Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 84

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 84
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 remuneration programs. Reductions in performance fee revenues could also make it harder to retain employees and cause employees to seek other employment opportunities.

Critical Accounting Estimates and Policies - Retirement Services

Investments

The Company is responsible for the fair value measurement of investments presented in the consolidated financial statements. The Company performs regular analysis and review of its valuation techniques, assumptions and inputs used in determining fair value to evaluate if the valuation approaches are appropriate and consistently applied, and the various assumptions are reasonable. The Company also performs quantitative and qualitative analysis and review of the information and prices received from commercial pricing services and broker-dealers, to verify it represents a reasonable estimate of the fair value of each investment. In addition, the Company uses both internally-developed and commercially-available cash flow models to analyze the reasonableness of fair values using credit spreads and other market assumptions, where appropriate. For investment funds, the Company typically recognizes its investment, including those for which it has elected the fair value option, based on net asset value information provided by the general partner or related asset manager. For a discussion of investment funds for which it has elected the fair value option, see note 7 to the consolidated financial statements.

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Valuation of Fixed Maturity Securities, Equity Securities and Mortgage Loans

The following table presents the fair value of fixed maturity securities, equity securities and mortgage loans, including those with related parties and those held by consolidated VIEs, by pricing source and fair value hierarchy:

December 31, 2024(In millions, except percentages)TotalLevel 1Level 2Level 3Fixed maturity securitiesAFS securitiesPriced via commercial pricing services$116,317 $7,818 $108,495 $4 Priced via independent broker-dealer quotations37,582 — 34,896 2,686 Priced via models or other methods30,268 — 278 29,990 Trading securitiesPriced via commercial pricing services1,130 21 1,109 — Priced via independent broker-dealer quotations453 1 430 22 Priced via models or other methods573 — — 573 Trading securities of consolidated VIEs2,301 — 347 1,954 Total fixed maturity securities, including related parties and consolidated VIEs188,624 7,840 145,555 35,229 Equity securitiesPriced via commercial pricing services1,263 190 1,