Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 287

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 287
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 future benefit payments, undiscounted74,184 10,247 1 Discounted at the original discount rate.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition:June 30,(In millions)20252024Payout annuities with life contingencies$41,926 $42,992 Whole life1,729 1,866 Reconciling items15,745 5,941 Future policy benefits$49,400 $50,799 1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded.The following is a reconciliation of premiums and interest expense relating to future policy benefits to the condensed consolidated statements of operations:PremiumsSix months ended June 30,(In millions)20252024Payout annuities with life contingencies$122 $655 Whole life101 105 Reconciling items111 14 Total premiums$234 $774 Interest expenseSix months ended June 30,(In millions)20252024Payout annuities with life contingencies$879 $901 Whole life25 23 Total interest expense$904 $924 1 Reconciling items primarily relate to immaterial lines of business including term life, fully ceded whole life, and accident and health and disability.Significant assumptions and inputs to the calculation of future policy benefits for payout annuities with life contingencies include policyholder demographic data, assumptions for policyholder longevity and policyholder utilization for contracts with deferred lives, and discount rates. For whole life products, significant assumptions and inputs include policyholder demographic data, assumptions for mortality, morbidity, and lapse and discount rates. Athene bases certain key assumptions related to policyholder behavior on industry standard data adjusted to align with actual company experience, if necessary. At least annually, Athene reviews all significant cash flow assumptions and updates as necessary, unless emerging experience indicates a more frequent review is necessary. The discount rate reflects market observable inputs from upper-medium grade fixed income instrument yields and is interpolated,