Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-41197 | |
Entity Registrant Name | APOLLO GLOBAL MANAGEMENT, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 86-3155788 | |
Entity Address, Address Line One | 9 West 57th Street | |
Entity Address, Address Line Two | 42nd Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10019 | |
City Area Code | 212 | |
Local Phone Number | 515-3200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | APO | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 572,283,625 | |
Amended Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001858681 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 10,942 | |
Restricted cash and cash equivalents | ||
Investments | 191,076 | 11,354 |
Due from related parties | 430 | 490 |
Goodwill | 4,322 | 117 |
Deferred acquisition costs, deferred sales inducements and value of business acquired | 5,191 | 4,547 |
Assets, Total | 250,340 | 30,502 |
Liabilities | ||
Due to related parties | 1,023 | 1,222 |
Debt | 6,081 | 3,134 |
Liabilities | 247,454 | 18,538 |
Commitments and contingencies | ||
Redeemable non-controlling interests | ||
Redeemable non-controlling interests | 1,024 | 1,770 |
Equity | ||
Common stock | 0 | 0 |
Additional paid in capital | 15,256 | 2,096 |
Retained earnings (accumulated deficit) | (2,837) | 1,144 |
Accumulated other comprehensive income (loss) | (13,758) | (5) |
Total Apollo Global Management, Inc. Stockholders’ Equity (Deficit) | (1,339) | 3,789 |
Non-controlling interests | 3,201 | 6,405 |
Total Equity | 1,862 | 10,194 |
Total Liabilities, Redeemable non-controlling interests and Equity | 250,340 | 30,502 |
Series A Preferred Stock | ||
Equity | ||
Preferred stock | 0 | 264 |
Series B Preferred Stock | ||
Equity | ||
Preferred stock | 0 | 290 |
Class A Common Stock | ||
Equity | ||
Common stock | 0 | 0 |
Class B Common Stock | ||
Equity | ||
Common stock | 0 | 0 |
Class C Common Stock | ||
Equity | ||
Common stock | 0 | 0 |
Asset Management | ||
Assets | ||
Cash and cash equivalents | 1,119 | 917 |
Restricted cash and cash equivalents | 697 | 708 |
Investments | 5,854 | 11,354 |
Other assets | 2,291 | 1,464 |
Due from related parties | 430 | 490 |
Goodwill | 264 | 117 |
Assets, Total | 13,890 | 30,502 |
Liabilities | ||
Accounts payable, accrued expenses, and other liabilities | 3,032 | 2,847 |
Due to related parties | 1,023 | 1,222 |
Debt | 2,810 | 3,134 |
Liabilities | 9,284 | 18,538 |
Asset Management | VIE, Primary Beneficiary | ||
Assets | ||
Cash and cash equivalents | 155 | 463 |
Investments | 3,032 | 14,737 |
Other assets | 48 | 252 |
Liabilities | ||
Debt, at fair value | 1,709 | 7,943 |
Notes payable | 50 | 2,611 |
Other liabilities | 660 | 781 |
Retirement Services | ||
Assets | ||
Cash and cash equivalents | 9,823 | 0 |
Restricted cash and cash equivalents | 1,024 | 0 |
Investments | 162,088 | 0 |
Other assets | 11,224 | 0 |
Goodwill | 4,058 | 0 |
Investments in related parties | 23,134 | 0 |
Reinsurance recoverable | 4,356 | 0 |
Deferred acquisition costs, deferred sales inducements and value of business acquired | 5,191 | 0 |
Assets, Total | 236,450 | 0 |
Liabilities | ||
Debt | 3,271 | 0 |
Other liabilities | 5,010 | 0 |
Interest sensitive contract liabilities | 166,894 | 0 |
Future policy benefits | 54,709 | 0 |
Payables for collateral on derivatives and securities to repurchase | 7,015 | 0 |
Liabilities | 238,170 | 0 |
Retirement Services | VIE, Primary Beneficiary | ||
Assets | ||
Cash and cash equivalents | 418 | 0 |
Investments | 15,040 | 0 |
Other assets | 94 | 0 |
Liabilities | ||
Other liabilities | $ 1,271 | $ 0 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - Parenthetical - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.00001 | |
Common stock, shares authorized (in shares) | 90,000,000,000 | |
Common stock, shares issued (in shares) | 572,670,634 | |
Common stock, shares issued (in shares) | 572,670,634 | |
Series A Preferred Stock | ||
Preferred stock, shares issued (in shares) | 0 | 11,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 11,000,000 |
Series B Preferred Stock | ||
Preferred stock, shares issued (in shares) | 0 | 12,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 12,000,000 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 0 | 90,000,000,000 |
Common stock, shares issued (in shares) | 0 | 571,028,097 |
Common stock, shares issued (in shares) | 0 | 571,028,097 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 0 | 999,999,999 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares issued (in shares) | 0 | 0 |
Class C Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 0 | 1 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares issued (in shares) | 0 | 0 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | ||||
Total Consolidated Revenues | $ 2,979 | $ 1,078 | $ 6,126 | $ 4,756 |
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 379 | |||
Total Expenses | 4,435 | 648 | 13,767 | 2,417 |
Other income (loss) – Asset Management | ||||
Income (loss) before income tax (provision) benefit | (1,359) | 732 | (6,986) | 4,153 |
Income tax (provision) benefit | 185 | (101) | 1,280 | (498) |
Net Income | (1,174) | 631 | (5,706) | 3,655 |
Net (income) loss attributable to non-controlling interests | 298 | (373) | 1,909 | (2,060) |
Net income (loss) attributable to Apollo Global Management, Inc. | (876) | 258 | (3,797) | 1,595 |
Preferred stock dividends | 0 | (9) | 0 | (27) |
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders | (876) | 249 | (3,797) | 1,568 |
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders | $ (876) | $ 249 | $ (3,797) | $ 1,568 |
Earnings (loss) per share | ||||
Net income (loss) attributable to common stockholders - Basic (in dollars per share) | $ (1.52) | $ 1.01 | $ (6.55) | $ 6.47 |
Net income (loss) attributable to common stockholders - Diluted (in dollars per share) | $ (1.52) | $ 1.01 | $ (6.55) | $ 6.47 |
Weighted average shares outstanding | ||||
Weighted average shares outstanding – Basic (in shares) | 584,317,603 | 239,451,921 | 585,187,783 | 233,539,355 |
Weighted average shares outstanding – Diluted (in shares) | 584,317,603 | 239,451,921 | 585,187,783 | 233,539,355 |
VIE, Primary Beneficiary | ||||
Revenues | ||||
Investment related gains (losses) | $ 85 | $ 142 | $ 465 | $ 400 |
Interest expense | 33 | 121 | 76 | 570 |
Asset Management | ||||
Revenues | ||||
Net investment income | (31) | 535 | 475 | 3,125 |
Investment related gains (losses) | (16) | 173 | 164 | 1,439 |
Total Consolidated Revenues | 477 | 1,078 | 1,878 | 4,756 |
Compensation and benefits | 386 | 501 | 1,429 | 1,984 |
Interest expense | 31 | 35 | 94 | 105 |
General, administrative and other | 167 | 112 | 472 | 328 |
Total Expenses | 584 | 648 | 1,995 | 2,417 |
Other income (loss) – Asset Management | ||||
Other income (loss), net | 28 | (13) | 26 | (25) |
Total Other income (loss) | 97 | 302 | 655 | 1,814 |
Asset Management | VIE, Primary Beneficiary | ||||
Revenues | ||||
Investment related gains (losses) | 85 | 142 | 465 | 400 |
Asset Management | Management fees | ||||
Revenues | ||||
Revenues | 389 | 475 | 1,100 | 1,402 |
Asset Management | Advisory and transaction fees, net | ||||
Revenues | ||||
Revenues | 110 | 63 | 286 | 205 |
Asset Management | Incentive fees | ||||
Revenues | ||||
Revenues | 9 | 5 | 17 | 24 |
Retirement Services | ||||
Revenues | ||||
Net investment income | 2,033 | 0 | 5,667 | 0 |
Premiums | 3,045 | 0 | 10,769 | 0 |
Product charges | 184 | 0 | 525 | 0 |
Investment related gains (losses) | (2,847) | 0 | (12,823) | 0 |
Other revenues | (27) | 0 | (38) | 0 |
Total Consolidated Revenues | 2,502 | 0 | 4,248 | 0 |
Interest sensitive contract benefits | 89 | 0 | (573) | 0 |
Future policy and other policy benefits | 3,294 | 0 | 10,988 | 0 |
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 125 | 0 | 375 | 0 |
Policy and other operating expenses | 343 | 0 | 982 | 0 |
Total Expenses | 3,851 | 0 | 11,772 | 0 |
Retirement Services | VIE, Primary Beneficiary | ||||
Revenues | ||||
Net investment income | 35 | 89 | ||
Total Consolidated Revenues | $ 114 | $ 0 | $ 148 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ (1,174) | $ 631 | $ (5,706) | $ 3,655 |
Other comprehensive income (loss), before tax | ||||
Unrealized investment gains (losses) on available-for-sale securities, net of offsets | (5,699) | 1 | (19,404) | 1 |
Unrealized gains (losses) on hedging instruments | (80) | 0 | (126) | 0 |
Foreign currency translation and other adjustments | 11 | (10) | (81) | (21) |
Other comprehensive income (loss), before tax | (5,768) | (9) | (19,611) | (20) |
Income tax expense (benefit) related to other comprehensive income (loss) | (991) | 0 | (3,444) | 0 |
Other comprehensive income (loss) | (4,777) | (9) | (16,167) | (20) |
Comprehensive income (loss) | (5,951) | 622 | (21,873) | 3,635 |
Comprehensive (income) loss attributable to non-controlling interests | 1,107 | (364) | 4,323 | (2,041) |
Comprehensive income (loss) attributable to Apollo Global Management, Inc. | $ (4,844) | $ 258 | $ (17,550) | $ 1,594 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Apollo Global Management, Inc. Stockholders’ Equity (Deficit) | Non-Controlling Interests | Class A Common Stock Common Stock | Class B Common Stock Common Stock | Class C Common Stock Common Stock | Series A Preferred Stock Preferred Stock | Series B Preferred Stock Preferred Stock |
Beginning balance, common stock (in shares) at Dec. 31, 2020 | 229 | 0 | 0 | |||||||||
Beginning balance at Dec. 31, 2020 | $ 5,513 | $ 877 | $ 0 | $ (2) | $ 1,429 | $ 4,084 | $ 264 | $ 290 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuance of common stock related to equity transactions | 22 | 22 | 22 | |||||||||
Deconsolidation of VIEs | (148) | (148) | ||||||||||
Accretion of redeemable non-controlling interests | (50) | (50) | (50) | |||||||||
Dilution impact of issuance of common stock | (8) | (8) | (8) | |||||||||
Capital increase related to equity-based compensation | 132 | 132 | 132 | |||||||||
Capital contributions | 1,189 | 1,189 | ||||||||||
Dividends/ distributions | (1,598) | (390) | (417) | (1,181) | (13) | (14) | ||||||
Payments related to issuances of common stock for equity-based awards (in shares) | 3 | |||||||||||
Payments related to issuances of common stock for equity-based awards | (62) | 37 | (99) | (62) | ||||||||
Repurchase of common stock (in shares) | (3) | |||||||||||
Repurchase of common stock | (201) | (201) | (201) | |||||||||
Exchange of AOG Units for common stock (in shares) | 16 | |||||||||||
Exchange of AOG Units for common stock | 50 | 209 | 209 | (159) | ||||||||
Net Income (Loss) | 3,655 | 1,568 | 1,595 | 2,060 | 13 | 14 | ||||||
Accumulated other comprehensive income (loss) | (20) | (1) | (1) | (19) | ||||||||
Ending balance, common stock (in shares) at Sep. 30, 2021 | 245 | 0 | 0 | |||||||||
Ending Balance at Sep. 30, 2021 | 8,474 | 1,018 | 1,079 | (3) | 2,648 | 5,826 | 264 | 290 | ||||
Beginning balance, common stock (in shares) at Jun. 30, 2021 | 231 | 0 | 0 | |||||||||
Beginning balance at Jun. 30, 2021 | 8,212 | 823 | 991 | (3) | 2,365 | 5,847 | 264 | 290 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuance of common stock related to equity transactions | 22 | 22 | 22 | |||||||||
Deconsolidation of VIEs | (23) | (23) | ||||||||||
Accretion of redeemable non-controlling interests | (7) | (7) | (7) | |||||||||
Dilution impact of issuance of common stock | (7) | (7) | (7) | |||||||||
Capital increase related to equity-based compensation | 46 | 46 | 46 | |||||||||
Capital contributions | 177 | 177 | ||||||||||
Dividends/ distributions | (530) | (126) | (135) | (395) | (4) | (5) | ||||||
Payments related to issuances of common stock for equity-based awards (in shares) | 2 | |||||||||||
Payments related to issuances of common stock for equity-based awards | (2) | 33 | (35) | (2) | ||||||||
Repurchase of common stock (in shares) | (1) | |||||||||||
Repurchase of common stock | (78) | (78) | (78) | |||||||||
Exchange of AOG Units for common stock (in shares) | 13 | |||||||||||
Exchange of AOG Units for common stock | 42 | 186 | 186 | (144) | ||||||||
Net Income (Loss) | 631 | 249 | 258 | 373 | 4 | 5 | ||||||
Accumulated other comprehensive income (loss) | (9) | (9) | ||||||||||
Ending balance, common stock (in shares) at Sep. 30, 2021 | 245 | 0 | 0 | |||||||||
Ending Balance at Sep. 30, 2021 | 8,474 | 1,018 | 1,079 | (3) | 2,648 | 5,826 | 264 | 290 | ||||
Beginning balance, common stock (in shares) at Dec. 31, 2021 | 249 | |||||||||||
Beginning balance at Dec. 31, 2021 | 10,194 | 2,096 | 1,144 | (5) | 3,789 | 6,405 | 264 | 290 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Merger with Athene (in shares) | 166 | |||||||||||
Merger with Athene | 17,992 | 13,050 | 13,050 | 4,942 | ||||||||
Issuance of warrants | 149 | 149 | 149 | |||||||||
Issuance of common stock related to equity transactions (in shares) | 4 | |||||||||||
Issuance of common stock related to equity transactions | 252 | 252 | 252 | |||||||||
Reclassification of preferred stock to non-controlling interests | 0 | (554) | 554 | (264) | (290) | |||||||
Consolidation/ deconsolidation of VIEs | (4,703) | 8 | (7) | 1 | (4,704) | |||||||
Accretion of redeemable non-controlling interests | (59) | (59) | (59) | |||||||||
Capital increase related to equity-based compensation (in shares) | 3 | |||||||||||
Capital increase related to equity-based compensation | 358 | 358 | 358 | |||||||||
Capital contributions | 3,955 | 3,955 | ||||||||||
Dividends/ distributions | (1,760) | (723) | (723) | (1,037) | ||||||||
Transactions between entities under common control | 20 | 20 | 20 | |||||||||
Payments related to issuances of common stock for equity-based awards (in shares) | 3 | |||||||||||
Payments related to issuances of common stock for equity-based awards | (144) | 33 | (177) | (144) | ||||||||
Repurchase of common stock (in shares) | (8) | |||||||||||
Repurchase of common stock | (463) | (463) | (463) | |||||||||
Exchange of AOG Units for common stock (in shares) | 156 | |||||||||||
Exchange of AOG Units for common stock | (2,056) | 535 | 535 | (2,591) | ||||||||
Net Income (Loss) | (5,706) | (3,797) | (3,797) | (1,909) | ||||||||
Accumulated other comprehensive income (loss) | (16,167) | (13,753) | (13,753) | (2,414) | ||||||||
Ending balance, common stock (in shares) at Sep. 30, 2022 | 573 | |||||||||||
Ending Balance at Sep. 30, 2022 | 1,862 | 15,256 | (2,837) | (13,758) | (1,339) | 3,201 | 0 | 0 | ||||
Beginning balance, common stock (in shares) at Jun. 30, 2022 | 571 | |||||||||||
Beginning balance at Jun. 30, 2022 | 7,158 | 15,412 | (1,943) | (9,790) | 3,679 | 3,479 | 0 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Consolidation/ deconsolidation of VIEs | 678 | 678 | ||||||||||
Accretion of redeemable non-controlling interests | (11) | (11) | (11) | |||||||||
Capital increase related to equity-based compensation (in shares) | 2 | |||||||||||
Capital increase related to equity-based compensation | 100 | 100 | 100 | |||||||||
Capital contributions | 278 | 278 | ||||||||||
Dividends/ distributions | (368) | (241) | 0 | (241) | (127) | |||||||
Transactions between entities under common control | 20 | 20 | 20 | |||||||||
Payments related to issuances of common stock for equity-based awards | (16) | 2 | (18) | (16) | ||||||||
Repurchase of common stock (in shares) | 0 | |||||||||||
Repurchase of common stock | (26) | (26) | (26) | |||||||||
Net Income (Loss) | (1,174) | (876) | (876) | (298) | ||||||||
Accumulated other comprehensive income (loss) | (4,777) | (3,968) | (3,968) | (809) | ||||||||
Ending balance, common stock (in shares) at Sep. 30, 2022 | 573 | |||||||||||
Ending Balance at Sep. 30, 2022 | $ 1,862 | $ 15,256 | $ (2,837) | $ (13,758) | $ (1,339) | $ 3,201 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities | ||
Net Income (Loss) | $ (5,706) | $ 3,655 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ||
Equity-based compensation | 410 | 166 |
Net investment income | (810) | (3,125) |
Net recognized (gains) losses on investments and derivatives | 5,856 | (1,848) |
Depreciation and amortization | 433 | 20 |
Net amortization of net investment premiums, discount and other | 234 | 0 |
Policy acquisition costs deferred | (750) | 0 |
Other non-cash amounts included in net income (loss), net | (62) | 388 |
Changes in consolidation | (513) | (48) |
Changes in operating assets and liabilities: | ||
Purchases of investments by Funds and VIEs | (8,403) | (2,887) |
Proceeds from sale of investments by Funds and VIEs | 3,488 | 3,188 |
Interest sensitive contract liabilities | (2,002) | 0 |
Future policy benefits and reinsurance recoverable | 5,240 | 0 |
Other assets and liabilities, net | 4,909 | 2,628 |
Net cash provided by operating activities | 2,324 | 2,137 |
Cash Flows from Investing Activities | ||
Purchases of investments and contributions to equity method investments | (52,373) | (2,259) |
Sales, maturities and repayments of investments and distributions from equity method investments | 29,283 | 1,970 |
Cash acquired through merger | 10,420 | 0 |
Other investing activities, net | 499 | (55) |
Net cash used in investing activities | (12,171) | (344) |
Cash Flows from Financing Activities | ||
Issuance of debt | 3,751 | 842 |
Repayment of debt | (791) | (1,539) |
Repurchase of common stock | (463) | (201) |
Common stock dividends | (722) | (390) |
Preferred stock dividends | 0 | (27) |
Distributions paid to non-controlling interests | (1,034) | (1,177) |
Contributions from non-controlling interests | 3,955 | 1,189 |
Distributions to redeemable non-controlling interests | (776) | 0 |
Proceeds from issuance of Class A units of SPAC, net of underwriting and offering costs | 0 | 1,001 |
Deposits on investment-type policies and contracts | 23,329 | 0 |
Withdrawals on investment-type policies and contracts | (7,903) | 0 |
Net change in cash collateral posted for derivative transactions and securities to repurchase | (22) | 0 |
Other financing activities, net | 1,689 | (142) |
Net cash provided by (used in) financing activities | 21,013 | (444) |
Effect of exchange rate changes on cash and cash equivalents | (18) | 0 |
Net Increase in Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities | 11,148 | 1,349 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, Beginning of Period | 2,088 | 2,467 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period | 13,236 | 3,816 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for taxes | 762 | 79 |
Cash paid for interest | 432 | 417 |
Non-cash transactions | ||
Acquisition of goodwill and intangibles | 335 | 0 |
Purchases of other investments, at fair value | 22 | 0 |
Sales of other investments, at fair value | 116 | 0 |
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition: | ||
Cash and cash equivalents | 10,942 | 2,090 |
Restricted cash and cash equivalents | 1,721 | 1,053 |
Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities | 13,236 | 3,816 |
Asset Management | ||
Non-cash transactions | ||
Contributions to principal investments | 0 | 58 |
Distributions from principal investments | 6 | 92 |
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition: | ||
Cash and cash equivalents | 1,119 | |
Retirement Services | ||
Non-cash transactions | ||
Investments received from settlements on reinsurance agreements | 36 | 0 |
Investments received from pension group annuity premiums | 3,812 | 0 |
Deposits on investment-type policies and contracts through reinsurance agreements | 808 | 0 |
Withdrawals on investment-type policies and contracts through reinsurance agreements | 6,190 | 0 |
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition: | ||
Cash and cash equivalents | 9,823 | |
VIE, Primary Beneficiary | ||
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition: | ||
Cash and cash equivalents held at consolidated variable interest entities | 573 | $ 673 |
VIE, Primary Beneficiary | Asset Management | ||
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition: | ||
Cash and cash equivalents | 155 | |
VIE, Primary Beneficiary | Retirement Services | ||
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition: | ||
Cash and cash equivalents | $ 418 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Apollo Global Management, Inc. together with its consolidated subsidiaries (collectively, “Apollo” or the “Company”) is a global alternative asset manager that offers asset management and retirement services solutions. Through its asset management business, Apollo seeks to provide clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid and equity. Through its asset management business, Apollo raises, invests and manages funds, accounts and other vehicles, on behalf of pension, endowment and sovereign wealth funds, as well as other institutional and individual investors. Apollo’s retirement services business, which is operated by Athene, seeks to provide policyholders with financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Athene specializes in issuing, reinsuring and acquiring retirement savings products in the United States and internationally. Merger with Athene On January 1, 2022, Apollo and Athene completed the previously announced merger transactions pursuant to the Merger Agreement (the “Mergers”). As a result of the Mergers, AAM and AHL became consolidated subsidiaries of AGM. Athene’s results are included in the condensed consolidated financial statements commencing from the Merger Date. References herein to “Apollo” and the “Company” refer to AGM and its subsidiaries, including Athene, unless the context requires otherwise such as in sections where it refers to the asset management business only. See note 3 for additional information. Corporate Recapitalization In connection with the closing of the Mergers, the Company completed a corporate recapitalization (the “Corporate Recapitalization”) which resulted in the recapitalization of the Company from an umbrella partnership C corporation (“Up-C”) structure to a corporation with a single class of common stock with one vote per share. Griffin Capital Acquisitions On May 3, 2022, the Company completed the acquisition of the U.S. asset management business of Griffin Capital in exchange for closing consideration of $213 million and contingent consideration of $64 million, substantially all of which was settled in shares of AGM common stock, per the transaction agreement signed December 2, 2021. This follows the March 2022 close of Griffin Capital’s U.S. wealth distribution business. As a result of the final close, the Griffin Institutional Access Real Estate Fund and the Griffin Institutional Access Credit Fund are advised by Apollo and have been renamed the Apollo Diversified Real Estate Fund and Apollo Diversified Credit Fund, respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the annual financial statements included in AAM’s annual report on Form 10-K for the year ended December 31, 2021. Certain disclosures included in the annual financial statements have been condensed or omitted as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The results of the Company and its subsidiaries are presented on a consolidated basis. Any ownership interest other than the Company’s interest in its subsidiaries is reflected as a non-controlling interest. Intercompany accounts and transactions have been eliminated. Management believes it has made all necessary adjustments (consisting only of normal recurring items) so that the condensed consolidated financial statements are presented fairly and that any estimates made are reasonable and prudent. Certain reclassifications have been made to previously reported amounts to conform to the current period’s presentation. Furthermore, in conjunction with the Mergers, Apollo was deemed to be the accounting acquirer and Athene the accounting acquiree, which, for financial reporting purposes, results in Apollo’s historical financial information prior to the Mergers becoming that of the Company. Athene’s results before the Mergers have not been included in the condensed consolidated financial statements of the Company. The unaudited consolidated financial statements include the assets, liabilities, operating results and cash flows of Athene from the date of acquisition. For information on Athene prior to the Mergers, please refer to the annual financial statements included in AHL’s annual report on Form 10-K for the year ended December 31, 2021. Following the Mergers, the Company’s principal subsidiaries, AAM and AHL, together with their subsidiaries, operate an asset management business and a retirement services business, respectively, which possess distinct characteristics. As a result, the Company’s financial statement presentation is organized into two tiers: asset management and retirement services. The Company believes that separate presentation provides a more informative view of the Company’s consolidated financial condition and results of operations than an aggregated presentation. The following summary of significant accounting policies first includes those most significant to the overall Company and then specific accounting policies for each of the asset management and retirement services businesses, respectively. Significant Accounting Policies— Overall Consolidation When an entity is consolidated, the accounts of the consolidated entity, including its assets, liabilities, revenues, expenses and cash flows, are presented on a gross basis. Consolidation does not have an effect on the amounts of net income reported. The Company consolidates entities where it has a controlling financial interest unless there is a specific scope exception that prevents consolidation. The types of entities with which the Company is involved generally include, but are not limited to: • subsidiaries, including management companies and general partners of funds that the Company manages • entities that have attributes of an investment company (e.g., funds) • SPACs • CLOs • AAM and its subsidiaries • AHL and its subsidiaries Each of these entities is assessed for consolidation based on its specific facts and circumstances. In determining whether to consolidate an entity, the Company first evaluates whether the entity is a VIE or a VOE and applies the appropriate consolidation model as discussed below. If an entity is not consolidated, then the Company’s investment is generally accounted for under the equity method of accounting or as a financial instrument as discussed in the related policy discussions below. Investment Companies Judgment is required to evaluate whether an entity has the necessary characteristics to be accounted for as an investment company. Funds we manage that meet the investment company criteria are generally not required to consolidate operating companies and generally reflect their investments in operating companies and other investment companies at fair value. The Company has retained this specialized accounting for investment companies in consolidation. Variable Interest Entities All entities are first considered under the VIE model. VIEs are entities that 1) do not have sufficient equity at risk to finance activities without additional subordinated financial support or 2) have equity investors that do not have the ability to make significant decisions related to the entity’s operations, absorb expected losses, or receive expected residual returns. The Company consolidates a VIE if it is the primary beneficiary of the entity. The Company is deemed the primary beneficiary when it has a controlling financial interest in the VIE, which is defined as possessing both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance (“primary beneficiary power”) and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant (“significant variable interest”). The Company performs the VIE and primary beneficiary assessment at inception of its involvement with a VIE and on an ongoing basis if facts and circumstances change. To assess whether the Company has the primary beneficiary power under the VIE consolidation model, it considers the design of the entity as well as ongoing rights and responsibilities. In general, the parties that can make the most significant decisions regarding asset management have control over servicing, liquidation rights or the unilateral right to remove the decision-makers. To assess whether the Company has a significant variable interest, the Company considers all its economic interests that are considered variable interests in the entity including interests held through related parties. This assessment requires judgement in considering whether those interests are significant. Assets and liabilities of the consolidated VIEs, other than SPACs, are primarily shown in separate sections within the condensed consolidated statements of financial condition. Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses are primarily presented within net gains from investment activities of consolidated variable interest entities in the condensed consolidated statements of operations. The portion attributable to non-controlling interests is reported within net income attributable to non-controlling interests in the condensed consolidated statements of operations. For additional disclosures regarding VIEs, see notes 6 and 16. Voting Interest Entities Entities that are not determined to be VIEs are generally considered VOEs. Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest. The Company does not consolidate those VOEs in which substantive kick-out rights have been granted to the unrelated investors to either dissolve the fund or remove the general partner. Use of Estimates The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts in the financial statements and related footnotes. The Company’s most significant estimates include goodwill and intangible assets, income taxes, performance allocations, incentive fees, non-cash compensation, fair value of investments (including derivatives) and debt, impairment of investments and allowances for expected credit losses, DAC, DSI and VOBA, and future policy benefit reserves. While such impact may change considerably over time, the estimates and assumptions affecting the Company’s condensed consolidated financial statements are based on the best available information as of September 30, 2022. Actual results could differ materially from those estimates. Cash and Cash Equivalents The Company considers all highly liquid short-term investments, including money market funds and U.S. Treasury securities, with original maturities of three months or less when purchased to be cash equivalents. Interest income from cash and cash equivalents is recorded in other income for asset management and net investment income for retirement services in the condensed consolidated statements of operations. The carrying values of the money market funds and U.S. Treasury securities represent their fair values due to their short-term nature. Substantially all of the Company’s cash on deposit is in interest bearing accounts with major financial institutions and exceed insured limits. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents represent balances that are restricted as to withdrawal or usage. Restricted cash consists of cash and cash equivalents held in funds in trust as part of certain coinsurance agreements to secure statutory reserves and liabilities of the coinsured parties. For periods prior to June 30, 2022, cash held in reserve accounts was also used to make required payments in respect of the 2039 Senior Secured Guaranteed Notes. Restricted cash also includes cash deposited at a bank that is pledged as collateral in connection with leased premises. Foreign Currency The Company holds foreign currency denominated assets and liabilities. Non-monetary assets and liabilities of the Company’s international subsidiaries are remeasured into the functional currency using historical exchange rates specific to each asset and liability, the exchange rates prevailing at the end of each reporting period are used for all others. The results of the Company’s foreign operations are remeasured using an average exchange rate for the respective reporting period. Currency remeasurement adjustments and gains and losses on the settlement of foreign currency translations are included within other income (loss), net for asset management or investment related gains (losses) for retirement services in the condensed consolidated statements of operations. Foreign currency denominated assets and liabilities are translated into the reporting currency using the exchange rates prevailing at the end of each reporting period. Currency translation adjustments are included within other comprehensive income (loss), before tax within the condensed consolidated statements of comprehensive income (loss). The change in unrealized foreign currency exchange of any non-U.S. dollar denominated available-for-sale (“AFS”) securities are included in other comprehensive income (“OCI”) unless they are designated as part of a fair value hedge. Investments Equity Method Investments For investments in entities over which the Company exercises significant influence but does not meet the requirements for consolidation and has not elected the fair value option, the Company uses the equity method of accounting. Under the equity method of accounting, the Company records its share of the underlying income or loss of such entities adjusted for distributions. The Company’s share of the underlying net income or loss of such entities is recorded in Investment income (loss) for asset management and Net investment income for retirement services in the condensed consolidated statements of operations. The carrying amounts of equity method investments are recorded in investments in the condensed consolidated statements of financial condition. Generally, the underlying entities that the Company manages and invests in are primarily investment companies, and the carrying value of the Company’s equity method investments approximates fair value. Financial Instruments held by Consolidated VIEs The consolidated VIEs managed by the Company are primarily investment companies and CLOs. Their investments include debt and equity securities held at fair value. Financial instruments are generally accounted for on a trade date basis. Under a measurement alternative permissible for consolidated collateralized financing entities, the Company measures both the financial assets and financial liabilities of consolidated CLOs in its condensed consolidated financial statements in both cases using the fair value of the financial assets or financial liabilities, whichever are more observable. Where financial assets are more observable, the financial assets of the consolidated CLOs are measured at fair value and the financial liabilities are measured in consolidation as: (i) the sum of the fair value of the financial assets and the carrying value of any non-financial assets that are incidental to the operations of the CLOs less (ii) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. Where financial liabilities are more observable, the financial liabilities of the consolidated CLOs are measured at fair value and the financial assets are measured in consolidation as: (i) the sum of the fair value of the financial liabilities, and the carrying value of any non-financial liabilities that are incidental to the operations of the CLOs less (ii) the carrying value of any non-financial assets that are incidental to the operations of the CLOs. The resulting amount is allocated to the individual financial assets using a reasonable and consistent methodology. Net income attributable to Apollo Global Management, Inc. reflects the Company’s own economic interests in the consolidated CLOs including (i) changes in the fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services. Certain consolidated VIEs have applied the fair value option for certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses in net income. Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date under current market conditions. The actual realized gains or losses will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may ultimately differ significantly from the assumptions on which the valuations were based. Fair Value Option Entities are permitted to elect the fair value option (“FVO”) to carry at fair value certain financial assets and financial liabilities, including investments otherwise accounted for under the equity method of accounting. The FVO election is irrevocable and is applied to financial instruments on an individual basis at initial recognition or at eligible remeasurement events. Please refer to note 4 for additional information and other instances of when the Company has elected the FVO. Fair Value Hierarchy U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: Level 1 – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The Company does not adjust the quoted price for these financial instruments, even in situations where the Company holds a large position and the sale of such position would likely deviate from the quoted price. Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. These financial instruments exhibit higher levels of liquid market observability as compared to Level 3 financial instruments. Level 3 – Pricing inputs are unobservable for the financial instrument and includes situations where there is little observable market activity for the financial instrument. The inputs into the determination of fair value may require significant management judgment or estimation. Financial instruments that are included in this category generally include investments where the fair value is based on observable inputs as well as unobservable inputs. When a security is valued based on broker quotes, the Company subjects those quotes to various criteria in making the determination as to whether a particular financial instrument would qualify for classification as Level 2 or Level 3. These criteria include, but are not limited to, the number and quality of the broker quotes, the standard deviations of the observed broker quotes, and the percentage deviation from external pricing services. Investments in securities that are traded on a securities exchange or comparable over-the-counter quotation systems are valued based on the last reported sale price at that date. If no sales of such investments are reported on such date, and in the case of over-the-counter securities or other investments for which the last sale date is not available, valuations are based on independent market quotations obtained from market participants, recognized pricing services or other sources deemed relevant, and the prices are based on the average of the “bid” and “ask” prices, or at ascertainable prices at the close of business on such day. Market quotations are generally based on valuation pricing models or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks, among other factors. When market quotations are not available, a model-based approach is used to determine fair value. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument when the fair value is based on unobservable inputs. Business Combinations The Company accounts for business combinations using the acquisition method of accounting where the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of the consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. Goodwill Goodwill represents the excess of cost over the fair value of identifiable net assets of an acquired business. Goodwill is tested annually for impairment or more frequently if circumstances indicate impairment may have occurred. The Company will perform its annual goodwill impairment test on October 1, 2022. The impairment test is performed at the reporting unit level, which is generally at the level of the Company’s reportable segments. Goodwill is recorded in separate line items for both the Asset Management and Retirement Services segments. See note 3 for disclosure regarding the goodwill recorded related to the Mergers. Compensation and Benefits Compensation consists of (i) salary, bonus, and benefits, which includes base salaries, discretionary and non-discretionary bonuses, severance and employee benefits, (ii) equity-based compensation granted to employees and non-employees that is measured based on the grant date fair value of the award and (iii) profit sharing expense, which primarily consists of a portion of performance revenues earned from certain funds that are allocated to employees and former employees. Compensation costs are recorded in compensation and benefits for asset management and policy and other operating expense for retirement services in the condensed consolidated statements of operations. Equity-based awards granted to employees and non-employees as compensation are measured based on the grant date fair value of the award. Equity-based awards that do not require future service (i.e., vested awards) are expensed immediately. Equity-based employee awards that require future service are expensed over the relevant period of service. Equity-based awards that require performance metrics to be met are expensed only when the performance metric is met or deemed probable. Profit sharing amounts are recognized as the related performance revenues are earned. Accordingly, profit sharing amounts can be reversed during periods when there is a decline in performance revenues that were previously recognized. Profit sharing amounts are generally not paid until the related performance revenue is distributed to the general partner upon realization of the fund’s investments (which may be distributed in cash or in-kind). Non-controlling Interests For entities that are consolidated, but not wholly owned, a portion of the income or loss and corresponding equity is allocated to owners other than the Company. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the condensed consolidated financial statements. Non-controlling interests also include ownership interests in certain consolidated funds and VIEs. Non-controlling interests are presented as a separate component of equity on the Company’s condensed consolidated statements of financial condition. Net income (loss) includes the net income (loss) attributable to the holders of non-controlling interests on the Company’s condensed consolidated statements of operations. Profits and losses are allocated to non-controlling interests in proportion to their relative ownership interests regardless of their basis. Earnings Per Share As the Company has issued participating securities, the two-class method of computing earnings per share is used for all periods presented for common stock and participating securities as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for distributions declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for distributions declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. Participating securities include vested and unvested RSUs that participate in distributions, as well as unvested restricted shares. Whether during a period of net income or net loss, under the two-class method the remaining earnings are allocated to common stock and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Earnings or losses allocated to each class of security are then divided by the applicable weighted average outstanding shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and includes the number of additional shares of common stock that would have been outstanding if the dilutive potential shares of common stock had been issued. The numerator is adjusted for any changes in income or loss that would result from the issuance of these potential shares of common stock. Share Repurchase When shares are repurchased, the Company can choose to record treasury shares or account for the repurchase as a constructive retirement. The Company accounted for share repurchases as constructive retirement, whereby it reduced common stock and additional paid-in capital by the amount of the original issuance, with any excess purchase price recorded as a reduction to retained earnings. Under this method, issued and outstanding shares are reduced by the shares repurchased, and no treasury stock is recognized on the condensed consolidated statements of financial condition. Income Taxes AGM is a Delaware corporation and generally all of its income is subject to U.S. corporate income taxes. Certain subsidiaries of AGM operate as partnerships for U.S. income tax purposes and are subject to NYC UBT. In conjunction with the Mergers, Apollo underwent a reorganization from an Up-C structure to a C-corporation with a single class of common stock. Athene, and certain of its non-U.S. subsidiaries, are Bermuda exempted companies that have historically not been subject to U.S. corporate income taxes on their earnings. Due to the Mergers, Athene’s non-U.S. earnings will generally be subject to U.S. corporate income taxes. Significant judgment is required in determining tax expense and in evaluating certain and uncertain tax positions. The Company’s tax positions are reviewed and evaluated quarterly to determine whether the Company has uncertain tax positions that require financial statement recognition. The Company recognizes the tax benefit of uncertain tax positions only where the position is “more likely than not” to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit is measured as the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. If a tax position were not considered more likely than not to be sustained, then no benefits of the position would be recognized. Deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the financial statement carrying amount of assets and liabilities and their respective tax bases using currently enacted tax rates in the period the temporary difference is expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period during which the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In determining the realizability of deferred tax assets, the Company evaluates all positive and negative evidence in addition to the ability to carry back losses, the timing of future reversals of taxable temporary differences, tax planning strategies and future expected earnings. Recently Issued Accounting Pronouncements Fair Value Measurement — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03) In June 2022, the FASB issued clarifying guidance that a restriction which is a characteristic of the holding entity rather than a characteristic of the equity security itself should not be considered in its fair value measurement. As a result, the Company is required to measure the fair value of equity securities subject to contractual restrictions attributable to the holding entity on the basis of the market price of the same equity security without those contractual restrictions. Companies are not permitted to recognize a contractual sale restriction attributable to the holding entity as a separate unit of account. The guidance also requires disclosures for these equity securities. The new guidance is mandatorily effective for the Company by January 1, 2024 with early adoption permitted. The Company will apply the guidance on a prospective basis as an adjustment to current-period earnings with the adoption impact disclosed in the period of adoption. The Company is currently evaluating the new guidance and its impact on the consolidated financial statements. Business Combinations – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08) In October 2021, the FASB issued guidance to add contract assets and contract liabilities from contracts with customers acquired in a business combination to the list of exceptions to the fair value recognition and measurement principles that apply to business combinations, and instead require them to be accounted for in accordance with revenue recognition guidance. The new guidance is mandatorily effective for the Company on January 1, 2023 and applied prospectively, with early adoption permitted. The Company is currently evaluating the guidance and its impact on the consolidated financial statements. Insurance – Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2020-11, ASU 2019-09, ASU 2018-12) These updates amend four key areas pertaining to the accounting and disclosures for long-duration insurance and investment contracts. • The update requires cash flow assumptions used to measure the liability for future policy benefits to be updated at least annually and no longer allows a provision for adverse deviation. The remeasurement of the liability associated with the update of assumptions is required to be recognized in net income. Loss recognition testing is eliminated for traditional and limited-payment contracts. The update also requires the discount rate used in measuring the liability to be an upper-medium grade fixed-income instrument yield, which is to be updated at each reporting date. The change in liability due to changes in the discount rate is to be recognized in OCI. • The update simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. Deferred costs are required to be written off for unexpected contract terminations but are not subject to impairment testing. • The update requires certain contract features meeting the definition of market risk benefits to be measured at fair value. Among the features included in this definition are the guaranteed lifetime withdrawal benefit (GLWB) and guaranteed minimum death benefit (GMDB) riders attached to annuity products. The change in fair value of the market risk benefits is to be recognized in net income, excluding the portion attributable to changes in instrument-specific credit risk which is recognized in OCI. • The update also introduces disclosure requirements around the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs. This includes disaggregated rollforwards of these balances and information about significant inputs, judgments, assumptions and methods used in their measurement. The Company is required to adopt these updates on January 1, 2023. Certain provisions of the update are required to be adopted on a fully retrospective basis, while others may be adopted on a modified retrospective basis. Early adoption is permitted. The Company does not expect that the adoption of this standard will have a material effect on stockholders’ equity as of th |
