Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 119

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 119
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 of the business. The universal life policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3. Other liabilitiesOther liabilities include funds withheld liability embedded derivatives, as described above in funds withheld at interest embedded derivatives, and a ceded modco agreement of certain inforce funding agreement contracts for which Athene elected the fair value option. Athene estimates the fair value of the ceded modco agreement by discounting projected cash flows for net settlements and certain periodic and non-periodic payments. Unobservable inputs include estimates for asset portfolio returns and economic inputs used in the discount rate, including risk margin. Depending on the projected cash flows and other assumptions, the contract may be recorded as an asset or liability. The estimate is classified as Level 3.

7. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business AcquiredThe following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 8 for more information on Athene’s products. Three months ended March 31, 2025DACDSIVOBATotal DAC, DSI and VOBA(In millions)Traditional Deferred AnnuitiesIndexed AnnuitiesFunding AgreementsOther Investment-typeIndexed AnnuitiesBalance at December 31, 2024$1,158 $2,278 $40 $11 $1,476 $2,210 $7,173 Additions237 258 19 1 184 — 699 Amortization(81)(58)(5)— (40)(83)(267)Other1 — — — — — 1 Balance at March 31, 2025$1,315 $2,478 $54 $12 $1,620 $2,127 $7,606 Three months ended March 31, 2024DACDSIVOBATotal DAC, DSI and VOBA(In millions)Traditional Deferred AnnuitiesIndexed AnnuitiesFunding AgreementsOther Investment-typeIndexed AnnuitiesBalance at December 31, 2023$890 $1,517 $10 $11 $970 $2,581 $5,979 Additions147 294 18 — 177 — 636 Amortization(51)(39)(2)— (26)(89)(207)Balance at March 31, 2024$986 $1,772