 70 71 70 The following reflects the reconciliation of the market risk benefits reflected in the preceding table to the amounts reported in an asset and liability position, respectively, in the consolidated statements of financial condition as of March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 Asset Liability Net Asset Liability Net Fixed-indexed annuities $ 23 $ 836,205 $ (836,182) $ — $ 868,268 $ (868,268) Variable- and other annuities 8 186,848 (186,840) 17 252,700 (252,683) Total $ 31 $ 1,023,053 $ (1,023,022) $ 17 $ 1,120,968 $ (1,120,951) Separate account liabilities Separate account assets and liabilities consist of investment accounts established and maintained by Global Atlantic for certain variable annuity and interest-sensitive life insurance contracts. Some of these contracts include minimum guarantees such as GMDBs and GMWBs that guarantee a minimum payment to the policyholder. The assets that support these variable annuity and interest-sensitive life insurance contracts are measured at fair value and are reported as separate account assets on the consolidated statements of financial condition. An equivalent amount is reported as separate account liabilities. Market risk benefit assets and liabilities for minimum guarantees are valued and presented separately from separate account assets and separate account liabilities. For more information on market risk benefits see “—Market risk benefits” in this footnote. Policy charges assessed against the policyholders for mortality, administration and other services are included in “Policy fees” in the consolidated statements of operations. The following table presents the balances of and changes in separate account liabilities: March 31, 2024 March 31, 2023 Variable annuities Interest-sensitive life Total Variable annuities Interest-sensitive life Total Balance as of beginning of period $ 3,565,029 $ 541,971 $ 4,107,000 $ 3,627,769 $ 503,025 $ 4,130,794 Premiums and deposits 6,519 3,444 9,963 10,655 3,581 14,236 Surrenders, withdrawals and benefit payments (134,786) (5,223) (140,009) (108,408) (3,716) (112,124) Investment performance 241,056 44,942 285,998 141,071 31,944 173,015 Other (28,267) (11,512) (39,779) (29,652) (11,466) (41,118) Balance as of end of period $ 3,649,551 $ 573,622 $ 4,223,173 $ 3,641,435 $ 523,368 $ 4,164,803 Cash surrender value as of end of period (1) $ 3,649,551 $ 573,622 $ 4,223,173 $ 3,641,435 $ 523,368 $ 4,164,803 (1) Cash surrender value attributed to the separate accounts does not reflect the impact of surrender charges; surrender charges are attributed to policyholder account balances recorded in the general account. The following table presents the aggregate fair value of assets, by major investment asset type, supporting separate accounts: March 31, 2024 December 31, 2023 Asset type: Managed volatility equity/fixed income blended fund $ 2,152,615 $ 2,131,149 Equity 1,688,119 1,596,467 Fixed income 149,305 152,398 Money market 232,510 226,387 Alternative 624 599 Total assets supporting separate account liabilities $ 4,223,173 $ 4,107,000 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES KKR & Co. Inc. is a domestic corporation for U.S. federal income tax purposes and is subject to U.S. federal, state and local income taxes at the entity level on its share of taxable income. In addition, KKR Group Partnership and certain of its subsidiaries operate as partnerships for U.S. federal tax purposes but as taxable entities for certain state, local or non-U.S. tax purposes. Moreover, certain corporate subsidiaries of KKR, including certain subsidiaries of Global Atlantic, are domestic corporations for U.S. federal income tax purposes and are subject to U.S. federal, state, and local income taxes. Income taxes reported in these consolidated financial statements include the taxes described in this paragraph. For the three months ended March 31, 2024 and 2023, the effective tax rates were 19.7% and 36.4%, respectively. The effective tax rate differs from the statutory rate primarily due to the portion of the reported net income (loss) before taxes not being attributable to KKR but rather being attributable to (i) third-party limited partner interests in consolidated investment funds and (ii) exchangeable securities representing ownership interests in KKR Group Partnership until they are exchanged for common stock of KKR & Co. Inc. In 2022, changes in market conditions, including rapidly rising interest rates, impacted the unrealized tax gains and losses in the available for sale securities portfolios of Global Atlantic, resulting in deferred tax assets related to net unrealized tax capital losses for which the carryforward period has not yet begun. As such, when assessing recoverability, Global Atlantic considered its ability and intent to hold the underlying securities to recovery. Global Atlantic concluded that a valuation allowance should be established on a portion of the deferred tax assets related to unrealized tax capital losses that are not more-likely-than-not to be realized, which represents the portion of the portfolio Global Atlantic estimates it would not be able to hold to recovery. As of March 31, 2024, Global Atlantic maintained $89.3 million of valuation allowance associated with the unrealized tax capital losses in the available for sale securities portfolio. The establishment of the valuation allowance was recorded in other comprehensive income. Based on available evidence and various assumptions as to the timing of income, KKR believes it is likely that all other deferred tax assets will be realized. There was no change in the valuation allowance recorded as of March 31, 2024. During the three months ended March 31, 2024, there were no material changes to KKR's uncertain tax positions and KKR believes there will not be a significant increase or decrease to these uncertain tax positions within 12 months of the reporting date. On August 16, 2022, the Inflation Reduction Act (the “IRA”) was signed into law. The IRA enacted a new 15% corporate alternative minimum tax ("CAMT") on the "adjusted financial statement income" of certain large corporations, which became effective on January 1, 2023. In addition, the IRA enacted a 1% excise tax on corporate stock repurchases completed after December 31, 2022. KKR reviewed the impact and concluded there was no impact on income taxes for the three months ended March 31, 2024 and will continue to review and monitor the issuance of additional guidance from the U.S. Treasury and the U.S. Internal Revenue Service. On December 20, 2021, the OECD released Pillar Two Model Rules, which contemplate a global 15% minimum tax rate. The OECD continues to release additional guidance, including administrative guidance on interpretation and application of Pillar Two, and many countries are passing legislation to comply with Pillar Two. The changes contemplated by Pillar Two, when enacted by various countries in which we do business, may increase our taxes in such countries. Based on the available legislation, KKR concluded there was no material impact on income taxes with respect to Pillar Two for the three months ended March 31, 2024. KKR will continue to evaluate the potential future impacts of Pillar Two and will continue to review and monitor the issuance of additional guidance. |
EQUITY-BASED COMPENSATION
EQUITY-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
EQUITY-BASED COMPENSATION | EQUITY-BASED COMPENSATION The following table summarizes the expense associated with equity-based compensation in connection with KKR equity incentive awards and incentive awards under the Global Atlantic Financial Company Book Value Award Plan ("GA Book Value Plan") and the Global Atlantic Senior Management Equity Incentive Plan ("GA Equity Incentive Plan") for the three months ended March 31, 2024 and 2023, respectively. Three Months Ended March 31, 2024 2023 Asset Management $ 154,345 $ 126,290 Insurance 29,066 57,047 Total $ 183,411 $ 183,337 KKR Equity Incentive Awards Under KKR's Equity Incentive Plans, KKR is permitted to grant equity awards representing ownership interests in KKR & Co. Inc. common stock. On March 29, 2019, the 2019 Equity Incentive Plan became effective. Following the effectiveness of the 2019 Equity Incentive Plan, KKR no longer makes further grants under the 2010 Equity Incentive Plan, and the 2019 Equity Incentive Plan became KKR's only plan for providing new equity awards by KKR & Co. Inc. Outstanding awards under the 2010 Equity Incentive Plan will remain outstanding, unchanged and subject to the terms of the 2010 Equity Incentive Plan and their respective equity award agreements, until the vesting, expiration or lapse of such awards in accordance with their terms. The total number of equity awards representing shares of common stock that may be issued under the 2019 Equity Incentive Plan is equivalent to 15% of the aggregate number of the shares of common stock and KKR Group Partnership Units (excluding KKR Group Partnership Units held by KKR & Co. Inc. or its wholly-owned subsidiaries), subject to annual adjustment. As of March 31, 2024, 48,896,121 shares may be issued under the 2019 Equity Incentive Plan. KKR has also issued equity grants in the form of restricted holdings units through KKR Holdings III L.P. ("KKR Holdings III"), which are not issued under the 2019 Equity Incentive Plan and are currently held by certain Global Atlantic employees. Equity awards granted generally consist of (i) restricted stock units that convert into shares of common stock of KKR & Co. Inc. (or cash equivalent) upon vesting and (ii) restricted holdings units that are exchangeable into shares of common stock of KKR & Co. Inc. upon vesting and certain other conditions, including those described below. Service-Vesting Awards KKR grants restricted stock units and restricted holdings units that are subject to service-based vesting, typically over a three Expense associated with the vesting of these Service-Vesting Awards is based on the closing price of KKR & Co. Inc. common stock on the date of grant, discounted for the lack of participation rights in the expected dividends on unvested equity awards. Expense is recognized on a straight line basis over the life of the award and assumes a forfeiture rate of up to 7% annually based upon expected turnover by class of recipient. As of March 31, 2024, there was approximately $981 million of total estimated unrecognized expense related to unvested Service-Vesting Awards, which is expected to be recognized over the weighted average remaining requisite service period of 2.4 years. A summary of the status of unvested Service-Vesting Awards granted from January 1, 2024 through March 31, 2024 is presented below: Shares (1) Weighted Balance, January 1, 2024 23,228,671 $ 53.22 Granted 4,098,787 76.73 Vested (932,297) 74.09 Forfeitures (284,320) 55.77 Balance, March 31, 2024 26,110,841 $ 56.14 (1) Unvested Service-Vesting Awards include restricted stock units and restricted holdings units granted to Global Atlantic employees. Market Condition Awards KKR also grants restricted stock units and restricted holdings units that are subject to both a service-based vesting condition and a market price based vesting condition (referred to hereafter as "Market Condition Awards"). The following is a discussion of the Market Condition Awards, excluding the Co-CEO Awards (as defined and discussed below). The number of Market Condition Awards (other than the Co-CEO awards) that will vest depend upon (i) the market price of KKR common stock reaching certain price targets that range from $45.00 to $140.00 and (ii) the employee being employed by KKR on a certain date, which typically ranges from five Due to the existence of the service requirement, the vesting period for these Market Condition Awards (other than the Co-CEO awards) is explicit, and as such, compensation expense will be recognized on (i) a straight-line basis over the period from the date of grant through the date the award recipient is required to be employed by KKR and (ii) assumes a forfeiture rate of up to 7% annually based upon expected turnover. The fair value of the awards granted are based on a Monte Carlo simulation valuation model. In addition, the grant date fair value assumes that holders of the Market Condition Awards will not participate in dividends until such awards have met all of their vesting requirements. Below is a summary of the grant date fair value based on the Monte Carlo simulation valuation model and the significant assumptions used to estimate the grant date fair value of these Market Condition Awards: Weighted Range Grant Date Fair Value $30.57 $19.87 - $66.80 Closing KKR share price as of valuation date $51.60 $37.93 - $82.85 Risk Free Rate 2.21% 0.41% - 4.41% Volatility 30.04% 28.00% - 38.00% Dividend Yield 1.27% 0.71% - 1.53% Expected Cost of Equity 10.74% 9.13% - 11.80% As of March 31, 2024, there was approximately $685 million of total estimated unrecognized expense related to these unvested Market Condition Awards, which is expected to be recognized over the weighted average remaining requisite service period of 3.4 years. A summary of the status of unvested Market Condition Awards granted from January 1, 2024 through March 31, 2024 is presented below: Shares (1) Weighted Balance, January 1, 2024 36,497,589 $ 29.59 Granted 2,278,830 58.59 Vested (170,000) 21.29 Forfeitures (280,452) 23.67 Balance, March 31, 2024 38,325,967 $ 31.39 (1) Unvested Market Condition Awards include restricted holdings units granted to Global Atlantic employees. As of March 31, 2024, 24.1 million units of these Market Condition awards have met their market price based vesting condition. Co-CEO Awards On December 9, 2021, the Board of Directors approved grants of 7.5 million restricted holdings units to each of KKR’s Co-Chief Executive Officers that are subject to both a service-based vesting condition and a market price based vesting condition (referred to hereafter as "Co-CEOs Awards"). For both Co-Chief Executive Officers, 20% of the Co-CEOs Awards are eligible to vest at each of the following KKR common stock prices targets: $95.80, $105.80, $115.80, $125.80 and $135.80. The market price based vesting condition is met when the average closing price of KKR common stock during 20 consecutive trading days meets or exceeds the stock price targets. In addition to the market price based vesting conditions, in order for the award to vest, the Co-Chief Executive Officer is required to be employed by KKR on December 31, 2026 (with exceptions for involuntary termination without cause, death and permanent disability). These awards will be automatically canceled and forfeited upon the earlier of a Co-Chief Executive Officer’s termination of service (except for involuntary termination without cause, death or permanent disability) or the failure to meet the market price based vesting condition by December 31, 2028 (for which continued service is required if the market price vesting condition is met after December 31, 2026). Co-CEO Awards do not participate in dividends until such awards have met both their service-based and market price based vesting requirements. Additionally, these awards are subject to additional transfer restrictions and minimum retained ownership requirements after vesting. Due to the existence of the service requirement, the vesting period for these Co-CEO Awards is explicit, and as such, compensation expense will be recognized on a straight-line basis over the period from the date of grant through December 31, 2026 given the derived service period is less than the explicit service period. The fair value of the awards granted are based on a Monte Carlo simulation valuation model. In addition, the grant date fair value assumes that these Co-CEO Awards will not participate in dividends until such awards have met all of their vesting requirements. Below is a summary of the grant date fair value based on the Monte Carlo simulation valuation model and the significant assumptions used to estimate the grant date fair value of these Co-CEO Awards: Grant Date Fair Value $48.91 Closing KKR share price as of valuation date $75.76 Risk Free Rate 1.42 % Volatility 28.0 % Dividend Yield 0.77 % Expected Cost of Equity 9.36 % As of March 31, 2024, there was approximately $399 million of total estimated unrecognized expense related to these unvested Co-CEO Awards, which is expected to be recognized ratably from April 1, 2024 to December 31, 2026. As of March 31, 2024, 3.0 million units of these Co-CEO awards have met their market price based vesting condition. Modification and Replacement of Book Value Awards - Insurance On February 1, 2021, Global Atlantic adopted the GA Book Value Plan to enhance the ability of Global Atlantic to attract, motivate and retain its employees and to promote the success of the Global Atlantic business. The GA Book Value Plan authorized the grant of cash-settled awards ("book value awards," or "BVAs") representing the right to receive one or more payments upon vesting equal to the product of an initial dollar value set by the award multiplied by a pre-determined formula as of each applicable vesting date. The predetermined formula is equal to the quotient determined by dividing the book value of one share of TGAFG on the applicable vesting date by the book value of a share on the original grant date, subject to adjustments. Book value awards generally vested in three equal, annual installments, subject to continued employment. BVAs were accounted for as profit sharing arrangements in accordance with ASC 710. On January 2, 2024, KKR replaced the BVAs with approximately 1.9 million of Service-Vesting Awards granted pursuant to our 2019 Equity Incentive Plan, which are accounted for as equity classified awards in scope of ASC 718. As such, this modification resulted in (i) a change in scope from ASC 710 to ASC 718, (ii) a change in classification from liability to equity and (iii) a corresponding reclassification of $77 million from Accrued Expenses and Other Liabilities to Additional Paid-In Capital in the consolidated statement of financial condition. Accordingly, these awards will no longer be remeasured to fair value after the modification date. No incremental expense recognition was required upon the modification of the BVAs, because no incremental value was transferred to the employees. The service and vesting conditions of the Service-Vesting Awards mirror those of the BVAs. Modification and Replacement of GA Equity Incentive Plan Awards - Insurance On June 24, 2021, Global Atlantic issued 1,000 non-voting incentive shares to a Bermuda exempted partnership owned by certain Global Atlantic employees, who are eligible to receive incentive units under the GA Equity Incentive Plan. These incentive units represented an interest in the receipt of certain amounts based on Global Atlantic's book value, market value, and AUM, in each case as derived in part from the value of TGAFG’s fully-diluted equity shares. The GA Equity Incentive Plan awards were accounted for as a hybrid compensation plan, consisting of one component most closely aligned with a profit-sharing plan under ASC 710, Compensation - General, as well as other components within scope of ASC 718, Compensation - Stock Compensation, in all cases with obligations liability-classified. Accordingly, with regard to awards within scope of ASC 710, Global Atlantic recorded expense based on payouts deemed to be probable and reasonably estimable based on the book value growth of Global Atlantic at the grant date and at each reporting period. For award components subject to liability-classification under ASC 718, Global Atlantic recorded expense, net of a 0% estimated forfeiture rate, based on the fair value of awards granted, with periodic adjustments to expense for changes in fair value, over the requisite 5-year service period. On January 2, 2024, KKR replaced the GA Equity Incentive Plan awards with (i) 1.3 million of Service-Vesting Awards with a remaining vesting period of approximately 2 years and approximately 0.9 million of Market Condition Awards, both of which are accounted for as equity classified awards in scope of ASC 718, and (ii) approximately $54 million in vested KKR Holdings III restricted holdings units. As such, this modification resulted in (i) a change in scope from ASC 710 to ASC 718 for a portion of the award, (ii) a change in classification from liability to equity and (iii) a corresponding reclassification of $149 million from Accrued Expenses and Other Liabilities to Additional Paid-In Capital in the consolidated statement of financial condition. No incremental expense recognition was required upon the modification of the GA Equity Incentive Plan awards, because no incremental value was transferred to the employees. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Due from Affiliates consists of: March 31, 2024 December 31, 2023 Amounts due from unconsolidated investment funds $ 1,214,045 $ 1,229,308 Amounts due from portfolio companies 235,349 217,544 Due from Affiliates $ 1,449,394 $ 1,446,852 Due to Affiliates consists of: March 31, 2024 December 31, 2023 Amounts due to current and former employees under the tax receivable agreement $ 381,076 $ 406,730 Amounts due to unconsolidated investment funds 62,143 131,369 Due to Affiliates $ 443,219 $ 538,099 |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING KKR operates through three reportable segments which are presented below and reflect how its chief operating decision-makers allocate resources and assess performance: • Asset Management - The asset management business offers a broad range of investment management services to investment funds, vehicles and accounts (including Global Atlantic and the Strategic Holdings segment) and provides capital markets services to portfolio companies and third parties. This reportable segment also reflects how its business lines operate collaboratively with predominantly a single expense pool. • Insurance - The insurance business is operated by Global Atlantic, which is a leading U.S. retirement and life insurance company that provides a broad suite of protection, legacy and savings products and reinsurance solutions to clients across individual and institutional markets. Global Atlantic primarily generates income by earning a spread between its investment income and the cost of policyholder benefits. • Strategic Holdings - The strategic holdings business initially represents KKR's participation in the core private equity strategy, which was previously presented in the Asset Management segment’s Principal Activities business line. This segment primarily generates income from dividends from these businesses. Dividends are presented net of management fees paid to our Asset Management segment. If KKR were to sell a portion or all of a business reported in Strategic Holdings, the realized gain or loss would be presented as realized investment income reduced by the performance fee paid to our Asset Management segment. KKR’s segment profitability measure used to make operating decisions and assess performance across KKR’s reportable segments is presented prior to giving effect to the allocation of income (loss) among KKR & Co. Inc. and holders of any exchangeable securities, and the consolidation of the investment funds, vehicles and accounts that KKR advises, manages or sponsors (including CFEs). KKR's segment profitability measure excludes: (i) equity-based compensation charges, (ii) amortization of acquired intangibles, (iii) strategic corporate related charges and (iv) non-recurring items, if any. Strategic corporate related items arise from corporate actions and consist primarily of (i) impairments, (ii) transaction costs from strategic acquisitions, and (iii) depreciation on real estate that KKR owns and occupies. Inter-segment transactions are not eliminated from segment results when management considers those transactions in assessing the results of the respective segments. These transactions include (i) management fees earned by the Asset Management segment as the investment adviser for Global Atlantic insurance companies, (ii) management and performance fees earned by the Asset Management segment from the Strategic Holdings segment, and (iii) interest income and expense based on lending arrangements where the Asset Management segment borrows from the Insurance segment. All these inter-segment transactions are recorded by each segment based on the applicable governing agreements. Total Segment Earnings represents the total segment earnings of KKR’s Asset Management, Insurance and Strategic Holdings segments: • Asset Management Segment Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Asset Management segment. This measure is presented before income taxes and is comprised of: (i) Fee Related Earnings, (ii) Realized Performance Income, (iii) Realized Performance Income Compensation, (iv) Realized Investment Income, and (v) Realized Investment Income Compensation. The non-operating adjustments made to derive Asset Management Segment Earnings excludes the impact of: (i) unrealized gains (losses) on investments, (ii) unrealized carried interest, and (iii) unrealized carried interest compensation. Management fees earned by KKR as the adviser, manager or sponsor for its investment funds, vehicles and accounts, including its Global Atlantic insurance companies and Strategic Holdings segment, are included in Asset Management Segment Earnings. • Insurance Operating Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Insurance segment. This measure is presented before income taxes and is comprised of: (i) Net Investment Income, (ii) Net Cost of Insurance, and (iii) General, Administrative, and Other Expenses. The non-operating adjustments made to derive Insurance Operating Earnings excludes the impact of: (i) investment gains (losses) which include realized gains (losses) related to asset/liability matching investment strategies and unrealized investment gains (losses) and (ii) non-operating changes in policy liabilities and derivatives which includes (a) changes in the fair value of market risk benefits and other policy liabilities measured at fair value and related benefit payments, (b) fees attributed to guaranteed benefits, (c) derivatives used to manage the risks associated with policy liabilities, and (d) losses at contract issuance on payout annuities. Insurance Operating Earnings includes (i) realized gains and losses not related to asset/liability matching investment strategies and (ii) the investment management costs that are earned by our Asset Management segment as the investment adviser of the Global Atlantic insurance companies. • Strategic Holdings Segment Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Strategic Holdings segment. This measure is presented before income taxes and is comprised of: Dividends, Net and Net Realized Investment Income. The non-operating adjustment made to derive Strategic Holdings Segment Earnings excludes the impact of unrealized gains (losses) on investments. Strategic Holdings Segment Earnings includes management fees and performance fee expenses that are earned by the Asset Management segment. Modification of Segment Information In connection with building and scaling of the core private equity strategy on KKR’s balance sheet and the acquisition of the remaining minority equity interests in Global Atlantic on January 2, 2024, KKR reevaluated the manner in which it makes operational and resource deployment decisions and assesses the overall performance of KKR's business. Effective with the first quarter of 2024, KKR has made changes with respect to the preparation of the reports used by KKR's chief operating decision makers. As a result, KKR has modified the presentation of its segment financial information with retrospective application to all prior periods presented. The most significant changes between KKR's current segment presentation and its previous segment presentation reported prior to the first quarter of 2024, are as follows: • Creating a new business segment, Strategic Holdings - The new segment is currently comprised of KKR’s participation in its core private equity strategy. Our participation in the core private equity strategy has scaled into a business KKR now evaluates separately from its Asset Management segment. Additionally, KKR may also acquire other long-term assets that are not part of the core private equity strategy for this segment. As of the first quarter of 2024, KKR’s participation in its core private equity strategy will no longer be reported as part of the Asset Management segment. The Asset Management segment continues to represent KKR's business separate from its insurance operations and continues to reflect how the chief operating decision makers allocate resources and assess performance in the asset management business, which includes operating collaboratively across its business lines, with predominantly a single expense pool. Effective as of the first quarter of 2024, the results of our Strategic Holdings segment will include a management fee and performance fee that is paid to our Asset Management segment for providing advisory services rather than allocating the costs borne by our Asset Management segment to support our Strategic Holdings segment. The historical amounts presented herein do not include any management or performance fees that will be charged since the governing agreement was not in place prior to the first quarter of 2024. • Segment Earnings - Segment Earnings is the performance measure for KKR's segment profitability and is used by management in making operational decisions and to assess performance. Segment Presentation The following tables set forth information regarding KKR's segment results: Three Months Ended March 31, 2024 2023 Asset Management Management Fees (1)(2) $ 815,327 $ 738,156 Transaction and Monitoring Fees, Net 152,084 142,179 Fee Related Performance Revenues 19,101 21,741 Fee Related Compensation (172,640) (203,094) Other Operating Expenses (145,131) (150,404) Fee Related Earnings 668,741 548,578 Realized Performance Income 271,545 175,398 Realized Performance Income Compensation (193,547) (114,009) Realized Investment Income (3) 134,753 194,834 Realized Investment Income Compensation (20,211) (29,714) Asset Management Segment Earnings $ 861,281 $ 775,087 Insurance Net Investment Income (1) (3) $ 1,486,419 $ 1,271,255 Net Cost of Insurance (1,003,327) (750,612) General, Administrative and Other (210,252) (196,714) Pre-tax Operating Earnings 272,840 323,929 Pre-tax Operating Earnings Attributable to Noncontrolling Interests — (118,817) Insurance Segment Earnings $ 272,840 $ 205,112 Strategic Holdings Dividends, Net (2) $ 20,720 $ — Strategic Holdings Operating Earnings 20,720 — Net Realized Investment Income — — Strategic Holdings Segment Earnings $ 20,720 $ — Total Segment Earnings $ 1,154,841 $ 980,199 (1) Includes intersegment management fees of $112.4 million and $108.3 million between Asset Management and Insurance segments for the three months ended March 31, 2024 and 2023, respectively. (2) Includes intersegment management fees of $7.5 million between the Asset Management and the Strategic Holdings segments for the three months ended March 31, 2024. (3) Includes intersegment interest expense of $3.2 million and $44.8 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 2023 Segment Assets: Asset Management $ 24,726,206 $ 24,960,722 Insurance 230,645,894 174,831,730 Strategic Holdings 6,840,505 5,700,661 Total Segment Assets $ 262,212,605 $ 205,493,113 Three Months Ended March 31, Non-cash expenses excluded from Segment Earnings 2024 2023 Equity Based Compensation and Other Asset Management $ 154,345 $ 126,290 Insurance (1) 29,066 36,393 Total Non-cash expenses $ 183,411 $ 162,683 (1) Amounts include the portion allocable to KKR & Co. Inc. Reconciliations of Total Segment Amounts The following tables reconcile Segment Revenues, Segment Earnings, and Segment Assets to their equivalent GAAP measure: Three Months Ended March 31, 2024 2023 Total GAAP Revenues $ 9,656,738 $ 3,127,482 Impact of Consolidation and Other 283,823 209,778 Asset Management Adjustments: Capital Allocation-Based Income (Loss) (GAAP) (1,262,942) (449,018) Realized Carried Interest 250,268 172,689 Realized Investment Income - Asset Management 134,753 194,834 Capstone Fees (18,514) (19,805) Expense Reimbursements (8,093) (15,544) Strategic Holdings Adjustments: Strategic Holdings Segment Management Fees 7,484 — Insurance Adjustments: Net Premiums (6,036,522) (473,624) Policy Fees (328,947) (313,802) Other Income (56,385) (37,158) (Gains) Losses from Investments (1) 258,483 260,507 Non-operating Changes in Policy Liabilities and Derivatives 19,803 (112,776) Total Segment Revenues (2) $ 2,899,949 $ 2,543,563 (1) Includes gains and losses on funds withheld receivables and payables embedded derivatives. (2) Total Segment Revenues is comprised of (i) Management Fees, (ii) Transaction and Monitoring Fees, Net, (iii) Fee Related Performance Revenues, (iv) Realized Performance Income, (v) Realized Investment Income, (vi) Net Investment Income and (vii) Dividends, Net. Three Months Ended March 31, 2024 2023 Income (Loss) Before Tax (GAAP) $ 1,363,051 $ 408,435 Impact of Consolidation and Other (189,596) 99,137 Interest Expense, Net 72,807 82,240 Asset Management Adjustments: Unrealized (Gains) Losses (399,078) 119,934 Unrealized Carried Interest (946,816) (202,659) Unrealized Carried Interest Compensation 757,452 83,830 Strategic Corporate Related Charges and Other 61,675 6,807 Equity-based compensation 73,777 59,017 Equity-based compensation - Performance based 80,568 67,273 Strategic Holdings Adjustments: Unrealized (Gains) Losses (73,257) (20,607) Insurance Adjustments: (1) (Gains) Losses from Investments (1)(2) 246,917 131,114 Non-operating Changes in Policy Liabilities and Derivatives (1) 73,863 106,491 Equity-based and Other Compensation (1) 29,066 36,393 Amortization of Acquired Intangibles (1) 4,412 2,794 Total Segment Earnings $ 1,154,841 $ 980,199 (1) Amounts represent the portion allocable to KKR & Co. Inc. (2) Includes gains and losses on funds withheld receivables and payables embedded derivatives. As of March 31, 2024 March 31, 2023 Total GAAP Assets $ 339,773,927 $ 282,610,589 Impact of Consolidation and Reclassifications (74,048,864) (75,160,372) Carry Pool Reclassifications (3,512,458) (1,957,104) Total Segment Assets $ 262,212,605 $ 205,493,113 |
EQUITY
EQUITY | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
EQUITY | EQUITY Stockholders' Equity Common Stock The common stock of KKR & Co. Inc. is entitled to vote as provided by its certificate of incorporation, Delaware General Corporation Law and the rules of the New York Stock Exchange ("NYSE"). Subject to preferences that apply to any shares of preferred stock outstanding at the time on which dividends are payable, the holders of common stock are entitled to receive dividends out of funds legally available if the Board of Directors, in its discretion, determines to declare dividends and then only at the times and in the amounts that the Board of Directors may determine. The common stock is not entitled to preemptive rights and is not subject to conversion, redemption or sinking fund provisions. Series I Preferred Stock Except for any distribution required by Delaware law to be made upon a dissolution event, the holders of Series I preferred stock do not have any economic rights to receive dividends. Series I preferred stock is entitled to vote on various matters that may be submitted to vote of the stockholders and the other matters as set forth in the certificate of incorporation. Upon a dissolution event, each holder of Series I preferred stock will be entitled to a payment equal to $0.01 per share of Series I preferred stock. The Series I preferred stock will be eliminated on the Sunset Date (as defined in Note 1 "Organization"), which is scheduled to occur not later than December 31, 2026. Share Repurchase Program The repurchase program does not have an expiration date. Under KKR's repurchase program, shares of common stock of KKR & Co. Inc. may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing, manner, price and amount of any repurchases will be determined by KKR in its discretion and will depend on a variety of factors, including legal requirements, price and economic and market conditions. In addition to the repurchases of common stock, the repurchase program will be used for the retirement (by cash settlement or the payment of tax withholding amounts upon net settlement) of equity awards granted pursuant to our Equity Incentive Plans representing the right to receive common stock. KKR expects that the program, which has no expiration date, will be in effect until the maximum approved dollar amount has been used. The program does not require KKR to repurchase or retire any specific number of shares of common stock or equity awards, respectively, and the program may be suspended, extended, modified or discontinued at any time. As of April 26, 2024, there was approximately $101 million remaining under the program. Subsequent to March 31, 2024, the share repurchase program has been amended such that when the remaining available amount under the share repurchase program becomes $50 million or less, the total available amount under the share repurchase program will automatically add an additional $500 million to the then remaining available amount of $50 million or less. For the three months ended March 31, 2024 and 2023, no shares of common stock were repurchased, and no equity awards were retired under the repurchase program. Change in KKR & Co. Inc.'s Ownership Interest Vesting of restricted holdings units results in a change in ownership in KKR Group Partnership L.P., while KKR retains a controlling interest, and is accounted for as an equity transaction between the controlling and noncontrolling interests. Noncontrolling Interests Noncontrolling interests in consolidated entities represent the non-redeemable ownership interests in KKR that are held primarily by: (i) third party fund investors in KKR's consolidated funds and certain other entities; (ii) third parties in KKR's Capital Markets business line; (iii) certain current and former employees who hold exchangeable securities; and (iv) certain third-party investors in Global Atlantic's consolidated renewable energy entities and certain other entities. The following table presents total noncontrolling interests: For the Three Months Ended March 31, 2024 2023 Beginning of Period (as previously reported for the prior period) $ 34,904,791 $ 35,778,000 Adoption of New Accounting Standard (See Note 2) — 632,858 Balance at the beginning of the period (as revised for the prior period) 34,904,791 36,410,858 Net Income (Loss) Attributable to Noncontrolling Interests 378,958 (73,003) Other Comprehensive Income (Loss), net of tax (1,480) 367,188 Compensation Modification - Issuance of Holdings III Units (See Note 19) 53,623 — Equity-Based Compensation (Non Cash Contribution) 103,907 76,596 2024 GA Acquisition - Cash consideration (See Note 1) (2,622,230) — 2024 GA Acquisition - Issuance of Holdings III Units (See Note 1) 40,789 — Change in KKR & Co. Inc.'s Ownership - 2024 GA Acquisition 2,169,300 — Change in KKR & Co. Inc.'s Ownership Interest (165,230) — Capital Contributions 1,438,202 2,468,778 Capital Distributions (1,732,066) (1,840,303) Changes in Consolidation — (93,545) Balance at the end of the period $ 34,568,564 $ 37,316,569 |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTERESTS | 3 Months Ended |
Mar. 31, 2024 | |
Noncontrolling Interest [Abstract] | |
REDEEMABLE NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS Redeemable noncontrolling interests represent: (i) Noncontrolling interests of certain KKR investment funds and vehicles that are subject to periodic redemption by fund investors following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be otherwise withdrawn. Consolidated fund investor's interests subject to redemption as described above are presented as Redeemable Noncontrolling Interests in the accompanying consolidated statements of financial condition and presented as Net Income (Loss) Attributable to Redeemable Noncontrolling Interests in the accompanying consolidated statements of operations. When redeemable amounts become legally payable to fund investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the accompanying consolidated statements of financial condition. (ii) Global Atlantic has redeemable noncontrolling interests related to renewable energy entities of approximately $47.0 million and $47.8 million as of March 31, 2024 and December 31, 2023, respectively, as determined by the hypothetical liquidation at book value ("HLBV") method. The estimated redemption value of redeemable noncontrolling interests is calculated as the discounted cash flows subsequent to the expected flip date of the respective renewable energy entity. The flip date represents the date at which the allocation of income and cash flows among the investors in the entity is adjusted, pursuant to the redeemable noncontrolling interest investors having achieved an agreed-upon return. The flip date of renewable energy partnerships determines when the redeemable noncontrolling interests are eligible to be redeemed. Eligible redemption dates range from January 1, 2028 to June 30, 2028. For the redeemable noncontrolling interests outstanding as of both March 31, 2024 and December 31, 2023, the estimated redemption value that would be due at the respective redemption dates is $3.2 million. The following table presents the calculation of Redeemable Noncontrolling Interests: Three Months Ended March 31, 2024 2023 Balance at the beginning of the period $ 615,427 $ 152,065 Net Income (Loss) Attributable to Redeemable Noncontrolling Interests 32,678 (7,303) Capital Contributions 282,253 — Capital Distributions (8,265) (636) Balance at the end of the period $ 922,093 $ 144,126 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Funding Commitments and Others As of March 31, 2024, KKR had unfunded commitments consisting of $7.9 billion to its investment funds and vehicles. KKR has also agreed for certain of its investment vehicles to fund or otherwise be liable for a portion of their investment losses (up to a maximum of approximately $61.1 million) and/or to provide them with liquidity upon certain termination events (the maximum amount of which is unknown until the scheduled termination date of the investment vehicle). In addition to these uncalled commitments and funding obligations to KKR's investment funds and vehicles, KKR has entered into contractual commitments primarily with respect to underwriting transactions, debt financing, revolving credit facilities, and syndications in KKR's Capital Markets business line. As of March 31, 2024, these commitments amounted to $504.0 million. Whether these amounts are actually funded, in whole or in part, depends on the contractual terms of such commitments, including the satisfaction or waiver of any conditions to closing or funding. KKR's capital markets business has arrangements with third parties, which reduce its risk when underwriting certain debt transactions, and thus our unfunded commitments as of March 31, 2024 have been reduced to reflect the amount to be funded by such third parties. As of March 31, 2024, KKR's capital markets business line has entered into such arrangements representing a total notional amount of $4.5 billion. In the case of purchases of investments or assets in our Principal Activities business line, the amount to be funded includes amounts that are intended to be syndicated to third parties, and the actual amounts to be funded may be less. Global Atlantic has commitments to purchase or fund investments of $3.8 billion as of March 31, 2024. These commitments include those related to mortgage loans, other lending facilities and other investments. For those commitments that represent a contractual obligation to extend credit, Global Atlantic has recorded a liability of $54.0 million for current expected credit losses as of March 31, 2024. In addition, Global Atlantic has entered into certain forward flow agreements to purchase loans. Global Atlantic's obligations under these agreements are subject to change, curtailment, and cancellation based on various provisions including repricing mechanics, due diligence reviews, and performance or pool quality, among other factors. Non-cancelable Operating Leases KKR's non-cancelable operating leases consist of leases of office space around the world. There are no material rent holidays, contingent rent, rent concessions or leasehold improvement incentives associated with any of these property leases. In addition to base rentals, certain lease agreements are subject to escalation provisions and rent expense is recognized on a straight‑line basis over the term of the lease agreement. Global Atlantic also enters into land leases for its consolidated investments in renewable energy. Contingent Repayment Guarantees The partnership documents governing KKR's carry-paying investment funds and vehicles generally include a "clawback" provision that, if triggered, may give rise to a contingent obligation requiring the general partner to return amounts to the fund for distribution to the fund investors at the end of the life of the fund. Under a clawback obligation, upon the liquidation of a fund, the general partner is required to return, typically on an after-tax basis, previously distributed carry to the extent that, due to the diminished performance of later investments, the aggregate amount of carry distributions received by the general partner during the term of the fund exceed the amount to which the general partner was ultimately entitled, including the effects of any performance thresholds. KKR has guaranteed its general partners' clawback obligations. As of March 31, 2024, approximately $550 million of carried interest was subject to this clawback obligation, assuming that all applicable carry-paying funds and their alternative investment vehicles were liquidated at their March 31, 2024 fair values. Although KKR would be required to remit the entire amount to fund investors that are entitled to receive the clawback payment, KKR would be entitled to seek reimbursement of approximately $223 million of that amount from Associates Holdings, which is not a KKR subsidiary. As of March 31, 2024, Associates Holdings had access to cash reserves sufficient to reimburse the full $223 million that would be due to KKR. If the investments in all carry-paying funds were to be liquidated at zero value, the clawback obligation would have been approximately $3.7 billion, and KKR would be entitled to seek reimbursement of approximately $1.6 billion of that amount from Associates Holdings. KKR will acquire control of Associates Holdings when a subsidiary of KKR becomes its general partner upon the closing of the transactions contemplated to occur on the Sunset Date (as defined in Note 1 "Organization"), which will occur not later than December 31, 2026. Carried interest is recognized in the consolidated statements of operations based on the contractual conditions set forth in the agreements governing the fund as if the fund were terminated and liquidated at the reporting date and the fund's investments were realized at the then estimated fair values. Amounts earned pursuant to carried interest are earned by the general partner of those funds to the extent that cumulative investment returns are positive and where applicable, preferred return thresholds have been met. If these investment amounts earned decrease or turn negative in subsequent periods, recognized carried interest will be reversed and to the extent that the aggregate amount of carry distributions received by the general partner during the term of the fund exceed the amount to which the general partner was ultimately entitled, a clawback obligation would be recorded. For funds that are consolidated, this clawback obligation, if any, is reflected as an increase in noncontrolling interests in the consolidated statements of financial condition. For funds that are not consolidated, this clawback obligation, if any, is reflected as a reduction of KKR's investment balance as this is where carried interest is initially recorded. Indemnifications and Other Guarantees Asset Management and Strategic Holdings Segment KKR may incur contingent liabilities for claims that may be made against it in the future. KKR enters into contracts that contain a variety of representations, warranties and covenants, including indemnifications. KKR (including KFN) and certain of KKR's investment funds have provided and provide certain credit support, such as indemnities and guarantees, relating to a variety of matters, including non-recourse carve-out guarantees for fraud, willful misconduct and other wrongful acts in connection with the financing of (i) certain real estate investments that we have made, including KKR's corporate real estate, and (ii) certain investment vehicles that KKR manages or sponsors. KKR also has provided, and provides, credit support in connection with its businesses, including: i. to certain of its subsidiaries' obligations in connection with a limited number of investment vehicles that KKR manages, ii. in connection with repayment and funding obligations to third-party lenders on behalf of certain employees, excluding its executive officers, in connection with their personal investments in KKR investment funds and a levered multi-asset investment vehicle, iii. to one of its hedge fund partnerships, iv. through a contingent guarantee of a subsidiary’s loan repayment obligations, which does not become effective unless and until its loan becomes accelerated due to certain specified events of default involving the investment vehicles managed by KJRM, v. the obligations of our subsidiaries' funding obligations to our investment vehicles, and vi. certain of our investment vehicles to fund or otherwise be liable for a portion of their investment losses and/or to provide them with liquidity upon certain termination events (the maximum amount of which is unknown until the scheduled termination date of the investment vehicle). KKR may also become liable for certain fees payable to sellers of businesses or assets if a transaction does not close, subject to certain conditions, if any, specified in the acquisition agreements for such businesses or assets. Insurance Segment The Global Atlantic business was formerly owned by The Goldman Sachs Group, Inc. (together with its subsidiaries, "Goldman Sachs"). In connection with the separation of Global Atlantic from Goldman Sachs in 2013, Global Atlantic entered into a tax benefit payment agreement with Goldman Sachs. Under the tax benefit payment agreement, GA FinCo is obligated to make annual payments out of available cash, guaranteed by GAFG, to Goldman Sachs over an approximately 25-year period totaling $214.0 million. As of March 31, 2024, the present value of the remaining amount to be paid is $47.8 million. Although these payments are subordinated and deferrable, deferral of these payments would result in restrictions on distributions by GA FinCo and GAFG. Unless otherwise stated above, KKR's maximum exposure under the arrangements described under this section “—Indemnifications and Other Guarantees” are currently unknown as there are no stated or notional amounts included in these arrangements and KKR's liabilities for these matters would require a claim to be made against KKR in the future. Legal Proceedings From time to time, KKR (including Global Atlantic) is involved in various legal proceedings, requests for information, lawsuits, arbitration and claims incidental to the conduct of KKR's businesses. KKR's businesses are also subject to extensive regulation, which may result in regulatory or other legal proceedings against them. Moreover, in the ordinary course of business, KKR is and can be both the defendant and the plaintiff in numerous lawsuits with respect to acquisitions, bankruptcy, insolvency and other events. Such lawsuits may involve claims that adversely affect the value of certain investments owned by KKR's funds and Global Atlantic's insurance companies. Kentucky Matter In December 2017, KKR & Co. L.P. (which is now KKR Group Co. Inc.) and its then Co-Chief Executive Officers, Henry Kravis and George Roberts, were named as defendants in a lawsuit filed in Kentucky state court (the “2017 Action”) alleging, among other things, the violation of fiduciary and other duties in connection with certain separately managed accounts that Prisma Capital Partners LP, a former subsidiary of KKR, manages for the Kentucky Retirement Systems. Also named as defendants in the lawsuit are certain current and former trustees and officers of the Kentucky Retirement Systems, Prisma Capital Partners LP, and various other service providers to the Kentucky Retirement Systems and their related persons. The 2017 Action was dismissed at the direction of the Supreme Court of Kentucky for lack of Kentucky constitutional standing. This dismissal became final on February 16, 2024. On July 21, 2020, the Office of the Attorney General, on behalf of the Commonwealth of Kentucky (the "Kentucky AG"), filed a new lawsuit in the same Kentucky state court (the “2020 AG Action”) making essentially the same allegations as those raised in the 2017 Action, including against what was then KKR & Co. Inc. (now KKR Group Co. Inc.) and Messrs. Kravis and Roberts. On May 1, 2024, the trial court denied motions to dismiss the 2020 AG Action filed by KKR & Co. Inc. and Messrs. Kravis and Roberts. On April 8, 2024, after receiving permission from the Kentucky trial court in the 2020 AG Action, the Kentucky AG amended its complaint in the 2020 AG Action to add a claim for breach of contract. The Kentucky AG also filed an action (the "2024 AG Action") substantially identical to the 2020 AG Action, including the new claim for breach of contract. On April 23, 2024, KKR & Co. Inc., Messrs. Kravis and Roberts and other defendants moved to strike the Kentucky AG's amended complaint in the 2020 AG Action, to stay consideration of the breach of contract claim and the 2024 AG Action until after the trial court's ruling on the motions to dismiss the 2020 AG Action, and to deny a motion by the Kentucky AG to consolidate the 2020 AG Action and the 2024 AG Action. In January 2021, some of the attorneys for the plaintiffs in the 2017 Action filed a new lawsuit on behalf of a new set of plaintiffs, who claim to be “Tier 3” members of Kentucky Retirement Systems (the “Tier 3 Plaintiffs”), alleging substantially the same allegations as in the 2017 Action. On July 9, 2021, the Tier 3 Plaintiffs served an amended complaint, which purports to assert, on behalf of a class of beneficiaries of Kentucky Retirement Systems, direct claims for breach of fiduciary duty and civil violations under the Racketeer Influenced and Corrupt Organizations Act (“RICO”). This complaint was removed to the U.S. District Court for the Eastern District of Kentucky, which has entered an order staying this case until the completion of the 2020 AG Action. On August 20, 2021, the Tier 3 Plaintiffs and other individual plaintiffs filed a second complaint in Kentucky state court (the “Second Tier 3 Action”), purportedly on behalf of Kentucky Retirement Systems’ funds, alleging the same claims against what was then KKR & Co. Inc. (now KKR Group Co. Inc.) and Messrs. Kravis and Roberts as in the July 9th amended complaint but without the RICO or class action allegations. On May 1, 2024, the trial court denied motions to dismiss the Second Tier 3 Action filed by KKR & Co. Inc. and Messrs. Kravis and Roberts. On March 24, 2022, in a separate declaratory judgment action brought by the Commonwealth of Kentucky regarding the enforceability of certain indemnification provisions available to what was then KKR & Co. Inc. (now KKR Group Co. Inc.) and Prisma Capital Partners LP, the Kentucky state court concluded that it has personal jurisdiction over KKR & Co. Inc. in that action, and that the indemnification provisions violated the Kentucky Constitution and were therefore unenforceable. On December 1, 2023, the Kentucky Court of Appeals reversed the trial court’s summary judgment on the issue of personal jurisdiction over KKR & Co. Inc., but affirmed the trial court’s rulings that the indemnification provisions violated the Kentucky Constitution and were unenforceable. On February 5, 2024, the Kentucky Court of Appeals denied the petitions of KKR & Co. Inc. and others for rehearing. On April 8, 2024, KKR & Co. Inc. and other defendants in the declaratory judgment case filed motions with the Supreme Court of Kentucky for discretionary review of the Court of Appeals' December 1, 2023 decision. KKR intends to continue to vigorously defend against these claims against KKR and Messrs. Kravis and Roberts. Regulatory Matters KKR currently is, and expects to continue to become from time to time, subject to various examinations, inquiries and investigations by various U.S. and non-U.S. governmental and regulatory agencies. Such examinations, inquiries and investigations may result in the commencement of civil, criminal or administrative proceedings, or the imposition of fines, penalties, or other remedies, against KKR and its personnel. KKR is subject to periodic examinations of its regulated businesses by various U.S. and non-U.S. governmental and regulatory agencies, including but not limited to the Securities and Exchange Commission ("SEC"), Financial Industry Regulatory Authority ("FINRA"), the U.K. Financial Conduct Authority, Central Bank of Ireland, Monetary Authority of Singapore, U.S. state insurance regulatory authorities, and the Bermuda Monetary Authority. KKR may also become subject to inquiries or investigations (through a request for information, civil investigative demand, subpoena or otherwise) by any of the foregoing governmental and regulatory agencies as well as by any other U.S. or non-U.S. governmental or regulatory agency, including but not limited to the SEC, U.S. Department of Justice ("DOJ"), U.S. state attorney generals, and similar non-U.S. governmental or regulatory agencies. KKR is currently subject to investigations by the Antitrust Division of the DOJ related to antitrust matters, including civil investigative demands and a grand jury subpoena seeking information with respect to the accuracy and completeness of certain filings made by KKR pursuant to the premerger notification requirements under the Hart-Scott-Rodino Act of 1976 for certain transactions in 2021 and 2022. In addition, KKR is currently subject to an investigation by the Antitrust Division of the DOJ related to the restrictions on interlocking directorates under Section 8 of the Clayton Act. KKR is also currently subject to investigations by the SEC related to business-related electronic communications, including with respect to the preservation of text messages and similar communications on electronic messaging applications under the Investment Advisers Act of 1940. KKR is currently cooperating with each of these named investigations. Loss Contingencies KKR establishes an accrued liability for legal or regulatory proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. KKR includes in its financial statements the amount of any reserve for regulatory, litigation and related matters that Global Atlantic includes in its financial statements. No loss contingency is recorded for matters where such losses are either not probable or reasonably estimable (or both) at the time of determination. Such matters also have the possibility of resulting in losses in excess of any amounts accrued. To the extent KKR can in any particular period estimate an aggregate range of reasonably possible losses, these decisions involve significant judgment given that it is inherently difficult to determine whether any loss for a matter is probable or even possible or to estimate the amount of any loss in many legal, governmental and regulatory matters. Estimating an accrued liability or a reasonably possible loss involves significant judgment due to many uncertainties, including among others: (i) the proceeding may be in early stages; (ii) damages sought may be unspecified, unsupportable, unexplained or uncertain; (iii) discovery may not have been started or is incomplete; (iv) there may be uncertainty as to the outcome of pending appeals or motions; (v) there may be significant factual issues to be resolved; (vi) there may be novel legal issues or unsettled legal theories to be presented or a large number of parties; or (vii) the proceeding relates to a regulatory examination, inquiry, or investigation. It is not possible to predict the ultimate outcome of all pending litigations, arbitrations, claims, and governmental or regulatory examinations, inquiries, investigations and proceedings, and some of the matters discussed above seek or may seek potentially large or indeterminate relief. Consequently, management is unable as of the date of filing of this report to estimate an amount or range of reasonably possible losses related to matters pending against KKR. In addition, any amounts accrued as loss contingencies or disclosed as reasonably possible losses may be, in part or in whole, subject to insurance or other payments such as contributions and indemnity, which may reduce any ultimate loss. As of the date of filing this report, management does not believe, based on currently available information, that the outcomes of the matters pending against KKR will have a material adverse effect upon its financial statements. However, given the potentially large and/or indeterminate relief sought or that may be sought in certain of these matters and the inherent unpredictability of litigations, arbitrations, claims, and governmental or regulatory examinations, inquiries, investigations and proceedings, it is possible that an adverse outcome in certain matters could have a material adverse effect on KKR's financial results in any future period. In addition, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or those where potential losses have not yet been determined to be probable or possible and reasonably estimable. Other Financing Arrangements Global Atlantic has financing arrangements with unaffiliated third parties to support the reserves of its affiliated special purpose reinsurers. Total fees associated with these financing arrangements were $5.1 million for both the three months ended March 31, 2024 and 2023 and are included in insurance expenses in the consolidated statements of operations. As of both March 31, 2024 and December 31, 2023, the total capacity of the financing arrangements with third parties was $2.3 billion. Other than the matters disclosed above, there were no outstanding or unpaid balances from the financing arrangements with unaffiliated third parties as of both March 31, 2024 and December 31, 2023. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Common Stock Dividend |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited financial statements of KKR & Co. Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to this Quarterly Report on Form 10-Q. The condensed consolidated financial statements (referred to hereafter as the "financial statements"), including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the financial statements are presented fairly and that estimates made in preparing the financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The consolidated balance sheet data as of December 31, 2023 were derived from audited financial statements included in KKR & Co. Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission ("SEC") on February 29, 2024 (our "Annual Report"), and the financial statements should be read in conjunction with the audited financial statements included therein. Additionally, in the accompanying financial statements, the condensed consolidated statements of financial condition are referred to hereafter as the "consolidated statements of financial condition"; the condensed consolidated statements of operations are referred to hereafter as the "consolidated statements of operations"; the condensed consolidated statements of comprehensive income (loss) are referred to hereafter as the "consolidated statements of comprehensive income (loss)"; the condensed consolidated statements of changes in equity are referred to hereafter as the "consolidated statements of changes in equity"; and the condensed consolidated statements of cash flows are referred to hereafter as the "consolidated statements of cash flows." KKR consolidates the financial results of KKR Group Partnership and its consolidated entities, which include the accounts of KKR's investment management and capital markets companies, the general partners of certain unconsolidated investment funds, general partners of consolidated investment funds and their respective consolidated investment funds, Global Atlantic’s insurance companies and certain other entities including CFEs. The presentations in the consolidated statement of financial condition and consolidated statement of operations reflect the significant industry diversification of KKR by its acquisition of Global Atlantic. Global Atlantic operates an insurance business, and KKR operates an asset management business, which manages the operations of the newly-formed Strategic Holdings segment (see Note 21 - "Segment Reporting"), each of which possess distinct characteristics. As a result, KKR developed a two-tiered approach for the financial statements presentation, where Global Atlantic's insurance operations are presented separately from KKR's asset management business. KKR believes that these separate presentations provide a more informative view of the consolidated financial position and results of operations than traditional aggregated presentations and that reporting Global Atlantic’s insurance operations separately is appropriate given, among other factors, the relative significance of Global Atlantic’s policy liabilities, which are not obligations of KKR. (other than the insurance companies that issued them). If a traditional aggregate presentation were to be used, KKR would expect to eliminate or combine several identical or similar captions, which would condense the presentations, but would also reduce the level of information presented. KKR also believes that using a traditional aggregate presentation would result in no new line items compared to the two-tier presentation included in the financial statements in this report. In the ordinary course of business, KKR’s Asset Management business, Strategic Holdings business and Insurance business enter into transactions with each other, which may include transactions pursuant to their investment management agreements and certain financing arrangements. The borrowings from these financing arrangements are non-recourse to KKR beyond the assets designated to support such borrowings. All of the investment management and financing arrangements amongst KKR segments are eliminated in consolidation. All intercompany transactions and balances have been eliminated. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the recognition and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, investment income (loss) and income taxes during the reporting periods. Such estimates include but are not limited to (i) the valuation of investments and financial instruments, (ii) the determination of the income tax provision, (iii) the impairment of goodwill and intangible assets, (iv) the impairment of available-for-sale investments, (v) the valuation of insurance policy liabilities, including market risk benefits, (vi) the valuation of embedded derivatives in policy liabilities and funds withheld, (vii) the determination of the allowance for loan losses, and (viii) amortization of deferred revenues and expenses associated with the insurance business. |
Compensation and Benefits | Compensation and Benefits Carry Pool Allocation With respect to our funds that provide for carried interest, KKR allocates a portion of the realized and unrealized carried interest that KKR earns to Associates Holdings, which is referred to as the carry pool, from which KKR's asset management employees and certain other carry pool participants are eligible to receive a carried interest allocation. The allocation is determined based upon a fixed arrangement between Associates Holdings and KKR, and KKR does not exercise discretion on whether to make an allocation to the carry pool upon a realization event. KKR refers to the portion of carried interest that KKR allocates to the carry pool as the carry pool percentage. As of December 31, 2023, the carry pool percentage was fixed at 40%, 43% or 65% by investment fund, depending on the fund’s vintage. For funds that closed after December 31, 2020 but before December 31, 2023, the carry pool percentage was fixed at 65%. For funds that closed after June 30, 2017 but before December 31, 2020, the carry pool percentage was fixed at 43%, and the carry pool percentage was fixed at 40% for older funds that contributed to KKR's carry pool. Effective January 2, 2024, KKR is authorized to apply a carry pool percentage in excess of these fixed percentages of up to 80% for all funds. This increase to the carry pool percentage was approved by a majority of KKR's independent directors, and the carry pool percentage may not be increased above 80% without the further approval of a majority of KKR's independent directors. For funds that closed after December 31, 2023, the carry pool percentage is fixed at 80%. For funds that closed prior to December 31, 2023, the carry pool percentage is calculated at a fixed percentage of 40%, 43% or 65% (depending on the fund’s vintage) for carried interest realized up to a high water mark, which was established based on the unrealized carried interest balance that existed on January 2, 2024, plus an additional percentage amount up to 80% based on a formulaic allocation, only if the unrealized carried interest balance at any period end exceeds the high water mark. This imposes a limitation of the carry pool allocation for such funds based on the amount of cumulative unrealized carried interest income earned subsequent to December 31, 2023. For funds that closed before December 31, 2023, if the cumulative carried interest subsequent to December 31, 2023 is not sufficient to fund this formulaic allocation, the allocation of carried interest reverts to the carry pool percentage in effect before this modification. As such, upon modification of the carry pool percentage effective on January 2, 2024, the cumulative unrealized carried interest was not sufficient to fund the additional formulaic allocation percentage in excess of the pre-existing 40%, 43% and 65% carry pool percentages, and therefore no incremental expense was recognized as of such date. The carry pool percentage applicable for all funds that closed prior to December 31, 2023 will not be less than their applicable carry pool percentages of 40%, 43% or 65% prior to December 31, 2023, and will not be more than 80%. The intent of this modification is that for all funds that closed prior to January 2, 2024, upon the final liquidation of each fund, realized carried interest distributed will equal the historical fund carry pool allocations up to the high water mark and only distributions of realized carried interest in excess of the high water mark will be distributed at 80 percent if and only if the unrealized carried interest balance at any period end exceeds the high water mark. Under no circumstance would a distribution of carried interest exceed 80% of the total allocable carried interest at any time. KKR accounts for the carry pool as a compensatory profit-sharing arrangement in Accrued Expenses and Other Liabilities within the accompanying consolidated statements of financial condition in conjunction with the related carried interest income and it is recorded as compensation expense. The liability that is recorded in each period reflects the legal entitlement of Associates Holdings at each point in time should the total unrealized carried interest be realized at the value recorded at each reporting date. Upon a reversal of carried interest income, the related carry pool allocation, if any, is also reversed. Accordingly, such compensation expense is subject to both positive and negative adjustments. |
Adoption of new accounting pronouncements and Future application of accounting standards | Adoption of new accounting pronouncements Fair value measurement of equity securities subject to contractual sale restrictions In June 2022, the FASB issued ASU 2022–03, ASC Subtopic 820 “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” ("ASU 2022–03"). According to ASU 2022-03, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value and an entity is not allowed to recognize a contractual sale restriction as a separate unit of account. ASU 2022–03 is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. KKR adopted this accounting standard effective January 1, 2024 and its adoption on a prospective basis did not have any material impact on KKR's consolidated financial statements. Accounting for Investments in Tax Credit Structures In March 2023, the FASB issued ASU 2023–02 "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method" ("ASU 2023–02") to expand the population of investments in tax credit structures that may be eligible to apply the proportional amortization method (“PAM”), if certain criteria are met. The election to use the PAM can be made on a tax credit program-by-program basis. Under the new guidance, certain disclosures are required for investments in tax credit programs for which the PAM is elected. The guidance is effective for fiscal years beginning after December 15, 2023. KKR adopted this accounting standard effective January 1, 2024 and its adoption did not have any material impact on KKR's consolidated financial statements. Future application of accounting standards Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023–07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023–07"). ASU 2023–07 intends to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. KKR is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures. Scope Application of Profits Interest and Similar Awards In March 2024, the FASB issued ASU 2024–01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024–01”). ASU 2024–01 amends the guidance in Accounting Standard Codification 718 (“ASC 718”) by adding an illustrative example to demonstrate and clarify how to apply the scope guidance to determine whether profits interests and similar awards should be accounted for as a share-based payment arrangement under ASC 718 or another standard. ASU 2024–01 will be effective for KKR’s reporting period ended March 31, 2025. KKR is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023–09 "Improvements to Income Tax Disclosures" ("ASU 2023–09"). ASU 2023–09 intends to enhance the transparency and decision usefulness of income tax disclosures, requiring disaggregated information about an entity’s effective tax rate reconciliation as well as income taxes paid. This is effective for fiscal years beginning after December 15, 2024. KKR is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures. |
REVENUES - ASSET MANAGEMENT A_2
REVENUES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Asset Management and Strategic Holdings Revenues | For the three months ended March 31, 2024 and 2023, respectively, Asset Management and Strategic Holdings revenues consisted of the following: Three Months Ended March 31, 2024 2023 Management Fees $ 486,754 $ 453,093 Fee Credits (94,046) (57,531) Transaction Fees 218,618 209,839 Monitoring Fees 48,967 29,853 Incentive Fees 6,626 6,413 Expense Reimbursements 8,093 15,544 Consulting Fees 18,514 19,805 Total Fees and Other 693,526 677,016 Carried Interest 1,144,928 343,070 General Partner Capital Interest 118,014 105,948 Total Capital Allocation-Based Income (Loss) 1,262,942 449,018 Total Revenues $ 1,956,468 $ 1,126,034 |
NET GAINS (LOSSES) FROM INVES_2
NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Total Net Gains (Losses) from Investment Activities | The following table summarizes total Net Gains (Losses) from Investment Activities: Three Months Ended March 31, 2024 Net Realized Gains (Losses) Net Unrealized Gains (Losses) Total Private Equity (1) $ (12,676) $ 348,441 $ 335,765 Credit (1) 57,430 (81,451) (24,021) Investments of Consolidated CFEs (1) 5,005 96,973 101,978 Real Assets (1) (109,398) (105,223) (214,621) Equity Method - Other (1) 102,903 87,540 190,443 Other Investments (1) (269,858) 345,478 75,620 Foreign Exchange Forward Contracts and Options (2) 35,139 148,203 183,342 Securities Sold Short (2) (7,169) (2,093) (9,262) Other Derivatives (2) 87 2,363 2,450 Debt Obligations and Other (3) 7,632 (11,164) (3,532) Net Gains (Losses) From Investment Activities $ (190,905) $ 829,067 $ 638,162 Three Months Ended March 31, 2023 Net Realized Gains (Losses) Net Unrealized Gains (Losses) Total Private Equity (1) $ 199,081 $ (36,664) $ 162,417 Credit (1) (22,963) 104,775 81,812 Investments of Consolidated CFEs (1) (5,017) 317,881 312,864 Real Assets (1) 9,434 (325,909) (316,475) Equity Method - Other (1) 39,219 29,505 68,724 Other Investments (1) (112,663) (519) (113,182) Foreign Exchange Forward Contracts and Options (2) (58,635) 36,269 (22,366) Securities Sold Short (2) (3,475) 2,241 (1,234) Other Derivatives (2) (2,122) 14,330 12,208 Debt Obligations and Other (3) 56,521 (400,698) (344,177) Net Gains (Losses) From Investment Activities $ 99,380 $ (258,789) $ (159,409) (1) See Note 7 "Investments." (2) See Note 8 "Derivatives" and Note 14 "Other Assets and Accrued Expenses and Other Liabilities." (3) |
NET INVESTMENT INCOME - INSUR_2
NET INVESTMENT INCOME - INSURANCE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
Investment Income | The components of net investment income were as follows: Three Months Ended March 31, 2024 2023 Fixed maturity securities – interest and other income $ 1,327,010 $ 1,050,796 Mortgage and other loan receivables 559,682 459,146 Investments in transportation and other leased assets 78,460 76,188 Investments in renewable energy 13,591 20,583 Investments in real estate 45,979 36,101 Short-term and other investment income 167,331 77,616 Income assumed from funds withheld receivable at interest 22,233 22,101 Policy loans 24,503 10,277 Income ceded to funds withheld payable at interest (519,999) (301,223) Gross investment income 1,718,790 1,451,585 Less investment expenses: Investment management and administration 117,089 85,341 Transportation and renewable energy asset depreciation and maintenance 50,151 49,162 Interest expense on derivative collateral and repurchase agreements 31,648 16,385 Net investment income $ 1,519,902 $ 1,300,697 |
NET INVESTMENT-RELATED GAINS _2
NET INVESTMENT-RELATED GAINS (LOSSES) - INSURANCE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Net Investment Gains (Losses) | Net investment-related gains (losses) were as follows: Three Months Ended March 31, 2024 2023 Realized (losses) gains on available-for-sale fixed maturity debt securities $ (28,157) $ 3,432 Credit loss allowances on available-for-sale securities 29,367 (76,318) Credit loss allowances on mortgage and other loan receivables (126,902) (64,111) Allowances on unfunded commitments (4,578) (8,000) Impairment of available-for-sale fixed maturity debt securities due to intent to sell — (26,741) Unrealized (losses) gains on fixed maturity securities classified as trading (99,579) 376,290 Unrealized losses on investments recognized under the fair-value option (42,207) (55,773) Unrealized (losses) gains on real estate investments recognized at fair value under investment company accounting (78,011) 63,192 Net gains (losses) on derivative instruments 100,968 (348,225) Realized gains on funds withheld payable at interest portfolio 24,287 3,980 Realized (losses) gains on funds withheld receivable at interest portfolio (2,286) 17,733 Other realized losses (14,388) (9,292) Net investment-related gains (losses) $ (241,486) $ (123,833) |
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: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Corporate Structured Total Corporate Structured Total Balance, as of beginning of period $ 49,008 $ 219,704 $ 268,712 $ 1,298 $ 127,034 $ 128,332 Initial credit loss allowance recognized on securities with no previously recognized allowance 8,694 877 9,571 151 45,200 45,351 Accretion of initial credit loss allowance on PCD securities — 163 163 — 351 351 Reductions due to sales (or maturities, pay downs or prepayments) during the period of securities with a previously recognized credit loss allowance (60) (5,859) (5,919) — (3,887) (3,887) Net additions / reductions for securities with a previously recognized credit loss allowance (5,094) (33,844) (38,938) — 30,967 30,967 Balances charged off (23,629) — (23,629) — — — Balance, as of end of period $ 28,919 $ 181,041 $ 209,960 $ 1,449 $ 199,665 $ 201,114 |
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: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 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 $ 319,631 $ 107,204 $ 175,608 $ 602,443 $ 227,315 $ 125,824 $ 207,089 $ 560,228 Net provision (release) 57,156 (5,141) 74,887 126,902 20,111 10,316 33,684 64,111 Charge-offs (16,379) (639) (41,439) (58,457) — (1,693) (35,372) (37,065) Recoveries of amounts previously charged-off — — 5,108 5,108 — — 1,826 1,826 Balance, as of end of period $ 360,408 $ 101,424 $ 214,164 $ 675,996 $ 247,426 $ 134,447 $ 207,227 $ 589,100 |
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: Three Months Ended March 31, 2024 2023 AFS fixed maturity securities: Proceeds from voluntary sales $ 1,999,289 $ 1,406,925 Gross gains $ 8,359 $ 15,464 Gross losses $ (16,544) $ (10,044) |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Summary of Investments | Investments consist of the following: March 31, 2024 December 31, 2023 Asset Management and Strategic Holdings Private Equity $ 33,672,500 $ 32,742,484 Credit 8,401,513 8,274,904 Investments of Consolidated CFEs 24,961,635 24,996,298 Real Assets 11,973,032 12,000,008 Equity Method - Other 8,217,489 8,163,831 Equity Method - Capital Allocation-Based Income 8,950,579 7,877,904 Other Investments 4,517,239 4,579,372 Investments - Asset Management and Strategic Holdings $ 100,693,987 $ 98,634,801 Insurance Fixed maturity securities, available-for-sale, at fair value (1) $ 74,048,277 $ 69,414,188 Mortgage and other loan receivables 41,215,981 39,177,927 Fixed maturity securities, trading, at fair value (2) 27,984,949 18,805,470 Other investments 10,241,161 9,683,326 Funds withheld receivable at interest 2,673,723 2,713,645 Policy loans 1,561,608 1,556,030 Equity securities at fair value 21,471 19,737 Investments - Insurance $ 157,747,170 $ 141,370,323 Total Investments $ 258,441,157 $ 240,005,124 (1) Amortized cost of $83.5 billion and $78.7 billion, net of credit loss allowances of $210.0 million and $268.7 million, respectively. (2) Amortized cost of $29.8 billion and $20.5 billion, respectively. Trading fixed maturity securities are held to back funds withheld payable at interest. The investment performance on these investments are ceded to third-party reinsurers. Other investments consist of the following: March 31, 2024 December 31, 2023 Investments in real estate (1) $ 4,737,200 $ 4,778,431 Investments in renewable energy (2) 1,326,992 1,348,080 Investments in transportation and other leased assets (3) 3,013,664 2,972,469 Other investment funds and partnerships 753,742 179,469 Federal Home Loan Bank (FHLB) common stock and other investments 409,563 404,877 Total other investments $ 10,241,161 $ 9,683,326 (1) Investments in real estate are held in consolidated investment companies that use fair value accounting. (2) Net of accumulated depreciation attributed to consolidated renewable energy assets of $163.5 million and $154.1 million as of March 31, 2024 and December 31, 2023, respectively. (3) Net of accumulated depreciation of $342.9 million and $313.6 million as of March 31, 2024 and December 31, 2023, respectively. |
Schedule of AFS Fixed Maturity Securities | The cost or amortized cost and fair value for AFS fixed maturity securities were as follows: Cost or amortized cost Allowance for Credit Losses (1)(2) Gross unrealized Fair value As of March 31, 2024 gains losses AFS fixed maturity securities portfolio by type: U.S. government and agencies $ 3,621,287 $ — $ 43,351 $ (81,879) $ 3,582,759 U.S. state, municipal and political subdivisions 5,530,066 — 23,263 (1,011,431) 4,541,898 Corporate 46,971,213 (28,919) 163,284 (6,850,383) 40,255,195 Residential mortgage-backed securities, or “RMBS” 10,497,867 (122,870) 31,290 (715,753) 9,690,534 Commercial mortgage-backed securities, or “CMBS” 7,846,132 (35,630) 9,321 (581,330) 7,238,493 Collateralized bond obligations, or “CBOs” 2,839,214 (1,197) — (142,271) 2,695,746 CLOs 3,341,591 (9,649) 10,521 (42,526) 3,299,937 Asset-backed securities, or “ABSs” 2,874,043 (11,695) 17,654 (136,287) 2,743,715 Total AFS fixed maturity securities $ 83,521,413 $ (209,960) $ 298,684 $ (9,561,860) $ 74,048,277 (1) Represents the cumulative amount of credit impairments that have been recognized in the consolidated statements of operations (as net investment (losses) gains) or that were recognized as a gross-up of the purchase price of PCD securities. Amount excludes unrealized losses related to non-credit impairment. (2) Includes credit loss allowances on purchase-credit deteriorated fixed-maturity securities of $(10.7) million. Cost or amortized cost Allowance for Credit Losses (1)(2) Gross unrealized Fair value As of December 31, 2023 gains losses AFS fixed maturity securities portfolio by type: U.S. government and agencies $ 1,209,507 $ — $ 62,514 $ (68,929) $ 1,203,092 U.S. state, municipal and political subdivisions 5,562,826 — 29,699 (985,133) 4,607,392 Corporate 46,378,337 (49,008) 211,570 (6,592,143) 39,948,756 RMBS 8,734,629 (152,067) 38,206 (674,550) 7,946,218 CMBS 7,491,743 (35,953) 4,195 (731,358) 6,728,627 CBOs 2,951,511 (1,214) — (143,818) 2,806,479 CLOs 3,493,731 (19,077) 6,483 (52,365) 3,428,772 ABSs 2,901,573 (11,393) 14,358 (159,686) 2,744,852 Total AFS fixed maturity securities $ 78,723,857 $ (268,712) $ 367,025 $ (9,407,982) $ 69,414,188 (1) Represents the cumulative amount of credit impairments that have been recognized in the consolidated statements of operations (as net investment (losses) gains) or that were recognized as a gross-up of the purchase price of PCD securities. Amount excludes unrealized losses related to non-credit impairment. (2) Includes credit loss allowances on purchase-credit deteriorated fixed-maturity securities of $(12.8) million. The maturity distribution for AFS fixed maturity securities is as follows: As of March 31, 2024 Cost or Fair value Due in one year or less $ 1,582,351 $ 1,527,973 Due after one year through five years 14,708,223 14,259,600 Due after five years through ten years 8,802,878 8,289,300 Due after ten years 31,000,195 24,302,979 Subtotal 56,093,647 48,379,852 RMBS 10,374,997 9,690,534 CMBS 7,810,502 7,238,493 CBOs 2,838,017 2,695,746 CLOs 3,331,942 3,299,937 ABSs 2,862,348 2,743,715 Total AFS fixed maturity securities $ 83,311,453 $ 74,048,277 The following tables provide information about AFS fixed maturity securities that have been continuously in an unrealized loss position: Less than 12 months 12 months or more Total As of March 31, 2024 Fair Unrealized losses Fair Unrealized losses Fair Unrealized losses AFS fixed maturity securities portfolio by type: U.S. government and agencies $ 683,724 $ (11,291) $ 194,595 $ (70,588) $ 878,319 $ (81,879) U.S. state, municipal and political subdivisions 158,009 (3,405) 3,748,828 (1,008,026) 3,906,837 (1,011,431) Corporate 4,496,293 (175,062) 26,091,489 (6,675,321) 30,587,782 (6,850,383) RMBS 2,844,225 (86,123) 4,342,132 (629,630) 7,186,357 (715,753) CMBS 271,541 (1,838) 5,962,927 (579,492) 6,234,468 (581,330) CBOs 1,817 (169) 2,693,929 (142,102) 2,695,746 (142,271) CLOs 591,577 (1,202) 619,979 (41,324) 1,211,556 (42,526) ABSs 322,632 (8,046) 1,789,721 (128,241) 2,112,353 (136,287) Total AFS fixed maturity securities in a continuous loss position $ 9,369,818 $ (287,136) $ 45,443,600 $ (9,274,724) $ 54,813,418 $ (9,561,860) Less than 12 months 12 months or more Total As of December 31, 2023 Fair Unrealized losses Fair Unrealized losses Fair Unrealized losses AFS fixed maturity securities portfolio by type: U.S. government and agencies $ 94,807 $ (2,512) $ 198,750 $ (66,417) $ 293,557 $ (68,929) U.S. state, municipal and political subdivisions 112,468 (4,140) 3,829,447 (980,993) 3,941,915 (985,133) Corporate 4,360,234 (189,026) 27,108,292 (6,403,117) 31,468,526 (6,592,143) RMBS 1,371,230 (66,550) 4,354,902 (608,000) 5,726,132 (674,550) CMBS 332,095 (4,535) 6,031,766 (726,823) 6,363,861 (731,358) CBOs 1,867 (118) 2,804,612 (143,700) 2,806,479 (143,818) CLOs 246,728 (868) 1,679,813 (51,497) 1,926,541 (52,365) ABSs 553,438 (15,760) 1,742,373 (143,926) 2,295,811 (159,686) Total AFS fixed maturity securities in a continuous loss position $ 7,072,867 $ (283,509) $ 47,749,955 $ (9,124,473) $ 54,822,822 $ (9,407,982) |
Mortgage and Other Loans Receivable | Mortgage and other loan receivables consist of the following: March 31, 2024 December 31, 2023 Commercial mortgage loans (1) $ 22,159,689 $ 21,861,245 Residential mortgage loans (1) 14,728,782 12,722,778 Consumer loans 4,225,078 4,424,882 Other loan receivables (2) 778,428 771,465 Total mortgage and other loan receivables 41,891,977 39,780,370 Allowance for credit losses (3) (675,996) (602,443) Total mortgage and other loan receivables, net of allowance for credit losses $ 41,215,981 $ 39,177,927 (1) Includes $686.9 million and $697.4 million of loans carried at fair value using the fair value option as of March 31, 2024 and December 31, 2023, respectively. The fair value option was elected for these loans for asset-liability matching purposes. These loans had unpaid principal balances of $779.8 million and $785.2 million as of March 31, 2024 and December 31, 2023, respectively. (2) As of March 31, 2024 and December 31, 2023, other loan receivables consisted primarily of loans collateralized by aircraft of $337.0 million and $315.4 million, respectively, and loans collateralized by residential mortgages of $200 million. (3) Includes credit loss allowances on purchase-credit deteriorated mortgage and other loan receivables of $(86.5) million and $(91.7) million as of March 31, 2024 and December 31, 2023, respectively. |
Maturity Distribution by Contractual Maturity for Residential and Commercial Mortgage Loans | The maturity distribution for residential and commercial mortgage loans was as follows as of March 31, 2024: Years Residential Commercial Total mortgage loans Remainder of 2024 $ 87,916 $ 2,248,670 $ 2,336,586 2025 14,602 3,780,919 3,795,521 2026 767,423 6,547,221 7,314,644 2027 802,349 3,560,252 4,362,601 2028 135,238 1,448,707 1,583,945 2029 13,882 672,159 686,041 Thereafter 12,907,372 3,901,761 16,809,133 Total $ 14,728,782 $ 22,159,689 $ 36,888,471 |
Mortgage Loan Portfolio by Geographic Region and Property Type | The following tables present the mortgage loans by geographic region and property type: Mortgage loans – carrying value by geographic region March 31, 2024 December 31, 2023 Pacific $ 9,339,086 25.3 % $ 8,649,256 25.0 % West South Central 4,646,656 12.6 % 4,202,501 12.2 % South Atlantic 10,251,281 27.8 % 9,653,955 27.9 % Middle Atlantic 4,658,931 12.6 % 4,436,129 12.8 % East North Central 1,241,368 3.4 % 1,166,460 3.4 % Mountain 3,390,723 9.2 % 3,262,801 9.4 % New England 1,510,263 4.1 % 1,470,741 4.3 % East South Central 791,429 2.1 % 731,053 2.1 % West North Central 412,522 1.1 % 358,609 1.0 % Other regions 646,212 1.8 % 652,518 1.9 % Total by geographic region $ 36,888,471 100.0 % $ 34,584,023 100.0 % Mortgage loans – carrying value by property type March 31, 2024 December 31, 2023 Residential $ 14,728,782 39.9 % $ 12,722,778 36.8 % Office building 4,585,908 12.4 % 4,586,277 13.3 % Multi-family 11,463,511 31.1 % 11,495,638 33.2 % Industrial 4,514,193 12.2 % 4,415,819 12.8 % Retail 493,402 1.3 % 493,596 1.4 % Warehouse 304,257 0.8 % 291,116 0.8 % Other property types 798,418 2.3 % 578,799 1.7 % Total by property type $ 36,888,471 100.0 % $ 34,584,023 100.0 % |
Receivables by Credit Quality Indicator | The following table represents the portfolio of mortgage and loan receivables by origination year and performance status as of March 31, 2024 and December 31, 2023: By year of origination Performance status as of March 31, 2024 2024 2023 2022 2021 2020 Prior Total Commercial mortgage loans Gross charge-offs for the three months ended March 31, 2024 $ — $ — $ — $ — $ — $ (16,379) $ (16,379) Current $ 305,720 $ 3,604,283 $ 6,371,836 $ 6,558,483 $ 624,212 $ 4,291,434 $ 21,755,968 30 to 59 days past due — — — 45,651 — — 45,651 60 to 89 days past due — — — — — 9,494 9,494 90 days or more past due or in process of foreclosure — — — 225,345 36,890 86,341 348,576 Total commercial mortgage loans $ 305,720 $ 3,604,283 $ 6,371,836 $ 6,829,479 $ 661,102 $ 4,387,269 $ 22,159,689 Residential mortgage loans Gross charge-offs for the three months ended March 31, 2024 $ — $ (7) $ (47) $ (165) $ — $ (420) $ (639) Current $ 924,330 $ 3,824,892 $ 1,975,866 $ 4,446,268 $ 1,395,241 $ 1,620,715 $ 14,187,312 30 to 59 days past due — 74,901 29,106 42,586 2,629 97,015 246,237 60 to 89 days past due — 7,956 4,341 13,765 1,042 30,082 57,186 90 days or more past due or in process of foreclosure — 7,486 22,251 72,722 12,693 122,895 238,047 Total residential mortgage loans $ 924,330 $ 3,915,235 $ 2,031,564 $ 4,575,341 $ 1,411,605 $ 1,870,707 $ 14,728,782 Consumer loans Gross charge-offs for the three months ended March 31, 2024 $ — $ (468) $ (5,390) $ (21,344) $ (5,878) $ (8,296) $ (41,376) Current $ 352 $ 128,601 $ 470,761 $ 1,638,834 $ 666,875 $ 1,209,943 $ 4,115,366 30 to 59 days past due — 817 4,100 26,119 4,216 16,359 51,611 60 to 89 days past due — 226 2,635 11,742 2,391 8,601 25,595 90 days or more past due or in process of foreclosure — 1,033 4,163 13,223 4,003 10,084 32,506 Total consumer loans $ 352 $ 130,677 $ 481,659 $ 1,689,918 $ 677,485 $ 1,244,987 $ 4,225,078 Total mortgage and consumer loan receivables $ 1,230,402 $ 7,650,195 $ 8,885,059 $ 13,094,738 $ 2,750,192 $ 7,502,963 $ 41,113,549 By year of origination Performance status as of December 31, 2023 2023 2022 2021 2020 2019 Prior Total Commercial mortgage loans Gross charge-offs for the year ended December 31, 2023 $ — $ — $ — $ — $ (14,000) $ (7,616) $ (21,616) Current $ 3,600,652 $ 6,278,419 $ 6,633,293 $ 624,457 $ 1,395,717 $ 2,969,381 $ 21,501,919 30 to 59 days past due — — — — — — — 60 to 89 days past due — — — — — 79,635 79,635 90 days or more past due or in process of foreclosure — — 182,069 36,859 — 60,763 279,691 Total commercial mortgage loans $ 3,600,652 $ 6,278,419 $ 6,815,362 $ 661,316 $ 1,395,717 $ 3,109,779 $ 21,861,245 Residential mortgage loans Gross charge-offs for the year ended December 31, 2023 $ (6) $ (1,228) $ (2,244) $ (913) $ (1,412) $ (2,373) $ (8,176) Current $ 2,794,600 $ 1,981,373 $ 4,518,357 $ 1,358,200 $ 221,566 $ 1,365,231 $ 12,239,327 30 to 59 days past due 43,432 22,291 37,082 3,554 5,461 84,079 195,899 60 to 89 days past due 8,467 8,520 9,991 1,437 1,389 26,565 56,369 90 days or more past due or in process of foreclosure 2,518 19,326 72,753 12,048 9,265 115,273 231,183 Total residential mortgage loans $ 2,849,017 $ 2,031,510 $ 4,638,183 $ 1,375,239 $ 237,681 $ 1,591,148 $ 12,722,778 Consumer loans Gross charge-offs for the year ended December 31, 2023 $ (185) $ (18,117) $ (83,147) $ (23,273) $ (15,740) $ (19,783) $ (160,245) Current $ 109,393 $ 497,113 $ 1,726,280 $ 701,655 $ 610,988 $ 656,270 $ 4,301,699 30 to 59 days past due 1,707 4,229 28,966 5,082 4,497 12,686 57,167 60 to 89 days past due 1,193 2,548 14,872 3,298 2,561 6,756 31,228 Over 90 days past due 2,597 3,991 13,461 4,281 3,907 6,551 34,788 Total consumer loans 114,890 507,881 1,783,579 714,316 621,953 682,263 4,424,882 Total mortgage and consumer loan receivables $ 6,564,559 $ 8,817,810 $ 13,237,124 $ 2,750,871 $ 2,255,351 $ 5,383,190 $ 39,008,905 |
Loan-To-Value Ratios | The following table summarizes Global Atlantic's loan-to-value ratios for its commercial mortgage loans as of March 31, 2024 and December 31, 2023: Loan-to-value as of March 31, 2024, by year of origination Carrying value loan-to-value 70% and less Carrying value loan-to-value 71% - 90% Carrying value loan-to-value over 90% Total carrying value 2024 $ 305,720 $ — $ — $ 305,720 2023 3,604,283 — — 3,604,283 2022 6,005,991 365,845 — 6,371,836 2021 4,832,069 1,554,835 442,575 6,829,479 2020 496,247 92,789 72,066 661,102 2019 1,252,234 54,992 37,695 1,344,921 Prior 2,814,723 53,510 174,115 3,042,348 Total commercial mortgage loans $ 19,311,267 $ 2,121,971 $ 726,451 $ 22,159,689 Loan-to-value as of December 31, 2023, by year of origination Carrying value loan-to-value 70% and less Carrying value loan-to-value 71% - 90% Carrying value loan-to-value over 90% Total carrying value 2023 $ 3,600,652 $ — $ — $ 3,600,652 2022 5,912,623 365,796 — 6,278,419 2021 5,110,011 1,483,763 221,588 6,815,362 2020 496,085 93,210 72,021 661,316 2019 1,257,983 93,661 44,073 1,395,717 2018 881,620 52,640 114,989 1,049,249 Prior 1,991,780 — 68,750 2,060,530 Total commercial mortgage loans $ 19,250,754 $ 2,089,070 $ 521,421 $ 21,861,245 |
Financing Receivable, Troubled Debt Restructuring | The tables below present the carrying value of loans to borrowers experiencing financial difficulty, for which modifications have been granted during the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 by loan type Deferral of Amounts Due Interest Rate Relief Maturity Extension Combination (1) Total Percentage of total carrying value outstanding Commercial mortgage loans $ — $ — $ — $ 37,695 $ 37,695 0.17 % Residential mortgage loans 2,649 — 8,150 5,334 16,133 0.11 % Consumer loans 965 522 11,985 9,036 22,508 0.53 % Total $ 3,614 $ 522 $ 20,135 $ 52,065 $ 76,336 (1) Includes modifications involving a combination of deferral of amounts due, interest rate relief, or maturity extension. Three months ended March 31, 2023 by loan type Deferral of Amounts Due Interest Rate Relief Maturity Extension Combination (1) Total Percentage of total carrying value outstanding Commercial mortgage loans $ — $ — $ — $ 66,813 $ 66,813 0.35 % Residential mortgage loans 725 190 28,686 522 30,123 0.28 % Consumer loans 1,251 — — — 1,251 0.03 % Total $ 1,976 $ 190 $ 28,686 $ 67,335 $ 98,187 (1) Includes modifications involving a combination of deferral of amounts due, interest rate relief, or maturity extension. The table below presents the performance status of the loans modified during the twelve months ended March 31, 2024: Performance status as of March 31, 2024 by loan type Current 30-59 days past due 60-89 days past due 90 days or more past due or in process of foreclosure Total Commercial mortgage loans $ 490,584 $ — $ — $ — $ 490,584 Residential mortgage loans 21,581 2,758 828 10,669 35,836 Consumer loans 56,993 9,163 3,399 2,605 72,160 Total (1) $ 569,158 $ 11,921 $ 4,227 $ 13,274 $ 598,580 (1) Loans may have been modified more than once during the twelve months period; in this circumstance, the loan is only included once in this table. In addition, certain loans that were modified in prior quarters have since been repaid in full. |
Schedule of Repurchase Agreements | The carrying value of assets pledged for repurchase agreements by type of collateral and remaining contractual maturity of the repurchase agreements as of March 31, 2024 and December 31, 2023 is presented in the following tables: As of March 31, 2024 Overnight <30 Days 30 - 90 Days > 90 Days Total AFS corporate securities $ — $ — $ 836,566 $ 979 $ 837,545 Residential mortgage loans — 224 25,735 26,513 52,472 Total assets pledged $ — $ 224 $ 862,301 $ 27,492 $ 890,017 As of December 31, 2023 Overnight <30 Days 30 - 90 Days > 90 Days Total AFS corporate securities $ — $ — $ 524,411 $ 849,368 $ 1,373,779 Residential mortgage loans — 39,289 — — 39,289 Total assets pledged $ — $ 39,289 $ 524,411 $ 849,368 $ 1,413,068 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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 March 31, 2024 Notional Derivative Derivative Asset Management and Strategic Holdings Foreign Exchange Contracts and Options $ 17,908,773 $ 294,511 $ 321,024 Other Derivatives 824,134 4,258 17 Total Asset Management and Strategic Holdings $ 18,732,907 $ 298,769 $ 321,041 Insurance Derivatives designated as hedge accounting instruments: Interest rate contracts $ 8,770,500 $ — $ 421,859 Foreign currency contracts 2,199,012 35,573 35,332 Total derivatives designated as hedge accounting instruments $ 10,969,512 $ 35,573 $ 457,191 Derivatives not designated as hedge accounting instruments: Interest rate contracts $ 28,140,901 $ 182,268 $ 303,621 Equity market contracts 35,709,220 1,708,083 199,924 Foreign currency contracts 1,379,435 75,026 44,523 Other contracts 60,996 957 514 Total derivatives not designated as hedge accounting instruments $ 65,290,552 $ 1,966,334 $ 548,582 Impact of netting (2) — (1,973,523) (851,062) Total Insurance (1) $ 76,260,064 $ 28,384 $ 154,711 Fair value included within total assets and liabilities $ 94,992,971 $ 327,153 $ 475,752 (1) Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was $114.0 million and the fair value of these embedded derivatives related to liabilities was $2.0 billion as of March 31, 2024. (2) Represents netting of derivative exposures covered by qualifying master netting agreements. As of December 31, 2023 Notional Derivative Derivative Asset Management and Strategic Holdings Foreign Exchange Contracts and Options $ 15,771,463 $ 264,621 $ 441,608 Other Derivatives 374,604 4,792 2,382 Total Asset Management and Strategic Holdings $ 16,146,067 $ 269,413 $ 443,990 Insurance Derivatives designated as hedge accounting instruments: Interest rate contracts $ 7,320,500 $ — $ 372,212 Foreign currency contracts 2,302,335 24,278 73,478 Total derivatives designated as hedge accounting instruments $ 9,622,835 $ 24,278 $ 445,690 Derivatives not designated as hedge accounting instruments: Interest rate contracts $ 22,259,423 $ 284,067 $ 306,244 Equity market contracts 35,203,206 1,480,875 248,127 Foreign currency contracts 1,331,345 65,803 56,616 Other contracts 60,000 — 600 Total derivatives not designated as hedge accounting instruments $ 58,853,974 $ 1,830,745 $ 611,587 Impact of netting (2) — (1,809,329) (911,080) Total Insurance (1) $ 68,476,809 $ 45,694 $ 146,197 Fair value included within total assets and liabilities $ 84,622,876 $ 315,107 $ 590,187 (1) Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was $88.7 million and the fair value of these embedded derivatives related to liabilities was $1.6 billion as of December 31, 2023. (2) Represents netting of derivative exposures covered by qualifying master netting agreements. |
Schedule of Derivative Liabilities at Fair Value | The following table presents the financial statement classification, carrying amount and cumulative fair value hedging adjustments for qualifying hedged assets and liabilities: As of March 31, 2024 As of December 31, 2023 Carrying amount of hedged assets/(liabilities) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets/(liabilities) (1) Carrying amount of hedged assets/(liabilities) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets/(liabilities) (1) AFS fixed maturity securities (2) $ 2,168,807 $ (45,116) $ 2,324,364 $ 80,210 Debt (2,307,233) (202,919) (1,608,294) (165,817) Policy liabilities (5,058,716) (272,648) (4,380,048) (255,308) (1) Includes $23.4 million and $27.8 million of hedging adjustments on discontinued hedging relationships as of March 31, 2024 and December 31, 2023 , respectively. (2) Carrying amount is the amortized cost for AFS debt securities. |
Derivative Gains and Losses | The following table presents the financial statement classification and amount of gains (losses) recognized on derivative instruments and related hedged items, where applicable: Three Months Ended March 31, 2024 Net Gains (Losses) from Investment Activities Net investment-related gains (losses) Net investment income Net policy benefits and claims Interest expense Change in AOCI Derivatives designated as hedge accounting instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest rate contracts $ — $ — $ — $ (63,695) $ (52,695) $ — Foreign currency contracts — 49,541 982 — — (4,690) Total gains (losses) on derivatives designated as hedge instruments $ — $ 49,541 $ 982 $ (63,695) $ (52,695) $ (4,690) Gains (losses) on hedged items: Interest rate contracts $ — $ — $ — $ 63,695 $ 52,695 $ — Foreign currency contracts — (45,116) — — — — Total gains (losses) on hedged items $ — $ (45,116) $ — $ 63,695 $ 52,695 $ — Amortization for gains (losses) excluded from assessment of effectiveness: Foreign currency contracts $ — $ 6,381 $ — $ — $ — $ — Total amortization for gains (losses) excluded from assessment of effectiveness — 6,381 — — — — Total gains (losses) on fair value hedges, net of hedged items $ — $ 10,806 $ 982 $ — $ — $ (4,690) Cash flow hedges Interest rate contracts $ — $ — $ (845) $ — $ — $ (31,288) Total gains (losses) on cash flow hedges $ — $ — $ (845) $ — $ — $ (31,288) Derivatives not designated as hedge accounting instruments: Asset Management and Strategic Holdings Foreign Exchange Contracts and Options $ 183,342 $ — $ — $ — $ — $ — Other Derivatives 2,450 — — — — — Total included in Net Gains (Losses) from Investment Activities $ 185,792 $ — $ — $ — $ — $ — Insurance Embedded derivatives - funds withheld receivable $ — $ 25,330 $ — $ — $ — $ — Embedded derivatives - funds withheld payable — 95,441 — — — — Equity index options — 257,103 — — — — Equity future contracts — (63,516) — — — — Interest rate contracts — (249,295) — — — — Foreign exchange and other derivative contracts — 25,099 — — — — Total gains (losses) on derivatives not designated as hedge accounting instruments from Insurance Activities $ — $ 90,162 $ — $ — $ — $ — Total $ 185,792 $ 100,968 $ 137 $ — $ — $ (35,978) Three Months Ended March 31, 2023 Net Gains (Losses) from Investment Activities Net investment-related gains (losses) Net investment income Net policy benefits and claims Interest expense Change in AOCI Derivatives designated as hedge accounting instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest rate contracts $ — $ — $ — $ 34,557 $ 20,104 $ — Foreign currency contracts — (35,388) — — — 9,280 Total gains (losses) on derivatives designated as hedge instruments $ — $ (35,388) $ — $ 34,557 $ 20,104 $ 9,280 Gains (losses) on hedged items: Interest rate contracts $ — $ — $ — $ (34,557) $ (20,104) $ — Foreign currency contracts — 29,624 — — — — Total gains (losses) on hedged items $ — $ 29,624 $ — $ (34,557) $ (20,104) $ — Amortization for gains (losses) excluded from assessment of effectiveness: Foreign currency contracts $ — $ 6,826 $ — $ — $ — $ — Total amortization for gains (losses) excluded from assessment of effectiveness $ — $ 6,826 $ — $ — $ — $ — Total gains (losses) on fair value hedges, net of hedged items $ — $ 1,062 $ — $ — $ — $ 9,280 Cash flow hedges Interest rate contracts $ — $ (268) $ — $ — $ — $ 57,920 Total gains (losses) on cash flow hedges $ — $ (268) $ — $ — $ — $ 57,920 Derivatives not designated as hedge accounting instruments: Asset Management and Strategic Holdings Foreign Exchange Contracts and Options $ (22,366) $ — $ — $ — $ — $ — Other Derivatives 12,208 — — — — — Total included in Net Gains (Losses) from Investment Activities $ (10,158) $ — $ — $ — $ — $ — Insurance Embedded derivatives - funds withheld receivable $ — $ (30,767) $ — $ — $ — $ — Embedded derivatives - funds withheld payable — (430,235) — — — — Equity index options — 83,887 — — — — Equity future contracts — (40,825) — — — — Interest rate and foreign exchange contracts — 68,996 — — — — Other contracts — (75) — — — — Total gains (losses) on derivatives not qualifying as hedge accounting instruments from Insurance Activities $ — $ (349,019) $ — $ — $ — $ — Total $ (10,158) $ (348,225) $ — $ — $ — $ 67,200 |
