Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 95

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 95
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 withheld at interest – embedded derivative— — (540)— (540)Other investments— — 340 — 340 Reinsurance recoverable— — 1,729 — 1,729 Other assets5— — 285 — 285 (Continued)

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

March 31, 2025(In millions)Level 1Level 2Level 3NAVTotalAssets of consolidated VIEsTrading securities— 841 2,170 — 3,011 Mortgage loans— — 2,519 — 2,519 Investment funds— — 289 17,898 18,187 Other investments4 12 91 — 107 Cash and cash equivalents175 — — — 175 Total Assets – Retirement Services23,873 165,945 110,161 17,898 317,877 Total Assets$26,815 $166,029 $112,804 $18,211 $323,859 LiabilitiesAsset ManagementContingent consideration obligations4$— $— $55 $— $55 Derivative liabilities3— 24 — — 24 Total Liabilities – Asset Management— 24 55 — 79 Retirement ServicesInterest sensitive contract liabilitiesEmbedded derivative— — 10,747 — 10,747 Universal life benefits— — 769 — 769 Future policy benefitsAmerUs Life Insurance Company (“AmerUs”) Closed Block— — 1,107 — 1,107 Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits— — 556 — 556 Market risk benefits5— — 4,362 — 4,362 Derivative liabilities24 3,341 — — 3,365 Other liabilities— — 230 — 230 Total Liabilities – Retirement Services24 3,341 17,771 — 21,136 Total Liabilities$24 $3,365 $17,826 $— $21,215 (Concluded)

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONDENSE