Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 301

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 301
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 for asset portfolio returns 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.

8. 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 9 for more information on Athene’s products. Nine months ended September 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 Additions572 863 51 7 617 — 2,110 Amortization(265)(195)(17)(1)(136)(300)(914)Other1 — — — — — 1 Balance at September 30, 2025$1,466 $2,946 $74 $17 $1,957 $1,910 $8,370 Nine months ended September 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 Additions404 751 36 — 479 — 1,670 Amortization(176)(131)(8)(1)(88)(274)(678)Balance at September 30, 2024$1,118 $2,137 $38 $10 $1,361 $2,307 $6,971 Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds, including traditional deferred annuities and indexed annuities, are amortized on a constant-level basis for a cohort of contracts using initial premium or deposit. Significant inputs and assumptions are required for determining the expected duration of the cohort and involves using