Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 87

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 87
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,871 $(104)$3,790 $(258)Foreign currency swaps13,153 (298)12,517 (842)Interest sensitive contract liabilitiesForeign currency swaps4,571 9 2,426 130 Foreign currency interest rate swaps4,187 354 3,946 488 Interest rate swaps18,264 5 17,873 130 1 The carrying amount disclosed for AFS securities is amortized cost.The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships:Amounts excluded(In millions)DerivativesHedged itemsNetRecognized in income through amortization approachRecognized in income through changes in fair valueThree months ended March 31, 2025Investment related gains (losses)Foreign currency forwards$(115)$104 $(11)$10 $— Foreign currency swaps(332)359 27 — — Foreign currency interest rate swaps137 (134)3 — — Interest rate swaps129 (125)4 — — Interest sensitive contract benefitsForeign currency interest rate swaps23 (23)— — — Three months ended March 31, 2024Investment related gains (losses)Foreign currency forwards136 (132)4 18 9 Foreign currency swaps112 (114)(2)— — Foreign currency interest rate swaps(116)117 1 — — Interest rate swaps(106)75 (31)— — Interest sensitive contract benefitsForeign currency interest rate swaps16 (16)— — — 

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

The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:Three months ended March 31,(In millions)20252024Foreign currency forwards$26 $(17)Foreign currency swaps107 (38)Net Investment Hedges Athene uses foreign currency forwards to hedge the foreign currency exchange rate risk of its investments in subsidiaries that have a reporting currency other than the U.S. dollar. Hedge effectiveness is assessed based on the changes in forward rates. During the three months ended March 31, 2025 and 2024, these derivatives had losses of $8 million and gains of $3