Merger with Athene
Merger with Athene | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Merger with Athene | 3. Merger with Athene On January 1, 2022, Apollo and Athene completed the previously announced merger transactions pursuant to the Merger Agreement. As a result of the Mergers, AAM and AHL became subsidiaries of AGM. Under the Merger Agreement, each issued and outstanding Athene common share was converted automatically into 1.149 shares of common stock of AGM and any cash paid in lieu of fractional shares. The purchase price was as follows: (In millions, except share price data and exchange ratio) AHL common shares purchased 138 Exchange ratio 1.149 Shares of common stock issued in exchange 158 AGM Class A shares closing price $ 72.43 Total merger consideration at closing $ 11,455 Fair value of estimated RSUs, options and warrants assumed and other equity consideration 1,2 699 Effective settlement of pre-existing relationships 3 896 Total merger consideration 13,050 Fair value of AHL common shares previously held (55 million shares) and other adjustments 4,5 4,554 Total AHL equity value held by AGM 17,604 Non-controlling interest 6 4,942 Total AHL equity value $ 22,546 1 AGM issued one-time grants of fully vested RSUs and options to certain executives and shareholders of Athene vesting upon consummation of the Mergers. Additionally, all issued and outstanding warrants of Athene prior to the Merger Date were exchanged for shares of AGM common stock at the time of the Mergers. The fair value of these awards is $600 million and is treated as part of consideration transferred. 2 AGM issued replacement awards for all outstanding Athene equity awards. $99 million was included as part of consideration for the portion that was attributable to pre-combination services and $53 million will be treated as post-combination compensation expense. 3 The pre-existing relationship related to receivables, payables, and dividends between Apollo and Athene. Total fees payable to AGM by Athene for asset management and advisory services were approximately $146 million. A cash dividend of $750 million was declared by Athene to its common shareholders with Apollo owning 100% of the common shares as of the dividend record date. 4 Based on the December 31, 2021 closing price of AHL common shares on the NYSE. 5 Other adjustments includes pushdown of goodwill arising out of deferred tax liabilities associated with identifiable net assets of Athene. 6 Non-controlling interest in Athene includes holders of Athene’s preferred shares and third-party investors in ACRA and in consolidated VIEs of Athene. The fair value of Athene’s preferred shares was based on the closing stock price of Athene’s preferred shares immediately prior to the consummation of the Athene merger and the fair value of the non-controlling interest in ACRA was determined using the discounted distribution model approach. The value of the consideration at closing is subject to certain post-closing adjustments, which could represent an adjustment to the preliminary determination of goodwill recorded. The Mergers were accounted for as a business combination. The consideration has been allocated to Athene's assets acquired and liabilities assumed based on estimates of their fair values as of the Merger Date. The fair value of assets acquired, and liabilities assumed represent a provisional allocation, as the Company’s evaluation of facts and circumstances available as of the Merger Date is ongoing. The business combination was achieved in steps. The Company previously held its equity interests in the acquiree at fair value. Goodwill of $4.1 billion has been recorded based on the amount that the Athene equity value exceeds the fair value of the net assets acquired less the amounts attributable to non-controlling interests. Goodwill is primarily attributable to the scale, skill sets, operations, and synergies that can be achieved subsequent to the Mergers. The goodwill recorded is not expected to be deductible for tax purposes. The financial statements will not be retrospectively adjusted for any changes to the provisional values of assets acquired and liabilities assumed that occur in subsequent periods. Any adjustments will be recognized as information related to this preliminary fair value calculation is obtained. The effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of any change to the provisional amounts, will be recorded in the same period as the financial statements, calculated as if the accounting had been completed at the Merger Date. The purchase price allocation is expected to be finalized as soon as practicable, but no later than one year from the Merger Date. The following table summarizes the provisional fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the Merger Date: (In millions) Fair Value and Goodwill Calculation Merger consideration $ 13,050 Fair value of previously held equity interest 4,554 Total Athene Value to be Held by the Company 17,604 Total Value to Allocate Investments 176,015 Cash and cash equivalents 9,479 Restricted cash and cash equivalents 796 Investment in related parties 33,863 Reinsurance recoverable 4,977 VOBA 4,547 Assets of consolidated variable interest entities 3,635 Other assets 5,729 Estimated fair value of total assets acquired (excluding goodwill) 239,041 Interest sensitive contract liabilities 160,205 Future policy benefits 47,105 Debt 3,295 Payables for collateral on derivatives and securities to repurchase 7,044 Liabilities of consolidated variable interest entities 461 Other liabilities 2,443 Estimated fair value of total liabilities assumed 220,553 Non-controlling interest 4,942 Estimated fair value of net assets acquired, excluding goodwill 13,546 Goodwill attributable to Athene $ 4,058 Included within the above are provisional amounts for (1) VOBA, (2) interest sensitive contract liabilities, (3) future policy benefits, and (4) other assets and other liabilities for the portion of net assets acquired relating to other identifiable intangibles and deferred taxes, based on the availability of data as of the date the financial statements were available to be issued. Any adjustment to provisional amounts will be made prospectively as data becomes available. The income effects from changes to provisional amounts will be recorded in the period the adjustment is made, as if the adjustment had been recorded on the Merger Date. During the nine months ended September 30, 2022, the Company recorded adjustments which decreased provisional goodwill by $123 million. The adjustments were comprised of $40 million for measurement period adjustments and $83 million to adjust the valuation of an investment. The measurement period adjustments were primarily related to decreases in interest sensitive contract liabilities and future policy benefits and the effects to the condensed consolidated statements of operations were immaterial to those periods. The Company expects to finalize purchase accounting as soon as practicable but no later than one year from the Merger Date. The Company performed a valuation of the acquired investments, policy liabilities, VOBA, other identifiable intangibles, and funds withheld at interest payables and receivables using methodologies consistent with those described in note 2 and note 7. Value of business acquired and Other identifiable intangible assets VOBA represents the difference between the fair value of liabilities acquired and reserves established using best estimate assumptions at the Merger Date. Other identifiable intangible assets are included in other assets on the condensed consolidated statement of financial condition and summarized as follow: Distribution Channels Trade Name Insurance Licenses These assets are valued using the excess earnings method, which derives value based on the present value of the cash flow attributable to the distribution channels, less returns for contributory assets. This represents the Athene trade name and was valued using the relief-from-royalty method considering publicly available third-party trade name royalty rates as well as expected premiums generated by the use of the trade name over its anticipated life. Licenses are protected through registration and were valued using the market approach based on third-party market transactions from which the prices paid for state insurance licenses could be derived. The fair value and weighted average estimated useful lives of VOBA and other identifiable intangible assets acquired in the Mergers consist of the following: Fair value (in millions) Average useful life (in years) VOBA Asset $ 4,547 7 Distribution Channels 1,870 18 Trade Name 160 20 State Insurance Licenses 26 Indefinite Total $ 6,603 As of the Merger Date, Athene's financial results are reflected in these condensed consolidated financial statements. Athene's revenues of $2,502 million and $4,248 million and net income (loss) of $(689) million and $(3,929) million are included in the condensed consolidated statement of operations for the three and nine months ended September 30, 2022, respectively. Pro Forma Financial Information Unaudited pro forma financial information for the three and nine months ended September 30, 2021 is presented below. Pro forma financial information presented does not include adjustments to reflect any potential revenue synergies or cost savings that may be achievable in connection with the Mergers and assume the Mergers occurred as of January 1, 2021. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of future operations or results had the Mergers been completed as of January 1, 2021. (In millions) Three months ended September 30, 2021 Nine months ended September 30, 2021 Total Revenues $ 9,576 $ 23,146 Net income attributable to Apollo 967 3,999 Amounts above reflect certain pro forma adjustments that were directly attributable to the Mergers. These adjustments include the following: • the elimination of historical amortization of Athene’s intangibles and the additional amortization of intangibles measured at fair value as of the Merger Date; and • the prospective adjustments to the book value of AFS securities and the fair value of mortgage loans, which will be amortized into income based on the expected life of the investments. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | 4. Investments The following table outlines the Company’s investments: (In millions) September 30, 2022 December 31, 2021 Asset Management Investments, at fair value $ 1,131 $ 5,589 Equity method investments 962 1,346 Performance allocations 2,389 2,732 U.S. Treasury securities, at fair value 1,372 1,687 Total Investments – Asset Management 5,854 11,354 Retirement Services AFS securities, at fair value $ 102,648 $ — Trading securities, at fair value 2,491 — Equity securities 1,947 — Mortgage loans, at fair value 26,476 — Investment funds 1,301 — Policy loans 353 — Funds withheld at interest 44,667 — Derivative assets 4,065 — Short-term investments 318 — Other investments 956 — Total Investments, including related party – Retirement Services 185,222 — Total Investments $ 191,076 $ 11,354 Asset Management Net Gains (Losses) from Investment Activities The following outlines realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities: Three months ended September 30, Nine months ended September 30, (In millions) 2022 2021 2022 2021 Realized gains (losses) on sales of investments, net $ (1) $ — $ (7) $ 1 Net change in unrealized gains (losses) due to changes in fair value (15) 173 171 1,438 Net gains (losses) from investment activities $ (16) $ 173 $ 164 $ 1,439 Performance Allocations Performance allocations receivable is recorded within investments in the condensed consolidated statements of financial condition. The table below provides a roll forward of the performance allocations balance: (In millions) Total Performance allocations, January 1, 2022 $ 2,732 Change in fair value of funds 201 Fund distributions to the Company (544) Performance allocations, September 30, 2022 $ 2,389 The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the condensed consolidated statements of financial condition. The timing of the payment of performance allocations due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, performance allocations with respect to the private equity funds and certain credit and real assets funds are payable and are distributed to the fund’s general partner upon realization of an investment if the fund’s cumulative returns are in excess of the preferred return. Retirement Services AFS Securities The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type: September 30, 2022 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS Securities US government and agencies $ 3,229 $ — $ — $ (731) $ 2,498 US state, municipal and political subdivisions 1,217 — — (297) 920 Foreign governments 1,208 (27) 2 (322) 861 Corporate 72,556 (66) 50 (15,632) 56,908 CLO 16,235 (5) 3 (2,087) 14,146 ABS 10,691 (13) 8 (814) 9,872 CMBS 3,462 (3) — (396) 3,063 RMBS 6,248 (321) 7 (609) 5,325 Total AFS securities 114,846 (435) 70 (20,888) 93,593 AFS securities – related party Corporate 1,076 — 3 (57) 1,022 CLO 2,884 (1) — (402) 2,481 ABS 5,825 — 1 (274) 5,552 Total AFS securities – related party 9,785 (1) 4 (733) 9,055 Total AFS securities including related party $ 124,631 $ (436) $ 74 $ (21,621) $ 102,648 The amortized cost and fair value of AFS securities, including related party, are shown by contractual maturity below: September 30, 2022 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,053 $ 1,031 Due after one year through five years 10,912 9,837 Due after five years through ten years 20,900 17,101 Due after ten years 45,345 33,218 CLO, ABS, CMBS and RMBS 36,636 32,406 Total AFS securities 114,846 93,593 AFS securities – related party Due in one year or less 1 1 Due after one year through five years 23 21 Due after five years through ten years 898 870 Due after ten years 154 130 CLO and ABS 8,709 8,033 Total AFS securities – related party 9,785 9,055 Total AFS securities including related party $ 124,631 $ 102,648 Actual maturities can differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Unrealized Losses on AFS Securities The following summarizes the fair value and gross unrealized losses for AFS securities, including related party, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost: September 30, 2022 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS Securities US government and agencies $ 2,482 $ (731) $ — $ — $ 2,482 $ (731) US state, municipal and political subdivisions 916 (297) — — 916 (297) Foreign governments 843 (322) — — 843 (322) Corporate 56,317 (15,631) — — 56,317 (15,631) CLO 13,636 (2,043) — — 13,636 (2,043) ABS 7,436 (730) — — 7,436 (730) CMBS 2,880 (384) — — 2,880 (384) RMBS 3,573 (428) — — 3,573 (428) Total AFS securities 88,083 (20,566) — — 88,083 (20,566) AFS securities – related party Corporate 409 (56) — — 409 (56) CLO 2,431 (399) — — 2,431 (399) ABS 5,018 (249) — — 5,018 (249) Total AFS securities – related party 7,858 (704) — — 7,858 (704) Total AFS securities including related party $ 95,941 $ (21,270) $ — $ — $ 95,941 $ (21,270) The following summarizes the number of AFS securities that were in an unrealized loss position, including related party, for which an allowance for credit losses has not been recorded: September 30, 2022 Unrealized Loss Position Unrealized Loss Position 12 Months or More AFS securities 9,160 — AFS securities – related party 171 — The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since acquisition. Athene did not recognize the unrealized losses in income as it intends to hold these securities and it is not more likely than not it will be required to sell a security before the recovery of its amortized cost. Allowance for Credit Losses The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type: Three months ended September 30, 2022 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending Balance AFS Securities Foreign governments $ 61 $ — $ — $ (28) $ — $ (6) $ 27 Corporate 70 5 — — (6) (3) 66 CLO 107 2 — — — (104) 5 ABS 14 7 — — — (8) 13 CMBS 9 — — — — (6) 3 RMBS 348 1 2 (7) — (23) 321 Total AFS securities 609 15 2 (35) (6) (150) 435 AFS securities – related party CLO 19 — — — — (18) 1 ABS 1 — — — — (1) — Total AFS securities – related party 20 — — — — (19) 1 Total AFS securities including related party $ 629 $ 15 $ 2 $ (35) $ (6) $ (169) $ 436 Nine months ended September 30, 2022 Additions Reductions (In millions) Beginning balance 1 Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending Balance AFS Securities Foreign governments $ — $ 66 $ — $ (28) $ — $ (11) $ 27 Corporate — 66 — — (6) 6 66 CLO — 24 — — — (19) 5 ABS 5 16 — — — (8) 13 CMBS — 14 — — — (11) 3 RMBS 306 30 3 (24) — 6 321 Total AFS securities 311 216 3 (52) (6) (37) 435 AFS securities – related party CLO — 3 — — — (2) 1 ABS — 18 — — — (18) — Total AFS securities – related party — 21 — — — (20) 1 Total AFS securities including related party $ 311 $ 237 $ 3 $ (52) $ (6) $ (57) $ 436 1 Beginning balance reflects allowances established at the time of the Mergers under purchase accounting for PCD investments. Net Investment Income Net investment income by asset class consists of the following: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 AFS securities $ 1,076 $ 2,861 Trading securities 41 133 Equity securities 17 41 Mortgage loans 336 870 Investment funds (37) 278 Funds withheld at interest 534 1,347 Other 75 165 Investment revenue 2,042 5,695 Investment expenses (9) (28) Net investment income $ 2,033 $ 5,667 Investment Related Gains (Losses) Investment related gains (losses) by asset class consists of the following: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 AFS securities Gross realized gains on investment activity $ 84 $ 404 Gross realized losses on investment activity (761) (2,003) Net realized investment losses on AFS securities (677) (1,599) Net recognized investment losses on trading securities (119) (497) Net recognized investment losses on equity securities (9) (260) Net recognized investment losses on mortgage loans (1,199) (3,094) Derivative losses (1,821) (8,794) Provision for credit losses 171 (193) Other gains 807 1,614 Investment related gains (losses) $ (2,847) $ (12,823) Proceeds from sales of AFS securities were $635 million and $9,405 million for the three and nine months ended September 30, 2022, respectively. The following table summarizes the change in unrealized gains (losses) on trading and equity securities held as of the respective period end: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 Trading securities $ (119) $ (455) Trading securities – related party 6 2 Equity securities 2 (237) Equity securities – related party (18) (31) Repurchase Agreements The following table summarizes the maturities of repurchase agreements: September 30, 2022 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30-90 days 91 days to 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ 150 $ 1,260 $ 201 $ 2,866 $ 4,477 1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition. The following table summarizes the securities pledged as collateral for repurchase agreements: September 30, 2022 (In millions) Amortized Cost Fair Value AFS securities U.S. government and agencies $ 2,093 $ 1,592 Foreign governments 147 104 Corporate 1,965 1,580 CLO 282 264 ABS 1,207 1,066 Total securities pledged under repurchase agreements $ 5,694 $ 4,606 Reverse Repurchase Agreements As of September 30, 2022, amounts loaned under reverse repurchase agreements were $26 million, and collateral received was $616 million. Mortgage Loans, including related parties and VIEs Mortgage loans includes both commercial and residential loans. Athene has elected the fair value option on substantially all of its mortgage loan portfolio. See note 7 for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: (In millions) September 30, 2022 Commercial mortgage loans $ 19,976 Commercial mortgage loans under development 780 Total commercial mortgage loans 20,756 Mark to fair value (1,849) Fair value of commercial mortgage loans 18,907 Residential mortgage loans 10,332 Mark to fair value (763) Fair value of residential mortgage loans 9,569 Mortgage loans $ 28,476 Athene primarily invests in commercial mortgage loans on income producing properties including office and retail buildings, apartments, hotels, and industrial properties. Athene diversifies the commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. Athene evaluates mortgage loans based on relevant current information to confirm if properties are performing at a consistent and acceptable level to secure the related debt. The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows: September 30, 2022 (In millions, except percentages) Net Carrying Value Percentage of Total Property type Office building $ 4,730 25.0 % Retail 1,411 7.5 % Apartment 5,935 31.4 % Hotels 1,818 9.6 % Industrial 1,726 9.1 % Other commercial 3,287 17.4 % Total commercial mortgage loans $ 18,907 100.0 % US Region East North Central $ 1,560 8.3 % East South Central 408 2.2 % Middle Atlantic 4,141 21.9 % Mountain 884 4.7 % New England 1,063 5.6 % Pacific 3,875 20.5 % South Atlantic 2,743 14.5 % West North Central 253 1.3 % West South Central 1,080 5.7 % Total US Region 16,007 84.7 % International Region United Kingdom 1,802 9.5 % International Other 1 1,098 5.8 % Total International Region 2,900 15.3 % Total commercial mortgage loans $ 18,907 100.0 % 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Athene’s residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table: September 30, 2022 US States California 30.8 % Florida 9.9 % New Jersey 5.6 % New York 5.6 % Other 1 35.3 % Total US residential mortgage loan percentage 87.2 % International United Kingdom 4.6 % Ireland 3.4 % Other 2 4.8 % Total international residential mortgage loan percentage 12.8 % Total residential mortgage loan percentage 100.0 % 1 Represents all other states, with each individual state comprising less than 5% of the portfolio. 2 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Investment Funds Athene’s investment fund portfolio consists of funds that employ various strategies and include investments in origination platforms, insurance platforms, and equity, hybrid, yield and other funds . Investment funds can meet the definition of VIEs. The investment funds do not specify timing of distributions on the funds’ underlying assets. The following summarizes Athene’s investment funds, including related party and consolidated VIEs: September 30, 2022 (In millions, except percentages) Carrying value Percent of total Investment funds Apollo and other fund investments Equity funds 5 17.2 % Hybrid funds 20 69.0 % Yield funds 4 13.8 % Total investment funds 29 100.0 % Investment funds – related parties Strategic origination platforms 68 5.3 % Strategic insurance platforms 1,048 82.4 % Apollo and other fund investments Equity funds 135 10.7 % Yield funds 4 0.3 % Other 17 1.3 % Total investment funds – related parties 1,272 100.0 % Investment funds owned by consolidated VIEs Strategic origination platforms 4,524 38.1 % Strategic insurance platforms 545 4.6 % Apollo and other fund investments Equity funds 2,568 21.5 % Hybrid funds 3,183 26.8 % Yield funds 985 8.3 % Other 80 0.7 % Total investment funds – assets of consolidated VIEs 11,885 100.0 % Total investment funds including related party and funds owned by consolidated VIEs $ 13,186 Concentrations —The following table represents Athene’s investment concentrations. The evaluation for concentration is based on 10% of stockholders’ equity; however, due to stockholders’ equity being in a deficit position as of September 30, 2022, the Company is providing the top 30 investment concentrations. (In millions) September 30, 2022 Athene Freedom 1 $ 1,422 Athora 1 1,123 PK AirFinance 1 933 AP Tundra 894 Cayman Universe 762 AOP Finance 754 MidCap 1 680 SoftBank Vision Fund II 666 AA Infrastructure 621 Bank of America 593 Apollo Rose 2 545 Morgan Stanley 512 Venerable 1 506 AP Hansel 2 500 Citigroup 494 AP Maia 2 487 JPMorgan Chase 452 AT&T Inc. 413 FWD Group 400 Comcast 372 Mileage Plus 371 Verizon 347 Goldman Sachs 310 AA Warehouse 299 HWIRE 294 Enterprise Products 280 Wheels Fleet Lease 279 Shell 279 Energy Trans 266 Wells Fargo 249 1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in note 16. 2 Represents a consolidated VIE investment in which an underlying investment includes a single issuer exceeding concentration threshold. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 5. Derivatives The Company uses a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See note 7 for information about the fair value hierarchy for derivatives. The following table presents the notional amount and fair value of derivative instruments: September 30, 2022 Notional Amount Fair Value (In millions) Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 6,517 $ 1,122 $ 241 Forwards 5,627 697 5 Interest rate swaps 4,468 — 1,055 Forwards on net investments 193 4 — Interest rate swaps 9,505 1 159 Total derivatives designated as hedges 1,824 1,460 Derivatives not designated as hedges Equity options 61,670 905 122 Futures 21 30 2 Total return swaps 99 — 10 Foreign currency swaps 3,428 354 188 Interest rate swaps 465 88 — Credit default swaps 10 — 1 Foreign currency forwards 14,013 864 439 Embedded derivatives Funds withheld including related party (6,830) (82) Interest sensitive contract liabilities — 4,998 Total derivatives not designated as hedges (4,589) 5,678 Total derivatives $ (2,765) $ 7,138 Derivatives Designated as Hedges Cash Flow Hedges Athene uses interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by July 2027. During the three and nine months ended September 30, 2022, Athene recognized losses of $111 million in other comprehensive income (loss) associated with these hedges. There were no amounts deemed ineffective during the three and nine months ended September 30, 2022. As of September 30, 2022, no amounts are expected to be reclassified to income within the next 12 months. Fair Value Hedges Athene uses foreign currency forward contracts, foreign currency interest rates swaps, and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date. The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: September 30, 2022 (In millions) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) AFS securities Foreign currency forwards $ 3,989 $ (644) Foreign currency swaps 3,878 (792) Interest sensitive contract liabilities Foreign currency swaps 1,081 162 Foreign currency interest rate swaps 4,348 879 Interest rate swaps 6,750 357 1 The carrying amount disclosed for AFS securities is amortized cost. The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships: Amount Excluded (In millions) Derivatives Hedged Items Net Recognized in income through amortization approach Recognized in income through changes in fair value Three months ended September 30, 2022 Investment related gains (losses) Foreign currency forwards $ 288 $ (290) $ (2) $ 18 $ — Foreign currency swaps 256 (283) (27) — — Foreign currency interest rate swaps (379) 384 5 — — Interest rate swaps (268) 264 (4) — — Interest sensitive contract benefits Foreign currency interest rate swaps 12 (14) (2) — — Nine months ended September 30, 2022 Investment related gains (losses) Foreign currency forwards $ 616 $ (648) $ (32) $ 48 $ 1 Foreign currency swaps 589 (630) (41) — — Foreign currency interest rate swaps (873) 879 6 — — Interest rate swaps (345) 357 12 — — Interest sensitive contract benefits Foreign currency interest rate swaps 37 (37) — — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 Foreign currency forwards $ (20) $ (77) Foreign currency swaps 51 60 Net Investment Hedges Athene uses foreign currency forwards to hedge the foreign currency exchange rate risk of its investments in subsidiaries that have a reporting currency other than the U.S. dollar. Hedge effectiveness is assessed based on the changes in forward rates. During the three and nine months ended September 30, 2022, these derivatives had gains of $22 million and $47 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of September 30, 2022, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $47 million. During the three and nine months ended September 30, 2022, there were no amounts deemed ineffective. Derivatives Not Designated as Hedges Equity options Athene uses equity indexed options to economically hedge fixed indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index, primarily the S&P 500. To hedge against adverse changes in equity indices, Athene enters into contracts to buy equity indexed options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price. Futures Athene purchases futures contracts to hedge the growth in interest credited to the customer as a direct result of increases in the related indices. Athene enters into exchange-traded futures with regulated futures commission clearing brokers who are members of a trading exchange. Under exchange-traded futures contracts, Athene agrees to purchase a specified number of contracts with other parties and to post variation margin on a daily basis in an amount equal to the difference in the daily fair values of those contracts. Total return swaps Athene purchases total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. Total rate of return swaps are contracts in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of the underlying asset or index, which includes both the income it generates and any capital gains. Interest rate swaps Athene uses interest rate swaps to reduce market risks from interest rate changes and to alter interest rate exposure arising from duration mismatches between assets and liabilities. With an interest rate swap, Athene agrees with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed upon notional principal amount at specified intervals. Credit default swaps Credit default swaps provide a measure of protection against the default of an issuer or allow the Company to gain credit exposure to an issuer or traded index. Athene uses credit default swaps coupled with a bond to synthetically create the characteristics of a reference bond. These transactions have a lower cost and are generally more liquid relative to the cash market. Athene receives a periodic premium for these transactions as compensation for accepting credit risk. Hedging credit risk involves buying protection for existing credit risk. The exposure resulting from the agreements, which is usually the notional amount, is equal to the maximum proceeds that must be paid by a counterparty for a defaulted security. If a credit event occurs on a reference entity, then a counterparty who sold protection is required to pay the buyer the trade notional amount less any recovery value of the security. Embedded derivatives Athene has embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance agreements structured on modco or funds withheld basis and indexed annuity products. The following is a summary of the gains (losses) related to derivatives not designated as hedges: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 Equity options $ (449) $ (2,728) Futures (34) (153) Swaps 132 121 Foreign currency forwards 454 971 Embedded derivatives on funds withheld (1,839) (7,041) Amounts recognized in investment related gains (losses) (1,736) (8,830) Embedded derivatives in indexed annuity products 1 800 3,244 Total gains (losses) on derivatives not designated as hedges $ (936) $ (5,586) 1 Included in interest sensitive contract benefits on the condensed consolidated statements of operations. Credit Risk The Company may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of Athene’s derivative contracts is the fair value at the reporting date less any collateral received from the counterparty. Athene manages credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, Athene maintains collateral arrangements and uses master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. Athene has also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure. Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in Athene’s financial strength rating to a specified level can result in settlement of the derivative position. The estimated fair value of net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated statements of financial condition (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral September 30, 2022 Derivative assets $ 4,065 $ (1,671) $ (2,538) $ (144) $ — $ (144) Derivative liabilities (2,222) 1,671 598 47 — 47 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of September 30, 2022, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition. 3 For non-cash collateral received, the Company does not recognize the collateral on the condensed consolidated statement of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received. Certain derivative instruments contain provisions for credit-related events, such as downgrades in Athene’s credit ratings or for a negative credit event of a credit default swap’s reference entity. If a credit event were to occur, the Company may be required to settle an outstanding liability. The following is a summary of Athene’s exposure to credit-related events: (In millions) September 30, 2022 Fair value of derivative liabilities with credit related provisions $ 1 Maximum exposure for credit default swaps 10 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 6. Variable Interest Entities A variable interest in a VIE is an investment or other interest that will absorb portions of the VIE’s expected losses and/or receive expected residual returns. Please refer to note 2 for more detail about the Company’s VIE assessment and consolidation policy. Variable interests in consolidated VIEs and unconsolidated VIEs are discussed separately below. Consolidated VIEs Consolidated VIEs include consolidated SPACs as well as certain CLOs and funds managed by the Company. The financial information for these consolidated SPACs are disclosed in note 16. The assets of consolidated VIEs are not available to creditors of the Company, and the investors in these consolidated VIEs have no recourse against the assets of the Company. Similarly, there is no recourse to the Company for the consolidated VIEs’ liabilities. Other assets of the consolidated funds include interest receivables and receivables from affiliates. Other liabilities include debt held at amortized cost as well as short-term payables. Each series of notes in a respective consolidated VIE participates in distributions from the VIE, including principal and interest from underlying investments. Amounts allocated to the noteholders reflect amounts that would be distributed if the VIE’s affairs were wound up and its assets sold for cash equal to their respective carrying values, its liabilities satisfied in accordance with their terms, and all the remaining amounts distributed to the noteholders. The respective VIEs that issue the notes payable are marked at their prevailing net asset value, which approximates fair value. Results from certain funds managed by Apollo are reported on a three-month lag based upon the availability of financial information. Net Gains from Investment Activities of Consolidated Variable Interest Entities—Asset Management The following table presents net gains from investment activities of the consolidated VIEs: Three months ended September 30, Nine months ended September 30, (In millions) 2022 1 2021 1 2022 1 2021 1 Net gains (losses) from investment activities $ 78 $ 104 $ 88 $ 460 Net gains (losses) from debt — (4) 144 (16) Interest and other income 40 163 309 526 Interest and other expenses (33) (121) (76) (570) Net gains (losses) from investment activities of consolidated variable interest entities $ 85 $ 142 $ 465 $ 400 1 Amounts reflect consolidation eliminations Senior Secured Notes, Subordinated Notes, Subscription Lines and Secured Borrowings Included within debt, at fair value, notes payable, and other liabilities are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of those amounts: As of September 30, 2022 As of December 31, 2021 (In millions, except percentages) Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Asset Management Senior secured notes 2 $ 1,854 2.78 % 7.0 $ 7,431 3.16 % 15.5 Subordinated notes 2 162 N/A 1 98.0 613 N/A 1 14.5 Subscription lines 2 651 4.87 % 0.14 — N/A N/A Secured borrowings 2,3 — N/A N/A 18 2.33 % 0.4 Total – Asset Management $ 2,667 $ 8,062 1 The principal outstanding balance of the subordinated notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the VIEs. 2 The notes, subscription lines and borrowings of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle. 3 As of September 30, 2022, there was no principal outstanding for secured borrowings. As of December 31, 2021, secured borrowings consist of consolidated VIEs’ obligations through a repurchase agreement redeemable at maturity with third party lenders. The fair value of the secured borrowings as of December 31, 2021 approximates principal outstanding due to the short-term nature of the borrowings. These secured borrowings are classified as a Level 3 liability within the fair value hierarchy. The consolidated VIEs’ debt obligations contain various customary loan covenants. As of September 30, 2022, the Company was not aware of any instances of non-compliance with any of these covenants. Revenues of Consolidated Variable Interest Entities—Retirement Services The following summarizes the statements of operations activity of the consolidated VIEs: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 Trading securities $ 10 $ 12 Equity securities 13 13 Mortgage loans 22 67 Investment funds 6 — Other investments (16) (3) Net investment income 35 89 Trading securities (38) (38) Net recognized investment losses on mortgage loans (103) (262) Investment funds 236 354 Other gains (losses) (16) 5 Investment related gains (losses) 79 59 Revenues of consolidated variable interest entities $ 114 $ 148 Unconsolidated Variable Interest Entities—Asset Management The following table presents the maximum exposure to losses relating to these VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary. As of As of (In millions) September 30, 2022 2 December 31, 2021 2 Maximum Loss Exposure 1 $ 288 $ 241 1 Represents Apollo’s direct investment in those entities in which it holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses. 2 Some amounts included are a quarter in arrears. Unconsolidated Variable Interest Entities—Retirement Services The Company has variable interests in certain unconsolidated VIEs in the form of securities and ownership stakes in investment funds. Fixed maturity securities Athene invests in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, Athene is a debt investor within these entities and, as such, holds a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the trust that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which Athene holds the residual tranche are not consolidated because Athene does not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, Athene is not under common control, as defined by U.S. GAAP, with the related party, nor are substantially all of the activities conducted on Athene’s behalf; therefore, Athene is not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments and are held at fair value on the condensed consolidated statements of financial condition and classified as AFS or trading. Investment funds Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures. Equity securities Athene invests in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure. Athene’s risk of loss associated with its non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments. The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: September 30, 2022 (In millions) Carrying Value Maximum Loss Exposure Investment funds $ 29 $ 323 Investment in related parties – investment funds 1,272 1,272 Assets of consolidated VIEs – investment funds 11,885 19,330 Investment in fixed maturity securities 32,801 37,775 Investment in related parties – fixed maturity securities 8,934 9,639 Investment in related parties – equity securities 340 340 Total non-consolidated investments $ 55,261 $ 68,679 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 7. Fair Value Fair Value Measurements of Financial Instruments The following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level: September 30, 2022 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents 1 $ 1,119 $ — $ — $ — $ 1,119 Restricted cash and cash equivalents 2 697 — — — 697 Cash and cash equivalents of VIEs 155 — — — 155 U.S. Treasury securities 3 1,372 — — — 1,372 Investments, at fair value 147 36 939 4 9 1,131 Investments of VIEs 17 1,795 1,164 56 3,032 Due from related parties 5 — — 42 — 42 Derivative assets 6 — 41 8 — 49 Total Assets – Asset Management 3,507 1,872 2,153 65 7,597 Retirement Services AFS Securities US government and agencies 2,496 2 — — 2,498 US state, municipal and political subdivisions — 920 — — 920 Foreign governments — 859 2 — 861 Corporate — 55,246 1,662 — 56,908 CLO — 14,143 3 — 14,146 ABS — 6,024 3,848 — 9,872 CMBS — 3,063 — — 3,063 RMBS — 5,325 — — 5,325 Total AFS securities 2,496 85,582 5,515 — 93,593 Trading securities 24 1,512 54 — 1,590 Equity securities 265 870 72 — 1,207 Mortgage loans — — 25,145 — 25,145 Funds withheld at interest – embedded derivative — — (5,259) — (5,259) Derivative assets 31 4,034 — — 4,065 Short-term investments 81 176 35 — 292 Other investments — 170 496 — 666 Cash and cash equivalents 9,823 — — — 9,823 Restricted cash and cash equivalents 1,024 — — — 1,024 Investments in related parties AFS securities Corporate — 169 853 — 1,022 CLO — 2,170 311 — 2,481 ABS — 224 5,328 — 5,552 Total AFS securities – related party — 2,563 6,492 — 9,055 Trading securities — — 901 — 901 Equity securities — — 340 — 340 Mortgage loans — — 1,331 — 1,331 Investment funds — — 789 — 789 Funds withheld at interest – embedded derivative — — (1,571) — (1,571) Other investments — — 274 — 274 Reinsurance recoverable — — 1,476 — 1,476 Assets of consolidated VIEs Trading securities 4 364 620 — 988 Equity securities — — 15 — 15 Mortgage loans — — 1,663 — 1,663 Investment funds — — 2,306 9,579 11,885 September 30, 2022 (In millions) Level 1 Level 2 Level 3 NAV Total Other investments — 16 136 — 152 Cash and cash equivalents 418 — — — 418 Total Assets – Retirement Services 14,166 95,287 40,830 9,579 159,862 Total Assets $ 17,673 $ 97,159 $ 42,983 $ 9,644 $ 167,459 Liabilities Asset Management Debt of VIEs, at fair value $ — $ 1,709 $ — $ — $ 1,709 Other liabilities of VIEs, at fair value — 2 — — 2 Contingent consideration obligations 7 — — 128 — 128 Other liabilities 8 2 — — — 2 Total Liabilities – Asset Management 2 1,711 128 — 1,841 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 4,998 — 4,998 Universal life benefits — — 852 — 852 Future policy benefits AmerUs closed block — — 1,157 — 1,157 ILICO closed block and life benefits — — 612 — 612 Derivative liabilities (8) 2,229 1 — 2,222 Funds withheld liability – embedded derivative — (82) — — (82) Total Liabilities – Retirement Services (8) 2,147 7,620 — 9,759 Total Liabilities $ (6) $ 3,858 $ 7,748 $ — $ 11,600 (Concluded) December 31, 2021 (In millions) Level 1 Level 2 Level 3 NAV Total Assets – Asset Management Cash and cash equivalents 1 $ 917 $ — $ — $ — $ 917 Restricted cash and cash equivalents 2 708 — — — 708 Cash and cash equivalents of VIEs 463 — — — 463 U.S. Treasury securities 3 1,687 — — — 1,687 Investment in Athene Holding 4,548 — — — 4,548 Other investments 49 46 946 4 — 1,041 Investments of VIEs 6 1,055 13,188 488 14,737 Due from related parties 5 — — 48 — 48 Derivative assets 6 — 8 — — 8 Total Assets $ 8,378 $ 1,109 $ 14,182 $ 488 $ 24,157 Liabilities – Asset Management Debt of VIEs, at fair value $ — $ 446 $ 7,496 $ — $ 7,942 Other liabilities of VIEs, at fair value — 3 31 1 35 Contingent consideration obligations 7 — — 126 — 126 Other liabilities 8 48 — — — 48 Derivative liabilities 6 — 2 — — 2 Total Liabilities $ 48 $ 451 $ 7,653 $ 1 $ 8,153 1 Cash and cash equivalents as of September 30, 2022 and December 31, 2021 includes $1 million and $2 million, respectively, of cash and cash equivalents held by consolidated SPACs. Refer to note 16 for further information. 