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 March 31, 2024 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) $ 2,001,907 $ (1,973,523) $ 28,384 $ (16,333) $ 12,051 Derivative liabilities (excluding embedded derivatives) $ 1,005,773 $ (851,062) $ 154,711 $ 198,464 $ (43,753) (1) Represents netting of derivative exposures covered by qualifying master netting agreements. As of December 31, 2023 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) $ 1,855,023 $ (1,809,329) $ 45,694 $ (45,095) $ 599 Derivative liabilities (excluding embedded derivatives) $ 1,057,277 $ (911,080) $ 146,197 $ 167,973 $ (21,776) (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 March 31, 2024 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) $ 2,001,907 $ (1,973,523) $ 28,384 $ (16,333) $ 12,051 Derivative liabilities (excluding embedded derivatives) $ 1,005,773 $ (851,062) $ 154,711 $ 198,464 $ (43,753) (1) Represents netting of derivative exposures covered by qualifying master netting agreements. As of December 31, 2023 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) $ 1,855,023 $ (1,809,329) $ 45,694 $ (45,095) $ 599 Derivative liabilities (excluding embedded derivatives) $ 1,057,277 $ (911,080) $ 146,197 $ 167,973 $ (21,776) (1) Represents netting of derivative exposures covered by qualifying master netting agreements. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 Level I Level II Level III Total Asset Management and Strategic Holdings Private Equity $ 1,356,004 $ 58,353 $ 32,258,143 $ 33,672,500 Credit 208,618 2,997,980 5,194,915 8,401,513 Investments of Consolidated CFEs — 24,961,635 — 24,961,635 Real Assets 424,911 18,573 11,529,548 11,973,032 Equity Method - Other 370,264 593,050 1,534,073 2,497,387 Other Investments 239,257 73,780 4,204,202 4,517,239 Total Investments $ 2,599,054 $ 28,703,371 $ 54,720,881 $ 86,023,306 Foreign Exchange Contracts and Options — 294,511 — 294,511 Other Derivatives — 4,258 — 4,258 Total Assets at Fair Value - Asset Management and Strategic Holdings $ 2,599,054 $ 29,002,140 $ 54,720,881 $ 86,322,075 Insurance AFS fixed maturity securities: U.S. government and agencies $ 3,461,569 $ 121,190 $ — $ 3,582,759 U.S. state, municipal and political subdivisions — 4,541,898 — 4,541,898 Corporate — 32,183,616 8,071,579 40,255,195 Structured securities — 23,742,369 1,926,056 25,668,425 Total AFS fixed maturity securities $ 3,461,569 $ 60,589,073 $ 9,997,635 $ 74,048,277 Trading fixed maturity securities: U.S. government and agencies $ 5,991,106 $ 170,734 $ — $ 6,161,840 U.S. state, municipal and political subdivisions — 1,266,878 — 1,266,878 Corporate — 14,271,718 378,435 14,650,153 Structured securities — 5,235,935 670,143 5,906,078 Total trading fixed maturity securities $ 5,991,106 $ 20,945,265 $ 1,048,578 $ 27,984,949 Equity securities 5,648 — 15,823 21,471 Mortgage and other loan receivables — — 686,938 686,938 Other investments — — 4,897,017 (1) 4,897,017 Funds withheld receivable at interest — — 113,991 113,991 Reinsurance recoverable — — 965,877 965,877 Derivative assets: Equity market contracts 1,225 1,706,858 — 1,708,083 Interest rate contracts 1,577 180,691 — 182,268 Other contracts — 957 — 957 Foreign currency contracts — 110,599 — 110,599 Impact of netting (2,188) (1,971,335) — (2) (1,973,523) Total derivative assets $ 614 $ 27,770 $ — $ 28,384 Separate account assets 4,223,173 — — 4,223,173 Total Assets at Fair Value - Insurance $ 13,682,110 $ 81,562,108 $ 17,725,859 $ 112,970,077 Total Assets at Fair Value $ 16,281,164 $ 110,564,248 $ 72,446,740 $ 199,292,152 December 31, 2023 Level I Level II Level III Total Asset Management and Strategic Holdings Private Equity $ 1,762,257 $ 58,653 $ 30,921,574 $ 32,742,484 Credit 281,626 2,540,362 5,452,916 8,274,904 Investments of Consolidated CFEs — 24,996,298 — 24,996,298 Real Assets 676,808 27,567 11,295,633 12,000,008 Equity Method - Other 418,791 326,835 1,537,962 2,283,588 Other Investments 218,151 95,453 4,265,768 4,579,372 Total Investments $ 3,357,633 $ 28,045,168 $ 53,473,853 $ 84,876,654 Foreign Exchange Contracts and Options — 264,621 — 264,621 Other Derivatives — 4,792 — 4,792 Total Assets at Fair Value - Asset Management and Strategic Holdings $ 3,357,633 $ 28,314,581 $ 53,473,853 $ 85,146,067 Insurance AFS fixed maturity securities: U.S. government and agencies $ 1,082,421 $ 120,671 $ — $ 1,203,092 U.S. state, municipal and political subdivisions — 4,607,392 — 4,607,392 Corporate — 31,377,753 8,571,003 39,948,756 Structured securities — 21,824,948 1,830,000 23,654,948 Total AFS fixed maturity securities $ 1,082,421 $ 57,930,764 $ 10,401,003 $ 69,414,188 Trading fixed maturity securities: U.S. government and agencies $ 2,354,194 $ 163,919 $ — $ 2,518,113 U.S. state, municipal and political subdivisions — 1,223,946 — 1,223,946 Corporate — 9,815,909 656,923 10,472,832 Structured securities — 3,997,341 593,238 4,590,579 Total trading fixed maturity securities $ 2,354,194 $ 15,201,115 $ 1,250,161 $ 18,805,470 Equity securities 4,215 — 15,522 19,737 Mortgage and other loan receivables — — 697,402 697,402 Other investments — — 4,925,751 (1) 4,925,751 Funds withheld receivable at interest — — 88,661 88,661 Reinsurance recoverable — — 926,035 926,035 Derivative assets: Equity market contracts 1,669 1,479,206 — 1,480,875 Interest rate contracts 19,474 264,593 — 284,067 Foreign currency contracts — 90,081 — 90,081 Impact of netting (23,522) (1,785,807) — (2) (1,809,329) Total derivative assets $ (2,379) $ 48,073 $ — $ 45,694 Separate account assets 4,107,000 — — 4,107,000 Total Assets at Fair Value - Insurance $ 7,545,451 $ 73,179,952 $ 18,304,535 $ 99,029,938 Total Assets at Fair Value $ 10,903,084 $ 101,494,533 $ 71,778,388 $ 184,176,005 (1) Other investments excluded from the fair value hierarchy include private equity funds for which fair value is measured at net asset value per share as a practical expedient. As of March 31, 2024 and December 31, 2023, the fair value of these investments was $670.6 million and $138.5 million, respectively. These investments have strategies primarily focused on real assets (including real estate and infrastructure) and are subject to certain restrictions on redemption. As of March 31, 2024, there were $3.1 million of unfunded commitments associated with these investments. (2) Represents netting of derivative exposures covered by qualifying master netting agreements. Liabilities, at fair value: March 31, 2024 Level I Level II Level III Total Asset Management and Strategic Holdings Securities Sold Short $ 168,262 $ — $ — $ 168,262 Foreign Exchange Contracts and Options — 321,024 — 321,024 Unfunded Revolver Commitments — — 95,004 (1) 95,004 Other Derivatives 17 — — 17 Debt Obligations of Consolidated CFEs — 25,075,510 — 25,075,510 Total Liabilities at Fair Value - Asset Management and Strategic Holdings $ 168,279 $ 25,396,534 $ 95,004 $ 25,659,817 Insurance Policy liabilities (including market risk benefits) $ — $ — $ 1,337,563 (3) $ 1,337,563 Closed block policy liabilities — — 1,005,627 1,005,627 Funds withheld payable at interest — — (2,542,744) (2,542,744) Derivative instruments payable: Equity market contracts 4,069 195,855 — 199,924 Interest rate contracts 1,087 724,393 — 725,480 Foreign currency contracts — 79,855 — 79,855 Other contracts — 514 — 514 Impact of netting (2,188) (848,874) — (2) (851,062) Total derivative instruments payable 2,968 151,743 — 154,711 Embedded derivative – interest-sensitive life products — — 486,199 486,199 Embedded derivative – annuity products — — 4,051,405 4,051,405 Total Liabilities at Fair Value - Insurance $ 2,968 $ 151,743 $ 4,338,050 $ 4,492,761 Total Liabilities at Fair Value $ 171,247 $ 25,548,277 $ 4,433,054 $ 30,152,578 December 31, 2023 Level I Level II Level III Total Asset Management and Strategic Holdings Securities Sold Short $ 149,136 $ — $ — $ 149,136 Foreign Exchange Contracts and Options — 441,608 — 441,608 Unfunded Revolver Commitments — — 94,683 (1) 94,683 Other Derivatives 143 2,239 — 2,382 Debt Obligations of Consolidated CFEs — 25,276,404 — 25,276,404 Total Liabilities at Fair Value - Asset Management and Strategic Holdings $ 149,279 $ 25,720,251 $ 94,683 $ 25,964,213 Insurance Policy liabilities (including market risk benefits) $ — $ — $ 1,474,970 (3) $ 1,474,970 Closed block policy liabilities — — 968,554 968,554 Funds withheld payable at interest — — (2,447,303) (2,447,303) Derivative instruments payable: Equity market contracts 7,088 241,039 — 248,127 Interest rate contracts 17,931 660,525 — 678,456 Foreign currency contracts — 130,094 — 130,094 Other contracts — 600 — 600 Impact of netting (23,522) (887,558) — (2) (911,080) Total derivative instruments payable 1,497 144,700 — 146,197 Embedded derivative – interest-sensitive life products — — 458,302 458,302 Embedded derivative – annuity products — — 3,587,371 3,587,371 Total Liabilities at Fair Value - Insurance $ 1,497 $ 144,700 $ 4,041,894 $ 4,188,091 Total Liabilities at Fair Value $ 150,776 $ 25,864,951 $ 4,136,577 $ 30,152,304 (1) These unfunded revolver commitments are valued using the same valuation methodologies as KKR's Level III credit investments. (2) Represents netting of derivative exposures covered by qualifying master netting agreements. (3) Includes market risk benefit of $1.0 billion and $1.1 billion as of March 31, 2024 and December 31, 2023, respectively. |
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 three months ended March 31, 2024 and 2023, respectively. Three Months Ended March 31, 2024 Balance, Beg. of Period Transfers In / (Out) - Changes in Consolidation Transfers 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 and Strategic Holdings Private Equity $ 30,921,574 $ — $ — $ — $ 741,462 $ 595,107 $ — $ 32,258,143 $ 593,507 $ — Credit 5,452,916 — 148,072 (105,080) (258,589) (42,404) — 5,194,915 (37,131) — Real Assets 11,295,633 — — — 350,333 (116,418) — 11,529,548 (117,618) — Equity Method - Other 1,537,962 — — — 623 (4,512) — 1,534,073 (6,115) — Other Investments 4,265,768 — — (8,106) (122,560) 68,923 177 4,204,202 74,729 177 Total Assets - Asset Management and Strategic Holdings $ 53,473,853 $ — $ 148,072 $ (113,186) $ 711,269 $ 500,696 $ 177 $ 54,720,881 $ 507,372 $ 177 Insurance AFS fixed maturity securities: Corporate fixed maturity securities $ 8,571,003 $ — $ — $ (301) $ (544,590) $ (47,622) $ 93,089 $ 8,071,579 $ — $ 93,046 Structured securities 1,830,000 — 53,014 — 23,814 7,639 11,589 1,926,056 — 12,136 Total AFS fixed maturity securities 10,401,003 — 53,014 (301) (520,776) (39,983) 104,678 9,997,635 — 105,182 Trading fixed maturity securities: Corporate fixed maturity securities 656,923 — 191 — (319,550) 40,871 — 378,435 40,396 — Structured securities 593,238 — 91,658 — (24,223) 9,470 — 670,143 10,428 — Total trading fixed maturity securities 1,250,161 — 91,849 — (343,773) 50,341 — 1,048,578 50,824 — Equity securities 15,522 — — — — 301 — 15,823 301 — Mortgage and other loan receivables 697,402 — — — (5,792) (4,672) — 686,938 (4,304) — Other investments 4,925,751 — — — 51,066 (79,800) — 4,897,017 (78,044) — Funds withheld receivable at interest 88,661 — — — — 25,330 — 113,991 — — Reinsurance recoverable 926,035 — — — (11,668) 51,510 — 965,877 — — Total Assets - Insurance $ 18,304,535 $ — $ 144,863 $ (301) $ (830,943) $ 3,027 $ 104,678 $ 17,725,859 $ (31,223) $ 105,182 Total $ 71,778,388 $ — $ 292,935 $ (113,487) $ (119,674) $ 503,723 $ 104,855 $ 72,446,740 $ 476,149 $ 105,359 Three Months Ended March 31, 2023 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 and Strategic Holdings Private Equity $ 25,336,957 $ — $ — $ — $ 933,427 $ (80,883) $ — $ 26,189,501 $ (82,903) $ — Credit 5,786,026 — 17,628 (23,758) 76,332 46,350 — 5,902,578 44,069 — Real Assets 17,015,112 — — — 2,215,040 (283,301) — 18,946,851 (288,639) — Equity Method - Other 1,624,420 — — — 5,644 (27,370) — 1,602,694 (23,357) — Other Investments 3,334,366 — — (22,376) 511,252 (84,796) — 3,738,446 (92,618) — Other Derivatives — — — — 2,153 (2,153) — — — — Total Assets - Asset Management and Strategic Holdings $ 53,096,881 $ — $ 17,628 $ (46,134) $ 3,743,848 $ (432,153) $ — $ 56,380,070 $ (443,448) $ — Insurance AFS fixed maturity securities: Corporate fixed maturity securities $ 8,310,657 $ — $ — $ — $ (66,084) $ 21,265 $ 28,585 $ 8,294,423 $ — $ 19,326 Structured securities 1,419,441 — 170,775 (3,374) 154,983 (4,139) 33,099 1,770,785 — 32,822 Total AFS fixed maturity securities 9,730,098 — 170,775 (3,374) 88,899 17,126 61,684 10,065,208 — 52,148 Trading fixed maturity securities: Corporate fixed maturity securities 672,023 — — — (27,893) (12,260) — 631,870 (11,841) — Structured securities 643,811 — 5,890 (6,747) 14,017 4,594 — 661,565 6,060 — Total trading fixed maturity securities 1,315,834 — 5,890 (6,747) (13,876) (7,666) — 1,293,435 (5,781) — Equity securities 16,286 — — — — (975) — 15,311 (975) — Mortgage and other loan receivables 787,515 — — — (10,560) (3,038) — 773,917 (2,165) — Other investments 4,883,441 — — — 110,942 14,730 — 5,009,113 24,546 — Funds withheld receivable at interest 12,785 — — — — (30,767) — (17,982) — — Reinsurance recoverable 981,775 — — — (10,654) 39,481 — 1,010,602 — — Total Assets - Insurance $ 17,727,734 $ — $ 176,665 $ (10,121) $ 164,751 $ 28,891 $ 61,684 $ 18,149,604 $ 15,625 $ 52,148 Total $ 70,824,615 $ — $ 194,293 $ (56,255) $ 3,908,599 $ (403,262) $ 61,684 $ 74,529,674 $ (427,823) $ 52,148 Three Months Ended March 31, 2024 Purchases Issuances Sales Settlements Net Purchases/ Issuances/ Sales/ Settlements Assets Asset Management and Strategic Holdings Private Equity $ 986,552 $ — $ (245,090) $ — $ 741,462 Credit 322,033 — (230,387) (350,235) (258,589) Real Assets 383,467 — (33,134) — 350,333 Equity Method - Other 3,080 — (2,457) — 623 Other Investments 390,664 — (448,621) (64,603) (122,560) Total Assets - Asset Management and Strategic Holdings $ 2,085,796 $ — $ (959,689) $ (414,838) $ 711,269 Insurance AFS fixed maturity securities: Corporate fixed maturity securities $ 662,876 $ — $ (170,021) $ (1,037,445) $ (544,590) Structured securities 91,045 — (2,002) (65,229) 23,814 Total AFS fixed maturity securities 753,921 — (172,023) (1,102,674) (520,776) Trading fixed maturity securities: Corporate fixed maturity securities 61,018 — (54,206) (326,362) (319,550) Structured securities 237 — (6,470) (17,990) (24,223) Total trading fixed maturity securities 61,255 — (60,676) (344,352) (343,773) Mortgage and other loan receivables 1,795 — — (7,587) (5,792) Other investments 54,950 — (3,884) — 51,066 Reinsurance recoverable — — — (11,668) (11,668) Total Assets - Insurance $ 871,921 $ — $ (236,583) $ (1,466,281) $ (830,943) Total $ 2,957,717 $ — $ (1,196,272) $ (1,881,119) $ (119,674) Three Months Ended March 31, 2023 Purchases Issuances Sales Settlements Net Purchases/ Issuances/ Sales/ Settlements Assets Asset Management and Strategic Holdings Private Equity $ 955,937 $ — $ (22,510) $ — $ 933,427 Credit 440,733 — (278,981) (85,420) 76,332 Real Assets 2,291,691 — (75,612) (1,039) 2,215,040 Equity Method - Other 6,472 — (828) — 5,644 Other Investments 592,177 — (16,016) (64,909) 511,252 Other Derivatives 2,153 — — — 2,153 Total Assets - Asset Management and Strategic Holdings $ 4,289,163 $ — $ (393,947) $ (151,368) $ 3,743,848 Insurance AFS fixed maturity securities: Corporate fixed maturity securities $ 235,382 $ — $ (588) $ (300,878) $ (66,084) Structured securities 176,819 — — (21,836) 154,983 Total AFS fixed maturity securities 412,201 — (588) (322,714) 88,899 Trading fixed maturity securities: Corporate fixed maturity securities 7,717 — (1,000) (34,610) (27,893) Structured securities 24,650 — (694) (9,939) 14,017 Total trading fixed maturity securities 32,367 — (1,694) (44,549) (13,876) Mortgage and other loan receivables 377 — (3,078) (7,859) (10,560) Other investments 118,394 — (7,452) — 110,942 Reinsurance recoverable — — — (10,654) (10,654) Total Assets - Insurance $ 563,339 $ — $ (12,812) $ (385,776) $ 164,751 Total $ 4,852,502 $ — $ (406,759) $ (537,144) $ 3,908,599 Three Months Ended March 31, 2024 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 and Strategic Holdings Unfunded Revolver Commitments $ 94,683 $ — $ — $ — $ — $ 321 $ — $ 95,004 $ 321 Total Liabilities - Asset Management and Strategic Holdings $ 94,683 $ — $ — $ — $ — $ 321 $ — $ 95,004 $ 321 Insurance Policy liabilities $ 1,474,970 $ — $ — $ — $ (49) $ (142,526) $ 5,168 $ 1,337,563 $ — Closed block policy liabilities 968,554 — — — (865) 38,529 (591) 1,005,627 — Funds withheld payable at interest (2,447,303) — — — — (95,441) — (2,542,744) — Embedded derivative – interest-sensitive life products 458,302 — — — (24,478) 52,375 — 486,199 — Embedded derivative – annuity products 3,587,371 — — — 259,459 204,575 — 4,051,405 — Total Liabilities - Insurance $ 4,041,894 $ — $ — $ — $ 234,067 $ 57,512 $ 4,577 $ 4,338,050 $ — Total $ 4,136,577 $ — $ — $ — $ 234,067 $ 57,833 $ 4,577 $ 4,433,054 $ 321 Three Months Ended March 31, 2023 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 and Strategic Holdings Unfunded Revolver Commitments $ 137,315 $ — $ — $ — $ — $ (24,781) $ — $ 112,534 $ (24,781) Total Liabilities - Asset Management and Strategic Holdings $ 137,315 $ — $ — $ — $ — $ (24,781) $ — $ 112,534 $ (24,781) Insurance Policy liabilities $ 1,063,496 $ — $ — $ — $ (865) $ 123,163 $ (52,015) $ 1,133,779 $ — Closed block policy liabilities 1,016,313 — — — (5,862) 37,258 (1,251) 1,046,458 — Funds withheld payable at interest (3,487,766) — — — — 430,235 — (3,057,531) — Embedded derivative – interest-sensitive life products 337,860 — — — (2,948) 38,479 — 373,391 — Embedded derivative – annuity products 1,851,381 — — — 349,482 201,564 — 2,402,427 — Total Liabilities - Insurance $ 781,284 $ — $ — $ — $ 339,807 $ 830,699 $ (53,266) $ 1,898,524 $ — Total $ 918,599 $ — $ — $ — $ 339,807 $ 805,918 $ (53,266) $ 2,011,058 $ (24,781) Three Months Ended March 31, 2024 Issuances Sales Settlements Net Issuances/Settlements Liabilities Asset Management and Strategic Holdings Unfunded Revolver Commitments $ — $ — $ — $ — Total Liabilities - Asset Management and Strategic Holdings $ — $ — $ — $ — Insurance Policy liabilities $ 3,407 $ — $ (3,456) $ (49) Closed block policy liabilities — — (865) (865) Embedded derivative – interest-sensitive life products — — (24,478) (24,478) Embedded derivative – annuity products 318,092 — (58,633) 259,459 Total Liabilities - Insurance $ 321,499 $ — $ (87,432) $ 234,067 Total $ 321,499 $ — $ (87,432) $ 234,067 Three Months Ended March 31, 2023 Issuances Sales Settlements Net Issuances/Settlements Liabilities Asset Management and Strategic Holdings Unfunded Revolver Commitments $ — $ — $ — $ — Total Liabilities - Asset Management and Strategic Holdings $ — $ — $ — $ — Insurance Policy liabilities $ (45) $ — $ (820) $ (865) Closed block policy liabilities — — (5,862) (5,862) Embedded derivative – interest-sensitive life products — — (2,948) (2,948) Embedded derivative – annuity products 368,898 — (19,416) 349,482 Total Liabilities - Insurance $ 368,853 $ — $ (29,046) $ 339,807 Total $ 368,853 $ — $ (29,046) $ 339,807 |
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 March 31, 2024. 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 March 31, 2024 Valuation Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) ASSET MANAGEMENT AND STRATEGIC HOLDINGS Private Equity $ 32,258,143 Private Equity $ 29,294,376 Inputs to market comparables, discounted cash flow and transaction price Illiquidity Discount 6.3% 5.0% - 15.0% Decrease Weight Ascribed to Market Comparables 27.5% 0.0% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 63.0% 0.0% - 100.0% (5) Weight Ascribed to Transaction Price 9.5% 0.0% - 100.0% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 18.3x 5.5x - 50.2x Increase Enterprise Value/Forward EBITDA Multiple 16.9x 4.4x - 31.4x Increase Discounted cash flow Weighted Average Cost of Capital 10.1% 6.3% - 14.9% Decrease Enterprise Value/EBITDA Exit Multiple 13.1x 6.0x - 27.6x Increase Level III Assets Fair Value March 31, 2024 Valuation Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Growth Equity $ 2,963,767 Inputs to market comparables, discounted cash flow and milestones Illiquidity Discount 10.1% 10.0% - 15.0% Decrease Weight Ascribed to Market Comparables 45.1% 0.0% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 2.3% 0.0% - 50.0% (5) Weight Ascribed to Transaction Price 12.2% 0.0% - 100.0% (6) Weight Ascribed to Milestones 40.4% 0.0% - 100.0% (6) Scenario Weighting Base 69.6% 60.0% - 85.0% Increase Downside 8.7% 5.0% - 15.0% Decrease Upside 21.7% 10.0% - 35.0% Increase Market Comparables Enterprise Value/Revenues Multiple 9.5x 3.4x - 11.7x Increase Credit $ 5,194,915 Yield Analysis Yield 11.4% 0.0% - 21.4% Decrease Net Leverage 5.9x 1.7x -20.4x Decrease EBITDA Multiple 12.4x 6.8x - 30.0x Increase Real Assets $ 11,529,548 Energy $ 1,542,876 Inputs to market comparables, discounted cash flow and transaction price Weight Ascribed to Market Comparables 44.4% 0.0% - 50.0% (4) Weight Ascribed to Discounted Cash Flow 55.6% 50.0% - 100.0% (5) Market comparables Enterprise Value/LTM EBITDA Multiple 4.7x 4.7x - 4.7x Increase Enterprise Value/Forward EBITDA Multiple 7.0x 4.6x- 7.8x Increase Discounted cash flow Weighted Average Cost of Capital 12.1% 11.8% - 12.2% Decrease Average Price Per BOE (8) $48.28 $46.55 - $52.47 Increase Infrastructure $ 1,482,424 Inputs to market comparables, discounted cash flow and transaction price Illiquidity Discount 5.9% 5.0% - 10.0% Decrease Weight Ascribed to Market Comparables 6.3% 0.0% - 25.0% (4) Weight Ascribed to Discounted Cash Flow 56.5% 10.0% - 100.0% (5) Weight Ascribed to Transaction Price 37.2% 0.0% - 90.0% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 10.8x 10.8x - 10.8x Increase Enterprise Value/Forward EBITDA Multiple 19.6x 10.6x - 23.8x Increase Discounted cash flow Weighted Average Cost of Capital 7.5% 6% - 9.6% Decrease Enterprise Value/EBITDA Exit Multiple 15.2x 10.0x - 22.0x Increase Real Estate $ 8,504,248 Inputs to direct income capitalization, discounted cash flow and transaction price Weight Ascribed to Direct Income Capitalization 20.5% 0.0% - 100.0% (7) Weight Ascribed to Discounted Cash Flow 73.5% 0.0% - 100.0% (5) Weight Ascribed to Transaction Price 6.0% 0.0% - 100.0% (6) Direct income capitalization Current Capitalization Rate 4.1% 1.9% - 7.7% Decrease Discounted cash flow Exit Capitalization Rate 5.6% 2.9% - 9.0% Decrease Unlevered Discount Rate 6.6% 2.6% - 18.0% Decrease Equity Method - Other $ 1,534,073 Inputs to market comparables, discounted cash flow and transaction price Illiquidity Discount 7.1% 5.0% - 15.0% Decrease Weight Ascribed to Market Comparables 47.1% 0.0% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 41.5% 0.0% - 50.0% (5) Weight Ascribed to Transaction Price 11.4% 0.0% - 100.0% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 13.4x 4.7x - 18.7x Increase Enterprise Value/Forward EBITDA Multiple 12.3x 4.6x - 17.4x Increase Discounted cash flow Weighted Average Cost of Capital 10.6% 7.4% - 15.7% Decrease Enterprise Value/EBITDA Exit Multiple 11.0x 9.5x - 15.0x Increase Other Investments $ 4,204,202 (9) Inputs to market comparables, discounted cash flow and transaction price Illiquidity Discount 8.3% 5.0% - 15.0% Decrease Weight Ascribed to Market Comparables 25.9% 0.0% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 45.1% 0.0% - 100.0% (5) Weight Ascribed to Transaction Price 29.0% 0.0% - 100.0% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 10.4x 0.6x - 21.5x Increase Enterprise Value/Forward EBITDA Multiple 11.9x 3.3x - 19.1x Increase Discounted cash flow Weighted Average Cost of Capital 9.8% 7.7% - 38.9% Decrease Enterprise Value/EBITDA Exit Multiple 10.7x 7.3x - 15.0x Increase Level III Assets Fair Value March 31, 2024 Valuation Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) INSURANCE (10) Corporate fixed maturity securities $ 8,450,014 Discounted cash flow Discount Spread 2.5% 0.4% - 5.5% Decrease Structured securities $ 2,596,199 Discounted cash flow Discount Spread 3.1% 2.0% - 5.6% Decrease Constant Prepayment Rate 12.0% 10.0% - 15.0% Increase/Decrease Constant Default Rate 0.4% 0.0% - 3.0% Decrease Loss Severity 10.1% 0.0% - 95.0% Decrease Other investments $ 4,897,017 Discounted cash flow Vacancy rate 2.1% 0.0% - 2.5% Decrease Discount rate 7.6% 6.8% - 8.2% Decrease Terminal capitalization rate 6.1% 5.0% - 7.0% Decrease Reinsurance recoverable $ 965,877 Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities. Expense assumption $17.4 The average expense assumption is between $8.2 and $78.0 per policy, increased by inflation. The annual inflation rate was increased by 2.5%. 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 9.4% Decrease Cost of capital 9.8% 3.7% - 13.9% Increase Discounted cash flow Mortality Rate 5.5% Increase Surrender Rate 2.0% 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 different 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 88% liquids and 12% 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. (10) The funds withheld receivable at interest has been excluded from the above table. As discussed in Note 12 – Reinsurance, the funds withheld receivable at interest is created through funds withheld contracts. The assets supporting these receivables were held in trusts for the benefit of Global Atlantic. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the funds withheld reinsurance agreements. Level III Liabilities Fair Value March 31, 2024 Valuation Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) ASSET MANAGEMENT AND STRATEGIC HOLDINGS Unfunded Revolver Commitments $ 95,004 Yield Analysis Yield 9.6% 9.1% - 11.3% Decrease INSURANCE (4) Policy liabilities $ 1,337,563 Policy liabilities under fair value option: 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 0.7% 0.5% - 0.9% Decrease Policyholder behavior is also a significant unobservable input, including lapse, surrender and mortality. Surrender Rate 6.3% 3.5% - 7.6% Decrease Mortality Rate 4.7% 3.5% - 9.1% Increase Market risk benefit: Fair value using a non-option and option valuation approach Instrument-specific credit risk (10 and 30 year) 0.7% / 0.8% Decrease Policyholder behavior is also a significant unobservable input, including lapse, surrender, and mortality. Mortality Rate 2.4% 0.4% - 29.7% Increase Surrender Rate 3.9% 0.1% - 39.3% Increase Level III Liabilities Fair Value March 31, 2024 Valuation Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Closed block policy liabilities $ 1,005,627 Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities. Expense assumption $17.4 The average expense assumption is between $8.2 and $17.0 per policy, increased by inflation. The annual inflation rate was increased by 2.5%. Increase Instrument-specific credit risk 0.7% 0.5% - 0.8% 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 9.4% Decrease Cost of Capital 9.8% 3.7% - 13.9% Increase Discounted cash flow Mortality Rate 5.5% Increase Surrender Rate 2.0% Increase Embedded derivative – interest-sensitive life products $ 486,199 Policy persistency is a significant unobservable input. Lapse Rate 3.3% Decrease Mortality Rate 0.8% Decrease Future costs for options used to hedge the contract obligations Option Budget Assumption 3.8% Increase Instrument-specific credit risk 0.7% 0.5% - 0.8% Decrease Embedded derivative – annuity products $ 4,051,405 Policyholder behavior is a significant unobservable input, including utilization and lapse. Utilization: Fixed-indexed annuity 3.0% Decrease Surrender Rate: Retail FIA 13.7% Decrease Institutional FIA 16.2% Decrease Mortality Rate: Retail FIA 2.5% Decrease Institutional FIA 2.1% Decrease Future costs for options used to hedge the contract obligations Option Budget Assumption: Retail FIA 2.8% Increase Institutional FIA 3.3% Increase Instrument-specific credit risk 0.7% 0.5% - 0.8% 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 likely 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 fair value of the embedded derivative component of the funds withheld payable at interest has been excluded from the above table. The investments supporting the funds withheld payable at interest balance are held in a trust by Global Atlantic. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the investments supporting the reinsurance cession agreements. |
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 March 31, 2024 and December 31, 2023: Fair Value Hierarchy As of March 31, 2024 Carrying Value Level I Level II Level III Fair Value ($ in thousands) Financial assets: Insurance Mortgage and other loan receivables $ 40,529,043 $ — $ — $ 37,957,161 $ 37,957,161 Policy loans 1,561,608 — — 1,587,477 1,587,477 FHLB common stock and other investments 175,748 — — 175,748 175,748 Funds withheld receivables at interest 2,559,732 — 2,559,732 — 2,559,732 Cash and cash equivalents 8,524,962 8,524,962 — — 8,524,962 Restricted cash and cash equivalents 329,149 329,149 — — 329,149 Total financial assets $ 53,680,242 $ 8,854,111 $ 2,559,732 $ 39,720,386 $ 51,134,229 Financial liabilities: Insurance Policy liabilities – policyholder account balances $ 56,260,216 $ — $ 47,544,219 $ 7,642,870 $ 55,187,089 Funds withheld payables at interest 45,182,469 — 45,182,469 — 45,182,469 Debt obligations 3,086,113 — — 2,958,773 2,958,773 Securities sold under agreements to repurchase 854,710 — 854,710 — 854,710 Total financial liabilities $ 105,383,508 $ — $ 93,581,398 $ 10,601,643 $ 104,183,041 Fair Value Hierarchy As of December 31, 2023 Carrying Value Level I Level II Level III Fair Value ($ in thousands) Financial assets: Insurance Mortgage and other loan receivables $ 38,480,525 $ — $ — $ 35,539,059 $ 35,539,059 Policy loans 1,556,030 — — 1,341,005 1,341,005 FHLB common stock and other investments 173,148 — — 173,148 173,148 Funds withheld receivables at interest 2,624,984 — 2,624,984 — 2,624,984 Cash and cash equivalents 11,954,675 11,954,675 — — 11,954,675 Restricted cash and cash equivalents 342,954 342,954 — — 342,954 Total financial assets $ 55,132,316 $ 12,297,629 $ 2,624,984 $ 37,053,212 $ 51,975,825 Financial liabilities: Insurance Policy liabilities – policyholder account balances $ 53,821,432 $ — $ 45,395,423 $ 6,966,991 $ 52,362,414 Funds withheld payables at interest 36,786,825 — 36,786,825 — 36,786,825 Debt obligations 2,587,857 — — 2,396,587 2,396,587 Securities sold under agreements to repurchase 1,358,434 — 1,358,434 — 1,358,434 Total financial liabilities $ 94,554,548 $ — $ 83,540,682 $ 9,363,578 $ 92,904,260 |
FAIR VALUE OPTION (Tables)
FAIR VALUE OPTION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Disclosures of Financial Instruments for Which the Fair Value Option Was Elected | The following table summarizes the financial instruments for which the fair value option has been elected: March 31, 2024 December 31, 2023 Assets Asset Management and Strategic Holdings Credit $ 1,481,048 $ 976,978 Investments of Consolidated CFEs 24,961,635 24,996,298 Real Assets 58,610 59,721 Equity Method - Other 2,497,387 2,283,588 Other Investments 141,404 153,597 Total Asset Management and Strategic Holdings $ 29,140,084 $ 28,470,182 Insurance Mortgage and other loan receivables $ 686,938 $ 697,402 Other investments 196,012 232,877 Reinsurance recoverable 965,877 926,035 Total Insurance $ 1,848,827 $ 1,856,314 Total Assets $ 30,988,911 $ 30,326,496 Liabilities Asset Management and Strategic Holdings Debt Obligations of Consolidated CFEs $ 25,075,510 $ 25,276,404 Total Asset Management and Strategic Holdings $ 25,075,510 $ 25,276,404 Insurance Policy liabilities $ 1,320,137 $ 1,322,555 Total Insurance $ 1,320,137 $ 1,322,555 Total Liabilities $ 26,395,647 $ 26,598,959 The following table presents the net realized and unrealized gains (losses) on financial instruments for which the fair value option was elected: Three Months Ended March 31, 2024 Net Realized Net Unrealized Total Assets Asset Management and Strategic Holdings Credit $ (7,473) $ 14,856 $ 7,383 Investments of Consolidated CFEs 5,005 96,973 101,978 Real Assets — (1,111) (1,111) Equity Method - Other 15,445 (68,243) (52,798) Other Investments — (123) (123) Total Asset Management and Strategic Holdings $ 12,977 $ 42,352 $ 55,329 Insurance Mortgage and other loan receivables $ — $ (4,388) $ (4,388) Other investments — (39,679) (39,679) Total Insurance $ — $ (44,067) $ (44,067) Total Assets $ 12,977 $ (1,715) $ 11,262 Liabilities Asset Management and Strategic Holdings Debt Obligations of Consolidated CFEs $ (168) $ (78,896) $ (79,064) Total Asset Management and Strategic Holdings $ (168) $ (78,896) $ (79,064) Insurance Policy liabilities $ — $ 41,101 $ 41,101 Total Insurance $ — $ 41,101 $ 41,101 Total Liabilities $ (168) $ (37,795) $ (37,963) Three Months Ended March 31, 2023 Net Realized Net Unrealized Total Assets Asset Management and Strategic Holdings Credit $ (7,753) $ (6,971) $ (14,724) Investments of Consolidated CFEs (5,017) 317,881 312,864 Real Assets — (8,303) (8,303) Equity Method - Other 33,306 (75,743) (42,437) Other Investments 1,636 2,478 4,114 Total Asset Management and Strategic Holdings $ 22,172 $ 229,342 $ 251,514 Insurance Mortgage and other loan receivables $ — $ (6,344) $ (6,344) Other investments — (46,992) (46,992) Total Insurance $ — $ (53,336) $ (53,336) Total Assets $ 22,172 $ 176,006 $ 198,178 Liabilities Asset Management and Strategic Holdings Debt Obligations of Consolidated CFEs $ — $ (376,488) $ (376,488) Total Asset Management and Strategic Holdings $ — $ (376,488) $ (376,488) Insurance Policy liabilities $ — $ 594 $ 594 Total Insurance $ — $ 594 $ 594 Total Liabilities $ — $ (375,894) $ (375,894) |
INSURANCE INTANGIBLES, UNEARN_2
INSURANCE INTANGIBLES, UNEARNED REVENUE RESERVES AND UNEARNED FRONT-END LOADS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Schedule of Intangible Assets, Net | The following reflects the reconciliation of the components of insurance intangibles to the total balance reported in the consolidated statements of financial condition as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Deferred acquisition costs $ 1,260,724 $ 1,154,697 Value of business acquired 1,230,964 1,252,984 Cost-of-reinsurance intangibles 2,365,235 2,043,143 Total insurance intangibles $ 4,856,923 $ 4,450,824 |
Changes to Deferred Policy Acquisition Costs | The following tables reflect the deferred acquisition costs roll-forward by product category for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 Fixed rate annuities Fixed indexed annuities Interest sensitive life Other Total Balance, as of the beginning of the period $ 373,863 $ 481,970 $ 132,079 $ 166,785 $ 1,154,697 Capitalizations 75,597 58,366 3,291 18,605 155,859 Amortization expense (23,718) (19,709) (2,187) (4,218) (49,832) Balance, as of the end of the period $ 425,742 $ 520,627 $ 133,183 $ 181,172 $ 1,260,724 Three months ended March 31, 2023 Fixed rate annuities Fixed indexed annuities Interest sensitive life Other Total Balance, as of the beginning of the period $ 221,679 $ 367,813 $ 116,021 $ 115,457 $ 820,970 Capitalizations 59,969 52,469 11,128 17,112 140,678 Amortization expense (13,607) (12,930) (1,258) (3,385) (31,180) Balance, as of the end of the period $ 268,041 $ 407,352 $ 125,891 $ 129,184 $ 930,468 |
Changes to Value of Business Acquired Asset | The following tables reflect the value of business acquired, or “VOBA” asset roll-forward by product category for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 44,922 $ 621,372 $ 262,942 $ 245,042 $ 78,706 $ 1,252,984 Amortization expense (939) (10,719) (3,453) (5,201) (1,708) (22,020) Balance, as of the end of the period $ 43,983 $ 610,653 $ 259,489 $ 239,841 $ 76,998 $ 1,230,964 Three months ended March 31, 2023 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 48,762 $ 663,296 $ 276,795 $ 241,778 $ 85,898 $ 1,316,529 Amortization expense (972) (10,358) (3,048) (6,370) (1,854) (22,602) Balance, as of the end of the period $ 47,790 $ 652,938 $ 273,747 $ 235,408 $ 84,044 $ 1,293,927 The following tables reflect the negative value of business acquired, or “negative VOBA” liability roll-forward by product category for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 65,966 $ 106,538 $ 421,213 $ 91,295 $ 182,920 $ 867,932 Amortization expense (6,543) (8,849) (9,794) (1,567) (3,401) (30,154) Balance, as of the end of the period $ 59,423 $ 97,689 $ 411,419 $ 89,728 $ 179,519 $ 837,778 Three months ended March 31, 2023 Fixed rate annuities Fixed indexed annuities Interest sensitive life Variable annuities Other Total Balance, as of the beginning of the period $ 98,342 $ 145,610 $ 461,592 $ 99,776 $ 198,804 $ 1,004,124 Amortization expense (8,720) (10,036) (8,144) (2,423) (5,349) (34,672) Balance, as of the end of the period $ 89,622 $ 135,574 $ 453,448 $ 97,353 $ 193,455 $ 969,452 |
Changes to Unearned Revenue Reserve | Unearned revenue reserves and unearned front-end loads Three Months Ended March 31, 2024 2023 Preneed Balance, as of the beginning of the period $ 178,053 $ 118,186 Deferral 17,453 17,791 Amortized to income during the year (3,725) (2,517) Balance, as of the end of the period $ 191,781 $ 133,460 |
REINSURANCE (Tables)
REINSURANCE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Effects of Reinsurance Agreements | The effects of all reinsurance agreements on the consolidated statements of financial condition were as follows: March 31, 2024 December 31, 2023 Policy liabilities: Direct $ 78,687,136 $ 75,715,857 Assumed 94,911,550 84,342,414 Total policy liabilities 173,598,686 160,058,271 Ceded (1) (43,953,900) (35,773,958) Net policy liabilities $ 129,644,786 $ 124,284,313 (1) Reported within reinsurance recoverable within the consolidated statements of financial condition. The effects of reinsurance on the consolidated statements of operations were as follows: Three Months Ended March 31, 2024 2023 Net premiums: Direct $ 34,863 $ 32,653 Assumed 9,109,378 618,730 Ceded (3,107,719) (177,759) Net premiums $ 6,036,522 $ 473,624 Three Months Ended March 31, 2024 2023 Policy fees: Direct $ 226,322 $ 227,857 Assumed 174,418 104,589 Ceded (71,793) (18,644) Net policy fees $ 328,947 $ 313,802 Three Months Ended March 31, 2024 2023 Net policy benefits and claims: Direct $ 844,660 $ 948,119 Assumed 9,899,999 1,016,936 Ceded (3,483,590) (438,001) Net policy benefits and claims $ 7,261,069 $ 1,527,054 |
Reinsurance Recoverable and Funds Withheld Receivable at Interest by Credit Quality Indicator | The following shows the amortized cost basis of Global Atlantic’s reinsurance recoverable and funds withheld receivable at interest by credit quality indicator and any associated credit enhancements Global Atlantic has obtained to mitigate counterparty credit risk: As of March 31, 2024 As of December 31, 2023 A.M. Best Rating (1) Reinsurance recoverable and funds withheld receivable at interest Credit enhancements (2) Net reinsurance credit exposure (3) Reinsurance recoverable and funds withheld receivable at interest Credit enhancements (2) Net reinsurance credit exposure (3) A++ $ 44,895 $ — $ 44,895 $ 38,857 $ — $ 38,857 A+ 1,779,822 — 1,779,822 1,801,954 — 1,801,954 A 2,223,845 — 2,223,845 2,212,800 — 2,212,800 A- 4,259,094 3,728,593 530,501 4,430,484 3,814,976 615,508 B++ 1,065 — 1,065 589 — 589 B+ — — — — — — B — — — — — — B- — — — — — — C++/C+ (228) — — (228) — — Not rated or private rating (4) 38,537,428 38,911,132 — 30,859,068 30,210,350 648,718 Total $ 46,845,921 $ 42,639,725 $ 4,580,128 $ 39,343,524 $ 34,025,326 $ 5,318,426 (1) Ratings are periodically updated (at least annually) as A.M. Best issues new ratings. (2) Credit enhancements primarily include funds withheld payable at interest. (3) Includes credit loss allowance of $24.8 million and $21.0 million as of March 31, 2024 and December 31, 2023, respectively, held against reinsurance recoverable and funds withheld receivable at interest. (4) Includes $38.5 billion and $30.8 billion as of March 31, 2024 and December 31, 2023, respectively, associated with cessions to co-investment vehicles (the "sponsored reinsurance sidecar vehicles") that participate in qualifying reinsurance transactions sourced by Global Atlantic. |
NET INCOME (LOSS) ATTRIBUTABL_2
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. INC. PER SHARE OF COMMON STOCK (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income (Loss) Attributable to KKR & Co. per Share of Common Stock | For the three months ended March 31, 2024 and 2023, basic and diluted Net Income (Loss) attributable to KKR & Co. Inc. per share of common stock were calculated as follows: Three Months Ended March 31, 2024 2023 Net Income (Loss) Available to KKR & Co. Inc. $ 682,214 $ 322,744 (+) Series C Mandatory Convertible Preferred Dividend (if dilutive) (1) — — Net Income (Loss) Available to KKR & Co. Inc. $ 682,214 $ 322,744 Basic Net Income (Loss) Per Share of Common Stock Weighted Average Shares of Common Stock Outstanding - Basic 885,005,824 861,108,510 Net Income (Loss) Attributable to KKR & Co. Inc. $ 0.77 $ 0.37 Diluted Net Income (Loss) Per Share of Common Stock Weighted Average Shares of Common Stock Outstanding - Basic 885,005,824 861,108,510 Incremental Common Shares: Assumed vesting of dilutive equity awards (2) 40,135,342 26,060,826 Assumed conversion of Series C Mandatory Convertible Preferred Stock (1) — — Weighted Average Shares of Common Stock Outstanding - Diluted 925,141,166 887,169,336 Net Income (Loss) Attributable to KKR & Co. Inc. $ 0.74 $ 0.36 (1) For the three months ended March 31, 2023, the impact of Series C Mandatory Convertible Preferred Stock calculated under the if-converted method was anti-dilutive, and as such (i) shares of common stock (assuming a conversion ratio based on the average volume weighted average price per share of common stock over each reporting period) were not included in the Weighted Average Shares of Common Stock Outstanding - Diluted and (ii) Series C Mandatory Convertible Preferred dividends were not added back to Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Diluted. (2) |
Schedule of KKR Holdings Shares Excluded from the Calculation of Diluted Net Income (Loss) Attributable to KKR & Co. L.P. per Share of Common Stock - Diluted | Three Months Ended March 31, 2024 2023 Weighted Average Vested Restricted Holdings Units 5,739,616 2,695,142 |
OTHER ASSETS AND ACCRUED EXPE_2
OTHER ASSETS AND ACCRUED EXPENSES AND OTHER LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES | |
Schedule of Other Assets | Other Assets consist of the following: March 31, 2024 December 31, 2023 Asset Management and Strategic Holdings Unsettled Investment Sales (1) $ 295,141 $ 271,544 Receivables 66,066 55,602 Due from Broker (2) 81,585 76,075 Deferred Tax Assets, net 44,477 48,580 Interest Receivable 380,014 351,999 Fixed Assets, net (3) 855,621 863,096 Foreign Exchange Contracts and Options (4) 294,511 264,621 Goodwill (5) 526,089 558,279 Intangible Assets (6) 1,514,797 1,624,648 Derivative Assets 4,258 4,792 Prepaid Taxes 109,774 211,966 Prepaid Expenses 51,775 56,828 Operating Lease Right of Use Assets (7) 341,879 358,684 Deferred Financing Costs 15,500 19,213 Other 288,088 209,296 Total Asset Management and Strategic Holdings $ 4,869,575 $ 4,975,223 Insurance Unsettled Investment Sales (1) and Derivative Collateral Receivables $ 475,490 $ 27,562 Deferred Tax Assets, net 2,439,636 2,273,757 Derivative Assets 28,384 45,694 Accrued Investment Income 1,356,917 1,220,781 Goodwill 501,496 501,496 Intangible Assets and Deferred Sales Inducements (8) 258,075 258,529 Operating Lease Right of Use Assets (7) 171,570 172,955 Premiums and Other Account Receivables 221,851 188,136 Other 154,501 152,486 Prepaid Taxes — 42,294 Market Risk Benefit Asset 31 17 Total Insurance $ 5,607,951 $ 4,883,707 Total Other Assets $ 10,477,526 $ 9,858,930 (1) Represents amounts due from third parties for investments sold for which cash settlement has not occurred. (2) Represents amounts held at clearing brokers resulting from securities transactions. (3) Net of accumulated depreciation and amortization of $275.3 million and $257.4 million as of March 31, 2024 and December 31, 2023, respectively. Depreciation and amortization expense of $17.9 million and $15.8 million, for the three months ended March 31, 2024 and 2023, respectively, are included in General, Administrative and Other in the accompanying consolidated statements of operations. Additionally, KKR’s fixed assets are predominantly located in the United States. (4) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign currency denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements for the net changes in fair value associated with these instruments. (5) As of March 31, 2024, the carrying value of goodwill is recorded and assessed for impairment at the reporting unit. As of March 31, 2024, there are approximately $(66.4) million of cumulative foreign currency translation adjustments included in AOCI related to the goodwill recorded as result of the acquisition of KJRM. (6) As of March 31, 2024, there are approximately $(226.4) million of cumulative foreign currency translation adjustments included in AOCI related to the intangible assets recorded as result of the acquisition of KJRM. (7) For Asset Management, non-cancelable operating leases consist of leases for office space in North America, Europe, Asia and Australia. KKR is the lessee under the terms of the operating leases. The operating lease cost was $16.6 million and $15.7 million for the three months ended March 31, 2024 and 2023, respectively. For Insurance, non-cancelable operating leases consist of leases for office space and land in the U.S. For the three months ended March 31, 2024 and 2023, the operating lease cost was $5.5 million and $6.8 million, respectively. (8) The definite life intangible assets are amortized using the straight-line method over the useful life of the assets which is an average of 14 years. The indefinite life intangible assets are not subject to amortization. The amortization expense of definite life intangible assets was $4.4 million for both the three months ended March 31, 2024 and 2023. |
Schedule of Accounts Payable, Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities consist of the following: March 31, 2024 December 31, 2023 Asset Management and Strategic Holdings Amounts Payable to Carry Pool (1) $ 3,512,458 $ 2,664,694 Unsettled Investment Purchases (2) 833,986 574,986 Securities Sold Short (3) 168,262 149,136 Derivative Liabilities 17 2,382 Accrued Compensation and Benefits 205,734 210,625 Interest Payable 486,206 492,501 Foreign Exchange Contracts and Options (4) 321,024 441,608 Accounts Payable and Accrued Expenses 285,698 221,851 Taxes Payable 93,423 39,255 Uncertain Tax Positions 24,470 23,579 Unfunded Revolver Commitments 95,004 94,683 Operating Lease Liabilities (5) 344,646 360,852 Deferred Tax Liabilities, net 2,412,737 2,370,118 Other Liabilities 84,707 72,145 Total Asset Management and Strategic Holdings $ 8,868,372 $ 7,718,415 Insurance Unsettled Investment Purchases (2) and Derivative Collateral Liabilities $ 1,043,257 $ 205,669 Securities Sold Under Agreements to Repurchase 854,710 1,358,434 Accrued Expenses 629,548 607,262 Insurance Operations Balances in Course of Settlement 300,490 250,367 Operating Lease Liabilities (5) 193,212 193,566 Derivative Liabilities 154,711 146,197 Accrued Employee Related Expenses 64,340 370,984 Interest Payable 49,799 15,894 Tax Payable to Former Parent Company 47,841 62,545 Accounts and Commissions Payable 26,797 32,104 Other Tax Related Liabilities 14,315 12,984 Current Income Tax Payable 5,424 — Total Insurance $ 3,384,444 $ 3,256,006 Total Accrued Expenses and Other Liabilities $ 12,252,816 $ 10,974,421 (1) Represents the amount of carried interest payable to current and former KKR employees arising from KKR's investment funds and co-investment vehicles that provide for carried interest. (2) Represents amounts owed to third parties for investment purchases for which cash settlement has not occurred. (3) Represents the obligations of KKR to deliver a specified security at a future point in time. Such securities are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements for the net changes in fair value associated with these instruments. (4) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign currency denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements for the net changes in fair value associated with these instruments. (5) For Asset Management, operating leases for office space have remaining lease terms that range from approximately 1 year to 17 years, some of which include options to extend the leases from 5 years to 10 years. The weighted average remaining lease terms were 10.3 years and 10.3 years as of March 31, 2024 and December 31, 2023, respectively. The weighted average discount rates were 2.9% and 2.9% as of March 31, 2024 and December 31, 2023, respectively. For Insurance, operating leases for office space have remaining lease terms that range from approximately 1 year to 11 years, some of which include options to extend the leases for up to 10 years. The weighted average remaining lease terms were 7.5 years and 7.6 years as of March 31, 2024 and December 31, 2023, respectively. The weighted average discount rates were 4.5% and 4.4% as of March 31, 2024 and December 31, 2023, respectively. The weighted average remaining lease terms for land were 42.7 years and 43.7 years as of March 31, 2024 and December 31, 2023, respectively. |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Maximum Exposure to Loss, Before Allocations to the Carry Pool and Noncontrolling Interests, if any, for VIEs | As of March 31, 2024 and December 31, 2023, the maximum exposure to loss, before allocations to the carry pool and noncontrolling interests, if any, for those VIEs in which KKR is determined not to be the primary beneficiary but in which it has a variable interest is as follows: Asset Management and Strategic Holdings March 31, 2024 December 31, 2023 Investments $ 8,950,579 $ 7,877,904 Due from (to) Affiliates, net 1,151,902 1,097,939 Maximum Exposure to Loss $ 10,102,481 $ 8,975,843 Insurance Other Investment Partnerships $ 740,835 $ 169,265 Investment in Renewable Energy 55,325 55,485 Maximum Exposure to Loss $ 796,160 $ 224,750 Total Maximum Exposure to Loss $ 10,898,641 $ 9,200,593 |
DEBT OBLIGATIONS (Tables)
DEBT OBLIGATIONS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | KKR's Asset Management and Strategic Holdings debt obligations consisted of the following: March 31, 2024 December 31, 2023 Financing Available Borrowing Outstanding Fair Value Financing Available Borrowing Outstanding Fair Value Revolving Credit Facilities: Corporate Credit Agreement $ 1,500,000 $ — $ — $ 1,500,000 $ — $ — KCM Credit Facility (1) 717,399 — — 736,492 — — KCM 364-Day Revolving Credit Facility 750,000 — — 750,000 — — Notes Issued: (2) KKR ¥5 billion (or $33.0 million) 0.764% Notes Due 2025 (5) — 32,925 32,963 — 35,316 35,390 KKR ¥36.4 billion (or $240.5 million) 1.054% Notes Due 2027 (5) — 239,589 238,111 — 257,132 255,840 KKR ¥44.7 billion (or $295.3 million) 1.428% Notes Due 2028 (5) — 294,043 293,777 — 315,599 315,217 KKR €650 million (or $701.7 million) 1.625% Notes Due 2029 (5) — 696,881 629,560 — 712,331 646,248 KKR $750 million 3.750% Notes Due 2029 (7) (5) — 745,333 700,613 — 726,331 684,323 KKR ¥4.9 billion (or $32.4 million) 1.244% Notes Due 2029 (5) — 31,986 31,675 — 34,339 33,985 KKR ¥1.8 billion (or $11.9 million) 1.614% Notes Due 2030 (5) — 11,589 11,673 — 12,448 12,514 KKR $750 million 4.850% Notes Due 2032 (5) — 742,767 725,520 — 742,545 733,163 KKR ¥6.2 billion (or $41.0 million) 1.437% Notes Due 2032 (5) — 40,476 39,392 — 43,461 42,155 KKR ¥1.5 billion (or $9.9 million) 1.939% Notes Due 2033 (5) — 9,599 9,662 — 10,316 10,322 KKR ¥7.5 billion (or $49.6 million) 1.553% Notes Due 2034 (5) — 48,980 46,706 — 52,595 49,937 KKR ¥5.5 billion (or $36.3 million) 1.795% Notes Due 2037 (5) — 35,799 33,446 — 38,450 35,742 KKR ¥10.3 billion (or $68.1 million) 1.595% Notes Due 2038 (5) — 67,191 60,555 — 72,161 64,646 KKR ¥3 billion (or $19.8 million) 2.312% Notes Due 2038 (5) — 19,429 18,912 — 20,874 20,272 KKR $500 million 5.500% Notes Due 2043 (7) (5) — 490,783 481,993 — 490,728 475,022 KKR ¥4.5 billion (or $29.7 million) 2.574% Notes Due 2043 (5) — 29,241 27,694 — 31,413 29,723 KKR $1 billion 5.125% Notes Due 2044 (7) (5) — 963,536 896,327 — 963,674 887,286 KKR $500 million 3.625% Notes Due 2050 (5) — 493,086 364,765 — 493,020 358,580 KKR $750 million 3.500% Notes Due 2050 (7) (5) — 737,055 526,649 — 734,437 527,183 KKR $750 million 3.250% Notes Due 2051 (5) — 740,272 504,210 — 740,184 516,038 KKR ¥6 billion (or $39.6 million) 2.747% Notes Due 2053 (5) — 39,030 34,849 — 41,929 37,801 KKR $500 million 4.625% Notes Due 2061 (6) — 486,844 399,200 — 486,755 377,400 KFN $500 million 5.500% Notes Due 2032 (3) — 496,118 456,201 — 495,997 455,340 KFN $120 million 5.200% Notes Due 2033 (3) — 118,925 106,283 — 118,895 106,030 KFN $70 million 5.400% Notes Due 2033 (3) — 69,162 62,757 — 69,140 62,648 KFN Issued Junior Subordinated Notes (4) (3) — 239,133 216,175 — 238,801 208,902 2,967,399 7,919,772 6,949,668 2,986,492 7,978,871 6,981,707 Other Debt Obligations (1)(7) 7,255,481 37,133,867 36,984,301 6,618,692 36,907,999 36,699,920 $ 10,222,880 $ 45,053,639 $ 43,933,969 $ 9,605,184 $ 44,886,870 $ 43,681,627 (1) Financing available is reduced by the dollar amounts specified in any issued letters of credit. (2) Borrowing outstanding includes: (i) unamortized note discount (net of premium), as applicable and (ii) unamortized debt issuance costs, as applicable. Financing costs related to the issuance of the notes have been deducted from the note liability and are being amortized over the life of the notes. (3) These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments. (4) KKR consolidates KFN and reports KFN's outstanding $258.5 million aggregate principal amount of junior subordinated notes. The weighted average interest rate is 8.0% and 8.1% and the weighted average years to maturity is 12.5 years and 12.8 years as of March 31, 2024 and December 31, 2023, respectively. (5) The notes are classified as Level II within the fair value hierarchy and fair value is determined by third party broker quotes. (6) The notes are classified as Level I within the fair value hierarchy and fair value is determined by quoted prices in active markets since the debt is publicly listed. (7) As of March 31, 2024 and December 31, 2023, the borrowing outstanding and fair value reflects the elimination for the portion of these debt obligations that are held by Global Atlantic. Global Atlantic's debt obligations consisted of the following: March 31, 2024 December 31, 2023 Financing Available Borrowing Outstanding Fair Value (2) Financing Available Borrowing Outstanding Fair Value (2) Revolving Credit Facilities: Global Atlantic revolving credit facility, due August 2026 $ 1,000,000 $ — $ — $ 800,000 $ 200,000 $ 200,000 Notes Issued and Others: Global Atlantic senior notes, due October 2029 500,000 465,350 500,000 460,850 Global Atlantic senior notes, due June 2031 650,000 538,785 650,000 533,130 Global Atlantic senior notes, due June 2033 650,000 722,150 650,000 721,175 Global Atlantic senior notes, due March 2054 750,000 770,025 — — Global Atlantic subordinated debentures, due October 2051 750,000 676,350 750,000 643,575 3,300,000 $ 3,172,660 2,750,000 $ 2,558,730 Purchase accounting adjustments (1) 39,395 40,173 Debt issuance costs, net of accumulated amortization (50,363) (36,499) Fair value loss of hedged debt obligations, recognized in earnings (202,919) (165,817) $ 3,086,113 $ 2,587,857 (1) The amortization of the purchase accounting adjustments was $778 thousand for both the three months ended March 31, 2024 and 2023, respectively. (2) These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments. |
