Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 31

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 31
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552 million in 2024, primarily driven by growth and investment performance within AAA related to favorable returns on the underlying assets.

Premiums were $117 million in 2025, a decrease of $272 million from $389 million in 2024, primarily driven by a $294 million decrease in pension group annuity premiums compared to 2024.

Expenses

Retirement Services expenses were $5.8 billion in 2025, an increase of $1.0 billion from $4.8 billion in 2024. The increase was primarily driven by an increase in interest sensitive contract benefits and an increase in the amortization of DAC, DSI and VOBA, partially offset by a decrease in market risk benefits remeasurement (gains) losses, a decrease in future policy and other policy benefits and a decrease in policy and other operating expenses. Athene’s annual unlocking of assumptions resulted in a decrease in total benefits and expenses of $55 million compared to an increase of $31 million in 2024. The 2025 unlocking was driven by a decrease of $90 million in interest sensitive contract benefits and a decrease of $59 million in market risk benefits, partially offset by an increase of $53 million related to DAC, DSI and VOBA amortization and an increase of $41 million in future policy and other policy benefits. The 2024 unlocking was driven by an increase of $62 million in market risk benefits, an increase of $21 million related to DAC, DSI and VOBA amortization and an increase of $8 million in interest sensitive contract benefits, partially offset by a decrease of $60 million in future policy and other policy benefits.

Interest sensitive contract benefits were $4.2 billion in 2025, an increase of $1.6 billion from $2.6 billion in 2024, primarily driven by an increase in the change in FIA reserves, significant growth in Athene’s deferred annuity and funding agreement blocks of business and higher rates on new deferred annuity and funding agreement issuances, as well as runoff of lower rate business, in comparison to its existing blocks of business. These impacts were partially offset by lower rates on floating rate funding agreements and a favorable change in unlocking. The change in Athene’s FIA reserves includes the impact from changes in the fair value of FIA embedded derivatives. The increase in the change in fair value of FIA embedded derivatives of $985 million was primarily due to the performance of the equity indices to which Athene’s FIA policies