2 Restricted cash and cash equivalents as of September 30, 2022 and December 31, 2021 includes $695 million and $690 million, respectively, of restricted cash and cash equivalents held by consolidated SPACs. Refer to note 16 for further information. 3 U.S. Treasury securities as of September 30, 2022 and December 31, 2021 includes $347 million and $1.2 billion, respectively, of U.S. Treasury securities held by consolidated SPACs. Refer to note 16 for further information. 4 Investments as of September 30, 2022 and December 31, 2021 excludes $178 million and $176 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments. 5 Due from related parties represents a receivable from a fund. 6 Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the condensed consolidated statements of financial condition. 7 As of September 30, 2022, other liabilities includes $25 million of contingent obligations, related to the Griffin Capital acquisition, classified as Level 3. As of September 30, 2022 and December 31, 2021, profit sharing payable includes $103 million and $126 million, respectively, related to contingent obligations classified as Level 3. 8 Other liabilities as of September 30, 2022 includes the publicly traded warrants of APSG II. Other liabilities as of December 31, 2021 includes the publicly traded warrants of APSG I and APSG II. Changes in fair value of contingent consideration obligations in connection with the acquisition of Stone Tower and Griffin Capital are recorded in compensation and benefits expense and other income (loss), net, respectively, in the condensed consolidated statements of operations. Refer to note 17 for further details. Level 3 Financial Instruments The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3: September 30, 2022 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 512 512 Embedded value N/A N/A N/A 122 Discounted cash flow Discount rate 8.9% - 52.8% 29.4% 1 306 Adjusted transaction value N/A N/A N/A Due from related parties 42 Discounted cash flow Discount rate 15.0% 15.0% Derivative assets 8 Option model Volatility rate 38.8% - 40.0% 39.7% 1 Investments of consolidated VIEs Equity securities 603 Dividend discount model Discount rate 13.9% 13.9% Discounted cash flow Discount rate 20.0% - 32.6% 24.0% 1 Adjusted transaction value N/A N/A N/A Bank loans 529 Discounted cash flow Discount rate 7.1% - 32.7% 7.9% 1 Adjusted transaction value N/A N/A N/A Bonds 32 Discounted cash flow 7.9% 7.9% 7.9% Adjusted transaction value N/A N/A N/A Retirement Services AFS and trading securities 11,191 Discounted cash flow Discount rate 1.6% – 19.8% 5.9% 1 Mortgage loans 28,139 Discounted cash flow Discount rate 2.6% – 35.7% 5.8% 1 Financial Liabilities Asset Management Contingent consideration obligation 128 Discounted cash flow Discount rate 19.0% - 22.5% 19.7% 1 Option model Volatility rate 32.1% - 36.7% 34.4% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 4,998 Discounted cash flow Nonperformance risk 0.5% – 1.9% 1.2% 2 Option budget 0.5% – 4.5% 1.8% 3 Surrender rate 5.0% – 11.5% 8.1% 4 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. 2 The nonperformance risk weighted average is based on the projected excess benefits of reserves used in the calculation of the embedded derivative. 3 The option budget weighted average is calculated based on the indexed account values. 4 The surrender rate weighted average is calculated based on projected account values. December 31, 2021 Fair Value (In millions) Valuation Techniques Unobservable Inputs Ranges Weighted Average 1 Financial Assets Other investments $ 516 Embedded value N/A N/A N/A 170 Discounted cash flow Discount rate 14.0% - 52.8% 26.4% 260 Adjusted transaction value N/A N/A N/A Due from related parties 48 Discounted cash flow Discount rate 16.0% 16.0% Investments of consolidated VIEs: Equity securities 4,145 Discounted cash flow Discount rate 3.0% - 19.0% 10.4% Dividend discount model Discount rate 13.7% 13.7% Market comparable companies NTAV multiple 1.25x 1.25x Adjusted transaction value Purchase multiple 1.25x 1.25x Adjusted transaction value N/A N/A N/A Bank loans 4,570 Discounted cash flow Discount rate 1.8% - 15.6% 4.3% Adjusted transaction value N/A N/A N/A Profit participating notes 2,849 Discounted cash flow Discount rate 8.7% - 12.5% 12.4% Adjusted transaction value N/A N/A N/A Real estate 512 Discounted cash flow Capitalization rate 4.0% - 5.8% 5.3% Discounted cash flow Discount rate 5.0% - 12.5% 7.3% Discounted cash flow Terminal capitalization rate 8.3% 8.3% Direct capitalization Capitalization rate 5.5% - 8.5% 6.2% Direct capitalization Terminal capitalization rate 6.0% - 12.0% 6.9% Bonds 51 Discounted cash flow Discount rate 4.0% - 7.0% 6.1% Third party pricing N/A N/A N/A Other equity investments 1,061 Discounted cash flow Discount rate 11.8% -12.5% 12.1% Adjusted transaction value N/A N/A N/A Financial Liabilities Liabilities of Consolidated VIEs: Secured loans 4,311 Discounted cash flow Discount rate 1.4% - 10.0% 2.8% Subordinated notes 3,164 Discounted cash flow Discount rate 4.5% - 11.9% 5.8% Participating equity 21 Discounted cash flow Discount rate 15.0% 15.0% Other liabilities 31 Discounted cash flow Discount rate 3.7% - 9.3% 6.3% Contingent consideration obligation 126 Discounted cash flow Discount rate 18.5% 18.5% 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis: Three months ended September 30, 2022 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments $ 1,080 $ (25) $ — $ (108) $ — $ 947 $ 12 $ — Investments of Consolidated VIEs 1,190 24 — 98 (148) 1,164 (4) — Total Level 3 Assets – Asset Management $ 2,270 $ (1) $ — $ (10) $ (148) $ 2,111 $ 8 $ — Assets – Retirement Services AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 1,588 (16) (58) 205 (57) 1,662 — (55) CLO — — — 3 — 3 — — ABS 3,594 2 (50) 198 104 3,848 — (60) CMBS — — — — — — — — Three months ended September 30, 2022 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 RMBS 68 — (1) (1) (66) — — — Trading securities 58 (4) — (2) 2 54 (4) — Equity securities 62 10 — — — 72 11 — Mortgage loans 25,218 (1,117) — 1,044 — 25,145 (1,111) — Investment funds 19 — — — (19) — — — Funds withheld at interest – embedded derivative (3,958) (1,301) — — — (5,259) — — Short-term investments 58 — — (23) — 35 — — Other investments — — — — 496 496 — — Investments in related parties AFS securities Corporate 849 1 (17) 114 (94) 853 — (15) CLO 325 — (14) — — 311 — (14) ABS 5,026 (3) (73) 284 94 5,328 — (73) Trading securities 891 4 — 5 1 901 4 — Equity securities 163 (18) — 195 — 340 (18) — Mortgage loans 1,416 (82) — (3) — 1,331 (82) — Investment funds 818 (29) — — — 789 (29) — Funds withheld at interest – embedded derivative (1,129) (442) — — — (1,571) — — Other investments — — — — 274 274 — — Reinsurance recoverable 1,580 (104) — — — 1,476 — — Assets of consolidated VIEs Trading securities 330 (7) — 529 (232) 620 (7) — Equity securities — — — — 15 15 — — Mortgage loans 1,626 (80) — 96 21 1,663 (79) — Investment funds 1,053 (19) — 1,694 (422) 2,306 (19) — Other investments 31 — — — 105 136 — — Total Level 3 assets – Retirement Services $ 39,688 $ (3,205) $ (213) $ 4,338 $ 222 $ 40,830 $ (1,334) $ (217) Liabilities – Asset Management Contingent consideration obligations $ 139 $ (11) $ — $ — $ — $ 128 $ — $ — Total Level 3 liabilities – Asset Management $ 139 $ (11) $ — $ — $ — $ 128 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (5,451) $ 800 $ — $ (347) $ — $ (4,998) $ — $ — Universal life benefits (943) 91 — — — (852) — — Future policy benefits AmerUs Closed Block (1,247) 90 — — — (1,157) — — ILICO Closed Block and life benefits (623) 11 — — — (612) — — Derivative liabilities (1) — — — — (1) — — Total Level 3 liabilities – Retirement Services $ (8,265) $ 992 $ — $ (347) $ — $ (7,620) $ — $ — 1 Related to instruments held at end of period. Three months ended September 30, 2021 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments of Consolidated VIEs $ 11,878 $ 85 $ — $ (59) $ (165) $ 11,739 $ 80 $ — Other Investments 390 34 — 204 (2) 626 20 — Total Level 3 assets – Asset Management $ 12,268 $ 119 $ — $ 145 $ (167) $ 12,365 $ 100 $ — Liabilities – Asset Management Contingent consideration obligations $ 129 $ (2) $ — $ (7) $ — $ 120 $ — $ — Debt and other liabilities of consolidated VIEs 7,206 3 — (14) — 7,195 5 — Total Level 3 liabilities – Asset Management $ 7,335 $ 1 $ — $ (21) $ — $ 7,315 $ 5 $ — 1 Related to instruments held at end of period. Nine months ended September 30, 2022 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments $ 946 $ (16) $ — $ (6) $ 23 $ 947 $ 72 $ — Investments of Consolidated VIEs 13,188 197 — 1,815 (14,036) 1,164 5 — Total Level 3 assets – Asset Management $ 14,134 $ 181 $ — $ 1,809 $ (14,013) $ 2,111 $ 77 $ — Assets – Retirement Services AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 1,339 (19) (135) 385 92 1,662 — (120) CLO 14 (2) — (9) — 3 — — ABS 3,619 9 (145) 198 167 3,848 — (116) CMBS 43 — (17) — (26) — — — RMBS — — (1) 67 (66) — — — Trading securities 69 (10) — 6 (11) 54 (4) — Equity securities 429 27 — (3) (381) 72 25 — Mortgage loans 21,154 (2,888) — 6,879 — 25,145 (2,878) — Investment funds 18 1 — — (19) — — — Funds withheld at interest – embedded derivative — (5,259) — — — (5,259) — — Short-term investments 29 — (1) 7 — 35 — (1) Other investments — — — — 496 496 — — Investments in related parties AFS securities Corporate 670 (3) (23) 250 (41) 853 — (22) CLO 202 — (21) 130 — 311 — (21) ABS 6,445 (4) (208) (957) 52 5,328 — (193) Trading securities 1,771 3 — (1,057) 184 901 (4) — Equity securities 284 (32) — 76 12 340 (27) — Mortgage loans 1,369 (206) — 168 — 1,331 (206) — Investment funds 2,855 (1) — (34) (2,031) 789 (1) — Short-term investments — — — 53 (53) — — — Funds withheld at interest – embedded derivative — (1,571) — — — (1,571) — — Other investments — — — — 274 274 — — Reinsurance recoverable 1,991 (515) — — — 1,476 — — Assets of consolidated VIEs Trading securities — (7) — 529 98 620 (7) — Equity securities — — — — 15 15 — — Mortgage loans 2,152 (250) — (58) (181) 1,663 (250) — Investment funds 1,297 9 — 1,855 (855) 2,306 9 — Other investments — — — 31 105 136 — — Total Level 3 assets – Retirement Services $ 45,752 $ (10,718) $ (551) $ 8,516 $ (2,169) $ 40,830 $ (3,343) $ (473) Liabilities – Asset Management Contingent consideration obligations $ 126 $ (21) $ — $ 23 $ — $ 128 $ — $ — Debt and other liabilities of consolidated VIEs 7,528 (28) — 1,126 (8,626) — — — Total Level 3 liabilities – Asset Management $ 7,654 $ (49) $ — $ 1,149 $ (8,626) $ 128 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (7,559) $ 3,244 $ — $ (683) $ — $ (4,998) $ — $ — Universal life benefits (1,235) 383 — — — (852) — — Future policy benefits — AmerUs Closed Block (1,520) 363 — — — (1,157) — — ILICO Closed Block and life benefits (742) 130 — — — (612) — — Derivative liabilities (3) 2 — — — (1) — — Total Level 3 liabilities – Retirement Services $ (11,059) $ 4,122 $ — $ (683) $ — $ (7,620) $ — $ — 1 Related to instruments held at end of period. Nine months ended September 30, 2021 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments of Consolidated VIEs $ 10,963 $ 417 $ — $ 817 $ (458) $ 11,739 $ 278 $ — Other Investments 370 56 — 201 (1) 626 49 — Total Level 3 assets – Asset Management $ 11,333 $ 473 $ — $ 1,018 $ (459) $ 12,365 $ 327 $ — Liabilities – Asset Management Contingent consideration obligations $ 120 $ 20 $ — $ (20) $ — $ 120 $ — $ — Debt and other liabilities of consolidated VIEs 7,100 69 — 26 — 7,195 94 — Total Level 3 liabilities – Asset Management $ 7,220 $ 89 $ — $ 6 $ — $ 7,315 $ 94 $ — 1 Related to instruments held at end of period. The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above: Three months ended September 30, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments $ 9 $ — $ (117) $ — $ (108) $ — $ — $ — Investments of consolidated VIEs 979 — (881) — 98 18 (166) (148) Total Level 3 assets – Asset Management $ 988 $ — $ (998) $ — $ (10) $ 18 $ (166) $ (148) Assets – Retirement Services AFS securities Corporate $ 228 $ — $ (3) $ (20) $ 205 $ 83 $ (140) $ (57) CLO 3 — — — 3 — — — ABS 344 — — (146) 198 116 (12) 104 RMBS — — — (1) (1) — (66) (66) Trading securities — — — (2) (2) 3 (1) 2 Mortgage loans 1,900 — (51) (805) 1,044 — — — Investment funds — — — — — — (19) (19) Short-term investments — — — (23) (23) — — — Other investments — — — — — 496 — 496 Investments in related parties AFS securities Corporate 116 — — (2) 114 — (94) (94) ABS 887 — — (603) 284 94 — 94 Trading securities 5 — — — 5 1 — 1 Equity securities 195 — — — 195 — — — Mortgage loans — — — (3) (3) — — — Other investments — — — — — 274 — 274 Assets of consolidated VIEs Trading securities 529 — — — 529 100 (332) (232) Equity securities — — — — — 15 — 15 Mortgage loans 102 — — (6) 96 21 — 21 Investment funds 1,695 — (1) — 1,694 — (422) (422) Other investments — — — — — 105 — 105 Total Level 3 assets – Retirement Services $ 6,004 $ — $ (55) $ (1,611) $ 4,338 $ 1,308 $ (1,086) $ 222 Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (457) $ — $ 110 $ (347) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (457) $ — $ 110 $ (347) $ — $ — $ — Three months ended September 30, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments $ 204 $ — $ — $ — $ 204 $ — $ (2) $ (2) Investments of consolidated VIEs 286 — (345) — (59) 31 (196) (165) Total Level 3 assets – Asset Management $ 490 $ — $ (345) $ — $ 145 $ 31 $ (198) $ (167) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (7) $ (7) $ — $ — $ — Debt and other liabilities of consolidated VIEs — 16 — (30) (14) — — — Total Level 3 liabilities – Asset Management $ — $ 16 $ — $ (37) $ (21) $ — $ — $ — Nine months ended September 30, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In 1 Transfers Out 1 Net Transfers In (Out) Assets – Asset Management Investments $ 115 $ — $ (121) $ — $ (6) $ 23 $ — $ 23 Investments of consolidated VIEs 4,683 — (2,868) — 1,815 500 (14,536) (14,036) Total Level 3 assets – Asset Management $ 4,798 $ — $ (2,989) $ — $ 1,809 $ 523 $ (14,536) $ (14,013) Assets – Retirement Services AFS securities Corporate $ 681 $ — $ (173) $ (123) $ 385 $ 276 $ (184) $ 92 CLO 3 — — (12) (9) — — — ABS 2,579 — (1,791) (590) 198 484 (317) 167 CMBS — — — — — — (26) (26) RMBS 68 — — (1) 67 — (66) (66) Trading securities 8 — — (2) 6 42 (53) (11) Equity securities — — (3) — (3) 19 (400) (381) Mortgage loans 9,377 — (181) (2,317) 6,879 — — — Investment funds — — — — — — (19) (19) Short-term investments 59 — — (52) 7 — — — Other investments — — — — — 496 — 496 Investments in related parties AFS securities Corporate 483 — (217) (16) 250 53 (94) (41) CLO 130 — — — 130 — — — ABS 2,160 — (93) (3,024) (957) 1,916 (1,864) 52 Trading securities 41 — (1,052) (46) (1,057) 1,444 (1,260) 184 Equity securities 195 — (119) — 76 125 (113) 12 Mortgage loans 182 — — (14) 168 — — — Investment funds — — (34) — (34) — (2,031) (2,031) Short-term investments 53 — — — 53 — (53) (53) Other investments — — — — — 274 — 274 Assets of consolidated VIEs Trading securities 529 — — — 529 430 (332) 98 Equity securities — — — — — 15 — 15 Mortgage loans 102 — — (160) (58) 42 (223) (181) Investment funds 1,981 — (126) — 1,855 11,087 (11,942) (855) Other investments 31 — — — 31 2,007 (1,902) 105 Total Level 3 assets – Retirement Services $ 18,662 $ — $ (3,789) $ (6,357) $ 8,516 $ 18,710 $ (20,879) $ (2,169) Liabilities - Asset Management Contingent consideration obligations $ — $ 36 $ — $ (13) $ 23 $ — $ — $ — Debt and other liabilities of consolidated VIEs — 1,644 — (518) 1,126 — (8,626) (8,626) Total Level 3 liabilities – Asset Management $ — $ 1,680 $ — $ (531) $ 1,149 $ — $ (8,626) $ (8,626) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (1,073) $ — $ 390 $ (683) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (1,073) $ — $ 390 $ (683) $ — $ — $ — 1 Transfers in and out are primarily assets of VIEs with changes in consolidation at Athene in 2022. Nine months ended September 30, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments $ 204 $ — $ (3) $ — $ 201 $ 1 $ (2) $ (1) Investments of consolidated VIEs 1,968 — (1,151) — 817 41 (499) (458) Total Level 3 assets – Asset Management $ 2,172 $ — $ (1,154) $ — $ 1,018 $ 42 $ (501) $ (459) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (20) $ (20) $ — $ — $ — Debt and other liabilities of consolidated VIEs — 328 — (302) 26 — — — Total Level 3 liabilities – Asset Management $ — $ 328 $ — $ (322) $ 6 $ — $ — $ — Fair Value Option - Retirement Services The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 Trading securities $ (121) $ (489) Mortgage loans (1,279) (3,344) Investment funds (47) 9 Future policy benefits 90 363 Total gains (losses) $ (1,357) $ (3,461) Gains and losses on trading securities are recorded in investment related gains (losses) on the condensed consolidated statements of operations. For fair value option mortgage loans, interest income is recorded in net investment income and subsequent changes in fair value in investment related gains (losses) on the condensed consolidated statements of operations. Gains and losses related to investment funds, including related party investment funds, are recorded in net investment income on the condensed consolidated statements of operations. The change in fair value of future policy benefits is recorded to future policy and other policy benefits on the condensed consolidated statements of operations. The following summarizes information for fair value option mortgage loans including related parties and VIEs: (In millions) September 30, 2022 Unpaid principal balance $ 30,751 Mark to fair value (2,612) Fair value $ 28,139 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) September 30, 2022 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 163 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (76) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 87 Fair value of commercial mortgage loans 90 days or more past due $ 1 Fair value of commercial mortgage loans in non-accrual status 87 The following represents the residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) September 30, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 502 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (40) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 462 Fair value of residential mortgage loans 90 days or more past due 1 $ 462 Fair value of residential mortgage loans in non-accrual status 205 1 Includes $257 million of residential mortgage loans that are guaranteed by US government-sponsored agencies. The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 Mortgage loans $ 18 $ (34) The portion of gains and losses attributable to changes in instrument-specific credit risk is estimated by identifying commercial loans with loan-to-value ratios meeting credit quality criteria, and residential mortgage loans with delinquency status meeting credit quality criteria. Financial Instruments Without Readily Determinable Fair Values Athene has elect ed the measurement alternative for certain equity securities that do not have a readily determinable fair value. As of September 30, 2022, the carrying amount of the equity securities was $400 million with no cumulative recorded impairment. Fair Value of Financial Instruments Not Carried at Fair Value - Retirement Services The following represents Athene’s financial instruments not carried at fair value on the condensed consolidated statements of financial condition: September 30, 2022 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 29 $ 29 $ 29 $ — $ — $ — Policy loans 353 353 — — 353 — Funds withheld at interest 39,965 39,965 — — — 39,965 Short-term investments 26 26 — — — 26 Other investments 16 16 — — — 16 Investments in related parties Investment funds 483 483 483 — — — Funds withheld at interest 11,532 11,532 — — — 11,532 Assets of consolidated VIEs – Mortgage loans 337 337 — — — 337 Total financial assets not carried at fair value $ 52,741 $ 52,741 $ 512 $ — $ 353 $ 51,876 Financial liabilities Interest sensitive contract liabilities $ 119,109 $ 104,556 $ — $ — $ — $ 104,556 Debt 3,271 2,427 — — 2,427 — Securities to repurchase 4,477 4,477 — — 4,477 — Funds withheld liability 360 360 — — 360 — Total financial liabilities not carried at fair value $ 127,217 $ 111,820 $ — $ — $ 7,264 $ 104,556 The fair value for financial instruments not carried at fair value are estimated using the same methods and assumptions as those carried at fair value. The financial instruments presented above are reported at carrying value on the condensed consolidated statements of financial condition; however, in the case of policy loans, funds withheld at interest and liability, short-term investments, and securities to repurchase, the carrying amount approximates fair value. Other investments The fair value of other investments is determined using a discounted cash flow model using discount rates for similar investments. Interest sensitive contract liabilities The carrying and fair value of interest sensitive contract liabilities above includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of these investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using current market risk-free interest rates, adding a spread to reflect nonperformance risk and subtracting a risk margin to reflect uncertainty inherent in the projected cash flows. Debt The fair value of debt is obtained from commercial pricing services. These are classified as Level 2. The pricing services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data. Significant Unobservable Inputs Asset Management Consolidated VIEs Investments The significant unobservable inputs used in the fair value measurement of the equity securities include the discount rate applied, purchase multiple and net tangible asset value in the valuation models. These unobservable inputs in isolation can cause significant increases or decreases in fair value. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. The significant unobservable inputs used in the fair value measurement of bank loans, bonds, profit participating notes and other equity investments are discount rates. Significant increases (decreases) in discount rates would result in significantly lower (higher) fair value measurements. The significant unobservable inputs used in the fair value measurement of real estate are discount rates and capitalization rates. Significant increases (decreases) in any discount rates or capitalization rates in isolation would result in a significantly lower (higher) fair value measurement. Certain investments of VIEs are valued using the NAV per share equivalent calculated by the investment manager as a practical expedient to determine an independent fair value. Consolidated VIEs Liabilities The debt obligations of certain consolidated VIEs, that are CLOs, were measured on the basis of the fair value of the financial assets of those CLOs as the financial assets were determined to be more observable and, as a result, categorized as Level II in the fair value hierarchy. The significant unobservable inputs used in the fair value measurement of the Company’s liabilities of consolidated VIEs are discount rates and volatility rates. Significant increases (decreases) in discount rates would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in volatility rates would result in a significantly higher (lower) fair value measurement. Certain liabilities of VIEs are valued using the NAV per share equivalent calculated by the investment manager as a practical expedient to determine an independent fair value. Contingent Consideration Obligations The significant unobservable inputs used in the fair value measurement of the contingent consideration obligations are discount rate and volatility rate applied in the valuation models. These inputs in isolation can cause significant increases or decreases in fair value. See note 17 for further discussion of the contingent consideration obligations. Retirement Services AFS and trading securities Athene uses discounted cash flow models to calculate the fair value for certain fixed maturity securities. The discount rate is a significant unobservable in |
Deferred Acquisition Costs, Def
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 9 Months Ended |
Sep. 30, 2022 | |
Insurance [Abstract] | |
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 8. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired The following represents a rollforward of DAC, DSI and VOBA: (In millions) DAC DSI VOBA Total Balance at January 1, 2022 $ — $ — $ 4,547 $ 4,547 Additions 750 268 — 1,018 Unlocking — — 4 4 Amortization (8) — (371) (379) Impact of unrealized investment (gains) losses and other 6 — (5) 1 Balance at September 30, 2022 $ 748 $ 268 $ 4,175 $ 5,191 The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2022 1 $ 117 2023 442 2024 405 2025 373 2026 339 2027 303 1 Expected amortization for the remainder of 2022. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 9. Goodwill The following table presents Apollo’s goodwill by segment: (In millions) As of As of Asset Management $ 232 $ 85 Retirement Services 4,058 — Principal Investing 32 32 Total Goodwill $ 4,322 $ 117 On January 1, 2022, the Company completed the previously announced merger transactions with Athene. In connection with the completion of the Mergers, the Company recognized goodwill of $4.1 billion as of the Merger Date. See note 3 for further disclosure regarding the goodwill recorded as a result of the Mergers. In connection with the completion of the Mergers, the Company undertook a strategic review of its operating structure and business segments to assess the performance of its businesses and the allocation of resources. As a result, the Company reorganized into three reportable segments: Asset Management, Retirement Services, and Principal Investing. The Company conducted interim impairment testing immediately prior to and subsequent to the reorganization and determined there to be no impairment of historical goodwill. Apollo acquired Griffin Capital’s U.S. wealth distribution business and U.S. asset management business in two separate closings on March 1, 2022 and May 3, 2022 and recorded goodwill of $13 million and $134 million, respectively, on each acquisition date. All of the goodwill associated with the Griffin Capital acquisitions are included within the Asset Management segment. |
Profit Sharing Payable
Profit Sharing Payable | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Profit Sharing Payable | 10. Profit Sharing Payable Profit sharing payable was $1.5 billion and $1.4 billion as of September 30, 2022 and December 31, 2021, respectively. The below is a roll-forward of the profit-sharing payable balance: (In millions) Total Profit sharing payable, January 1, 2022 $ 1,445 Profit sharing expense 366 Payments/other (334) Profit sharing payable, September 30, 2022 $ 1,477 Profit sharing expense includes (i) changes in amounts due to current and former employees entitled to a share of performance revenues in funds managed by Apollo and (ii) changes to the fair value of the contingent consideration obligations recognized in connection with certain of the Company’s acquisitions. Profit sharing expense excludes the potential return of profit-sharing distributions that would be due if certain funds were liquidated, which is recorded in due from related parties in the condensed consolidated statements of financial condition. The Company requires that a portion of certain of the performance revenues distributed to the Company’s employees be used to purchase restricted shares of common stock issued under its Equity Plan. Prior to distribution of the performance revenues, the Company records the value of the equity-based awards expected to be granted in other assets and accounts payable, accrued expenses, and other liabilities. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company’s income tax (provision) benefit totaled $185 million and $(101) million for the three months ended September 30, 2022 and 2021, respectively, and totaled $1.3 billion and $(498) million for the nine months ended September 30, 2022, and 2021, respectively. The Company’s effective income tax rate was approximately 13.6% and 13.8% for the three months ended September 30, 2022 and 2021, respectively, and 18.3% and 12.0% for the nine months ended September 30, 2022 and 2021, respectively. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “IRA”). The IRA contains a number of tax-related provisions including a 15% minimum corporate income tax on certain large corporations as well as an excise tax on stock repurchases. It is unclear how the IRA will be implemented by the U.S. Department of the Treasury through regulation. The Company is still evaluating the impact of the IRA on its tax liability, which tax liability could also be affected by how the provisions of the IRA are implemented through such regulation. The Company will continue to evaluate the IRA’s impact as further information becomes available. Under U.S. GAAP, a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. The Company recorded $15.7 million of unrecognized tax benefits as of September 30, 2022, for uncertain tax positions. Generally, all the unrecognized tax benefits, if recognized, would affect the effective tax rate. The Company does not anticipate a material change to its unrecognized tax benefits over the next twelve months. The primary jurisdictions in which the Company operates and incurs income taxes are the United States and the United Kingdom. There are no unremitted earnings with respect to the United Kingdom or other foreign jurisdictions. In the normal course of business, the Company is subject to examination by federal, state, local and foreign tax authorities. As of September 30, 2022, the Company’s U.S. federal, state, local and foreign income tax returns for the years 2018 through 2020 are open under the general statute of limitations provisions and therefore subject to examination. Currently, the Internal Revenue Service is examining the tax returns of the Company and certain subsidiaries for the 2013, 2015, 2017, 2019, and 2020 tax years. The State and City of New York are examining certain subsidiaries’ tax returns for tax years 2011 to 2020. The United Kingdom tax authorities are currently examining certain subsidiaries’ tax returns for tax year 2017. There are other examinations ongoing in other foreign jurisdictions in which the Company operates. No provisions with respect to these examinations have been recorded, other than the unrecognized tax benefits discussed above. The Company has historically recorded deferred tax assets resulting from the step-up in the tax basis of assets, including intangibles, resulting from exchanges of AOG Units for Class A shares by the Former Managing Partners and Contributing Partners. A related liability has also historically been recorded in “Due to Related Parties” in the condensed consolidated statements of financial condition for the expected payments under the tax receivable agreement entered into by and among the Company, the Former Managing Partners, the Contributing Partners, and other parties thereto (as amended, the “tax receivable agreement”) (see note 16). The benefit the Company has historically obtained from the difference in the tax asset recognized and the related liability was recorded as an increase to additional paid in capital. The amortization period for the portion of the increase in tax basis related to intangibles is 15 years. The realization of the remaining portion of the increase in tax basis relates to the disposition of the underlying assets to which the step-up is attributed. The associated deferred tax assets reverse at the time of the corresponding asset disposition. After the Mergers, the Former Managing Partners and Contributing Partners no longer own AOG Units. Therefore, there were no new exchanges subject to the tax receivable agreement during the nine months ended September 30, 2022. The table below presents the impact to the deferred tax asset, tax receivable agreement liability and additional paid in capital related to the exchange of AOG Units for Class A shares for the nine months ended September 30, 2021. Exchange of AOG Units for Class A shares Increase in Deferred Tax Asset Increase in Tax Receivable Agreement Liability Increase in Additional Paid in Capital For the Nine Months Ended September 30, 2021 293 243 50 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 12. Debt Company debt consisted of the following: September 30, 2022 December 31, 2021 (In millions, except percentages) Maturity Date Outstanding Balance Fair Value Outstanding Balance Fair Value Asset Management 4.00% 2024 Senior Notes 1,2 May 30, 2024 $ 499 $ 486 4 $ 498 $ 530 4 4.40% 2026 Senior Notes 1,2 May 27, 2026 498 474 4 498 553 4 4.87% 2029 Senior Notes 1,2 February 15, 2029 674 629 4 675 778 4 2.65% 2030 Senior Notes 1,2 June 5, 2030 495 395 4 495 506 4 4.77% 2039 Senior Secured Guaranteed Notes 1,2 — — 6 317 369 5 5.00% 2048 Senior Notes 1,2 March 15, 2048 297 264 4 297 397 4 4.95% 2050 Senior Subordinated Notes 1,2 January 14, 2050 297 257 4 297 309 4 1.70% Secured Borrowing II 1 April 15, 2032 17 16 3 19 19 3 1.30% 2016 AMI Term Facility I 1 January 15, 2025 17 17 3 19 19 3 1.40% 2016 AMI Term Facility II 1 July 23, 2023 16 16 3 19 19 3 2,810 2,554 3,134 3,499 Retirement Services 4.13% 2028 Notes 1 January 12, 2028 1,085 900 — — 6.15% 2030 Notes 1 April 3, 2030 609 401 — — 3.50% 2031 Notes 1 January 15, 2031 526 481 — — 3.95% 2051 Notes 1 May 25, 2051 547 336 — — 3.45% 2052 Notes 1 May 15, 2052 504 309 — — 3,271 2,427 — — Total Debt $ 6,081 $ 4,981 $ 3,134 $ 3,499 1 Interest rate is calculated as weighted average annualized. 2 Includes amortization of note discount, as applicable, totaling $16 million and $25 million as of September 30, 2022 and December 31, 2021, respectively. Outstanding balance is presented net of unamortized debt issuance costs. 3 Fair value is based on broker quotes. These notes are valued using Level 3 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services. For instances where broker quotes are not available, a discounted cash flow method is used. 4 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services. 5 Fair value is based on a discounted cash flow method. These notes are valued using Level 3 inputs. 6 There is no outstanding balance as of September 30, 2022. These notes were transferred to a VIE consolidated by Athene during the nine months ended September 30, 2022. Asset Management - Notes Issued The indentures governing the 2024 Senior Notes, the 2026 Senior Notes, the 2029 Senior Notes, the 2030 Senior Notes, the 2048 Senior Notes and the 2050 Subordinated Notes include covenants that restrict the ability of Apollo Management Holdings, L.P., an Apollo subsidiary and issuer of the notes (“AMH”) and, as applicable, the guarantors of the notes under the indentures, to incur indebtedness secured by liens on voting stock or profit participating equity interests of their respective subsidiaries, or merge, consolidate or sell, transfer or lease assets. The indentures also provide for customary events of default. Retirement Services - Notes Issued Athene’s senior unsecured notes are callable by AHL at any time. If called prior to three months before the scheduled maturity date, the price is equal to the greater of (1) 100% of the principal and any accrued and unpaid interest and (2) an amount equal to the sum of the present values of remaining scheduled payments, discounted from the scheduled payment date to the redemption date treasury rate plus a spread as defined in the applicable prospectus supplement and any accrued and unpaid interest. Credit and Liquidity Facilities The following table represents the Company’s credit and liquidity facilities as of September 30, 2022: Instrument/Facility Borrowing Date Maturity Date Administrative Agent Key terms Asset Management - AMH credit facility 1 November 23, 2020 November 23, 2025 Citibank The commitment fee on the $750 million undrawn AMH credit facility as of September 30, 2022 was 0.09%. Retirement Services - AHL credit facility N/A December 3, 2024 Citibank The borrowing capacity under the AHL credit facility is $1.25 billion, with potential increases up to $1.75 billion. Retirement Services - AHL liquidity facility N/A June 30, 2023 Wells Fargo Bank The borrowing capacity under the AHL liquidity facility is $2.5 billion, with potential increases up to $3.0 billion. 