Schedule of Other Debt Obligations | As of March 31, 2024, other debt obligations consisted of the following: Financing Available Borrowing Fair Value Weighted Weighted Average Remaining Maturity in Years Financing Facilities of Consolidated Funds and Other (1) $ 7,255,481 $ 12,058,357 $ 11,908,791 6.5% 4.7 Debt Obligations of Consolidated CLOs — 25,075,510 25,075,510 (2) 9.2 $ 7,255,481 $ 37,133,867 $ 36,984,301 (1) Includes borrowings collateralized by fund investments, fund co-investments and other assets held by levered investment vehicles of $2.9 billion. (2) The senior notes of the consolidated CLOs had a weighted average interest rate of 6.8%. The subordinated notes of the consolidated CLOs do not have contractual interest rates but instead receive a pro rata amount of the net distributions from the excess cash flows of the respective CLO vehicle. Accordingly, weighted average borrowing rates for the subordinated notes are based on cash distributions during the period, if any. |
POLICY LIABILITIES (Tables)
POLICY LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Schedule of Policyholder Account Balance And Liability For Unpaid Claims And Claims Adjustment Expense | The following reflects the reconciliation of the components of policy liabilities to the total balance reported in the consolidated statements of financial condition as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Policyholders’ account balances $ 129,509,137 $ 125,187,354 Liability for future policy benefits 25,410,733 17,823,750 Additional liability for annuitization, death, or other insurance benefits 7,213,357 7,129,785 Market risk benefit liability 1,023,053 1,120,968 Other policy-related liabilities (1) 10,442,406 8,796,414 Total policy liabilities $ 173,598,686 $ 160,058,271 (1) Other policy-related liabilities as of March 31, 2024 and December 31, 2023 primarily consist of negative VOBA ($837.8 million and $867.9 million, respectively), policy liabilities accounted under a fair value option (both $1.2 billion), embedded derivatives associated with contractholder deposit funds ($4.5 billion and $4.0 billion, respectively), cost-of-reinsurance liabilities ($3.0 billion and $1.8 billion, respectively) and outstanding claims ($240.0 million and $235.1 million, respectively). |
Schedule of Policyholder Account Balance | The following reflects the policyholders’ account balances roll-forward for the three months ended March 31, 2024 and 2023, and the policyholders’ account balances weighted average interest rates, net amount at risk, and cash surrender value as of those dates: Three months ended March 31, 2024 Fixed rate annuities Fixed indexed annuities Interest sensitive life Funding agreements Other (1) Total Balance as of beginning of period $ 56,762,736 $ 30,168,445 $ 21,969,053 $ 7,015,998 $ 9,271,122 $ 125,187,354 Issuances and premiums received 4,784,285 1,549,004 312,020 695,933 1,339,437 8,680,679 Benefit payments, surrenders, and withdrawals (2,879,479) (1,294,134) (306,463) (68,159) (411,941) (4,960,176) Interest (2) 498,543 165,239 177,275 69,519 74,324 984,900 Other activity (3) (102,899) 25,879 (305,139) (21,815) 20,354 (383,620) Balance as of end of period $ 59,063,186 $ 30,614,433 $ 21,846,746 $ 7,691,476 $ 10,293,296 $ 129,509,137 Less: reinsurance recoverable (10,557,317) (3,189,167) (7,159,910) — (3,830,017) (24,736,411) Balance as of end of period, net of reinsurance recoverable $ 48,505,869 $ 27,425,266 $ 14,686,836 $ 7,691,476 $ 6,463,279 $ 104,772,726 Average interest rate 3.58 % 2.30 % 3.22 % 3.80 % 3.47 % 3.15 % Net amount at risk, gross of reinsurance (4) $ — $ — $ 117,008,523 $ — $ 1,161,762 $ 118,170,285 Cash surrender value (5) $ 45,612,785 $ 29,313,985 $ 13,827,297 $ — $ 4,604,037 $ 93,358,104 (1) “Other” consists of activity related to payout annuities without life contingencies, preneed, variable annuities and life products. (2) Interest includes interest credited to policyholders’ account values, and interest accreted in other components of the policyholder account balance, including investment-type contract values, host amounts for contractholder deposits with embedded derivatives, funding agreements and other associated reserves. (3) “Other activity” includes policy charges, fees and commissions, transfers, assumption changes, fair value changes and the impact of hedge fair value adjustments. (4) Net amount at risk represents the difference between the face value of the insurance policy and the reserve accumulated under that same policy. (5) Cash surrender values are reported net of any applicable surrender charges, net of reinsurance. Three months ended March 31, 2023 Fixed rate annuities Fixed indexed annuities Interest sensitive life Funding agreements Other (1) Total Balance as of beginning of period $ 48,510,703 $ 29,123,926 $ 17,397,185 $ 7,535,489 $ 9,713,933 $ 112,281,236 Issuances and premiums received 3,416,916 1,640,745 144,797 — 100,616 5,303,074 Benefit payments, surrenders, and withdrawals (2,329,373) (937,627) (230,514) (224,107) (401,156) (4,122,777) Interest (2) 340,106 114,739 107,298 51,423 74,209 687,775 Other activity (3) (63,346) (45,130) (25,172) 86,057 78,474 30,883 Balance as of end of period $ 49,875,006 $ 29,896,653 $ 17,393,594 $ 7,448,862 $ 9,566,076 $ 114,180,191 Less: reinsurance recoverable (6,699,771) (3,311,541) (3,467,814) — (3,119,287) (16,598,413) Balance as of end of period, net of reinsurance recoverable $ 43,175,235 $ 26,585,112 $ 13,925,780 $ 7,448,862 $ 6,446,789 $ 97,581,778 Average interest rate 2.85 % 1.70 % 3.09 % 2.75 % 2.69 % 2.53 % Net amount at risk, gross of reinsurance (4) $ — $ — $ 84,498,038 $ — $ 1,182,896 $ 85,680,934 Cash surrender value (5) $ 40,420,172 $ 27,236,116 $ 12,948,054 $ — $ 4,744,008 $ 85,348,350 (1) “Other” consists of activity related to payout annuities without life contingencies, preneed, variable annuities and life products. (2) Interest includes interest credited to policyholders’ account values, and interest accreted in other components of the policyholder account balance, including investment-type contract values, host amounts for contractholder deposits with embedded derivatives, funding agreements and other associated reserves. (3) “Other activity” includes policy charges, fees and commissions, transfers, assumption changes, fair value changes and the impact of hedge fair value adjustments. (4) Net amount at risk represents the difference between the face value of the insurance policy and the reserve accumulated under that same policy. (5) Cash surrender values are reported net of any applicable surrender charges, net of reinsurance. |
Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The following table presents the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums. Account values, as disclosed below, differ from policyholder account balances as they exclude balances associated with index credits, contractholder deposit fund host balances, funding agreements, and other associated reserves. In addition, policyholder account balances include discounts and premiums on assumed business which are not reflected in account values. As of March 31, 2024 Account values with adjustable crediting rates subject to guaranteed minimums: Range of guaranteed minimum crediting rates: At guaranteed minimum 1 - 49 bps above guaranteed minimum 50 - 99 bps above guaranteed minimum 100 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total Less than 1.00% $ 2,894,495 $ 30,211 $ 559,718 $ 2,726,724 $ 28,705,318 $ 34,916,466 1.00% - 1.99% 1,443,207 939,437 914,146 1,924,889 7,614,747 12,836,426 2.00% - 2.99% 855,374 45,699 56,328 99,215 1,338,545 2,395,161 3.00% - 4.00% 11,515,571 1,472,797 391,942 1,183,923 1,294,192 15,858,425 Greater than 4.00% 11,888,750 1,353,373 141,937 115,460 288,949 13,788,469 Total $ 28,597,397 $ 3,841,517 $ 2,064,071 $ 6,050,211 $ 39,241,751 $ 79,794,947 Percentage of total 36 % 5 % 3 % 8 % 48 % 100 % As of December 31, 2023 Account values with adjustable crediting rates subject to guaranteed minimums: Range of guaranteed minimum crediting rates: At guaranteed minimum 1 - 49 bps above guaranteed minimum 50 - 99 bps above guaranteed minimum 100 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total Less than 1.00% $ 2,706,701 $ 25,839 $ 660,189 $ 3,546,450 $ 25,940,436 $ 32,879,615 1.00% - 1.99% 1,471,320 1,013,423 999,852 1,968,519 6,603,795 12,056,909 2.00% - 2.99% 896,276 44,850 55,874 109,411 1,310,234 2,416,645 3.00% - 4.00% 12,494,439 1,186,572 414,111 953,560 1,067,325 16,116,007 Greater than 4.00% 12,095,647 1,385,538 138,112 117,561 298,493 14,035,351 Total $ 29,664,383 $ 3,656,222 $ 2,268,138 $ 6,695,501 $ 35,220,283 $ 77,504,527 Percentage of total 38 % 5 % 3 % 9 % 45 % 100 % |
Schedule of Balances of and Changes in Liability for Future Policy Benefits, and Revenue and Interest Recognized | The following tables summarize the balances of, and changes in, the liability for future policy benefits for traditional and limited-payment contracts for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 March 31, 2023 Payout annuities (1) Other (2) Total Payout annuities (1) Other (2) Total Present value of expected net premiums Balance as of beginning of the period $ — $ (208,370) $ (208,370) $ — $ (255,401) $ (255,401) Balance at original discount rate $ — $ (241,058) $ (241,058) $ — $ (303,610) $ (303,610) Effect of actual variances from expected experience — 2,481 2,481 — 992 992 Adjusted beginning of period balance — (238,577) (238,577) — (302,618) (302,618) Issuances — (1,138,831) (1,138,831) — — — Interest (949) (949) — (1,206) (1,206) Net premiums collected — 8,416 8,416 — 8,283 8,283 Ending balance at original discount rate — (1,369,941) (1,369,941) — (295,541) (295,541) Effect of changes in discount rate assumptions — 36,556 36,556 — 43,489 43,489 Balance as of the end of the period $ — $ (1,333,385) $ (1,333,385) $ — $ (252,052) $ (252,052) Three Months Ended March 31, 2024 March 31, 2023 Payout annuities (1) Other (2) Total Payout annuities (1) Other (2) Total Present value of expected future policy benefits Balance as of beginning of the period $ 17,427,353 $ 604,767 $ 18,032,120 $ 14,021,514 $ 679,807 $ 14,701,321 Balance at original discount rate $ 20,040,000 $ 701,655 $ 20,741,655 $ 17,180,626 $ 806,555 $ 17,987,181 Effect of actual variances from expected experience (5,403) (4,126) (9,529) (7,777) 3,539 (4,238) Adjusted beginning of period balance 20,034,597 697,529 20,732,126 17,172,849 810,094 17,982,943 Issuances 521,384 8,829,048 9,350,432 559,421 15 559,436 Interest 145,265 2,146 147,411 93,654 2,467 96,121 Benefit payments (443,016) (16,726) (459,742) (389,426) (25,861) (415,287) Ending balance at original discount rate 20,258,230 9,511,997 29,770,227 17,436,498 786,715 18,223,213 Effect of changes in discount rate assumptions (2,934,499) (91,610) (3,026,109) (2,721,312) (115,387) (2,836,699) Balance as of the end of the period 17,323,731 9,420,387 26,744,118 14,715,186 671,328 15,386,514 Net liability for future policy benefits 17,323,731 8,087,002 25,410,733 14,715,186 419,276 15,134,462 Less: reinsurance recoverable (3) (9,184,956) (6,395,483) (15,580,439) (7,636,570) 1,750 (7,634,820) Net liability for future policy benefits, net of reinsurance recoverables $ 8,138,775 $ 1,691,519 $ 9,830,294 $ 7,078,616 $ 421,026 $ 7,499,642 (1) Payout annuities generally only have a single premium received at contract inception. As a result, the liability for future policy benefits generally would not reflect a present value for future premiums for payout annuities. (2) “Other” consists of activity related to long-term care insurance, variable annuities, traditional life insurance, preneed insurance and fixed-rate annuity products. Mortality and morbidity risks associated with the long-term care insurance have been ceded to a third-party reinsurer. (3) Reinsurance recoverables associated with the liability for future policy benefits is net of the effect of changes in discount rate assumptions of $(141.4) million and $237.1 million for the three months ended March 31, 2024 and 2023, respectively. The following table summarizes the amount of gross premiums related to traditional and limited-payment contracts recognized in the consolidated statements of operations for the three months ended March 31, 2024 and 2023: Gross premiums Three Months Ended March 31, 2024 2023 Payout annuities $ 582,588 $ 492,727 Other 8,547,653 14,391 Total products $ 9,130,241 $ 507,118 The following table reflects the weighted-average duration and weighted-average interest rates of the future policy benefit liability as of March 31, 2024 and December 31, 2023: As of March 31, 2024 Payout annuities Other Weighted-average interest rates, original discount rate 3.44 % 4.85 % Weighted-average interest rates, current discount rate 5.22 % 5.29 % Weighted-average liability duration (years, current rates) 8.42 10.70 As of December 31, 2023 Payout annuities Other Weighted-average interest rates, original discount rate 3.37 % 2.57 % Weighted-average interest rates, current discount rate 4.95 % 4.95 % Weighted-average liability duration (years, current rates) 8.58 9.03 The following reflects the undiscounted ending balance of expected future gross premiums and expected future benefits and payments for traditional and limited-payment contracts, as of March 31, 2024 and December 31, 2023: As of March 31, 2024 Payout annuities Other Expected future benefit payments, undiscounted $ 29,845,573 $ 16,966,712 Expected future benefit payments, discounted (original discount rate) 20,258,230 9,511,997 Expected future benefit payments, discounted (current discount rate) 17,323,731 9,420,387 Expected future gross premiums, undiscounted — 1,880,510 Expected future gross premiums, discounted (original discount rate) — 1,447,508 Expected future gross premiums, discounted (current discount rate) — 1,398,867 As of December 31, 2023 Payout annuities Other Expected future benefit payments, undiscounted $ 29,164,580 $ 832,608 Expected future benefit payments, discounted (original discount rate) 19,899,423 689,760 Expected future benefit payments, discounted (current discount rate) 17,427,352 604,768 Expected future gross premiums, undiscounted — 377,693 Expected future gross premiums, discounted (original discount rate) — 317,710 Expected future gross premiums, discounted (current discount rate) — 262,653 |
Schedule of Additional Liability, Long-Duration Insurance | The following tables reflect the additional liability for annuitization, death, or other insurance benefits roll-forward for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Balance as of beginning of period $ 7,251,266 $ 5,104,810 Effect of changes in cash flow assumptions — — Effect of changes in experience (29,667) (21,177) Adjusted balance as of beginning of period 7,221,599 5,083,633 Issuances 6,079 5,684 Assessments 175,430 85,683 Benefits paid (136,605) (84,913) Interest 59,363 26,296 Balance as of end of period 7,325,866 5,116,383 Less: impact of unrealized investment gain and losses 112,509 117,958 Less: reinsurance recoverable, end of period 1,460,314 — Balance, end of year, net of reinsurance recoverable and impact of unrealized investment $ 5,753,043 $ 4,998,425 The following reflects the amount of gross assessments recognized for the additional liability for annuitization, death, or other insurance benefits in the consolidated statements of operations for the three months ended March 31, 2024 and 2023: Gross assessments Three Months Ended March 31, 2024 2023 Total amount recognized within revenue in the consolidated statements of operations $ 168,504 $ 146,376 The following reflects the weighted average duration and weighted average interest rate for the additional liability for annuitization, death, or other insurance benefits as of March 31, 2024 and December 31, 2023: As of March 31, 2024 December 31, 2023 Weighted-average interest, current discount rate 3.27 % 3.09 % Weighted-average liability duration (years) 27.75 27.64 |
Schedule of Market Risk Benefit, Activity | The following table presents the balances of, and changes in, market risk benefits: Three months ended March 31, 2024 March 31, 2023 Fixed-indexed annuity Variable- and other annuities Total Fixed-indexed annuity Variable- and other annuities Total Balance as of beginning of period $ 868,268 $ 252,683 $ 1,120,951 $ 548,536 $ 120,322 $ 668,858 Balance as of beginning of period, before impact of changes in instrument-specific credit risk $ 790,616 $ 225,593 $ 1,016,209 $ 656,880 $ 150,633 $ 807,513 Issuances 3,408 (2) 3,406 (36) (9) (45) Interest 10,914 2,926 13,840 8,854 1,957 10,811 Attributed fees collected 24,660 21,874 46,534 24,143 21,095 45,238 Benefit payments (1,649) (1,807) (3,456) (802) (18) (820) Effect of changes in interest rates (68,282) (40,975) (109,257) 71,737 49,005 120,742 Effect of changes in equity markets (12,806) (42,848) (55,654) (3,822) (21,986) (25,808) Effect of actual experience different from assumptions 6,352 (5,001) 1,351 772 (12,676) (11,904) Balance as of end of period before impact of changes in instrument-specific credit risk 753,213 159,760 912,973 757,726 188,001 945,727 Effect of changes in instrument-specific credit risk 82,969 27,080 110,049 (146,505) (44,165) (190,670) Balance as of end of period 836,182 186,840 1,023,022 611,221 143,836 755,057 Less: reinsurance recoverable as of the end of the period — (12,820) (12,820) — (14,913) (14,913) Balance as of end of period, net of reinsurance recoverable $ 836,182 $ 174,020 $ 1,010,202 $ 611,221 $ 128,923 $ 740,144 Net amount at risk $ 4,356,548 $ 1,289,163 $ 5,645,711 $ 3,980,500 $ 1,277,299 $ 5,257,799 Weighted-average attained age of contract holders (years) 70 69 70 70 71 70 The following reflects the reconciliation of the market risk benefits reflected in the preceding table to the amounts reported in an asset and liability position, respectively, in the consolidated statements of financial condition as of March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 Asset Liability Net Asset Liability Net Fixed-indexed annuities $ 23 $ 836,205 $ (836,182) $ — $ 868,268 $ (868,268) Variable- and other annuities 8 186,848 (186,840) 17 252,700 (252,683) Total $ 31 $ 1,023,053 $ (1,023,022) $ 17 $ 1,120,968 $ (1,120,951) |
Schedule of Separate Account, Liability | The following table presents the balances of and changes in separate account liabilities: March 31, 2024 March 31, 2023 Variable annuities Interest-sensitive life Total Variable annuities Interest-sensitive life Total Balance as of beginning of period $ 3,565,029 $ 541,971 $ 4,107,000 $ 3,627,769 $ 503,025 $ 4,130,794 Premiums and deposits 6,519 3,444 9,963 10,655 3,581 14,236 Surrenders, withdrawals and benefit payments (134,786) (5,223) (140,009) (108,408) (3,716) (112,124) Investment performance 241,056 44,942 285,998 141,071 31,944 173,015 Other (28,267) (11,512) (39,779) (29,652) (11,466) (41,118) Balance as of end of period $ 3,649,551 $ 573,622 $ 4,223,173 $ 3,641,435 $ 523,368 $ 4,164,803 Cash surrender value as of end of period (1) $ 3,649,551 $ 573,622 $ 4,223,173 $ 3,641,435 $ 523,368 $ 4,164,803 (1) Cash surrender value attributed to the separate accounts does not reflect the impact of surrender charges; surrender charges are attributed to policyholder account balances recorded in the general account. |
Schedule of Fair Value, Separate Account Investment | The following table presents the aggregate fair value of assets, by major investment asset type, supporting separate accounts: March 31, 2024 December 31, 2023 Asset type: Managed volatility equity/fixed income blended fund $ 2,152,615 $ 2,131,149 Equity 1,688,119 1,596,467 Fixed income 149,305 152,398 Money market 232,510 226,387 Alternative 624 599 Total assets supporting separate account liabilities $ 4,223,173 $ 4,107,000 |
EQUITY-BASED COMPENSATION (Tabl
EQUITY-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount | The following table summarizes the expense associated with equity-based compensation in connection with KKR equity incentive awards and incentive awards under the Global Atlantic Financial Company Book Value Award Plan ("GA Book Value Plan") and the Global Atlantic Senior Management Equity Incentive Plan ("GA Equity Incentive Plan") for the three months ended March 31, 2024 and 2023, respectively. Three Months Ended March 31, 2024 2023 Asset Management $ 154,345 $ 126,290 Insurance 29,066 57,047 Total $ 183,411 $ 183,337 |
Schedule of Unvested Awards Granted Under Equity Incentive Plan | A summary of the status of unvested Service-Vesting Awards granted from January 1, 2024 through March 31, 2024 is presented below: Shares (1) Weighted Balance, January 1, 2024 23,228,671 $ 53.22 Granted 4,098,787 76.73 Vested (932,297) 74.09 Forfeitures (284,320) 55.77 Balance, March 31, 2024 26,110,841 $ 56.14 (1) Unvested Service-Vesting Awards include restricted stock units and restricted holdings units granted to Global Atlantic employees. A summary of the status of unvested Market Condition Awards granted from January 1, 2024 through March 31, 2024 is presented below: Shares (1) Weighted Balance, January 1, 2024 36,497,589 $ 29.59 Granted 2,278,830 58.59 Vested (170,000) 21.29 Forfeitures (280,452) 23.67 Balance, March 31, 2024 38,325,967 $ 31.39 (1) Unvested Market Condition Awards include restricted holdings units granted to Global Atlantic employees. |
Schedule of Significant Assumptions Used to Estimate Grant Date Fair Value | Below is a summary of the grant date fair value based on the Monte Carlo simulation valuation model and the significant assumptions used to estimate the grant date fair value of these Market Condition Awards: Weighted Range Grant Date Fair Value $30.57 $19.87 - $66.80 Closing KKR share price as of valuation date $51.60 $37.93 - $82.85 Risk Free Rate 2.21% 0.41% - 4.41% Volatility 30.04% 28.00% - 38.00% Dividend Yield 1.27% 0.71% - 1.53% Expected Cost of Equity 10.74% 9.13% - 11.80% Below is a summary of the grant date fair value based on the Monte Carlo simulation valuation model and the significant assumptions used to estimate the grant date fair value of these Co-CEO Awards: Grant Date Fair Value $48.91 Closing KKR share price as of valuation date $75.76 Risk Free Rate 1.42 % Volatility 28.0 % Dividend Yield 0.77 % Expected Cost of Equity 9.36 % |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Due From and to Affiliates | Due from Affiliates consists of: March 31, 2024 December 31, 2023 Amounts due from unconsolidated investment funds $ 1,214,045 $ 1,229,308 Amounts due from portfolio companies 235,349 217,544 Due from Affiliates $ 1,449,394 $ 1,446,852 Due to Affiliates consists of: March 31, 2024 December 31, 2023 Amounts due to current and former employees under the tax receivable agreement $ 381,076 $ 406,730 Amounts due to unconsolidated investment funds 62,143 131,369 Due to Affiliates $ 443,219 $ 538,099 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Information Regarding Segment Results and Reconciliations | The following tables set forth information regarding KKR's segment results: Three Months Ended March 31, 2024 2023 Asset Management Management Fees (1)(2) $ 815,327 $ 738,156 Transaction and Monitoring Fees, Net 152,084 142,179 Fee Related Performance Revenues 19,101 21,741 Fee Related Compensation (172,640) (203,094) Other Operating Expenses (145,131) (150,404) Fee Related Earnings 668,741 548,578 Realized Performance Income 271,545 175,398 Realized Performance Income Compensation (193,547) (114,009) Realized Investment Income (3) 134,753 194,834 Realized Investment Income Compensation (20,211) (29,714) Asset Management Segment Earnings $ 861,281 $ 775,087 Insurance Net Investment Income (1) (3) $ 1,486,419 $ 1,271,255 Net Cost of Insurance (1,003,327) (750,612) General, Administrative and Other (210,252) (196,714) Pre-tax Operating Earnings 272,840 323,929 Pre-tax Operating Earnings Attributable to Noncontrolling Interests — (118,817) Insurance Segment Earnings $ 272,840 $ 205,112 Strategic Holdings Dividends, Net (2) $ 20,720 $ — Strategic Holdings Operating Earnings 20,720 — Net Realized Investment Income — — Strategic Holdings Segment Earnings $ 20,720 $ — Total Segment Earnings $ 1,154,841 $ 980,199 (1) Includes intersegment management fees of $112.4 million and $108.3 million between Asset Management and Insurance segments for the three months ended March 31, 2024 and 2023, respectively. (2) Includes intersegment management fees of $7.5 million between the Asset Management and the Strategic Holdings segments for the three months ended March 31, 2024. (3) Includes intersegment interest expense of $3.2 million and $44.8 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 2023 Segment Assets: Asset Management $ 24,726,206 $ 24,960,722 Insurance 230,645,894 174,831,730 Strategic Holdings 6,840,505 5,700,661 Total Segment Assets $ 262,212,605 $ 205,493,113 Three Months Ended March 31, Non-cash expenses excluded from Segment Earnings 2024 2023 Equity Based Compensation and Other Asset Management $ 154,345 $ 126,290 Insurance (1) 29,066 36,393 Total Non-cash expenses $ 183,411 $ 162,683 (1) Amounts include the portion allocable to KKR & Co. Inc. The following tables reconcile Segment Revenues, Segment Earnings, and Segment Assets to their equivalent GAAP measure: Three Months Ended March 31, 2024 2023 Total GAAP Revenues $ 9,656,738 $ 3,127,482 Impact of Consolidation and Other 283,823 209,778 Asset Management Adjustments: Capital Allocation-Based Income (Loss) (GAAP) (1,262,942) (449,018) Realized Carried Interest 250,268 172,689 Realized Investment Income - Asset Management 134,753 194,834 Capstone Fees (18,514) (19,805) Expense Reimbursements (8,093) (15,544) Strategic Holdings Adjustments: Strategic Holdings Segment Management Fees 7,484 — Insurance Adjustments: Net Premiums (6,036,522) (473,624) Policy Fees (328,947) (313,802) Other Income (56,385) (37,158) (Gains) Losses from Investments (1) 258,483 260,507 Non-operating Changes in Policy Liabilities and Derivatives 19,803 (112,776) Total Segment Revenues (2) $ 2,899,949 $ 2,543,563 (1) Includes gains and losses on funds withheld receivables and payables embedded derivatives. (2) Total Segment Revenues is comprised of (i) Management Fees, (ii) Transaction and Monitoring Fees, Net, (iii) Fee Related Performance Revenues, (iv) Realized Performance Income, (v) Realized Investment Income, (vi) Net Investment Income and (vii) Dividends, Net. Three Months Ended March 31, 2024 2023 Income (Loss) Before Tax (GAAP) $ 1,363,051 $ 408,435 Impact of Consolidation and Other (189,596) 99,137 Interest Expense, Net 72,807 82,240 Asset Management Adjustments: Unrealized (Gains) Losses (399,078) 119,934 Unrealized Carried Interest (946,816) (202,659) Unrealized Carried Interest Compensation 757,452 83,830 Strategic Corporate Related Charges and Other 61,675 6,807 Equity-based compensation 73,777 59,017 Equity-based compensation - Performance based 80,568 67,273 Strategic Holdings Adjustments: Unrealized (Gains) Losses (73,257) (20,607) Insurance Adjustments: (1) (Gains) Losses from Investments (1)(2) 246,917 131,114 Non-operating Changes in Policy Liabilities and Derivatives (1) 73,863 106,491 Equity-based and Other Compensation (1) 29,066 36,393 Amortization of Acquired Intangibles (1) 4,412 2,794 Total Segment Earnings $ 1,154,841 $ 980,199 (1) Amounts represent the portion allocable to KKR & Co. Inc. (2) Includes gains and losses on funds withheld receivables and payables embedded derivatives. As of March 31, 2024 March 31, 2023 Total GAAP Assets $ 339,773,927 $ 282,610,589 Impact of Consolidation and Reclassifications (74,048,864) (75,160,372) Carry Pool Reclassifications (3,512,458) (1,957,104) Total Segment Assets $ 262,212,605 $ 205,493,113 |
EQUITY (Tables)
EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Noncontrolling Interests | The following table presents total noncontrolling interests: For the Three Months Ended March 31, 2024 2023 Beginning of Period (as previously reported for the prior period) $ 34,904,791 $ 35,778,000 Adoption of New Accounting Standard (See Note 2) — 632,858 Balance at the beginning of the period (as revised for the prior period) 34,904,791 36,410,858 Net Income (Loss) Attributable to Noncontrolling Interests 378,958 (73,003) Other Comprehensive Income (Loss), net of tax (1,480) 367,188 Compensation Modification - Issuance of Holdings III Units (See Note 19) 53,623 — Equity-Based Compensation (Non Cash Contribution) 103,907 76,596 2024 GA Acquisition - Cash consideration (See Note 1) (2,622,230) — 2024 GA Acquisition - Issuance of Holdings III Units (See Note 1) 40,789 — Change in KKR & Co. Inc.'s Ownership - 2024 GA Acquisition 2,169,300 — Change in KKR & Co. Inc.'s Ownership Interest (165,230) — Capital Contributions 1,438,202 2,468,778 Capital Distributions (1,732,066) (1,840,303) Changes in Consolidation — (93,545) Balance at the end of the period $ 34,568,564 $ 37,316,569 |
REDEEMABLE NONCONTROLLING INT_2
REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Noncontrolling Interest [Abstract] | |
Schedule of Rollforward of Redeemable Noncontrolling Interest | The following table presents the calculation of Redeemable Noncontrolling Interests: Three Months Ended March 31, 2024 2023 Balance at the beginning of the period $ 615,427 $ 152,065 Net Income (Loss) Attributable to Redeemable Noncontrolling Interests 32,678 (7,303) Capital Contributions 282,253 — Capital Distributions (8,265) (636) Balance at the end of the period $ 922,093 $ 144,126 |
ORGANIZATION (Details)
ORGANIZATION (Details) $ in Millions | 3 Months Ended | ||
Jan. 02, 2024 USD ($) | Oct. 08, 2021 vote | Mar. 31, 2024 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Number of votes per common share (vote) | vote | 1 | ||
Reorganization agreement, anniversary of death or permanent disability of co-founders | 6 months | ||
Global Atlantic | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Cash Consideration paid by KKR | $ 2,600 | ||
Issuance of securities exchangeable for shares of KKR & Co. common stock | $ 41 | ||
KKR Group Partnership | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Percentage of economic interest held by parent entity | 99.40% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | ||
Jan. 02, 2024 | Jan. 01, 2024 | Dec. 31, 2023 | |
All Other Funds, Option One | |||
Finite-Lived Intangible Assets [Line Items] | |||
Percent allocated to carry pool | 40% | ||
All Other Funds, Option Two | |||
Finite-Lived Intangible Assets [Line Items] | |||
Percent allocated to carry pool | 43% | ||
All Other Funds, Option Three | |||
Finite-Lived Intangible Assets [Line Items] | |||
Percent allocated to carry pool | 65% | ||
All Other Funds, Option Four | |||
Finite-Lived Intangible Assets [Line Items] | |||
Percent allocated to carry pool | 80% | 80% | |
All Other Funds, Option Four | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Percent allocated to carry pool | 80% |
REVENUES - ASSET MANAGEMENT A_3
REVENUES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenues | $ 9,656,738 | $ 3,127,482 |
Asset Management and Strategic Holdings | ||
Disaggregation of Revenue [Line Items] | ||
Fees and Other | 693,526 | 677,016 |
Carried Interest | 1,144,928 | 343,070 |
General Partner Capital Interest | 118,014 | 105,948 |
Capital Allocation-Based Income (Loss) | 1,262,942 | 449,018 |
Total Revenues | 1,956,468 | 1,126,034 |
Management Fees | Asset Management and Strategic Holdings | ||
Disaggregation of Revenue [Line Items] | ||
Fees and Other | 486,754 | 453,093 |
Fee Credits | Asset Management and Strategic Holdings | ||
Disaggregation of Revenue [Line Items] | ||
Fees and Other | (94,046) | (57,531) |
Transaction Fees | Asset Management and Strategic Holdings | ||
Disaggregation of Revenue [Line Items] | ||
Fees and Other | 218,618 | 209,839 |
Monitoring Fees | Asset Management and Strategic Holdings | ||
Disaggregation of Revenue [Line Items] | ||
Fees and Other | 48,967 | 29,853 |
Incentive Fees | Asset Management and Strategic Holdings | ||
Disaggregation of Revenue [Line Items] | ||
Fees and Other | 6,626 | 6,413 |
Expense Reimbursements | Asset Management and Strategic Holdings | ||
Disaggregation of Revenue [Line Items] | ||
Fees and Other | 8,093 | 15,544 |
Consulting Fees | Asset Management and Strategic Holdings | ||
Disaggregation of Revenue [Line Items] | ||
Fees and Other | $ 18,514 | $ 19,805 |
NET GAINS (LOSSES) FROM INVES_3
NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Gain (Loss) on Investments [Line Items] | ||
Net Realized Gains (Losses) | $ (190,905) | $ 99,380 |
Net Unrealized Gains (Losses) | 829,067 | (258,789) |
Total | 638,162 | (159,409) |
Private Equity | ||
Gain (Loss) on Investments [Line Items] | ||
Net Realized Gains (Losses) | (12,676) | 199,081 |
Net Unrealized Gains (Losses) | 348,441 | (36,664) |
Total | 335,765 | 162,417 |
Credit | ||
Gain (Loss) on Investments [Line Items] | ||
Net Realized Gains (Losses) | 57,430 | (22,963) |
Net Unrealized Gains (Losses) | (81,451) | 104,775 |
Total | (24,021) | 81,812 |
Investments of Consolidated CFEs | ||
Gain (Loss) on Investments [Line Items] | ||
Net Realized Gains (Losses) | 5,005 | (5,017) |
Net Unrealized Gains (Losses) | 96,973 | 317,881 |
Total | 101,978 | 312,864 |
Real Assets | ||
Gain (Loss) on Investments [Line Items] | ||
Net Realized Gains (Losses) | (109,398) | 9,434 |
Net Unrealized Gains (Losses) | (105,223) | (325,909) |
Total | (214,621) | (316,475) |
Equity Method - Other | ||
Gain (Loss) on Investments [Line Items] | ||
Net Realized Gains (Losses) | 102,903 | 39,219 |
Net Unrealized Gains (Losses) | 87,540 | 29,505 |
Total | 190,443 | 68,724 |
Other Investments | ||
Gain (Loss) on Investments [Line Items] | ||
Net Realized Gains (Losses) | (269,858) | (112,663) |
Net Unrealized Gains (Losses) | 345,478 | (519) |
Total | 75,620 | (113,182) |
Foreign Exchange Forward Contracts and Options | ||
Gain (Loss) on Investments [Line Items] | ||
Net Realized Gains (Losses) | 35,139 | (58,635) |
Net Unrealized Gains (Losses) | 148,203 | 36,269 |
Total | 183,342 | (22,366) |
Securities Sold Short | ||
Gain (Loss) on Investments [Line Items] | ||
Net Realized Gains (Losses) | (7,169) | (3,475) |
Net Unrealized Gains (Losses) | (2,093) | 2,241 |
Total | (9,262) | (1,234) |
Other Derivatives | ||
Gain (Loss) on Investments [Line Items] | ||
Net Realized Gains (Losses) | 87 | (2,122) |
Net Unrealized Gains (Losses) | 2,363 | 14,330 |
Total | 2,450 | 12,208 |
Debt Obligations and Other | ||
Gain (Loss) on Investments [Line Items] | ||
Net Realized Gains (Losses) | 7,632 | 56,521 |
Net Unrealized Gains (Losses) | (11,164) | (400,698) |
Total | $ (3,532) | $ (344,177) |
NET INVESTMENT INCOME - INSUR_3
NET INVESTMENT INCOME - INSURANCE (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Investment Income [Line Items] | ||
Gross investment income | $ 1,718,790 | $ 1,451,585 |
Net investment income | 1,519,902 | 1,300,697 |
Investment management and administration | ||
Net Investment Income [Line Items] | ||
Investment expenses | 117,089 | 85,341 |
Transportation and renewable energy asset depreciation and maintenance | ||
Net Investment Income [Line Items] | ||
Investment expenses | 50,151 | 49,162 |
Interest expense on derivative collateral and repurchase agreements | ||
Net Investment Income [Line Items] | ||
Investment expenses | 31,648 | 16,385 |
Fixed maturity securities – interest and other income | ||
Net Investment Income [Line Items] | ||
Gross investment income and gain (loss) on equity method investments | 1,327,010 | 1,050,796 |
Mortgage and other loan receivables | ||
Net Investment Income [Line Items] | ||
Gross investment income and gain (loss) on equity method investments | 559,682 | 459,146 |
Investments in transportation and other leased assets | ||
Net Investment Income [Line Items] | ||
Gross investment income and gain (loss) on equity method investments | 78,460 | 76,188 |
Investments in renewable energy | ||
Net Investment Income [Line Items] | ||
Gross investment income and gain (loss) on equity method investments | 13,591 | 20,583 |
Investments in real estate | ||
Net Investment Income [Line Items] | ||
Gross investment income and gain (loss) on equity method investments | 45,979 | 36,101 |
Short-term and other investment income | ||
Net Investment Income [Line Items] | ||
Gross investment income and gain (loss) on equity method investments | 167,331 | 77,616 |
Income assumed from funds withheld receivable at interest | ||
Net Investment Income [Line Items] | ||
Gross investment income and gain (loss) on equity method investments | 22,233 | 22,101 |
Policy loans | ||
Net Investment Income [Line Items] | ||
Gross investment income and gain (loss) on equity method investments | 24,503 | 10,277 |
Income ceded to funds withheld payable at interest | ||
Net Investment Income [Line Items] | ||
Gross investment income and gain (loss) on equity method investments | $ (519,999) | $ (301,223) |
NET INVESTMENT-RELATED GAINS _3
NET INVESTMENT-RELATED GAINS (LOSSES) - INSURANCE - Net Investment Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Investment Income [Line Items] | ||
Credit loss allowances on mortgage and other loan receivables | $ (126,902) | $ (64,111) |
Insurance | ||
Net Investment Income [Line Items] | ||
Realized (losses) gains on available-for-sale fixed maturity debt securities | (28,157) | 3,432 |
Credit loss allowances on available-for-sale securities | 29,367 | (76,318) |
Credit loss allowances on mortgage and other loan receivables | (126,902) | (64,111) |
Allowances on unfunded commitments | (4,578) | (8,000) |
Impairment of available-for-sale fixed maturity debt securities due to intent to sell | 0 | (26,741) |
Unrealized (losses) gains on fixed maturity securities classified as trading | (99,579) | 376,290 |
Unrealized losses on investments recognized under the fair-value option | (42,207) | (55,773) |
Unrealized (losses) gains on real estate investments recognized at fair value under investment company accounting | (78,011) | 63,192 |
Net gains (losses) on derivative instruments | 100,968 | (348,225) |
Other realized losses | (14,388) | (9,292) |
Net investment-related gains (losses) | (241,486) | (123,833) |
Insurance | Payable Portfolio Segment | ||
Net Investment Income [Line Items] | ||
Realized gains (losses) on funds withheld at interest, payable/receivable portfolio | 24,287 | 3,980 |
Insurance | Receivable Portfolio Segment | ||
Net Investment Income [Line Items] | ||
Realized gains (losses) on funds withheld at interest, payable/receivable portfolio | $ (2,286) | $ 17,733 |
NET INVESTMENT-RELATED GAINS _4
NET INVESTMENT-RELATED GAINS (LOSSES) - INSURANCE - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Balance, as of beginning of period | $ 268,712 | $ 128,332 |
Initial credit loss allowance recognized on securities with no previously recognized allowance | 9,571 | 45,351 |
Accretion of initial credit loss allowance on PCD securities | 163 | 351 |
Reductions due to sales (or maturities, pay downs or prepayments) during the period of securities with a previously recognized credit loss allowance | (5,919) | (3,887) |
Net additions / reductions for securities with a previously recognized credit loss allowance | (38,938) | 30,967 |
Balances charged off | (23,629) | 0 |
Balance, as of end of period | 209,960 | 201,114 |
Corporate | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Balance, as of beginning of period | 49,008 | 1,298 |
Initial credit loss allowance recognized on securities with no previously recognized allowance | 8,694 | 151 |
Accretion of initial credit loss allowance on PCD securities | 0 | 0 |
Reductions due to sales (or maturities, pay downs or prepayments) during the period of securities with a previously recognized credit loss allowance | (60) | 0 |
Net additions / reductions for securities with a previously recognized credit loss allowance | (5,094) | 0 |
Balances charged off | (23,629) | 0 |
Balance, as of end of period | 28,919 | 1,449 |
Structured | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Balance, as of beginning of period | 219,704 | 127,034 |
Initial credit loss allowance recognized on securities with no previously recognized allowance | 877 | 45,200 |
Accretion of initial credit loss allowance on PCD securities | 163 | 351 |
Reductions due to sales (or maturities, pay downs or prepayments) during the period of securities with a previously recognized credit loss allowance | (5,859) | (3,887) |
Net additions / reductions for securities with a previously recognized credit loss allowance | (33,844) | 30,967 |
Balances charged off | 0 | 0 |
Balance, as of end of period | $ 181,041 | $ 199,665 |
NET INVESTMENT-RELATED GAINS _5
NET INVESTMENT-RELATED GAINS (LOSSES) - INSURANCE - Allowance for Credit Losses, Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Balance, as of beginning of period | $ 602,443 | $ 560,228 | $ 560,228 |
Net provision (release) | 126,902 | 64,111 | |
Charge-offs | (58,457) | (37,065) | |
Recoveries of amounts previously charged-off | 5,108 | 1,826 | |
Balance, as of end of period | 675,996 | 589,100 | 602,443 |
Commercial Mortgage Loans | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Balance, as of beginning of period | 319,631 | 227,315 | 227,315 |
Net provision (release) | 57,156 | 20,111 | |
Charge-offs | (16,379) | 0 | (21,616) |
Recoveries of amounts previously charged-off | 0 | 0 | |
Balance, as of end of period | 360,408 | 247,426 | 319,631 |
Residential Mortgage Loans | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Balance, as of beginning of period | 107,204 | 125,824 | 125,824 |
Net provision (release) | (5,141) | 10,316 | |
Charge-offs | (639) | (1,693) | (8,176) |
Recoveries of amounts previously charged-off | 0 | 0 | |
Balance, as of end of period | 101,424 | 134,447 | 107,204 |
Consumer and Other Loan Receivables | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Balance, as of beginning of period | 175,608 | 207,089 | 207,089 |
Net provision (release) | 74,887 | 33,684 | |
Charge-offs | (41,439) | (35,372) | |
Recoveries of amounts previously charged-off | 5,108 | 1,826 | |
Balance, as of end of period | $ 214,164 | $ 207,227 | $ 175,608 |
NET INVESTMENT-RELATED GAINS _6
NET INVESTMENT-RELATED GAINS (LOSSES) - INSURANCE - Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AFS fixed maturity securities: | ||
Proceeds from voluntary sales | $ 1,999,289 | $ 1,406,925 |
Gross gains | 8,359 | 15,464 |
Gross losses | $ (16,544) | $ (10,044) |
INVESTMENTS - Summary of Invest
INVESTMENTS - Summary of Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||||
Total Investments | $ 258,441,157 | $ 240,005,124 | ||
Amortized cost of available for sale securities | 83,521,413 | 78,723,857 | ||
Allowance for credit losses on available for sale securities | 209,960 | 268,712 | $ 201,114 | $ 128,332 |
Asset Management and Strategic Holdings | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | 100,693,987 | 98,634,801 | ||
Insurance | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | 157,747,170 | 141,370,323 | ||
Amortized cost of available for sale securities | 83,500,000 | 78,700,000 | ||
Allowance for credit losses on available for sale securities | 210,000 | 268,700 | ||
Amortized cost, trading securities | 29,800,000 | 20,500,000 | ||
Private Equity | Asset Management and Strategic Holdings | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | 33,672,500 | 32,742,484 | ||
Credit | Asset Management and Strategic Holdings | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | 8,401,513 | 8,274,904 | ||
Investments of Consolidated CFEs | Asset Management and Strategic Holdings | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | 24,961,635 | 24,996,298 | ||
Real Assets | Asset Management and Strategic Holdings | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | 11,973,032 | 12,000,008 | ||
Equity Method - Other | Asset Management and Strategic Holdings | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | 8,217,489 | 8,163,831 | ||
Equity Method - Capital Allocation-Based Income | Asset Management and Strategic Holdings | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | 8,950,579 | 7,877,904 | ||
Other investments | Asset Management and Strategic Holdings | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | 4,517,239 | 4,579,372 | ||
Other investments | Insurance | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | 10,241,161 | 9,683,326 | ||
Fixed maturity securities, available-for-sale, at fair value | Insurance | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | 74,048,277 | 69,414,188 | ||
Mortgage and other loan receivables | Insurance | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | 41,215,981 | 39,177,927 | ||
Fixed maturity securities, trading, at fair value | Insurance | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | 27,984,949 | 18,805,470 | ||
Funds withheld receivable at interest | Insurance | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | 2,673,723 | 2,713,645 | ||
Policy loans | Insurance | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | 1,561,608 | 1,556,030 | ||
Equity securities at fair value | Insurance | ||||
Schedule of Investments [Line Items] | ||||
Total Investments | $ 21,471 | $ 19,737 |
INVESTMENTS - Narrative (Detail
INVESTMENTS - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) security | Mar. 31, 2023 | Dec. 31, 2023 USD ($) security | |
Schedule of Investments [Line Items] | |||
Gross unrealized losses on AFS fixed maturity securities | $ 9,561,860 | $ 9,407,982 | |
Securities in unrealized loss position | security | 4,875 | ||
Repurchase agreements, notional value | $ 843,200 | 1,400,000 | |
Insurance | |||
Schedule of Investments [Line Items] | |||
Equity method investment | 762,100 | 143,300 | |
Equity method investment, maximum exposure to loss | 23,700 | 19,700 | |
Other investments | 10,241,161 | 9,683,326 | |
Investment in FHLB | |||
Schedule of Investments [Line Items] | |||
Other investments | 131,700 | 131,700 | |
State And Governmental Authorities | |||
Schedule of Investments [Line Items] | |||
Other investments | 146,000 | 148,500 | |
Asset Pledged as Collateral | |||
Schedule of Investments [Line Items] | |||
Other investments | 3,500,000 | 3,600,000 | |
Investment, Fair Value Option | Insurance | |||
Schedule of Investments [Line Items] | |||
Other investments | 138,500 | 175,300 | |
Residential And Commercial Portfolio Segment | |||
Schedule of Investments [Line Items] | |||
Mortgage loans 90 days past due or in process of foreclosure | $ 586,600 | $ 510,900 | |
Residential | |||
Schedule of Investments [Line Items] | |||
Weighted average loan-to-value ratio | 64% | 63% | |
Commercial | |||
Schedule of Investments [Line Items] | |||
Commitment to lend additional funds | $ 3,800 | ||
Commercial | Extended Maturity And Interest Rate Reduction | |||
Schedule of Investments [Line Items] | |||
Financing receivable, modification in period, stated interest rate | 3% | 5.50% | |
Commercial | Maturity Extension | |||
Schedule of Investments [Line Items] | |||
Financing receivable, modification in period, maturity extension, weighted average term | 3 years | 1 year | |
Global Atlantic | |||
Schedule of Investments [Line Items] | |||
Securities in unrealized loss position | security | 5,940 | 5,886 | |
Below Investment Grade | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on AFS fixed maturity securities | $ 647,800 | $ 694,600 | |
Gross unrealized losses on AFS fixed maturity securities, single largest loss | $ 53,100 | $ 53,400 | |
Investments | Investment Concentration Risk | |||
Schedule of Investments [Line Items] | |||
Threshold percentage of total investments (greater than) | 5% | 5% |
INVESTMENTS - AFS Fixed Maturit
INVESTMENTS - AFS Fixed Maturity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Cost or amortized cost | $ 83,521,413 | $ 78,723,857 | ||
Allowance for Credit Losses | (209,960) | (268,712) | $ (201,114) | $ (128,332) |
Gross unrealized gains | 298,684 | 367,025 | ||
Gross unrealized losses | (9,561,860) | (9,407,982) | ||
Fair value | 74,048,277 | 69,414,188 | ||
Allowance for credit losses at acquisition | (10,700) | (12,800) | ||
U.S. government and agencies | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Cost or amortized cost | 3,621,287 | 1,209,507 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross unrealized gains | 43,351 | 62,514 | ||
Gross unrealized losses | (81,879) | (68,929) | ||
Fair value | 3,582,759 | 1,203,092 | ||
U.S. state, municipal and political subdivisions | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Cost or amortized cost | 5,530,066 | 5,562,826 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross unrealized gains | 23,263 | 29,699 | ||
Gross unrealized losses | (1,011,431) | (985,133) | ||
Fair value | 4,541,898 | 4,607,392 | ||
Corporate | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Cost or amortized cost | 46,971,213 | 46,378,337 | ||
Allowance for Credit Losses | (28,919) | (49,008) | $ (1,449) | $ (1,298) |
Gross unrealized gains | 163,284 | 211,570 | ||
Gross unrealized losses | (6,850,383) | (6,592,143) | ||
Fair value | 40,255,195 | 39,948,756 | ||
Residential mortgage-backed securities, or “RMBS” | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Cost or amortized cost | 10,497,867 | 8,734,629 | ||
Allowance for Credit Losses | (122,870) | (152,067) | ||
Gross unrealized gains | 31,290 | 38,206 | ||
Gross unrealized losses | (715,753) | (674,550) | ||
Fair value | 9,690,534 | 7,946,218 | ||
Commercial mortgage-backed securities, or “CMBS” | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Cost or amortized cost | 7,846,132 | 7,491,743 | ||
Allowance for Credit Losses | (35,630) | (35,953) | ||
Gross unrealized gains | 9,321 | 4,195 | ||
Gross unrealized losses | (581,330) | (731,358) | ||
Fair value | 7,238,493 | 6,728,627 | ||
Collateralized bond obligations, or “CBOs” | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Cost or amortized cost | 2,839,214 | 2,951,511 | ||
Allowance for Credit Losses | (1,197) | (1,214) | ||
Gross unrealized gains | 0 | 0 | ||
Gross unrealized losses | (142,271) | (143,818) | ||
Fair value | 2,695,746 | 2,806,479 | ||
CLOs | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Cost or amortized cost | 3,341,591 | 3,493,731 | ||
Allowance for Credit Losses | (9,649) | (19,077) | ||
Gross unrealized gains | 10,521 | 6,483 | ||
Gross unrealized losses | (42,526) | (52,365) | ||
Fair value | 3,299,937 | 3,428,772 | ||
Asset-backed securities, or “ABSs” | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Cost or amortized cost | 2,874,043 | 2,901,573 | ||
Allowance for Credit Losses | (11,695) | (11,393) | ||
Gross unrealized gains | 17,654 | 14,358 | ||
Gross unrealized losses | (136,287) | (159,686) | ||
Fair value | $ 2,743,715 | $ 2,744,852 |
INVESTMENTS - Maturity Distribu
INVESTMENTS - Maturity Distribution for AFS Fixed Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cost or amortized cost (net of allowance) | ||
Due in one year or less | $ 1,582,351 | |
Due after one year through five years | 14,708,223 | |
Due after five years through ten years | 8,802,878 | |
Due after ten years | 31,000,195 | |
Subtotal | 56,093,647 | |
Cost or amortized cost (net of allowance) | 83,311,453 | |
Fair value | ||
Due in one year or less | 1,527,973 | |
Due after one year through five years | 14,259,600 | |
Due after five years through ten years | 8,289,300 | |
Due after ten years | 24,302,979 | |
Subtotal | 48,379,852 | |
Fair value | 74,048,277 | $ 69,414,188 |
Residential mortgage-backed securities, or “RMBS” | ||
Cost or amortized cost (net of allowance) | ||
Without single maturity date | 10,374,997 | |
Fair value | ||
Without single maturity date | 9,690,534 | |
Fair value | 9,690,534 | 7,946,218 |
Commercial mortgage-backed securities, or “CMBS” | ||
Cost or amortized cost (net of allowance) | ||
Without single maturity date | 7,810,502 | |
Fair value | ||
Without single maturity date | 7,238,493 | |
Fair value | 7,238,493 | 6,728,627 |
Collateralized bond obligations, or “CBOs” | ||
Cost or amortized cost (net of allowance) | ||
Without single maturity date | 2,838,017 | |
Fair value | ||
Without single maturity date | 2,695,746 | |
Fair value | 2,695,746 | 2,806,479 |
CLOs | ||
Cost or amortized cost (net of allowance) | ||
Without single maturity date | 3,331,942 | |
Fair value | ||
Without single maturity date | 3,299,937 | |
Fair value | 3,299,937 | 3,428,772 |
Asset-backed securities, or “ABSs” | ||
Cost or amortized cost (net of allowance) | ||
Without single maturity date | 2,862,348 | |
Fair value | ||
Without single maturity date | 2,743,715 | |
Fair value | $ 2,743,715 | $ 2,744,852 |
INVESTMENTS - AFS in Continuous
INVESTMENTS - AFS in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair value | ||
Less than 12 months | $ 9,369,818 | $ 7,072,867 |
12 months or more | 45,443,600 | 47,749,955 |
Total | 54,813,418 | 54,822,822 |
Unrealized losses | ||
Less than 12 months | (287,136) | (283,509) |
12 months or more | (9,274,724) | (9,124,473) |
Total | (9,561,860) | (9,407,982) |
U.S. government and agencies | ||
Fair value | ||
Less than 12 months | 683,724 | 94,807 |
12 months or more | 194,595 | 198,750 |
Total | 878,319 | 293,557 |
Unrealized losses | ||
Less than 12 months | (11,291) | (2,512) |
12 months or more | (70,588) | (66,417) |
Total | (81,879) | (68,929) |
U.S. state, municipal and political subdivisions | ||
Fair value | ||
Less than 12 months | 158,009 | 112,468 |
12 months or more | 3,748,828 | 3,829,447 |
Total | 3,906,837 | 3,941,915 |
Unrealized losses | ||
Less than 12 months | (3,405) | (4,140) |
12 months or more | (1,008,026) | (980,993) |
Total | (1,011,431) | (985,133) |
Corporate | ||
Fair value | ||
Less than 12 months | 4,496,293 | 4,360,234 |
12 months or more | 26,091,489 | 27,108,292 |
Total | 30,587,782 | 31,468,526 |
Unrealized losses | ||
Less than 12 months | (175,062) | (189,026) |
12 months or more | (6,675,321) | (6,403,117) |
Total | (6,850,383) | (6,592,143) |
Residential mortgage-backed securities, or “RMBS” | ||
Fair value | ||
Less than 12 months | 2,844,225 | 1,371,230 |
12 months or more | 4,342,132 | 4,354,902 |
Total | 7,186,357 | 5,726,132 |
Unrealized losses | ||
Less than 12 months | (86,123) | (66,550) |
12 months or more | (629,630) | (608,000) |
Total | (715,753) | (674,550) |
Commercial mortgage-backed securities, or “CMBS” | ||
Fair value | ||
Less than 12 months | 271,541 | 332,095 |
12 months or more | 5,962,927 | 6,031,766 |
Total | 6,234,468 | 6,363,861 |
Unrealized losses | ||
Less than 12 months | (1,838) | (4,535) |
12 months or more | (579,492) | (726,823) |
