Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
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Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) The following documents are filed as part of this report.
- Financial Statements
See Item 8 above.
- Financial Statement Schedules:
See Schedule II - Valuation and Qualifying Accounts - Years Ended December 31, 2023, 2022 and 2021 and Schedule IV - Reinsurance - Years Ended December 31, 2023, 2022 and 2021 - of this report on Form 10-K. The other schedules are omitted as they are not applicable or the amounts involved are not material.
- Exhibits:
| 32.1 | Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||||
| 32.2 | Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||||
| 32.3 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||||
| 97.1 | KKR & Co. Inc. Incentive Compensation Clawback Policy. | ||||||||||
| 101 | Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL: (i) the Consolidated Statements of Financial Condition as of December 31, 2023 and December 31, 2022, (ii) the Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021, (iii) the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2023, 2022 and 2021, (iv) the Consolidated Statements of Changes in Equity for the years ended December 31, 2023, 2022 and 2021 (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021, and (vi) the Notes to the Consolidated Financial Statements. | ||||||||||
| 104 | Cover page interactive data file, formatted in Inline XBRL and contained in Exhibit 101. |
- Management contract or compensatory plan in which directors and/or executive officers are eligible to participate.
† Certain information contained in this agreement has been omitted because it is not material and is the type that the registrant treats as private or confidential.
The registrant hereby agrees to furnish to the SEC at its request copies of long-term debt instruments defining the rights of holders of outstanding long-term debt that are not required to be filed herewith.
The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.
FINANCIAL STATEMENT SCHEDULES
| SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||||
| Valuation Allowance for Deferred Tax Assets | |||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Asset Management | |||||||||||||||||||||||
| Balance at Beginning of Period | Tax Valuation Allowance Charged to Income Tax Provision | Tax Valuation Allowance Credited to Balance Sheet | Balance at End of Period | ||||||||||||||||||||
| Year Ended: | |||||||||||||||||||||||
| December 31, 2021 | $ | 23,082 | $ | — | $ | — | $ | 23,082 | |||||||||||||||
| December 31, 2022 | $ | 23,082 | $ | — | $ | 23,082 | (1) | $ | — | ||||||||||||||
| December 31, 2023 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
| (1) A valuation allowance was recorded for deferred tax assets related to foreign loss carryforwards that were not considered to be more likely than not realized prior to their expiration. These deferred taxes and associated valuation allowances were reversed in 2022 as a result of a deconsolidation transaction. |
| Insurance | |||||||||||||||||||||||
| Balance at Beginning of Period | Tax Valuation Allowance Charged to Income Tax Provision | Tax Valuation Allowance Charged to Balance Sheet | Balance at End of Period | ||||||||||||||||||||
| Year Ended: | |||||||||||||||||||||||
| December 31, 2021 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
| December 31, 2022 | $ | — | $ | — | $ | 89,250 | (2) | $ | (89,250) | ||||||||||||||
| December 31, 2023 | $ | (89,250) | $ | — | $ | — | $ | (89,250) | |||||||||||||||
| (2) A valuation allowance was recorded for deferred tax assets related to unrealized tax capital losses that are not considered to be more likely than not to be realized prior to their expiration. The valuation allowance establishment was allocated to other comprehensive income. |
| Insurance | |||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Additions | |||||||||||||||||||||||||||||||||||||||||
| Balance at Beginning of Period | Charged to costs and expenses | Assumed | Recoveries | Deductions | Charge-off | Balance at End of Period | |||||||||||||||||||||||||||||||||||
| Reserves deducted from assets to which they apply: | |||||||||||||||||||||||||||||||||||||||||