1 Refer below for details regarding the AMH credit facility refinancing, which occurred during the fourth quarter of 2022. Asset Management - Credit Facility Borrowings under the AMH credit facility may be used for working capital and general corporate purposes, including, permitted acquisitions. As of September 30, 2022, AMH, the borrower under the facility, could incur incremental facilities in an aggregate amount not to exceed $250 million plus additional amounts so long as AMH was in compliance with a net leverage ratio not to exceed 4.00 to 1.00. As of September 30, 2022, there were no amounts outstanding under the AMH credit facility and the Company was in compliance with all covenants under the facility. On October 12, 2022 (“Closing Date”), AMH, as borrower, entered into a new $1.0 billion revolving credit facility with Citibank, N.A., as administrative agent, which matures on October 12, 2027 (“2022 AMH credit facility”). In addition, AMH may incur incremental facilities in respect of the 2022 AMH credit facility in an aggregate amount not to exceed $250 million plus additional amounts so long as AMH is in compliance with a net leverage ratio not to exceed 4.00 to 1.00. The 2022 AMH credit facility refinanced the existing AMH credit facility dated as of November 23, 2020. As of the Closing Date, the existing AMH credit facility was undrawn and the facility and all related loan documents were terminated. Borrowings under the 2022 AMH credit facility may be used for working capital and general corporate purposes, including, without limitation, permitted acquisitions. The 2022 AMH credit facility contains various standard affirmative and negative covenants with which AMH and its subsidiaries must comply, including maintaining minimum fee-generating assets under management of not less than $150 billion and a maximum total net leverage ratio not to exceed 4.00 to 1.00. The interest rate on the 2022 AMH credit facility as of the Closing Date was based on adjusted Term SOFR and the applicable margin was 0.875%. The undrawn revolving commitment fee was 0.08% as of the Closing Date. As of November 8, 2022, there were no amounts outstanding under the 2022 AMH credit facility. Retirement Services - Credit Facility and Liquidity Facility AHL Credit Facility —AHL has a revolving credit agreement with Citibank, N.A. as administrative agent, which matures on December 3, 2024, subject to up to two one-year extensions (“AHL credit facility”). The borrowing capacity under the AHL credit facility is $1.25 billion, with potential increases up to $1.75 billion. In connection with the AHL credit facility, AHL and Athene USA Corporation (“AUSA”) guaranteed all of the obligations of AHL, Athene Life Re (“ALRe”), Athene Annuity Re Ltd. (“AARe”) and AUSA under this facility, and ALRe and AARe guaranteed certain of the obligations of AHL, ALRe, AARe and AUSA under this facility. The AHL credit facility contains various standard covenants with which the company must comply, including the following: 1. Consolidated debt to capitalization ratio of not greater than 35%; 2. Minimum consolidated net worth of no less than $7.3 billion; and 3. Restrictions on Athene’s ability to incur debt and liens, in each case with certain exceptions. As of September 30, 2022, there were no amounts outstanding under the AHL credit facility and Athene was in compliance with all covenants under the facility. Interest accrues on outstanding borrowings at either the Eurodollar Rate (as defined in the AHL credit facility) plus a margin or a base rate plus a margin, with the applicable margin varying based on Athene’s Debt Rating (as defined in the AHL credit facility). AHL Liquidity Facility —In the third quarter of 2022, AHL entered into a revolving credit facility with Wells Fargo Bank, National Association, as administrative agent, which matures on June 30, 2023, subject to additional 364-day extensions (“AHL liquidity facility”). The AHL liquidity facility will be used for liquidity and working capital needs to meet short-term cash flow and investment timing differences. The borrowing capacity under the AHL liquidity facility is $2.5 billion, with potential increases up to $3.0 billion. The AHL liquidity facility contains various standard covenants with which Athene must comply, including the following: 1. ALRe Minimum Consolidated Net Worth (as defined in the AHL liquidity facility) of no less than $9.3 billion; and 2. Restrictions on Athene’s ability to incur debt and liens, in each case with certain exceptions. Interest accrues on outstanding borrowings at the secured overnight financing rate (Adjusted Term SOFR, as defined in the AHL liquidity facility) plus a margin or a base rate plus a margin, with applicable margin varying based on ALRe’s Financial Strength Rating (as defined in the AHL liquidity facility). As of September 30, 2022, there were no amounts outstanding under the AHL liquidity facility and Athene was in compliance with all covenants under the facility. Interest Expense The following table presents the interest expense incurred related to the Company’s debt: Three months ended September 30, Nine months ended September 30, (In millions) 2022 2021 2022 2021 Asset Management $ 31 $ 35 $ 94 $ 105 Retirement Services 1 24 — 71 — Total Interest Expense $ 55 $ 35 $ 165 $ 105 Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable. 1 Interest expense for Retirement Services is included in policy and other operating expenses on the condensed consolidated statements of operations. |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation | 13. Equity-Based Compensation Under the Equity Plan, the Company grants equity-based awards to employees of AAM and AHL. Equity-based awards granted to employees and non-employees as compensation are measured based on the grant date fair value of the award, which considers the public share price of AGM’s common stock subject to certain discounts, as applicable. The Company grants both service-based and performance-based awards. The estimated total grant date fair value for service-based awards is charged to compensation expense on a straight-line basis over the vesting period, which is generally one For the three months ended September 30, 2022 and September 30, 2021, the Company recorded equity-based compensation expense of $118.8 million and $56.2 million, respectively. For the nine months ended September 30, 2022 and September 30, 2021, the Company recorded equity-based compensation expense of $412.9 million and $165.7 million, respectively. As of September 30, 2022, there was $759.3 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.8 years. Service-Based Awards During the nine months ended September 30, 2022 and September 30, 2021, the Company awarded service-based grants of 4.9 million RSUs and 2.3 million RSUs with a grant date fair value of $297.8 million and $117.3 million, respectively. During the three months ended September 30, 2022 and September 30, 2021, the Company recorded equity-based compensation expense on service-based awards of $61.0 million and $24.3 million, respectively. During the nine months ended September 30, 2022 and September 30, 2021, the Company recorded equity-based compensation expense on service-based awards of $183.6 million and $66.5 million, respectively. Performance-Based Awards During the nine months ended September 30, 2022 and September 30, 2021, the Company awarded performance-based grants of 2.9 million and 2.1 million RSUs to certain employees with a grant date fair value of $167.4 million and $97.6 million, respectively, which primarily vest subject to continued employment and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated equity-based compensation expense. During the three months ended September 30, 2022 and September 30, 2021, the Company recorded equity-based compensation expense for performance-based awards of $39.1 million and $21.1 million, respectively. During the nine months ended September 30, 2022 and September 30, 2021, the Company recorded equity-based compensation expense for performance-based awards of $163.1 million and $65.0 million, respectively. In December 2021, the Company awarded one-time grants to the Co-Presidents of AAM of 6.0 million RSUs which vest on a cliff basis subject to continued employment over five years, with 2.0 million of those RSUs also subject to the Company’s achievement of certain fee related earnings and spread related earnings per share metrics. During the three and nine months ended September 30, 2022, the Company recorded equity-based compensation expense of $13.9 million and $41.7 million, respectively, for service-based awards and $5.9 million and $17.6 million, respectively, for performance-based awards, each related to these one-time grants. The following table summarizes all RSU activity for the current period: Unvested Weighted Average Grant Date Fair Value Vested Total Number of RSUs Outstanding Balance at January 1, 2022 — — — RSUs assumed in the Mergers 16,345,396 $52.45 15,976,551 32,321,947 Granted 7,147,818 $59.44 677,914 7,825,732 Forfeited (313,223) $52.32 (429) (313,652) Vested (3,503,185) $44.46 3,503,185 — Issued — — (6,664,764) (6,664,764) Balance at September 30, 2022 19,676,806 $56.56 13,492,457 33,169,263 Restricted Stock Awards During the nine months ended September 30, 2022 and September 30, 2021, the Company awarded 0.5 million and 0.6 million restricted stock awards related to profit sharing arrangements with a grant date fair value of $33.5 million and $36.4 million, respectively. During the three months ended September 30, 2022 and September 30, 2021, the Company recorded equity-based compensation expense on restricted stock related to profit sharing arrangements of $13.2 million and $8.3 million, respectively. During the nine months ended September 30, 2022 and September 30, 2021, the Company recorded equity-based compensation expense on restricted stock related to profit sharing arrangements of $46.1 million and $19.2 million, respectively. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Equity | 14. Equity Common Stock Holders of common stock are entitled to participate in dividends from the Company on a pro rata basis. During the three and nine months ended September 30, 2022 and 2021, the Company issued shares of common stock in settlement of vested RSUs. The Company has generally allowed holders of vested RSUs and exercised share options to settle their tax liabilities by reducing the number of shares of common stock issued to them, which the Company refers to as “net share settlement.” Additionally, the Company has generally allowed holders of share options to settle their exercise price by reducing the number of shares of common stock issued to them at the time of exercise by an amount sufficient to cover the exercise price. The net share settlement results in a liability for the Company and a corresponding accumulated deficit adjustment. On January 3, 2022, the Company announced a share repurchase program, pursuant to which, the Company is authorized to repurchase (i) up to an aggregate of $1.5 billion of shares of its common stock in order to opportunistically reduce its share count and (ii) up to an aggregate of $1.0 billion of shares of its common stock in order to offset the dilutive impact of share issuances under its equity incentive plans. Shares of common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, as well as through reductions of shares that otherwise would have been issued to participants under the Company’s Equity Plan in order to satisfy associated tax obligations. The repurchase program does not obligate the Company to make any repurchases at any specific time. The program is effective until the aggregate repurchase amount that has been approved by the AGM board of directors has been expended and may be suspended, extended, modified or discontinued at any time. The table below outlines the share activity for the nine months ended September 30, 2022 and 2021. Nine Months Ended September 30, 2022 2021 Shares of common stock issued in settlement of vested RSUs and options exercised 1 6,258,244 4,141,843 Shares issued to Apollo Opportunity Foundation 2 1,724,137 — Reduction of shares of common stock issued 3 (2,754,496) (1,786,021) Shares of common stock purchased related to share issuances and forfeitures 4 (219,736) (270,985) Issuance of shares of common stock for equity-based awards 5,008,149 2,084,837 1 The gross value of shares issued was $395 million and $226 million for the nine months ended September 30, 2022 and 2021, respectively, based on the closing price of the shares of common stock at the time of issuance. 2 Shares issued to Apollo Opportunity Foundation in connection with an irrevocable pledge to contribute 1.7 million shares of common stock. The gross value of shares issued for the nine months ended September 30, 2022 totaled $103.4 million. 3 Cash paid for tax liabilities associated with net share settlement was $176 million and $99 million for the nine months ended September 30, 2022 and 2021, respectively. 4 Certain Apollo employees receive a portion of the profit sharing proceeds of certain funds in the form of (a) restricted shares of common stock that they are required to purchase with such proceeds or (b) RSUs, in each case which equity-based awards generally vest over three years. These equity-based awards are granted under the Company's Equity Plan. To prevent dilution on account of these awards, Apollo may, in its discretion, repurchase shares of common stock on the open market and retire them. During the nine months ended September 30, 2022 and 2021, Apollo issued 506,534 and 625,958 of such restricted shares and 219,736 and 270,985 of such RSUs under the Equity Plan, respectively, and repurchased 726,270 and 896,943 shares of common stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program, respectively. In addition, there were 527 and 0 restricted shares forfeited during the nine months ended September 30, 2022 and 2021. During the nine months ended September 30, 2022 and 2021, 7,307,288 and 2,547,770 shares of common stock were repurchased in open market transactions as part of the publicly announced share repurchase program discussed above, respectively, and such shares were subsequently canceled by the Company. The Company paid $418 million and $150 million for these open market share repurchases during the nine months ended September 30, 2022 and 2021, respectively. Dividends and Distributions Outlined below is information regarding quarterly dividends and distributions (in millions, except per share data). Certain subsidiaries of the Company may be subject to U.S. federal, state, local and non-U.S. income taxes at the entity level and may pay taxes and/or make payments under the tax receivable agreement. Dividend Declaration Date Dividend per Share of Common Stock Payment Date Dividend to Common Stockholders Distribution to Non-Controlling Interest Holders in the Apollo Operating Group Total Distributions Distribution Equivalents on Participating Securities February 3, 2021 $ 0.60 February 26, 2021 $ 139 $ 121 $ 260 $ 5 N/A — April 14, 2021 — 42 42 — May 4, 2021 0.50 May 28, 2021 116 101 217 4 N/A — June 15, 2021 — 20 20 — August 4, 2021 0.50 August 31, 2021 122 94 216 4 N/A — September 15, 2021 — 24 24 — November 2, 2021 0.50 November 30, 2021 124 93 217 4 N/A — December 15, 2021 — 23 23 — Year ended December 31, 2021 $ 2.10 $ 501 $ 518 $ 1,019 $ 17 February 11, 2022 $ 0.40 February 28, 2022 $ 229 $ — $ 229 $ 12 May 5, 2022 0.40 May 31, 2022 229 — 229 12 August 4, 2022 0.40 August 31, 2022 229 — 229 11 Nine months ended September 30, 2022 $ 1.20 $ 687 $ — $ 687 $ 35 Accumulated Other Comprehensive Income (Loss) The following provides the details and changes in AOCI: (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at June 30, 2022 $ (9,999) $ (138) $ 432 $ (27) $ (58) $ (9,790) Other comprehensive income (loss) before reclassifications (5,812) (128) 218 (79) 11 (5,790) Less: Reclassification adjustments for gains (losses) realized 1 (24) — 1 1 — (22) Less: Income tax expense (benefit) (1,001) (23) 45 (12) — (991) Less: Other comprehensive loss attributable to non-controlling interests (713) (5) 5 (91) (5) (809) Balance at September 30, 2022 $ (14,073) $ (238) $ 599 $ (4) $ (42) $ (13,758) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations. (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2021 $ (1) $ — $ — $ (1) $ (3) $ (5) Other comprehensive income (loss) before reclassifications (20,027) (319) 768 (110) (81) (19,769) Less: Reclassification adjustments for gains (losses) realized 1 (178) — 4 16 — (158) Less: Income tax expense (benefit) (3,526) (57) 160 (21) — (3,444) Less: Other comprehensive loss attributable to non-controlling interests (2,251) (24) 5 (102) (42) (2,414) Balance at September 30, 2022 $ (14,073) $ (238) $ 599 $ (4) $ (42) $ (13,758) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 15. Earnings per Share The following presents basic and diluted net income (loss) per share of common stock computed using the two-class method: Basic and Diluted Three months ended September 30, Nine months ended September 30, (In millions, except share and per share amounts) 2022 2021 2022 2021 Numerator: Net income (loss) attributable to common stockholders $ (876) $ 249 $ (3,797) $ 1,568 Dividends declared on common stock 1 (230) (122) (688) (377) Dividends on participating securities 2 (11) (4) (35) (13) Earnings allocable to participating securities 3 — (4) — (43) Undistributed income (loss) attributable to common stockholders: Basic (1,117) 119 (4,520) 1,135 Denominator: Weighted average number of shares of common stock outstanding: Basic and Diluted 584,317,603 239,451,921 585,187,783 233,539,355 Net income (loss) per share of common stock: Basic and Diluted 4 Distributed income $ 0.40 $ 0.50 $ 1.20 $ 1.60 Undistributed income (loss) (1.92) 0.51 (7.75) 4.87 Net income (loss) per share of common stock: Basic and Diluted $ (1.52) $ 1.01 $ (6.55) $ 6.47 1 See note 14 for information regarding quarterly dividends. 2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares. 3 No allocation of undistributed losses was made to the participating securities as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders. 4 For the three and nine months ended September 30, 2022 and 2021, all of the classes of securities were determined to be anti-dilutive. The Company has granted RSUs that provide the right to receive, subject to vesting during continued employment, shares of common stock pursuant to the Equity Plan. Any dividend equivalent paid to an employee on RSUs will not be returned to the Company upon forfeiture of the award by the employee. Vested and unvested RSUs that are entitled to non-forfeitable dividend equivalents qualify as participating securities and are included in the Company’s basic and diluted earnings per share computations using the two-class method. The holder of an RSU participating security would have a contractual obligation to share in the losses of the entity if the holder is obligated to fund the losses of the issuing entity or if the contractual principal or mandatory redemption amount of the participating security is reduced as a result of losses incurred by the issuing entity. The RSU participating securities do not have a mandatory redemption amount and the holders of the participating securities are not obligated to fund losses; therefore, neither the vested RSUs nor the unvested RSUs are subject to any contractual obligation to share in losses of the Company. Prior to December 31, 2021, AAM had one Class B share outstanding, which was held by BRH Holdings GP, Ltd. (“BRH”). The voting power of the Class B share was reduced on a one vote per one AOG Unit basis in the event of an exchange of AOG Units for Class A shares, subject to the terms of AAM’s certificate of incorporation. The Class B share had no net income (loss) per share as it did not participate in Apollo’s earnings (losses) or dividends. The Class B share had no dividend rights and only a de minimis liquidation right. The Class B share represented 46.6% of the total voting power of the Class A shares and Class B share with respect to the limited matters upon which they were entitled to vote together as a single class pursuant to AAM’s governing documents as of December 31, 2021. On December 31, 2021, the Class B share was exchanged for 10 Class A shares, which were subsequently exchanged into 10 shares of AGM common stock in the Mergers on January 1, 2022. The following table summarizes the anti-dilutive securities: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Weighted average vested RSUs — 647,966 — 666,044 Weighted average unvested RSUs 14,128,418 7,322,877 13,344,097 7,434,469 Weighted average unexercised options 2,424,407 — 2,424,407 — Weighted average AOG Units outstanding — 163,292,411 — 169,865,872 Weighted average unvested restricted shares 2,091,278 886,940 2,210,753 750,035 |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | 16. Related Parties Asset Management Due from/ to related parties Due from/ to related parties includes: • unpaid management fees, transaction and advisory fees and reimbursable expenses from the funds Apollo manages and their portfolio companies; • reimbursable payments for certain operating costs incurred by these funds as well as their related parties; and • other related party amounts arising from transactions including loans to employees and periodic sales of ownership interests in funds managed by Apollo. Due from related parties and Due to related parties consisted of the following as of September 30, 2022 and December 31, 2021: (In millions) September 30, 2022 December 31, 2021 Due from Related Parties: Due from funds 1 $ 284 $ 316 Due from portfolio companies 52 67 Due from employees and former employees 94 107 Total Due from Related Parties $ 430 $ 490 Due to Related Parties: Due to Former Managing Partners and Contributing Partners 2 $ 906 $ 1,118 Due to funds 117 104 Total Due to Related Parties $ 1,023 $ 1,222 1 Includes $42 million and $48 million as of September 30, 2022 and December 31, 2021, respectively, related to a receivable from a fund in connection with the Company’s sale of a platform investment to such fund. The amount is payable to the Company over five years and is held at fair value. 2 Includes $394 million and $570 million as of September 30, 2022 and December 31, 2021, respectively, related to the AOG Unit Payment, payable in equal installments through December 31, 2024. Tax Receivable Agreement Prior to the consummation of the Mergers, each of the Former Managing Partners and Contributing Partners had the right to exchange vested AOG Units for Class A shares, subject to certain restrictions. All Apollo Operating Group entities have made, or will make, an election under Section 754 of the U.S. Internal Revenue Code, which will result in an adjustment to the tax basis of the assets owned by the Apollo Operating Group entities at the time an exchange was made. The election results in an increase to the tax basis of underlying assets which will reduce the amount of tax that AGM and its subsidiaries will otherwise be required to pay in the future. The tax receivable agreement provides for payment to the Former Managing Partners and Contributing Partners of 85% of the amount of cash tax savings, if any, in U.S. federal, state, local and foreign income taxes the Company realizes as a result of the increase to the tax basis of underlying assets resulting from transactions and other exchanges of AOG Units for Class A shares that have occurred in prior years. AGM and its subsidiaries retain the benefit from the remaining 15% of actual cash tax savings. In May 2022, Apollo waived its early termination right, which had provided it the right to early terminate the tax receivable agreement at any time by payment of an early termination payment to all holders. If the Company does not make the required annual payment on a timely basis as outlined in the tax receivable agreement, interest is accrued on the balance until the payment date. Following the closing of the Mergers, the Former Managing Partners and Contributing Partners no longer own AOG Units. Therefore, there were no new exchanges subject to the tax receivable agreement during the nine months ended September 30, 2022. As a result of the exchanges of AOG Units for Class A shares during the nine months ended September 30, 2021, a $243 million liability was recorded to estimate the amount of the future expected payments to be made by AGM and its subsidiaries to the Former Managing Partners and Contributing Partners pursuant to the tax receivable agreement. AOG Unit Payment On December 31, 2021, holders of AOG Units (other than Athene and the Company) sold and transferred a portion of such AOG Units to a wholly-owned consolidated subsidiary of the Company, in exchange for an amount equal to $3.66 multiplied by the total number of AOG Units held by such holders immediately prior to such transaction. The remainder of the AOG Units held by such holders were exchanged for shares of AGM common stock concurrently with the consummation of the Mergers on January 1, 2022. As of September 30, 2022, the outstanding payable amount due to Former Managing Partners and Contributing Partners was $394 million, which is payable in equal installments through December 31, 2024. Due from Employees and Former Employees As of September 30, 2022 and December 31, 2021, due from related parties includes various amounts due to Apollo including employee loans and return of profit-sharing distributions. As of September 30, 2022 and December 31, 2021, the balance includes interest-bearing employee loans receivable of $16 million and $18 million, respectively. The outstanding principal amount of the loans as well as all accrued and unpaid interest is required to be repaid at the earlier of the eighth anniversary of the date of the relevant loan or at the date of the relevant employee’s resignation. The receivable from certain employees and former employees includes an amount for the potential return of profit-sharing distributions that would be due if certain funds were liquidated of $66 million and $65 million at September 30, 2022 and December 31, 2021, respectively. Indemnity Certain of the performance revenues Apollo earns from funds may be subject to repayment by its subsidiaries that are general partners of the funds in the event that certain specified return thresholds are not ultimately achieved. The Former Managing Partners, Contributing Partners and certain other investment professionals have personally guaranteed, subject to certain limitations, the obligations of these subsidiaries in respect of this obligation. Such guarantees are several and not joint and are limited to a particular individual’s distributions. Apollo has agreed to indemnify each of the Former Managing Partners and certain Contributing Partners against all amounts that they pay pursuant to any of these personal guarantees in favor of certain funds that it manages (including costs and expenses related to investigating the basis for or objecting to any claims made in respect of the guarantees) for all interests that the Former Managing Partners and Contributing Partners contributed or sold to the Apollo Operating Group. Apollo recorded an indemnification liability of $13 million as of September 30, 2022 and December 31, 2021. Due to Related Parties Based upon an assumed liquidation of certain of the funds Apollo manages, it has recorded a general partner obligation to return previously distributed performance allocations, which represents amounts due to certain funds. The obligation is recognized based upon an assumed liquidation of a fund’s net assets as of the reporting date. The actual determination and any required payment would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective governing document of the fund. Apollo recorded general partner obligations to return previously distributed performance allocations related to certain funds of $89 million and $81 million as of September 30, 2022 and December 31, 2021. Athora AAM and its subsidiaries (together, “Apollo Asset Management”), through ISGI, provides investment advisory services to certain portfolio companies of funds managed by Apollo and Athora, a strategic platform that acquires or reinsures blocks of insurance business in the European life insurance market (collectively, the “Athora Accounts”). Apollo Asset Management had equity commitments outstanding to Athora of up to $402 million as of September 30, 2022, subject to certain conditions. Athora Sub-Advised Apollo provides sub-advisory services with respect to a portion of the assets in certain portfolio companies of funds managed by Apollo and the Athora Accounts. Apollo broadly refers to “Athora Sub-Advised” assets as those assets in the Athora Accounts which Apollo explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages. Apollo earns a base management fee on the aggregate market value of substantially all of the investment accounts of or relating to Athora and also a sub-advisory fee on the Athora Sub-Advised assets, which varies depending on the specific asset class. Regulated Entities and Affiliated Service Providers Apollo Global Securities, LLC (“AGS”) is a registered broker dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. AGS was in compliance with these requirements as of September 30, 2022. From time to time AGS, as well as other Apollo affiliates, provide services to related parties of Apollo, including Apollo funds and their portfolio companies, whereby the Company or its affiliates earn fees for providing such services. Griffin Capital Securities, LLC (“GCS”) is a registered broker dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. GCS was in compliance with these requirements as of September 30, 2022. Investment in SPACs In October 2020, APSG I, a SPAC, completed an initial public offering, ultimately raising total gross proceeds of $817 million, including the underwriters’ partial exercise of their over-allotment. In a private placement concurrent offering, APSG I sold warrants to APSG Sponsor, L.P., a subsidiary of Apollo, for total gross proceeds of $18 million. APSG Sponsor, L.P. also holds Class B ordinary shares of APSG I. In May 2022, APSG I completed a business combination with American Express Global Business Travel. As a result of the business combination, Apollo no longer consolidates APSG I as a VIE. The deconsolidation resulted in an unrealized gain of $162 million, which includes $82 million of unrealized gains related to previously held Class B ordinary shares, which converted to Class A shares of the newly merged entity (“GBTG”), presented in net gains from investment activities within Other income (loss) - Asset Management in the condensed consolidated statements of operations. Apollo continues to hold a non-controlling interest in GBTG at fair value, substantially all of which is presented within Investments (Asset Management) in the condensed consolidated statements of financial condition. Apollo has significant influence in the retained investment, and has elected the fair value option for subsequent measurement. On February 12, 2021, APSG II, a SPAC, completed an initial public offering, raising total gross proceeds of $690 million, including the underwriters’ exercise in full of their over-allotment option. In a private placement concurrent with the initial public offering, APSG II sold warrants to APSG Sponsor II, L.P., a subsidiary of Apollo, for total gross proceeds of $16 million. APSG Sponsor II, L.P. also holds Class B ordinary shares of APSG II. Apollo currently consolidates APSG II as a VIE, and thus all private placement warrants and Class B ordinary shares are eliminated in consolidation. On July 13, 2021, Acropolis Infrastructure Acquisition Corp. (“Acropolis”), a SPAC, completed an initial public offering, ultimately raising total gross proceeds of $345 million, including the underwriters’ subsequent exercise in full of their over-allotment option. In a private placement concurrent with the initial public offering, Acropolis sold warrants to Acropolis Infrastructure Acquisition Sponsor, L.P., a subsidiary of Apollo, for total gross proceeds of $9 million. Acropolis Infrastructure Acquisition Sponsor, L.P. also holds Class B common stock of Acropolis. Apollo currently consolidates Acropolis as a VIE, and thus all private placement warrants and Class B common stock are eliminated in consolidation. As described in note 2, the Company consolidates entities that are VIEs for which the Company has been designated as the primary beneficiary. Through its interests in the respective sponsors, the Company has the primary beneficiary power to direct the activities that most significantly impact the economic performance of these SPACs. In addition, the Company’s combined interests in these VIEs are significant. Assets and liabilities of the consolidated SPACs are shown within the respective line items of the condensed consolidated financial statements, as outlined below. The tables below present the financial information of these SPACs in aggregate: (In millions) September 30, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 1 $ 2 Restricted cash and cash equivalents 695 690 U.S. Treasury securities, at fair value 347 1,162 Other assets 1 3 Total Assets $ 1,044 $ 1,857 Liabilities, Redeemable non-controlling interests and Stockholders’ Equity Liabilities: Accounts payable and accrued expenses $ 3 $ 2 Due to related parties 8 20 Other liabilities 42 144 Total Liabilities 53 166 Redeemable non-controlling interests: Redeemable non-controlling interests 1,009 1,762 Stockholders’ Equity (Deficit): Additional paid in capital (64) (98) Retained earnings 45 27 Total Stockholders’ Equity (Deficit) (19) (71) Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity $ 1,043 $ 1,857 For the Three Months Ended September 30, For the Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Expenses: General, administrative and other $ 1 $ 3 $ 7 $ 13 Total Expenses 1 3 7 13 Other Income (Loss): Net gains (losses) from investment activities 4 29 21 28 Interest income 5 — 7 — Total Other Income (Loss) 9 29 28 28 Net Income Attributable to Apollo Global Management, Inc. 8 26 21 15 Retirement Services Apollo Aligned Alternatives, L.P. Investment – During the second quarter of 2022, Athene contributed $8.0 billion of certain of its alternative investments to AAA in exchange for limited partnership interests in AAA. Athene consolidates AAA as a VIE. Apollo established AAA for the purpose of providing a single vehicle through which Athene and third-party investors can participate in a portfolio of alternative investments. Additionally, the Company believes AAA enhances its ability to increase alternative assets under management by raising capital from third parties, which will allow Athene to achieve greater scale and diversification for alternatives. Third-party investors began to invest in AAA on July 1, 2022. Athene Freedom Athene has a limited partnership investment in Athene Freedom, for which Apollo is the general partner, and which Athene contributed to AAA during the second quarter of 2022. Athene Freedom indirectly invests in both Wheels, Inc. (“Wheels”) and Donlen, LLC (“Donlen”). Additionally, as of September 30, 2022, Athene owns $933 million ABS and corporate debt securities issued by Wheels and Donlen, which are held as investments in related parties on the condensed consolidated statements of financial condition. Athora Athene has a cooperation agreement with Athora, pursuant to which, among other things, (1) for a period of 30 days from the receipt of notice of a cession, Athene has the right of first refusal to reinsure (i) up to 50% of the liabilities ceded from Athora’s reinsurance subsidiaries to Athora Life Re Ltd. and (ii) up to 20% of the liabilities ceded from a third party to any of Athora’s insurance subsidiaries, subject to a limitation in the aggregate of 20% of Athora’s liabilities, (2) Athora agreed to cause its insurance subsidiaries to consider the purchase of certain funding agreements and/or other spread instruments issued by Athene’s insurance subsidiaries, subject to a limitation that the fair market value of such funding agreements purchased by any of Athora’s insurance subsidiaries may generally not exceed 3% of the fair market value of such subsidiary’s total assets, (3) Athene provides Athora with a right of first refusal to pursue acquisition and reinsurance transactions in Europe (other than the UK) and (4) Athora provides Athene and its subsidiaries with a right of first refusal to pursue acquisition and reinsurance transactions in North America and the UK. Notwithstanding the foregoing, pursuant to the cooperation agreement, Athora is only required to use its reasonable best efforts to cause its subsidiaries to adhere to the provisions set forth in the cooperation agreement and therefore Athora’s ability to cause its subsidiaries to act pursuant to the cooperation agreement may be limited by, among other things, legal prohibitions or the inability to obtain the approval of the board of directors or other applicable governing body of the applicable subsidiary, which approval is solely at the discretion of such governing body. As of September 30, 2022, Athene had not exercised its right of first refusal to reinsure liabilities ceded to Athora’s insurance or reinsurance subsidiaries. The following table summarizes Athene’s investments in Athora: (In millions) September 30, 2022 Investment fund $ 789 Non-redeemable preferred equity securities 334 Total investment in Athora $ 1,123 Additionally, as of September 30, 2022 , Athene had $54 million of funding agreements outstanding to Athora . Athene also has commitments to make additional investments in Athora of $809 million as of September 30, 2022. Venerable Athene has coinsurance and modco agreements with Venerable Insurance and Annuity Company (“VIAC”). VIAC is a related party due to Athene’s minority equity investment in its holding company’s parent, VA Capital Company LLC (“VA Capital”), which was $232 million as of September 30, 2022. The minority equity investment in VA Capital is included in investments in related parties on the condensed consolidated statements of financial condition and accounted for as an equity method investment. VA Capital is owned by a consortium of investors, led by affiliates of Apollo, Crestview Partners III Management, LLC and Reverence Capital Partners L.P., and is the parent of Venerable, which is the parent of VIAC. Additionally, Athene has term loans receivable from Venerable due in 2033, which is included in investments in related parties on the condensed consolidated statements of financial condition. The loans are held at fair value and were $274 million as of September 30, 2022. While management viewed the overall transactions with Venerable as favorable to Athene, the stated interest rate of 6.257% on the term loans to Venerable represented a below-market interest rate, and management considered such rate as part of its evaluation and pricing of the reinsurance transactions. PK AirFinance Athene has investments in PK AirFinance (“PK Air”), an aviation lending business with a portfolio of loans (“Aviation Loans”). The Aviation Loans are generally fully secured by aircraft leases and aircraft. Apollo owns the PK Air loan origination platform, including personnel and systems and, pursuant to certain agreements entered into between Athene, Apollo, and certain entities managed by Apollo, the Aviation Loans are securitized by a special purpose vehicle (“SPV”) for which Apollo acts as ABS manager (“ABS-SPV”). The ABS-SPV issues tranches of senior notes and subordinated notes, which are secured by the Aviation Loans. Athene has purchased both senior and subordinated notes of PK Air, which are included in investments in related parties on the condensed consolidated statements of financial condition. During the first quarter of 2022, Athene contributed its investment in the subordinated notes to PK Air Holdings, LP, and then contributed PK Air Holdings, LP to AAA during the second quarter of 2022. As of September 30, 2022, Athene holds $1.1 billion of PK Air senior notes and has commitments to make additional investments in PK Air of $1.0 billion. Apollo/Athene Dedicated Investment Program (“ADIP”) Athene’s subsidiary, Athene Co-Invest Reinsurance Affiliate Holding Ltd. (together with its subsidiaries, “ACRA”) is partially owned by ADIP, a series of funds managed by Apollo. Athene’s subsidiary, ALRe, currently holds 36.55% of the economic interests in ACRA and all of ACRA’s voting interests, with ADIP holding the remaining 63.45% of the economic interests. During the three and nine months ended September 30, 2022, Athene received capital contributions of $336 million and $1,047 million, respectively, from ADIP. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies Investment Commitments The Company has unfunded capital commitments as of September 30, 2022 and December 31, 2021 of $0.5 billion and $1.0 billion, respectively, related to the funds it manages. Athene had commitments to make investments, primarily capital contributions to investment funds, inclusive of related party commitments discussed previously, of $18.1 billion as of September 30, 2022. Athene expects most of the current commitments will be invested over the next five years; however, these commitments could become due any time upon counterparty request. Contingent Obligations Performance allocations with respect to certain funds are subject to reversal in the event of future losses to the extent of the cumulative revenues recognized in income to date. If all of the existing investments became worthless, the amount of cumulative revenues that have been recognized by Apollo through September 30, 2022 and that could be reversed approximates $4.3 billion. Performance allocations are affected by changes in the fair values of the underlying investments in the funds that Apollo manages. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, bond yields and industry trading multiples. Movements in these items can affect valuations quarter to quarter even if the underlying business fundamentals remain stable. Management views the possibility of all of the investments becoming worthless as remote. Additionally, at the end of the life of certain funds, Apollo may be obligated as general partner, to repay the funds’ performance allocations received in excess of what was ultimately earned. This obligation amount, if any, will depend on final realized values of investments at the end of the life of each fund or as otherwise set forth in the partnership agreement of the fund. Certain funds may not generate performance allocations as a result of unrealized and realized losses that are recognized in the current and prior reporting periods. In certain cases, performance allocations will not be generated until additional unrealized and realized gains occur. Any appreciation would first cover the deductions for invested capital, unreturned organizational expenses, operating expenses, management fees and priority returns based on the terms of the respective fund agreements. One of Apollo’s subsidiaries, AGS, provides underwriting commitments in connection with securities offerings of related parties of Apollo, including portfolio companies of the funds Apollo manages, as well as third parties. As of September 30, 2022, there were no open underwriting commitments. The Company, along with a third-party institutional investor, has committed to provide financing to a consolidated VIE that invests across Apollo’s capital markets platform (such VIE, the “Apollo Capital Markets Partnership”). Pursuant to these arrangements, the Company has committed equity financing to the Apollo Capital Markets Partnership. The Apollo Capital Markets Partnership also has a revolving credit facility with Sumitomo Mitsui Banking Corporation, as lead arranger, administrative agent and letter of credit issuer, Mizuho Bank Ltd., and other lenders party thereto, pursuant to which it may borrow up to $2.25 billion. The revolving credit facility, which has a final maturity date of April 1, 2025, is non-recourse to the Company, except that the Company provided customary comfort letters with respect to its capital contributions to the Apollo Capital Markets Partnership. As of September 30, 2022, the Apollo Capital Markets Partnership had funded commitments of $511 million to transactions across Apollo’s capital markets platform, all of which were funded through the revolving credit facility, and no capital had been funded by the Company to the Apollo Capital Markets Partnership pursuant to its commitment. Whether the commitments of the Apollo Capital Markets Partnership are actually funded, in whole or in part, depends on the contractual terms of such commitments, including the satisfaction or waiver of any conditions to closing or funding. It is expected that between the time the Apollo Capital Markets Partnership makes a commitment and funding of such commitment, efforts will be made to syndicate such commitment to, among others, third parties, which should reduce its risk when committing to certain transactions. The Apollo Capital Markets Partnership may also, with respect to a particular transaction, enter into other arrangements with third parties which reduce its commitment risk. In connection with the acquisition of Stone Tower in 2012, Apollo agreed to pay its former owners a specified percentage of future performance revenues earned from certain of its funds, CLOs, and strategic investment accounts. This obligation liability was determined based on the present value of estimated future performance revenue payments and is recorded in other liabilities. The fair value of the remaining contingent obligation was $103 million and $126 million as of September 30, 2022 and December 31, 2021, respectively. This contingent consideration obligation is remeasured to fair value at each reporting period until the obligations are satisfied. The changes in the fair value of the Stone Tower contingent consideration obligation is reflected in profit sharing expense in the condensed consolidated statements of operations. In connection with the acquisition of Griffin Capital’s U.S. asset management business on May 3, 2022, Apollo agreed to pay its former owners certain share-based consideration contingent on specified AUM and capital raising thresholds. This obligation was determined based on the present value of estimated future performance relative to such thresholds and is recorded in other liabilities. The fair value of the contingent obligation liabilities were approximately $25 million and $36 million as of September 30, 2022 and the date of acquisition, respectively. This contingent consideration obligation is remeasured to fair value at each reporting period until the respective thresholds are met such that the contingencies are satisfied. The changes in the fair value of the Griffin Capital contingent consideration obligation are reflected in other income (loss) in the condensed consolidated statements of income. Funding Agreements Athene is a member of the Federal Home Loan Bank of Des Moines (“FHLB”) and, through its membership, has issued funding agreements to the FHLB in exchange for cash advances. As of September 30, 2022, Athene had $3.7 billion of FHLB funding agreements outstanding. Athene is required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties. Athene has a funding agreement backed notes (“FABN”) program, which allows Athene Global Funding, a special purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes. Athene Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from Athene. As of September 30, 2022, Athene had $20.8 billion of board-authorized FABN funding agreements outstanding. Athene had $13.3 billion of board-authorized FABN capacity remaining as of September 30, 2022. Athene established a secured funding agreement backed repurchase agreement (“FABR”) program, in which a special-purpose, unaffiliated entity enters into repurchase agreements with a bank and the proceeds of the repurchase agreements are used by the special purpose entity to purchase funding agreements from Athene. As of September 30, 2022, Athene had $2.0 billion of FABR funding agreements outstanding. Pledged Assets and Funds in Trust (Restricted Assets) Athene’s total restricted assets included on the condensed consolidated statements of financial condition are as follows: (In millions) September 30, 2022 AFS securities $ 11,532 Trading securities 57 Equity securities 48 Mortgage loans 7,625 Investment funds 103 Derivative assets 84 Short-term investments 8 Other investments 170 Restricted cash and cash equivalents 1,024 Total restricted assets $ 20,651 The restricted assets are primarily related to reinsurance trusts established in accordance with coinsurance agreements and the FHLB and FABR funding agreements described above. Letters of Credit Athene has undrawn letters of credit totaling $1.4 billion as of September 30, 2022. These letters of credit were issued for Athene’s reinsurance program and have expirations through May 22, 2024. Litigation and Regulatory Matters The Company is party to various legal actions arising from time to time in the ordinary course of business including claims and lawsuits, arbitrations, reviews, investigations or proceedings by governmental and self-regulatory agencies regarding the Company’s business. In 2000 and 2001, two insurance companies which were subsequently merged into Athene Annuity and Life Company, a wholly owned subsidiary of Athene (“AAIA”), purchased broad based variable corporate-owned life insurance (“COLI”) policies from American General Life Insurance Company (“American General”). In January 2012, the COLI policy administrator delivered to AAIA a supplement to the existing COLI policies and advised that American General and ZC Resource Investment Trust (“ZC Trust”) had unilaterally implemented changes set forth in the supplement that, if effective, would: (1) potentially negatively impact the crediting rate for the policies and (2) change the exit and surrender protocols set forth in the policies. In March 2013, AAIA filed suit against American General, ZC Trust, and ZC Resource LLC in Chancery Court in Delaware, seeking, among other relief, a declaration that the changes set forth in the supplement were ineffectual and in breach of the parties’ agreement. The parties filed cross motions for judgment as a matter of law, and the court granted defendants’ motion and dismissed without prejudice on ripeness grounds. The issue that negatively impacts the crediting rate for one of the COLI policies has subsequently been triggered and, on April 3, 2018, AAIA filed suit against the same defendants in Chancery Court in Delaware seeking substantially similar relief. Defendants moved to dismiss and the court heard oral arguments on February 13, 2019. The court issued an opinion on July 31, 2019 that did not address the merits, but found that the Chancery Court did not have jurisdiction over AAIA’s claims and directed AAIA to either amend our complaint or transfer the matter to Delaware Superior Court. The matter was transferred to the Delaware Superior Court. Defendants renewed their motion to dismiss and the Superior Court heard oral arguments on December 18, 2019. The Superior Court issued an opinion on May 18, 2020 in which it granted in part and denied in part defendants’ motion. The Superior Court denied defendants’ motion with respect to the issue that negatively impacts the crediting rate for one of the COLI policies, which issue proceeded to discovery. The Superior Court granted defendants’ motion and dismissed without prejudice on ripeness grounds claims related to the exit and surrender protocols set forth in the policies, and dismissed defendant ZC Resource LLC. If the supplement were to have been deemed effective, the purported changes to the policies could have impaired AAIA’s ability to access the value of guarantees associated with the policies. The parties engaged in discovery as well as discussions concerning whether the matter could be resolved without further litigation and, at the request of the parties, on August 11, 2021, the court entered an Amended Scheduling Order setting the trial date for June 2023. On December 27, 2021, the parties agreed in principle to a settlement, pursuant to which AAIA will be able to surrender the policies at any time and receive proceeds within six months. During the year ended December 31, 2021, Athene recorded an impairment of the COLI asset of $53 million, and an adjustment to deferred tax liabilities of $47 million, to reflect the terms of the settlement. From 2015 to 2018, Athene’s U.S. insurance subsidiaries experienced increased complaints related to the conversion and administration of the block of life insurance business acquired in connection with Athene’s acquisition of Aviva USA and reinsured to affiliates of Global Atlantic. The life insurance policies included in this block have been and are currently being administered by AllianceOne Inc. (“AllianceOne”), a subsidiary of DXC Technology Company, which was retained by such Global Atlantic affiliates to provide third party administration services on such policies. AllianceOne also administers a small block of annuity policies that were on Aviva USA’s legacy policy administration systems that were also converted in connection with the acquisition of Aviva USA and have experienced some similar service and administration issues, but to a lesser degree. As a result of the difficulties experienced with respect to the administration of such policies, Athene has received notifications from several state regulators, including but not limited to New York State Department of Financial Services (“NYSDFS”), the California Department of Insurance (“CDI”) and the Texas Department of Insurance (“TDI”), indicating, in each case, that the respective regulator planned to undertake a market conduct examination or enforcement proceeding of the applicable U.S. insurance subsidiary relating to the treatment of policyholders subject to Athene’s reinsurance agreements with affiliates of Global Atlantic and the conversion of the life and annuity policies, including the administration of such blocks by AllianceOne. Athene or one or more of its subsidiaries have entered into consent orders with several state regulators, including the NYSDFS, the CDI and the TDI, to resolve underlying matters in the respective states. All fines and costs, including those associated with remediation plans, paid in connection with the consent orders are subject to indemnification by Global Atlantic or affiliates of Global Atlantic. Pursuant to the terms of the reinsurance agreements between Athene and the relevant affiliates of Global Atlantic, the applicable affiliates of Global Atlantic have financial responsibility for the ceded life block and are subject to significant administrative service requirements, including compliance with applicable law. The agreements also provide for indemnification to Athene, including for administration issues. In addition to the examinations and proceedings initiated to date, it is possible that other regulators may pursue similar formal examinations, inquiries or enforcement proceedings and that any examinations, inquiries and/or enforcement proceedings may result in fines, administrative penalties and payments to policyholders. On August 3, 2017, a complaint was filed in the United States District Court for the Middle District of Florida against AAM, a senior partner of Apollo and a former principal of Apollo by Michael McEvoy on behalf of a purported class of employees of subsidiaries of CEVA Group, LLC (“CEVA Group”) who purchased shares in CEVA Investment Limited (“CIL”), the former parent company of CEVA Group. The complaint alleged that the defendants breached fiduciary duties to and defrauded the plaintiffs by inducing them to purchase shares in CIL and subsequently participating in a debt restructuring of CEVA Group in which shareholders of CIL did not receive a recovery. McEvoy subsequently revised his complaint to attempt to assert claims that do not belong to CIL. The amended complaint no longer named any individual defendants, but Apollo Management VI, L.P. and CEVA Group were added as defendants. The amended complaint sought damages of approximately €30 million and asserts, among other things, claims for violations of the Investment Advisers Act of 1940, breach of fiduciary duties, and breach of contract. On December 7, 2018, McEvoy filed his amended complaint in the District Court for the Middle District of Florida. On January 6, 2020, the Florida court granted in part Apollo’s motion to dismiss, dismissing McEvoy’s Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”) claim with prejudice, and denying without prejudice Apollo’s motion with respect to the remaining claims, and directing the parties to conduct limited discovery, and submit new briefing, solely with respect to the statute of limitations. On July 30, 2020, Apollo and CEVA filed a joint motion for summary judgment on statute of limitations grounds. On June 29, 2021, the district court issued a decision denying the defendants’ joint motion for summary judgment on statute of limitations grounds, and set deadlines on July 23, 2021 for the plaintiff to file an amended complaint and August 20, 2021 for defendants to answer or move to dismiss the amended complaint. Plaintiff filed his second amended complaint on July 23, 2021 which added alleged grounds for tolling the statute of limitations. Also on July 23, 2021, the defendants filed a joint motion for reconsideration with respect to aspects of the district court’s June 29, 2021 decision. On March 10, 2022, the court granted defendants’ motion for reconsideration and granted Apollo’s motion for summary judgment. On April 7, 2022, Plaintiff filed a motion to alter or amend the court’s order of March 10. The defendants, including Apollo, opposed that motion on April 28, 2022. The court denied Plaintiff’s motion on May 26, 2022. Plaintiff has appealed the court’s decisions to the Eleventh Circuit. Apollo believes that Plaintiff’s appeal is without merit. No reasonable estimate of possible loss, if any, can be made at this time. On December 21, 2017, several entities referred to collectively as “Harbinger” commenced an action in New York Supreme Court captioned Harbinger Capital Partners II LP et al. v. Apollo Global Management LLC, et al. (No. 657515/2017). The complaint named as defendants AAM, and funds managed by Apollo that invested in SkyTerra Communications, Inc. (“SkyTerra”), among others. The complaint alleged that during the period of Harbinger’s various equity and debt investments in SkyTerra from 2004 to 2010, the defendants concealed from Harbinger material defects in SkyTerra technology. The complaint further alleged that Harbinger would not have made investments in SkyTerra totaling approximately $1.9 billion had it known of the defects, and that the public disclosure of these defects ultimately led to SkyTerra filing for bankruptcy in 2012 (after it had been renamed LightSquared). The complaint sought $1.9 billion in damages, as well as punitive damages, interest, costs, and fees. On June 12, 2019, Harbinger voluntarily discontinued the state action without prejudice. On June 8, 2020, Harbinger refiled its litigation in New York Supreme Court, captioned Harbinger Capital Partners II, LP et al. v. Apollo Global Management, LLC et al. (No. 652342/2020). The complaint adds eight new defendants and three new claims relating to Harbinger’s contention that the new defendants induced Harbinger to buy CCTV One Four Holdings, LLC (“CCTV”) to support SkyTerra’s network even though they allegedly knew that the network had material defects. On November 23, 2020, Defendants refiled a bankruptcy motion, and on November 24, 2020, filed in the state court a motion to stay the state court proceedings pending a ruling by the bankruptcy court on the bankruptcy motion. On February 1, 2021, the bankruptcy court denied the bankruptcy motion. On March 31, 2021, Defendants filed their motions to dismiss the New York Supreme Court action. Hearings were held on the motions to dismiss on February 15, 2022 and February 18, 2022, and the motions remain pending. Apollo believes the claims in this action are without merit. Because this action is in the early stages, no reasonable estimate of possible loss, if any, can be made at this time. On November 1, 2019, plaintiff Benjamin Fongers filed a putative class action in Illinois Circuit Court, Cook County, against CareerBuilder, LLC (“CareerBuilder”) and AAM. Plaintiff alleges that in March 2019, CareerBuilder changed its compensation plan so that sales representatives such as Fongers would (i) receive reduced commissions; and (ii) only be able to receive commissions for accounts they originated that were not reassigned to anyone else, a departure from the earlier plan. Plaintiff also claims that the plan applied retroactively to deprive sales representatives of commissions to which they were earlier entitled. Plaintiff alleges that AAM exercises complete control over CareerBuilder and thus, CareerBuilder acts as AAM’s agent. Based on these allegations, Plaintiff alleges claims against both defendants for breach of written contract, breach of implied contract, unjust enrichment, violation of the Illinois Sales Representative Act, and violation of the Illinois Wage and Payment Collection Act. The defendants removed the action to the Northern District of Illinois on December 5, 2019, and Plaintiff moved to remand on January 6, 2020. On October 21, 2020, the district court granted the motion to remand. On January 11, 2021, the district court ordered the clerk of court to take the necessary steps to transfer the case back to Illinois Circuit Court, Cook County. On March 8, 2021, Plaintiff filed a motion under 28 U.S.C. § 1447(c) to recover attorneys’ fees of approximately $35,000 for the remand briefing. Defendants filed their opposition on March 31, 2021, and Plaintiff replied on April 14, 2021. Defendants filed motions to dismiss the complaint in the Illinois Circuit Court, Cook County on June 11, which were fully briefed on August 13, 2021. CareerBuilder has also filed a Motion for a Protective Order and to Stay Discovery pending the outcome of the motions to dismiss. On February 7, 2022, the court held a hearing on the motions to dismiss and the request to stay discovery. At the hearing, the court took the motions to dismiss under advisement and granted CareerBuilder’s motion to stay discovery. On March 11, 2022, the parties filed a Notice of Settlement notifying the court that the parties have reached an agreement to resolve the case in full, and the court has granted preliminary approval of the settlement. The final approval hearing for the settlement is scheduled for November 17, 2022. In March 2020, Frank Funds, which claims to be a former shareholder of MPM Holdings, Inc. (“MPM”), commenced an action in the Delaware Court of Chancery, captioned Frank Funds v. Apollo Global Management, Inc., et al. , C.A. No. 2020-0130, against AAM, certain former MPM directors (including three Apollo officers and employees), and members of the consortium that acquired MPM in a May 2019 merger. The complaint asserts, on behalf of a putative class of former MPM shareholders, a claim against Apollo for breach of its fiduciary duties as MPM’s alleged controlling shareholder in connection with the May 2019 merger. Frank Funds seeks unspecified compensatory damages. On July 23, 2019, a group of former MPM shareholders filed an appraisal petition in Delaware Chancery Court seeking the fair value of their MPM shares that were purchased through MPM’s May 15, 2019 merger, in an action captioned In re Appraisal of MPM Holdings, Inc. , C.A. No. 2019-0519 (Del. Ch.). On June 3, 2020, petitioners moved for leave to file a verified amended appraisal petition and class-action complaint that included claims for breach of fiduciary duty and/or aiding and abetting breaches of fiduciary duty against AAM, the Apollo-affiliated fund that owned MPM’s shares before the merger, certain former MPM directors (including three Apollo employees), and members of the consortium that acquired MPM, based on alleged actions related to the May 2019 merger. The petitioners also sought to consolidate their appraisal proceeding with the Frank Funds action. On November 13, 2020, the Chancery Court granted the parties’ stipulated order to consolidate the two matters, and on December 21, 2020, the Chancery Court granted petitioners’ motion for leave to file the proposed amended complaint. This new consolidated action is captioned In Re MPM Holdings Inc. Appraisal and Stockholder Litigation , C.A. No. 2019-0519 (Del Ch.). On January 13, 2022, the Chancery Court denied Apollo’s motion to dismiss. Apollo believes the claims in this action are without merit. Because this action is in the early stages, no reasonable estimate of possible loss, if any, can be made at this time. On August 4, 2020, a putative class action complaint was filed in the United States District Court for the District of Nevada against PlayAGS Inc. (“PlayAGS”), all of the members of PlayAGS’s board of directors (including three directors who are affiliated with Apollo), certain underwriters of PlayAGS (including Apollo Global Securities, LLC), as well as AAM, Apollo Investment Fund VIII, L.P., Apollo Gaming Holdings, L.P., and Apollo Gaming Voteco, LLC (these last four parties, together, the “Apollo Defendants”). The complaint asserts claims against all defendants arising under the Securities Act of 1933 in connection with certain secondary offerings of PlayAGS stock conducted in August 2018 and March 2019, alleging that the registration statements issued in connection with those offerings did not fully disclose certain business challenges facing PlayAGS. The complaint further asserts a control person claim under Section 20(a) of the Exchange Act against the Apollo Defendants and the director defendants (including the directors affiliated with Apollo), alleging such defendants were responsible for certain misstatements and omissions by PlayAGS about its business. Plaintiffs filed amended complaints on January 11, 2021 and again on March 25, 2021. On May 24, 2021, the Apollo Defendants filed a motion to dismiss the complaint, which motion remains pending. Apollo believes the claims in this action are without merit. Because this action is in the early stages, no reasonable estimate of possible loss, if any, can be made at this time. On or around October 19, 2021, a purported stockholder of AAM filed a complaint against AAM in the Court of Chancery of the State of Delaware seeking the disclosure of certain additional documents pursuant to Section 220 of the Delaware General Corporation Law. The complaint alleges that the stockholder seeks to investigate (a) whether wrongdoing or mismanagement occurred in connection with the decision of the AAM board of directors to pay, in connection with the elimination of the AAM Up-C structure, the partners of AP Professional Holdings, L.P. (including the Former Managing Partners) a payment of cash equal to $3.66 per AOG Unit held, which the complaint characterizes as providing $640 million for “Tax Receivable Agreement” assets (which the stockholder alleges are worth nothing); (b) the independence and disinterestedness of AAM directors and/or officers; and (c) potential damages relating thereto. Apollo and the stockholder subsequently resolved the Section 220 action through the production of supplemental documents, and, on September 29, 2022, the Section 220 action was voluntarily dismissed. It is possible that the stockholder later pursues a plenary action challenging the substantive issues that are the subject of the stockholder’s investigation. |
Segments
Segments | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segments | 18. Segments The Company conducts its business through three reportable segments: (i) Asset Management, (ii) Retirement Services and (iii) Principal Investing. Segment information is utilized by the Company’s chief operating decision maker to assess performance and to allocate resources. The performance is measured by the Company’s chief operating decision maker on an unconsolidated basis because management makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and data that exclude the effects of consolidation of any of the affiliated funds. Segment Reporting Changes In connection with the completion of the Mergers, Apollo undertook a strategic review of its operating structure and business segments to assess the performance of its businesses and the allocation of resources. As a result, for periods following the Mergers, Apollo is reporting results through three operating and reportable segments called Asset Management, Retirement Services, and Principal Investing. In connection with these changes, all prior periods have been recast to conform to the new presentation. Consequently, this information will be different from the historical segment financial results previously reported by Apollo in its reports filed with the SEC. Adjusted Segment Income Adjusted Segment Income, or “ASI”, is the key performance measure used by management in evaluating the performance of the asset management, retirement services, and principal investing segments. Management uses Adjusted Segment Income to make key operating decisions such as the following: • decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires; • decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; • decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in the funds and those of Apollo’s stockholders by providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo’s performance and growth for the year; and • decisions related to the amount of earnings available for dividends to common stockholders and holders of equity-based awards that participate in dividends. Adjusted Segment Income is a measure of profitability and has certain limitations in that it does not take into account certain items included under U.S. GAAP. Adjusted Segment Income is the sum of (i) Fee Related Earnings, (ii) Spread Related Earnings and (iii) Principal Investing Income. Adjusted Segment Income excludes the effects of the consolidation of any of the related funds and SPACs, interest and other financing costs related to AGM not attributable to any specific segment, taxes and related payables, transaction-related charges and any acquisitions. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration, and certain other charges associated with acquisitions, and restructuring charges. In addition, Adjusted Segment Income excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation and administrative related expense reimbursements, as well as the assets, liabilities and operating results of the funds and VIEs that are included in the condensed consolidated financial statements. Adjusted Segment Income may not be comparable to similarly titled measures used by other companies and is not a measure of performance calculated in accordance with U.S. GAAP. We use Adjusted Segment Income as a measure of operating performance, not as a measure of liquidity. Adjusted Segment Income should not be considered in isolation or as a substitute for net income or other income data prepared in accordance with U.S. GAAP. The use of Adjusted Segment Income without consideration of related U.S. GAAP measures is not adequate due to the adjustments described above. Management compensates for these limitations by using Adjusted Segment Income as a supplemental measure to U.S. GAAP results, to provide a more complete understanding of our performance as management measures it. A reconciliation of Adjusted Segment Income to its most directly comparable U.S. GAAP measure of income (loss) before income tax provision can be found in this footnote. Fee Related Earnings Fee Related Earnings (“FRE”) is a component of Adjusted Segment Income that is used to assess the performance of the Asset Management segment. FRE is the sum of (i) management fees, (ii) advisory and transaction fees, (iii) fee-related performance fees from indefinite term vehicles, that are measured and received on a recurring basis and not dependent on realization events of the underlying investments and (iv) other income, net, less (a) fee-related compensation, excluding equity-based compensation, (b) non-compensation expenses incurred in the normal course of business, (c) placement fees and (d) non-controlling interests in the management companies of certain funds the Company manages. Spread Related Earnings Spread Related Earnings (“SRE”) is a component of Adjusted Segment Income that is used to assess the performance of the Retirement Services segment, excluding certain market volatility and certain expenses related to integration, restructuring, equity-based compensation, and other expenses. For the Retirement Services segment, SRE equals the sum of (i) the net investment earnings on Athene’s net invested assets and (ii) management fees earned on the ADIP share of ACRA assets, less (x) cost of funds, (y) operating expenses excluding equity-based compensation and (z) financing costs including interest expense and preferred dividends, if any, paid to Athene’s preferred stockholders. Principal Investing Income Principal Investing Income (“PII”) is a component of Adjusted Segment Income that is used to assess the performance of the Principal Investing segment. For the Principal Investing segment, PII is the sum of (i) realized performance fees, excluding realizations received in the form of shares, and (ii) realized investment income, less (x) realized principal investing compensation expense, excluding expense related to equity-based compensation, and (y) certain corporate compensation and non-compensation expenses. The following present financial data for the Company’s reportable segments. Three months ended September 30, Nine months ended September 30, (In millions) 2022 2021 2022 2021 Asset Management Management fees 1 $ 545.9 $ 472.5 $ 1,573.2 $ 1,395.2 Advisory and transaction fees, net 104.6 65.2 271.8 203.8 Fee-related performance fees 20.0 19.8 45.9 36.7 Fee-related compensation (193.8) (160.7) (556.4) (476.7) Other operating expenses (112.1) (76.7) (318.8) (218.3) Fee Related Earnings 364.6 320.1 1,015.7 940.7 Retirement Services Fixed income and other investment income, net 1,470.4 — 3,979.3 — Alternative investment income, net 249.6 — 883.6 — Strategic capital management fees 13.6 — 38.6 — Cost of funds (965.5) — (2,677.8) — Other operating expenses (117.1) — (334.9) — Interest and other financing costs (72.9) — (198.8) — Spread Related Earnings 578.1 — 1,690.0 — Principal Investing Realized performance fees 92.9 608.0 371.0 1,183.6 Realized investment income 61.4 295.2 324.7 397.6 Principal investing compensation (90.3) (309.0) (401.3) (631.3) Other operating expenses (13.9) (11.8) (37.6) (34.1) Principal Investing Income 50.1 582.4 256.8 915.8 Adjusted Segment Income $ 992.8 $ 902.5 $ 2,962.5 $ 1,856.5 Segment Assets: Asset Management $ 1,818 Retirement Services 234,188 Principal Investing 8,142 Total Assets 2 $ 244,148 1 Includes intersegment management fees from Retirement Services of $192 million and $555 million for the three and nine months ended September 30, 2022, respectively. 2 Refer below for a reconciliation of total assets for Apollo’s total reportable segments to total consolidated assets. The following reconciles total consolidated revenues to total asset management fee related revenues: Three months ended September 30, Nine months ended September 30, (In millions) 2022 2021 2022 2021 Total Consolidated Revenues $ 2,979 $ 1,078 $ 6,126 $ 4,756 Retirement services GAAP revenue (2,502) — (4,248) — Equity awards granted by unconsolidated related parties, reimbursable expenses and other 1 (37) (26) (116) (84) Adjustments related to consolidated funds and VIEs 1 (2) 33 69 108 Performance fees (27) (450) (262) (2,596) Principal investment income 68 (77) (233) (549) Retirement services management fees 192 — 555 — Total Asset Management Fee Related Revenues $ 671 $ 558 $ 1,891 $ 1,635 1 Represents advisory fees, management fees and performance fees earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements. The following presents the reconciliation of income before income tax provision reported in the condensed consolidated statements of operations to Adjusted Segment Income: Three months ended September 30, Nine months ended September 30, (In millions) 2022 2021 2022 2021 Income (loss) before income tax provision (benefit) $ (1,359) $ 732 $ (6,986) $ 4,153 Asset Management Adjustments: Equity-based profit sharing expense and other 1 55 32 219 94 Equity-based compensation 46 20 139 55 Preferred dividends — (9) — (27) Transaction-related charges 2 (5) (1) (6) 27 Merger-related transaction and integration costs 3 14 15 50 39 (Gains) losses from change in tax receivable agreement liability — — 14 (2) Net (income) loss attributable to non-controlling interests in consolidated entities 328 (113) 1,882 (300) Unrealized performance fees 66 159 109 (1,411) Unrealized profit sharing expense (19) (41) (16) 646 HoldCo interest and other financing costs 4 29 42 103 128 Unrealized principal investment income (loss) 128 219 138 (154) Unrealized net (gains) losses from investment activities and other (15) (152) (138) (1,391) Retirement Services Adjustments: Investment (gains) losses, net of offsets 1,737 — 6,913 — Non-operating change in insurance liabilities and related derivatives, net of offsets (64) — 398 — Integration, restructuring and other non-operating expenses 37 — 104 — Equity-based compensation 15 — 40 — Adjusted Segment Income $ 993 $ 903 $ 2,963 $ 1,857 1 Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are required to be used by employees of Apollo to purchase restricted shares of common stock or is delivered in the form of RSUs, which are granted under the Equity Plan. Equity-based profit sharing expense and other also includes performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense. 2 Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges. 3 Merger-related transaction and integration costs includes advisory services, technology integration, equity-based compensation charges and other costs associated with the Mergers. 4 Represents interest and other financing costs related to AGM not attributable to any specific segment. The following table presents the reconciliation of the Company’s total reportable segment assets to total assets: (In millions) September 30, 2022 December 31, 2021 Total reportable segment assets $ 244,148 $ 13,573 Adjustments 1 6,192 16,929 Total assets $ 250,340 $ 30,502 1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events Dividends On November 2, 2022, the Company declared a cash dividend of $0.40 per share of common stock, which will be paid on November 30, 2022 to holders of record at the close of business on November 17, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the annual financial statements included in AAM’s annual report on Form 10-K for the year ended December 31, 2021. Certain disclosures included in the annual financial statements have been condensed or omitted as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. |
Reclassifications | Certain reclassifications have been made to previously reported amounts to conform to the current period’s presentation. |
Consolidation | Consolidation When an entity is consolidated, the accounts of the consolidated entity, including its assets, liabilities, revenues, expenses and cash flows, are presented on a gross basis. Consolidation does not have an effect on the amounts of net income reported. The Company consolidates entities where it has a controlling financial interest unless there is a specific scope exception that prevents consolidation. The types of entities with which the Company is involved generally include, but are not limited to: • subsidiaries, including management companies and general partners of funds that the Company manages • entities that have attributes of an investment company (e.g., funds) • SPACs • CLOs • AAM and its subsidiaries • AHL and its subsidiaries |
Investment Companies | Investment Companies Judgment is required to evaluate whether an entity has the necessary characteristics to be accounted for as an investment company. Funds we manage that meet the investment company criteria are generally not required to consolidate operating companies and generally reflect their investments in operating companies and other investment companies at fair value. The Company has retained this specialized accounting for investment companies in consolidation. Investments Fixed Maturity Securities Fixed maturity securities includes bonds, CLOs, ABS, RMBS, CMBS and redeemable preferred stock. Athene classifies fixed maturity securities as AFS or trading at the time of purchase and subsequently carries them at fair value. Classification is dependent on a variety of factors including expected holding period, election of the fair value option and asset and liability matching. AFS Securities AFS securities are held at fair value on the condensed consolidated statements of financial condition with unrealized gains and losses, net of allowances for expected credit losses, tax and adjustments to DAC, DSI, and future policy benefits, if applicable, generally reflected in accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated statements of financial condition. Unrealized gains or losses relating to identified risks within AFS securities in fair value hedging relationships are reflected in investment related gains (losses) on the condensed consolidated statements of operations. Trading Securities The fair value option is elected for certain fixed maturity securities. These fixed maturity securities are classified as trading, with changes to fair value included in investment related gains (losses) on the condensed consolidated statements of operations. Although the securities are classified as trading, the trading activity related to these investments is primarily focused on asset and liability matching activities and is not intended to be an income strategy based on active trading. As such, the activity related to these investments on the condensed consolidated statements of cash flows is classified as investing activities. Transactions in trading securities are generally recorded on a trade date basis, with any unsettled trades recorded in other assets or other liabilities on the condensed consolidated statements of financial condition. Bank loans, private placements and investment funds are recorded on settlement date basis. Equity Securities Equity securities includes common stock, mutual funds and non-redeemable preferred stock. Equity securities with readily determinable fair values are carried at fair value with subsequent changes in fair value recognized in net income. Athene has elected to account for certain equity securities without readily determinable fair values that do not qualify for the practical expedient to estimate fair values based on NAV per share (or its equivalent) at cost less impairment, subject to adjustments based on observable price changes in orderly transactions for identical or similar investments of the same issuer. Purchased Credit Deteriorated Investments Athene purchases certain structured securities, primarily RMBS, and re-performing mortgage loans having experienced a more-than-insignificant deterioration in credit quality since their origination which upon assessment have been determined to meet the definition of PCD investments. Additionally, structured securities classified as beneficial interests follow the initial measurement guidance for PCD investments if there is a significant difference between contractual cash flows adjusted for expected prepayments and expected cash flows at the date of recognition. The initial allowance for credit losses for PCD investments is recorded through a gross-up adjustment to the initial amortized cost. For structured securities classified as beneficial interests, the initial allowance is calculated as the present value of the difference between contractual cash flows adjusted for expected prepayments and expected cash flows at the date of recognition. The non-credit purchase discount or premium is amortized into investment income using the effective interest method. The credit discount, represented by the allowance for expected credit losses, is remeasured each period following the policies for measuring credit losses described in Credit Losses – Available-for-Sale Securitie s section below. Mortgage Loans Athene elected the fair value option on Athene’s mortgage loan portfolio. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. Interest is accrued on loans until it is probable it will not be received, or the loan is 90 days past due, unless guaranteed by U.S. government-sponsored agencies. Interest income and prepayment fees are reported in net investment income on the condensed consolidated statements of operations. Changes in the fair value of the mortgage loan portfolio are reported in investment related gains (losses) on the condensed consolidated statements of operations. Investment Funds Athene invests in certain non-fixed income, alternative investments in the form of limited partnerships or similar legal structures (investment funds). For investment funds in which it does not hold a controlling financial interest, Athene typically accounts for such investments using the equity method, where the cost is recorded as an investment in the fund, or it has elected the fair value option. Adjustments to the carrying amount reflect pro rata ownership percentage of the operating results as indicated by NAV in the investment fund financial statements, which can be on a lag of up to three months when investee information is not received in a timely manner. Athene’s proportionate share of investment fund income is recorded within net investment income on the condensed consolidated statements of operations. Contributions paid or distributions received by Athene are recorded directly to the investment fund balance as an increase to carrying value or as a return of capital, respectively. Policy Loans Policy loans are funds provided to policyholders in return for a claim on the policyholder’s account balance. The funds provided are limited to a specified percentage of the account balance. The majority of policy loans do not have a stated maturity and the balances and accrued interest are repaid with proceeds from the policyholder’s account balance. Policy loans are reported at the unpaid principal balance. Interest income is recorded as earned using the contract interest rate and is reported in net investment income on the condensed consolidated statements of operations. Funds Withheld at Interest Funds withheld at interest represents a receivable for amounts contractually withheld by ceding companies in accordance with funds withheld coinsurance (funds withheld) and modified coinsurance (“modco”) reinsurance agreements in which Athene acts as the reinsurer. Generally, assets equal to statutory reserves are withheld and legally owned by the ceding company, and any excess or shortfall is settled periodically. The underlying agreements contain embedded derivatives as discussed below. Short-term Investments Short-term investments consist of financial instruments with maturities of greater than three months but less than twelve months when purchased. Short-term debt securities are accounted for as trading or AFS consistent with the policies for those investments. Short-term loans are carried at amortized cost. Other Investments Other investments includes, but is not limited to, term loans collateralized by mortgages on residential and commercial real estate and other uncollateralized loans. Athene elected the fair value option on these loans. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. Interest on loans is accrued until it is probable it will not be received or the loan is 90 days past due. Interest income and prepayment and other fees are reported in net investment income on the condensed consolidated statements of operations. Changes in fair value are reported in investment related gains (losses) on the condensed consolidated statements of operations. |
Variable Interest Entities | Variable Interest Entities All entities are first considered under the VIE model. VIEs are entities that 1) do not have sufficient equity at risk to finance activities without additional subordinated financial support or 2) have equity investors that do not have the ability to make significant decisions related to the entity’s operations, absorb expected losses, or receive expected residual returns. The Company consolidates a VIE if it is the primary beneficiary of the entity. The Company is deemed the primary beneficiary when it has a controlling financial interest in the VIE, which is defined as possessing both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance (“primary beneficiary power”) and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant (“significant variable interest”). The Company performs the VIE and primary beneficiary assessment at inception of its involvement with a VIE and on an ongoing basis if facts and circumstances change. To assess whether the Company has the primary beneficiary power under the VIE consolidation model, it considers the design of the entity as well as ongoing rights and responsibilities. In general, the parties that can make the most significant decisions regarding asset management have control over servicing, liquidation rights or the unilateral right to remove the decision-makers. To assess whether the Company has a significant variable interest, the Company considers all its economic interests that are considered variable interests in the entity including interests held through related parties. This assessment requires judgement in considering whether those interests are significant. Assets and liabilities of the consolidated VIEs, other than SPACs, are primarily shown in separate sections within the condensed consolidated statements of financial condition. Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses are primarily presented within net gains from investment activities of consolidated variable interest entities in the condensed consolidated statements of operations. The portion attributable to non-controlling interests is reported within net income attributable to non-controlling interests in the condensed consolidated statements of operations. For additional disclosures regarding VIEs, see notes 6 and 16. Voting Interest Entities Entities that are not determined to be VIEs are generally considered VOEs. Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest. The Company does not consolidate those VOEs in which substantive kick-out rights have been granted to the unrelated investors to either dissolve the fund or remove the general partner. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts in the financial statements and related footnotes. The Company’s most significant estimates include goodwill and intangible assets, income taxes, performance allocations, incentive fees, non-cash compensation, fair value of investments (including derivatives) and debt, impairment of investments and allowances for expected credit losses, DAC, DSI and VOBA, and future policy benefit reserves. While such impact may change considerably over time, the estimates and assumptions affecting the Company’s condensed consolidated financial statements are based on the best available information as of September 30, 2022. Actual results could differ materially from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid short-term investments, including money market funds and U.S. Treasury securities, with original maturities of three months or less when purchased to be cash equivalents. Interest income from cash and cash equivalents is recorded in other income for asset management and net investment income for retirement services in the condensed consolidated statements of operations. The carrying values of the money market funds and U.S. Treasury securities represent their fair values due to their short-term nature. Substantially all of the Company’s cash on deposit is in interest bearing accounts with major financial institutions and exceed insured limits. |
