KKR & Co. Inc.

As described above under “Management's Discussion and Analysis of Financial Condition and Results of Operations—Consolidated results of operations (GAAP basis - unaudited)—Notable Items—Assumption Review,” Global Atlantic reviews the assumptions underlying the adequacy of its reserves, deferred revenue and expenses at least annually and usually in the third quarter. In our earnings release for the third quarter 2024, we reported that insurance operating earnings had a benefit of approximately $50 million primarily related to the impact of Global Atlantic's annual actuarial assumption review. After further analysis, it was determined that this benefit should have instead been a charge of approximately $20 million, which resulted in insurance segment operating earnings being revised to $239 million for the third quarter 2024. This adjustment does not impact the core financial results of our insurance business unrelated to this annual actuarial assumption review process. This adjustment resulted in corresponding changes to KKR’s previously announced total operating earnings and adjusted net income for the third quarter 2024, and KKR’s GAAP income (loss) and stockholders’ equity financial measures. The adjusted per share measures for total operating earnings and adjusted net income for the three months and nine months ended September 30, 2024 are set forth below. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included under "Management's Discussion and Analysis of Financial Condition and Results of Operations—Segment Balance Sheet Measures—Reconciliations to GAAP Measures."