Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 288

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 288
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 where necessary, to conform to the duration of Athene’s liabilities.During the six months ended June 30, 2025, the present value of expected future policy benefits decreased by $449 million, which was driven by $2,287 million of benefit payments, offset by $914 million of interest accruals, a $573 million change in discount rate assumptions related to a decrease in market observable rates, a $345 million change in foreign exchange and $133 million of issuances, primarily pension group annuities.During the six months ended June 30, 2024, the present value of expected future policy benefits decreased by $2,572 million, which was driven by $2,287 million of benefit payments and a $1,431 million change in discount rate assumptions related to an increase in market observable rates, partially offset by $936 million of interest accrual.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of operations:Six months ended June 30,(In millions)20252024Reserves$61 $32 Deferred profit liability2 (29)Negative VOBA(3)(10)Total remeasurement gains (losses)$60 $(7)During the six months ended June 30, 2025 and 2024, Athene recorded reserve increases of $8 million and $35 million, respectively, on the condensed consolidated statements of operations as a result of the present value of benefits and expenses exceeding the present value of gross premiums.Market risk benefits – Athene issues and reinsures traditional deferred and indexed annuity products that contain GLWB and GMDB riders that meet the criteria to be classified as market risk benefits.The following is a rollforward of net market risk benefit liabilities by product:Six months ended June 30, 2025(In millions, except years)Traditional Deferred AnnuitiesIndexed AnnuitiesTotalBalance at December 31, 2024$190 $3,525 $3,715 Effect of changes in instrument-specific credit risk(3)(154)(157)Balance, beginning of period, before changes in instrument-specific credit risk187 3,371 3,558 Issuances— 201 201 Interest accrual4 89 93