A reinforced anchor assembly for lifting a tilt-up and precast insulated concrete panel provides an erection anchor that is configured to be precast in an edge portion of an insulated concrete panel and span between outer concrete layers of the insulated concrete panel. The erection anchor includes a central portion with a lifting hole configured to be positioned between the outer concrete layers for engage a lifting device. The erection anchor also includes lateral portions on opposing sides of the central portion that each include reinforcement apertures. A plurality of reinforcement bars are each configured to be precast in one of the outer layers of concrete and engage one of the reinforcement apertures in the erection anchor, such that the plurality of reinforcement bars support the insulated concrete panel under shear and tension loading forces.