Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 170

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 170
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,171 3,365 Issuances— 159 159 Interest accrual5 94 99 Attributed fees collected1 174 175 Benefit payments(2)(27)(29)Effect of changes in interest rates(11)(372)(383)Effect of changes in equity— (81)(81)Effect of actual policyholder behavior compared to expected behavior4 45 49 Balance, end of period, before changes in instrument-specific credit risk191 3,163 3,354 Effect of changes in instrument-specific credit risk(2)4 2 Balance at June 30, 2024189 3,167 3,356 Less: Reinsurance recoverable— 18 18 Balance at June 30, 2024, net of reinsurance$189 $3,149 $3,338 Net amount at risk$427 $15,185 Weighted-average attained age of contract holders (in years)7669The following is a reconciliation of market risk benefits to the condensed consolidated statements of financial condition. Market risk benefit assets are included in other assets on the condensed consolidated statements of financial condition.June 30, 2025(In millions)AssetLiabilityNet LiabilityTraditional deferred annuities$— $195 $195 Indexed annuities277 4,294 4,017 Total$277 $4,489 $4,212 June 30, 2024(In millions)AssetLiabilityNet LiabilityTraditional deferred annuities$— $189 $189 Indexed annuities371 3,538 3,167 Total$371 $3,727 $3,356 During the six months ended June 30, 2025, net market risk benefit liabilities increased by $497 million, which was primarily driven by $201 million of issuances, $190 million in fees collected from policyholders, and $93 million of interest accruals.During the six months ended June 30, 2024, net market risk benefit liabilities decreased by $17 million, which was primarily driven by a decrease of $383 million related to changes in the risk-free discount rate across the curve, offset by $175 million in fees collected from policyholders and $159 million of issuances. 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