Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 229

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 229
---
 scenarios. For indexed annuities, stochastic equity return scenarios are also included within the range. A risk margin is incorporated within the discount rate to reflect uncertainty in the projected cash flows such as variations in policyholder behavior, as well as a credit spread to reflect nonperformance risk, which is considered an unobservable input. Athene uses its public credit rating relative to the U.S. Treasury curve as of the valuation date to reflect its nonperformance risk in the fair value estimate of market risk benefits.The following summarizes the unobservable inputs for market risk benefits:December 31, 2024(In millions, except percentages)Fair ValueValuation TechniqueUnobservable InputsMinimumMaximumWeighted AverageImpact of an Increase in the Input on Fair ValueMarket risk benefits, net$3,715 Discounted cash flowNonperformance risk0.4 %1.1 %1.0 %1DecreaseOption budget0.5 %6.0 %2.3 %2DecreaseSurrender rate3.3 %7.2 %4.6 %2DecreaseUtilization rate28.6 %95.0 %84.9 %3IncreaseDecember 31, 2023(In millions, except percentages)Fair ValueValuation TechniqueUnobservable InputsMinimumMaximumWeighted AverageImpact of an Increase in the Input on Fair ValueMarket risk benefits, net$3,373 Discounted cash flowNonperformance risk0.4 %1.4 %1.2 %1DecreaseOption budget0.5 %6.0 %1.9 %2DecreaseSurrender rate3.2 %6.4 %4.5 %2DecreaseUtilization rate28.6 %95.0 %83.6 %3IncreaseDecember 31, 2022(In millions, except percentages)Fair ValueValuation TechniqueUnobservable InputsMinimumMaximumWeighted AverageImpact of an Increase in the Input on Fair ValueMarket risk benefits, net$2,489 Discounted cash flowNonperformance risk0.2 %1.6 %1.4 %1DecreaseOption budget0.5 %5.3 %1.7 %2DecreaseSurrender rate3.3 %6.7 %4.4 %2DecreaseUtilization rate28.6 %95.0 %82.3 %3Increase1 The