Restricted Cash and Cash Equivalents | Restricted Cash and Cash Equivalents Restricted cash and cash equivalents represent balances that are restricted as to withdrawal or usage. Restricted cash consists of cash and cash equivalents held in funds in trust as part of certain coinsurance agreements to secure statutory reserves and liabilities of the coinsured parties. For periods prior to June 30, 2022, cash held in reserve accounts was also used to make required payments in respect of the 2039 Senior Secured Guaranteed Notes. Restricted cash also includes cash deposited at a bank that is pledged as collateral in connection with leased premises. |
Foreign Currency | Foreign Currency The Company holds foreign currency denominated assets and liabilities. Non-monetary assets and liabilities of the Company’s international subsidiaries are remeasured into the functional currency using historical exchange rates specific to each asset and liability, the exchange rates prevailing at the end of each reporting period are used for all others. The results of the Company’s foreign operations are remeasured using an average exchange rate for the respective reporting period. Currency remeasurement adjustments and gains and losses on the settlement of foreign currency translations are included within other income (loss), net for asset management or investment related gains (losses) for retirement services in the condensed consolidated statements of |
Equity Method Investments | Equity Method Investments For investments in entities over which the Company exercises significant influence but does not meet the requirements for consolidation and has not elected the fair value option, the Company uses the equity method of accounting. Under the equity method of accounting, the Company records its share of the underlying income or loss of such entities adjusted for distributions. The Company’s share of the underlying net income or loss of such entities is recorded in Investment income (loss) for asset management and Net investment income for retirement services in the condensed consolidated statements of operations. The carrying amounts of equity method investments are recorded in investments in the condensed consolidated statements of financial condition. Generally, the underlying entities that the Company manages and invests in are primarily investment companies, and the carrying value of the Company’s equity method investments approximates fair value. |
Financial Instruments Held By Consolidated VIEs | Financial Instruments held by Consolidated VIEs The consolidated VIEs managed by the Company are primarily investment companies and CLOs. Their investments include debt and equity securities held at fair value. Financial instruments are generally accounted for on a trade date basis. Under a measurement alternative permissible for consolidated collateralized financing entities, the Company measures both the financial assets and financial liabilities of consolidated CLOs in its condensed consolidated financial statements in both cases using the fair value of the financial assets or financial liabilities, whichever are more observable. Where financial assets are more observable, the financial assets of the consolidated CLOs are measured at fair value and the financial liabilities are measured in consolidation as: (i) the sum of the fair value of the financial assets and the carrying value of any non-financial assets that are incidental to the operations of the CLOs less (ii) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. Where financial liabilities are more observable, the financial liabilities of the consolidated CLOs are measured at fair value and the financial assets are measured in consolidation as: (i) the sum of the fair value of the financial liabilities, and the carrying value of any non-financial liabilities that are incidental to the operations of the CLOs less (ii) the carrying value of any non-financial assets that are incidental to the operations of the CLOs. The resulting amount is allocated to the individual financial assets using a reasonable and consistent methodology. Net income attributable to Apollo Global Management, Inc. reflects the Company’s own economic interests in the consolidated CLOs including (i) changes in the fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services. Certain consolidated VIEs have applied the fair value option for certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses in net income. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date under current market conditions. The actual realized gains or losses will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may ultimately differ significantly from the assumptions on which the valuations were based. Fair Value Option Entities are permitted to elect the fair value option (“FVO”) to carry at fair value certain financial assets and financial liabilities, including investments otherwise accounted for under the equity method of accounting. The FVO election is irrevocable and is applied to financial instruments on an individual basis at initial recognition or at eligible remeasurement events. Please refer to note 4 for additional information and other instances of when the Company has elected the FVO. |
Fair Value Hierarchy | Fair Value Hierarchy U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: Level 1 – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The Company does not adjust the quoted price for these financial instruments, even in situations where the Company holds a large position and the sale of such position would likely deviate from the quoted price. Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. These financial instruments exhibit higher levels of liquid market observability as compared to Level 3 financial instruments. Level 3 – Pricing inputs are unobservable for the financial instrument and includes situations where there is little observable market activity for the financial instrument. The inputs into the determination of fair value may require significant management judgment or estimation. Financial instruments that are included in this category generally include investments where the fair value is based on observable inputs as well as unobservable inputs. When a security is valued based on broker quotes, the Company subjects those quotes to various criteria in making the determination as to whether a particular financial instrument would qualify for classification as Level 2 or Level 3. These criteria include, but are not limited to, the number and quality of the broker quotes, the standard deviations of the observed broker quotes, and the percentage deviation from external pricing services. Investments in securities that are traded on a securities exchange or comparable over-the-counter quotation systems are valued based on the last reported sale price at that date. If no sales of such investments are reported on such date, and in the case of over-the-counter securities or other investments for which the last sale date is not available, valuations are based on independent market quotations obtained from market participants, recognized pricing services or other sources deemed relevant, and the prices are based on the average of the “bid” and “ask” prices, or at ascertainable prices at the close of business on such day. Market quotations are generally based on valuation pricing models or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks, among other factors. When market quotations are not available, a model-based approach is used to determine fair value. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument when the fair value is based on unobservable inputs. |
Business Combinations | Business Combinations The Company accounts for business combinations using the acquisition method of accounting where the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of the consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. |
Goodwill | GoodwillGoodwill represents the excess of cost over the fair value of identifiable net assets of an acquired business. Goodwill is tested annually for impairment or more frequently if circumstances indicate impairment may have occurred. The Company will perform its annual goodwill impairment test on October 1, 2022. The impairment test is performed at the reporting unit level, which is generally at the level of the Company’s reportable segments. Goodwill is recorded in separate line items for both the Asset Management and Retirement Services segments. |
Compensation and Benefits | Compensation and Benefits Compensation consists of (i) salary, bonus, and benefits, which includes base salaries, discretionary and non-discretionary bonuses, severance and employee benefits, (ii) equity-based compensation granted to employees and non-employees that is measured based on the grant date fair value of the award and (iii) profit sharing expense, which primarily consists of a portion of performance revenues earned from certain funds that are allocated to employees and former employees. Compensation costs are recorded in compensation and benefits for asset management and policy and other operating expense for retirement services in the condensed consolidated statements of operations. |
Equity-Based Compensation | Equity-based awards granted to employees and non-employees as compensation are measured based on the grant date fair value of the award. Equity-based awards that do not require future service (i.e., vested awards) are expensed immediately. Equity-based employee awards that require future service are expensed over the relevant period of service. Equity-based awards that require performance metrics to be met are expensed only when the performance metric is met or deemed probable. Profit sharing amounts are recognized as the related performance revenues are earned. Accordingly, profit sharing amounts can be reversed during periods when there is a decline in performance revenues that were previously recognized. Profit sharing amounts are generally not paid until the related performance revenue is distributed to the general partner upon realization of the fund’s investments (which may be distributed in cash or in-kind). |
Non-controlling Interests | Non-controlling Interests For entities that are consolidated, but not wholly owned, a portion of the income or loss and corresponding equity is allocated to owners other than the Company. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the condensed consolidated financial statements. Non-controlling interests also include ownership interests in certain consolidated funds and VIEs. Non-controlling interests are presented as a separate component of equity on the Company’s condensed consolidated statements of financial condition. Net income (loss) includes the net income (loss) attributable to the holders of non-controlling interests on the Company’s condensed consolidated statements of operations. Profits and losses are allocated to non-controlling interests in proportion to their relative ownership interests regardless of their basis. |
Earnings Per Share | Earnings Per Share As the Company has issued participating securities, the two-class method of computing earnings per share is used for all periods presented for common stock and participating securities as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for distributions declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for distributions declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. Participating securities include vested and unvested RSUs that participate in distributions, as well as unvested restricted shares. |
Share Repurchase | Share Repurchase When shares are repurchased, the Company can choose to record treasury shares or account for the repurchase as a constructive retirement. The Company accounted for share repurchases as constructive retirement, whereby it reduced common stock and additional paid-in capital by the amount of the original issuance, with any excess purchase price recorded as a reduction to retained earnings. Under this method, issued and outstanding shares are reduced by the shares repurchased, and no treasury stock is recognized on the condensed consolidated statements of financial condition. |
Income Taxes | Income Taxes AGM is a Delaware corporation and generally all of its income is subject to U.S. corporate income taxes. Certain subsidiaries of AGM operate as partnerships for U.S. income tax purposes and are subject to NYC UBT. In conjunction with the Mergers, Apollo underwent a reorganization from an Up-C structure to a C-corporation with a single class of common stock. Athene, and certain of its non-U.S. subsidiaries, are Bermuda exempted companies that have historically not been subject to U.S. corporate income taxes on their earnings. Due to the Mergers, Athene’s non-U.S. earnings will generally be subject to U.S. corporate income taxes. Significant judgment is required in determining tax expense and in evaluating certain and uncertain tax positions. The Company’s tax positions are reviewed and evaluated quarterly to determine whether the Company has uncertain tax positions that require financial statement recognition. The Company recognizes the tax benefit of uncertain tax positions only where the position is “more likely than not” to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit is measured as the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. If a tax position were not considered more likely than not to be sustained, then no benefits of the position would be recognized. Deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the financial statement carrying amount of assets and liabilities and their respective tax bases using currently enacted tax rates in the period the temporary difference is expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period during which the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In determining the realizability of deferred tax assets, the Company evaluates all positive and negative evidence in addition to the ability to carry back losses, the timing of future reversals of taxable temporary differences, tax planning strategies and future expected earnings. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Fair Value Measurement — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03) In June 2022, the FASB issued clarifying guidance that a restriction which is a characteristic of the holding entity rather than a characteristic of the equity security itself should not be considered in its fair value measurement. As a result, the Company is required to measure the fair value of equity securities subject to contractual restrictions attributable to the holding entity on the basis of the market price of the same equity security without those contractual restrictions. Companies are not permitted to recognize a contractual sale restriction attributable to the holding entity as a separate unit of account. The guidance also requires disclosures for these equity securities. The new guidance is mandatorily effective for the Company by January 1, 2024 with early adoption permitted. The Company will apply the guidance on a prospective basis as an adjustment to current-period earnings with the adoption impact disclosed in the period of adoption. The Company is currently evaluating the new guidance and its impact on the consolidated financial statements. Business Combinations – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08) In October 2021, the FASB issued guidance to add contract assets and contract liabilities from contracts with customers acquired in a business combination to the list of exceptions to the fair value recognition and measurement principles that apply to business combinations, and instead require them to be accounted for in accordance with revenue recognition guidance. The new guidance is mandatorily effective for the Company on January 1, 2023 and applied prospectively, with early adoption permitted. The Company is currently evaluating the guidance and its impact on the consolidated financial statements. Insurance – Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2020-11, ASU 2019-09, ASU 2018-12) These updates amend four key areas pertaining to the accounting and disclosures for long-duration insurance and investment contracts. • The update requires cash flow assumptions used to measure the liability for future policy benefits to be updated at least annually and no longer allows a provision for adverse deviation. The remeasurement of the liability associated with the update of assumptions is required to be recognized in net income. Loss recognition testing is eliminated for traditional and limited-payment contracts. The update also requires the discount rate used in measuring the liability to be an upper-medium grade fixed-income instrument yield, which is to be updated at each reporting date. The change in liability due to changes in the discount rate is to be recognized in OCI. • The update simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. Deferred costs are required to be written off for unexpected contract terminations but are not subject to impairment testing. • The update requires certain contract features meeting the definition of market risk benefits to be measured at fair value. Among the features included in this definition are the guaranteed lifetime withdrawal benefit (GLWB) and guaranteed minimum death benefit (GMDB) riders attached to annuity products. The change in fair value of the market risk benefits is to be recognized in net income, excluding the portion attributable to changes in instrument-specific credit risk which is recognized in OCI. • The update also introduces disclosure requirements around the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs. This includes disaggregated rollforwards of these balances and information about significant inputs, judgments, assumptions and methods used in their measurement. The Company is required to adopt these updates on January 1, 2023. Certain provisions of the update are required to be adopted on a fully retrospective basis, while others may be adopted on a modified retrospective basis. Early adoption is permitted. The Company does not expect that the adoption of this standard will have a material effect on stockholders’ equity as of the Company’s transition date, which is January 1, 2022. Subsequent to the transition date, the remeasurement of liabilities for certain products and features that include use of current discount rates can reasonably be expected to have a significant positive impact on the Company’s U.S. GAAP stockholders’ equity as of September 30, 2022, given the increase in rates for the nine months then ended. The Company is continuing to evaluate the impact of adopting this guidance on the consolidated financial statements for periods subsequent to the Company’s transition date. |
U.S. Treasury Securities, at fair value | U.S. Treasury Securities, at fair valueU.S. Treasury securities, at fair value includes U.S. Treasury bills with original maturities greater than three months when purchased. These securities are recorded at fair value in investments in the condensed consolidated statements of financial condition. Interest income on such securities is separately presented from the overall change in fair value and is recognized in interest income for asset management in the condensed consolidated statements of operations. Any remaining change in fair value of such securities, that is not recognized as interest income, is recognized in net gains (losses) from investment activities for asset management in the condensed consolidated statements of operations. |
Due from/to Related Parties | Due from/to Related Parties Due from/to related parties includes amounts due from and due to existing employees, certain former employees, portfolio companies of the funds and non-consolidated funds. |
Deferred Revenue and Revenues | Deferred Revenue Apollo records deferred revenue, which is a type of contract liability, when consideration is received in advance of management services provided. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. It is included in accounts payable, accrued expenses, and other liabilities in the condensed consolidated statements of financial condition. Apollo also earns management fees which are subject to an offset. When Apollo receives cash for advisory and transaction fees, a certain percentage of such advisory and/or transaction fees, as applicable, is allocated as a credit to reduce future management fees, otherwise payable by the relevant fund. Such credit is recorded as deferred revenue in the condensed consolidated statements of financial condition within the accounts payable, accrued expenses and other liabilities line item. A portion of any excess advisory and transaction fees may be required to be returned to the limited partners of certain funds upon such fund’s liquidation. As the management fees earned by Apollo are presented on a gross basis, any management fee offsets calculated are presented as a reduction to advisory and transaction fees in the condensed consolidated statements of operations. Additionally, Apollo earns advisory fees pursuant to the terms of the advisory agreements with certain of the portfolio companies that are owned by the funds Apollo manages. When Apollo receives a payment from a portfolio company that exceeds the advisory fees earned at that point in time, the excess payment is recorded as deferred revenue in the condensed consolidated statements of financial condition. The advisory agreements with the portfolio companies vary in duration and the associated fees are received monthly, quarterly, or annually. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. There was $109.7 million of revenue recognized during the nine months ended September 30, 2022 that was previously deferred as of January 1, 2022. Under the terms of the funds’ partnership agreements, Apollo is normally required to bear organizational expenses over a set dollar amount and placement fees or costs in connection with the offering and sale of interests in the funds it manages to investors. In cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract and amortized over the life of the customer contract. Capitalized placement fees are recorded within other assets in the condensed consolidated statements of financial condition, while amortization is recorded within general, administrative and other in the condensed consolidated statements of operations. In certain instances, the placement fees are paid over a period of time. Based on the management agreements with the funds, Apollo considers placement fees and organizational costs paid in determining if cash has been received in excess of the management fees earned. Placement fees and organizational costs are normally the obligation of Apollo but can be paid for by the funds. When these costs are paid by the fund, the resulting obligations are included within deferred revenue. The deferred revenue balance will also be reduced during future periods when management fees are earned but not paid. Revenues The revenues of the asset management business include (i) management fees; (ii) advisory and transaction fees, net; (iii) investment income, which is comprised of performance allocations and principal investment income; and (iv) incentive fees. Revenues Revenues for universal life-type policies and investment contracts, including surrender and market value adjustments, costs of insurance, policy administration, GMDB, GLWB and no-lapse guarantee charges, are earned when assessed against policyholder account balances during the period. Interest credited to policyholder account balances and the change in fair value of embedded derivatives within fixed indexed annuity contracts is included in interest sensitive contract benefits on the condensed consolidated statements of operations. Premiums for long-duration contracts, including products with fixed and guaranteed premiums and benefits, are recognized as revenue when due from policyholders. When premiums are due over a significantly shorter period than the period over which benefits are provided, such as immediate annuities with life contingencies (which includes pension group annuities), a deferred profit liability is established equal to the excess of the gross premium over the net premium. The deferred profit liability is recognized in future policy benefits on the condensed consolidated statements of financial condition and amortized into income in relation to applicable policyholder liabilities through future policy and other policy benefits on the condensed consolidated statements of operations. |
Redeemable Non-Controlling Interests | Redeemable Non-Controlling InterestsRedeemable non-controlling interests are attributable to VIEs and primarily represent the shares issued by the Company’s consolidated SPACs whose shares are redeemable for cash by the respective public shareholders in connection with the applicable SPAC’s failure to complete a business combination or its tender offer/stockholder approval provisions. The redeemable non-controlling interests are initially recorded at their original issue price, net of issuance costs and the initial fair value of separately traded warrants. The carrying amount is accreted to its redemption value over the period from the date of issuance to the earliest redemption date of the instrument. The accretion to redemption value is generally recorded against additional paid-in capital. |
Management Fees / Advisory and Transaction Fees, Net | Management Fees Management fees are recognized over time during the periods in which the related services are performed in accordance with the contractual terms of the related agreement. Management fees are generally based on (1) a percentage of the capital committed during the commitment period, and thereafter based on the remaining invested capital of unrealized investments, or (2) net asset value, gross assets or as otherwise provided in the respective agreements. Included in management fees are certain expense reimbursements where Apollo is considered the principal under the agreements and is required to record the expense and related reimbursement revenue on a gross basis. Advisory and Transaction Fees, Net Advisory fees, including management consulting fees and directors’ fees, are generally recognized over time as the underlying services are provided in accordance with the contractual terms of the related agreement. Apollo receives such fees in exchange for ongoing management consulting services provided to portfolio companies of funds it manages. Transaction fees, including structuring fees and arranging fees related to Apollo’s funds, portfolio companies of funds and third parties are generally recognized at a point in time when the underlying services rendered are complete. The amounts due from fund portfolio companies are recorded in due from related parties on the condensed consolidated statements of financial condition. Under the terms of the limited partnership agreements for certain funds, the management fee payable by the funds may be subject to a reduction based on a certain percentage of such advisory and transaction fees, net of applicable broken deal costs. Advisory and transaction fees are presented net of these management fee offsets in the condensed consolidated statements of operations. Underwriting fees, which are also included within advisory and transaction fees, net, include gains, losses and fees, arising from securities offerings in which one of the Company’s subsidiaries participates in the underwriter syndicate. Underwriting fees are recognized at a point in time when the underwriting is completed. Underwriting fees recognized but not received are recorded in other assets on the condensed consolidated statements of financial condition. During the normal course of business, Apollo incurs certain costs related to certain transactions that are not consummated, or “broken deal costs”. These costs (e.g., research costs, due diligence costs, professional fees, legal fees and other related items) are determined to be broken deal costs upon management’s decision to no longer pursue the transaction. In accordance with the related fund agreement, in the event the deal is deemed broken, all of the costs are reimbursed by the funds and then included as a component of the calculation of the management fee offset. If a deal is successfully completed, Apollo is reimbursed by the fund or fund’s portfolio company for all costs incurred and no offset is generated. As Apollo acts as an agent for the funds it manages, any transaction costs incurred and paid by Apollo on behalf of the respective funds relating to successful or broken deals are recorded net on the Company’s condensed consolidated statements of operations, and any receivable from the respective funds is recorded in due from related parties on the condensed consolidated statements of financial condition. |
Performance Allocations / Principal Investment Income / Incentive Fees | Performance Allocations Performance allocations are a type of performance revenue (i.e., income earned based on the extent to which an entity’s performance exceeds predetermined thresholds). Performance allocations are generally structured from a legal standpoint as an allocation of capital in which Apollo’s capital account receives allocations of the returns of an entity when those returns exceed predetermined thresholds. The determination of which performance revenues are considered performance allocations is primarily based on the terms of an agreement with the entity. Apollo recognizes performance allocations within investment income along with the related principal investment income (as described further below) in the condensed consolidated statements of operations and within the investments line in the condensed consolidated statements of financial condition. When applicable, Apollo may record a general partner obligation to return previously distributed performance allocations. The general partner obligation is based upon an assumed liquidation of a fund’s net assets as of the reporting date and is reported within due to related parties on the condensed consolidated statements of financial condition. The actual determination and any required payment of any such general partner obligation would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective governing document of the fund. Principal Investment Income Principal investment income includes Apollo’s income or loss from equity method investments and certain other investments in entities in which Apollo is generally eligible to receive performance allocations. Income from equity method investments includes Apollo’s share of net income or loss generated from its investments, which are not consolidated, but in which it exerts significant influence. Incentive Fees |
Profit Sharing | Profit Sharing Profit sharing expense and profit sharing payable primarily consist of a portion of performance revenues earned from certain funds that are allocated to employees and former employees. Profit sharing amounts are recognized as the related performance revenues are earned. Accordingly, profit sharing amounts can be reversed during periods when there is a decline in performance revenues that were previously recognized. Profit sharing expense is recorded in compensation and benefits for asset management in the condensed consolidated statements of operations. Profit sharing payable is recorded in accounts payable, accrued expenses and other liabilities for Asset Management in the condensed consolidated statements of financial condition. Profit sharing amounts are generally not paid until the related performance revenue is distributed to the general partner upon realization of the fund’s investments. Under certain profit-sharing arrangements, Apollo requires that a portion of certain of the performance revenues distributed to its employees be used to purchase restricted common stock issued under the Equity Plan. Prior to distribution of the performance revenue, the Company records the value of the equity-based awards expected to be granted in other assets and other liabilities within the condensed consolidated statements of financial condition. Such equity-based awards are recorded as equity-based compensation expense over the relevant service period once granted. Additionally, profit sharing amounts previously distributed may be subject to clawback from employees and former employees. When applicable, the accrual for potential clawback of previously distributed profit sharing amounts, which is a component of due from related parties on the condensed consolidated statements of financial condition, represents all amounts previously distributed to employees and former employees that would need to be returned to the general partner if the funds were to be liquidated based on the fair value of the underlying funds’ investments as of the reporting date. The actual general partner receivable, however, would not become realized until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective governing document of the fund. Profit sharing payable also includes contingent consideration obligations that were recognized in connection with certain acquisitions. Changes in the fair value of the contingent consideration obligations are reflected in the condensed consolidated statements of operations as compensation and benefits for asset management. |
Investment Income | Investment Income Investment income is recognized as it accrues or is legally due, net of investment management and custody fees. Investment income on fixed maturity securities includes coupon interest, as well as the amortization of any premium and the accretion of any discount. Investment income on equity securities represents dividend income and preferred coupons interest. Realized gains and losses on sales of investments are included in investment related gains (losses) on the condensed consolidated statements of operations. Realized gains and losses on investments sold are determined based on a first-in first-out method. |
Credit Losses – Available-for-Sale Securities | Credit Losses – Available-for-Sale Securities AFS securities with a fair value that has declined below amortized cost are evaluated to determine how the decline in fair value should be recognized. If based on the facts and circumstances related to the specific security, Athene intends to sell a security or it is more likely than not that it would be required to sell a security before the recovery of its amortized cost, any existing allowance for expected credit losses is reversed and the amortized cost of the security is written down to fair value. If neither of these conditions exist, the decline in fair value is evaluated to determine whether it has resulted from a credit loss or other factors. For non-structured AFS securities, relevant facts and circumstances are qualitatively considered in evaluating whether a decline below fair value is credit-related. Relevant facts and circumstances include but are not limited to: (1) the extent to which the fair value is less than amortized cost; (2) changes in agency credit ratings, (3) adverse conditions related to the security’s industry or geographical area, (4) failure to make scheduled payments, and (5) other known changes in the financial condition of the issuer or quality of any underlying collateral or credit enhancements. For structured AFS securities meeting the definition of beneficial interests, the qualitative assessment is bypassed, and any securities having experienced a decline in fair value below amortized cost move directly to a quantitative analysis. If upon completion of this analysis it is determined that a potential credit loss exists, an allowance for expected credit losses is established equal to the amount by which the present value of expected cash flows is less than amortized cost, limited by the amount by which fair value is less than amortized cost. A non-structured security’s cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or the disposition of assets using security-specific facts and circumstances including timing, security interests and loss severity. A structured security’s cash flow estimates are based on security-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity, prepayments and structural support, including subordination and guarantees. The expected cash flows are discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete a structured security. For securities with a contractual interest rate that varies based on changes in an independent factor, such as an index or rate, the effective interest rate is calculated based on the factor as it changes over the life of the security. Inherently under the discounted cash flow model, both the timing and amount of expected cash flows affect the measurement of the allowance for expected credit losses. The allowance for expected credit losses is remeasured each period for the passage of time, any change in expected cash flows, and changes in the fair value of the security. All impairments, whether intent or requirement to sell or credit-related, are recorded through a charge to credit loss expense within investment related gains (losses) on the condensed consolidated statements of operations. All changes in the allowance for expected credit losses are recorded through credit loss expense within investment related gains (losses) on the condensed consolidated statements of operations. The Company has elected to present accrued interest receivable separately in other assets on the condensed consolidated balance sheets. It has also elected the practical expedient to exclude the accrued interest receivable from the amortized cost balance used to calculate the allowance for expected credit losses, as it has a policy to write off such balances in a timely manner, when they become 90 days past due. Any write-off of accrued interest is recorded through a reversal of net investment income on the condensed consolidated statements of operations. |
Derivative Instruments | Derivative Instruments Athene invests in derivatives to hedge the risks experienced from ongoing operations, such as equity, interest rate and cash flow risks, or for other risk management purposes, which primarily involve managing liability risks associated with indexed annuity products and reinsurance agreements. Derivatives are financial instruments with values that are derived from interest rates, foreign exchange rates, financial indices or other combinations of an underlying and notional. Derivative assets and liabilities are carried at fair value on the condensed consolidated statements of financial condition. The Company elects to present any derivatives subject to master netting provisions as a gross asset or liability and gross of collateral. It may designate derivatives as cash flow, fair value or net investment hedges. Hedge Documentation and Hedge Effectiveness To qualify for hedge accounting, at the inception of the hedging relationship, Athene formally documents its designation of the hedge as a cash flow, fair value or net investment hedge and risk management objective and strategy for undertaking the hedging transaction. This documentation identifies how the hedging instrument is expected to hedge the designated risks related to the hedged item and the method that will be used to retrospectively and prospectively assess the hedge effectiveness and the method which will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the hedge accounting relationship. For a cash flow hedge, all changes in the fair value of the hedging derivative are reported within AOCI and the related gains or losses on the derivative are reclassified into the condensed consolidated statements of operations when the cash flows of the hedged item affect earnings. For a cash flow hedge, all changes in the fair value of the hedging derivative are reported within AOCI and the related gains or losses on the derivative are reclassified into the condensed consolidated statements of operations when the cash flows of the hedged item affect earnings. For a fair value hedge, changes in the fair value of the hedging derivative and changes in the fair value of the hedged item related to the designated risk being hedged are reported on the condensed consolidated statements of operations according to the nature of the risk being hedged. Additionally, changes in the fair value of amounts excluded from the assessment of effectiveness are recorded in AOCI and amortized into income over the life of the hedge accounting relationship. For a net investment hedge, changes in the fair value of the hedging derivative are reported within AOCI to offset the translation adjustments for subsidiaries with functional currencies other than U.S. dollar. Athene discontinues hedge accounting prospectively when: (1) it determines the derivative is no longer highly effective in offsetting changes in the estimated cash flows or fair value of a hedged item; (2) the derivative expires, is sold, terminated, or exercised; or (3) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued, the derivative continues to be carried on the condensed consolidated statements of financial condition at fair value, with changes in fair value recognized in investment related gains (losses) on the condensed consolidated statements of operations. |
Embedded Derivatives | Embedded Derivatives Athene issues and reinsures products, primarily indexed annuity products, or purchases investments that contain embedded derivatives. If it determines the embedded derivative has economic characteristics not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for separately, unless the fair value option is elected on the host contract. Under the fair value option, bifurcation of the embedded derivative is not necessary as the entire contract is carried at fair value with all related gains and losses recognized in investment related gains (losses) on the condensed consolidated statements of operations. Embedded derivatives are carried on the condensed consolidated statements of financial condition at fair value in the same line item as the host contract. Fixed indexed annuity, index-linked variable annuity and indexed universal life insurance contracts allow the policyholder to elect a fixed interest rate return or an equity market component for which interest credited is based on the performance of certain equity market indices. The equity market option is an embedded derivative. The benefit reserve is equal to the sum of the fair value of the embedded derivative and the host (or guaranteed) component of the contracts. The fair value of the embedded derivatives represents the present value of cash flows attributable to the indexed strategies. The embedded derivative cash flows are based on assumptions for future policy growth, which include assumptions for expected index credits on the next policy anniversary date, future equity option costs, volatility, interest rates and policyholder behavior assumptions including lapses and the use of benefit riders. The embedded derivative cash flows are discounted using a rate that reflects Athene’s own credit rating. The host contract is established at contract inception as the initial account value less the initial fair value of the embedded derivative and accreted over the policy’s life. Contracts acquired through a business combination which contain an embedded derivative are re-bifurcated as of the acquisition date. Changes in the fair value of embedded derivatives associated with fixed indexed annuities, index-linked variable annuities and indexed universal life insurance contracts are included in interest sensitive contract benefits on the condensed consolidated statements of operations. |
