Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 169

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 169
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Total remeasurement gains (losses)$60 $(7)During the six months ended June 30, 2025 and 2024, Athene recorded reserve increases of $8 million and $35 million, respectively, on the condensed consolidated statements of operations as a result of the present value of benefits and expenses exceeding the present value of gross premiums.Market risk benefits – Athene issues and reinsures traditional deferred and indexed annuity products that contain GLWB and GMDB riders that meet the criteria to be classified as market risk benefits.The following is a rollforward of net market risk benefit liabilities by product:Six months ended June 30, 2025(In millions, except years)Traditional Deferred AnnuitiesIndexed AnnuitiesTotalBalance at December 31, 2024$190 $3,525 $3,715 Effect of changes in instrument-specific credit risk(3)(154)(157)Balance, beginning of period, before changes in instrument-specific credit risk187 3,371 3,558 Issuances— 201 201 Interest accrual4 89 93 Attributed fees collected1 189 190 Benefit payments(3)(30)(33)Effect of changes in interest rates3 (29)(26)Effect of actual policyholder behavior compared to expected behavior— 53 53 Balance, end of period, before changes in instrument-specific credit risk192 3,844 4,036 Effect of changes in instrument-specific credit risk3 173 176 Balance at June 30, 2025195 4,017 4,212 Less: Reinsurance recoverable— 50 50 Balance at June 30, 2025, net of reinsurance$195 $3,967 $4,162 Net amount at risk$420 $15,997 Weighted-average attained age of contract holders (in years)7669

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

Six months ended June 30, 2024(In millions, except years)Traditional Deferred AnnuitiesIndexed AnnuitiesTotalBalance at December 31, 2023$192 $3,181 $3,373 Effect of changes in instrument-specific credit risk2 (10)(8)Balance, beginning of period, before changes in instrument-specific credit risk194 3