Total | (581,330) | (731,358) |
Collateralized bond obligations, or “CBOs” | ||
Fair value | ||
Less than 12 months | 1,817 | 1,867 |
12 months or more | 2,693,929 | 2,804,612 |
Total | 2,695,746 | 2,806,479 |
Unrealized losses | ||
Less than 12 months | (169) | (118) |
12 months or more | (142,102) | (143,700) |
Total | (142,271) | (143,818) |
CLOs | ||
Fair value | ||
Less than 12 months | 591,577 | 246,728 |
12 months or more | 619,979 | 1,679,813 |
Total | 1,211,556 | 1,926,541 |
Unrealized losses | ||
Less than 12 months | (1,202) | (868) |
12 months or more | (41,324) | (51,497) |
Total | (42,526) | (52,365) |
Asset-backed securities, or “ABSs” | ||
Fair value | ||
Less than 12 months | 322,632 | 553,438 |
12 months or more | 1,789,721 | 1,742,373 |
Total | 2,112,353 | 2,295,811 |
Unrealized losses | ||
Less than 12 months | (8,046) | (15,760) |
12 months or more | (128,241) | (143,926) |
Total | $ (136,287) | $ (159,686) |
INVESTMENTS - Mortgage and Othe
INVESTMENTS - Mortgage and Other Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total mortgage and other loan receivables | $ 41,891,977 | $ 39,780,370 | ||
Allowance for credit losses | (675,996) | (602,443) | $ (589,100) | $ (560,228) |
Total mortgage and other loan receivables, net of allowance for credit losses | 41,215,981 | 39,177,927 | ||
Purchase-Credit Deteriorated Mortgage and Other Loan Receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit losses | (86,500) | (91,700) | ||
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total mortgage and other loan receivables | 22,159,689 | 21,861,245 | ||
Allowance for credit losses | (360,408) | (319,631) | (247,426) | (227,315) |
Commercial | Commercial mortgage loan, fair value option | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total mortgage and other loan receivables | 686,900 | 697,400 | ||
Total mortgage and other loan receivables, net of allowance for credit losses | 779,800 | 785,200 | ||
Residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total mortgage and other loan receivables | 14,728,782 | 12,722,778 | ||
Allowance for credit losses | (101,424) | (107,204) | $ (134,447) | $ (125,824) |
Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total mortgage and other loan receivables | 4,225,078 | 4,424,882 | ||
Other loan receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total mortgage and other loan receivables | 778,428 | 771,465 | ||
Other loan receivables | Aircraft | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total mortgage and other loan receivables | 337,000 | 315,400 | ||
Other loan receivables | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total mortgage and other loan receivables, net of allowance for credit losses | $ 200,000 | $ 200,000 |
INVESTMENTS - Maturity of Resid
INVESTMENTS - Maturity of Residential and Commercial Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 41,891,977 | $ 39,780,370 |
Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Remainder of 2024 | 2,336,586 | |
2025 | 3,795,521 | |
2026 | 7,314,644 | |
2027 | 4,362,601 | |
2028 | 1,583,945 | |
2029 | 686,041 | |
Thereafter | 16,809,133 | |
Total | 36,888,471 | 34,584,023 |
Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Remainder of 2024 | 87,916 | |
2025 | 14,602 | |
2026 | 767,423 | |
2027 | 802,349 | |
2028 | 135,238 | |
2029 | 13,882 | |
Thereafter | 12,907,372 | |
Total | 14,728,782 | 12,722,778 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Remainder of 2024 | 2,248,670 | |
2025 | 3,780,919 | |
2026 | 6,547,221 | |
2027 | 3,560,252 | |
2028 | 1,448,707 | |
2029 | 672,159 | |
Thereafter | 3,901,761 | |
Total | $ 22,159,689 | $ 21,861,245 |
INVESTMENTS - Mortgage Loan Por
INVESTMENTS - Mortgage Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 41,891,977 | $ 39,780,370 |
Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 36,888,471 | $ 34,584,023 |
Financing receivable, before allowance for credit loss, to total, percent | 100% | 100% |
Residential | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 14,728,782 | $ 12,722,778 |
Financing receivable, before allowance for credit loss, to total, percent | 39.90% | 36.80% |
Office building | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 4,585,908 | $ 4,586,277 |
Financing receivable, before allowance for credit loss, to total, percent | 12.40% | 13.30% |
Multi-family | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 11,463,511 | $ 11,495,638 |
Financing receivable, before allowance for credit loss, to total, percent | 31.10% | 33.20% |
Industrial | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 4,514,193 | $ 4,415,819 |
Financing receivable, before allowance for credit loss, to total, percent | 12.20% | 12.80% |
Retail | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 493,402 | $ 493,596 |
Financing receivable, before allowance for credit loss, to total, percent | 1.30% | 1.40% |
Warehouse | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 304,257 | $ 291,116 |
Financing receivable, before allowance for credit loss, to total, percent | 0.80% | 0.80% |
Other property types | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 798,418 | $ 578,799 |
Financing receivable, before allowance for credit loss, to total, percent | 2.30% | 1.70% |
Pacific | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 9,339,086 | $ 8,649,256 |
Financing receivable, before allowance for credit loss, to total, percent | 25.30% | 25% |
West South Central | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 4,646,656 | $ 4,202,501 |
Financing receivable, before allowance for credit loss, to total, percent | 12.60% | 12.20% |
South Atlantic | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 10,251,281 | $ 9,653,955 |
Financing receivable, before allowance for credit loss, to total, percent | 27.80% | 27.90% |
Middle Atlantic | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 4,658,931 | $ 4,436,129 |
Financing receivable, before allowance for credit loss, to total, percent | 12.60% | 12.80% |
East North Central | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 1,241,368 | $ 1,166,460 |
Financing receivable, before allowance for credit loss, to total, percent | 3.40% | 3.40% |
Mountain | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 3,390,723 | $ 3,262,801 |
Financing receivable, before allowance for credit loss, to total, percent | 9.20% | 9.40% |
New England | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 1,510,263 | $ 1,470,741 |
Financing receivable, before allowance for credit loss, to total, percent | 4.10% | 4.30% |
East South Central | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 791,429 | $ 731,053 |
Financing receivable, before allowance for credit loss, to total, percent | 2.10% | 2.10% |
West North Central | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 412,522 | $ 358,609 |
Financing receivable, before allowance for credit loss, to total, percent | 1.10% | 1% |
Other regions | Residential And Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans | $ 646,212 | $ 652,518 |
Financing receivable, before allowance for credit loss, to total, percent | 1.80% | 1.90% |
INVESTMENTS - Receivables By Cr
INVESTMENTS - Receivables By Credit Quality Indicator (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Gross charge-offs | |||
Total | $ (58,457) | $ (37,065) | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 41,891,977 | $ 39,780,370 | |
Residential, Commercial, And Consumer Portfolio Segment | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 1,230,402 | 6,564,559 | |
Year two, fiscal year before current fiscal year | 7,650,195 | 8,817,810 | |
Year three, two years before current fiscal year | 8,885,059 | 13,237,124 | |
Year four, three years before current fiscal year | 13,094,738 | 2,750,871 | |
Year five, four years before current fiscal year | 2,750,192 | 2,255,351 | |
Prior | 7,502,963 | 5,383,190 | |
Total | 41,113,549 | 39,008,905 | |
Commercial | |||
Gross charge-offs | |||
Year one, current-period gross charge-offs | 0 | 0 | |
Year two, current-period gross charge-offs | 0 | 0 | |
Year three, current-period gross charge-offs | 0 | 0 | |
Year four, current-period gross charge-offs | 0 | 0 | |
Year five, current-period gross charge-offs | 0 | (14,000) | |
Prior | (16,379) | (7,616) | |
Total | (16,379) | 0 | (21,616) |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 305,720 | 3,600,652 | |
Year two, fiscal year before current fiscal year | 3,604,283 | 6,278,419 | |
Year three, two years before current fiscal year | 6,371,836 | 6,815,362 | |
Year four, three years before current fiscal year | 6,829,479 | 661,316 | |
Year five, four years before current fiscal year | 661,102 | 1,395,717 | |
Prior | 4,387,269 | 3,109,779 | |
Total | 22,159,689 | 21,861,245 | |
Residential | |||
Gross charge-offs | |||
Year one, current-period gross charge-offs | 0 | (6) | |
Year two, current-period gross charge-offs | (7) | (1,228) | |
Year three, current-period gross charge-offs | (47) | (2,244) | |
Year four, current-period gross charge-offs | (165) | (913) | |
Year five, current-period gross charge-offs | 0 | (1,412) | |
Prior | (420) | (2,373) | |
Total | (639) | $ (1,693) | (8,176) |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 924,330 | 2,849,017 | |
Year two, fiscal year before current fiscal year | 3,915,235 | 2,031,510 | |
Year three, two years before current fiscal year | 2,031,564 | 4,638,183 | |
Year four, three years before current fiscal year | 4,575,341 | 1,375,239 | |
Year five, four years before current fiscal year | 1,411,605 | 237,681 | |
Prior | 1,870,707 | 1,591,148 | |
Total | 14,728,782 | 12,722,778 | |
Consumer loans | |||
Gross charge-offs | |||
Year one, current-period gross charge-offs | 0 | (185) | |
Year two, current-period gross charge-offs | (468) | (18,117) | |
Year three, current-period gross charge-offs | (5,390) | (83,147) | |
Year four, current-period gross charge-offs | (21,344) | (23,273) | |
Year five, current-period gross charge-offs | (5,878) | (15,740) | |
Prior | (8,296) | (19,783) | |
Total | (41,376) | (160,245) | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 352 | 114,890 | |
Year two, fiscal year before current fiscal year | 130,677 | 507,881 | |
Year three, two years before current fiscal year | 481,659 | 1,783,579 | |
Year four, three years before current fiscal year | 1,689,918 | 714,316 | |
Year five, four years before current fiscal year | 677,485 | 621,953 | |
Prior | 1,244,987 | 682,263 | |
Total | 4,225,078 | 4,424,882 | |
Current | Commercial | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 305,720 | 3,600,652 | |
Year two, fiscal year before current fiscal year | 3,604,283 | 6,278,419 | |
Year three, two years before current fiscal year | 6,371,836 | 6,633,293 | |
Year four, three years before current fiscal year | 6,558,483 | 624,457 | |
Year five, four years before current fiscal year | 624,212 | 1,395,717 | |
Prior | 4,291,434 | 2,969,381 | |
Total | 21,755,968 | 21,501,919 | |
Current | Residential | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 924,330 | 2,794,600 | |
Year two, fiscal year before current fiscal year | 3,824,892 | 1,981,373 | |
Year three, two years before current fiscal year | 1,975,866 | 4,518,357 | |
Year four, three years before current fiscal year | 4,446,268 | 1,358,200 | |
Year five, four years before current fiscal year | 1,395,241 | 221,566 | |
Prior | 1,620,715 | 1,365,231 | |
Total | 14,187,312 | 12,239,327 | |
Current | Consumer loans | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 352 | 109,393 | |
Year two, fiscal year before current fiscal year | 128,601 | 497,113 | |
Year three, two years before current fiscal year | 470,761 | 1,726,280 | |
Year four, three years before current fiscal year | 1,638,834 | 701,655 | |
Year five, four years before current fiscal year | 666,875 | 610,988 | |
Prior | 1,209,943 | 656,270 | |
Total | 4,115,366 | 4,301,699 | |
30 to 59 days past due | Commercial | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 0 | 0 | |
Year two, fiscal year before current fiscal year | 0 | 0 | |
Year three, two years before current fiscal year | 0 | 0 | |
Year four, three years before current fiscal year | 45,651 | 0 | |
Year five, four years before current fiscal year | 0 | 0 | |
Prior | 0 | 0 | |
Total | 45,651 | 0 | |
30 to 59 days past due | Residential | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 0 | 43,432 | |
Year two, fiscal year before current fiscal year | 74,901 | 22,291 | |
Year three, two years before current fiscal year | 29,106 | 37,082 | |
Year four, three years before current fiscal year | 42,586 | 3,554 | |
Year five, four years before current fiscal year | 2,629 | 5,461 | |
Prior | 97,015 | 84,079 | |
Total | 246,237 | 195,899 | |
30 to 59 days past due | Consumer loans | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 0 | 1,707 | |
Year two, fiscal year before current fiscal year | 817 | 4,229 | |
Year three, two years before current fiscal year | 4,100 | 28,966 | |
Year four, three years before current fiscal year | 26,119 | 5,082 | |
Year five, four years before current fiscal year | 4,216 | 4,497 | |
Prior | 16,359 | 12,686 | |
Total | 51,611 | 57,167 | |
60 to 89 days past due | Commercial | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 0 | 0 | |
Year two, fiscal year before current fiscal year | 0 | 0 | |
Year three, two years before current fiscal year | 0 | 0 | |
Year four, three years before current fiscal year | 0 | 0 | |
Year five, four years before current fiscal year | 0 | 0 | |
Prior | 9,494 | 79,635 | |
Total | 9,494 | 79,635 | |
60 to 89 days past due | Residential | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 0 | 8,467 | |
Year two, fiscal year before current fiscal year | 7,956 | 8,520 | |
Year three, two years before current fiscal year | 4,341 | 9,991 | |
Year four, three years before current fiscal year | 13,765 | 1,437 | |
Year five, four years before current fiscal year | 1,042 | 1,389 | |
Prior | 30,082 | 26,565 | |
Total | 57,186 | 56,369 | |
60 to 89 days past due | Consumer loans | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 0 | 1,193 | |
Year two, fiscal year before current fiscal year | 226 | 2,548 | |
Year three, two years before current fiscal year | 2,635 | 14,872 | |
Year four, three years before current fiscal year | 11,742 | 3,298 | |
Year five, four years before current fiscal year | 2,391 | 2,561 | |
Prior | 8,601 | 6,756 | |
Total | 25,595 | 31,228 | |
90 days or more past due or in process of foreclosure | Commercial | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 0 | 0 | |
Year two, fiscal year before current fiscal year | 0 | 0 | |
Year three, two years before current fiscal year | 0 | 182,069 | |
Year four, three years before current fiscal year | 225,345 | 36,859 | |
Year five, four years before current fiscal year | 36,890 | 0 | |
Prior | 86,341 | 60,763 | |
Total | 348,576 | 279,691 | |
90 days or more past due or in process of foreclosure | Residential | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 0 | 2,518 | |
Year two, fiscal year before current fiscal year | 7,486 | 19,326 | |
Year three, two years before current fiscal year | 22,251 | 72,753 | |
Year four, three years before current fiscal year | 72,722 | 12,048 | |
Year five, four years before current fiscal year | 12,693 | 9,265 | |
Prior | 122,895 | 115,273 | |
Total | 238,047 | 231,183 | |
90 days or more past due or in process of foreclosure | Consumer loans | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Year one, current fiscal year | 0 | 2,597 | |
Year two, fiscal year before current fiscal year | 1,033 | 3,991 | |
Year three, two years before current fiscal year | 4,163 | 13,461 | |
Year four, three years before current fiscal year | 13,223 | 4,281 | |
Year five, four years before current fiscal year | 4,003 | 3,907 | |
Prior | 10,084 | 6,551 | |
Total | $ 32,506 | $ 34,788 |
INVESTMENTS - Loan-To-Value (De
INVESTMENTS - Loan-To-Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 41,891,977 | $ 39,780,370 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 305,720 | 3,600,652 |
Year two, fiscal year before current fiscal year | 3,604,283 | 6,278,419 |
Year three, two years before current fiscal year | 6,371,836 | 6,815,362 |
Year four, three years before current fiscal year | 6,829,479 | 661,316 |
Year five, four years before current fiscal year | 661,102 | 1,395,717 |
Year six, five years before current fiscal year | 1,344,921 | 1,049,249 |
Prior | 3,042,348 | 2,060,530 |
Total | 22,159,689 | 21,861,245 |
Carrying value loan-to-value 70% and less | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 305,720 | 3,600,652 |
Year two, fiscal year before current fiscal year | 3,604,283 | 5,912,623 |
Year three, two years before current fiscal year | 6,005,991 | 5,110,011 |
Year four, three years before current fiscal year | 4,832,069 | 496,085 |
Year five, four years before current fiscal year | 496,247 | 1,257,983 |
Year six, five years before current fiscal year | 1,252,234 | 881,620 |
Prior | 2,814,723 | 1,991,780 |
Total | 19,311,267 | 19,250,754 |
Carrying value loan-to-value 71% - 90% | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 0 | 0 |
Year two, fiscal year before current fiscal year | 0 | 365,796 |
Year three, two years before current fiscal year | 365,845 | 1,483,763 |
Year four, three years before current fiscal year | 1,554,835 | 93,210 |
Year five, four years before current fiscal year | 92,789 | 93,661 |
Year six, five years before current fiscal year | 54,992 | 52,640 |
Prior | 53,510 | 0 |
Total | 2,121,971 | 2,089,070 |
Carrying value loan-to-value over 90% | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 0 | 0 |
Year two, fiscal year before current fiscal year | 0 | 0 |
Year three, two years before current fiscal year | 0 | 221,588 |
Year four, three years before current fiscal year | 442,575 | 72,021 |
Year five, four years before current fiscal year | 72,066 | 44,073 |
Year six, five years before current fiscal year | 37,695 | 114,989 |
Prior | 174,115 | 68,750 |
Total | $ 726,451 | $ 521,421 |
INVESTMENTS - Loan Modification
INVESTMENTS - Loan Modifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | $ 76,336 | $ 98,187 | $ 598,580 |
Current | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 569,158 | ||
30 to 59 days past due | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 11,921 | ||
60 to 89 days past due | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 4,227 | ||
90 days or more past due or in process of foreclosure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 13,274 | ||
Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | $ 37,695 | $ 66,813 | 490,584 |
Percentage of total carrying value outstanding | 0.17% | 0.35% | |
Commercial | Current | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 490,584 | ||
Commercial | 30 to 59 days past due | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 0 | ||
Commercial | 60 to 89 days past due | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 0 | ||
Commercial | 90 days or more past due or in process of foreclosure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 0 | ||
Residential | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | $ 16,133 | $ 30,123 | 35,836 |
Percentage of total carrying value outstanding | 0.11% | 0.28% | |
Residential | Current | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 21,581 | ||
Residential | 30 to 59 days past due | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 2,758 | ||
Residential | 60 to 89 days past due | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 828 | ||
Residential | 90 days or more past due or in process of foreclosure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 10,669 | ||
Consumer loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | $ 22,508 | $ 1,251 | 72,160 |
Percentage of total carrying value outstanding | 0.53% | 0.03% | |
Consumer loans | Current | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 56,993 | ||
Consumer loans | 30 to 59 days past due | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 9,163 | ||
Consumer loans | 60 to 89 days past due | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 3,399 | ||
Consumer loans | 90 days or more past due or in process of foreclosure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | $ 2,605 | ||
Deferral of Amounts Due | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | $ 3,614 | $ 1,976 | |
Deferral of Amounts Due | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 0 | 0 | |
Deferral of Amounts Due | Residential | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 2,649 | 725 | |
Deferral of Amounts Due | Consumer loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 965 | 1,251 | |
Interest Rate Relief | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 522 | 190 | |
Interest Rate Relief | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 0 | 0 | |
Interest Rate Relief | Residential | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 0 | 190 | |
Interest Rate Relief | Consumer loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 522 | 0 | |
Maturity Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 20,135 | 28,686 | |
Maturity Extension | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 0 | 0 | |
Maturity Extension | Residential | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 8,150 | 28,686 | |
Maturity Extension | Consumer loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 11,985 | 0 | |
Combination | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 52,065 | 67,335 | |
Combination | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 37,695 | 66,813 | |
Combination | Residential | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | 5,334 | 522 | |
Combination | Consumer loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying value of loans to borrowers experiencing financial difficulty | $ 9,036 | $ 0 |
INVESTMENTS - Other Investments
INVESTMENTS - Other Investments (Details) - Insurance - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Other investments | $ 10,241,161 | $ 9,683,326 |
Investments in real estate | ||
Schedule of Investments [Line Items] | ||
Other investments | 4,737,200 | 4,778,431 |
Investments in renewable energy | ||
Schedule of Investments [Line Items] | ||
Other investments | 1,326,992 | 1,348,080 |
Accumulated depreciation | 163,500 | 154,100 |
Investments in transportation and other leased assets | ||
Schedule of Investments [Line Items] | ||
Other investments | 3,013,664 | 2,972,469 |
Accumulated depreciation | 342,900 | 313,600 |
Other investment funds and partnerships | ||
Schedule of Investments [Line Items] | ||
Other investments | 753,742 | 179,469 |
Federal Home Loan Bank (FHLB) common stock and other investments | ||
Schedule of Investments [Line Items] | ||
Other investments | $ 409,563 | $ 404,877 |
INVESTMENTS - Repurchase Agreem
INVESTMENTS - Repurchase Agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Total | $ 890,017 | $ 1,413,068 |
AFS corporate securities | ||
Schedule of Investments [Line Items] | ||
Total | 837,545 | 1,373,779 |
Residential mortgage loans | ||
Schedule of Investments [Line Items] | ||
Total | 52,472 | 39,289 |
Overnight | ||
Schedule of Investments [Line Items] | ||
Total | 0 | 0 |
Overnight | AFS corporate securities | ||
Schedule of Investments [Line Items] | ||
Total | 0 | 0 |
Overnight | Residential mortgage loans | ||
Schedule of Investments [Line Items] | ||
Total | 0 | 0 |
Less than 30 Days | ||
Schedule of Investments [Line Items] | ||
Total | 224 | 39,289 |
Less than 30 Days | AFS corporate securities | ||
Schedule of Investments [Line Items] | ||
Total | 0 | 0 |
Less than 30 Days | Residential mortgage loans | ||
Schedule of Investments [Line Items] | ||
Total | 224 | 39,289 |
30 - 90 Days | ||
Schedule of Investments [Line Items] | ||
Total | 862,301 | 524,411 |
30 - 90 Days | AFS corporate securities | ||
Schedule of Investments [Line Items] | ||
Total | 836,566 | 524,411 |
30 - 90 Days | Residential mortgage loans | ||
Schedule of Investments [Line Items] | ||
Total | 25,735 | 0 |
Greater than 90 Days | ||
Schedule of Investments [Line Items] | ||
Total | 27,492 | 849,368 |
Greater than 90 Days | AFS corporate securities | ||
Schedule of Investments [Line Items] | ||
Total | 979 | 849,368 |
Greater than 90 Days | Residential mortgage loans | ||
Schedule of Investments [Line Items] | ||
Total | $ 26,513 | $ 0 |
DERIVATIVES - Narrative (Detail
DERIVATIVES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Restricted cash held with open derivative transactions with exchange brokers | $ 181.7 | $ 133 |
Bond Forward | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
AOCI loss on cash flow hedges | $ (158.2) | $ (126.9) |
DERIVATIVES - Derivative Assets
DERIVATIVES - Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Value | $ 94,992,971 | $ 84,622,876 |
Derivative Assets | ||
Fair value included within total assets and liabilities, derivative asset | 327,153 | 315,107 |
Derivative Liabilities | ||
Fair value included within total assets and liabilities, derivative liabilities | 475,752 | 590,187 |
Asset Management and Strategic Holdings | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Value | 18,732,907 | 16,146,067 |
Derivative Assets | ||
Gross amount recognized | 298,769 | 269,413 |
Derivative Liabilities | ||
Gross amount recognized | 321,041 | 443,990 |
Asset Management and Strategic Holdings | Foreign currency contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Value | 17,908,773 | 15,771,463 |
Derivative Assets | ||
Gross amount recognized | 294,511 | 264,621 |
Derivative Liabilities | ||
Gross amount recognized | 321,024 | 441,608 |
Asset Management and Strategic Holdings | Other Derivatives | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Value | 824,134 | 374,604 |
Derivative Assets | ||
Gross amount recognized | 4,258 | 4,792 |
Derivative Liabilities | ||
Gross amount recognized | 17 | 2,382 |
Insurance | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Value | 76,260,064 | 68,476,809 |
Derivative Assets | ||
Gross amount recognized | 2,001,907 | 1,855,023 |
Impact of netting | (1,973,523) | (1,809,329) |
Net amounts presented in the statements of financial condition | 28,384 | 45,694 |
Derivative Liabilities | ||
Gross amount recognized | 1,005,773 | 1,057,277 |
Impact of netting | (851,062) | (911,080) |
Net amounts presented in the statements of financial condition | 154,711 | 146,197 |
Insurance | Assets | ||
Derivative Liabilities | ||
Fair value of embedded derivatives, net | 114,000 | 88,700 |
Insurance | Liability | ||
Derivative Liabilities | ||
Fair value of embedded derivatives, net | 2,000,000 | 1,600,000 |
Insurance | Derivatives designated as hedge accounting instruments: | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Value | 10,969,512 | 9,622,835 |
Derivative Assets | ||
Gross amount recognized | 35,573 | 24,278 |
Derivative Liabilities | ||
Gross amount recognized | 457,191 | 445,690 |
Insurance | Derivatives not designated as hedge accounting instruments: | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Value | 65,290,552 | 58,853,974 |
Derivative Assets | ||
Gross amount recognized | 1,966,334 | 1,830,745 |
Derivative Liabilities | ||
Gross amount recognized | 548,582 | 611,587 |
Insurance | Foreign currency contracts | Derivatives designated as hedge accounting instruments: | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Value | 2,199,012 | 2,302,335 |
Derivative Assets | ||
Gross amount recognized | 35,573 | 24,278 |
Derivative Liabilities | ||
Gross amount recognized | 35,332 | 73,478 |
Insurance | Foreign currency contracts | Derivatives not designated as hedge accounting instruments: | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Value | 1,379,435 | 1,331,345 |
Derivative Assets | ||
Gross amount recognized | 75,026 | 65,803 |
Derivative Liabilities | ||
Gross amount recognized | 44,523 | 56,616 |
Insurance | Interest rate contracts | Derivatives designated as hedge accounting instruments: | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Value | 8,770,500 | 7,320,500 |
Derivative Assets | ||
Gross amount recognized | 0 | 0 |
Derivative Liabilities | ||
Gross amount recognized | 421,859 | 372,212 |
Insurance | Interest rate contracts | Derivatives not designated as hedge accounting instruments: | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Value | 28,140,901 | 22,259,423 |
Derivative Assets | ||
Gross amount recognized | 182,268 | 284,067 |
Derivative Liabilities | ||
Gross amount recognized | 303,621 | 306,244 |
Insurance | Equity market contracts | Derivatives not designated as hedge accounting instruments: | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Value | 35,709,220 | 35,203,206 |
Derivative Assets | ||
Gross amount recognized | 1,708,083 | 1,480,875 |
Derivative Liabilities | ||
Gross amount recognized | 199,924 | 248,127 |
Insurance | Other contracts | Derivatives not designated as hedge accounting instruments: | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Value | 60,996 | 60,000 |
Derivative Assets | ||
Gross amount recognized | 957 | 0 |
Derivative Liabilities | ||
Gross amount recognized | $ 514 | $ 600 |
DERIVATIVES - Carrying Value of
DERIVATIVES - Carrying Value of Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value hedge adjustments on discontinued hedges | $ 23,400 | $ 27,800 |
Debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying amount of hedged liabilities | (2,307,233) | (1,608,294) |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets/(liabilities) | (202,919) | (165,817) |
Policy liabilities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying amount of hedged liabilities | (5,058,716) | (4,380,048) |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets/(liabilities) | (272,648) | (255,308) |
Fixed maturity securities – interest and other income | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying amount of hedged assets | 2,168,807 | 2,324,364 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets/(liabilities) | $ (45,116) | $ 80,210 |
DERIVATIVES - Financial Stateme
DERIVATIVES - Financial Statement Classification (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net Gains (Losses) from Investment Activities | $ 638,162 | $ (159,409) |
Insurance | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net gains (losses) on derivative instruments | 100,968 | (348,225) |
Derivatives not designated as hedge accounting instruments: | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
AOCI (loss) gain on cash flow hedges | (35,978) | 67,200 |
Derivative gains (losses) | 185,792 | (10,158) |
Derivatives not designated as hedge accounting instruments: | Asset Management and Strategic Holdings | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net gains (losses) on derivative instruments | 185,792 | (10,158) |
Derivatives not designated as hedge accounting instruments: | Net investment-related gains (losses) | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative gains (losses) | 100,968 | (348,225) |
Derivatives not designated as hedge accounting instruments: | Net investment-related gains (losses) | Insurance | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative gains (losses) | 90,162 | (349,019) |
Derivatives not designated as hedge accounting instruments: | Net investment income | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative gains (losses) | 137 | 0 |
Fair value hedges | Derivatives designated as hedge accounting instruments: | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gains (losses) on derivatives designated as hedge instruments | 49,541 | (35,388) |
AOCI impact of fair value hedges | (4,690) | 9,280 |
Gains (losses) on hedged items | (45,116) | 29,624 |
Amortization for gains (losses) excluded from assessment of effectiveness | 6,381 | 6,826 |
Total gains (losses) on fair value hedges, net of hedged items | 10,806 | 1,062 |
AOCI impact of total gains (losses) on fair value hedges, net of hedged items | (4,690) | 9,280 |
Fair value hedges | Derivatives designated as hedge accounting instruments: | Net investment income | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gains (losses) on derivatives designated as hedge instruments | 982 | 0 |
Total gains (losses) on fair value hedges, net of hedged items | 982 | 0 |
Fair value hedges | Derivatives designated as hedge accounting instruments: | Net policy benefits and claims | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gains (losses) on derivatives designated as hedge instruments | (63,695) | 34,557 |
Gains (losses) on hedged items | 63,695 | (34,557) |
Fair value hedges | Derivatives designated as hedge accounting instruments: | Interest expense | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gains (losses) on derivatives designated as hedge instruments | (52,695) | 20,104 |
Gains (losses) on hedged items | 52,695 | (20,104) |
Cash flow hedges | Derivatives designated as hedge accounting instruments: | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative loss on the settlement bond forward derivative hedge instrument | 0 | (268) |
AOCI (loss) gain on cash flow hedges | (31,288) | 57,920 |
Cash flow hedges | Derivatives designated as hedge accounting instruments: | Net investment income | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative loss on the settlement bond forward derivative hedge instrument | (845) | 0 |
Interest rate contracts | Derivatives not designated as hedge accounting instruments: | Net investment-related gains (losses) | Insurance | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative gains (losses) | (249,295) | |
Interest rate contracts | Fair value hedges | Derivatives designated as hedge accounting instruments: | Net policy benefits and claims | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gains (losses) on derivatives designated as hedge instruments | (63,695) | 34,557 |
Gains (losses) on hedged items | 63,695 | (34,557) |
Interest rate contracts | Fair value hedges | Derivatives designated as hedge accounting instruments: | Interest expense | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gains (losses) on derivatives designated as hedge instruments | (52,695) | 20,104 |
Gains (losses) on hedged items | 52,695 | (20,104) |
Interest rate contracts | Cash flow hedges | Derivatives designated as hedge accounting instruments: | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative loss on the settlement bond forward derivative hedge instrument | 0 | (268) |
AOCI (loss) gain on cash flow hedges | (31,288) | 57,920 |
Interest rate contracts | Cash flow hedges | Derivatives designated as hedge accounting instruments: | Net investment income | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative loss on the settlement bond forward derivative hedge instrument | (845) | 0 |
Foreign Exchange Contracts and Options | Derivatives not designated as hedge accounting instruments: | Asset Management and Strategic Holdings | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net Gains (Losses) from Investment Activities | 183,342 | (22,366) |
Foreign Exchange Contracts and Options | Fair value hedges | Derivatives designated as hedge accounting instruments: | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gains (losses) on derivatives designated as hedge instruments | 49,541 | (35,388) |
AOCI impact of fair value hedges | (4,690) | 9,280 |
Gains (losses) on hedged items | (45,116) | 29,624 |
Amortization for gains (losses) excluded from assessment of effectiveness | 6,381 | 6,826 |
Foreign Exchange Contracts and Options | Fair value hedges | Derivatives designated as hedge accounting instruments: | Net investment income | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gains (losses) on derivatives designated as hedge instruments | 982 | 0 |
Other Derivatives | Derivatives not designated as hedge accounting instruments: | Asset Management and Strategic Holdings | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net Gains (Losses) from Investment Activities | 2,450 | 12,208 |
Embedded derivatives - funds withheld receivable | Derivatives not designated as hedge accounting instruments: | Net investment-related gains (losses) | Insurance | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative gains (losses) | 25,330 | (30,767) |
Embedded derivatives - funds withheld payable | Derivatives not designated as hedge accounting instruments: | Net investment-related gains (losses) | Insurance | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative gains (losses) | 95,441 | (430,235) |
Equity index options | Derivatives not designated as hedge accounting instruments: | Net investment-related gains (losses) | Insurance | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative gains (losses) | 257,103 | 83,887 |
Equity future contracts | Derivatives not designated as hedge accounting instruments: | Net investment-related gains (losses) | Insurance | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative gains (losses) | (63,516) | (40,825) |
Foreign exchange and other derivative contracts | Derivatives not designated as hedge accounting instruments: | Net investment-related gains (losses) | Insurance | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative gains (losses) | $ 25,099 | |
Interest rate and foreign exchange contracts | Derivatives not designated as hedge accounting instruments: | Net investment-related gains (losses) | Insurance | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative gains (losses) | 68,996 | |
Other contracts | Derivatives not designated as hedge accounting instruments: | Net investment-related gains (losses) | Insurance | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative gains (losses) | $ (75) |
DERIVATIVES - Offsetting Assets
DERIVATIVES - Offsetting Assets and Liabilities (Details) - Insurance - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative assets (excluding embedded derivatives) | ||
Gross amount recognized | $ 2,001,907 | $ 1,855,023 |
Gross amounts offset in the statements of financial position | (1,973,523) | (1,809,329) |
Net amounts presented in the statements of financial condition | 28,384 | 45,694 |
Collateral (received) / pledged | (16,333) | (45,095) |
Net amount after collateral | 12,051 | 599 |
Derivative liabilities (excluding embedded derivatives) | ||
Gross amount recognized | 1,005,773 | 1,057,277 |
Gross amounts offset in the statements of financial position | (851,062) | (911,080) |
Net amounts presented in the statements of financial condition | 154,711 | 146,197 |
Collateral (received) / pledged | 198,464 | 167,973 |
Net amount after collateral | $ (43,753) | $ (21,776) |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets, at fair value: | ||
AFS fixed maturity securities | $ 74,048,277 | $ 69,414,188 |
Separate account assets | 4,223,173 | 4,107,000 |
Liabilities, at fair value | ||
Embedded derivative | 4,500,000 | 4,000,000 |
Market risk benefit liability | 1,023,053 | 1,120,968 |
U.S. government and agencies | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 3,582,759 | 1,203,092 |
U.S. state, municipal and political subdivisions | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 4,541,898 | 4,607,392 |
Corporate | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 40,255,195 | 39,948,756 |
Asset Management and Strategic Holdings | ||
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 17 | 2,382 |
Insurance | ||
Assets, at fair value: | ||
Other investments | 10,241,161 | 9,683,326 |
Reinsurance Recoverable | 44,160,226 | 36,617,344 |
Impact of netting | (1,973,523) | (1,809,329) |
Separate account assets | 4,223,173 | 4,107,000 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 154,711 | 146,197 |
Funds withheld payable at interest | 1,564,706 | 1,423,242 |
Impact of netting | (851,062) | (911,080) |
Market risk benefit liability | 1,023,053 | 1,120,968 |
Level III | Asset Management and Strategic Holdings | ||
Liabilities, at fair value | ||
Unfunded Revolver Commitments | 95,004 | |
Level III | Insurance | ||
Assets, at fair value: | ||
Reinsurance Recoverable | 965,877 | |
Liabilities, at fair value | ||
Policy liabilities (including market risk benefits) | 1,337,563 | |
Closed block policy liabilities | 1,005,627 | |
Level III | Insurance | Interest sensitive life | ||
Liabilities, at fair value | ||
Embedded derivative | 486,199 | |
Level III | Insurance | Fixed-indexed annuity | ||
Liabilities, at fair value | ||
Embedded derivative | 4,051,405 | |
Level III | Insurance | Corporate | ||
Assets, at fair value: | ||
Trading fixed maturity securities | 8,450,014 | |
Level III | Insurance | Structured securities | ||
Assets, at fair value: | ||
Trading fixed maturity securities | 2,596,199 | |
Fair value measured on recurring basis | ||
Assets, at fair value: | ||
Total financial assets | 199,292,152 | 184,176,005 |
Liabilities, at fair value | ||
Total Liabilities at Fair Value | 30,152,578 | 30,152,304 |
Fair value measured on recurring basis | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 86,023,306 | 84,876,654 |
Total financial assets | 86,322,075 | 85,146,067 |
Liabilities, at fair value | ||
Securities Sold Short | 168,262 | 149,136 |
Unfunded Revolver Commitments | 95,004 | 94,683 |
Total Liabilities at Fair Value | 25,659,817 | 25,964,213 |
Fair value measured on recurring basis | Asset Management and Strategic Holdings | Debt Obligations of Consolidated CFEs | ||
Liabilities, at fair value | ||
Debt Obligations of Consolidated CFEs | 25,075,510 | 25,276,404 |
Fair value measured on recurring basis | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 28,384 | 45,694 |
AFS fixed maturity securities | 74,048,277 | 69,414,188 |
Trading fixed maturity securities | 27,984,949 | 18,805,470 |
Equity securities | 21,471 | 19,737 |
Mortgage and other loan receivables | 686,938 | 697,402 |
Other investments | 4,897,017 | 4,925,751 |
Funds withheld receivable at interest | 113,991 | 88,661 |
Reinsurance Recoverable | 965,877 | 926,035 |
Impact of netting | (1,973,523) | (1,809,329) |
Separate account assets | 4,223,173 | 4,107,000 |
Total financial assets | 112,970,077 | 99,029,938 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 154,711 | 146,197 |
Policy liabilities (including market risk benefits) | 1,337,563 | 1,474,970 |
Closed block policy liabilities | 1,005,627 | 968,554 |
Funds withheld payable at interest | (2,542,744) | (2,447,303) |
Impact of netting | (851,062) | (911,080) |
Total Liabilities at Fair Value | 4,492,761 | 4,188,091 |
Fair value measured on recurring basis | Insurance | Interest sensitive life | ||
Liabilities, at fair value | ||
Embedded derivative | 486,199 | 458,302 |
Fair value measured on recurring basis | Insurance | Fixed-indexed annuity | ||
Liabilities, at fair value | ||
Embedded derivative | 4,051,405 | 3,587,371 |
Fair value measured on recurring basis | Insurance | U.S. government and agencies | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 3,582,759 | 1,203,092 |
Trading fixed maturity securities | 6,161,840 | 2,518,113 |
Fair value measured on recurring basis | Insurance | U.S. state, municipal and political subdivisions | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 4,541,898 | 4,607,392 |
Trading fixed maturity securities | 1,266,878 | 1,223,946 |
Fair value measured on recurring basis | Insurance | Corporate | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 40,255,195 | 39,948,756 |
Trading fixed maturity securities | 14,650,153 | 10,472,832 |
Fair value measured on recurring basis | Insurance | Structured securities | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 25,668,425 | 23,654,948 |
Trading fixed maturity securities | 5,906,078 | 4,590,579 |
Fair value measured on recurring basis | Foreign Exchange Contracts and Options | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 294,511 | 264,621 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 321,024 | 441,608 |
Fair value measured on recurring basis | Other Derivatives | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 4,258 | 4,792 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 17 | 2,382 |
Fair value measured on recurring basis | Equity market contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 1,708,083 | 1,480,875 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 199,924 | 248,127 |
Fair value measured on recurring basis | Interest rate contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 182,268 | 284,067 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 725,480 | 678,456 |
Fair value measured on recurring basis | Foreign currency contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 110,599 | 90,081 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 79,855 | 130,094 |
Fair value measured on recurring basis | Other contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 957 | |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 514 | 600 |
Fair value measured on recurring basis | Private Equity | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 33,672,500 | 32,742,484 |
Fair value measured on recurring basis | Credit | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 8,401,513 | 8,274,904 |
Fair value measured on recurring basis | Investments of Consolidated CFEs | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 24,961,635 | 24,996,298 |
Fair value measured on recurring basis | Real Assets | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 11,973,032 | 12,000,008 |
Fair value measured on recurring basis | Equity Method - Other | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 2,497,387 | 2,283,588 |
Fair value measured on recurring basis | Other Investments | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 4,517,239 | 4,579,372 |
Fair value measured on recurring basis | Level I | ||
Assets, at fair value: | ||
Total financial assets | 16,281,164 | 10,903,084 |
Liabilities, at fair value | ||
Total Liabilities at Fair Value | 171,247 | 150,776 |
Fair value measured on recurring basis | Level I | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 2,599,054 | 3,357,633 |
Total financial assets | 2,599,054 | 3,357,633 |
Liabilities, at fair value | ||
Securities Sold Short | 168,262 | 149,136 |
Unfunded Revolver Commitments | 0 | 0 |
Total Liabilities at Fair Value | 168,279 | 149,279 |
Fair value measured on recurring basis | Level I | Asset Management and Strategic Holdings | Debt Obligations of Consolidated CFEs | ||
Liabilities, at fair value | ||
Debt Obligations of Consolidated CFEs | 0 | 0 |
Fair value measured on recurring basis | Level I | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 614 | (2,379) |
AFS fixed maturity securities | 3,461,569 | 1,082,421 |
Trading fixed maturity securities | 5,991,106 | 2,354,194 |
Equity securities | 5,648 | 4,215 |
Mortgage and other loan receivables | 0 | 0 |
Other investments | 0 | 0 |
Funds withheld receivable at interest | 0 | 0 |
Reinsurance Recoverable | 0 | 0 |
Impact of netting | (2,188) | (23,522) |
Separate account assets | 4,223,173 | 4,107,000 |
Total financial assets | 13,682,110 | 7,545,451 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 2,968 | 1,497 |
Policy liabilities (including market risk benefits) | 0 | 0 |
Closed block policy liabilities | 0 | 0 |
Funds withheld payable at interest | 0 | 0 |
Impact of netting | (2,188) | (23,522) |
Total Liabilities at Fair Value | 2,968 | 1,497 |
Fair value measured on recurring basis | Level I | Insurance | Interest sensitive life | ||
Liabilities, at fair value | ||
Embedded derivative | 0 | 0 |
Fair value measured on recurring basis | Level I | Insurance | Fixed-indexed annuity | ||
Liabilities, at fair value | ||
Embedded derivative | 0 | 0 |
Fair value measured on recurring basis | Level I | Insurance | U.S. government and agencies | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 3,461,569 | 1,082,421 |
Trading fixed maturity securities | 5,991,106 | 2,354,194 |
Fair value measured on recurring basis | Level I | Insurance | U.S. state, municipal and political subdivisions | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 0 | 0 |
Trading fixed maturity securities | 0 | 0 |
Fair value measured on recurring basis | Level I | Insurance | Corporate | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 0 | 0 |
Trading fixed maturity securities | 0 | 0 |
Fair value measured on recurring basis | Level I | Insurance | Structured securities | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 0 | 0 |
Trading fixed maturity securities | 0 | 0 |
Fair value measured on recurring basis | Level I | Foreign Exchange Contracts and Options | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Fair value measured on recurring basis | Level I | Other Derivatives | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 17 | 143 |
Fair value measured on recurring basis | Level I | Equity market contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 1,225 | 1,669 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 4,069 | 7,088 |
Fair value measured on recurring basis | Level I | Interest rate contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 1,577 | 19,474 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 1,087 | 17,931 |
Fair value measured on recurring basis | Level I | Foreign currency contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Fair value measured on recurring basis | Level I | Other contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 0 | |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Fair value measured on recurring basis | Level I | Private Equity | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 1,356,004 | 1,762,257 |
Fair value measured on recurring basis | Level I | Credit | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 208,618 | 281,626 |
Fair value measured on recurring basis | Level I | Investments of Consolidated CFEs | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 0 | 0 |
Fair value measured on recurring basis | Level I | Real Assets | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 424,911 | 676,808 |
Fair value measured on recurring basis | Level I | Equity Method - Other | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 370,264 | 418,791 |
Fair value measured on recurring basis | Level I | Other Investments | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 239,257 | 218,151 |
Fair value measured on recurring basis | Level II | ||
Assets, at fair value: | ||
Total financial assets | 110,564,248 | 101,494,533 |
Liabilities, at fair value | ||
Total Liabilities at Fair Value | 25,548,277 | 25,864,951 |
Fair value measured on recurring basis | Level II | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 28,703,371 | 28,045,168 |
Total financial assets | 29,002,140 | 28,314,581 |
Liabilities, at fair value | ||
Securities Sold Short | 0 | 0 |
Unfunded Revolver Commitments | 0 | 0 |
Total Liabilities at Fair Value | 25,396,534 | 25,720,251 |
Fair value measured on recurring basis | Level II | Asset Management and Strategic Holdings | Debt Obligations of Consolidated CFEs | ||
Liabilities, at fair value | ||
Debt Obligations of Consolidated CFEs | 25,075,510 | 25,276,404 |
Fair value measured on recurring basis | Level II | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 27,770 | 48,073 |
AFS fixed maturity securities | 60,589,073 | 57,930,764 |
Trading fixed maturity securities | 20,945,265 | 15,201,115 |
Equity securities | 0 | 0 |
Mortgage and other loan receivables | 0 | 0 |
Other investments | 0 | 0 |
Funds withheld receivable at interest | 0 | 0 |
Reinsurance Recoverable | 0 | 0 |
Impact of netting | (1,971,335) | (1,785,807) |
Separate account assets | 0 | 0 |
Total financial assets | 81,562,108 | 73,179,952 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 151,743 | 144,700 |
Policy liabilities (including market risk benefits) | 0 | 0 |
Closed block policy liabilities | 0 | 0 |
Funds withheld payable at interest | 0 | 0 |
Impact of netting | (848,874) | (887,558) |
Total Liabilities at Fair Value | 151,743 | 144,700 |
Fair value measured on recurring basis | Level II | Insurance | Interest sensitive life | ||
Liabilities, at fair value | ||
Embedded derivative | 0 | 0 |
Fair value measured on recurring basis | Level II | Insurance | Fixed-indexed annuity | ||
Liabilities, at fair value | ||
Embedded derivative | 0 | 0 |
Fair value measured on recurring basis | Level II | Insurance | U.S. government and agencies | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 121,190 | 120,671 |
Trading fixed maturity securities | 170,734 | 163,919 |
Fair value measured on recurring basis | Level II | Insurance | U.S. state, municipal and political subdivisions | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 4,541,898 | 4,607,392 |
Trading fixed maturity securities | 1,266,878 | 1,223,946 |
Fair value measured on recurring basis | Level II | Insurance | Corporate | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 32,183,616 | 31,377,753 |
Trading fixed maturity securities | 14,271,718 | 9,815,909 |
Fair value measured on recurring basis | Level II | Insurance | Structured securities | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 23,742,369 | 21,824,948 |
Trading fixed maturity securities | 5,235,935 | 3,997,341 |
Fair value measured on recurring basis | Level II | Foreign Exchange Contracts and Options | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 294,511 | 264,621 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 321,024 | 441,608 |
Fair value measured on recurring basis | Level II | Other Derivatives | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 4,258 | 4,792 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 0 | 2,239 |
Fair value measured on recurring basis | Level II | Equity market contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 1,706,858 | 1,479,206 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 195,855 | 241,039 |
Fair value measured on recurring basis | Level II | Interest rate contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 180,691 | 264,593 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 724,393 | 660,525 |
Fair value measured on recurring basis | Level II | Foreign currency contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 110,599 | 90,081 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 79,855 | 130,094 |
Fair value measured on recurring basis | Level II | Other contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 957 | |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 514 | 600 |
Fair value measured on recurring basis | Level II | Private Equity | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 58,353 | 58,653 |
