Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 198

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 198
---
Trading securities878 12 — (52)— 838 8 — Equity securities279 8 — (32)— 255 7 — Mortgage loans1,302 9 — (30)— 1,281 8 — Investment funds959 91 — 32 — 1,082 91 — Funds withheld at interest – embedded derivative(1,425)704 — — — (721)— — Other investments303 (2)— 42 — 343 (3)— Reinsurance recoverable1,388 (21)— — — 1,367 — — Assets of consolidated VIEsTrading securities622 69 — (116)1,277 1,852 69 — Mortgage loans2,055 (9)— 127 — 2,173 (9)— Investment funds2,471 (30)— 73 (1,537)977 (31)— Other investments 99 9 — (7)— 101 9 — Total Level 3 assets – Retirement Services$45,582 $2,485 $195 $23,784 $(1,676)$70,370 $336 $151 Liabilities – Asset ManagementContingent consideration obligations$86 $11 $— $(4)$— $93 $— $— Total Level 3 liabilities – Asset Management$86 $11 $— $(4)$— $93 $— $— (Continued)

196

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

Year ended December 31, 2023Total realized and unrealized gains (losses)(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending BalanceTotal Gains (Losses) Included in Earnings1Total Gains (Losses) Included in OCI1Liabilities – Retirement ServicesInterest sensitive contract liabilitiesEmbedded derivative$(5,841)$(1,443)$— $(1,775)$— $(9,059)$— $— Universal life benefits(829)(5)— — — (834)—