Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 280

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 280
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 withheld liability embedded derivatives, as described above in funds withheld at interest embedded derivatives, and a ceded modco agreement of certain inforce funding agreement contracts for which Athene elected the fair value option. Athene estimates the fair value of the ceded modco agreement by discounting projected cash flows for net settlements and certain periodic and non-periodic payments. Unobservable inputs include estimates for asset portfolio returns 

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

and economic inputs used in the discount rate, including risk margin. Depending on the projected cash flows and other assumptions, the contract may be recorded as an asset or liability. The estimate is classified as Level 3.

7. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business AcquiredThe following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 8 for more information on Athene’s products. Six months ended June 30, 2025DACDSIVOBATotal DAC, DSI and VOBA(In millions)Traditional Deferred AnnuitiesIndexed AnnuitiesFunding AgreementsOther Investment-type and otherIndexed AnnuitiesBalance at December 31, 2024$1,158 $2,278 $40 $11 $1,476 $2,210 $7,173 Additions366 560 26 5 408 — 1,365 Amortization(169)(122)(11)(1)(84)(172)(559)Other2 — — — — — 2 Balance at June 30, 2025$1,357 $2,716 $55 $15 $1,800 $2,038 $7,981 Six months ended June 30, 2024DACDSIVOBATotal DAC, DSI and VOBA(In millions)Traditional Deferred AnnuitiesIndexed AnnuitiesFunding AgreementsOther Investment-type and otherIndexed AnnuitiesBalance at December 31, 2023$890 $1,517 $10 $11 $970 $2,581 $5,979 Additions279 525 24 — 328 — 1,156 Amortization(109)(82)(5)(1)(55)(182)(434)Other(2)—