Fair value measured on recurring basis | Level II | Credit | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 2,997,980 | 2,540,362 |
Fair value measured on recurring basis | Level II | Investments of Consolidated CFEs | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 24,961,635 | 24,996,298 |
Fair value measured on recurring basis | Level II | Real Assets | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 18,573 | 27,567 |
Fair value measured on recurring basis | Level II | Equity Method - Other | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 593,050 | 326,835 |
Fair value measured on recurring basis | Level II | Other Investments | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 73,780 | 95,453 |
Fair value measured on recurring basis | Level III | ||
Assets, at fair value: | ||
Total financial assets | 72,446,740 | 71,778,388 |
Liabilities, at fair value | ||
Total Liabilities at Fair Value | 4,433,054 | 4,136,577 |
Fair value measured on recurring basis | Level III | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 54,720,881 | 53,473,853 |
Total financial assets | 54,720,881 | 53,473,853 |
Liabilities, at fair value | ||
Securities Sold Short | 0 | 0 |
Unfunded Revolver Commitments | 95,004 | 94,683 |
Total Liabilities at Fair Value | 95,004 | 94,683 |
Fair value measured on recurring basis | Level III | Asset Management and Strategic Holdings | Debt Obligations of Consolidated CFEs | ||
Liabilities, at fair value | ||
Debt Obligations of Consolidated CFEs | 0 | 0 |
Fair value measured on recurring basis | Level III | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
AFS fixed maturity securities | 9,997,635 | 10,401,003 |
Trading fixed maturity securities | 1,048,578 | 1,250,161 |
Equity securities | 15,823 | 15,522 |
Mortgage and other loan receivables | 686,938 | 697,402 |
Other investments | 4,897,017 | 4,925,751 |
Funds withheld receivable at interest | 113,991 | 88,661 |
Reinsurance Recoverable | 965,877 | 926,035 |
Impact of netting | 0 | 0 |
Separate account assets | 0 | 0 |
Total financial assets | 17,725,859 | 18,304,535 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Policy liabilities (including market risk benefits) | 1,337,563 | 1,474,970 |
Closed block policy liabilities | 1,005,627 | 968,554 |
Funds withheld payable at interest | (2,542,744) | (2,447,303) |
Impact of netting | 0 | 0 |
Total Liabilities at Fair Value | 4,338,050 | 4,041,894 |
Fair value measured on recurring basis | Level III | Insurance | Interest sensitive life | ||
Liabilities, at fair value | ||
Embedded derivative | 486,199 | 458,302 |
Fair value measured on recurring basis | Level III | Insurance | Fixed-indexed annuity | ||
Liabilities, at fair value | ||
Embedded derivative | 4,051,405 | 3,587,371 |
Fair value measured on recurring basis | Level III | Insurance | U.S. government and agencies | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 0 | 0 |
Trading fixed maturity securities | 0 | 0 |
Fair value measured on recurring basis | Level III | Insurance | U.S. state, municipal and political subdivisions | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 0 | 0 |
Trading fixed maturity securities | 0 | 0 |
Fair value measured on recurring basis | Level III | Insurance | Corporate | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 8,071,579 | 8,571,003 |
Trading fixed maturity securities | 378,435 | 656,923 |
Fair value measured on recurring basis | Level III | Insurance | Structured securities | ||
Assets, at fair value: | ||
AFS fixed maturity securities | 1,926,056 | 1,830,000 |
Trading fixed maturity securities | 670,143 | 593,238 |
Fair value measured on recurring basis | Level III | Foreign Exchange Contracts and Options | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Fair value measured on recurring basis | Level III | Other Derivatives | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Fair value measured on recurring basis | Level III | Equity market contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Fair value measured on recurring basis | Level III | Interest rate contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Fair value measured on recurring basis | Level III | Foreign currency contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Fair value measured on recurring basis | Level III | Other contracts | Insurance | ||
Assets, at fair value: | ||
Net amounts presented in the statements of financial condition | 0 | |
Liabilities, at fair value | ||
Net amounts presented in the statements of financial condition | 0 | 0 |
Fair value measured on recurring basis | Level III | Private Equity | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 32,258,143 | 30,921,574 |
Fair value measured on recurring basis | Level III | Credit | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 5,194,915 | 5,452,916 |
Fair value measured on recurring basis | Level III | Investments of Consolidated CFEs | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 0 | 0 |
Fair value measured on recurring basis | Level III | Real Assets | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 11,529,548 | 11,295,633 |
Fair value measured on recurring basis | Level III | Equity Method - Other | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 1,534,073 | 1,537,962 |
Fair value measured on recurring basis | Level III | Other Investments | Asset Management and Strategic Holdings | ||
Assets, at fair value: | ||
Total Investments | 4,204,202 | 4,265,768 |
Fair value measured on recurring basis | Fair Value Measured at Net Asset Value Per Share | Real Estate and Private Equity Funds | Insurance | ||
Assets, at fair value: | ||
Other investments | 670,600 | $ 138,500 |
Unfunded commitments | $ 3,100 |
FAIR VALUE MEASUREMENTS - Chang
FAIR VALUE MEASUREMENTS - Changes in Level III Assets (Details) - Level III - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | $ 71,778,388 | $ 70,824,615 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 292,935 | 194,293 |
Transfers Out | (113,487) | (56,255) |
Net Purchases/Issuances/Sales/Settlements | (119,674) | 3,908,599 |
Net Unrealized and Realized Gains (Losses) | 503,723 | (403,262) |
Change in OCI | 104,855 | 61,684 |
Balance, End of Period | 72,446,740 | 74,529,674 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 476,149 | (427,823) |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | $ 105,359 | $ 52,148 |
Fair Value, Recurring Basis, Unobservable Input Reconciliation Asset, Gain (Loss) Statement Of Income Extensible List Not Disclosed | Net Unrealized and Realized Gains (Losses) | Net Unrealized and Realized Gains (Losses) |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | |
Fair Value Liabilities, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement Of Income, Extensible List Not Disclosed Flag | 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 Earnings related to Level III Assets and Liabilities still held as of the Reporting Date |
Asset Management and Strategic Holdings | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | $ 53,473,853 | $ 53,096,881 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 148,072 | 17,628 |
Transfers Out | (113,186) | (46,134) |
Net Purchases/Issuances/Sales/Settlements | 711,269 | 3,743,848 |
Net Unrealized and Realized Gains (Losses) | 500,696 | (432,153) |
Change in OCI | 177 | 0 |
Balance, End of Period | 54,720,881 | 56,380,070 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 507,372 | (443,448) |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 177 | 0 |
Insurance | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 18,304,535 | 17,727,734 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 144,863 | 176,665 |
Transfers Out | (301) | (10,121) |
Net Purchases/Issuances/Sales/Settlements | (830,943) | 164,751 |
Net Unrealized and Realized Gains (Losses) | 3,027 | 28,891 |
Change in OCI | 104,678 | 61,684 |
Balance, End of Period | 17,725,859 | 18,149,604 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | (31,223) | 15,625 |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 105,182 | 52,148 |
AFS fixed maturity securities | Insurance | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 10,401,003 | 9,730,098 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 53,014 | 170,775 |
Transfers Out | (301) | (3,374) |
Net Purchases/Issuances/Sales/Settlements | (520,776) | 88,899 |
Net Unrealized and Realized Gains (Losses) | (39,983) | 17,126 |
Change in OCI | 104,678 | 61,684 |
Balance, End of Period | 9,997,635 | 10,065,208 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 105,182 | 52,148 |
AFS fixed maturity securities | Insurance | AFS corporate securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 8,571,003 | 8,310,657 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | (301) | 0 |
Net Purchases/Issuances/Sales/Settlements | (544,590) | (66,084) |
Net Unrealized and Realized Gains (Losses) | (47,622) | 21,265 |
Change in OCI | 93,089 | 28,585 |
Balance, End of Period | 8,071,579 | 8,294,423 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 93,046 | 19,326 |
AFS fixed maturity securities | Insurance | Structured securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 1,830,000 | 1,419,441 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 53,014 | 170,775 |
Transfers Out | 0 | (3,374) |
Net Purchases/Issuances/Sales/Settlements | 23,814 | 154,983 |
Net Unrealized and Realized Gains (Losses) | 7,639 | (4,139) |
Change in OCI | 11,589 | 33,099 |
Balance, End of Period | 1,926,056 | 1,770,785 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 12,136 | 32,822 |
Trading fixed maturity securities | Insurance | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 1,250,161 | 1,315,834 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 91,849 | 5,890 |
Transfers Out | 0 | (6,747) |
Net Purchases/Issuances/Sales/Settlements | (343,773) | (13,876) |
Net Unrealized and Realized Gains (Losses) | 50,341 | (7,666) |
Change in OCI | 0 | 0 |
Balance, End of Period | 1,048,578 | 1,293,435 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 50,824 | (5,781) |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Trading fixed maturity securities | Insurance | AFS corporate securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 656,923 | 672,023 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 191 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Issuances/Sales/Settlements | (319,550) | (27,893) |
Net Unrealized and Realized Gains (Losses) | 40,871 | (12,260) |
Change in OCI | 0 | 0 |
Balance, End of Period | 378,435 | 631,870 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 40,396 | (11,841) |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Trading fixed maturity securities | Insurance | Structured securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 593,238 | 643,811 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 91,658 | 5,890 |
Transfers Out | 0 | (6,747) |
Net Purchases/Issuances/Sales/Settlements | (24,223) | 14,017 |
Net Unrealized and Realized Gains (Losses) | 9,470 | 4,594 |
Change in OCI | 0 | 0 |
Balance, End of Period | 670,143 | 661,565 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 10,428 | 6,060 |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Equity securities | Insurance | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 15,522 | 16,286 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Issuances/Sales/Settlements | 0 | 0 |
Net Unrealized and Realized Gains (Losses) | 301 | (975) |
Change in OCI | 0 | 0 |
Balance, End of Period | 15,823 | 15,311 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 301 | (975) |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Mortgage and other loan receivables | Insurance | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 697,402 | 787,515 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Issuances/Sales/Settlements | (5,792) | (10,560) |
Net Unrealized and Realized Gains (Losses) | (4,672) | (3,038) |
Change in OCI | 0 | 0 |
Balance, End of Period | 686,938 | 773,917 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | (4,304) | (2,165) |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Other investments | Insurance | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 4,925,751 | 4,883,441 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Issuances/Sales/Settlements | 51,066 | 110,942 |
Net Unrealized and Realized Gains (Losses) | (79,800) | 14,730 |
Change in OCI | 0 | 0 |
Balance, End of Period | 4,897,017 | 5,009,113 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | (78,044) | 24,546 |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Funds withheld receivable at interest | Insurance | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 88,661 | 12,785 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Issuances/Sales/Settlements | 0 | 0 |
Net Unrealized and Realized Gains (Losses) | 25,330 | (30,767) |
Change in OCI | 0 | 0 |
Balance, End of Period | 113,991 | (17,982) |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Reinsurance recoverable | Insurance | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 926,035 | 981,775 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Issuances/Sales/Settlements | (11,668) | (10,654) |
Net Unrealized and Realized Gains (Losses) | 51,510 | 39,481 |
Change in OCI | 0 | 0 |
Balance, End of Period | 965,877 | 1,010,602 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Private Equity | Investments | Asset Management and Strategic Holdings | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 30,921,574 | 25,336,957 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Issuances/Sales/Settlements | 741,462 | 933,427 |
Net Unrealized and Realized Gains (Losses) | 595,107 | (80,883) |
Change in OCI | 0 | 0 |
Balance, End of Period | 32,258,143 | 26,189,501 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 593,507 | (82,903) |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Credit | Investments | Asset Management and Strategic Holdings | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 5,452,916 | 5,786,026 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 148,072 | 17,628 |
Transfers Out | (105,080) | (23,758) |
Net Purchases/Issuances/Sales/Settlements | (258,589) | 76,332 |
Net Unrealized and Realized Gains (Losses) | (42,404) | 46,350 |
Change in OCI | 0 | 0 |
Balance, End of Period | 5,194,915 | 5,902,578 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | (37,131) | 44,069 |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Real Assets | Investments | Asset Management and Strategic Holdings | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 11,295,633 | 17,015,112 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Issuances/Sales/Settlements | 350,333 | 2,215,040 |
Net Unrealized and Realized Gains (Losses) | (116,418) | (283,301) |
Change in OCI | 0 | 0 |
Balance, End of Period | 11,529,548 | 18,946,851 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | (117,618) | (288,639) |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Equity Method - Other | Investments | Asset Management and Strategic Holdings | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 1,537,962 | 1,624,420 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Issuances/Sales/Settlements | 623 | 5,644 |
Net Unrealized and Realized Gains (Losses) | (4,512) | (27,370) |
Change in OCI | 0 | 0 |
Balance, End of Period | 1,534,073 | 1,602,694 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | (6,115) | (23,357) |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Other Investments | Investments | Asset Management and Strategic Holdings | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 4,265,768 | 3,334,366 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | (8,106) | (22,376) |
Net Purchases/Issuances/Sales/Settlements | (122,560) | 511,252 |
Net Unrealized and Realized Gains (Losses) | 68,923 | (84,796) |
Change in OCI | 177 | 0 |
Balance, End of Period | 4,204,202 | 3,738,446 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 74,729 | (92,618) |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | $ 177 | 0 |
Other Derivatives | Investments | Asset Management and Strategic Holdings | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 0 | |
Transfers In / (Out) - Changes in Consolidation | 0 | |
Transfers In | 0 | |
Transfers Out | 0 | |
Net Purchases/Issuances/Sales/Settlements | 2,153 | |
Net Unrealized and Realized Gains (Losses) | (2,153) | |
Change in OCI | 0 | |
Balance, End of Period | 0 | |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | |
Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | $ 0 |
FAIR VALUE MEASUREMENTS - Break
FAIR VALUE MEASUREMENTS - Breakout of Asset Net Purchases/Issuances/Sales/Settlements (Details) - Level III - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | $ 2,957,717 | $ 4,852,502 |
Issuances | 0 | 0 |
Sales | (1,196,272) | (406,759) |
Settlements | (1,881,119) | (537,144) |
Net Purchases/Issuances/Sales/Settlements | (119,674) | 3,908,599 |
Asset Management and Strategic Holdings | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 2,085,796 | 4,289,163 |
Issuances | 0 | 0 |
Sales | (959,689) | (393,947) |
Settlements | (414,838) | (151,368) |
Net Purchases/Issuances/Sales/Settlements | 711,269 | 3,743,848 |
Insurance | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 871,921 | 563,339 |
Issuances | 0 | 0 |
Sales | (236,583) | (12,812) |
Settlements | (1,466,281) | (385,776) |
Net Purchases/Issuances/Sales/Settlements | (830,943) | 164,751 |
Investments | Private Equity | Asset Management and Strategic Holdings | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 986,552 | 955,937 |
Issuances | 0 | 0 |
Sales | (245,090) | (22,510) |
Settlements | 0 | 0 |
Net Purchases/Issuances/Sales/Settlements | 741,462 | 933,427 |
Investments | Credit | Asset Management and Strategic Holdings | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 322,033 | 440,733 |
Issuances | 0 | 0 |
Sales | (230,387) | (278,981) |
Settlements | (350,235) | (85,420) |
Net Purchases/Issuances/Sales/Settlements | (258,589) | 76,332 |
Investments | Real Assets | Asset Management and Strategic Holdings | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 383,467 | 2,291,691 |
Issuances | 0 | 0 |
Sales | (33,134) | (75,612) |
Settlements | 0 | (1,039) |
Net Purchases/Issuances/Sales/Settlements | 350,333 | 2,215,040 |
Investments | Equity Method - Other | Asset Management and Strategic Holdings | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 3,080 | 6,472 |
Issuances | 0 | 0 |
Sales | (2,457) | (828) |
Settlements | 0 | 0 |
Net Purchases/Issuances/Sales/Settlements | 623 | 5,644 |
Investments | Other Investments | Asset Management and Strategic Holdings | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 390,664 | 592,177 |
Issuances | 0 | 0 |
Sales | (448,621) | (16,016) |
Settlements | (64,603) | (64,909) |
Net Purchases/Issuances/Sales/Settlements | (122,560) | 511,252 |
Investments | Other Derivatives | Asset Management and Strategic Holdings | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 2,153 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Net Purchases/Issuances/Sales/Settlements | 2,153 | |
AFS fixed maturity securities | Insurance | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 753,921 | 412,201 |
Issuances | 0 | 0 |
Sales | (172,023) | (588) |
Settlements | (1,102,674) | (322,714) |
Net Purchases/Issuances/Sales/Settlements | (520,776) | 88,899 |
AFS fixed maturity securities | Insurance | AFS corporate securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 662,876 | 235,382 |
Issuances | 0 | 0 |
Sales | (170,021) | (588) |
Settlements | (1,037,445) | (300,878) |
Net Purchases/Issuances/Sales/Settlements | (544,590) | (66,084) |
AFS fixed maturity securities | Insurance | Structured securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 91,045 | 176,819 |
Issuances | 0 | 0 |
Sales | (2,002) | 0 |
Settlements | (65,229) | (21,836) |
Net Purchases/Issuances/Sales/Settlements | 23,814 | 154,983 |
Fixed maturity securities, trading, at fair value | Insurance | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 61,255 | 32,367 |
Issuances | 0 | 0 |
Sales | (60,676) | (1,694) |
Settlements | (344,352) | (44,549) |
Net Purchases/Issuances/Sales/Settlements | (343,773) | (13,876) |
Fixed maturity securities, trading, at fair value | Insurance | AFS corporate securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 61,018 | 7,717 |
Issuances | 0 | 0 |
Sales | (54,206) | (1,000) |
Settlements | (326,362) | (34,610) |
Net Purchases/Issuances/Sales/Settlements | (319,550) | (27,893) |
Fixed maturity securities, trading, at fair value | Insurance | Structured securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 237 | 24,650 |
Issuances | 0 | 0 |
Sales | (6,470) | (694) |
Settlements | (17,990) | (9,939) |
Net Purchases/Issuances/Sales/Settlements | (24,223) | 14,017 |
Mortgage and other loan receivables | Insurance | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 1,795 | 377 |
Issuances | 0 | 0 |
Sales | 0 | (3,078) |
Settlements | (7,587) | (7,859) |
Net Purchases/Issuances/Sales/Settlements | (5,792) | (10,560) |
Other investments | Insurance | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 54,950 | 118,394 |
Issuances | 0 | 0 |
Sales | (3,884) | (7,452) |
Settlements | 0 | 0 |
Net Purchases/Issuances/Sales/Settlements | 51,066 | 110,942 |
Reinsurance recoverable | Insurance | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (11,668) | (10,654) |
Net Purchases/Issuances/Sales/Settlements | $ (11,668) | $ (10,654) |
FAIR VALUE MEASUREMENTS - Cha_2
FAIR VALUE MEASUREMENTS - Changes in Level III Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Fair Value, Recurring Basis Unobservable Input Reconciliation, Liability, Gain (Loss), Statement Of Income, Extensible List, Not Disclosed Flag | Net Unrealized and Realized Gains (Losses) | Net Unrealized and Realized Gains (Losses) |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Fair Value Liabilities, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement Of Income, Extensible List Not Disclosed Flag | 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 Earnings related to Level III Assets and Liabilities still held as of the Reporting Date |
Level III | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | $ 4,136,577 | $ 918,599 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Sales/Settlements/Issuances | 234,067 | 339,807 |
Net Unrealized and Realized Gains (Losses) | 57,833 | 805,918 |
Change in OCI | 4,577 | (53,266) |
Balance, End of Period | 4,433,054 | 2,011,058 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 321 | (24,781) |
Level III | Asset Management and Strategic Holdings | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 94,683 | 137,315 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Sales/Settlements/Issuances | 0 | 0 |
Net Unrealized and Realized Gains (Losses) | 321 | (24,781) |
Change in OCI | 0 | 0 |
Balance, End of Period | 95,004 | 112,534 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 321 | (24,781) |
Level III | Insurance | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 4,041,894 | 781,284 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Sales/Settlements/Issuances | 234,067 | 339,807 |
Net Unrealized and Realized Gains (Losses) | 57,512 | 830,699 |
Change in OCI | 4,577 | (53,266) |
Balance, End of Period | 4,338,050 | 1,898,524 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Level III | Unfunded Revolver Commitments | Asset Management and Strategic Holdings | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 94,683 | 137,315 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Sales/Settlements/Issuances | 0 | 0 |
Net Unrealized and Realized Gains (Losses) | 321 | (24,781) |
Change in OCI | 0 | 0 |
Balance, End of Period | 95,004 | 112,534 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 321 | (24,781) |
Level III | Policy liabilities | Insurance | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 1,474,970 | 1,063,496 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Sales/Settlements/Issuances | (49) | (865) |
Net Unrealized and Realized Gains (Losses) | (142,526) | 123,163 |
Change in OCI | 5,168 | (52,015) |
Balance, End of Period | 1,337,563 | 1,133,779 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Level III | Closed block policy liabilities | Insurance | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 968,554 | 1,016,313 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Sales/Settlements/Issuances | (865) | (5,862) |
Net Unrealized and Realized Gains (Losses) | 38,529 | 37,258 |
Change in OCI | (591) | (1,251) |
Balance, End of Period | 1,005,627 | 1,046,458 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Level III | Funds withheld payable at interest | Insurance | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | (2,447,303) | (3,487,766) |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Sales/Settlements/Issuances | 0 | 0 |
Net Unrealized and Realized Gains (Losses) | (95,441) | 430,235 |
Change in OCI | 0 | 0 |
Balance, End of Period | (2,542,744) | (3,057,531) |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Level III | Embedded derivative | Insurance | Interest sensitive life | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 458,302 | 337,860 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Sales/Settlements/Issuances | (24,478) | (2,948) |
Net Unrealized and Realized Gains (Losses) | 52,375 | 38,479 |
Change in OCI | 0 | 0 |
Balance, End of Period | 486,199 | 373,391 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | 0 | 0 |
Level III | Embedded derivative | Insurance | Fixed-indexed annuity | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance, Beg. of Period | 3,587,371 | 1,851,381 |
Transfers In / (Out) - Changes in Consolidation | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Purchases/Sales/Settlements/Issuances | 259,459 | 349,482 |
Net Unrealized and Realized Gains (Losses) | 204,575 | 201,564 |
Change in OCI | 0 | 0 |
Balance, End of Period | 4,051,405 | 2,402,427 |
Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Bre_2
FAIR VALUE MEASUREMENTS - Breakout of Liability Issuances and Settlements (Details) - Level III - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Liabilities | ||
Issuances | $ 321,499 | $ 368,853 |
Sales | 0 | 0 |
Settlements | (87,432) | (29,046) |
Net Issuances/Settlements | 234,067 | 339,807 |
Asset Management and Strategic Holdings | ||
Liabilities | ||
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Net Issuances/Settlements | 0 | 0 |
Asset Management and Strategic Holdings | Unfunded Revolver Commitments | ||
Liabilities | ||
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Net Issuances/Settlements | 0 | 0 |
Insurance | ||
Liabilities | ||
Issuances | 321,499 | 368,853 |
Sales | 0 | 0 |
Settlements | (87,432) | (29,046) |
Net Issuances/Settlements | 234,067 | 339,807 |
Insurance | Policy liabilities | ||
Liabilities | ||
Issuances | 3,407 | (45) |
Sales | 0 | 0 |
Settlements | (3,456) | (820) |
Net Issuances/Settlements | (49) | (865) |
Insurance | Closed block policy liabilities | ||
Liabilities | ||
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (865) | (5,862) |
Net Issuances/Settlements | (865) | (5,862) |
Insurance | Embedded derivative | Interest sensitive life | ||
Liabilities | ||
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (24,478) | (2,948) |
Net Issuances/Settlements | (24,478) | (2,948) |
Insurance | Embedded derivative | Fixed-indexed annuity | ||
Liabilities | ||
Issuances | 318,092 | 368,898 |
Sales | 0 | 0 |
Settlements | (58,633) | (19,416) |
Net Issuances/Settlements | $ 259,459 | $ 349,482 |
FAIR VALUE MEASUREMENTS - Valua
FAIR VALUE MEASUREMENTS - Valuation Methodologies and Significant Unobservable Inputs (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) $ / Boe | Dec. 31, 2023 USD ($) | |
Level III Liabilities | ||
Embedded derivative, fair value | $ 4,500,000 | $ 4,000,000 |
Asset Management and Strategic Holdings | Weighted Average | Yield | ||
Level III Liabilities | ||
Unfunded revolving commitments, measurement input | 0.096 | |
Asset Management and Strategic Holdings | Minimum | Yield | ||
Level III Liabilities | ||
Unfunded revolving commitments, measurement input | 0.091 | |
Asset Management and Strategic Holdings | Maximum | Yield | ||
Level III Liabilities | ||
Unfunded revolving commitments, measurement input | 0.113 | |
Insurance | ||
Level III Assets | ||
Reinsurance recoverable, fair value | $ 44,160,226 | 36,617,344 |
Level III Liabilities | ||
Funds withheld payable at interest | 1,564,706 | $ 1,423,242 |
Level III | Asset Management and Strategic Holdings | ||
Level III Assets | ||
Private equity, fair value | 32,258,143 | |
Credit, fair value | 5,194,915 | |
Real assets, fair value | 11,529,548 | |
Other investments, fair value | 4,204,202 | |
Level III Liabilities | ||
Unfunded revolving commitments, fair value | 95,004 | |
Level III | Asset Management and Strategic Holdings | Equity Method - Other | Investments | ||
Level III Assets | ||
Equity method - other, fair value | $ 1,534,073 | |
Level III | Asset Management and Strategic Holdings | Weighted Average | Illiquidity Discount | ||
Level III Assets | ||
Equity method - other, measurement input | 0.071 | |
Other investments, measurement input | 0.083 | |
Level III | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Market Comparables | ||
Level III Assets | ||
Equity method - other, measurement input | 0.471 | |
Other investments, measurement input | 0.259 | |
Level III | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Equity method - other, measurement input | 0.415 | |
Other investments, measurement input | 0.451 | |
Level III | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Transaction Price | ||
Level III Assets | ||
Equity method - other, measurement input | 0.114 | |
Other investments, measurement input | 0.290 | |
Level III | Asset Management and Strategic Holdings | Weighted Average | Enterprise Value/LTM EBITDA Multiple | ||
Level III Assets | ||
Equity method - other, measurement input | 13.4 | |
Other investments, measurement input | 10.4 | |
Level III | Asset Management and Strategic Holdings | Weighted Average | Enterprise Value/Forward EBITDA Multiple | ||
Level III Assets | ||
Equity method - other, measurement input | 12.3 | |
Other investments, measurement input | 11.9 | |
Level III | Asset Management and Strategic Holdings | Weighted Average | Weighted Average Cost of Capital | ||
Level III Assets | ||
Equity method - other, measurement input | 0.106 | |
Other investments, measurement input | 0.098 | |
Level III | Asset Management and Strategic Holdings | Weighted Average | Enterprise Value/EBITDA Exit Multiple | ||
Level III Assets | ||
Equity method - other, measurement input | 11 | |
Other investments, measurement input | 10.7 | |
Level III | Asset Management and Strategic Holdings | Weighted Average | Yield | ||
Level III Assets | ||
Credit, measurement input | 0.114 | |
Level III | Asset Management and Strategic Holdings | Weighted Average | Net Leverage | ||
Level III Assets | ||
Credit, measurement input | 5.9 | |
Level III | Asset Management and Strategic Holdings | Weighted Average | EBITDA Multiple | ||
Level III Assets | ||
Credit, measurement input | 12.4 | |
Level III | Asset Management and Strategic Holdings | Minimum | Illiquidity Discount | ||
Level III Assets | ||
Equity method - other, measurement input | 0.050 | |
Other investments, measurement input | 0.050 | |
Level III | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Market Comparables | ||
Level III Assets | ||
Equity method - other, measurement input | 0 | |
Other investments, measurement input | 0 | |
Level III | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Equity method - other, measurement input | 0 | |
Other investments, measurement input | 0 | |
Level III | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Transaction Price | ||
Level III Assets | ||
Equity method - other, measurement input | 0 | |
Other investments, measurement input | 0 | |
Level III | Asset Management and Strategic Holdings | Minimum | Enterprise Value/LTM EBITDA Multiple | ||
Level III Assets | ||
Equity method - other, measurement input | 4.7 | |
Other investments, measurement input | 0.6 | |
Level III | Asset Management and Strategic Holdings | Minimum | Enterprise Value/Forward EBITDA Multiple | ||
Level III Assets | ||
Equity method - other, measurement input | 4.6 | |
Other investments, measurement input | 3.3 | |
Level III | Asset Management and Strategic Holdings | Minimum | Weighted Average Cost of Capital | ||
Level III Assets | ||
Equity method - other, measurement input | 0.074 | |
Other investments, measurement input | 0.077 | |
Level III | Asset Management and Strategic Holdings | Minimum | Enterprise Value/EBITDA Exit Multiple | ||
Level III Assets | ||
Equity method - other, measurement input | 9.5 | |
Other investments, measurement input | 7.3 | |
Level III | Asset Management and Strategic Holdings | Minimum | Yield | ||
Level III Assets | ||
Credit, measurement input | 0 | |
Level III | Asset Management and Strategic Holdings | Minimum | Net Leverage | ||
Level III Assets | ||
Credit, measurement input | 1.7 | |
Level III | Asset Management and Strategic Holdings | Minimum | EBITDA Multiple | ||
Level III Assets | ||
Credit, measurement input | 6.8 | |
Level III | Asset Management and Strategic Holdings | Maximum | Illiquidity Discount | ||
Level III Assets | ||
Equity method - other, measurement input | 0.150 | |
Other investments, measurement input | 0.150 | |
Level III | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Market Comparables | ||
Level III Assets | ||
Equity method - other, measurement input | 1 | |
Other investments, measurement input | 1 | |
Level III | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Equity method - other, measurement input | 0.500 | |
Other investments, measurement input | 1 | |
Level III | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Transaction Price | ||
Level III Assets | ||
Equity method - other, measurement input | 1 | |
Other investments, measurement input | 1 | |
Level III | Asset Management and Strategic Holdings | Maximum | Enterprise Value/LTM EBITDA Multiple | ||
Level III Assets | ||
Equity method - other, measurement input | 18.7 | |
Other investments, measurement input | 21.5 | |
Level III | Asset Management and Strategic Holdings | Maximum | Enterprise Value/Forward EBITDA Multiple | ||
Level III Assets | ||
Equity method - other, measurement input | 17.4 | |
Other investments, measurement input | 19.1 | |
Level III | Asset Management and Strategic Holdings | Maximum | Weighted Average Cost of Capital | ||
Level III Assets | ||
Equity method - other, measurement input | 0.157 | |
Other investments, measurement input | 0.389 | |
Level III | Asset Management and Strategic Holdings | Maximum | Enterprise Value/EBITDA Exit Multiple | ||
Level III Assets | ||
Equity method - other, measurement input | 15 | |
Other investments, measurement input | 15 | |
Level III | Asset Management and Strategic Holdings | Maximum | Yield | ||
Level III Assets | ||
Credit, measurement input | 0.214 | |
Level III | Asset Management and Strategic Holdings | Maximum | Net Leverage | ||
Level III Assets | ||
Credit, measurement input | 20.4 | |
Level III | Asset Management and Strategic Holdings | Maximum | EBITDA Multiple | ||
Level III Assets | ||
Credit, measurement input | 30 | |
Level III | Insurance | ||
Level III Assets | ||
Other investments, fair value | $ 4,897,017 | |
Reinsurance recoverable, fair value | 965,877 | |
Level III Liabilities | ||
Policy liabilities, fair value | 1,337,563 | |
Closed block policy liabilities, fair value | $ 1,005,627 | |
Level III | Insurance | Expense assumption | ||
Level III Assets | ||
Reinsurance recoverable, measurement input, expense per policy (in dollars per share) | 0.025 | |
Level III Liabilities | ||
Closed block liabilities, measurement input, value | 0.025 | |
Level III | Insurance | Mortality Rate | Valuation Technique, Market Risk Benefit, Instrument-Specific Credit Risk, 10 Year | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.007 | |
Level III | Insurance | Mortality Rate | Valuation Technique, Market Risk Benefit, Instrument-Specific Credit Risk, 30 Year | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.008 | |
Level III | Insurance | Interest sensitive life | ||
Level III Liabilities | ||
Embedded derivative, fair value | $ 486,199 | |
Level III | Insurance | Fixed-indexed annuity | ||
Level III Liabilities | ||
Embedded derivative, fair value | $ 4,051,405 | |
Level III | Insurance | Weighted Average | Vacancy rate | ||
Level III Assets | ||
Other investments, measurement input | 0.021 | |
Level III | Insurance | Weighted Average | Discount rate | ||
Level III Assets | ||
Other investments, measurement input | 0.076 | |
Level III | Insurance | Weighted Average | Terminal capitalization rate | ||
Level III Assets | ||
Other investments, measurement input | 0.061 | |
Level III | Insurance | Weighted Average | Instrument-specific credit risk | ||
Level III Liabilities | ||
Closed block policy liabilities, measurement input | 0.007 | |
Level III | Insurance | Weighted Average | Expense assumption | ||
Level III Assets | ||
Reinsurance recoverable, measurement input, expense per policy (in dollars per share) | 17.4 | |
Level III Liabilities | ||
Closed block liabilities, measurement input, value | 17.4 | |
Level III | Insurance | Weighted Average | Expense risk margin | ||
Level III Assets | ||
Reinsurance recoverable, measurement input | 0.094 | |
Level III Liabilities | ||
Closed block policy liabilities, measurement input | 0.094 | |
Level III | Insurance | Weighted Average | Cost of capital | ||
Level III Assets | ||
Reinsurance recoverable, measurement input | 0.098 | |
Level III Liabilities | ||
Closed block policy liabilities, measurement input | 0.098 | |
Level III | Insurance | Weighted Average | Mortality Rate | ||
Level III Assets | ||
Reinsurance recoverable, measurement input | 0.055 | |
Level III Liabilities | ||
Closed block policy liabilities, measurement input | 0.055 | |
Level III | Insurance | Weighted Average | Mortality Rate | Policyholder behavior is also a significant unobservable input, including lapse, surrender and mortality. | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.047 | |
Level III | Insurance | Weighted Average | Mortality Rate | Valuation Technique, Market Risk Benefit, Policyholder Behavior | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.024 | |
Level III | Insurance | Weighted Average | Surrender Rate | ||
Level III Assets | ||
Reinsurance recoverable, measurement input | 0.020 | |
Level III Liabilities | ||
Closed block policy liabilities, measurement input | 0.020 | |
Level III | Insurance | Weighted Average | Surrender Rate | Policyholder behavior is also a significant unobservable input, including lapse, surrender and mortality. | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.063 | |
Level III | Insurance | Weighted Average | Surrender Rate | Valuation Technique, Market Risk Benefit, Policyholder Behavior | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.039 | |
Level III | Insurance | Weighted Average | Risk Margin Rate | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.007 | |
Level III | Insurance | Weighted Average | Interest sensitive life | Instrument-specific credit risk | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.007 | |
Level III | Insurance | Weighted Average | Interest sensitive life | Mortality Rate | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.008 | |
Level III | Insurance | Weighted Average | Interest sensitive life | Lapse Rate | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.033 | |
Level III | Insurance | Weighted Average | Interest sensitive life | Option Budget Assumption | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.038 | |
Level III | Insurance | Weighted Average | Fixed-indexed annuity | Mortality Rate | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.025 | |
Level III | Insurance | Weighted Average | Fixed-indexed annuity | Surrender Rate | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.137 | |
Level III | Insurance | Weighted Average | Fixed-indexed annuity | Utilization | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.030 | |
Level III | Insurance | Weighted Average | Variable annuities | Instrument-specific credit risk | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.007 | |
Level III | Insurance | Weighted Average | Institutional FIA | Mortality Rate | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.021 | |
Level III | Insurance | Weighted Average | Institutional FIA | Surrender Rate | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.162 | |
Level III | Insurance | Weighted Average | Institutional FIA | Option Budget Assumption | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.033 | |
Level III | Insurance | Weighted Average | Retail FIA | Option Budget Assumption | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.028 | |
Level III | Insurance | Minimum | Vacancy rate | ||
Level III Assets | ||
Other investments, measurement input | 0 | |
Level III | Insurance | Minimum | Discount rate | ||
Level III Assets | ||
Other investments, measurement input | 0.068 | |
Level III | Insurance | Minimum | Terminal capitalization rate | ||
Level III Assets | ||
Other investments, measurement input | 0.050 | |
Level III | Insurance | Minimum | Instrument-specific credit risk | ||
Level III Liabilities | ||
Closed block policy liabilities, measurement input | 0.005 | |
Level III | Insurance | Minimum | Expense assumption | ||
Level III Assets | ||
Reinsurance recoverable, measurement input, expense per policy (in dollars per share) | 8.2 | |
Level III Liabilities | ||
Closed block liabilities, measurement input, value | 8.2 | |
Level III | Insurance | Minimum | Cost of capital | ||
Level III Assets | ||
Reinsurance recoverable, measurement input | 0.037 | |
Level III Liabilities | ||
Closed block policy liabilities, measurement input | 0.037 | |
Level III | Insurance | Minimum | Mortality Rate | Policyholder behavior is also a significant unobservable input, including lapse, surrender and mortality. | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.035 | |
Level III | Insurance | Minimum | Mortality Rate | Valuation Technique, Market Risk Benefit, Policyholder Behavior | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.004 | |
Level III | Insurance | Minimum | Surrender Rate | Policyholder behavior is also a significant unobservable input, including lapse, surrender and mortality. | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.035 | |
Level III | Insurance | Minimum | Surrender Rate | Valuation Technique, Market Risk Benefit, Policyholder Behavior | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.001 | |
Level III | Insurance | Minimum | Risk Margin Rate | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.005 | |
Level III | Insurance | Minimum | Interest sensitive life | Instrument-specific credit risk | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.005 | |
Level III | Insurance | Minimum | Variable annuities | Instrument-specific credit risk | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.005 | |
Level III | Insurance | Maximum | Vacancy rate | ||
Level III Assets | ||
Other investments, measurement input | 0.025 | |
Level III | Insurance | Maximum | Discount rate | ||
Level III Assets | ||
Other investments, measurement input | 0.082 | |
Level III | Insurance | Maximum | Terminal capitalization rate | ||
Level III Assets | ||
Other investments, measurement input | 0.070 | |
Level III | Insurance | Maximum | Instrument-specific credit risk | ||
Level III Liabilities | ||
Closed block policy liabilities, measurement input | 0.008 | |
Level III | Insurance | Maximum | Expense assumption | ||
Level III Assets | ||
Reinsurance recoverable, measurement input, expense per policy (in dollars per share) | 78 | |
Level III Liabilities | ||
Closed block liabilities, measurement input, value | 17 | |
Level III | Insurance | Maximum | Cost of capital | ||
Level III Assets | ||
Reinsurance recoverable, measurement input | 0.139 | |
Level III Liabilities | ||
Closed block policy liabilities, measurement input | 0.139 | |
Level III | Insurance | Maximum | Mortality Rate | Policyholder behavior is also a significant unobservable input, including lapse, surrender and mortality. | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.091 | |
Level III | Insurance | Maximum | Mortality Rate | Valuation Technique, Market Risk Benefit, Policyholder Behavior | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.297 | |
Level III | Insurance | Maximum | Surrender Rate | Policyholder behavior is also a significant unobservable input, including lapse, surrender and mortality. | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.076 | |
Level III | Insurance | Maximum | Surrender Rate | Valuation Technique, Market Risk Benefit, Policyholder Behavior | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.393 | |
Level III | Insurance | Maximum | Risk Margin Rate | ||
Level III Liabilities | ||
Policy liabilities, measurement input | 0.009 | |
Level III | Insurance | Maximum | Interest sensitive life | Instrument-specific credit risk | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.008 | |
Level III | Insurance | Maximum | Variable annuities | Instrument-specific credit risk | ||
Level III Liabilities | ||
Embedded derivative, measurement input | 0.008 | |
Level III | Private Equity | Asset Management and Strategic Holdings | ||
Level III Assets | ||
Private equity, fair value | $ 29,294,376 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Weighted Average | Illiquidity Discount | ||
Level III Assets | ||
Private equity, measurement input | 0.063 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Market Comparables | ||
Level III Assets | ||
Private equity, measurement input | 0.275 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Private equity, measurement input | 0.630 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Transaction Price | ||
Level III Assets | ||
Private equity, measurement input | 0.095 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Weighted Average | Enterprise Value/LTM EBITDA Multiple | ||
Level III Assets | ||
Private equity, measurement input | 18.3 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Weighted Average | Enterprise Value/Forward EBITDA Multiple | ||
Level III Assets | ||
Private equity, measurement input | 16.9 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Weighted Average | Weighted Average Cost of Capital | ||
Level III Assets | ||
Private equity, measurement input | 0.101 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Weighted Average | Enterprise Value/EBITDA Exit Multiple | ||
Level III Assets | ||
Private equity, measurement input | 13.1 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Minimum | Illiquidity Discount | ||
Level III Assets | ||
Private equity, measurement input | 0.050 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Market Comparables | ||
Level III Assets | ||
Private equity, measurement input | 0 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Private equity, measurement input | 0 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Transaction Price | ||
Level III Assets | ||
Private equity, measurement input | 0 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Minimum | Enterprise Value/LTM EBITDA Multiple | ||
Level III Assets | ||
Private equity, measurement input | 5.5 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Minimum | Enterprise Value/Forward EBITDA Multiple | ||
Level III Assets | ||
Private equity, measurement input | 4.4 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Minimum | Weighted Average Cost of Capital | ||
Level III Assets | ||
Private equity, measurement input | 0.063 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Minimum | Enterprise Value/EBITDA Exit Multiple | ||
Level III Assets | ||
Private equity, measurement input | 6 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Maximum | Illiquidity Discount | ||
Level III Assets | ||
Private equity, measurement input | 0.150 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Market Comparables | ||
Level III Assets | ||
Private equity, measurement input | 1 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Private equity, measurement input | 1 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Transaction Price | ||
Level III Assets | ||
Private equity, measurement input | 1 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Maximum | Enterprise Value/LTM EBITDA Multiple | ||
Level III Assets | ||
Private equity, measurement input | 50.2 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Maximum | Enterprise Value/Forward EBITDA Multiple | ||
Level III Assets | ||
Private equity, measurement input | 31.4 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Maximum | Weighted Average Cost of Capital | ||
Level III Assets | ||
Private equity, measurement input | 0.149 | |
Level III | Private Equity | Asset Management and Strategic Holdings | Maximum | Enterprise Value/EBITDA Exit Multiple | ||
Level III Assets | ||
Private equity, measurement input | 27.6 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | ||
Level III Assets | ||
Growth equity, fair value disclosure | $ 2,963,767 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Weighted Average | Illiquidity Discount | ||
Level III Assets | ||
Growth equity, measurement input | 0.101 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Market Comparables | ||
Level III Assets | ||
Growth equity, measurement input | 0.451 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Growth equity, measurement input | 0.023 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Transaction Price | ||
Level III Assets | ||
Growth equity, measurement input | 0.122 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Milestones | ||
Level III Assets | ||
Growth equity, measurement input | 0.404 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Weighted Average | Base | ||
Level III Assets | ||
Growth equity, measurement input | 0.696 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Weighted Average | Downside | ||
Level III Assets | ||
Growth equity, measurement input | 0.087 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Weighted Average | Upside | ||
Level III Assets | ||
Growth equity, measurement input | 0.217 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Weighted Average | Enterprise Value/Revenues Multiple | ||
Level III Assets | ||
Growth equity, measurement input | 9.5 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Minimum | Illiquidity Discount | ||
Level III Assets | ||
Growth equity, measurement input | 0.100 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Market Comparables | ||
Level III Assets | ||
Growth equity, measurement input | 0 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Growth equity, measurement input | 0 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Transaction Price | ||
Level III Assets | ||
Growth equity, measurement input | 0 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Milestones | ||
Level III Assets | ||
Growth equity, measurement input | 0 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Minimum | Base | ||
Level III Assets | ||
Growth equity, measurement input | 0.600 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Minimum | Downside | ||
Level III Assets | ||
Growth equity, measurement input | 0.050 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Minimum | Upside | ||
Level III Assets | ||
Growth equity, measurement input | 0.100 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Minimum | Enterprise Value/Revenues Multiple | ||
Level III Assets | ||
Growth equity, measurement input | 3.4 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Maximum | Illiquidity Discount | ||
Level III Assets | ||
Growth equity, measurement input | 0.150 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Market Comparables | ||
Level III Assets | ||
Growth equity, measurement input | 1 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Growth equity, measurement input | 0.500 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Transaction Price | ||
Level III Assets | ||
Growth equity, measurement input | 1 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Milestones | ||
Level III Assets | ||
Growth equity, measurement input | 1 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Maximum | Base | ||
Level III Assets | ||
Growth equity, measurement input | 0.850 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Maximum | Downside | ||
Level III Assets | ||
Growth equity, measurement input | 0.150 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Maximum | Upside | ||
Level III Assets | ||
Growth equity, measurement input | 0.350 | |
Level III | Growth Equity | Asset Management and Strategic Holdings | Maximum | Enterprise Value/Revenues Multiple | ||
Level III Assets | ||
Growth equity, measurement input | 11.7 | |
Level III | Energy | Liquids | ||
Level III Assets | ||
Revenue ratio of liquids | 88% | |
Level III | Energy | Natural Gas | ||
Level III Assets | ||
Revenue ratio of natural gas | 12% | |
Level III | Energy | Asset Management and Strategic Holdings | ||
Level III Assets | ||
Real assets, fair value | $ 1,542,876 | |
Level III | Energy | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Market Comparables | ||
Level III Assets | ||
Real assets, measurement input | 0.444 | |
Level III | Energy | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Real assets, measurement input | 0.556 | |
Level III | Energy | Asset Management and Strategic Holdings | Weighted Average | Enterprise Value/LTM EBITDA Multiple | ||
Level III Assets | ||
Real assets, measurement input | 4.7 | |
Level III | Energy | Asset Management and Strategic Holdings | Weighted Average | Enterprise Value/Forward EBITDA Multiple | ||
Level III Assets | ||
Real assets, measurement input | 7 | |
Level III | Energy | Asset Management and Strategic Holdings | Weighted Average | Weighted Average Cost of Capital | ||
Level III Assets | ||
Real assets, measurement input | 0.121 | |
Level III | Energy | Asset Management and Strategic Holdings | Weighted Average | Average Price Per BOE | ||
Level III Assets | ||
Real assets, measurement input, value | $ / Boe | 48.28 | |
Level III | Energy | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Market Comparables | ||
Level III Assets | ||
Real assets, measurement input | 0 | |
Level III | Energy | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Real assets, measurement input | 0.500 | |
Level III | Energy | Asset Management and Strategic Holdings | Minimum | Enterprise Value/LTM EBITDA Multiple | ||
Level III Assets | ||
Real assets, measurement input | 4.7 | |
Level III | Energy | Asset Management and Strategic Holdings | Minimum | Enterprise Value/Forward EBITDA Multiple | ||
Level III Assets | ||
Real assets, measurement input | 4.6 | |
Level III | Energy | Asset Management and Strategic Holdings | Minimum | Weighted Average Cost of Capital | ||
Level III Assets | ||
Real assets, measurement input | 0.118 | |
Level III | Energy | Asset Management and Strategic Holdings | Minimum | Average Price Per BOE | ||
Level III Assets | ||
Real assets, measurement input, value | $ / Boe | 46.55 | |
Level III | Energy | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Market Comparables | ||
Level III Assets | ||
Real assets, measurement input | 0.500 | |
Level III | Energy | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Real assets, measurement input | 1 | |
Level III | Energy | Asset Management and Strategic Holdings | Maximum | Enterprise Value/LTM EBITDA Multiple | ||
Level III Assets | ||
Real assets, measurement input | 4.7 | |
Level III | Energy | Asset Management and Strategic Holdings | Maximum | Enterprise Value/Forward EBITDA Multiple | ||
Level III Assets | ||
Real assets, measurement input | 7.8 | |
Level III | Energy | Asset Management and Strategic Holdings | Maximum | Weighted Average Cost of Capital | ||
Level III Assets | ||
Real assets, measurement input | 0.122 | |
Level III | Energy | Asset Management and Strategic Holdings | Maximum | Average Price Per BOE | ||
Level III Assets | ||
Real assets, measurement input, value | $ / Boe | 52.47 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | ||
Level III Assets | ||
Real assets, fair value | $ 1,482,424 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Weighted Average | Illiquidity Discount | ||
Level III Assets | ||
Real assets, measurement input | 0.059 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Market Comparables | ||
Level III Assets | ||
Real assets, measurement input | 0.063 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Real assets, measurement input | 0.565 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Transaction Price | ||
Level III Assets | ||
Real assets, measurement input | 0.372 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Weighted Average | Enterprise Value/LTM EBITDA Multiple | ||
Level III Assets | ||
Real assets, measurement input | 10.8 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Weighted Average | Enterprise Value/Forward EBITDA Multiple | ||
Level III Assets | ||
Real assets, measurement input | 19.6 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Weighted Average | Weighted Average Cost of Capital | ||
Level III Assets | ||
Real assets, measurement input | 0.075 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Weighted Average | Enterprise Value/EBITDA Exit Multiple | ||
Level III Assets | ||
Real assets, measurement input | 15.2 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Minimum | Illiquidity Discount | ||
Level III Assets | ||
Real assets, measurement input | 0.050 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Market Comparables | ||
Level III Assets | ||
Real assets, measurement input | 0 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Real assets, measurement input | 0.100 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Transaction Price | ||
Level III Assets | ||
Real assets, measurement input | 0 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Minimum | Enterprise Value/LTM EBITDA Multiple | ||
Level III Assets | ||
Real assets, measurement input | 10.8 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Minimum | Enterprise Value/Forward EBITDA Multiple | ||
Level III Assets | ||
Real assets, measurement input | 10.6 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Minimum | Weighted Average Cost of Capital | ||
Level III Assets | ||
Real assets, measurement input | 0.06 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Minimum | Enterprise Value/EBITDA Exit Multiple | ||
Level III Assets | ||
Real assets, measurement input | 10 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Maximum | Illiquidity Discount | ||
Level III Assets | ||
Real assets, measurement input | 0.100 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Market Comparables | ||
Level III Assets | ||
Real assets, measurement input | 0.250 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Real assets, measurement input | 1 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Transaction Price | ||
Level III Assets | ||
Real assets, measurement input | 0.900 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Maximum | Enterprise Value/LTM EBITDA Multiple | ||
Level III Assets | ||
Real assets, measurement input | 10.8 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Maximum | Enterprise Value/Forward EBITDA Multiple | ||
Level III Assets | ||
Real assets, measurement input | 23.8 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Maximum | Weighted Average Cost of Capital | ||
Level III Assets | ||
Real assets, measurement input | 0.096 | |
Level III | Infrastructure | Asset Management and Strategic Holdings | Maximum | Enterprise Value/EBITDA Exit Multiple | ||
Level III Assets | ||
Real assets, measurement input | 22 | |
Level III | Real Estate | Asset Management and Strategic Holdings | ||
Level III Assets | ||
Real assets, fair value | $ 8,504,248 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Real assets, measurement input | 0.735 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Transaction Price | ||
Level III Assets | ||
Real assets, measurement input | 0.060 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Weighted Average | Weight Ascribed to Direct Income Capitalization | ||
Level III Assets | ||
Real assets, measurement input | 0.205 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Weighted Average | Current Capitalization Rate | ||
Level III Assets | ||
Real assets, measurement input | 0.041 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Weighted Average | Exit Capitalization Rate | ||
Level III Assets | ||
Real assets, measurement input | 0.056 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Weighted Average | Unlevered Discount Rate | ||
Level III Assets | ||
Real assets, measurement input | 0.066 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Real assets, measurement input | 0 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Transaction Price | ||
Level III Assets | ||
Real assets, measurement input | 0 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Minimum | Weight Ascribed to Direct Income Capitalization | ||
Level III Assets | ||
Real assets, measurement input | 0 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Minimum | Current Capitalization Rate | ||
Level III Assets | ||
Real assets, measurement input | 0.019 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Minimum | Exit Capitalization Rate | ||
Level III Assets | ||
Real assets, measurement input | 0.029 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Minimum | Unlevered Discount Rate | ||
Level III Assets | ||
Real assets, measurement input | 0.026 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Discounted Cash Flow | ||
Level III Assets | ||
Real assets, measurement input | 1 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Transaction Price | ||
Level III Assets | ||
Real assets, measurement input | 1 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Maximum | Weight Ascribed to Direct Income Capitalization | ||
Level III Assets | ||
Real assets, measurement input | 1 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Maximum | Current Capitalization Rate | ||
Level III Assets | ||
Real assets, measurement input | 0.077 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Maximum | Exit Capitalization Rate | ||
Level III Assets | ||
Real assets, measurement input | 0.090 | |
Level III | Real Estate | Asset Management and Strategic Holdings | Maximum | Unlevered Discount Rate | ||
Level III Assets | ||
Real assets, measurement input | 0.180 | |
Level III | AFS corporate securities | Insurance | ||
Level III Assets | ||
Securities, fair value | $ 8,450,014 | |
Level III | AFS corporate securities | Insurance | Weighted Average | Discount Spread | ||
Level III Assets | ||
Securities, measurement input | 0.025 | |
Level III | AFS corporate securities | Insurance | Minimum | Discount Spread | ||
Level III Assets | ||
Securities, measurement input | 0.004 | |
Level III | AFS corporate securities | Insurance | Maximum | Discount Spread | ||
Level III Assets | ||
Securities, measurement input | 0.055 | |
Level III | Structured securities | Insurance | ||
Level III Assets | ||
Securities, fair value | $ 2,596,199 | |
Level III | Structured securities | Insurance | Weighted Average | Discount Spread | ||
Level III Assets | ||
Securities, measurement input | 0.031 | |
Level III | Structured securities | Insurance | Weighted Average | Constant Prepayment Rate | ||
Level III Assets | ||
Securities, measurement input | 0.120 | |
Level III | Structured securities | Insurance | Weighted Average | Constant Default Rate | ||
Level III Assets | ||
Securities, measurement input | 0.004 | |
Level III | Structured securities | Insurance | Weighted Average | Loss Severity | ||
Level III Assets | ||
Securities, measurement input | 0.101 | |
Level III | Structured securities | Insurance | Minimum | Discount Spread | ||
Level III Assets | ||
Securities, measurement input | 0.020 | |
Level III | Structured securities | Insurance | Minimum | Constant Prepayment Rate | ||
Level III Assets | ||
Securities, measurement input | 0.100 | |
Level III | Structured securities | Insurance | Minimum | Constant Default Rate | ||
Level III Assets | ||
Securities, measurement input | 0 | |
Level III | Structured securities | Insurance | Minimum | Loss Severity | ||
Level III Assets | ||
Securities, measurement input | 0 | |
Level III | Structured securities | Insurance | Maximum | Discount Spread | ||
Level III Assets | ||
Securities, measurement input | 0.056 | |
Level III | Structured securities | Insurance | Maximum | Constant Prepayment Rate | ||
Level III Assets | ||
Securities, measurement input | 0.150 | |
Level III | Structured securities | Insurance | Maximum | Constant Default Rate | ||
Level III Assets | ||
Securities, measurement input | 0.030 | |
Level III | Structured securities | Insurance | Maximum | Loss Severity | ||
Level III Assets | ||
Securities, measurement input | 0.950 |
FAIR VALUE MEASUREMENTS - Instr
FAIR VALUE MEASUREMENTS - Instruments Not Carried At Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financial liabilities: | ||||
Securities sold under agreements to repurchase | $ 890,017 | $ 1,413,068 | ||
Insurance | ||||
Financial assets: | ||||
Cash and cash equivalents | 8,524,962 | 11,954,675 | $ 3,713,382 | $ 6,118,231 |
Restricted cash and cash equivalents | 329,149 | 342,954 | $ 277,398 | $ 308,383 |
Financial liabilities: | ||||
Funds withheld payable at interest | 1,564,706 | 1,423,242 | ||
Securities sold under agreements to repurchase | 854,710 | 1,358,434 | ||
Insurance | Level III | ||||
Financial liabilities: | ||||
Policy liabilities – policyholder account balances | 1,337,563 | |||
Insurance | Carrying Value | ||||
Financial assets: | ||||
Mortgage and other loan receivables | 40,529,043 | 38,480,525 | ||
Policy loans | 1,561,608 | 1,556,030 | ||
FHLB common stock and other investments | 175,748 | 173,148 | ||
Funds withheld receivables at interest | 2,559,732 | 2,624,984 | ||
Cash and cash equivalents | 8,524,962 | 11,954,675 | ||
Restricted cash and cash equivalents | 329,149 | 342,954 | ||
Total financial assets | 53,680,242 | 55,132,316 | ||
Financial liabilities: | ||||
Policy liabilities – policyholder account balances | 56,260,216 | 53,821,432 | ||
Funds withheld payable at interest | 45,182,469 | 36,786,825 | ||
Debt obligations | 3,086,113 | 2,587,857 | ||
Securities sold under agreements to repurchase | 854,710 | 1,358,434 | ||
Total financial liabilities | 105,383,508 | 94,554,548 | ||
Insurance | Fair Value | ||||
Financial assets: | ||||
Mortgage and other loan receivables | 37,957,161 | 35,539,059 | ||
Policy loans | 1,587,477 | 1,341,005 | ||
FHLB common stock and other investments | 175,748 | 173,148 | ||
Funds withheld receivables at interest | 2,559,732 | 2,624,984 | ||
Cash and cash equivalents | 8,524,962 | 11,954,675 | ||
Restricted cash and cash equivalents | 329,149 | 342,954 | ||
Total financial assets | 51,134,229 | 51,975,825 | ||
Financial liabilities: | ||||
Policy liabilities – policyholder account balances | 55,187,089 | 52,362,414 | ||
Funds withheld payable at interest | 45,182,469 | 36,786,825 | ||
Debt obligations | 2,958,773 | 2,396,587 | ||
Securities sold under agreements to repurchase | 854,710 | 1,358,434 | ||
Total financial liabilities | 104,183,041 | 92,904,260 | ||
Insurance | Fair Value | Level I | ||||
Financial assets: | ||||
Mortgage and other loan receivables | 0 | 0 | ||
Policy loans | 0 | 0 | ||
FHLB common stock and other investments | 0 | 0 | ||
Funds withheld receivables at interest | 0 | 0 | ||
Cash and cash equivalents | 8,524,962 | 11,954,675 | ||
Restricted cash and cash equivalents | 329,149 | 342,954 | ||
Total financial assets | 8,854,111 | 12,297,629 | ||
Financial liabilities: | ||||
Policy liabilities – policyholder account balances | 0 | 0 | ||
Funds withheld payable at interest | 0 | 0 | ||
Debt obligations | 0 | 0 | ||
Securities sold under agreements to repurchase | 0 | 0 | ||
Total financial liabilities | 0 | 0 | ||
Insurance | Fair Value | Level II | ||||
Financial assets: | ||||
Mortgage and other loan receivables | 0 | 0 | ||
Policy loans | 0 | 0 | ||
FHLB common stock and other investments | 0 | 0 | ||
Funds withheld receivables at interest | 2,559,732 | 2,624,984 | ||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and cash equivalents | 0 | 0 | ||
Total financial assets | 2,559,732 | 2,624,984 | ||
Financial liabilities: | ||||
Policy liabilities – policyholder account balances | 47,544,219 | 45,395,423 | ||
Funds withheld payable at interest | 45,182,469 | 36,786,825 | ||
Debt obligations | 0 | 0 | ||
Securities sold under agreements to repurchase | 854,710 | 1,358,434 | ||
Total financial liabilities | 93,581,398 | 83,540,682 | ||
Insurance | Fair Value | Level III | ||||
Financial assets: | ||||
Mortgage and other loan receivables | 37,957,161 | 35,539,059 | ||
Policy loans | 1,587,477 | 1,341,005 | ||
FHLB common stock and other investments | 175,748 | 173,148 | ||
Funds withheld receivables at interest | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and cash equivalents | 0 | 0 | ||
Total financial assets | 39,720,386 | 37,053,212 | ||
Financial liabilities: | ||||
Policy liabilities – policyholder account balances | 7,642,870 | 6,966,991 | ||
Funds withheld payable at interest | 0 | 0 | ||
Debt obligations | 2,958,773 | 2,396,587 | ||
Securities sold under agreements to repurchase | 0 | 0 | ||
Total financial liabilities | $ 10,601,643 | $ 9,363,578 |
FAIR VALUE OPTION - Financial I
FAIR VALUE OPTION - Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets | $ 30,988,911 | $ 30,326,496 |
Liabilities | 26,395,647 | 26,598,959 |
Asset Management and Strategic Holdings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets | 29,140,084 | 28,470,182 |
Liabilities | 25,075,510 | 25,276,404 |
Insurance | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets | 1,848,827 | 1,856,314 |
Liabilities | 1,320,137 | 1,322,555 |
Credit | Asset Management and Strategic Holdings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets | 1,481,048 | 976,978 |
Investments of Consolidated CFEs | Asset Management and Strategic Holdings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets | 24,961,635 | 24,996,298 |
Real Assets | Asset Management and Strategic Holdings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets | 58,610 | 59,721 |
Equity Method - Other | Asset Management and Strategic Holdings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets | 2,497,387 | 2,283,588 |
Mortgage and other loan receivables | Insurance | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets | 686,938 | 697,402 |
Other Investments | Asset Management and Strategic Holdings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets | 141,404 | 153,597 |
Other Investments | Insurance | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets | 196,012 | 232,877 |
Reinsurance recoverable | Insurance | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets | 965,877 | 926,035 |
Debt Obligations of Consolidated CFEs | Asset Management and Strategic Holdings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Liabilities | 25,075,510 | 25,276,404 |
Policy liabilities | Insurance | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Liabilities | $ 1,320,137 | $ 1,322,555 |
FAIR VALUE OPTION - Change in F
FAIR VALUE OPTION - Change in Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value, option, assets, net realized gains (losses) | $ 12,977 | $ 22,172 |
Fair value, option, liabilities, net realized gains (losses) | (168) | 0 |
Fair value, option, assets, net unrealized gains (losses) | (1,715) | 176,006 |
Fair value, option, liabilities, net unrealized gains (losses) | (37,795) | (375,894) |
Fair value, option, assets, total gains (losses) | 11,262 | 198,178 |
Fair value, option, liabilities, total gains (losses) | (37,963) | (375,894) |
Asset Management and Strategic Holdings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value, option, assets, net realized gains (losses) | 12,977 | 22,172 |
Fair value, option, liabilities, net realized gains (losses) | (168) | 0 |
Fair value, option, assets, net unrealized gains (losses) | 42,352 | 229,342 |
Fair value, option, liabilities, net unrealized gains (losses) | (78,896) | (376,488) |
Fair value, option, assets, total gains (losses) | 55,329 | 251,514 |
Fair value, option, liabilities, total gains (losses) | (79,064) | (376,488) |
Insurance | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value, option, assets, net realized gains (losses) | 0 | 0 |
Fair value, option, liabilities, net realized gains (losses) | 0 | 0 |
Fair value, option, assets, net unrealized gains (losses) | (44,067) | (53,336) |
Fair value, option, liabilities, net unrealized gains (losses) | 41,101 | 594 |
Fair value, option, assets, total gains (losses) | (44,067) | (53,336) |
Fair value, option, liabilities, total gains (losses) | 41,101 | 594 |
Credit | Asset Management and Strategic Holdings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value, option, assets, net realized gains (losses) | (7,473) | (7,753) |
Fair value, option, assets, net unrealized gains (losses) | 14,856 | (6,971) |
Fair value, option, assets, total gains (losses) | 7,383 | (14,724) |
Investments of Consolidated CFEs | Asset Management and Strategic Holdings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value, option, assets, net realized gains (losses) | 5,005 | (5,017) |
Fair value, option, assets, net unrealized gains (losses) | 96,973 | 317,881 |
Fair value, option, assets, total gains (losses) | 101,978 | 312,864 |
Real Assets | Asset Management and Strategic Holdings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value, option, assets, net realized gains (losses) | 0 | 0 |
Fair value, option, assets, net unrealized gains (losses) | (1,111) | (8,303) |
Fair value, option, assets, total gains (losses) | (1,111) | (8,303) |
Equity Method - Other | Asset Management and Strategic Holdings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value, option, assets, net realized gains (losses) | 15,445 | 33,306 |
Fair value, option, assets, net unrealized gains (losses) | (68,243) | (75,743) |
Fair value, option, assets, total gains (losses) | (52,798) | (42,437) |
Mortgage and other loan receivables | Insurance | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value, option, assets, net realized gains (losses) | 0 | 0 |
Fair value, option, assets, net unrealized gains (losses) | (4,388) | (6,344) |
Fair value, option, assets, total gains (losses) | (4,388) | (6,344) |
Other Investments | Asset Management and Strategic Holdings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value, option, assets, net realized gains (losses) | 0 | 1,636 |
Fair value, option, assets, net unrealized gains (losses) | (123) | 2,478 |
Fair value, option, assets, total gains (losses) | (123) | 4,114 |
Other Investments | Insurance | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value, option, assets, net realized gains (losses) | 0 | 0 |
Fair value, option, assets, net unrealized gains (losses) | (39,679) | (46,992) |
Fair value, option, assets, total gains (losses) | (39,679) | (46,992) |
Debt Obligations of Consolidated CFEs | Asset Management and Strategic Holdings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value, option, liabilities, net realized gains (losses) | (168) | 0 |
Fair value, option, liabilities, net unrealized gains (losses) | (78,896) | (376,488) |
Fair value, option, liabilities, total gains (losses) | (79,064) | (376,488) |
Policy liabilities | Insurance | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value, option, liabilities, net realized gains (losses) | 0 | 0 |
Fair value, option, liabilities, net unrealized gains (losses) | 41,101 | 594 |
Fair value, option, liabilities, total gains (losses) | $ 41,101 | $ 594 |
INSURANCE INTANGIBLES, UNEARN_3
INSURANCE INTANGIBLES, UNEARNED REVENUE RESERVES AND UNEARNED FRONT-END LOADS - Reconciliation of Insurance Intangibles (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Present Value of Future Insurance Profit [Line Items] | ||||
Deferred acquisition costs | $ 1,260,724 | $ 1,154,697 | $ 930,468 | $ 820,970 |
Value of business acquired | 1,230,964 | 1,252,984 | $ 1,293,927 | $ 1,316,529 |
Insurance | ||||
Present Value of Future Insurance Profit [Line Items] | ||||
Deferred acquisition costs | 1,260,724 | 1,154,697 | ||
Value of business acquired | 1,230,964 | 1,252,984 | ||
Cost-of-reinsurance intangibles | 2,365,235 | 2,043,143 | ||
Total insurance intangibles | $ 4,856,923 | $ 4,450,824 |
INSURANCE INTANGIBLES, UNEARN_4
INSURANCE INTANGIBLES, UNEARNED REVENUE RESERVES AND UNEARNED FRONT-END LOADS - Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, as of the beginning of the period | $ 1,154,697 | $ 820,970 |
Capitalizations | 155,859 | 140,678 |
Amortization expense | (49,832) | (31,180) |
Balance, as of the end of the period | 1,260,724 | 930,468 |
Fixed rate annuities | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, as of the beginning of the period | 373,863 | 221,679 |
Capitalizations | 75,597 | 59,969 |
Amortization expense | (23,718) | (13,607) |
Balance, as of the end of the period | 425,742 | 268,041 |
Fixed indexed annuities | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, as of the beginning of the period | 481,970 | 367,813 |
Capitalizations | 58,366 | 52,469 |
Amortization expense | (19,709) | (12,930) |
Balance, as of the end of the period | 520,627 | 407,352 |
Interest sensitive life | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, as of the beginning of the period | 132,079 | 116,021 |
Capitalizations | 3,291 | 11,128 |
Amortization expense | (2,187) | (1,258) |
Balance, as of the end of the period | 133,183 | 125,891 |
Other | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, as of the beginning of the period | 166,785 | 115,457 |
Capitalizations | 18,605 | 17,112 |
Amortization expense | (4,218) | (3,385) |
Balance, as of the end of the period | $ 181,172 | $ 129,184 |
INSURANCE INTANGIBLES, UNEARN_5
INSURANCE INTANGIBLES, UNEARNED REVENUE RESERVES AND UNEARNED FRONT-END LOADS - Value of Business Acquired Asset (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, as of the beginning of the period | $ 1,252,984 | $ 1,316,529 |
Amortization expense | (22,020) | (22,602) |
Balance, as of the end of the period | 1,230,964 | 1,293,927 |
Fixed rate annuities | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, as of the beginning of the period | 44,922 | 48,762 |
Amortization expense | (939) | (972) |
Balance, as of the end of the period | 43,983 | 47,790 |
Fixed indexed annuities | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, as of the beginning of the period | 621,372 | 663,296 |
Amortization expense | (10,719) | (10,358) |
Balance, as of the end of the period | 610,653 | 652,938 |
Interest sensitive life | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, as of the beginning of the period | 262,942 | 276,795 |
Amortization expense | (3,453) | (3,048) |
Balance, as of the end of the period | 259,489 | 273,747 |
Variable annuities | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, as of the beginning of the period | 245,042 | 241,778 |
Amortization expense | (5,201) | (6,370) |
Balance, as of the end of the period | 239,841 | 235,408 |
Other | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, as of the beginning of the period | 78,706 | 85,898 |
Amortization expense | (1,708) | (1,854) |
Balance, as of the end of the period | $ 76,998 | $ 84,044 |
INSURANCE INTANGIBLES, UNEARN_6
INSURANCE INTANGIBLES, UNEARNED REVENUE RESERVES AND UNEARNED FRONT-END LOADS - Value of Business Acquired Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Movement In Value Of Business Acquired Liability [Roll Forward] | ||
Balance, as of the beginning of the period | $ 867,932 | $ 1,004,124 |
Amortization expense | (30,154) | (34,672) |
Balance, as of the end of the period | 837,778 | 969,452 |
Fixed rate annuities | ||
Movement In Value Of Business Acquired Liability [Roll Forward] | ||
Balance, as of the beginning of the period | 65,966 | 98,342 |
Amortization expense | (6,543) | (8,720) |
Balance, as of the end of the period | 59,423 | 89,622 |
Fixed indexed annuities | ||
Movement In Value Of Business Acquired Liability [Roll Forward] | ||
Balance, as of the beginning of the period | 106,538 | 145,610 |
Amortization expense | (8,849) | (10,036) |
Balance, as of the end of the period | 97,689 | 135,574 |
Interest sensitive life | ||
Movement In Value Of Business Acquired Liability [Roll Forward] | ||
Balance, as of the beginning of the period | 421,213 | 461,592 |
Amortization expense | (9,794) | (8,144) |
Balance, as of the end of the period | 411,419 | 453,448 |
Variable annuities | ||
Movement In Value Of Business Acquired Liability [Roll Forward] | ||
Balance, as of the beginning of the period | 91,295 | 99,776 |
Amortization expense | (1,567) | (2,423) |
Balance, as of the end of the period | 89,728 | 97,353 |
Other | ||
Movement In Value Of Business Acquired Liability [Roll Forward] | ||
Balance, as of the beginning of the period | 182,920 | 198,804 |
Amortization expense | (3,401) | (5,349) |
Balance, as of the end of the period | $ 179,519 | $ 193,455 |
INSURANCE INTANGIBLES, UNEARN_7
INSURANCE INTANGIBLES, UNEARNED REVENUE RESERVES AND UNEARNED FRONT-END LOADS - Unearned Revenue Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Balance, as of the beginning of the period | $ 235,100 | |
Balance, as of the end of the period | 240,000 | |
Certain Universal Life Insurance Products And Preneed Contracts | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Balance, as of the beginning of the period | 178,053 | $ 118,186 |
Deferral | 17,453 | 17,791 |
Amortized to income during the year | (3,725) | (2,517) |
Balance, as of the end of the period | $ 191,781 | $ 133,460 |
REINSURANCE - Effects of Reinsu
REINSURANCE - Effects of Reinsurance Agreements (Details) - Insurance - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Policy liabilities: | ||
Direct | $ 78,687,136 | $ 75,715,857 |
Assumed | 94,911,550 | 84,342,414 |
Total policy liabilities | 173,598,686 | 160,058,271 |
Ceded | (43,953,900) | (35,773,958) |
Net policy liabilities | $ 129,644,786 | $ 124,284,313 |
REINSURANCE - Credit Quality In
REINSURANCE - Credit Quality Indicator (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverable and funds withheld receivable at interest | $ 46,845,921 | $ 39,343,524 |
Credit enhancements | 42,639,725 | 34,025,326 |
Net reinsurance credit exposure | 4,580,128 | 5,318,426 |
Credit loss allowance | 24,800 | 21,000 |
A++ | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverable and funds withheld receivable at interest | 44,895 | 38,857 |
Credit enhancements | 0 | 0 |
Net reinsurance credit exposure | 44,895 | 38,857 |
A+ | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverable and funds withheld receivable at interest | 1,779,822 | 1,801,954 |
Credit enhancements | 0 | 0 |
Net reinsurance credit exposure | 1,779,822 | 1,801,954 |
A | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverable and funds withheld receivable at interest | 2,223,845 | 2,212,800 |
Credit enhancements | 0 | 0 |
Net reinsurance credit exposure | 2,223,845 | 2,212,800 |
A- | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverable and funds withheld receivable at interest | 4,259,094 | 4,430,484 |
Credit enhancements | 3,728,593 | 3,814,976 |
Net reinsurance credit exposure | 530,501 | 615,508 |
B++ | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverable and funds withheld receivable at interest | 1,065 | 589 |
Credit enhancements | 0 | 0 |
Net reinsurance credit exposure | 1,065 | 589 |
B+ | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverable and funds withheld receivable at interest | 0 | 0 |
Credit enhancements | 0 | 0 |
Net reinsurance credit exposure | 0 | 0 |
B | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverable and funds withheld receivable at interest | 0 | 0 |
Credit enhancements | 0 | 0 |
Net reinsurance credit exposure | 0 | 0 |
B- | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverable and funds withheld receivable at interest | 0 | 0 |
Credit enhancements | 0 | 0 |
Net reinsurance credit exposure | 0 | 0 |
C++/C+ | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverable and funds withheld receivable at interest | (228) | (228) |
Credit enhancements | 0 | 0 |
Net reinsurance credit exposure | 0 | 0 |
Not rated or private rating | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverable and funds withheld receivable at interest | 38,537,428 | 30,859,068 |
Credit enhancements | 38,911,132 | 30,210,350 |
Net reinsurance credit exposure | 0 | 648,718 |
Net reinsurance credit exposure associated with cessions to co-investment vehicles | $ 38,500,000 | $ 30,800,000 |
REINSURANCE - Additional Inform
REINSURANCE - Additional Information (Details) $ in Millions | Mar. 31, 2024 USD ($) counterparty | Dec. 31, 2023 USD ($) counterparty |
Effects of Reinsurance [Line Items] | ||
Funds withheld receivable at interest | $ 2,700 | $ 2,700 |
Number of counterparties | counterparty | 6 | 6 |
Collateral held on behalf of reinsurers | $ 45,100 | $ 36,700 |
Collateral held on our behalf by reinsurers | 1,200 | 1,200 |
Reinsurer collateral, minimum amount held by trusts | 92,900 | 81,800 |
Reinsurer collateral, reserves supported by trust assets | 90,000 | 79,400 |
Cash Held In Trust | ||
Effects of Reinsurance [Line Items] | ||
Restricted cash | $ 75.1 | $ 90.8 |
REINSURANCE - Effects of Rein_2
REINSURANCE - Effects of Reinsurance on Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net premiums: | ||
Direct | $ 34,863 | $ 32,653 |
Assumed | 9,109,378 | 618,730 |
Ceded | (3,107,719) | (177,759) |
Net premiums | 6,036,522 | 473,624 |
Policy fees: | ||
Direct | 226,322 | 227,857 |
Assumed | 174,418 | 104,589 |
Ceded | (71,793) | (18,644) |
Net policy fees | 328,947 | 313,802 |
Net policy benefits and claims: | ||
Direct | 844,660 | 948,119 |
Assumed | 9,899,999 | 1,016,936 |
Ceded | (3,483,590) | (438,001) |
Net policy benefits and claims | $ 7,261,069 | $ 1,527,054 |
NET INCOME (LOSS) ATTRIBUTABL_3
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. INC. PER SHARE OF COMMON STOCK - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. INC. PER SHARE OF COMMON STOCK | ||
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Basic | $ 682,214 | $ 322,744 |
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Diluted | 682,214 | 322,744 |
Series C Mandatory Convertible Preferred Stock Dividends | ||
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. INC. PER SHARE OF COMMON STOCK | ||
Series C Mandatory Convertible Preferred Dividend (if dilutive) | $ 0 | $ 0 |
Incremental Common Shares: | ||
Assumed conversion of Series C Mandatory Convertible Preferred Stock (in shares) | 0 | 0 |
Common Stock | ||
Basic Net Income (Loss) Per Share of Common Stock | ||
Weighted Average Shares of Common Stock Outstanding - Basic (in shares) | 885,005,824 | 861,108,510 |
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Basic (in dollars per share) | $ 0.77 | $ 0.37 |
Diluted Net Income (Loss) Per Share of Common Stock | ||
Weighted Average Shares of Common Stock Outstanding - Basic (in shares) | 885,005,824 | 861,108,510 |
Incremental Common Shares: | ||
Assumed vesting of dilutive equity awards (in shares) | 40,135,342 | 26,060,826 |
Weighted Average Shares of Common Stock Outstanding - Diluted (in shares) | 925,141,166 | 887,169,336 |
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Diluted (in dollars per share) | $ 0.74 | $ 0.36 |
NET INCOME (LOSS) ATTRIBUTABL_4
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. INC. PER SHARE OF COMMON STOCK - Antidilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restricted Holding Units (RHUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted Average Vested Restricted Holdings Units (in shares) | 5,739,616 | 2,695,142 |
NET INCOME (LOSS) ATTRIBUTABL_5
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. INC. PER SHARE OF COMMON STOCK - Narrative (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Common Stock | Market Condition Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock excluded from earnings per share calculation (in shares) | 33 | 22.5 |
OTHER ASSETS AND ACCRUED EXPE_3
OTHER ASSETS AND ACCRUED EXPENSES AND OTHER LIABILITIES - Other Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Market Risk Benefit Asset | $ 31 | $ 17 | |
Total Other Assets | 10,477,526 | 9,858,930 | |
KJR Management | Goodwill | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Cumulative foreign currency translation adjustments included in AOCI | (66,400) | ||
KJR Management | Finite-Lived Intangible Assets | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Cumulative foreign currency translation adjustments included in AOCI | (226,400) | ||
Asset Management and Strategic Holdings | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Unsettled Investment Sales and Derivative Collateral Receivables | 295,141 | 271,544 | |
Receivables | 66,066 | 55,602 | |
Due from Broker | 81,585 | 76,075 | |
Deferred Tax Assets, net | 44,477 | 48,580 | |
Interest Receivable | 380,014 | 351,999 | |
Fixed Assets, net | 855,621 | 863,096 | |
Foreign Exchange Contracts and Options | 294,511 | 264,621 | |
Goodwill | 526,089 | 558,279 | |
Intangible Assets | 1,514,797 | 1,624,648 | |
Derivative Assets | 4,258 | 4,792 | |
Prepaid Taxes | 109,774 | 211,966 | |
Prepaid Expenses | $ 51,775 | $ 56,828 | |
Operating lease, right-of-use asset, statement of financial position | Total Other Assets | Total Other Assets | |
Operating Lease Right of Use Assets | $ 341,879 | $ 358,684 | |
Deferred Financing Costs | 15,500 | 19,213 | |
Other | 288,088 | 209,296 | |
Total Other Assets | 4,869,575 | 4,975,223 | |
Accumulated depreciation and amortization of fixed assets | 275,300 | 257,400 | |
Depreciation and amortization expense of fixed assets | 17,900 | $ 15,800 | |
Operating lease cost | 16,600 | 15,700 | |
Insurance | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Unsettled Investment Sales and Derivative Collateral Receivables | 475,490 | 27,562 | |
Deferred Tax Assets, net | 2,439,636 | 2,273,757 | |
Goodwill | 501,496 | 501,496 | |
Derivative Assets | 28,384 | 45,694 | |
Accrued Investment Income | 1,356,917 | 1,220,781 | |
Prepaid Taxes | 0 | 42,294 | |
Intangible Assets and Deferred Sales Inducements | $ 258,075 | $ 258,529 | |
Operating lease, right-of-use asset, statement of financial position | Total Other Assets | Total Other Assets | |
Operating Lease Right of Use Assets | $ 171,570 | $ 172,955 | |
Deferred Financing Costs | 50,363 | 36,499 | |
Premiums and Other Account Receivables | 221,851 | 188,136 | |
Other | 154,501 | 152,486 | |
Market Risk Benefit Asset | 31 | 17 | |
Total Other Assets | 5,607,951 | $ 4,883,707 | |
Operating lease cost | $ 5,500 | 6,800 | |
Definite lived intangible assets, useful life | 14 years | ||
Amortization expense | $ 4,400 | $ 4,400 |
OTHER ASSETS AND ACCRUED EXPE_4
OTHER ASSETS AND ACCRUED EXPENSES AND OTHER LIABILITIES - Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Lessee, Lease, Description [Line Items] | ||
Securities Sold Under Agreements to Repurchase | $ 890,017 | $ 1,413,068 |
Total Accrued Expenses and Other Liabilities | 12,252,816 | 10,974,421 |
Asset Management and Strategic Holdings | ||
Lessee, Lease, Description [Line Items] | ||
Amounts Payable to Carry Pool | 3,512,458 | 2,664,694 |
Unsettled Investment Purchases and Derivative Collateral Liabilities | 833,986 | 574,986 |
Securities Sold Short | 168,262 | 149,136 |
Derivative Liabilities | 17 | 2,382 |
Accrued Compensation and Benefits | 205,734 | 210,625 |
Interest Payable | 486,206 | 492,501 |
Foreign Exchange Contracts and Options | 321,024 | 441,608 |
Accounts Payable and Accrued Expenses | 285,698 | 221,851 |
Taxes Payable | 93,423 | 39,255 |
Uncertain Tax Positions | 24,470 | 23,579 |
Unfunded Revolver Commitments | $ 95,004 | $ 94,683 |
Operating lease, liability, statement of financial position | Total Accrued Expenses and Other Liabilities | Total Accrued Expenses and Other Liabilities |
Operating Lease Liabilities | $ 344,646 | $ 360,852 |
Deferred Tax Liabilities, net | 2,412,737 | 2,370,118 |
Other Liabilities | 84,707 | 72,145 |
Total Accrued Expenses and Other Liabilities | $ 8,868,372 | $ 7,718,415 |
Operating lease, weighted average remaining lease term | 10 years 3 months 18 days | 10 years 3 months 18 days |
Operating lease, weighted average discount rate | 2.90% | 2.90% |
Asset Management and Strategic Holdings | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, remaining lease term | 1 year | |
Operating lease, maximum extension term | 5 years | |
Asset Management and Strategic Holdings | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, remaining lease term | 17 years | |
Operating lease, maximum extension term | 10 years | |
Insurance | ||
Lessee, Lease, Description [Line Items] | ||
Unsettled Investment Purchases and Derivative Collateral Liabilities | $ 1,043,257 | $ 205,669 |
Derivative Liabilities | 154,711 | 146,197 |
Interest Payable | 49,799 | 15,894 |
Taxes Payable | $ 5,424 | $ 0 |
Operating lease, liability, statement of financial position | Total Accrued Expenses and Other Liabilities | Total Accrued Expenses and Other Liabilities |
Operating Lease Liabilities | $ 193,212 | $ 193,566 |
Securities Sold Under Agreements to Repurchase | 854,710 | 1,358,434 |
Accrued Expenses | 629,548 | 607,262 |
Insurance Operations Balances in Course of Settlement | 300,490 | 250,367 |
Accrued Employee Related Expenses | 64,340 | 370,984 |
Tax Payable to Former Parent Company | 47,841 | 62,545 |
Accounts and Commissions Payable | 26,797 | 32,104 |
Other Tax Related Liabilities | 14,315 | 12,984 |
Total Accrued Expenses and Other Liabilities | $ 3,384,444 | $ 3,256,006 |
Operating lease, weighted average remaining lease term | 7 years 6 months | 7 years 7 months 6 days |
Operating lease, weighted average discount rate | 4.50% | 4.40% |
Operating lease, optional extension period | 10 years | |
Insurance | Land | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, weighted average remaining lease term | 42 years 8 months 12 days | 43 years 8 months 12 days |
Insurance | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, remaining lease term | 1 year | |
Insurance | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, remaining lease term | 11 years |
VARIABLE INTEREST ENTITIES - Na
VARIABLE INTEREST ENTITIES - Narrative (Details) - Investments in Unconsolidated Investment Funds $ in Millions | Mar. 31, 2024 USD ($) |
Asset Management and Strategic Holdings | |
Variable Interest Entity [Line Items] | |
Commitment to unconsolidated investment funds | $ 2,600 |
Insurance | |
Variable Interest Entity [Line Items] | |
Unfunded commitments | $ 26.7 |
VARIABLE INTEREST ENTITIES - Ma
VARIABLE INTEREST ENTITIES - Maximum Exposure to Loss (Details) - Investments in Unconsolidated CLO Vehicles - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Total Maximum Exposure to Loss | $ 10,898,641 | $ 9,200,593 |
Asset Management and Strategic Holdings | ||
Variable Interest Entity [Line Items] | ||
Investments | 8,950,579 | 7,877,904 |
Due from (to) Affiliates, net | 1,151,902 | 1,097,939 |
Total Maximum Exposure to Loss | 10,102,481 | 8,975,843 |
Insurance | ||
Variable Interest Entity [Line Items] | ||
Investments | 740,835 | 169,265 |
Investment in Renewable Energy | 55,325 | 55,485 |
Total Maximum Exposure to Loss | $ 796,160 | $ 224,750 |
DEBT OBLIGATIONS - KKR's Borrow
DEBT OBLIGATIONS - KKR's Borrowings (Details) - Asset Management and Strategic Holdings | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2024 JPY (¥) | Mar. 31, 2024 EUR (€) | |
Debt Instrument [Line Items] | ||||
Financing Available | $ 10,222,880,000 | $ 9,605,184,000 | ||
Borrowing Outstanding | 45,053,639,000 | 44,886,870,000 | ||
Fair Value | 43,933,969,000 | 43,681,627,000 | ||
Senior Notes And Junior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | 7,919,772,000 | 7,978,871,000 | ||
Fair Value | 6,949,668,000 | 6,981,707,000 | ||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Financing Available | 2,967,399,000 | 2,986,492,000 | ||
Corporate Credit Agreement | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Financing Available | 1,500,000,000 | 1,500,000,000 | ||
Borrowing Outstanding | 0 | 0 | ||
Fair Value | 0 | 0 | ||
KCM Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Financing Available | 717,399,000 | 736,492,000 | ||
Borrowing Outstanding | 0 | 0 | ||
Fair Value | 0 | 0 | ||
KCM 364-Day Revolving Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Financing Available | 750,000,000 | 750,000,000 | ||
Borrowing Outstanding | 0 | 0 | ||
Fair Value | 0 | 0 | ||
KKR Issued 0.764% Notes Due 2025 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | 32,925,000 | 35,316,000 | ||
Fair Value | 32,963,000 | 35,390,000 | ||
Aggregate principal amount | $ 33,000,000 | ¥ 5,000,000,000 | ||
Interest rate, stated percentage | 0.764% | 0.764% | 0.764% | |
Senior Notes 1.054 % Due 2027 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 239,589,000 | 257,132,000 | ||
Fair Value | 238,111,000 | 255,840,000 | ||
Aggregate principal amount | $ 240,500,000 | ¥ 36,400,000,000 | ||
Interest rate, stated percentage | 1.054% | 1.054% | 1.054% | |
Senior Notes 1.428% Due 2028 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 294,043,000 | 315,599,000 | ||
Fair Value | 293,777,000 | 315,217,000 | ||
Aggregate principal amount | $ 295,300,000 | ¥ 44,700,000,000 | ||
Interest rate, stated percentage | 1.428% | 1.428% | 1.428% | |
KKR Issued 1.625% Notes Due 2029 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 696,881,000 | 712,331,000 | ||
Fair Value | 629,560,000 | 646,248,000 | ||
Aggregate principal amount | $ 701,700,000 | € 650,000,000 | ||
Interest rate, stated percentage | 1.625% | 1.625% | 1.625% | |
KKR Issued 3.750% Notes Due 2029 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 745,333,000 | 726,331,000 | ||
Fair Value | 700,613,000 | 684,323,000 | ||
Aggregate principal amount | $ 750,000,000 | |||
Interest rate, stated percentage | 3.75% | 3.75% | 3.75% | |
KKR Issued 1.244% Notes Due 2029 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 31,986,000 | 34,339,000 | ||
Fair Value | 31,675,000 | 33,985,000 | ||
Aggregate principal amount | $ 32,400,000 | ¥ 4,900,000,000 | ||
Interest rate, stated percentage | 1.244% | 1.244% | 1.244% | |
KKR Issued 1.614% Notes Due 2030 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 11,589,000 | 12,448,000 | ||
Fair Value | 11,673,000 | 12,514,000 | ||
Aggregate principal amount | $ 11,900,000 | ¥ 1,800,000,000 | ||
Interest rate, stated percentage | 1.614% | 1.614% | 1.614% | |
KKR Issued 4.850% Notes Due 2032 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 742,767,000 | 742,545,000 | ||
Fair Value | 725,520,000 | 733,163,000 | ||
Aggregate principal amount | $ 750,000,000 | |||
Interest rate, stated percentage | 4.85% | 4.85% | 4.85% | |
KKR Issued 1.437% Notes Due 2032 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 40,476,000 | 43,461,000 | ||
Fair Value | 39,392,000 | 42,155,000 | ||
Aggregate principal amount | $ 41,000,000 | ¥ 6,200,000,000 | ||
Interest rate, stated percentage | 1.437% | 1.437% | 1.437% | |
KKR Issued 1.939% Notes Due 2033 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 9,599,000 | 10,316,000 | ||
Fair Value | 9,662,000 | 10,322,000 | ||
Aggregate principal amount | $ 9,900,000 | ¥ 1,500,000,000 | ||
Interest rate, stated percentage | 1.939% | 1.939% | 1.939% | |
KKR Issued 1.553% Notes Due 2034 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 48,980,000 | 52,595,000 | ||
Fair Value | 46,706,000 | 49,937,000 | ||
Aggregate principal amount | $ 49,600,000 | ¥ 7,500,000,000 | ||
Interest rate, stated percentage | 1.553% | 1.553% | 1.553% | |
KKR Issued 1.795% Notes Due 2037 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 35,799,000 | 38,450,000 | ||
Fair Value | 33,446,000 | 35,742,000 | ||
Aggregate principal amount | $ 36,300,000 | ¥ 5,500,000,000 | ||
Interest rate, stated percentage | 1.795% | 1.795% | 1.795% | |
KKR Issued 1.595% Notes Due 2038 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 67,191,000 | 72,161,000 | ||
Fair Value | 60,555,000 | 64,646,000 | ||
Aggregate principal amount | $ 68,100,000 | ¥ 10,300,000,000 | ||
Interest rate, stated percentage | 1.595% | 1.595% | 1.595% | |
KKR Issued 2.312% Notes Due 2038 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 19,429,000 | 20,874,000 | ||
Fair Value | 18,912,000 | 20,272,000 | ||
Aggregate principal amount | $ 19,800,000 | ¥ 3,000,000,000 | ||
Interest rate, stated percentage | 2.312% | 2.312% | 2.312% | |
KKR Issued 5.500% Notes Due 2043 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 490,783,000 | 490,728,000 | ||
Fair Value | 481,993,000 | 475,022,000 | ||
Aggregate principal amount | $ 500,000,000 | |||
Interest rate, stated percentage | 5.50% | 5.50% | 5.50% | |
KKR Issued 2.574% Notes Due 2043 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 29,241,000 | 31,413,000 | ||
Fair Value | 27,694,000 | 29,723,000 | ||
Aggregate principal amount | $ 29,700,000 | ¥ 4,500,000,000 | ||
Interest rate, stated percentage | 2.574% | 2.574% | 2.574% | |
KKR Issued 5.125% Notes Due 2044 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 963,536,000 | 963,674,000 | ||
Fair Value | 896,327,000 | 887,286,000 | ||
Aggregate principal amount | $ 1,000,000,000 | |||
Interest rate, stated percentage | 5.125% | 5.125% | 5.125% | |
KKR Issued 3.625% Notes Due 2050 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 493,086,000 | 493,020,000 | ||
Fair Value | 364,765,000 | 358,580,000 | ||
Aggregate principal amount | $ 500,000,000 | |||
Interest rate, stated percentage | 3.625% | 3.625% | 3.625% | |
KKR Issued 3.500% Notes Due 2050 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 737,055,000 | 734,437,000 | ||
Fair Value | 526,649,000 | 527,183,000 | ||
Aggregate principal amount | $ 750,000,000 | |||
Interest rate, stated percentage | 3.50% | 3.50% | 3.50% | |
KKR Issued 3.250% Notes Due 2051 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 740,272,000 | 740,184,000 | ||
Fair Value | 504,210,000 | 516,038,000 | ||
Aggregate principal amount | $ 750,000,000 | |||
Interest rate, stated percentage | 3.25% | 3.25% | 3.25% | |
KKR Issued 2.747% Notes Due 2053 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 39,030,000 | 41,929,000 | ||
Fair Value | 34,849,000 | 37,801,000 | ||
Aggregate principal amount | $ 39,600,000 | ¥ 6,000,000,000 | ||
Interest rate, stated percentage | 2.747% | 2.747% | 2.747% | |
KKR Issued 4.625% Notes Due 2061 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 486,844,000 | 486,755,000 | ||
Fair Value | 399,200,000 | 377,400,000 | ||
Aggregate principal amount | $ 500,000,000 | |||
Interest rate, stated percentage | 4.625% | 4.625% | 4.625% | |
KFN Issued 5.500% Notes Due 2032 | Senior Notes | KFN | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 496,118,000 | 495,997,000 | ||
Fair Value | 456,201,000 | 455,340,000 | ||
Aggregate principal amount | $ 500,000,000 | |||
Interest rate, stated percentage | 5.50% | 5.50% | 5.50% | |
KFN Issued 5.200% Notes Due 2033 | Senior Notes | KFN | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 118,925,000 | 118,895,000 | ||
Fair Value | 106,283,000 | 106,030,000 | ||
Aggregate principal amount | $ 120,000,000 | |||
Interest rate, stated percentage | 5.20% | 5.20% | 5.20% | |
KFN Issued 5.400% Notes Due 2033 | Senior Notes | KFN | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 69,162,000 | 69,140,000 | ||
Fair Value | 62,757,000 | 62,648,000 | ||
Aggregate principal amount | $ 70,000,000 | |||
Interest rate, stated percentage | 5.40% | 5.40% | 5.40% | |
KFN Issued Junior Subordinated Notes | KFN | ||||
Debt Instrument [Line Items] | ||||
Borrowing Outstanding | $ 239,133,000 | 238,801,000 | ||
Fair Value | 216,175,000 | $ 208,902,000 | ||
KFN Issued Junior Subordinated Notes | Senior Notes | KFN | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 258,500,000 | |||
Weighted average interest rate (percentage) | 8% | 8.10% | 8% | 8% |
Weighted average remaining maturity (in years) | 12 years 6 months | 12 years 9 months 18 days | ||
Other Debt Obligations | ||||
Debt Instrument [Line Items] | ||||
Financing Available | $ 7,255,481,000 | $ 6,618,692,000 | ||
Borrowing Outstanding | 37,133,867,000 | 36,907,999,000 | ||
Fair Value | $ 36,984,301,000 | $ 36,699,920,000 |
DEBT OBLIGATIONS - KCM 364-Day
DEBT OBLIGATIONS - KCM 364-Day Revolving Credit Facility (Details) - Revolving Credit Facility - Asset Management and Strategic Holdings - USD ($) | Apr. 04, 2024 | Apr. 07, 2023 |
KCM 364-Day Revolving Credit Facility | Subsequent Event | ||
Debt Instrument [Line Items] | ||
Debt instrument, term | 364 days | |
Line of credit facility, maximum borrowing capacity | $ 750,000,000 | |
KCM 364-Day Revolving Credit Facility | Subsequent Event | Sterling Overnight Interbank Average Rate (SONIA) | Revolving Credit Facilities | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.50% | |
KCM 364-Day Revolving Credit Facility | Subsequent Event | Sterling Overnight Interbank Average Rate (SONIA) | Revolving Credit Facilities | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.75% | |
KCM 364-Day Revolving Credit Facility | Subsequent Event | Federal Funds Rate | Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.50% | |
KCM 364-Day Revolving Credit Facility | Subsequent Event | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1% | |
KCM 364-Day Revolving Credit Facility | Subsequent Event | Base Rate | Revolving Credit Facilities | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.50% | |
KCM 364-Day Revolving Credit Facility | Subsequent Event | Base Rate | Revolving Credit Facilities | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.75% | |
KCM Short-term Credit Agreement | ||
Debt Instrument [Line Items] | ||
Debt instrument, term | 364 days | |
KCM Credit Facility | Subsequent Event | ||
Debt Instrument [Line Items] | ||
Debt instrument, term | 5 years | |
Line of credit facility, maximum borrowing capacity | $ 750,000,000 | |
KCM Credit Facility | Subsequent Event | Sterling Overnight Interbank Average Rate (SONIA) | Revolving Credit Facilities | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.75% | |
KCM Credit Facility | Subsequent Event | Sterling Overnight Interbank Average Rate (SONIA) | Revolving Credit Facilities | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 3% | |
KCM Credit Facility | Subsequent Event | Federal Funds Rate | Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.50% | |
KCM Credit Facility | Subsequent Event | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1% | |
KCM Credit Facility | Subsequent Event | Base Rate | Revolving Credit Facilities | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.75% | |
KCM Credit Facility | Subsequent Event | Base Rate | Revolving Credit Facilities | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2% |
DEBT OBLIGATIONS - KCM Credit F
DEBT OBLIGATIONS - KCM Credit Facility (Details) - KCM Credit Facility - Asset Management and Strategic Holdings - Subsequent Event | Apr. 04, 2024 USD ($) |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Debt instrument, term | 5 years |
Line of credit facility, maximum borrowing capacity | $ 750,000,000 |
Revolving Credit Facility | Sterling Overnight Interbank Average Rate (SONIA) | Revolving Credit Facilities | Minimum | |
Debt Instrument [Line Items] | |
Debt instrument, basis spread on variable rate | 1.75% |
Revolving Credit Facility | Sterling Overnight Interbank Average Rate (SONIA) | Revolving Credit Facilities | Maximum | |
Debt Instrument [Line Items] | |
Debt instrument, basis spread on variable rate | 3% |
Revolving Credit Facility | Federal Funds Rate | Revolving Credit Facilities | |
Debt Instrument [Line Items] | |
Debt instrument, basis spread on variable rate | 0.50% |
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facilities | |
Debt Instrument [Line Items] | |
Debt instrument, basis spread on variable rate | 1% |
Revolving Credit Facility | Base Rate | Revolving Credit Facilities | Minimum | |
Debt Instrument [Line Items] | |
Debt instrument, basis spread on variable rate | 0.75% |
Revolving Credit Facility | Base Rate | Revolving Credit Facilities | Maximum | |
Debt Instrument [Line Items] | |
Debt instrument, basis spread on variable rate | 2% |
Letter of Credit | Revolving Credit Facilities | |
Debt Instrument [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 750,000,000 |
DEBT OBLIGATIONS - Other Asset
DEBT OBLIGATIONS - Other Asset Management and Strategic Holdings Debt Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Debt Instrument [Line Items] | |||
Total assets | $ 339,773,927 | $ 317,294,194 | $ 282,610,589 |
