Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 38

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 38
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 impacts from the consolidation of new VIEs as well as the deconsolidation of existing VIEs.

Investment related gains (losses) were $1.4 billion in 2025, a decrease of $1.7 billion from $3.1 billion in 2024, primarily driven by unfavorable net foreign exchange impacts and an unfavorable change in fair value of FIA hedging derivatives and reinsurance assets, partially offset by a favorable change in fair value of mortgage loans and trading securities. The unfavorable net foreign exchange impacts were primarily related to the weakening of the U.S. dollar against foreign currencies in 2025 compared to 2024, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI. The change in fair value of FIA hedging derivatives decreased $781 million, primarily driven by less favorable performance of the equity indices upon which Athene’s call options are based. The largest percentage of Athene’s call options are based on the S&P 500 Index, which increased 13.7% in 2025, compared to an increase of 20.8% in 2024. The change in fair value of reinsurance assets decreased $212 million, primarily related to runoff of the underlying investments within Athene’s funds withheld asset and an unfavorable change in credit spreads compared to 2024, partially offset by a larger decrease in U.S. Treasury rates in 2025 compared to 2024. The change in fair value of mortgage loans 

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increased $437 million and the change in fair value of trading securities increased $133 million primarily driven by a larger decrease in U.S. Treasury rates in 2025 compared to 2024. 

Premiums were $351 million in 2025, a decrease of $812 million from $1.2 billion in 2024, primarily driven by an $866 million decrease in pension group annuity premiums, partially offset by an increase in payout premiums compared to 2024.

Expenses

Retirement Services expenses were $13.8 billion in 2025, an increase of $1.4 billion from $12.4 billion in 2024. The increase was primarily driven by an increase in interest sensitive contract benefits, an increase in the amortization of DAC, DSI and VOBA, an increase in policy and other operating expenses and an increase in market risk benefits remeasurement (gains) losses, partially offset by a decrease in future policy