Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 189

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 189
---
Investment funds— — 770 16,890 17,660 Other investments4 — 103 — 107 Cash and cash equivalents583 — — — 583 Total Assets – Retirement Services22,414 155,457 104,337 16,890 299,098 Total Assets$25,696 $155,630 $107,703 $17,196 $306,225 LiabilitiesAsset ManagementContingent consideration obligations4$— $— $67 $— $67 Total Liabilities – Asset Management— — 67 — 67 Retirement ServicesInterest sensitive contract liabilitiesEmbedded derivative— — 11,242 — 11,242 Universal life benefits— — 742 — 742 Future policy benefitsAmerUs Life Insurance Company (“AmerUs”) Closed Block— — 1,102 — 1,102 Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits— — 538 — 538 Market risk benefits5— — 4,028 — 4,028 Derivative liabilities19 3,536 1 — 3,556 Other liabilities— — 225 — 225 Total Liabilities – Retirement Services19 3,536 17,878 — 21,433 Total Liabilities$19 $3,536 $17,945 $— $21,500 (Concluded)

189

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

December 31, 2023(In millions)Level 1Level 2Level 3NAVTotalAssetsAsset ManagementCash and cash equivalents$2,748 $— $— $— $2,748 Restricted cash and cash equivalents2 — — — 2 Cash and cash equivalents of VIEs62 — — — 62 Investments, at fair value202 38 1,188 161 1,489 Investments of consolidated VIEs— 16 1,492 127 1,635 Due from related parties2— — 37 — 37 Derivative assets3— — 13 — 13 Total Assets – Asset Management3,014 54 2,730