Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 225

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 225
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 present value of expected future policy benefits increased by $11,950 million, which was driven by $13,518 million of issuances, primarily pension group annuities, a $2,236 million change in discount rate assumptions related to a decrease in rates, and $1,664 million of interest accrual, partially offset by $3,852 million of benefit payments, a $1,509 million reduction in reserve related to recapture, and $297 million resulting from favorable unlocking of assumptions, primarily related to higher interest rates and favorable mortality experience lowering future benefit payments. During the year ended December 31, 2022, the present value of expected future policy benefits increased by $1,144 million, which was driven by $11,528 million of issuances, primarily pension group annuities, and $1,146 million of interest accrual, partially offset by an $8,425 million change in discount rate assumptions related to an increase in rates, and $2,921 million of benefit payments.The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the consolidated statements of operations:Years ended December 31,(In millions)202420232022Reserves$25 $364 $120 Deferred profit liability(48)(246)(126)Negative VOBA39 (65)21 Total remeasurement gains (losses)$16 $53 $15 During the years ended December 31, 2024, 2023, and 2022. Athene recorded reserve increases of $15 million, $136 million, and $50 million, respectively, on the consolidated statements of operations as a result of the present value of benefits and expenses exceeding the present value of gross premiums.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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:Year ended December 31, 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