Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 165

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 165
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 value allocated to an indexed strategy or other amounts without a GMCR.Note: The amounts presented in this table have been revised to conform with the current year presentation to provide certain product-level detail and account value allocated to an indexed strategy or other amounts without a GMCR.

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

Future policy benefits – Future policy benefits consist primarily of payout annuities, including single premium immediate annuities with life contingencies (which include pension group annuities with life contingencies), and whole life insurance contracts.The following is a rollforward by product within future policy benefits:Six months ended June 30, 2025(In millions, except percentages and years)Payout Annuities with Life ContingenciesWhole LifeTotalPresent value of expected net premiumsBeginning balance$— $880 $880 Effect of changes in discount rate assumptions— (30)(30)Effect of foreign exchange on the change in discount rate assumptions— 2 2 Beginning balance at original discount rate— 852 852 Effect of actual to expected experience— (1)(1)Adjusted balance— 851 851 Interest accrual— 10 10 Net premium collected— (92)(92)Foreign exchange— 76 76 Ending balance at original discount rate— 845 845 Effect of changes in discount rate assumptions— 23 23 Ending balance, present value of expected net premiums$— $868 $868 Present value of expected future policy benefitsBeginning balance$42,261 $2,711 $44,972 Effect of changes in discount rate assumptions7,378 206 7,584 Effect of foreign exchange on the change in discount rate assumptions(5)(1)(6)Beginning balance at original discount rate49,634 2,916 52,550 Effect of actual to expected experience(64)2 (62)Adjusted balance49,570 2,918 52,488 Issuances133 — 133 Interest accrual879 35 914 Benefit payments(2,238)(49)(2,287)Foreign exchange75 270 345 Ending balance at original discount rate48,419 3,174 51,593 Effect of changes in discount rate assumptions(6,465)(553)(7,018)Effect of foreign exchange on the change