| Credit loss allowance on available-for-sale securities | $ | 128,332 | $ | 168,899 | $ | 1,191 | $ | — | $ | (16,063) | $ | (13,647) | $ | 268,712 | |||||||||||||||||||||||||||
| Credit loss allowance on loans | 560,228 | 210,704 | — | 21,768 | — | (190,257) | $ | 602,443 | |||||||||||||||||||||||||||||||||
| Credit loss allowance on unfunded commitments | 55,786 | (6,354) | — | — | — | — | $ | 49,432 | |||||||||||||||||||||||||||||||||
| Credit loss allowance on reinsurance recoverables | 41,163 | (20,114) | — | — | — | — | $ | 21,049 | |||||||||||||||||||||||||||||||||
| Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
| Additions | |||||||||||||||||||||||||||||||||||||||||
| Balance at Beginning of Period | Charged to costs and expenses | Assumed | Recoveries | Deductions | Charge-off | Balance at End of Period | |||||||||||||||||||||||||||||||||||
| Reserves deducted from assets to which they apply: | |||||||||||||||||||||||||||||||||||||||||
| Credit loss allowance on available-for-sale securities | $ | 88,133 | $ | 57,411 | $ | 2,554 | $ | — | $ | (11,925) | $ | (7,841) | $ | 128,332 | |||||||||||||||||||||||||||
| Credit loss allowance on loans | 374,077 | 369,296 | — | — | — | (183,145) | 560,228 | ||||||||||||||||||||||||||||||||||
| Credit loss allowance on unfunded commitments | 21,675 | 34,111 | — | — | — | — | 55,786 | ||||||||||||||||||||||||||||||||||
| Credit loss allowance on reinsurance recoverables | 8,386 | 32,777 | — | — | — | — | 41,163 | ||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
| Additions | |||||||||||||||||||||||||||||||||||||||||
| Balance at Beginning of Period | Charged to costs and expenses | Assumed | Recoveries | Deductions | Charge-off | Balance at End of Period | |||||||||||||||||||||||||||||||||||
| Reserves deducted from assets to which they apply: | |||||||||||||||||||||||||||||||||||||||||
| Credit loss allowance on available-for-sale securities | $ | 120,895 | $ | (25,316) | $ | 10,854 | $ | — | $ | (18,300) | $ | — | $ | 88,133 | |||||||||||||||||||||||||||
| Credit loss allowance on loans | 120,259 | 252,979 | 1,636 | — | (797) | — | 374,077 | ||||||||||||||||||||||||||||||||||
| Credit loss allowance on unfunded commitments | — | 21,675 | — | — | — | — | 21,675 | ||||||||||||||||||||||||||||||||||
| Credit loss allowance on reinsurance recoverables | — | 8,386 | — | — | — | — | 8,386 |
| SCHEDULE IV—REINSURANCE | |||||||||||||||||||||||||||||
| As of December 31, 2023 | |||||||||||||||||||||||||||||
| Gross Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage of Amount Assumed to Net | |||||||||||||||||||||||||
| ($ in thousands) | |||||||||||||||||||||||||||||
| Life insurance in-force | $ | 81,531,659 | $ | (69,253,317) | $ | 45,073,052 | $ | 57,351,394 | 79 | % | |||||||||||||||||||
| Premiums and other considerations: | |||||||||||||||||||||||||||||
| Premiums | $ | 118,535 | $ | (2,281,618) | $ | 4,138,758 | $ | 1,975,675 | 209 | % | |||||||||||||||||||
| Policy fees | 912,931 | (94,767) | 442,085 | 1,260,249 | 35 | % | |||||||||||||||||||||||
| As of December 31, 2022 | |||||||||||||||||||||||||||||
| Gross Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage of Amount Assumed to Net | |||||||||||||||||||||||||
| ($ in thousands) | |||||||||||||||||||||||||||||
| Life insurance in-force | $ | 87,800,041 | $ | (50,258,155) | $ | 20,664,894 | $ | 58,206,780 | 36 | % | |||||||||||||||||||
| Premiums and other considerations: | |||||||||||||||||||||||||||||
| Premiums | $ | 111,602 | $ | (1,342,375) | $ | 2,413,234 | $ | 1,182,461 | 204 | % | |||||||||||||||||||
| Policy fees | $ | 950,702 | $ | (17,509) | $ | 328,528 | $ | 1,261,721 | 26 | % | |||||||||||||||||||
| As of December 31, 2021 | |||||||||||||||||||||||||||||
| Gross Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage of Amount Assumed to Net | |||||||||||||||||||||||||
| ($ in thousands) | |||||||||||||||||||||||||||||
| Life insurance in-force | $ | 98,911,475 | $ | (53,299,613) | $ | 16,762,152 | $ | 62,374,014 | 27 | % | |||||||||||||||||||
| Premiums and other considerations: | |||||||||||||||||||||||||||||
| Premiums | $ | 107,733 | $ | (2,455,580) | $ | 4,573,925 | $ | 2,226,078 | 205 | % | |||||||||||||||||||
| Policy fees | $ | 850,062 | $ | (1,127) | $ | 288,870 | $ | 1,137,805 | 25 | % |
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