Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 130

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 130
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— Foreign currency swaps(1,022)1,087 65 — — Foreign currency interest rate swaps447 (451)(4)— — Interest rate swaps218 (191)27 — — Interest sensitive contract benefitsForeign currency interest rate swaps71 (70)1 — — Nine months ended September 30, 2024Investment related gains (losses)Foreign currency forwards$(1)$1 $— $35 $14 Foreign currency swaps(158)144 (14)— — Foreign currency interest rate swaps132 (135)(3)— — Interest rate swaps267 (310)(43)— — Interest sensitive contract benefitsForeign currency interest rate swaps66 (64)2 — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:Three months ended September 30,Nine months ended September 30,(In millions)2025202420252024Foreign currency forwards$12 $13 $41 $(2)Foreign currency swaps41 56 61 82 Net Investment Hedges Athene uses foreign currency forwards to hedge the foreign currency exchange rate risk of its investments in subsidiaries that have a reporting currency other than the U.S. dollar. Hedge effectiveness is assessed based on the changes in forward rates. During the three months ended September 30, 2025 and 2024, these derivatives had gains of $8 million and losses of $14 million, respectively. During the nine months ended September 30, 2025 and 2024, these derivatives had losses of $14 million and $11 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of September 30, 2025 and December 31, 2024, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $15 million and $29 million, respectively. During the three and nine months ended September 30, 2025 and 2024, there were no amounts deemed ineffective.Derivatives Not Designated as HedgesEquity optionsAthene uses equity indexed options to economically hedge fixed indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index, including