Consolidated VIEs | |||
Debt Instrument [Line Items] | |||
Total assets | 111,056,209 | 109,927,538 | |
Consolidated VIEs | Consolidated CLOs | |||
Debt Instrument [Line Items] | |||
Total assets | 27,218,322 | 27,135,648 | |
Asset Management and Strategic Holdings | |||
Debt Instrument [Line Items] | |||
Financing Available | 10,222,880 | 9,605,184 | |
Borrowing Outstanding | 45,053,639 | 44,886,870 | |
Fair Value | 43,933,969 | 43,681,627 | |
Total assets | 114,324,373 | 113,567,367 | |
Asset Management and Strategic Holdings | Consolidated VIEs | |||
Debt Instrument [Line Items] | |||
Borrowing Outstanding | 34,106,517 | 33,830,853 | |
Total assets | 87,247,697 | 86,096,876 | |
Asset Management and Strategic Holdings | Consolidated VIEs | Consolidated CLOs | |||
Debt Instrument [Line Items] | |||
Borrowing Outstanding | 25,075,510 | 25,276,404 | |
Total assets | 27,218,322 | $ 27,135,648 | |
Financing Facilities of Consolidated Funds and Other | Asset Management and Strategic Holdings | |||
Debt Instrument [Line Items] | |||
Financing Available | 7,255,481 | ||
Borrowing Outstanding | 12,058,357 | ||
Fair Value | $ 11,908,791 | ||
Weighted Average Interest Rate | 6.50% | ||
Weighted Average Remaining Maturity in Years | 4 years 8 months 12 days | ||
Borrowings collateralized by fund investments | $ 2,900,000 | ||
Debt Obligations of Consolidated CLOs | Asset Management and Strategic Holdings | |||
Debt Instrument [Line Items] | |||
Financing Available | 7,255,481 | ||
Borrowing Outstanding | 37,133,867 | ||
Fair Value | 36,984,301 | ||
Debt Obligations of Consolidated CLOs | Asset Management and Strategic Holdings | Consolidated CLO | |||
Debt Instrument [Line Items] | |||
Financing Available | 0 | ||
Borrowing Outstanding | 25,075,510 | ||
Fair Value | $ 25,075,510 | ||
Weighted Average Interest Rate | 6.80% | ||
Weighted Average Remaining Maturity in Years | 9 years 2 months 12 days |
DEBT OBLIGATIONS - Insurance De
DEBT OBLIGATIONS - Insurance Debt Obligations (Details) - Insurance - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
Borrowings Outstanding, net | $ 3,300,000 | $ 2,750,000 | |
Purchase accounting adjustments | 39,395 | 40,173 | |
Debt issuance costs, net of accumulated amortization | (50,363) | (36,499) | |
Fair value loss of hedged debt obligations, recognized in earnings | (202,919) | (165,817) | |
Debt outstanding, amount | 3,086,113 | 2,587,857 | |
Fair Value | 3,172,660 | 2,558,730 | |
Amortization of purchase accounting adjustments | 778 | $ 778 | |
Global Atlantic revolving credit facility, due August 2026 | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Financing Available | 1,000,000 | 800,000 | |
Borrowings Outstanding, net | 0 | 200,000 | |
Fair Value | 0 | 200,000 | |
Global Atlantic senior notes, due October 2029 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Borrowings Outstanding, net | 500,000 | 500,000 | |
Fair Value | 465,350 | 460,850 | |
Global Atlantic senior notes, due June 2031 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Borrowings Outstanding, net | 650,000 | 650,000 | |
Fair Value | 538,785 | 533,130 | |
Global Atlantic senior notes, due June 2033 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Borrowings Outstanding, net | 650,000 | 650,000 | |
Fair Value | 722,150 | 721,175 | |
Global Atlantic senior notes, due March 2054 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Borrowings Outstanding, net | 750,000 | 0 | |
Fair Value | 770,025 | 0 | |
Global Atlantic subordinated debentures, due October 2051 | Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Borrowings Outstanding, net | 750,000 | 750,000 | |
Fair Value | $ 676,350 | $ 643,575 |
DEBT OBLIGATIONS - Senior Notes
DEBT OBLIGATIONS - Senior Notes (Details) - Senior Notes - Global Atlantic senior notes, due March 2054 - Insurance | 1 Months Ended |
Mar. 31, 2024 USD ($) | |
Debt Instrument [Line Items] | |
Aggregate principal amount | $ 750,000,000 |
Interest rate, stated percentage | 6.75% |
Redemption price percentage | 100% |
DEBT OBLIGATIONS - Global Atlan
DEBT OBLIGATIONS - Global Atlantic Credit Agreement (Details) - Insurance - USD ($) | 1 Months Ended | |
May 09, 2024 | Mar. 31, 2024 | |
Global Atlantic senior notes, due March 2054 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument repaid amount | $ 300,000,000 | |
Revolving Credit Facility | Global Atlantic Credit Agreement | Subsequent Event | Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |
Revolving Credit Facility | Global Atlantic Credit Agreement | Subsequent Event | Minimum | Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.125% | |
Revolving Credit Facility | Global Atlantic Credit Agreement | Subsequent Event | Minimum | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.225% | |
Revolving Credit Facility | Global Atlantic Credit Agreement | Subsequent Event | Maximum | Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.30% | |
Revolving Credit Facility | Global Atlantic Credit Agreement | Subsequent Event | Maximum | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.975% | |
Letter of Credit | Global Atlantic Credit Agreement | Subsequent Event | Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 |
POLICY LIABILITIES - Compositio
POLICY LIABILITIES - Composition of Policyholder Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Policyholders’ account balances | $ 129,509,137 | $ 125,187,354 | $ 114,180,191 | $ 112,281,236 |
Market risk benefit liability | 1,023,053 | 1,120,968 | ||
Negative VOBA | 837,778 | 867,932 | $ 969,452 | $ 1,004,124 |
Liability for future policy benefits, fair value option | 1,200,000 | 1,200,000 | ||
Embedded derivative | 4,500,000 | 4,000,000 | ||
Cost-of-reinsurance liabilities | 3,000,000 | 1,800,000 | ||
Policy liabilities, outstanding claims | 240,000 | 235,100 | ||
Insurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Policyholders’ account balances | 129,509,137 | 125,187,354 | ||
Liability for future policy benefits | 25,410,733 | 17,823,750 | ||
Additional liability for annuitization, death, or other insurance benefits | 7,213,357 | 7,129,785 | ||
Market risk benefit liability | 1,023,053 | 1,120,968 | ||
Other policy-related liabilities | 10,442,406 | 8,796,414 | ||
Total policy liabilities | $ 173,598,686 | $ 160,058,271 |
POLICY LIABILITIES - Balance an
POLICY LIABILITIES - Balance and Changes In Policyholder Account Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | $ 125,187,354 | $ 112,281,236 |
Issuances and premiums received | 8,680,679 | 5,303,074 |
Benefit payments, surrenders, and withdrawals | (4,960,176) | (4,122,777) |
Interest | 984,900 | 687,775 |
Other activity | (383,620) | 30,883 |
Ending balance | 129,509,137 | 114,180,191 |
Less: reinsurance recoverable | (24,736,411) | (16,598,413) |
Balance as of end of period, net of reinsurance recoverable | $ 104,772,726 | $ 97,581,778 |
Average interest rate | 3.15% | 2.53% |
Net amount at risk, gross of reinsurance | $ 118,170,285 | $ 85,680,934 |
Cash surrender value | 93,358,104 | 85,348,350 |
Fixed rate annuities | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 56,762,736 | 48,510,703 |
Issuances and premiums received | 4,784,285 | 3,416,916 |
Benefit payments, surrenders, and withdrawals | (2,879,479) | (2,329,373) |
Interest | 498,543 | 340,106 |
Other activity | (102,899) | (63,346) |
Ending balance | 59,063,186 | 49,875,006 |
Less: reinsurance recoverable | (10,557,317) | (6,699,771) |
Balance as of end of period, net of reinsurance recoverable | $ 48,505,869 | $ 43,175,235 |
Average interest rate | 3.58% | 2.85% |
Net amount at risk, gross of reinsurance | $ 0 | $ 0 |
Cash surrender value | 45,612,785 | 40,420,172 |
Fixed indexed annuities | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 30,168,445 | 29,123,926 |
Issuances and premiums received | 1,549,004 | 1,640,745 |
Benefit payments, surrenders, and withdrawals | (1,294,134) | (937,627) |
Interest | 165,239 | 114,739 |
Other activity | 25,879 | (45,130) |
Ending balance | 30,614,433 | 29,896,653 |
Less: reinsurance recoverable | (3,189,167) | (3,311,541) |
Balance as of end of period, net of reinsurance recoverable | $ 27,425,266 | $ 26,585,112 |
Average interest rate | 2.30% | 1.70% |
Net amount at risk, gross of reinsurance | $ 0 | $ 0 |
Cash surrender value | 29,313,985 | 27,236,116 |
Interest sensitive life | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 21,969,053 | 17,397,185 |
Issuances and premiums received | 312,020 | 144,797 |
Benefit payments, surrenders, and withdrawals | (306,463) | (230,514) |
Interest | 177,275 | 107,298 |
Other activity | (305,139) | (25,172) |
Ending balance | 21,846,746 | 17,393,594 |
Less: reinsurance recoverable | (7,159,910) | (3,467,814) |
Balance as of end of period, net of reinsurance recoverable | $ 14,686,836 | $ 13,925,780 |
Average interest rate | 3.22% | 3.09% |
Net amount at risk, gross of reinsurance | $ 117,008,523 | $ 84,498,038 |
Cash surrender value | 13,827,297 | 12,948,054 |
Funding agreements | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 7,015,998 | 7,535,489 |
Issuances and premiums received | 695,933 | 0 |
Benefit payments, surrenders, and withdrawals | (68,159) | (224,107) |
Interest | 69,519 | 51,423 |
Other activity | (21,815) | 86,057 |
Ending balance | 7,691,476 | 7,448,862 |
Less: reinsurance recoverable | 0 | 0 |
Balance as of end of period, net of reinsurance recoverable | $ 7,691,476 | $ 7,448,862 |
Average interest rate | 3.80% | 2.75% |
Net amount at risk, gross of reinsurance | $ 0 | $ 0 |
Cash surrender value | 0 | 0 |
Other | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 9,271,122 | 9,713,933 |
Issuances and premiums received | 1,339,437 | 100,616 |
Benefit payments, surrenders, and withdrawals | (411,941) | (401,156) |
Interest | 74,324 | 74,209 |
Other activity | 20,354 | 78,474 |
Ending balance | 10,293,296 | 9,566,076 |
Less: reinsurance recoverable | (3,830,017) | (3,119,287) |
Balance as of end of period, net of reinsurance recoverable | $ 6,463,279 | $ 6,446,789 |
Average interest rate | 3.47% | 2.69% |
Net amount at risk, gross of reinsurance | $ 1,161,762 | $ 1,182,896 |
Cash surrender value | $ 4,604,037 | $ 4,744,008 |
POLICY LIABILITIES - Guaranteed
POLICY LIABILITIES - Guaranteed Minimum Interest Rates (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 79,794,947 | $ 77,504,527 |
Percentage of total | 100% | 100% |
Less than 1.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 34,916,466 | $ 32,879,615 |
Less than 1.00% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of guaranteed minimum crediting rates | 1% | 1% |
1.00% - 1.99% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 12,836,426 | $ 12,056,909 |
1.00% - 1.99% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of guaranteed minimum crediting rates | 1% | 1% |
1.00% - 1.99% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of guaranteed minimum crediting rates | 1.99% | 1.99% |
2.00% - 2.99% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 2,395,161 | $ 2,416,645 |
2.00% - 2.99% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of guaranteed minimum crediting rates | 2% | 2% |
2.00% - 2.99% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of guaranteed minimum crediting rates | 2.99% | 2.99% |
3.00% - 4.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 15,858,425 | $ 16,116,007 |
3.00% - 4.00% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of guaranteed minimum crediting rates | 3% | 3% |
3.00% - 4.00% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of guaranteed minimum crediting rates | 4% | 4% |
Greater than 4.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 13,788,469 | $ 14,035,351 |
Greater than 4.00% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of guaranteed minimum crediting rates | 4% | 4% |
At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 28,597,397 | $ 29,664,383 |
Percentage of total | 36% | 38% |
At guaranteed minimum | Less than 1.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 2,894,495 | $ 2,706,701 |
At guaranteed minimum | 1.00% - 1.99% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 1,443,207 | 1,471,320 |
At guaranteed minimum | 2.00% - 2.99% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 855,374 | 896,276 |
At guaranteed minimum | 3.00% - 4.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 11,515,571 | 12,494,439 |
At guaranteed minimum | Greater than 4.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 11,888,750 | 12,095,647 |
1 - 49 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 3,841,517 | $ 3,656,222 |
Percentage of total | 5% | 5% |
1 - 49 bps above guaranteed minimum | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable crediting rates subject to guaranteed minimums (basis points) | 0.0001 | 0.0001 |
1 - 49 bps above guaranteed minimum | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable crediting rates subject to guaranteed minimums (basis points) | 0.0049 | 0.0049 |
1 - 49 bps above guaranteed minimum | Less than 1.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 30,211 | $ 25,839 |
1 - 49 bps above guaranteed minimum | 1.00% - 1.99% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 939,437 | 1,013,423 |
1 - 49 bps above guaranteed minimum | 2.00% - 2.99% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 45,699 | 44,850 |
1 - 49 bps above guaranteed minimum | 3.00% - 4.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 1,472,797 | 1,186,572 |
1 - 49 bps above guaranteed minimum | Greater than 4.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 1,353,373 | 1,385,538 |
50 - 99 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 2,064,071 | $ 2,268,138 |
Percentage of total | 3% | 3% |
50 - 99 bps above guaranteed minimum | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable crediting rates subject to guaranteed minimums (basis points) | 0.0050 | 0.0050 |
50 - 99 bps above guaranteed minimum | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable crediting rates subject to guaranteed minimums (basis points) | 0.0099 | 0.0099 |
50 - 99 bps above guaranteed minimum | Less than 1.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 559,718 | $ 660,189 |
50 - 99 bps above guaranteed minimum | 1.00% - 1.99% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 914,146 | 999,852 |
50 - 99 bps above guaranteed minimum | 2.00% - 2.99% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 56,328 | 55,874 |
50 - 99 bps above guaranteed minimum | 3.00% - 4.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 391,942 | 414,111 |
50 - 99 bps above guaranteed minimum | Greater than 4.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 141,937 | 138,112 |
100 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 6,050,211 | $ 6,695,501 |
Percentage of total | 8% | 9% |
100 - 150 bps above guaranteed minimum | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable crediting rates subject to guaranteed minimums (basis points) | 0.0100 | 0.0100 |
100 - 150 bps above guaranteed minimum | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable crediting rates subject to guaranteed minimums (basis points) | 0.0150 | 0.0150 |
100 - 150 bps above guaranteed minimum | Less than 1.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 2,726,724 | $ 3,546,450 |
100 - 150 bps above guaranteed minimum | 1.00% - 1.99% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 1,924,889 | 1,968,519 |
100 - 150 bps above guaranteed minimum | 2.00% - 2.99% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 99,215 | 109,411 |
100 - 150 bps above guaranteed minimum | 3.00% - 4.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 1,183,923 | 953,560 |
100 - 150 bps above guaranteed minimum | Greater than 4.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 115,460 | 117,561 |
Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 39,241,751 | $ 35,220,283 |
Percentage of total | 48% | 45% |
Greater than 150 bps above guaranteed minimum | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable crediting rates subject to guaranteed minimums (basis points) | 0.0150 | 0.0150 |
Greater than 150 bps above guaranteed minimum | Less than 1.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 28,705,318 | $ 25,940,436 |
Greater than 150 bps above guaranteed minimum | 1.00% - 1.99% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 7,614,747 | 6,603,795 |
Greater than 150 bps above guaranteed minimum | 2.00% - 2.99% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 1,338,545 | 1,310,234 |
Greater than 150 bps above guaranteed minimum | 3.00% - 4.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | 1,294,192 | 1,067,325 |
Greater than 150 bps above guaranteed minimum | Greater than 4.00% | ||
Policyholder Account Balance [Line Items] | ||
Account values with adjustable credit rates subject to guaranteed minimum | $ 288,949 | $ 298,493 |
POLICY LIABILITIES - Balances o
POLICY LIABILITIES - Balances of and Changes in Liability for Future Policy Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Present value of expected net premiums | ||||
Issuances | $ (1,138,831) | $ 0 | ||
Present value of expected future policy benefits | ||||
Liability for future policy benefit, reinsurance recoverable, after allowance, net of discount rate assumptions | (141,400) | 237,100 | ||
Payout Annuity And Long-Duration Insurance, Other | ||||
Present value of expected net premiums | ||||
Balance as of beginning of the period | (208,370) | (255,401) | ||
Balance at original discount rate | (241,058) | (303,610) | ||
Effect of actual variances from expected experience | $ 2,481 | $ 992 | ||
Adjusted beginning of period balance | (238,577) | (302,618) | ||
Interest | (949) | (1,206) | ||
Net premiums collected | 8,416 | 8,283 | ||
Ending balance at original discount rate | (1,369,941) | (295,541) | ||
Effect of changes in discount rate assumptions | 36,556 | 43,489 | ||
Balance as of the end of the period | (1,333,385) | (252,052) | ||
Present value of expected future policy benefits | ||||
Balance as of beginning of the period | 18,032,120 | 14,701,321 | ||
Balance at original discount rate | 20,741,655 | 17,987,181 | ||
Effect of actual variances from expected experience | (9,529) | (4,238) | ||
Adjusted beginning of period balance | 20,732,126 | 17,982,943 | ||
Issuances | 9,350,432 | 559,436 | ||
Interest | 147,411 | 96,121 | ||
Benefit payments | (459,742) | (415,287) | ||
Ending balance at original discount rate | 29,770,227 | 18,223,213 | ||
Effect of changes in discount rate assumptions | (3,026,109) | (2,836,699) | ||
Balance as of the end of the period | 26,744,118 | 15,386,514 | ||
Total policy liabilities | 25,410,733 | 15,134,462 | ||
Less: reinsurance recoverable | (15,580,439) | (7,634,820) | ||
Net liability for future policy benefits, net of reinsurance recoverables | 9,830,294 | 7,499,642 | ||
Payout annuities | ||||
Present value of expected net premiums | ||||
Balance as of beginning of the period | 0 | 0 | ||
Balance at original discount rate | 0 | 0 | ||
Effect of actual variances from expected experience | 0 | 0 | ||
Adjusted beginning of period balance | 0 | 0 | ||
Issuances | 0 | 0 | ||
Interest | 0 | |||
Net premiums collected | 0 | 0 | ||
Ending balance at original discount rate | 0 | 0 | ||
Effect of changes in discount rate assumptions | 0 | 0 | ||
Balance as of the end of the period | 0 | 0 | ||
Present value of expected future policy benefits | ||||
Balance as of beginning of the period | 17,427,353 | 14,021,514 | ||
Balance at original discount rate | 20,040,000 | 17,180,626 | ||
Effect of actual variances from expected experience | (5,403) | (7,777) | ||
Adjusted beginning of period balance | 20,034,597 | 17,172,849 | ||
Issuances | 521,384 | 559,421 | ||
Interest | 145,265 | 93,654 | ||
Benefit payments | (443,016) | (389,426) | ||
Ending balance at original discount rate | 20,258,230 | 17,436,498 | ||
Effect of changes in discount rate assumptions | (2,934,499) | (2,721,312) | ||
Balance as of the end of the period | 17,323,731 | 14,715,186 | ||
Total policy liabilities | 17,323,731 | 14,715,186 | ||
Less: reinsurance recoverable | (9,184,956) | (7,636,570) | ||
Net liability for future policy benefits, net of reinsurance recoverables | 8,138,775 | 7,078,616 | ||
Other | ||||
Present value of expected net premiums | ||||
Balance as of beginning of the period | (208,370) | (255,401) | ||
Balance at original discount rate | (241,058) | (303,610) | ||
Effect of actual variances from expected experience | 2,481 | 992 | ||
Adjusted beginning of period balance | (238,577) | (302,618) | ||
Issuances | (1,138,831) | 0 | ||
Interest | (949) | (1,206) | ||
Net premiums collected | 8,416 | 8,283 | ||
Ending balance at original discount rate | (1,369,941) | (295,541) | ||
Effect of changes in discount rate assumptions | 36,556 | 43,489 | ||
Balance as of the end of the period | (1,333,385) | (252,052) | ||
Present value of expected future policy benefits | ||||
Balance as of beginning of the period | 604,767 | 679,807 | ||
Balance at original discount rate | 701,655 | 806,555 | ||
Effect of actual variances from expected experience | (4,126) | 3,539 | ||
Adjusted beginning of period balance | $ 697,529 | $ 810,094 | ||
Issuances | 8,829,048 | 15 | ||
Interest | 2,146 | 2,467 | ||
Benefit payments | (16,726) | (25,861) | ||
Ending balance at original discount rate | 9,511,997 | 786,715 | ||
Effect of changes in discount rate assumptions | (91,610) | (115,387) | ||
Balance as of the end of the period | 9,420,387 | 671,328 | ||
Total policy liabilities | 8,087,002 | 419,276 | ||
Net liability for future policy benefits, net of reinsurance recoverables | 1,691,519 | 421,026 | ||
Other | ||||
Present value of expected future policy benefits | ||||
Less: reinsurance recoverable | $ (6,395,483) | $ 1,750 |
POLICY LIABILITIES - Amounts Re
POLICY LIABILITIES - Amounts Recognized in Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross premiums | $ 9,130,241 | $ 507,118 |
Payout annuities | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross premiums | 582,588 | 492,727 |
Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross premiums | $ 8,547,653 | $ 14,391 |
POLICY LIABILITIES - Weighted-A
POLICY LIABILITIES - Weighted-Average Interest Rates of Future Policy Benefits (Details) | Mar. 31, 2024 | Dec. 31, 2023 |
Payout annuities | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Weighted-average interest rates, original discount rate | 3.44% | 3.37% |
Weighted-average interest rates, current discount rate | 5.22% | 4.95% |
Weighted-average liability duration (years, current rates) | 8 years 5 months 1 day | 8 years 6 months 29 days |
Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Weighted-average interest rates, original discount rate | 4.85% | 2.57% |
Weighted-average interest rates, current discount rate | 5.29% | 4.95% |
Weighted-average liability duration (years, current rates) | 10 years 8 months 12 days | 9 years 10 days |
POLICY LIABILITIES - Expected F
POLICY LIABILITIES - Expected Future Benefit Payments and Gross Premiums, Undiscounted and Discounted (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Payout annuities | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Expected future benefit payments, undiscounted | $ 29,845,573 | $ 29,164,580 |
Expected future benefit payments, discounted (original discount rate) | 20,258,230 | 19,899,423 |
Expected future benefit payments, discounted (current discount rate) | 17,323,731 | 17,427,352 |
Expected future gross premiums, undiscounted | 0 | 0 |
Expected future gross premiums, discounted (original discount rate) | 0 | 0 |
Expected future gross premiums, discounted (current discount rate) | 0 | 0 |
Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Expected future benefit payments, undiscounted | 16,966,712 | 832,608 |
Expected future benefit payments, discounted (original discount rate) | 9,511,997 | 689,760 |
Expected future benefit payments, discounted (current discount rate) | 9,420,387 | 604,768 |
Expected future gross premiums, undiscounted | 1,880,510 | 377,693 |
Expected future gross premiums, discounted (original discount rate) | 1,447,508 | 317,710 |
Expected future gross premiums, discounted (current discount rate) | $ 1,398,867 | $ 262,653 |
POLICY LIABILITIES - Additional
POLICY LIABILITIES - Additional Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Additional Liability, Long-Duration Insurance [Roll Forward] | ||||
Balance as of beginning of period | $ 7,251,266 | $ 5,104,810 | ||
Effect of changes in cash flow assumptions | $ 0 | $ 0 | ||
Effect of changes in experience | (29,667) | (21,177) | ||
Adjusted balance as of beginning of period | $ 7,221,599 | $ 5,083,633 | ||
Issuances | 6,079 | 5,684 | ||
Assessments | 175,430 | 85,683 | ||
Benefits paid | (136,605) | (84,913) | ||
Interest | 59,363 | 26,296 | ||
Balance as of end of period | 7,325,866 | 5,116,383 | ||
Less: impact of unrealized investment gain and losses | 112,509 | 117,958 | ||
Less: reinsurance recoverable, end of period | 1,460,314 | 0 | ||
Balance, end of year, net of reinsurance recoverable and impact of unrealized investment gains and losses | 5,753,043 | 4,998,425 | ||
Gross assessments | $ 168,504 | $ 146,376 | ||
Weighted-average interest, current discount rate | 3.27% | 3.09% | ||
Weighted-average liability duration (years) | 27 years 9 months | 27 years 7 months 20 days |
POLICY LIABILITIES - Market Bas
POLICY LIABILITIES - Market Based Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Market Risk Benefit [Roll Forward] | |||
Balance as of beginning of period | $ 1,120,951 | ||
Balance as of end of period | 1,023,022 | ||
Asset | 31 | $ 17 | |
Liability | 1,023,053 | 1,120,968 | |
Net | (1,023,022) | (1,120,951) | |
Fixed Indexed Annuity And Variable And Other Annuities, Netting | |||
Market Risk Benefit [Roll Forward] | |||
Balance as of beginning of period | 1,120,951 | $ 668,858 | |
Balance as of beginning of period, before impact of changes in instrument-specific credit risk | 1,016,209 | 807,513 | |
Issuances | 3,406 | (45) | |
Interest | 13,840 | 10,811 | |
Attributed fees collected | 46,534 | 45,238 | |
Benefit payments | (3,456) | (820) | |
Effect of changes in interest rates | (109,257) | 120,742 | |
Effect of changes in equity markets | (55,654) | (25,808) | |
Effect of actual experience different from assumptions | 1,351 | (11,904) | |
Balance as of end of period before impact of changes in instrument-specific credit risk | 912,973 | 945,727 | |
Effect of changes in instrument-specific credit risk | 110,049 | (190,670) | |
Balance as of end of period | 1,023,022 | 755,057 | |
Less: reinsurance recoverable as of the end of the period | (12,820) | (14,913) | |
Balance as of end of period, net of reinsurance recoverable | 1,010,202 | 740,144 | |
Net amount at risk | $ 5,645,711 | $ 5,257,799 | |
Weighted-average attained age of contract holders (years) | 70 years | 70 years | |
Net | $ (1,023,022) | $ (755,057) | (1,120,951) |
Fixed indexed annuities | |||
Market Risk Benefit [Roll Forward] | |||
Balance as of beginning of period | 868,268 | 548,536 | |
Balance as of beginning of period, before impact of changes in instrument-specific credit risk | 790,616 | 656,880 | |
Issuances | 3,408 | (36) | |
Interest | 10,914 | 8,854 | |
Attributed fees collected | 24,660 | 24,143 | |
Benefit payments | (1,649) | (802) | |
Effect of changes in interest rates | (68,282) | 71,737 | |
Effect of changes in equity markets | (12,806) | (3,822) | |
Effect of actual experience different from assumptions | 6,352 | 772 | |
Balance as of end of period before impact of changes in instrument-specific credit risk | 753,213 | 757,726 | |
Effect of changes in instrument-specific credit risk | 82,969 | (146,505) | |
Balance as of end of period | 836,182 | 611,221 | |
Less: reinsurance recoverable as of the end of the period | 0 | 0 | |
Balance as of end of period, net of reinsurance recoverable | 836,182 | 611,221 | |
Net amount at risk | $ 4,356,548 | $ 3,980,500 | |
Weighted-average attained age of contract holders (years) | 70 years | 70 years | |
Asset | $ 23 | 0 | |
Liability | 836,205 | 868,268 | |
Net | (836,182) | $ (611,221) | (868,268) |
Variable- and other annuities | |||
Market Risk Benefit [Roll Forward] | |||
Balance as of beginning of period | 252,683 | 120,322 | |
Balance as of beginning of period, before impact of changes in instrument-specific credit risk | 225,593 | 150,633 | |
Issuances | (2) | (9) | |
Interest | 2,926 | 1,957 | |
Attributed fees collected | 21,874 | 21,095 | |
Benefit payments | (1,807) | (18) | |
Effect of changes in interest rates | (40,975) | 49,005 | |
Effect of changes in equity markets | (42,848) | (21,986) | |
Effect of actual experience different from assumptions | (5,001) | (12,676) | |
Balance as of end of period before impact of changes in instrument-specific credit risk | 159,760 | 188,001 | |
Effect of changes in instrument-specific credit risk | 27,080 | (44,165) | |
Balance as of end of period | 186,840 | 143,836 | |
Less: reinsurance recoverable as of the end of the period | (12,820) | (14,913) | |
Balance as of end of period, net of reinsurance recoverable | 174,020 | 128,923 | |
Net amount at risk | $ 1,289,163 | $ 1,277,299 | |
Weighted-average attained age of contract holders (years) | 69 years | 71 years | |
Asset | $ 8 | 17 | |
Liability | 186,848 | 252,700 | |
Net | $ (186,840) | $ (143,836) | $ (252,683) |
POLICY LIABILITIES - Separate A
POLICY LIABILITIES - Separate Account Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Separate Account, Liability [Roll Forward] | ||
Balance as of beginning of period | $ 4,107,000 | $ 4,130,794 |
Premiums and deposits | 9,963 | 14,236 |
Surrenders, withdrawals and benefit payments | (140,009) | (112,124) |
Investment performance | 285,998 | 173,015 |
Other | (39,779) | (41,118) |
Balance as of end of period | 4,223,173 | 4,164,803 |
Cash surrender value as of end of period | 4,223,173 | 4,164,803 |
Variable annuities | ||
Separate Account, Liability [Roll Forward] | ||
Balance as of beginning of period | 3,565,029 | 3,627,769 |
Premiums and deposits | 6,519 | 10,655 |
Surrenders, withdrawals and benefit payments | (134,786) | (108,408) |
Investment performance | 241,056 | 141,071 |
Other | (28,267) | (29,652) |
Balance as of end of period | 3,649,551 | 3,641,435 |
Cash surrender value as of end of period | 3,649,551 | 3,641,435 |
Interest sensitive life | ||
Separate Account, Liability [Roll Forward] | ||
Balance as of beginning of period | 541,971 | 503,025 |
Premiums and deposits | 3,444 | 3,581 |
Surrenders, withdrawals and benefit payments | (5,223) | (3,716) |
Investment performance | 44,942 | 31,944 |
Other | (11,512) | (11,466) |
Balance as of end of period | 573,622 | 523,368 |
Cash surrender value as of end of period | $ 573,622 | $ 523,368 |
POLICY LIABILITIES - Separate_2
POLICY LIABILITIES - Separate Account Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 4,223,173 | $ 4,107,000 |
Managed volatility equity/fixed income blended fund | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,152,615 | 2,131,149 |
Equity | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,688,119 | 1,596,467 |
Fixed income | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 149,305 | 152,398 |
Money market | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 232,510 | 226,387 |
Alternative | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 624 | $ 599 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Loss Carryforwards [Line Items] | ||
Effective income tax rate | 19.70% | 36.40% |
Insurance | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax assets, valuation allowance | $ 89.3 |
EQUITY-BASED COMPENSATION - Sch
EQUITY-BASED COMPENSATION - Schedule of KKR Equity Incentive Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Asset Management and Insurance Segments | ||
Equity Based Payments | ||
Equity-based compensation | $ 183,411 | $ 183,337 |
Asset Management | ||
Equity Based Payments | ||
Equity-based compensation | 154,345 | 126,290 |
Insurance | ||
Equity Based Payments | ||
Equity-based compensation | $ 29,066 | $ 57,047 |
EQUITY-BASED COMPENSATION - KKR
EQUITY-BASED COMPENSATION - KKR Equity Incentive Plans Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) shares | |
Service-Vesting Awards | Asset Management and Strategic Holdings | |
Equity Based Payments | |
Portion of awards vested having one-year transfer restriction period (as a percent) | 50% |
Portion of awards vested having two-year transfer restriction period (as a percent) | 50% |
KKR 2019 Equity Incentive Plan | |
Equity Based Payments | |
Total awards issuable as a percentage of diluted common stock outstanding | 15% |
Number of shares authorized (in shares) | shares | 48,896,121 |
KKR Equity Incentive Plans | Asset Management and Strategic Holdings | |
Equity Based Payments | |
Portion of awards vested having one-year transfer restriction period (as a percent) | 50% |
Portion of awards vested having two-year transfer restriction period (as a percent) | 50% |
KKR Equity Incentive Plans | Service-Vesting Awards | |
Equity Based Payments | |
Minimum transfer restriction period with respect to one-half awards vested (in years) | 1 year |
Minimum transfer restriction period with respect to remaining one-half awards vested (in years) | 2 years |
Minimum retained ownership required to continuously hold common share equivalents to as percentage of cumulatively vested interests | 15% |
Maximum forfeiture rate assumed (as a percent) | 7% |
KKR Equity Incentive Plans | Service-Vesting Awards | Asset Management and Strategic Holdings | |
Equity Based Payments | |
Vesting period (in years) | 2 years 4 months 24 days |
Estimated unrecognized equity-based payment expense | $ | $ 981 |
KKR Equity Incentive Plans | Minimum | Service-Vesting Awards | |
Equity Based Payments | |
Vesting period (in years) | 3 years |
KKR Equity Incentive Plans | Maximum | Service-Vesting Awards | |
Equity Based Payments | |
Vesting period (in years) | 5 years |
EQUITY-BASED COMPENSATION - Awa
EQUITY-BASED COMPENSATION - Awards Rollforward (Details) - KKR Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Service-Vesting Awards | |
Shares (1) | |
Balance at the beginning of the period (in shares) | shares | 23,228,671 |
Granted (in shares) | shares | 4,098,787 |
Vested (in shares) | shares | (932,297) |
Forfeitures (in shares) | shares | (284,320) |
Balance at the end of the period (in shares) | shares | 26,110,841 |
Weighted Average Grant Date Fair Value | |
Balance at the beginning of the period (in dollars per share) | $ / shares | $ 53.22 |
Granted (in dollars per share) | $ / shares | 76.73 |
Vested (in dollars per share) | $ / shares | 74.09 |
Forfeitures (in dollars per share) | $ / shares | 55.77 |
Balance at the end of the period (in dollars per share) | $ / shares | $ 56.14 |
Market Condition Awards | Asset Management and Strategic Holdings | |
Shares (1) | |
Balance at the beginning of the period (in shares) | shares | 36,497,589 |
Granted (in shares) | shares | 2,278,830 |
Vested (in shares) | shares | (170,000) |
Forfeitures (in shares) | shares | (280,452) |
Balance at the end of the period (in shares) | shares | 38,325,967 |
Weighted Average Grant Date Fair Value | |
Balance at the beginning of the period (in dollars per share) | $ / shares | $ 29.59 |
Granted (in dollars per share) | $ / shares | 58.59 |
Vested (in dollars per share) | $ / shares | 21.29 |
Forfeitures (in dollars per share) | $ / shares | 23.67 |
Balance at the end of the period (in dollars per share) | $ / shares | $ 31.39 |
EQUITY-BASED COMPENSATION - Mar
EQUITY-BASED COMPENSATION - Market Condition Awards Narrative (Details) - Market Condition Awards - KKR Equity Incentive Plans $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) consecutiveTradingDay $ / shares shares | |
Equity Based Payments | |
Estimated unrecognized equity-based payment expense | $ | $ 685 |
Remaining requisite service period | 3 years 4 months 24 days |
Asset Management and Strategic Holdings | |
Equity Based Payments | |
Stock price target consecutive trading days threshold | consecutiveTradingDay | 20 |
Number of shares that met vesting conditions (in shares) | shares | 24.1 |
Asset Management and Strategic Holdings | Minimum | |
Equity Based Payments | |
Stock price target (in dollars per share) | $ 45 |
Required service period | 5 years |
Asset Management and Strategic Holdings | Maximum | |
Equity Based Payments | |
Stock price target (in dollars per share) | $ 140 |
Required service period | 6 years |
Maximum forfeiture rate assumed | 7% |
EQUITY-BASED COMPENSATION - Ass
EQUITY-BASED COMPENSATION - Assumptions Used to Estimate Fair Value (Details) - KKR Equity Incentive Plans - Asset Management and Strategic Holdings | 3 Months Ended |
Mar. 31, 2024 $ / shares | |
Market Condition Awards | Weighted Average | |
Equity Based Payments | |
Grant Date Fair Value (in dollars per share) | $ 30.57 |
Closing KKR share price as of valuation date (in dollars per share) | $ 51.60 |
Risk Free Rate | 2.21% |
Volatility | 30.04% |
Dividend Yield | 1.27% |
Expected Cost of Equity | 10.74% |
Market Condition Awards | Minimum | |
Equity Based Payments | |
Grant Date Fair Value (in dollars per share) | $ 19.87 |
Closing KKR share price as of valuation date (in dollars per share) | $ 37.93 |
Risk Free Rate | 0.41% |
Volatility | 28% |
Dividend Yield | 0.71% |
Expected Cost of Equity | 9.13% |
Market Condition Awards | Maximum | |
Equity Based Payments | |
Grant Date Fair Value (in dollars per share) | $ 66.80 |
Closing KKR share price as of valuation date (in dollars per share) | $ 82.85 |
Risk Free Rate | 4.41% |
Volatility | 38% |
Dividend Yield | 1.53% |
Expected Cost of Equity | 11.80% |
Co-CEO Market Condition Awards | |
Equity Based Payments | |
Grant Date Fair Value (in dollars per share) | $ 48.91 |
Closing KKR share price as of valuation date (in dollars per share) | $ 75.76 |
Risk Free Rate | 1.42% |
Volatility | 28% |
Dividend Yield | 0.77% |
Expected Cost of Equity | 9.36% |
EQUITY-BASED COMPENSATION - Co-
EQUITY-BASED COMPENSATION - Co-CEO Awards Narrative (Details) - Co-CEO Market Condition Awards - KKR Equity Incentive Plans - Asset Management and Strategic Holdings $ / shares in Units, shares in Millions, $ in Millions | Dec. 09, 2021 day $ / shares shares | Mar. 31, 2024 USD ($) shares |
Equity Based Payments | ||
Granted (in shares) | shares | 7.5 | |
Stock price target consecutive trading days threshold | day | 20 | |
Estimated unrecognized equity-based payment expense | $ | $ 399 | |
Number of shares that met vesting conditions (in shares) | shares | 3 | |
Tranche one | ||
Equity Based Payments | ||
Vesting percentage | 20% | |
Stock price target (in dollars per share) | $ 95.80 | |
Tranche two | ||
Equity Based Payments | ||
Vesting percentage | 20% | |
Stock price target (in dollars per share) | $ 105.80 | |
Tranche three | ||
Equity Based Payments | ||
Vesting percentage | 20% | |
Stock price target (in dollars per share) | $ 115.80 | |
Tranche four | ||
Equity Based Payments | ||
Vesting percentage | 20% | |
Stock price target (in dollars per share) | $ 125.80 | |
Tranche five | ||
Equity Based Payments | ||
Vesting percentage | 20% | |
Stock price target (in dollars per share) | $ 135.80 |
EQUITY-BASED COMPENSATION - Boo
EQUITY-BASED COMPENSATION - Book Value Awards Narrative (Details) - Insurance $ in Millions | Jan. 02, 2024 USD ($) shares | Feb. 01, 2021 payment installment shares |
Book-Value Awards | GA Plan | ||
Equity Based Payments | ||
Number of payments authorized to be received upon vesting | payment | 1 | |
Book value used in payment calculation, number of shares (in shares) | 1 | |
Number of vesting installments | installment | 3 | |
Service-Vesting Awards | KKR 2019 Equity Incentive Plan | ||
Equity Based Payments | ||
Granted (in shares) | 1,900,000 | |
Reclassification of share-based payment arrangement from liability to equity | $ | $ 77 |
EQUITY-BASED COMPENSATION - GA
EQUITY-BASED COMPENSATION - GA Equity Incentive Plan Awards Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jan. 02, 2024 | Jun. 24, 2021 | Mar. 31, 2024 | |
KKR Equity Incentive Plans | Insurance | |||
Equity Based Payments | |||
Compensation modification | $ 149 | ||
Service-Vesting Awards | GA Equity Incentive Plan | |||
Equity Based Payments | |||
Incentive shares issued (in shares) | 1,000 | ||
Maximum forfeiture rate assumed (as a percent) | 0% | ||
Vesting period (in years) | 5 years | ||
Service-Vesting Awards | KKR Equity Incentive Plans | |||
Equity Based Payments | |||
Maximum forfeiture rate assumed (as a percent) | 7% | ||
Granted (in shares) | 4,098,787 | ||
Service-Vesting Awards | KKR Equity Incentive Plans | Insurance | |||
Equity Based Payments | |||
Vesting period (in years) | 2 years | ||
Granted (in shares) | 1,300,000 | ||
Market Condition Awards | KKR Equity Incentive Plans | Insurance | |||
Equity Based Payments | |||
Granted (in shares) | 900,000 | ||
Maximum forfeiture rate assumed | 4% | ||
Restricted Holding Units (RHUs) | KKR Equity Incentive Plans | Insurance | |||
Equity Based Payments | |||
Vesting amount | $ 54 |
RELATED PARTY TRANSACTIONS - Sc
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - Affiliated Entity - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Related Party Transaction [Line Items] | ||
Due from Affiliates | $ 1,449,394 | $ 1,446,852 |
Due to Affiliates | 443,219 | 538,099 |
Amounts due from unconsolidated investment funds | ||
Related Party Transaction [Line Items] | ||
Due from Affiliates | 1,214,045 | 1,229,308 |
Due to Affiliates | 62,143 | 131,369 |
Amounts due from portfolio companies | ||
Related Party Transaction [Line Items] | ||
Due from Affiliates | 235,349 | 217,544 |
Amounts due to current and former employees under the tax receivable agreement | ||
Related Party Transaction [Line Items] | ||
Due to Affiliates | $ 381,076 | $ 406,730 |
SEGMENT REPORTING - Information
SEGMENT REPORTING - Information Regarding Segment Results (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) segment | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 3 | ||
Number of operating segments | segment | 3 | ||
Pre-tax Operating Earnings Attributable to Noncontrolling Interests | $ 1,363,051 | $ 408,435 | |
Dividend Income | 245,057 | 148,167 | |
Net Realized Investment Income | 1,019,257 | 141,036 | |
Total Segment Earnings | 1,154,841 | 980,199 | |
Total assets | 339,773,927 | 282,610,589 | $ 317,294,194 |
Total Non-cash expenses | 183,411 | 162,683 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 262,212,605 | 205,493,113 | |
Asset Management | |||
Segment Reporting Information [Line Items] | |||
Total Non-cash expenses | 154,345 | 126,290 | |
Asset Management | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Other Operating Expenses | (145,131) | (150,404) | |
Fee Related Earnings | 668,741 | 548,578 | |
Total Segment Earnings | 861,281 | 775,087 | |
Total assets | 24,726,206 | 24,960,722 | |
Asset Management | Management Fees | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Performance revenues | 815,327 | 738,156 | |
Asset Management | Transaction and Monitoring Fees, Net | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Performance revenues | 152,084 | 142,179 | |
Asset Management | Fee Related | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Performance revenues | 19,101 | 21,741 | |
Compensation | (172,640) | (203,094) | |
Asset Management | Realized Performance Income | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Performance revenues | 271,545 | 175,398 | |
Compensation | (193,547) | (114,009) | |
Asset Management | Realized Investment Income | |||
Segment Reporting Information [Line Items] | |||
Performance revenues | 134,753 | 194,834 | |
Asset Management | Realized Investment Income | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Performance revenues | 134,753 | 194,834 | |
Compensation | (20,211) | (29,714) | |
Insurance | |||
Segment Reporting Information [Line Items] | |||
Net Cost of Insurance | (199,236) | (225,318) | |
General, Administrative and Other | (183,855) | (211,731) | |
Total assets | 225,449,554 | 203,726,827 | |
Total Non-cash expenses | 29,066 | 36,393 | |
Insurance | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Cost of Insurance | (1,003,327) | (750,612) | |
General, Administrative and Other | (210,252) | (196,714) | |
Pre-tax Operating Earnings | 272,840 | 323,929 | |
Pre-tax Operating Earnings Attributable to Noncontrolling Interests | 0 | (118,817) | |
Total Segment Earnings | 272,840 | 205,112 | |
Total assets | 230,645,894 | 174,831,730 | |
Insurance | Realized Investment Income | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Performance revenues | 1,486,419 | 1,271,255 | |
Insurance | Interest expense | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Performance revenues | 3,200 | 44,800 | |
Strategic Holdings Segment | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Pre-tax Operating Earnings | 20,720 | 0 | |
Dividend Income | 20,720 | 0 | |
Total Segment Earnings | 20,720 | 0 | |
Total assets | 6,840,505 | 5,700,661 | |
Strategic Holdings Segment | Realized Investment Income | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Realized Investment Income | 0 | 0 | |
Asset Management and Insurance Segments | Management Fees | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Performance revenues | 112,400 | 108,300 | |
Asset Management and Strategic Holdings | |||
Segment Reporting Information [Line Items] | |||
Performance revenues | 693,526 | 677,016 | |
Compensation | (1,316,448) | (575,670) | |
General, Administrative and Other | (277,981) | $ (213,689) | |
Total assets | 114,324,373 | $ 113,567,367 | |
Asset Management and Strategic Holdings | Management Fees | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Performance revenues | $ 7,500 |
SEGMENT REPORTING - Reconciliat
SEGMENT REPORTING - Reconciliation to Total Segment Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Total GAAP Revenues | $ 9,656,738 | $ 3,127,482 |
Impact of Consolidation and Other | 283,823 | 209,778 |
Net Premiums | (6,036,522) | (473,624) |
Total Segment Revenues | 2,899,949 | 2,543,563 |
Asset Management | ||
Segment Reporting Information [Line Items] | ||
Capital Allocation-Based Income (Loss) (GAAP) | (1,262,942) | (449,018) |
Realized Carried Interest | 250,268 | 172,689 |
Capstone Fees | (18,514) | (19,805) |
Asset Management | Realized Investment Income - Asset Management | ||
Segment Reporting Information [Line Items] | ||
Performance revenues | 134,753 | 194,834 |
Asset Management | Expense Reimbursements | ||
Segment Reporting Information [Line Items] | ||
Performance revenues | 8,093 | 15,544 |
Strategic Holdings Segment | Management Fees | ||
Segment Reporting Information [Line Items] | ||
Total Segment Revenues | 7,484 | 0 |
Insurance | ||
Segment Reporting Information [Line Items] | ||
Total GAAP Revenues | 7,700,270 | 2,001,448 |
Net Premiums | (6,036,522) | (473,624) |
Policy Fees | (328,947) | (313,802) |
Other Income | (56,385) | (37,158) |
(Gains) Losses from Investments | 258,483 | 260,507 |
Non-operating Changes in Policy Liabilities and Derivatives | $ 19,803 | $ (112,776) |
SEGMENT REPORTING - Total Distr
SEGMENT REPORTING - Total Distributable Operating Earnings Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Income (Loss) Before Tax (GAAP) | $ 1,363,051 | $ 408,435 |
Interest Expense, Net | 754,064 | 576,338 |
Total Segment Earnings | 1,154,841 | 980,199 |
Asset Management | ||
Segment Reporting Information [Line Items] | ||
Unrealized (Gains) Losses | (399,078) | 119,934 |
Unrealized Carried Interest | (946,816) | (202,659) |
Unrealized Carried Interest Compensation | 757,452 | 83,830 |
Strategic Corporate Related Charges and Other | 61,675 | 6,807 |
Equity-based compensation | 154,345 | 126,290 |
Asset Management | Non-Performance Based Awards | ||
Segment Reporting Information [Line Items] | ||
Equity-based compensation | 73,777 | 59,017 |
Asset Management | Performance Based Awards | ||
Segment Reporting Information [Line Items] | ||
Equity-based compensation | 80,568 | 67,273 |
Strategic Holdings Segment | ||
Segment Reporting Information [Line Items] | ||
Unrealized (Gains) Losses | (73,257) | (20,607) |
Insurance | ||
Segment Reporting Information [Line Items] | ||
Equity-based compensation | 29,066 | 57,047 |
(Gains) Losses from Investments | 246,917 | 131,114 |
Non-operating Changes in Policy Liabilities and Derivatives | 73,863 | 106,491 |
Equity-based and Other Compensation | 29,066 | 36,393 |
Amortization of Acquired Intangibles | 4,412 | 2,794 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Impact of Consolidation and Other | (189,596) | 99,137 |
Interest Expense, Net | $ 72,807 | $ 82,240 |
SEGMENT REPORTING - Total Segme
SEGMENT REPORTING - Total Segment Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Segment Reporting Information [Line Items] | |||
Consolidated GAAP assets | $ 339,773,927 | $ 317,294,194 | $ 282,610,589 |
Impact of Consolidation and Reclassifications | (74,048,864) | (75,160,372) | |
Carry Pool Reclassifications | (3,512,458) | (1,957,104) | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated GAAP assets | $ 262,212,605 | $ 205,493,113 |
EQUITY - Narrative (Details)
EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | May 09, 2024 | Apr. 26, 2024 | |
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Remaining amount available for repurchase | $ 50 | $ 101 | ||
Remaining available amount, share repurchase program | 50 | |||
Additional amount in share repurchase program | $ 500 | |||
Series I Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock redemption price (in dollars per share) | $ 0.01 | |||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Shares of common stock repurchased (in shares) | 0 | 0 | ||
Equity awards for common stock retired (in shares) | 0 | 0 |
EQUITY - Schedule of Noncontrol
EQUITY - Schedule of Noncontrolling Interests Calculation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Stockholders' equity, beginning balance | $ 57,763,485 | |
Net Income (Loss) Attributable to Noncontrolling Interests | 1,093,850 | $ 259,688 |
Stockholders' equity, ending balance | 55,989,757 | 56,979,250 |
Noncontrolling Interests | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Stockholders' equity, beginning balance | 34,904,791 | 36,410,858 |
Net Income (Loss) Attributable to Noncontrolling Interests | 378,958 | (73,003) |
Other Comprehensive Income (Loss), net of tax | (1,480) | 367,188 |
Compensation Modification (See Note 19) | 53,623 | |
Equity-Based Compensation (Non Cash Contribution) | 103,907 | 76,596 |
Change in KKR & Co. Inc.'s Ownership Interest | (165,230) | |
Capital Contributions | 1,438,202 | 2,468,778 |
Capital Distributions | (1,732,066) | (1,840,303) |
Changes in Consolidation | (93,545) | |
Stockholders' equity, ending balance | 34,568,564 | 37,316,569 |
Noncontrolling Interests | 2024 GA Acquisition | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
2024 GA Acquisition - Cash consideration (See Note 1) | (2,622,230) | |
2024 GA Acquisition - Issuance of Holdings III Units (See Note 1) | 40,789 | |
Change in KKR & Co. Inc.'s Ownership Interest | 2,169,300 | |
Noncontrolling Interests | As previously reported | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Stockholders' equity, beginning balance | $ 34,904,791 | 35,778,000 |
Noncontrolling Interests | Adoption of New Accounting Standard (See Note 2) | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Stockholders' equity, beginning balance | $ 632,858 |
REDEEMABLE NONCONTROLLING INT_3
REDEEMABLE NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Redeemable Noncontrolling Interest [Line Items] | ||||
Redeemable non-controlling interests | $ 922,093 | $ 615,427 | $ 144,126 | $ 152,065 |
Global Atlantic | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Redeemable non-controlling interests | 47,000 | 47,800 | ||
Estimated redemption value | $ 3,200 | $ 3,200 |
REDEEMABLE NONCONTROLLING INT_4
REDEEMABLE NONCONTROLLING INTERESTS - Schedule Of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Increase (Decrease) in Redeemable Noncontrolling Interests | ||
Balance at the beginning of the period | $ 615,427 | $ 152,065 |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests | 32,678 | (7,303) |
Capital Contributions | 282,253 | 0 |
Capital Distributions | (8,265) | (636) |
Balance at the end of the period | $ 922,093 | $ 144,126 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2013 | Dec. 31, 2023 | |
Other Commitments [Line Items] | ||||
Notional amount | $ 94,992,971,000 | $ 84,622,876,000 | ||
Global Atlantic | Payment Guarantee | ||||
Other Commitments [Line Items] | ||||
Guarantor period | 25 years | |||
Payment obligation | 47,800,000 | $ 214,000,000 | ||
Global Atlantic | Unaffiliated Third Parties | ||||
Other Commitments [Line Items] | ||||
Total fees expensed | 5,100,000 | $ 5,100,000 | ||
Total capacity of financing arrangements | 2,300,000,000 | $ 2,300,000,000 | ||
Private and Public Markets Investment Funds | KKR | ||||
Other Commitments [Line Items] | ||||
Unfunded commitments | 7,900,000,000 | |||
Certain Investment Vehicles | KKR | Maximum Loss | ||||
Other Commitments [Line Items] | ||||
Unfunded commitments | 61,100,000 | |||
Capital Markets | KKR | ||||
Other Commitments [Line Items] | ||||
Unfunded commitments | 504,000,000 | |||
Notional amount | 4,500,000,000 | |||
Purchase or Funding of Investments | Global Atlantic | ||||
Other Commitments [Line Items] | ||||
Unfunded commitments | 3,800,000,000 | |||
Commitment to Extend Credit | Global Atlantic | ||||
Other Commitments [Line Items] | ||||
Liability for current expected credit losses | 54,000,000 | |||
Clawback Obligation Attributable to Certain and Former KKR Employees | KKR | ||||
Other Commitments [Line Items] | ||||
Private equity fund carried interest amount subject to clawback provision assuming liquidation at fair value | 550,000,000 | |||
Cash reserve for full reimbursement amount | 223,000,000 | |||
Liquidation value for clawback obligation | 0 | |||
Clawback obligation amount if private equity vehicles liquidated at fair value | 3,700,000,000 | |||
Amount entitled to seek for reimbursement | 1,600,000,000 | |||
Clawback Obligation Attributable to Certain and Former KKR Employees | KKR | KKR Associates Holdings L.P. | ||||
Other Commitments [Line Items] | ||||
Cash reserve for full reimbursement amount | $ 223,000,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - $ / shares | May 28, 2024 | May 01, 2024 |
Forecast | ||
Subsequent Events | ||
Dividend to be paid (in dollars per share) | $ 0.175 | |
Subsequent Event | ||
Subsequent Events | ||
Dividend declared (in dollars per share) | $ 0.175 |