Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
88K characters. Original on sec.gov · Markdown
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, 2025, 2024, and 2023 and
Schedule IV - Reinsurance - Years Ended December 31, 2025, 2024, and 2023 - 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:
| 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, 2025 and December 31, 2024, (ii) the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023, (iii) the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023, (iv) the Consolidated Statements of Changes in Equity for the years ended December 31, 2025, 2024 and 2023 (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023, 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 and Strategic Holdings | |||||||
| Balance at Beginning of Period | Tax Valuation Allowance (Charged) / Credited to Income Tax Provision | Tax Valuation Allowance (Charged) / Credited to Balance Sheet | Balance at End of Period | ||||
| Year Ended: | |||||||
| December 31, 2023 | $— | $— | $— | $— | |||
| December 31, 2024 | $— | $— | $— | $— | |||
| December 31, 2025 | $— | $(24,130) | (1) | $— | $(24,130) | ||
| (1) A valuation allowance has been recorded for deferred tax assets related to State credit carryforwards that are not considered to be more likely than not realized prior to their expiration. |
| Insurance | |||||||
| Balance at Beginning of Period | Tax Valuation Allowance (Charged) / Credited to Income Tax Provision | Tax Valuation Allowance (Charged) / Credited to Balance Sheet | Balance at End of Period | ||||
| Year Ended: | |||||||
| December 31, 2023 | $(89,250) | $— | $— | $(89,250) | |||
| December 31, 2024 | $(89,250) | $67,147 | $(14,830) | (2) | $(36,933) | ||
| December 31, 2025 | $(36,933) | $(5,698) | $— | $(42,631) | |||
| (2) On January 2, 2024, Global Atlantic became subject to Bermuda CIT and resulted in the establishment of a $22.1 million deferred tax asset, primarily on available-for-sale securities, which was offset by a full valuation allowance. As of December 31, 2024, a valuation allowance of $38.1 million was recorded on the deferred tax assets associated with Bermuda CIT. |
| Insurance | |||||||||||||
| Year Ended December 31, 2025 | |||||||||||||
| 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 | $275,322 | $137,731 | $804 | $— | $(36,924) | $(88,269) | $288,664 | ||||||
| Credit Loss Allowance on Loans | 614,408 | 126,428 | — | 24,195 | — | (156,537) | 608,494 | ||||||
| Credit Loss Allowance on Unfunded Commitments and Letters of Credit | 18,793 | 12,123 | — | — | — | — | 30,916 | ||||||
| Credit Loss Allowance on Reinsurance Recoverables | 16,368 | 3,498 | — | — | — | — | 19,866 | ||||||
| Year Ended December 31, 2024 | |||||||||||||
| 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 | $268,712 | $115,367 | $611 | $— | $(20,466) | $(88,902) | $275,322 | ||||||
| Credit Loss Allowance on Loans | 602,443 | 305,770 | — | 28,773 | — | (322,578) | 614,408 | ||||||
| Credit Loss Allowance on Unfunded Commitments and Letters of Credit | 49,432 | (30,639) | — | — | — | — | 18,793 | ||||||
| Credit Loss Allowance on Reinsurance Recoverables | 21,049 | (4,681) | — | — | — | — | 16,368 | ||||||
| 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) | $268,712 | ||||||
| Credit Loss Allowance on Loans | 560,228 | 210,704 | — | 21,768 | — | (190,257) | 602,443 | ||||||
| Credit Loss Allowance on Unfunded Commitments | 55,786 | (6,354) | — | — | — | — | 49,432 | ||||||
| Credit Loss Allowance on Reinsurance Recoverables | 41,163 | (20,114) | — | — | — | — | 21,049 |
| SCHEDULE IV—REINSURANCE | |||||||||
| As of December 31, 2025 | |||||||||
| ($ in thousands) | Gross Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage of Amount Assumed to Net | ||||
| Life Insurance In-force | $72,635,509 | $(47,003,018) | $41,971,747 | $67,604,238 | 62% | ||||
| Premiums and Other Considerations: | |||||||||
| Premiums | $1,822,474 | $(1,795,754) | $3,370,466 | $3,397,186 | 99% | ||||
| Policy Fees | $906,470 | $(654,760) | $1,099,104 | $1,350,814 | 81% | ||||
| As of December 31, 2024 | |||||||||
| ($ in thousands) | Gross Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage of Amount Assumed to Net | ||||
| Life Insurance In-force | $75,603,581 | $(57,446,060) | $43,934,822 | $62,092,343 | 71% | ||||
| Premiums and Other Considerations: | |||||||||
| Premiums | $642,803 | $(4,659,566) | $11,915,597 | $7,898,834 | 151% | ||||
| Policy Fees | $917,684 | $(651,996) | $1,111,998 | $1,377,686 | 81% | ||||
| As of December 31, 2023 | |||||||||
| ($ in thousands) | Gross Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage of Amount Assumed to Net | ||||
| 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% |
Previous: Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES · Next: Item 16. FORM 10-K SUMMARY