Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 180

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 180
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 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:Nine months ended September 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— 346 346 Interest accrual7 136 143 Attributed fees collected1 288 289 Benefit payments(3)(48)(51)Effect of changes in interest rates7 109 116 Effect of changes in equity— (106)(106)Effect of actual policyholder behavior compared to expected behavior2 81 83 Effect of changes in future expected policyholder behavior(5)(38)(43)Effect of changes in other future expected assumptions3 (15)(12)Balance, end of period, before changes in instrument-specific credit risk199 4,124 4,323 Effect of changes in instrument-specific credit risk5 284 289 Balance at September 30, 2025204 4,408 4,612 Less: Reinsurance recoverable— 69 69 Balance at September 30, 2025, net of reinsurance$204 $4,339 $4,543 Net amount at risk$423 $17,195 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)

Nine months ended September 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 3,171 3,365 Issuances— 270 270 Interest accrual8 143 151