Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 223

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 223
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,344 1 Other includes a $1,509 million reduction of reserves related to the VIAC recapture agreement. See note 18 for further information. 2 Discounted at the original discount rate.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Year ended December 31, 2022(In millions, except percentages and years)Payout Annuities with Life ContingenciesWhole LifeTotalPresent value of expected future policy benefitsBeginning balance$35,278 $— $35,278 Effect of changes in discount rate assumptions— — — Beginning balance at original discount rate35,278 — 35,278 Effect of actual to expected experience(120)— (120)Adjusted balance35,158 — 35,158 Issuances11,528 — 11,528 Interest accrual1,146 — 1,146 Benefit payments(2,921)— (2,921)Foreign exchange(77)— (77)Ending balance at original discount rate44,834 — 44,834 Effect of changes in discount rate assumptions(8,425)— (8,425)Effect of foreign exchange on the change in discount rate assumptions13 — 13 Ending balance, present value of expected future policy benefits$36,422 $— $36,422 Weighted-average liability duration (in years)10.20.0Weighted-average interest accretion rate3.2 %— %Weighted-average current discount rate5.5 %— %Expected future benefit payments, undiscounted$64,754 $— The following is a reconciliation of future policy benefits to the consolidated statements of financial condition:December 31,(In millions)202420232022Payout annuities with life contingencies$42,261 $45,001 $36,422 Whole life1,831 2,189 — Reconciling items15,810 6,097 5,688 Future policy benefits$49,902 $53,287 $42,110 1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance