Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 280

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 280
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3 — 1,306 164 — Funds withheld at interest – embedded derivative(615)210 — — — (405)— — Other investments331 14 — — — 345 14 — Reinsurance recoverable1,661 104 — 136 — 1,901 — — Assets of consolidated VIEsTrading securities1,954 213 — (356)147 1,958 148 — Mortgage loans2,579 138 — (636)(1)2,080 95 — Investment funds770 (9)— (498)— 263 (22)— Other investments103 2 — 564 (5)664 11 — Total Level 3 assets – Retirement Services$104,024 $3,442 $699 $28,579 $(6,538)$130,206 $2,403 $705 (Continued)

53

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

Nine months ended September 30, 2025Total realized and unrealized gains (losses)(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending BalanceTotal Gains (Losses) Included in Earnings1Total Gains (Losses) Included in OCI1Liabilities – Asset ManagementContingent consideration obligations$67 $10 $— $(19)$— $58 $— $— Total Level 3 liabilities – Asset Management$67 $10 $— $(19)$— $58 $— $— Liabilities – Retirement ServicesInterest sensitive contract liabilitiesEmbedded derivative$(11,242)$(1,144)$— $(1,913)$— $(14,299)$— $— Universal life benefits(742)(35)— — — (777)— — Future policy benefitsAmerUs Closed Block(1,102)— — — — (1,102)— — ILICO Closed Block and life benefits(538)(10)— — — (548)— — Derivative liabilities(1)1 — —