Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 167

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 167
---
 54,473 Issuances670 — 670 Interest accrual901 35 936 Benefit payments(2,243)(44)(2,287)Foreign exchange(6)(404)(410)Ending balance at original discount rate50,528 2,854 53,382 Effect of changes in discount rate assumptions(7,537)(45)(7,582)Effect of foreign exchange on the change in discount rate assumptions1 (1)— Ending balance, present value of expected future policy benefits42,992 2,808 45,800 Less: Present value of expected net premiums— 942 942 Net future policy benefits$42,992 $1,866 $44,858 Weighted-average liability duration (in years)9.432.2Weighted-average interest accretion rate3.7 %4.8 %Weighted-average current discount rate5.6 %4.4 %Expected future gross premiums, undiscounted$— $1,201 Expected future gross premiums, discounted1— 992 Expected future benefit payments, undiscounted74,184 10,247 1 Discounted at the original discount rate.

67

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

The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition:June 30,(In millions)20252024Payout annuities with life contingencies$41,926 $42,992 Whole life1,729 1,866 Reconciling items15,745 5,941 Future policy benefits$49,400 $50,799 1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded.The following is a reconciliation of premiums and interest expense relating to future policy benefits to the condensed consolidated statements of operations:PremiumsSix months ended June 30,(In millions)20252024Payout annuities with life contingencies$122 $655 Whole life101 105 Reconciling items111 14