Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 166

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 166
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 interest payables and receivables using methodologies consistent with those described in note 2 and note 7.Value of business acquired and Other identifiable intangible assetsVOBA represents the difference between the fair value of liabilities acquired and reserves established using best estimate assumptions at the Merger Date. Other identifiable intangible assets are included in other assets on the consolidated statements of financial condition and summarized as follows:

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

Distribution ChannelsTrade NameInsurance LicensesThese assets are valued using the excess earnings method, which derives value based on the present value of the cash flow attributable to the distribution channels, less returns for contributory assets. Amortization of these assets is on a straight-line basis.This represents the Athene trade name and was valued using the relief-from-royalty method considering publicly available third-party trade name royalty rates as well as expected premiums generated by the use of the trade name over its anticipated life. Amortization of this asset is on a straight-line basis.Licenses are protected through registration and were valued using the market approach based on third-party market transactions from which the prices paid for state insurance licenses could be derived. These assets are not amortized.The fair value and weighted average estimated useful lives of VOBA and other identifiable intangible assets acquired in the Mergers consist of the following:Fair value(in millions)Average useful life(in years)VOBA Asset$3,372 7Distribution Channels1,870 18Trade Name160 20State Insurance Licenses26 IndefiniteTotal$5,428 As of the Merger Date, Athene’s financial results are reflected in these consolidated financial statements. Athene’s revenues of $8,199 million and net income (loss) of $(2,166) million are included in the consolidated statement of operations for the year ended December 31, 2022.

4. InvestmentsThe following table outlines the Company’s investments:(In millions)December 31, 2024December 31, 2023Asset ManagementInvestments, at fair value$1,384 $1,489 Equity method investments1,082 1,072 Performance allocations3,262 2,941 Other investments358 — Total Investments – Asset Management6,086 5,502 Retirement ServicesAFS securities, at fair value$184,167 $148,347 Trading securities, at fair value2,156 2