Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 30

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 30
---
 in 2025, an increase of $1.5 billion from $6.9 billion in 2024. The increase was primarily driven by an increase in net investment income, an increase in investment related gains (losses) and an increase in revenues of consolidated VIEs, partially offset by a decrease in premiums.

Net investment income was $5.0 billion in 2025, an increase of $912 million from $4.1 billion in 2024, primarily driven by significant growth in Athene’s investment portfolio attributable to strong net flows during the previous twelve months and higher rates on new deployment in comparison to Athene’s existing portfolio related to the higher interest rate environment. These impacts were partially offset by lower floating rate income.

Investment related gains (losses) were $2.3 billion in 2025, an increase of $715 million from $1.5 billion in 2024, primarily driven by a favorable change in fair value of FIA hedging derivatives, favorable net foreign exchange impacts and a decrease in realized losses on the sale of mortgage loans and AFS securities, partially offset by an unfavorable change in fair value of mortgage loans and reinsurance assets. The change in fair value of FIA hedging derivatives increased $1.1 billion, primarily driven by more favorable performance of the equity indices upon which Athene’s call options are based. The largest percentage of Athene’s call options are based on the S&P 500 Index, which increased 7.8% in 2025, compared to an increase of 5.5% in 2024. The favorable net foreign exchange impacts were primarily related to the strengthening of the U.S. dollar against foreign currencies in 2025 compared to 2024, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI. The change in fair value of mortgage loans decreased $607 million, primarily driven by a smaller decrease in U.S. Treasury rates in 2025 compared to 2024. The change in fair value of reinsurance assets decreased $598 million, primarily driven by a smaller decrease in U.S. Treasury rates in 2025 compared to 

123

2024, as well as runoff of the underlying investments within Athene’s funds withheld asset, partially offset by credit spread tightening in 2025 compared to 2024. 

Revenues of consolidated VIEs were $654 million in 2025, an increase of $102 million from $