Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 291

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 291
---
 and fees over a range of risk-neutral, stochastic interest rate 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:June 30, 2025(In millions, except percentages)Fair ValueValuation TechniqueUnobservable InputsMinimumMaximumWeighted AverageImpact of an Increase in the Input on Fair ValueMarket risk benefits, net$4,212 Discounted cash flowNonperformance risk0.3 %1.1 %1.0 %1DecreaseOption budget0.5 %6.0 %2.5 %2DecreaseSurrender rate3.1 %6.7 %4.4 %2DecreaseUtilization rate28.6 %95.0 %85.4 %3IncreaseJune 30, 2024(In millions, except percentages)Fair ValueValuation TechniqueUnobservable InputsMinimumMaximumWeighted AverageImpact of an Increase in the Input on Fair ValueMarket risk benefits, net$3,356 Discounted cash flowNonperformance risk0.4 %1.3 %1.2 %1DecreaseOption budget0.5 %6.0 %2.1 %2DecreaseSurrender rate3.1 %6.9 %4.4 %2DecreaseUtilization rate28.6 %95.0 %84.4 %3Increase1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve.2 The option budget and surrender rate weighted averages are calculated based on projected account values.3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.

9. Profit Sharing PayableProfit sharing payable was $1.9 billion and $1.9 billion as of June 30, 2025 and December 31, 2024, respectively. The below