Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 311

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 311
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85 Effect of changes in other future expected assumptions— (19)(19)Balance, end of period, before changes in instrument-specific credit risk200 3,794 3,994 Effect of changes in instrument-specific credit risk1 94 95 Balance at September 30, 2024201 3,888 4,089 Less: Reinsurance recoverable— 40 40 Balance at September 30, 2024, net of reinsurance$201 $3,848 $4,049 Net amount at risk$427 $15,221 Weighted-average attained age of contract holders (in years)7669The following is a reconciliation of market risk benefits to the condensed consolidated statements of financial condition. Market risk benefit assets are included in other assets on the condensed consolidated statements of financial condition.September 30, 2025(In millions)AssetLiabilityNet LiabilityTraditional deferred annuities$— $204 $204 Indexed annuities223 4,631 4,408 Total$223 $4,835 $4,612 September 30, 2024(In millions)AssetLiabilityNet LiabilityTraditional deferred annuities$— $201 $201 Indexed annuities313 4,201 3,888 Total$313 $4,402 $4,089 During the nine months ended September 30, 2025, net market risk benefit liabilities increased by $897 million, which was primarily driven by $346 million of issuances, $289 million in fees collected from policyholders, $143 million of interest accruals, $132 million of changes in instrument-specific credit risk and a $116 million change in interest rates, offset by $106 million of changes in equity.During the nine months ended September 30, 2024, net market risk benefit liabilities increased by $716 million, which was primarily driven by $270 million of issuances, $266 million in fees collected from policyholders, and $151 million of interest accruals.The determination of the fair value of market risk benefits requires the use of inputs related to fees and assessments and assumptions in determining the projected benefits in excess of the projected account balance. Judgment is required for both economic and actuarial assumptions, which can be either observable or unobservable, that impact future policyholder account growth.Economic assumptions include interest rates and implied volatilities throughout the duration of the liability. For