Reinsurance | Reinsurance Athene assumes and cedes insurance and investment contracts under coinsurance, funds withheld and modco. Reinsurance accounting is applied for transactions that provide indemnification against loss or liability relating to insurance risk (risk transfer). To meet risk transfer requirements, a reinsurance agreement must transfer insurance risk arising from uncertainties about both underwriting and timing risks. Cessions under reinsurance do not discharge obligations as the primary insurer, unless the requirements of assumption reinsurance have been met. Assets and liabilities assumed or ceded under coinsurance, funds withheld, or modco are presented gross on the condensed consolidated statements of financial condition. For investment contracts, the change in assumed and ceded reserves are presented net in interest sensitive contract benefits on the condensed consolidated statements of operations. For insurance contracts, the change in assumed and ceded reserves and benefits are presented net in future policy and other policy benefits on the condensed consolidated statements of operations. Assumed or ceded premiums are included in premiums on the condensed consolidated statements of operations. Accounting for reinsurance requires the use of assumptions, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. Athene attempts to minimize counterparty credit risk through the structuring of the terms of its reinsurance agreements, including the use of trusts, and it monitors credit ratings of counterparties for signs of declining credit quality. When a ceding company does not report information on a timely basis, accruals are recorded based on the best available information at the time, which includes the reinsurance agreement terms and historical |
Funds Withheld and Modco | Funds Withheld and ModcoFor business assumed or ceded on a funds withheld or modco basis, a funds withheld segregated portfolio, comprised of invested assets and other assets is maintained by the ceding entity, which is sufficient to support the current balance of statutory reserves. The fair value of the funds withheld is recorded as a funds withheld asset or liability and any excess or shortfall in relation to statutory reserves is settled periodically. |
Deferred Acquisition Costs | Deferred Acquisition Costs and Deferred Sales Inducements Costs related directly to the successful acquisition of new, or renewal of, insurance or investment contracts are deferred to the extent they are recoverable from future premiums or gross profits. These costs consist of commissions and policy issuance costs, as well as sales inducements credited to policyholder account balances, and are included in deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. Athene performs periodic tests, including at issuance, to determine if the deferred costs are recoverable. If it determines that the deferred costs are not recoverable, a cumulative charge is recorded to the current period. |
Deferred Sales Inducements | Deferred costs related to investment contracts without significant revenue streams from sources other than investment of the policyholder funds are amortized using the effective interest method. The effective interest method amortizes the deferred costs by discounting the future liability cash flows at a break-even rate. The break-even rate is solved for such that the present value of future liability cash flows is equal to the net liability at the inception of the contract. |
Value of Business Acquired | Value of Business Acquired Athene establishes VOBA for blocks of insurance contracts acquired through the acquisition of insurance entities. It records the fair value of the liabilities assumed in two components: reserves and VOBA. Reserves are established using Athene’s best estimate assumptions, plus a provision for adverse deviation where applicable, as of the business combination date. VOBA is the difference between the fair value of the liabilities and the reserves. VOBA can be either positive or negative. Any negative VOBA is recorded to the same financial statement line on the condensed consolidated statements of financial condition as the associated reserves. Positive VOBA is recorded in deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. Athene performs periodic tests to determine if the VOBA remains recoverable. If it determines that VOBA is not recoverable, a cumulative charge is recorded to the current period. VOBA and negative VOBA are amortized in relation to applicable policyholder liabilities. Significant assumptions that impact VOBA and negative VOBA amortization are consistent with those that impact the measurement of policyholder liabilities. |
Interest Sensitive Contract Liabilities | Interest Sensitive Contract Liabilities Universal life-type policies and investment contracts include fixed indexed and traditional fixed annuities in the accumulation phase, funding agreements, universal life insurance, fixed indexed universal life insurance and immediate annuities without significant mortality risk (which includes pension group annuities without life contingencies). Athene carries liabilities for fixed annuities, universal life insurance and funding agreements at the account balances without reduction for potential surrender or withdrawal charges, except for a block of universal life business ceded to Global Atlantic Financial Group Limited (together with its subsidiaries, “Global Atlantic”) which it carries at fair value. Liabilities for immediate annuities without significant mortality risk are calculated as the present value of future liability cash flows and policy maintenance expenses discounted at contractual interest rates. For a discussion regarding indexed products, refer above to the embedded derivative discussion. |
Future Policy Benefits | Future Policy Benefits Athene issues contracts classified as long-duration, which includes term and whole life, accident and health, disability, and deferred and immediate annuities with life contingencies (which includes pension group annuities with life contingencies). Liabilities for non-participating long-duration contracts are established using accepted actuarial valuation methods which require the use of assumptions related to expenses, investment yields, mortality, morbidity and persistency, with a provision for adverse deviation, at the date of issue or acquisition. As of September 30, 2022, the reserve investment yield assumptions for non-participating contracts range from 2.3% to 5.9% and are specific to Athene’s expected earned rate on the asset portfolio supporting the reserves. Athene bases other key assumptions, such as mortality and morbidity, on industry standard data adjusted to align with actual company experience, if necessary. For long-duration contracts, the assumptions are locked in at contract inception and only modified if Athene deems the reserves to be inadequate. Athene periodically reviews actual and anticipated experience compared to the assumptions used to establish policy benefits. If the net U.S. GAAP liability (gross reserves less DAC, DSI and VOBA) is less than the gross premium liability, impairment is deemed to have occurred, and the DAC, DSI and VOBA asset balances are reduced until the net U.S. GAAP liability is equal to the gross premium liability. If the DAC, DSI and VOBA asset balances are completely written off and the net U.S. GAAP liability is still less than the gross premium liability, then an additional liability is recorded to arrive at the gross premium liability. Athene issues and reinsures deferred annuity contracts which contain GLWB and GMDB riders. Future policy benefits for GLWB and GMDB riders are established by estimating the expected value of withdrawal and death benefits in excess of the projected policyholder account balances. The excess is recognized proportionally over the accumulation period based on total actual and expected assessments. The methods used to estimate the liabilities have assumptions about policyholder behavior, which includes lapses, withdrawals and utilization of benefit riders; mortality, expected yield on investments supporting the liability; and market conditions affecting the account balance growth. Future policy benefits includes liabilities for no-lapse guarantees on universal life insurance and fixed indexed universal life insurance. Retirement Services establishes future policy benefits for no-lapse guarantees by estimating the expected value of death benefits paid after policyholder account balances have been exhausted. Retirement Services recognizes these benefits proportionally over the life of the contracts based on total actual and expected assessments. The methods Retirement Services uses to estimate the liabilities have assumptions about policyholder behavior, mortality, expected yield on investments supporting the liability, and market conditions affecting policyholder account balance growth. For the liabilities associated with GLWB and GMDB riders and no-lapse guarantees, each reporting period, expected excess benefits and assessments are updated with actual excess benefits and assessments and liability balances are adjusted due to the OCI effects of unrealized investment gains and losses on AFS securities. The key assumptions used in the calculation of the liabilities are also periodically revised which results in revisions to the expected excess benefits and assessments. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made. Changes in future policy benefits other than the adjustment for the OCI effects of unrealized investment gains and losses on AFS securities, are recorded in future policy and other policy benefits on the condensed consolidated statements of operations. |
Merger with Athene (Tables)
Merger with Athene (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Price | The purchase price was as follows: (In millions, except share price data and exchange ratio) AHL common shares purchased 138 Exchange ratio 1.149 Shares of common stock issued in exchange 158 AGM Class A shares closing price $ 72.43 Total merger consideration at closing $ 11,455 Fair value of estimated RSUs, options and warrants assumed and other equity consideration 1,2 699 Effective settlement of pre-existing relationships 3 896 Total merger consideration 13,050 Fair value of AHL common shares previously held (55 million shares) and other adjustments 4,5 4,554 Total AHL equity value held by AGM 17,604 Non-controlling interest 6 4,942 Total AHL equity value $ 22,546 1 AGM issued one-time grants of fully vested RSUs and options to certain executives and shareholders of Athene vesting upon consummation of the Mergers. Additionally, all issued and outstanding warrants of Athene prior to the Merger Date were exchanged for shares of AGM common stock at the time of the Mergers. The fair value of these awards is $600 million and is treated as part of consideration transferred. 2 AGM issued replacement awards for all outstanding Athene equity awards. $99 million was included as part of consideration for the portion that was attributable to pre-combination services and $53 million will be treated as post-combination compensation expense. 3 The pre-existing relationship related to receivables, payables, and dividends between Apollo and Athene. Total fees payable to AGM by Athene for asset management and advisory services were approximately $146 million. A cash dividend of $750 million was declared by Athene to its common shareholders with Apollo owning 100% of the common shares as of the dividend record date. 4 Based on the December 31, 2021 closing price of AHL common shares on the NYSE. 5 Other adjustments includes pushdown of goodwill arising out of deferred tax liabilities associated with identifiable net assets of Athene. 6 Non-controlling interest in Athene includes holders of Athene’s preferred shares and third-party investors in ACRA and in consolidated VIEs of Athene. The fair value of Athene’s preferred shares was based on the closing stock price of Athene’s preferred shares immediately prior to the consummation of the Athene merger and the fair value of the non-controlling interest in ACRA was determined using the discounted distribution model approach. The following table summarizes the provisional fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the Merger Date: (In millions) Fair Value and Goodwill Calculation Merger consideration $ 13,050 Fair value of previously held equity interest 4,554 Total Athene Value to be Held by the Company 17,604 Total Value to Allocate Investments 176,015 Cash and cash equivalents 9,479 Restricted cash and cash equivalents 796 Investment in related parties 33,863 Reinsurance recoverable 4,977 VOBA 4,547 Assets of consolidated variable interest entities 3,635 Other assets 5,729 Estimated fair value of total assets acquired (excluding goodwill) 239,041 Interest sensitive contract liabilities 160,205 Future policy benefits 47,105 Debt 3,295 Payables for collateral on derivatives and securities to repurchase 7,044 Liabilities of consolidated variable interest entities 461 Other liabilities 2,443 Estimated fair value of total liabilities assumed 220,553 Non-controlling interest 4,942 Estimated fair value of net assets acquired, excluding goodwill 13,546 Goodwill attributable to Athene $ 4,058 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the provisional fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the Merger Date: (In millions) Fair Value and Goodwill Calculation Merger consideration $ 13,050 Fair value of previously held equity interest 4,554 Total Athene Value to be Held by the Company 17,604 Total Value to Allocate Investments 176,015 Cash and cash equivalents 9,479 Restricted cash and cash equivalents 796 Investment in related parties 33,863 Reinsurance recoverable 4,977 VOBA 4,547 Assets of consolidated variable interest entities 3,635 Other assets 5,729 Estimated fair value of total assets acquired (excluding goodwill) 239,041 Interest sensitive contract liabilities 160,205 Future policy benefits 47,105 Debt 3,295 Payables for collateral on derivatives and securities to repurchase 7,044 Liabilities of consolidated variable interest entities 461 Other liabilities 2,443 Estimated fair value of total liabilities assumed 220,553 Non-controlling interest 4,942 Estimated fair value of net assets acquired, excluding goodwill 13,546 Goodwill attributable to Athene $ 4,058 |
Fair Value and Weighted Average Estimate Useful Lives of VOBA and Other Identifiable Intangible Assets | The fair value and weighted average estimated useful lives of VOBA and other identifiable intangible assets acquired in the Mergers consist of the following: Fair value (in millions) Average useful life (in years) VOBA Asset $ 4,547 7 Distribution Channels 1,870 18 Trade Name 160 20 State Insurance Licenses 26 Indefinite Total $ 6,603 |
Unaudited Pro Forma Financial Information | The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of future operations or results had the Mergers been completed as of January 1, 2021. (In millions) Three months ended September 30, 2021 Nine months ended September 30, 2021 Total Revenues $ 9,576 $ 23,146 Net income attributable to Apollo 967 3,999 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Investments | The following table outlines the Company’s investments: (In millions) September 30, 2022 December 31, 2021 Asset Management Investments, at fair value $ 1,131 $ 5,589 Equity method investments 962 1,346 Performance allocations 2,389 2,732 U.S. Treasury securities, at fair value 1,372 1,687 Total Investments – Asset Management 5,854 11,354 Retirement Services AFS securities, at fair value $ 102,648 $ — Trading securities, at fair value 2,491 — Equity securities 1,947 — Mortgage loans, at fair value 26,476 — Investment funds 1,301 — Policy loans 353 — Funds withheld at interest 44,667 — Derivative assets 4,065 — Short-term investments 318 — Other investments 956 — Total Investments, including related party – Retirement Services 185,222 — Total Investments $ 191,076 $ 11,354 |
Schedule of Net Gains (Losses) from Investment Activities | The following outlines realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities: Three months ended September 30, Nine months ended September 30, (In millions) 2022 2021 2022 2021 Realized gains (losses) on sales of investments, net $ (1) $ — $ (7) $ 1 Net change in unrealized gains (losses) due to changes in fair value (15) 173 171 1,438 Net gains (losses) from investment activities $ (16) $ 173 $ 164 $ 1,439 Investment related gains (losses) by asset class consists of the following: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 AFS securities Gross realized gains on investment activity $ 84 $ 404 Gross realized losses on investment activity (761) (2,003) Net realized investment losses on AFS securities (677) (1,599) Net recognized investment losses on trading securities (119) (497) Net recognized investment losses on equity securities (9) (260) Net recognized investment losses on mortgage loans (1,199) (3,094) Derivative losses (1,821) (8,794) Provision for credit losses 171 (193) Other gains 807 1,614 Investment related gains (losses) $ (2,847) $ (12,823) |
Summary of Performance Allocations | The table below provides a roll forward of the performance allocations balance: (In millions) Total Performance allocations, January 1, 2022 $ 2,732 Change in fair value of funds 201 Fund distributions to the Company (544) Performance allocations, September 30, 2022 $ 2,389 |
Schedule of Available-for-sale Securities Reconciliation | The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type: September 30, 2022 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS Securities US government and agencies $ 3,229 $ — $ — $ (731) $ 2,498 US state, municipal and political subdivisions 1,217 — — (297) 920 Foreign governments 1,208 (27) 2 (322) 861 Corporate 72,556 (66) 50 (15,632) 56,908 CLO 16,235 (5) 3 (2,087) 14,146 ABS 10,691 (13) 8 (814) 9,872 CMBS 3,462 (3) — (396) 3,063 RMBS 6,248 (321) 7 (609) 5,325 Total AFS securities 114,846 (435) 70 (20,888) 93,593 AFS securities – related party Corporate 1,076 — 3 (57) 1,022 CLO 2,884 (1) — (402) 2,481 ABS 5,825 — 1 (274) 5,552 Total AFS securities – related party 9,785 (1) 4 (733) 9,055 Total AFS securities including related party $ 124,631 $ (436) $ 74 $ (21,621) $ 102,648 |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of AFS securities, including related party, are shown by contractual maturity below: September 30, 2022 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,053 $ 1,031 Due after one year through five years 10,912 9,837 Due after five years through ten years 20,900 17,101 Due after ten years 45,345 33,218 CLO, ABS, CMBS and RMBS 36,636 32,406 Total AFS securities 114,846 93,593 AFS securities – related party Due in one year or less 1 1 Due after one year through five years 23 21 Due after five years through ten years 898 870 Due after ten years 154 130 CLO and ABS 8,709 8,033 Total AFS securities – related party 9,785 9,055 Total AFS securities including related party $ 124,631 $ 102,648 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following summarizes the fair value and gross unrealized losses for AFS securities, including related party, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost: September 30, 2022 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS Securities US government and agencies $ 2,482 $ (731) $ — $ — $ 2,482 $ (731) US state, municipal and political subdivisions 916 (297) — — 916 (297) Foreign governments 843 (322) — — 843 (322) Corporate 56,317 (15,631) — — 56,317 (15,631) CLO 13,636 (2,043) — — 13,636 (2,043) ABS 7,436 (730) — — 7,436 (730) CMBS 2,880 (384) — — 2,880 (384) RMBS 3,573 (428) — — 3,573 (428) Total AFS securities 88,083 (20,566) — — 88,083 (20,566) AFS securities – related party Corporate 409 (56) — — 409 (56) CLO 2,431 (399) — — 2,431 (399) ABS 5,018 (249) — — 5,018 (249) Total AFS securities – related party 7,858 (704) — — 7,858 (704) Total AFS securities including related party $ 95,941 $ (21,270) $ — $ — $ 95,941 $ (21,270) The following summarizes the number of AFS securities that were in an unrealized loss position, including related party, for which an allowance for credit losses has not been recorded: September 30, 2022 Unrealized Loss Position Unrealized Loss Position 12 Months or More AFS securities 9,160 — AFS securities – related party 171 — |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type: Three months ended September 30, 2022 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending Balance AFS Securities Foreign governments $ 61 $ — $ — $ (28) $ — $ (6) $ 27 Corporate 70 5 — — (6) (3) 66 CLO 107 2 — — — (104) 5 ABS 14 7 — — — (8) 13 CMBS 9 — — — — (6) 3 RMBS 348 1 2 (7) — (23) 321 Total AFS securities 609 15 2 (35) (6) (150) 435 AFS securities – related party CLO 19 — — — — (18) 1 ABS 1 — — — — (1) — Total AFS securities – related party 20 — — — — (19) 1 Total AFS securities including related party $ 629 $ 15 $ 2 $ (35) $ (6) $ (169) $ 436 Nine months ended September 30, 2022 Additions Reductions (In millions) Beginning balance 1 Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending Balance AFS Securities Foreign governments $ — $ 66 $ — $ (28) $ — $ (11) $ 27 Corporate — 66 — — (6) 6 66 CLO — 24 — — — (19) 5 ABS 5 16 — — — (8) 13 CMBS — 14 — — — (11) 3 RMBS 306 30 3 (24) — 6 321 Total AFS securities 311 216 3 (52) (6) (37) 435 AFS securities – related party CLO — 3 — — — (2) 1 ABS — 18 — — — (18) — Total AFS securities – related party — 21 — — — (20) 1 Total AFS securities including related party $ 311 $ 237 $ 3 $ (52) $ (6) $ (57) $ 436 1 Beginning balance reflects allowances established at the time of the Mergers under purchase accounting for PCD investments. |
Net Investment Income | Net investment income by asset class consists of the following: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 AFS securities $ 1,076 $ 2,861 Trading securities 41 133 Equity securities 17 41 Mortgage loans 336 870 Investment funds (37) 278 Funds withheld at interest 534 1,347 Other 75 165 Investment revenue 2,042 5,695 Investment expenses (9) (28) Net investment income $ 2,033 $ 5,667 |
Unrealized Gain (Loss) on Investments | The following table summarizes the change in unrealized gains (losses) on trading and equity securities held as of the respective period end: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 Trading securities $ (119) $ (455) Trading securities – related party 6 2 Equity securities 2 (237) Equity securities – related party (18) (31) |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | The following table summarizes the maturities of repurchase agreements: September 30, 2022 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30-90 days 91 days to 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ 150 $ 1,260 $ 201 $ 2,866 $ 4,477 1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition. |
Schedule of Securities Pledged As Collateral For Repurchase Agreements | The following table summarizes the securities pledged as collateral for repurchase agreements: September 30, 2022 (In millions) Amortized Cost Fair Value AFS securities U.S. government and agencies $ 2,093 $ 1,592 Foreign governments 147 104 Corporate 1,965 1,580 CLO 282 264 ABS 1,207 1,066 Total securities pledged under repurchase agreements $ 5,694 $ 4,606 |
Summary of Information for Fair Value Option Mortgage Loans | The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: (In millions) September 30, 2022 Commercial mortgage loans $ 19,976 Commercial mortgage loans under development 780 Total commercial mortgage loans 20,756 Mark to fair value (1,849) Fair value of commercial mortgage loans 18,907 Residential mortgage loans 10,332 Mark to fair value (763) Fair value of residential mortgage loans 9,569 Mortgage loans $ 28,476 The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 Trading securities $ (121) $ (489) Mortgage loans (1,279) (3,344) Investment funds (47) 9 Future policy benefits 90 363 Total gains (losses) $ (1,357) $ (3,461) The following summarizes information for fair value option mortgage loans including related parties and VIEs: (In millions) September 30, 2022 Unpaid principal balance $ 30,751 Mark to fair value (2,612) Fair value $ 28,139 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) September 30, 2022 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 163 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (76) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 87 Fair value of commercial mortgage loans 90 days or more past due $ 1 Fair value of commercial mortgage loans in non-accrual status 87 The following represents the residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) September 30, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 502 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (40) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 462 Fair value of residential mortgage loans 90 days or more past due 1 $ 462 Fair value of residential mortgage loans in non-accrual status 205 1 Includes $257 million of residential mortgage loans that are guaranteed by US government-sponsored agencies. The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 Mortgage loans $ 18 $ (34) |
Schedule of Accounts, Notes, Loans and Financing Receivable | The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows: September 30, 2022 (In millions, except percentages) Net Carrying Value Percentage of Total Property type Office building $ 4,730 25.0 % Retail 1,411 7.5 % Apartment 5,935 31.4 % Hotels 1,818 9.6 % Industrial 1,726 9.1 % Other commercial 3,287 17.4 % Total commercial mortgage loans $ 18,907 100.0 % US Region East North Central $ 1,560 8.3 % East South Central 408 2.2 % Middle Atlantic 4,141 21.9 % Mountain 884 4.7 % New England 1,063 5.6 % Pacific 3,875 20.5 % South Atlantic 2,743 14.5 % West North Central 253 1.3 % West South Central 1,080 5.7 % Total US Region 16,007 84.7 % International Region United Kingdom 1,802 9.5 % International Other 1 1,098 5.8 % Total International Region 2,900 15.3 % Total commercial mortgage loans $ 18,907 100.0 % 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Athene’s residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table: September 30, 2022 US States California 30.8 % Florida 9.9 % New Jersey 5.6 % New York 5.6 % Other 1 35.3 % Total US residential mortgage loan percentage 87.2 % International United Kingdom 4.6 % Ireland 3.4 % Other 2 4.8 % Total international residential mortgage loan percentage 12.8 % Total residential mortgage loan percentage 100.0 % 1 Represents all other states, with each individual state comprising less than 5% of the portfolio. 2 Represents all other countries, with each individual country comprising less than 5% of the portfolio. |
Schedule Of Investment Funds | The following summarizes Athene’s investment funds, including related party and consolidated VIEs: September 30, 2022 (In millions, except percentages) Carrying value Percent of total Investment funds Apollo and other fund investments Equity funds 5 17.2 % Hybrid funds 20 69.0 % Yield funds 4 13.8 % Total investment funds 29 100.0 % Investment funds – related parties Strategic origination platforms 68 5.3 % Strategic insurance platforms 1,048 82.4 % Apollo and other fund investments Equity funds 135 10.7 % Yield funds 4 0.3 % Other 17 1.3 % Total investment funds – related parties 1,272 100.0 % Investment funds owned by consolidated VIEs Strategic origination platforms 4,524 38.1 % Strategic insurance platforms 545 4.6 % Apollo and other fund investments Equity funds 2,568 21.5 % Hybrid funds 3,183 26.8 % Yield funds 985 8.3 % Other 80 0.7 % Total investment funds – assets of consolidated VIEs 11,885 100.0 % Total investment funds including related party and funds owned by consolidated VIEs $ 13,186 |
Schedules of Concentration of Risk, by Risk Factor | The following table represents Athene’s investment concentrations. The evaluation for concentration is based on 10% of stockholders’ equity; however, due to stockholders’ equity being in a deficit position as of September 30, 2022, the Company is providing the top 30 investment concentrations. (In millions) September 30, 2022 Athene Freedom 1 $ 1,422 Athora 1 1,123 PK AirFinance 1 933 AP Tundra 894 Cayman Universe 762 AOP Finance 754 MidCap 1 680 SoftBank Vision Fund II 666 AA Infrastructure 621 Bank of America 593 Apollo Rose 2 545 Morgan Stanley 512 Venerable 1 506 AP Hansel 2 500 Citigroup 494 AP Maia 2 487 JPMorgan Chase 452 AT&T Inc. 413 FWD Group 400 Comcast 372 Mileage Plus 371 Verizon 347 Goldman Sachs 310 AA Warehouse 299 HWIRE 294 Enterprise Products 280 Wheels Fleet Lease 279 Shell 279 Energy Trans 266 Wells Fargo 249 1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in note 16. 2 Represents a consolidated VIE investment in which an underlying investment includes a single issuer exceeding concentration threshold. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of the Notional Amount And Fair Value of Derivative Instruments | The following table presents the notional amount and fair value of derivative instruments: September 30, 2022 Notional Amount Fair Value (In millions) Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 6,517 $ 1,122 $ 241 Forwards 5,627 697 5 Interest rate swaps 4,468 — 1,055 Forwards on net investments 193 4 — Interest rate swaps 9,505 1 159 Total derivatives designated as hedges 1,824 1,460 Derivatives not designated as hedges Equity options 61,670 905 122 Futures 21 30 2 Total return swaps 99 — 10 Foreign currency swaps 3,428 354 188 Interest rate swaps 465 88 — Credit default swaps 10 — 1 Foreign currency forwards 14,013 864 439 Embedded derivatives Funds withheld including related party (6,830) (82) Interest sensitive contract liabilities — 4,998 Total derivatives not designated as hedges (4,589) 5,678 Total derivatives $ (2,765) $ 7,138 The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: September 30, 2022 (In millions) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) AFS securities Foreign currency forwards $ 3,989 $ (644) Foreign currency swaps 3,878 (792) Interest sensitive contract liabilities Foreign currency swaps 1,081 162 Foreign currency interest rate swaps 4,348 879 Interest rate swaps 6,750 357 1 The carrying amount disclosed for AFS securities is amortized cost. |
Summary of Gains (Losses) Related to Cash Flow Hedges | The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships: Amount Excluded (In millions) Derivatives Hedged Items Net Recognized in income through amortization approach Recognized in income through changes in fair value Three months ended September 30, 2022 Investment related gains (losses) Foreign currency forwards $ 288 $ (290) $ (2) $ 18 $ — Foreign currency swaps 256 (283) (27) — — Foreign currency interest rate swaps (379) 384 5 — — Interest rate swaps (268) 264 (4) — — Interest sensitive contract benefits Foreign currency interest rate swaps 12 (14) (2) — — Nine months ended September 30, 2022 Investment related gains (losses) Foreign currency forwards $ 616 $ (648) $ (32) $ 48 $ 1 Foreign currency swaps 589 (630) (41) — — Foreign currency interest rate swaps (873) 879 6 — — Interest rate swaps (345) 357 12 — — Interest sensitive contract benefits Foreign currency interest rate swaps 37 (37) — — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 Foreign currency forwards $ (20) $ (77) Foreign currency swaps 51 60 |
Schedule of Derivatives Not Designated as Hedges | The following is a summary of the gains (losses) related to derivatives not designated as hedges: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 Equity options $ (449) $ (2,728) Futures (34) (153) Swaps 132 121 Foreign currency forwards 454 971 Embedded derivatives on funds withheld (1,839) (7,041) Amounts recognized in investment related gains (losses) (1,736) (8,830) Embedded derivatives in indexed annuity products 1 800 3,244 Total gains (losses) on derivatives not designated as hedges $ (936) $ (5,586) 1 Included in interest sensitive contract benefits on the condensed consolidated statements of operations. |
Offsetting Assets | The estimated fair value of net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated statements of financial condition (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral September 30, 2022 Derivative assets $ 4,065 $ (1,671) $ (2,538) $ (144) $ — $ (144) Derivative liabilities (2,222) 1,671 598 47 — 47 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of September 30, 2022, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition. 3 For non-cash collateral received, the Company does not recognize the collateral on the condensed consolidated statement of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received. |
Offsetting Liabilities | The estimated fair value of net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated statements of financial condition (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral September 30, 2022 Derivative assets $ 4,065 $ (1,671) $ (2,538) $ (144) $ — $ (144) Derivative liabilities (2,222) 1,671 598 47 — 47 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of September 30, 2022, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition. 3 For non-cash collateral received, the Company does not recognize the collateral on the condensed consolidated statement of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received. |
Disclosure of Credit Derivatives | The following is a summary of Athene’s exposure to credit-related events: (In millions) September 30, 2022 Fair value of derivative liabilities with credit related provisions $ 1 Maximum exposure for credit default swaps 10 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of VIE Financial Information | The following table presents net gains from investment activities of the consolidated VIEs: Three months ended September 30, Nine months ended September 30, (In millions) 2022 1 2021 1 2022 1 2021 1 Net gains (losses) from investment activities $ 78 $ 104 $ 88 $ 460 Net gains (losses) from debt — (4) 144 (16) Interest and other income 40 163 309 526 Interest and other expenses (33) (121) (76) (570) Net gains (losses) from investment activities of consolidated variable interest entities $ 85 $ 142 $ 465 $ 400 1 Amounts reflect consolidation eliminations The following summarizes the statements of operations activity of the consolidated VIEs: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 Trading securities $ 10 $ 12 Equity securities 13 13 Mortgage loans 22 67 Investment funds 6 — Other investments (16) (3) Net investment income 35 89 Trading securities (38) (38) Net recognized investment losses on mortgage loans (103) (262) Investment funds 236 354 Other gains (losses) (16) 5 Investment related gains (losses) 79 59 Revenues of consolidated variable interest entities $ 114 $ 148 The following table presents the maximum exposure to losses relating to these VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary. As of As of (In millions) September 30, 2022 2 December 31, 2021 2 Maximum Loss Exposure 1 $ 288 $ 241 1 Represents Apollo’s direct investment in those entities in which it holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses. 2 Some amounts included are a quarter in arrears. The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: September 30, 2022 (In millions) Carrying Value Maximum Loss Exposure Investment funds $ 29 $ 323 Investment in related parties – investment funds 1,272 1,272 Assets of consolidated VIEs – investment funds 11,885 19,330 Investment in fixed maturity securities 32,801 37,775 Investment in related parties – fixed maturity securities 8,934 9,639 Investment in related parties – equity securities 340 340 Total non-consolidated investments $ 55,261 $ 68,679 The tables below present the financial information of these SPACs in aggregate: (In millions) September 30, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 1 $ 2 Restricted cash and cash equivalents 695 690 U.S. Treasury securities, at fair value 347 1,162 Other assets 1 3 Total Assets $ 1,044 $ 1,857 Liabilities, Redeemable non-controlling interests and Stockholders’ Equity Liabilities: Accounts payable and accrued expenses $ 3 $ 2 Due to related parties 8 20 Other liabilities 42 144 Total Liabilities 53 166 Redeemable non-controlling interests: Redeemable non-controlling interests 1,009 1,762 Stockholders’ Equity (Deficit): Additional paid in capital (64) (98) Retained earnings 45 27 Total Stockholders’ Equity (Deficit) (19) (71) Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity $ 1,043 $ 1,857 For the Three Months Ended September 30, For the Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Expenses: General, administrative and other $ 1 $ 3 $ 7 $ 13 Total Expenses 1 3 7 13 Other Income (Loss): Net gains (losses) from investment activities 4 29 21 28 Interest income 5 — 7 — Total Other Income (Loss) 9 29 28 28 Net Income Attributable to Apollo Global Management, Inc. 8 26 21 15 |
Summary of Debt | The following table summarizes the principal provisions of those amounts: As of September 30, 2022 As of December 31, 2021 (In millions, except percentages) Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Asset Management Senior secured notes 2 $ 1,854 2.78 % 7.0 $ 7,431 3.16 % 15.5 Subordinated notes 2 162 N/A 1 98.0 613 N/A 1 14.5 Subscription lines 2 651 4.87 % 0.14 — N/A N/A Secured borrowings 2,3 — N/A N/A 18 2.33 % 0.4 Total – Asset Management $ 2,667 $ 8,062 1 The principal outstanding balance of the subordinated notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the VIEs. 2 The notes, subscription lines and borrowings of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle. 3 As of September 30, 2022, there was no principal outstanding for secured borrowings. As of December 31, 2021, secured borrowings consist of consolidated VIEs’ obligations through a repurchase agreement redeemable at maturity with third party lenders. The fair value of the secured borrowings as of December 31, 2021 approximates principal outstanding due to the short-term nature of the borrowings. These secured borrowings are classified as a Level 3 liability within the fair value hierarchy. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level: September 30, 2022 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents 1 $ 1,119 $ — $ — $ — $ 1,119 Restricted cash and cash equivalents 2 697 — — — 697 Cash and cash equivalents of VIEs 155 — — — 155 U.S. Treasury securities 3 1,372 — — — 1,372 Investments, at fair value 147 36 939 4 9 1,131 Investments of VIEs 17 1,795 1,164 56 3,032 Due from related parties 5 — — 42 — 42 Derivative assets 6 — 41 8 — 49 Total Assets – Asset Management 3,507 1,872 2,153 65 7,597 Retirement Services AFS Securities US government and agencies 2,496 2 — — 2,498 US state, municipal and political subdivisions — 920 — — 920 Foreign governments — 859 2 — 861 Corporate — 55,246 1,662 — 56,908 CLO — 14,143 3 — 14,146 ABS — 6,024 3,848 — 9,872 CMBS — 3,063 — — 3,063 RMBS — 5,325 — — 5,325 Total AFS securities 2,496 85,582 5,515 — 93,593 Trading securities 24 1,512 54 — 1,590 Equity securities 265 870 72 — 1,207 Mortgage loans — — 25,145 — 25,145 Funds withheld at interest – embedded derivative — — (5,259) — (5,259) Derivative assets 31 4,034 — — 4,065 Short-term investments 81 176 35 — 292 Other investments — 170 496 — 666 Cash and cash equivalents 9,823 — — — 9,823 Restricted cash and cash equivalents 1,024 — — — 1,024 Investments in related parties AFS securities Corporate — 169 853 — 1,022 CLO — 2,170 311 — 2,481 ABS — 224 5,328 — 5,552 Total AFS securities – related party — 2,563 6,492 — 9,055 Trading securities — — 901 — 901 Equity securities — — 340 — 340 Mortgage loans — — 1,331 — 1,331 Investment funds — — 789 — 789 Funds withheld at interest – embedded derivative — — (1,571) — (1,571) Other investments — — 274 — 274 Reinsurance recoverable — — 1,476 — 1,476 Assets of consolidated VIEs Trading securities 4 364 620 — 988 Equity securities — — 15 — 15 Mortgage loans — — 1,663 — 1,663 Investment funds — — 2,306 9,579 11,885 September 30, 2022 (In millions) Level 1 Level 2 Level 3 NAV Total Other investments — 16 136 — 152 Cash and cash equivalents 418 — — — 418 Total Assets – Retirement Services 14,166 95,287 40,830 9,579 159,862 Total Assets $ 17,673 $ 97,159 $ 42,983 $ 9,644 $ 167,459 Liabilities Asset Management Debt of VIEs, at fair value $ — $ 1,709 $ — $ — $ 1,709 Other liabilities of VIEs, at fair value — 2 — — 2 Contingent consideration obligations 7 — — 128 — 128 Other liabilities 8 2 — — — 2 Total Liabilities – Asset Management 2 1,711 128 — 1,841 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 4,998 — 4,998 Universal life benefits — — 852 — 852 Future policy benefits AmerUs closed block — — 1,157 — 1,157 ILICO closed block and life benefits — — 612 — 612 Derivative liabilities (8) 2,229 1 — 2,222 Funds withheld liability – embedded derivative — (82) — — (82) Total Liabilities – Retirement Services (8) 2,147 7,620 — 9,759 Total Liabilities $ (6) $ 3,858 $ 7,748 $ — $ 11,600 (Concluded) December 31, 2021 (In millions) Level 1 Level 2 Level 3 NAV Total Assets – Asset Management Cash and cash equivalents 1 $ 917 $ — $ — $ — $ 917 Restricted cash and cash equivalents 2 708 — — — 708 Cash and cash equivalents of VIEs 463 — — — 463 U.S. Treasury securities 3 1,687 — — — 1,687 Investment in Athene Holding 4,548 — — — 4,548 Other investments 49 46 946 4 — 1,041 Investments of VIEs 6 1,055 13,188 488 14,737 Due from related parties 5 — — 48 — 48 Derivative assets 6 — 8 — — 8 Total Assets $ 8,378 $ 1,109 $ 14,182 $ 488 $ 24,157 Liabilities – Asset Management Debt of VIEs, at fair value $ — $ 446 $ 7,496 $ — $ 7,942 Other liabilities of VIEs, at fair value — 3 31 1 35 Contingent consideration obligations 7 — — 126 — 126 Other liabilities 8 48 — — — 48 Derivative liabilities 6 — 2 — — 2 Total Liabilities $ 48 $ 451 $ 7,653 $ 1 $ 8,153 1 Cash and cash equivalents as of September 30, 2022 and December 31, 2021 includes $1 million and $2 million, respectively, of cash and cash equivalents held by consolidated SPACs. Refer to note 16 for further information. 2 Restricted cash and cash equivalents as of September 30, 2022 and December 31, 2021 includes $695 million and $690 million, respectively, of restricted cash and cash equivalents held by consolidated SPACs. Refer to note 16 for further information. 3 U.S. Treasury securities as of September 30, 2022 and December 31, 2021 includes $347 million and $1.2 billion, respectively, of U.S. Treasury securities held by consolidated SPACs. Refer to note 16 for further information. 4 Investments as of September 30, 2022 and December 31, 2021 excludes $178 million and $176 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments. 5 Due from related parties represents a receivable from a fund. 6 Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the condensed consolidated statements of financial condition. 7 As of September 30, 2022, other liabilities includes $25 million of contingent obligations, related to the Griffin Capital acquisition, classified as Level 3. As of September 30, 2022 and December 31, 2021, profit sharing payable includes $103 million and $126 million, respectively, related to contingent obligations classified as Level 3. 8 Other liabilities as of September 30, 2022 includes the publicly traded warrants of APSG II. Other liabilities as of December 31, 2021 includes the publicly traded warrants of APSG I and APSG II. |
Summary of Valuation Techniques and Quantitative Inputs and Assumptions used for Financial Assets and Liabilities | The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3: September 30, 2022 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 512 512 Embedded value N/A N/A N/A 122 Discounted cash flow Discount rate 8.9% - 52.8% 29.4% 1 306 Adjusted transaction value N/A N/A N/A Due from related parties 42 Discounted cash flow Discount rate 15.0% 15.0% Derivative assets 8 Option model Volatility rate 38.8% - 40.0% 39.7% 1 Investments of consolidated VIEs Equity securities 603 Dividend discount model Discount rate 13.9% 13.9% Discounted cash flow Discount rate 20.0% - 32.6% 24.0% 1 Adjusted transaction value N/A N/A N/A Bank loans 529 Discounted cash flow Discount rate 7.1% - 32.7% 7.9% 1 Adjusted transaction value N/A N/A N/A Bonds 32 Discounted cash flow 7.9% 7.9% 7.9% Adjusted transaction value N/A N/A N/A Retirement Services AFS and trading securities 11,191 Discounted cash flow Discount rate 1.6% – 19.8% 5.9% 1 Mortgage loans 28,139 Discounted cash flow Discount rate 2.6% – 35.7% 5.8% 1 Financial Liabilities Asset Management Contingent consideration obligation 128 Discounted cash flow Discount rate 19.0% - 22.5% 19.7% 1 Option model Volatility rate 32.1% - 36.7% 34.4% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 4,998 Discounted cash flow Nonperformance risk 0.5% – 1.9% 1.2% 2 Option budget 0.5% – 4.5% 1.8% 3 Surrender rate 5.0% – 11.5% 8.1% 4 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. 2 The nonperformance risk weighted average is based on the projected excess benefits of reserves used in the calculation of the embedded derivative. 3 The option budget weighted average is calculated based on the indexed account values. 4 The surrender rate weighted average is calculated based on projected account values. December 31, 2021 Fair Value (In millions) Valuation Techniques Unobservable Inputs Ranges Weighted Average 1 Financial Assets Other investments $ 516 Embedded value N/A N/A N/A 170 Discounted cash flow Discount rate 14.0% - 52.8% 26.4% 260 Adjusted transaction value N/A N/A N/A Due from related parties 48 Discounted cash flow Discount rate 16.0% 16.0% Investments of consolidated VIEs: Equity securities 4,145 Discounted cash flow Discount rate 3.0% - 19.0% 10.4% Dividend discount model Discount rate 13.7% 13.7% Market comparable companies NTAV multiple 1.25x 1.25x Adjusted transaction value Purchase multiple 1.25x 1.25x Adjusted transaction value N/A N/A N/A Bank loans 4,570 Discounted cash flow Discount rate 1.8% - 15.6% 4.3% Adjusted transaction value N/A N/A N/A Profit participating notes 2,849 Discounted cash flow Discount rate 8.7% - 12.5% 12.4% Adjusted transaction value N/A N/A N/A Real estate 512 Discounted cash flow Capitalization rate 4.0% - 5.8% 5.3% Discounted cash flow Discount rate 5.0% - 12.5% 7.3% Discounted cash flow Terminal capitalization rate 8.3% 8.3% Direct capitalization Capitalization rate 5.5% - 8.5% 6.2% Direct capitalization Terminal capitalization rate 6.0% - 12.0% 6.9% Bonds 51 Discounted cash flow Discount rate 4.0% - 7.0% 6.1% Third party pricing N/A N/A N/A Other equity investments 1,061 Discounted cash flow Discount rate 11.8% -12.5% 12.1% Adjusted transaction value N/A N/A N/A Financial Liabilities Liabilities of Consolidated VIEs: Secured loans 4,311 Discounted cash flow Discount rate 1.4% - 10.0% 2.8% Subordinated notes 3,164 Discounted cash flow Discount rate 4.5% - 11.9% 5.8% Participating equity 21 Discounted cash flow Discount rate 15.0% 15.0% Other liabilities 31 Discounted cash flow Discount rate 3.7% - 9.3% 6.3% Contingent consideration obligation 126 Discounted cash flow Discount rate 18.5% 18.5% 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. |
Schedule of Gross Components of Purchases, Issuances, Sales and Settlements, Net and Net Transfers In (Out) | The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis: Three months ended September 30, 2022 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments $ 1,080 $ (25) $ — $ (108) $ — $ 947 $ 12 $ — Investments of Consolidated VIEs 1,190 24 — 98 (148) 1,164 (4) — Total Level 3 Assets – Asset Management $ 2,270 $ (1) $ — $ (10) $ (148) $ 2,111 $ 8 $ — Assets – Retirement Services AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 1,588 (16) (58) 205 (57) 1,662 — (55) CLO — — — 3 — 3 — — ABS 3,594 2 (50) 198 104 3,848 — (60) CMBS — — — — — — — — Three months ended September 30, 2022 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 RMBS 68 — (1) (1) (66) — — — Trading securities 58 (4) — (2) 2 54 (4) — Equity securities 62 10 — — — 72 11 — Mortgage loans 25,218 (1,117) — 1,044 — 25,145 (1,111) — Investment funds 19 — — — (19) — — — Funds withheld at interest – embedded derivative (3,958) (1,301) — — — (5,259) — — Short-term investments 58 — — (23) — 35 — — Other investments — — — — 496 496 — — Investments in related parties AFS securities Corporate 849 1 (17) 114 (94) 853 — (15) CLO 325 — (14) — — 311 — (14) ABS 5,026 (3) (73) 284 94 5,328 — (73) Trading securities 891 4 — 5 1 901 4 — Equity securities 163 (18) — 195 — 340 (18) — Mortgage loans 1,416 (82) — (3) — 1,331 (82) — Investment funds 818 (29) — — — 789 (29) — Funds withheld at interest – embedded derivative (1,129) (442) — — — (1,571) — — Other investments — — — — 274 274 — — Reinsurance recoverable 1,580 (104) — — — 1,476 — — Assets of consolidated VIEs Trading securities 330 (7) — 529 (232) 620 (7) — Equity securities — — — — 15 15 — — Mortgage loans 1,626 (80) — 96 21 1,663 (79) — Investment funds 1,053 (19) — 1,694 (422) 2,306 (19) — Other investments 31 — — — 105 136 — — Total Level 3 assets – Retirement Services $ 39,688 $ (3,205) $ (213) $ 4,338 $ 222 $ 40,830 $ (1,334) $ (217) Liabilities – Asset Management Contingent consideration obligations $ 139 $ (11) $ — $ — $ — $ 128 $ — $ — Total Level 3 liabilities – Asset Management $ 139 $ (11) $ — $ — $ — $ 128 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (5,451) $ 800 $ — $ (347) $ — $ (4,998) $ — $ — Universal life benefits (943) 91 — — — (852) — — Future policy benefits AmerUs Closed Block (1,247) 90 — — — (1,157) — — ILICO Closed Block and life benefits (623) 11 — — — (612) — — Derivative liabilities (1) — — — — (1) — — Total Level 3 liabilities – Retirement Services $ (8,265) $ 992 $ — $ (347) $ — $ (7,620) $ — $ — 1 Related to instruments held at end of period. Three months ended September 30, 2021 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments of Consolidated VIEs $ 11,878 $ 85 $ — $ (59) $ (165) $ 11,739 $ 80 $ — Other Investments 390 34 — 204 (2) 626 20 — Total Level 3 assets – Asset Management $ 12,268 $ 119 $ — $ 145 $ (167) $ 12,365 $ 100 $ — Liabilities – Asset Management Contingent consideration obligations $ 129 $ (2) $ — $ (7) $ — $ 120 $ — $ — Debt and other liabilities of consolidated VIEs 7,206 3 — (14) — 7,195 5 — Total Level 3 liabilities – Asset Management $ 7,335 $ 1 $ — $ (21) $ — $ 7,315 $ 5 $ — 1 Related to instruments held at end of period. Nine months ended September 30, 2022 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments $ 946 $ (16) $ — $ (6) $ 23 $ 947 $ 72 $ — Investments of Consolidated VIEs 13,188 197 — 1,815 (14,036) 1,164 5 — Total Level 3 assets – Asset Management $ 14,134 $ 181 $ — $ 1,809 $ (14,013) $ 2,111 $ 77 $ — Assets – Retirement Services AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 1,339 (19) (135) 385 92 1,662 — (120) CLO 14 (2) — (9) — 3 — — ABS 3,619 9 (145) 198 167 3,848 — (116) CMBS 43 — (17) — (26) — — — RMBS — — (1) 67 (66) — — — Trading securities 69 (10) — 6 (11) 54 (4) — Equity securities 429 27 — (3) (381) 72 25 — Mortgage loans 21,154 (2,888) — 6,879 — 25,145 (2,878) — Investment funds 18 1 — — (19) — — — Funds withheld at interest – embedded derivative — (5,259) — — — (5,259) — — Short-term investments 29 — (1) 7 — 35 — (1) Other investments — — — — 496 496 — — Investments in related parties AFS securities Corporate 670 (3) (23) 250 (41) 853 — (22) CLO 202 — (21) 130 — 311 — (21) ABS 6,445 (4) (208) (957) 52 5,328 — (193) Trading securities 1,771 3 — (1,057) 184 901 (4) — Equity securities 284 (32) — 76 12 340 (27) — Mortgage loans 1,369 (206) — 168 — 1,331 (206) — Investment funds 2,855 (1) — (34) (2,031) 789 (1) — Short-term investments — — — 53 (53) — — — Funds withheld at interest – embedded derivative — (1,571) — — — (1,571) — — Other investments — — — — 274 274 — — Reinsurance recoverable 1,991 (515) — — — 1,476 — — Assets of consolidated VIEs Trading securities — (7) — 529 98 620 (7) — Equity securities — — — — 15 15 — — Mortgage loans 2,152 (250) — (58) (181) 1,663 (250) — Investment funds 1,297 9 — 1,855 (855) 2,306 9 — Other investments — — — 31 105 136 — — Total Level 3 assets – Retirement Services $ 45,752 $ (10,718) $ (551) $ 8,516 $ (2,169) $ 40,830 $ (3,343) $ (473) Liabilities – Asset Management Contingent consideration obligations $ 126 $ (21) $ — $ 23 $ — $ 128 $ — $ — Debt and other liabilities of consolidated VIEs 7,528 (28) — 1,126 (8,626) — — — Total Level 3 liabilities – Asset Management $ 7,654 $ (49) $ — $ 1,149 $ (8,626) $ 128 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (7,559) $ 3,244 $ — $ (683) $ — $ (4,998) $ — $ — Universal life benefits (1,235) 383 — — — (852) — — Future policy benefits — AmerUs Closed Block (1,520) 363 — — — (1,157) — — ILICO Closed Block and life benefits (742) 130 — — — (612) — — Derivative liabilities (3) 2 — — — (1) — — Total Level 3 liabilities – Retirement Services $ (11,059) $ 4,122 $ — $ (683) $ — $ (7,620) $ — $ — 1 Related to instruments held at end of period. Nine months ended September 30, 2021 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments of Consolidated VIEs $ 10,963 $ 417 $ — $ 817 $ (458) $ 11,739 $ 278 $ — Other Investments 370 56 — 201 (1) 626 49 — Total Level 3 assets – Asset Management $ 11,333 $ 473 $ — $ 1,018 $ (459) $ 12,365 $ 327 $ — Liabilities – Asset Management Contingent consideration obligations $ 120 $ 20 $ — $ (20) $ — $ 120 $ — $ — Debt and other liabilities of consolidated VIEs 7,100 69 — 26 — 7,195 94 — Total Level 3 liabilities – Asset Management $ 7,220 $ 89 $ — $ 6 $ — $ 7,315 $ 94 $ — 1 Related to instruments held at end of period. The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above: Three months ended September 30, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments $ 9 $ — $ (117) $ — $ (108) $ — $ — $ — Investments of consolidated VIEs 979 — (881) — 98 18 (166) (148) Total Level 3 assets – Asset Management $ 988 $ — $ (998) $ — $ (10) $ 18 $ (166) $ (148) Assets – Retirement Services AFS securities Corporate $ 228 $ — $ (3) $ (20) $ 205 $ 83 $ (140) $ (57) CLO 3 — — — 3 — — — ABS 344 — — (146) 198 116 (12) 104 RMBS — — — (1) (1) — (66) (66) Trading securities — — — (2) (2) 3 (1) 2 Mortgage loans 1,900 — (51) (805) 1,044 — — — Investment funds — — — — — — (19) (19) Short-term investments — — — (23) (23) — — — Other investments — — — — — 496 — 496 Investments in related parties AFS securities Corporate 116 — — (2) 114 — (94) (94) ABS 887 — — (603) 284 94 — 94 Trading securities 5 — — — 5 1 — 1 Equity securities 195 — — — 195 — — — Mortgage loans — — — (3) (3) — — — Other investments — — — — — 274 — 274 Assets of consolidated VIEs Trading securities 529 — — — 529 100 (332) (232) Equity securities — — — — — 15 — 15 Mortgage loans 102 — — (6) 96 21 — 21 Investment funds 1,695 — (1) — 1,694 — (422) (422) Other investments — — — — — 105 — 105 Total Level 3 assets – Retirement Services $ 6,004 $ — $ (55) $ (1,611) $ 4,338 $ 1,308 $ (1,086) $ 222 Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (457) $ — $ 110 $ (347) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (457) $ — $ 110 $ (347) $ — $ — $ — Three months ended September 30, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments $ 204 $ — $ — $ — $ 204 $ — $ (2) $ (2) Investments of consolidated VIEs 286 — (345) — (59) 31 (196) (165) Total Level 3 assets – Asset Management $ 490 $ — $ (345) $ — $ 145 $ 31 $ (198) $ (167) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (7) $ (7) $ — $ — $ — Debt and other liabilities of consolidated VIEs — 16 — (30) (14) — — — Total Level 3 liabilities – Asset Management $ — $ 16 $ — $ (37) $ (21) $ — $ — $ — Nine months ended September 30, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In 1 Transfers Out 1 Net Transfers In (Out) Assets – Asset Management Investments $ 115 $ — $ (121) $ — $ (6) $ 23 $ — $ 23 Investments of consolidated VIEs 4,683 — (2,868) — 1,815 500 (14,536) (14,036) Total Level 3 assets – Asset Management $ 4,798 $ — $ (2,989) $ — $ 1,809 $ 523 $ (14,536) $ (14,013) Assets – Retirement Services AFS securities Corporate $ 681 $ — $ (173) $ (123) $ 385 $ 276 $ (184) $ 92 CLO 3 — — (12) (9) — — — ABS 2,579 — (1,791) (590) 198 484 (317) 167 CMBS — — — — — — (26) (26) RMBS 68 — — (1) 67 — (66) (66) Trading securities 8 — — (2) 6 42 (53) (11) Equity securities — — (3) — (3) 19 (400) (381) Mortgage loans 9,377 — (181) (2,317) 6,879 — — — Investment funds — — — — — — (19) (19) Short-term investments 59 — — (52) 7 — — — Other investments — — — — — 496 — 496 Investments in related parties AFS securities Corporate 483 — (217) (16) 250 53 (94) (41) CLO 130 — — — 130 — — — ABS 2,160 — (93) (3,024) (957) 1,916 (1,864) 52 Trading securities 41 — (1,052) (46) (1,057) 1,444 (1,260) 184 Equity securities 195 — (119) — 76 125 (113) 12 Mortgage loans 182 — — (14) 168 — — — Investment funds — — (34) — (34) — (2,031) (2,031) Short-term investments 53 — — — 53 — (53) (53) Other investments — — — — — 274 — 274 Assets of consolidated VIEs Trading securities 529 — — — 529 430 (332) 98 Equity securities — — — — — 15 — 15 Mortgage loans 102 — — (160) (58) 42 (223) (181) Investment funds 1,981 — (126) — 1,855 11,087 (11,942) (855) Other investments 31 — — — 31 2,007 (1,902) 105 Total Level 3 assets – Retirement Services $ 18,662 $ — $ (3,789) $ (6,357) $ 8,516 $ 18,710 $ (20,879) $ (2,169) Liabilities - Asset Management Contingent consideration obligations $ — $ 36 $ — $ (13) $ 23 $ — $ — $ — Debt and other liabilities of consolidated VIEs — 1,644 — (518) 1,126 — (8,626) (8,626) Total Level 3 liabilities – Asset Management $ — $ 1,680 $ — $ (531) $ 1,149 $ — $ (8,626) $ (8,626) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (1,073) $ — $ 390 $ (683) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (1,073) $ — $ 390 $ (683) $ — $ — $ — 1 Transfers in and out are primarily assets of VIEs with changes in consolidation at Athene in 2022. Nine months ended September 30, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments $ 204 $ — $ (3) $ — $ 201 $ 1 $ (2) $ (1) Investments of consolidated VIEs 1,968 — (1,151) — 817 41 (499) (458) Total Level 3 assets – Asset Management $ 2,172 $ — $ (1,154) $ — $ 1,018 $ 42 $ (501) $ (459) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (20) $ (20) $ — $ — $ — Debt and other liabilities of consolidated VIEs — 328 — (302) 26 — — — Total Level 3 liabilities – Asset Management $ — $ 328 $ — $ (322) $ 6 $ — $ — $ — |
Schedule of Gross Components of Purchases, Issuances, Sales and Settlements, Net and Net Transfers In (Out) | Nine months ended September 30, 2022 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments $ 946 $ (16) $ — $ (6) $ 23 $ 947 $ 72 $ — Investments of Consolidated VIEs 13,188 197 — 1,815 (14,036) 1,164 5 — Total Level 3 assets – Asset Management $ 14,134 $ 181 $ — $ 1,809 $ (14,013) $ 2,111 $ 77 $ — Assets – Retirement Services AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 1,339 (19) (135) 385 92 1,662 — (120) CLO 14 (2) — (9) — 3 — — ABS 3,619 9 (145) 198 167 3,848 — (116) CMBS 43 — (17) — (26) — — — RMBS — — (1) 67 (66) — — — Trading securities 69 (10) — 6 (11) 54 (4) — Equity securities 429 27 — (3) (381) 72 25 — Mortgage loans 21,154 (2,888) — 6,879 — 25,145 (2,878) — Investment funds 18 1 — — (19) — — — Funds withheld at interest – embedded derivative — (5,259) — — — (5,259) — — Short-term investments 29 — (1) 7 — 35 — (1) Other investments — — — — 496 496 — — Investments in related parties AFS securities Corporate 670 (3) (23) 250 (41) 853 — (22) CLO 202 — (21) 130 — 311 — (21) ABS 6,445 (4) (208) (957) 52 5,328 — (193) Trading securities 1,771 3 — (1,057) 184 901 (4) — Equity securities 284 (32) — 76 12 340 (27) — Mortgage loans 1,369 (206) — 168 — 1,331 (206) — Investment funds 2,855 (1) — (34) (2,031) 789 (1) — Short-term investments — — — 53 (53) — — — Funds withheld at interest – embedded derivative — (1,571) — — — (1,571) — — Other investments — — — — 274 274 — — Reinsurance recoverable 1,991 (515) — — — 1,476 — — Assets of consolidated VIEs Trading securities — (7) — 529 98 620 (7) — Equity securities — — — — 15 15 — — Mortgage loans 2,152 (250) — (58) (181) 1,663 (250) — Investment funds 1,297 9 — 1,855 (855) 2,306 9 — Other investments — — — 31 105 136 — — Total Level 3 assets – Retirement Services $ 45,752 $ (10,718) $ (551) $ 8,516 $ (2,169) $ 40,830 $ (3,343) $ (473) Liabilities – Asset Management Contingent consideration obligations $ 126 $ (21) $ — $ 23 $ — $ 128 $ — $ — Debt and other liabilities of consolidated VIEs 7,528 (28) — 1,126 (8,626) — — — Total Level 3 liabilities – Asset Management $ 7,654 $ (49) $ — $ 1,149 $ (8,626) $ 128 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (7,559) $ 3,244 $ — $ (683) $ — $ (4,998) $ — $ — Universal life benefits (1,235) 383 — — — (852) — — Future policy benefits — AmerUs Closed Block (1,520) 363 — — — (1,157) — — ILICO Closed Block and life benefits (742) 130 — — — (612) — — Derivative liabilities (3) 2 — — — (1) — — Total Level 3 liabilities – Retirement Services $ (11,059) $ 4,122 $ — $ (683) $ — $ (7,620) $ — $ — 1 Related to instruments held at end of period. Nine months ended September 30, 2021 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments of Consolidated VIEs $ 10,963 $ 417 $ — $ 817 $ (458) $ 11,739 $ 278 $ — Other Investments 370 56 — 201 (1) 626 49 — Total Level 3 assets – Asset Management $ 11,333 $ 473 $ — $ 1,018 $ (459) $ 12,365 $ 327 $ — Liabilities – Asset Management Contingent consideration obligations $ 120 $ 20 $ — $ (20) $ — $ 120 $ — $ — Debt and other liabilities of consolidated VIEs 7,100 69 — 26 — 7,195 94 — Total Level 3 liabilities – Asset Management $ 7,220 $ 89 $ — $ 6 $ — $ 7,315 $ 94 $ — 1 Related to instruments held at end of period. The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above: Three months ended September 30, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments $ 9 $ — $ (117) $ — $ (108) $ — $ — $ — Investments of consolidated VIEs 979 — (881) — 98 18 (166) (148) Total Level 3 assets – Asset Management $ 988 $ — $ (998) $ — $ (10) $ 18 $ (166) $ (148) Assets – Retirement Services AFS securities Corporate $ 228 $ — $ (3) $ (20) $ 205 $ 83 $ (140) $ (57) CLO 3 — — — 3 — — — ABS 344 — — (146) 198 116 (12) 104 RMBS — — — (1) (1) — (66) (66) Trading securities — — — (2) (2) 3 (1) 2 Mortgage loans 1,900 — (51) (805) 1,044 — — — Investment funds — — — — — — (19) (19) Short-term investments — — — (23) (23) — — — Other investments — — — — — 496 — 496 Investments in related parties AFS securities Corporate 116 — — (2) 114 — (94) (94) ABS 887 — — (603) 284 94 — 94 Trading securities 5 — — — 5 1 — 1 Equity securities 195 — — — 195 — — — Mortgage loans — — — (3) (3) — — — Other investments — — — — — 274 — 274 Assets of consolidated VIEs Trading securities 529 — — — 529 100 (332) (232) Equity securities — — — — — 15 — 15 Mortgage loans 102 — — (6) 96 21 — 21 Investment funds 1,695 — (1) — 1,694 — (422) (422) Other investments — — — — — 105 — 105 Total Level 3 assets – Retirement Services $ 6,004 $ — $ (55) $ (1,611) $ 4,338 $ 1,308 $ (1,086) $ 222 Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (457) $ — $ 110 $ (347) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (457) $ — $ 110 $ (347) $ — $ — $ — Three months ended September 30, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments $ 204 $ — $ — $ — $ 204 $ — $ (2) $ (2) Investments of consolidated VIEs 286 — (345) — (59) 31 (196) (165) Total Level 3 assets – Asset Management $ 490 $ — $ (345) $ — $ 145 $ 31 $ (198) $ (167) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (7) $ (7) $ — $ — $ — Debt and other liabilities of consolidated VIEs — 16 — (30) (14) — — — Total Level 3 liabilities – Asset Management $ — $ 16 $ — $ (37) $ (21) $ — $ — $ — Nine months ended September 30, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In 1 Transfers Out 1 Net Transfers In (Out) Assets – Asset Management Investments $ 115 $ — $ (121) $ — $ (6) $ 23 $ — $ 23 Investments of consolidated VIEs 4,683 — (2,868) — 1,815 500 (14,536) (14,036) Total Level 3 assets – Asset Management $ 4,798 $ — $ (2,989) $ — $ 1,809 $ 523 $ (14,536) $ (14,013) Assets – Retirement Services AFS securities Corporate $ 681 $ — $ (173) $ (123) $ 385 $ 276 $ (184) $ 92 CLO 3 — — (12) (9) — — — ABS 2,579 — (1,791) (590) 198 484 (317) 167 CMBS — — — — — — (26) (26) RMBS 68 — — (1) 67 — (66) (66) Trading securities 8 — — (2) 6 42 (53) (11) Equity securities — — (3) — (3) 19 (400) (381) Mortgage loans 9,377 — (181) (2,317) 6,879 — — — Investment funds — — — — — — (19) (19) Short-term investments 59 — — (52) 7 — — — Other investments — — — — — 496 — 496 Investments in related parties AFS securities Corporate 483 — (217) (16) 250 53 (94) (41) CLO 130 — — — 130 — — — ABS 2,160 — (93) (3,024) (957) 1,916 (1,864) 52 Trading securities 41 — (1,052) (46) (1,057) 1,444 (1,260) 184 Equity securities 195 — (119) — 76 125 (113) 12 Mortgage loans 182 — — (14) 168 — — — Investment funds — — (34) — (34) — (2,031) (2,031) Short-term investments 53 — — — 53 — (53) (53) Other investments — — — — — 274 — 274 Assets of consolidated VIEs Trading securities 529 — — — 529 430 (332) 98 Equity securities — — — — — 15 — 15 Mortgage loans 102 — — (160) (58) 42 (223) (181) Investment funds 1,981 — (126) — 1,855 11,087 (11,942) (855) Other investments 31 — — — 31 2,007 (1,902) 105 Total Level 3 assets – Retirement Services $ 18,662 $ — $ (3,789) $ (6,357) $ 8,516 $ 18,710 $ (20,879) $ (2,169) Liabilities - Asset Management Contingent consideration obligations $ — $ 36 $ — $ (13) $ 23 $ — $ — $ — Debt and other liabilities of consolidated VIEs — 1,644 — (518) 1,126 — (8,626) (8,626) Total Level 3 liabilities – Asset Management $ — $ 1,680 $ — $ (531) $ 1,149 $ — $ (8,626) $ (8,626) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (1,073) $ — $ 390 $ (683) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (1,073) $ — $ 390 $ (683) $ — $ — $ — 1 Transfers in and out are primarily assets of VIEs with changes in consolidation at Athene in 2022. Nine months ended September 30, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments $ 204 $ — $ (3) $ — $ 201 $ 1 $ (2) $ (1) Investments of consolidated VIEs 1,968 — (1,151) — 817 41 (499) (458) Total Level 3 assets – Asset Management $ 2,172 $ — $ (1,154) $ — $ 1,018 $ 42 $ (501) $ (459) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (20) $ (20) $ — $ — $ — Debt and other liabilities of consolidated VIEs — 328 — (302) 26 — — — Total Level 3 liabilities – Asset Management $ — $ 328 $ — $ (322) $ 6 $ — $ — $ — |
Schedule of Gain (Losses) Recorded for Financial Instruments Elected the Fair Value Option | The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: (In millions) September 30, 2022 Commercial mortgage loans $ 19,976 Commercial mortgage loans under development 780 Total commercial mortgage loans 20,756 Mark to fair value (1,849) Fair value of commercial mortgage loans 18,907 Residential mortgage loans 10,332 Mark to fair value (763) Fair value of residential mortgage loans 9,569 Mortgage loans $ 28,476 The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 Trading securities $ (121) $ (489) Mortgage loans (1,279) (3,344) Investment funds (47) 9 Future policy benefits 90 363 Total gains (losses) $ (1,357) $ (3,461) The following summarizes information for fair value option mortgage loans including related parties and VIEs: (In millions) September 30, 2022 Unpaid principal balance $ 30,751 Mark to fair value (2,612) Fair value $ 28,139 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) September 30, 2022 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 163 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (76) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 87 Fair value of commercial mortgage loans 90 days or more past due $ 1 Fair value of commercial mortgage loans in non-accrual status 87 The following represents the residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) September 30, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 502 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (40) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 462 Fair value of residential mortgage loans 90 days or more past due 1 $ 462 Fair value of residential mortgage loans in non-accrual status 205 1 Includes $257 million of residential mortgage loans that are guaranteed by US government-sponsored agencies. The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 Mortgage loans $ 18 $ (34) |
Schedule of Financial Instruments Not Measured at Fair Value | The following represents Athene’s financial instruments not carried at fair value on the condensed consolidated statements of financial condition: September 30, 2022 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 29 $ 29 $ 29 $ — $ — $ — Policy loans 353 353 — — 353 — Funds withheld at interest 39,965 39,965 — — — 39,965 Short-term investments 26 26 — — — 26 Other investments 16 16 — — — 16 Investments in related parties Investment funds 483 483 483 — — — Funds withheld at interest 11,532 11,532 — — — 11,532 Assets of consolidated VIEs – Mortgage loans 337 337 — — — 337 Total financial assets not carried at fair value $ 52,741 $ 52,741 $ 512 $ — $ 353 $ 51,876 Financial liabilities Interest sensitive contract liabilities $ 119,109 $ 104,556 $ — $ — $ — $ 104,556 Debt 3,271 2,427 — — 2,427 — Securities to repurchase 4,477 4,477 — — 4,477 — Funds withheld liability 360 360 — — 360 — Total financial liabilities not carried at fair value $ 127,217 $ 111,820 $ — $ — $ 7,264 $ 104,556 |
Deferred Acquisition Costs, D_2
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Insurance [Abstract] | |
Rollforward of DAC | The following represents a rollforward of DAC, DSI and VOBA: (In millions) DAC DSI VOBA Total Balance at January 1, 2022 $ — $ — $ 4,547 $ 4,547 Additions 750 268 — 1,018 Unlocking — — 4 4 Amortization (8) — (371) (379) Impact of unrealized investment (gains) losses and other 6 — (5) 1 Balance at September 30, 2022 $ 748 $ 268 $ 4,175 $ 5,191 |
Rollforward of DSI | The following represents a rollforward of DAC, DSI and VOBA: (In millions) DAC DSI VOBA Total Balance at January 1, 2022 $ — $ — $ 4,547 $ 4,547 Additions 750 268 — 1,018 Unlocking — — 4 4 Amortization (8) — (371) (379) Impact of unrealized investment (gains) losses and other 6 — (5) 1 Balance at September 30, 2022 $ 748 $ 268 $ 4,175 $ 5,191 |
Rollforward of VOBA | The following represents a rollforward of DAC, DSI and VOBA: (In millions) DAC DSI VOBA Total Balance at January 1, 2022 $ — $ — $ 4,547 $ 4,547 Additions 750 268 — 1,018 Unlocking — — 4 4 Amortization (8) — (371) (379) Impact of unrealized investment (gains) losses and other 6 — (5) 1 Balance at September 30, 2022 $ 748 $ 268 $ 4,175 $ 5,191 |
Summary of Expected Amortization of VOBA | The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2022 1 $ 117 2023 442 2024 405 2025 373 2026 339 2027 303 1 Expected amortization for the remainder of 2022. |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table presents Apollo’s goodwill by segment: (In millions) As of As of Asset Management $ 232 $ 85 Retirement Services 4,058 — Principal Investing 32 32 Total Goodwill $ 4,322 $ 117 |
Profit Sharing Payable (Tables)
Profit Sharing Payable (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Profit Sharing Payable | The below is a roll-forward of the profit-sharing payable balance: (In millions) Total Profit sharing payable, January 1, 2022 $ 1,445 Profit sharing expense 366 Payments/other (334) Profit sharing payable, September 30, 2022 $ 1,477 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Impact of Conversion of Convertible Units on Deferred Tax Assets, Tax Receivable Agreement Liability and Additional Paid in Capital | Exchange of AOG Units for Class A shares Increase in Deferred Tax Asset Increase in Tax Receivable Agreement Liability Increase in Additional Paid in Capital For the Nine Months Ended September 30, 2021 293 243 50 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Company debt consisted of the following: September 30, 2022 December 31, 2021 (In millions, except percentages) Maturity Date Outstanding Balance Fair Value Outstanding Balance Fair Value Asset Management 4.00% 2024 Senior Notes 1,2 May 30, 2024 $ 499 $ 486 4 $ 498 $ 530 4 4.40% 2026 Senior Notes 1,2 May 27, 2026 498 474 4 498 553 4 4.87% 2029 Senior Notes 1,2 February 15, 2029 674 629 4 675 778 4 2.65% 2030 Senior Notes 1,2 June 5, 2030 495 395 4 495 506 4 4.77% 2039 Senior Secured Guaranteed Notes 1,2 — — 6 317 369 5 5.00% 2048 Senior Notes 1,2 March 15, 2048 297 264 4 297 397 4 4.95% 2050 Senior Subordinated Notes 1,2 January 14, 2050 297 257 4 297 309 4 1.70% Secured Borrowing II 1 April 15, 2032 17 16 3 19 19 3 1.30% 2016 AMI Term Facility I 1 January 15, 2025 17 17 3 19 19 3 1.40% 2016 AMI Term Facility II 1 July 23, 2023 16 16 3 19 19 3 2,810 2,554 3,134 3,499 Retirement Services 4.13% 2028 Notes 1 January 12, 2028 1,085 900 — — 6.15% 2030 Notes 1 April 3, 2030 609 401 — — 3.50% 2031 Notes 1 January 15, 2031 526 481 — — 3.95% 2051 Notes 1 May 25, 2051 547 336 — — 3.45% 2052 Notes 1 May 15, 2052 504 309 — — 3,271 2,427 — — Total Debt $ 6,081 $ 4,981 $ 3,134 $ 3,499 1 Interest rate is calculated as weighted average annualized. 2 Includes amortization of note discount, as applicable, totaling $16 million and $25 million as of September 30, 2022 and December 31, 2021, respectively. Outstanding balance is presented net of unamortized debt issuance costs. 3 Fair value is based on broker quotes. These notes are valued using Level 3 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services. For instances where broker quotes are not available, a discounted cash flow method is used. 4 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services. 5 Fair value is based on a discounted cash flow method. These notes are valued using Level 3 inputs. 6 There is no outstanding balance as of September 30, 2022. These notes were transferred to a VIE consolidated by Athene during the nine months ended September 30, 2022. |
Schedule of Credit and Liquidity Facilities | The following table represents the Company’s credit and liquidity facilities as of September 30, 2022: Instrument/Facility Borrowing Date Maturity Date Administrative Agent Key terms Asset Management - AMH credit facility 1 November 23, 2020 November 23, 2025 Citibank The commitment fee on the $750 million undrawn AMH credit facility as of September 30, 2022 was 0.09%. Retirement Services - AHL credit facility N/A December 3, 2024 Citibank The borrowing capacity under the AHL credit facility is $1.25 billion, with potential increases up to $1.75 billion. Retirement Services - AHL liquidity facility N/A June 30, 2023 Wells Fargo Bank The borrowing capacity under the AHL liquidity facility is $2.5 billion, with potential increases up to $3.0 billion. 1 Refer below for details regarding the AMH credit facility refinancing, which occurred during the fourth quarter of 2022. |
Schedule of Interest Expense | The following table presents the interest expense incurred related to the Company’s debt: Three months ended September 30, Nine months ended September 30, (In millions) 2022 2021 2022 2021 Asset Management $ 31 $ 35 $ 94 $ 105 Retirement Services 1 24 — 71 — Total Interest Expense $ 55 $ 35 $ 165 $ 105 Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable. 1 Interest expense for Retirement Services is included in policy and other operating expenses on the condensed consolidated statements of operations. |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of RSU Activity | The following table summarizes all RSU activity for the current period: Unvested Weighted Average Grant Date Fair Value Vested Total Number of RSUs Outstanding Balance at January 1, 2022 — — — RSUs assumed in the Mergers 16,345,396 $52.45 15,976,551 32,321,947 Granted 7,147,818 $59.44 677,914 7,825,732 Forfeited (313,223) $52.32 (429) (313,652) Vested (3,503,185) $44.46 3,503,185 — Issued — — (6,664,764) (6,664,764) Balance at September 30, 2022 19,676,806 $56.56 13,492,457 33,169,263 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Share Activity | The table below outlines the share activity for the nine months ended September 30, 2022 and 2021. Nine Months Ended September 30, 2022 2021 Shares of common stock issued in settlement of vested RSUs and options exercised 1 6,258,244 4,141,843 Shares issued to Apollo Opportunity Foundation 2 1,724,137 — Reduction of shares of common stock issued 3 (2,754,496) (1,786,021) Shares of common stock purchased related to share issuances and forfeitures 4 (219,736) (270,985) Issuance of shares of common stock for equity-based awards 5,008,149 2,084,837 1 The gross value of shares issued was $395 million and $226 million for the nine months ended September 30, 2022 and 2021, respectively, based on the closing price of the shares of common stock at the time of issuance. 2 Shares issued to Apollo Opportunity Foundation in connection with an irrevocable pledge to contribute 1.7 million shares of common stock. The gross value of shares issued for the nine months ended September 30, 2022 totaled $103.4 million. 3 Cash paid for tax liabilities associated with net share settlement was $176 million and $99 million for the nine months ended September 30, 2022 and 2021, respectively. 4 Certain Apollo employees receive a portion of the profit sharing proceeds of certain funds in the form of (a) restricted shares of common stock that they are required to purchase with such proceeds or (b) RSUs, in each case which equity-based awards generally vest over three years. These equity-based awards are granted under the Company's Equity Plan. To prevent dilution on account of these awards, Apollo may, in its discretion, repurchase shares of common stock on the open market and retire them. During the nine months ended September 30, 2022 and 2021, Apollo issued 506,534 and 625,958 of such restricted shares and 219,736 and 270,985 of such RSUs under the Equity Plan, respectively, and repurchased 726,270 and 896,943 shares of common stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program, respectively. In addition, there were 527 and 0 restricted shares forfeited during the nine months ended September 30, 2022 and 2021. |
Dividends Declared | Outlined below is information regarding quarterly dividends and distributions (in millions, except per share data). Certain subsidiaries of the Company may be subject to U.S. federal, state, local and non-U.S. income taxes at the entity level and may pay taxes and/or make payments under the tax receivable agreement. Dividend Declaration Date Dividend per Share of Common Stock Payment Date Dividend to Common Stockholders Distribution to Non-Controlling Interest Holders in the Apollo Operating Group Total Distributions Distribution Equivalents on Participating Securities February 3, 2021 $ 0.60 February 26, 2021 $ 139 $ 121 $ 260 $ 5 N/A — April 14, 2021 — 42 42 — May 4, 2021 0.50 May 28, 2021 116 101 217 4 N/A — June 15, 2021 — 20 20 — August 4, 2021 0.50 August 31, 2021 122 94 216 4 N/A — September 15, 2021 — 24 24 — November 2, 2021 0.50 November 30, 2021 124 93 217 4 N/A — December 15, 2021 — 23 23 — Year ended December 31, 2021 $ 2.10 $ 501 $ 518 $ 1,019 $ 17 February 11, 2022 $ 0.40 February 28, 2022 $ 229 $ — $ 229 $ 12 May 5, 2022 0.40 May 31, 2022 229 — 229 12 August 4, 2022 0.40 August 31, 2022 229 — 229 11 Nine months ended September 30, 2022 $ 1.20 $ 687 $ — $ 687 $ 35 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following provides the details and changes in AOCI: (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at June 30, 2022 $ (9,999) $ (138) $ 432 $ (27) $ (58) $ (9,790) Other comprehensive income (loss) before reclassifications (5,812) (128) 218 (79) 11 (5,790) Less: Reclassification adjustments for gains (losses) realized 1 (24) — 1 1 — (22) Less: Income tax expense (benefit) (1,001) (23) 45 (12) — (991) Less: Other comprehensive loss attributable to non-controlling interests (713) (5) 5 (91) (5) (809) Balance at September 30, 2022 $ (14,073) $ (238) $ 599 $ (4) $ (42) $ (13,758) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations. (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2021 $ (1) $ — $ — $ (1) $ (3) $ (5) Other comprehensive income (loss) before reclassifications (20,027) (319) 768 (110) (81) (19,769) Less: Reclassification adjustments for gains (losses) realized 1 (178) — 4 16 — (158) Less: Income tax expense (benefit) (3,526) (57) 160 (21) — (3,444) Less: Other comprehensive loss attributable to non-controlling interests (2,251) (24) 5 (102) (42) (2,414) Balance at September 30, 2022 $ (14,073) $ (238) $ 599 $ (4) $ (42) $ (13,758) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income per Share of Common Stock | The following presents basic and diluted net income (loss) per share of common stock computed using the two-class method: Basic and Diluted Three months ended September 30, Nine months ended September 30, (In millions, except share and per share amounts) 2022 2021 2022 2021 Numerator: Net income (loss) attributable to common stockholders $ (876) $ 249 $ (3,797) $ 1,568 Dividends declared on common stock 1 (230) (122) (688) (377) Dividends on participating securities 2 (11) (4) (35) (13) Earnings allocable to participating securities 3 — (4) — (43) Undistributed income (loss) attributable to common stockholders: Basic (1,117) 119 (4,520) 1,135 Denominator: Weighted average number of shares of common stock outstanding: Basic and Diluted 584,317,603 239,451,921 585,187,783 233,539,355 Net income (loss) per share of common stock: Basic and Diluted 4 Distributed income $ 0.40 $ 0.50 $ 1.20 $ 1.60 Undistributed income (loss) (1.92) 0.51 (7.75) 4.87 Net income (loss) per share of common stock: Basic and Diluted $ (1.52) $ 1.01 $ (6.55) $ 6.47 1 See note 14 for information regarding quarterly dividends. 2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares. 3 No allocation of undistributed losses was made to the participating securities as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders. 4 For the three and nine months ended September 30, 2022 and 2021, all of the classes of securities were determined to be anti-dilutive. |
Summary of Anti-dilutive Securities | The following table summarizes the anti-dilutive securities: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Weighted average vested RSUs — 647,966 — 666,044 Weighted average unvested RSUs 14,128,418 7,322,877 13,344,097 7,434,469 Weighted average unexercised options 2,424,407 — 2,424,407 — Weighted average AOG Units outstanding — 163,292,411 — 169,865,872 Weighted average unvested restricted shares 2,091,278 886,940 2,210,753 750,035 |
Related Parties (Tables)
Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Due from related parties and Due to related parties consisted of the following as of September 30, 2022 and December 31, 2021: (In millions) September 30, 2022 December 31, 2021 Due from Related Parties: Due from funds 1 $ 284 $ 316 Due from portfolio companies 52 67 Due from employees and former employees 94 107 Total Due from Related Parties $ 430 $ 490 Due to Related Parties: Due to Former Managing Partners and Contributing Partners 2 $ 906 $ 1,118 Due to funds 117 104 Total Due to Related Parties $ 1,023 $ 1,222 1 Includes $42 million and $48 million as of September 30, 2022 and December 31, 2021, respectively, related to a receivable from a fund in connection with the Company’s sale of a platform investment to such fund. The amount is payable to the Company over five years and is held at fair value. 2 Includes $394 million and $570 million as of September 30, 2022 and December 31, 2021, respectively, related to the AOG Unit Payment, payable in equal installments through December 31, 2024. The following table summarizes Athene’s investments in Athora: (In millions) September 30, 2022 Investment fund $ 789 Non-redeemable preferred equity securities 334 Total investment in Athora $ 1,123 |
Schedule of VIE Financial Information | The following table presents net gains from investment activities of the consolidated VIEs: Three months ended September 30, Nine months ended September 30, (In millions) 2022 1 2021 1 2022 1 2021 1 Net gains (losses) from investment activities $ 78 $ 104 $ 88 $ 460 Net gains (losses) from debt — (4) 144 (16) Interest and other income 40 163 309 526 Interest and other expenses (33) (121) (76) (570) Net gains (losses) from investment activities of consolidated variable interest entities $ 85 $ 142 $ 465 $ 400 1 Amounts reflect consolidation eliminations The following summarizes the statements of operations activity of the consolidated VIEs: (In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022 Trading securities $ 10 $ 12 Equity securities 13 13 Mortgage loans 22 67 Investment funds 6 — Other investments (16) (3) Net investment income 35 89 Trading securities (38) (38) Net recognized investment losses on mortgage loans (103) (262) Investment funds 236 354 Other gains (losses) (16) 5 Investment related gains (losses) 79 59 Revenues of consolidated variable interest entities $ 114 $ 148 The following table presents the maximum exposure to losses relating to these VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary. As of As of (In millions) September 30, 2022 2 December 31, 2021 2 Maximum Loss Exposure 1 $ 288 $ 241 1 Represents Apollo’s direct investment in those entities in which it holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses. 2 Some amounts included are a quarter in arrears. The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: September 30, 2022 (In millions) Carrying Value Maximum Loss Exposure Investment funds $ 29 $ 323 Investment in related parties – investment funds 1,272 1,272 Assets of consolidated VIEs – investment funds 11,885 19,330 Investment in fixed maturity securities 32,801 37,775 Investment in related parties – fixed maturity securities 8,934 9,639 Investment in related parties – equity securities 340 340 Total non-consolidated investments $ 55,261 $ 68,679 The tables below present the financial information of these SPACs in aggregate: (In millions) September 30, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 1 $ 2 Restricted cash and cash equivalents 695 690 U.S. Treasury securities, at fair value 347 1,162 Other assets 1 3 Total Assets $ 1,044 $ 1,857 Liabilities, Redeemable non-controlling interests and Stockholders’ Equity Liabilities: Accounts payable and accrued expenses $ 3 $ 2 Due to related parties 8 20 Other liabilities 42 144 Total Liabilities 53 166 Redeemable non-controlling interests: Redeemable non-controlling interests 1,009 1,762 Stockholders’ Equity (Deficit): Additional paid in capital (64) (98) Retained earnings 45 27 Total Stockholders’ Equity (Deficit) (19) (71) Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity $ 1,043 $ 1,857 For the Three Months Ended September 30, For the Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Expenses: General, administrative and other $ 1 $ 3 $ 7 $ 13 Total Expenses 1 3 7 13 Other Income (Loss): Net gains (losses) from investment activities 4 29 21 28 Interest income 5 — 7 — Total Other Income (Loss) 9 29 28 28 Net Income Attributable to Apollo Global Management, Inc. 8 26 21 15 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Restricted Assets | Athene’s total restricted assets included on the condensed consolidated statements of financial condition are as follows: (In millions) September 30, 2022 AFS securities $ 11,532 Trading securities 57 Equity securities 48 Mortgage loans 7,625 Investment funds 103 Derivative assets 84 Short-term investments 8 Other investments 170 Restricted cash and cash equivalents 1,024 Total restricted assets $ 20,651 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Financial Data for Reportable Segments | The following present financial data for the Company’s reportable segments. Three months ended September 30, Nine months ended September 30, (In millions) 2022 2021 2022 2021 Asset Management Management fees 1 $ 545.9 $ 472.5 $ 1,573.2 $ 1,395.2 Advisory and transaction fees, net 104.6 65.2 271.8 203.8 Fee-related performance fees 20.0 19.8 45.9 36.7 Fee-related compensation (193.8) (160.7) (556.4) (476.7) Other operating expenses (112.1) (76.7) (318.8) (218.3) Fee Related Earnings 364.6 320.1 1,015.7 940.7 Retirement Services Fixed income and other investment income, net 1,470.4 — 3,979.3 — Alternative investment income, net 249.6 — 883.6 — Strategic capital management fees 13.6 — 38.6 — Cost of funds (965.5) — (2,677.8) — Other operating expenses (117.1) — (334.9) — Interest and other financing costs (72.9) — (198.8) — Spread Related Earnings 578.1 — 1,690.0 — Principal Investing Realized performance fees 92.9 608.0 371.0 1,183.6 Realized investment income 61.4 295.2 324.7 397.6 Principal investing compensation (90.3) (309.0) (401.3) (631.3) Other operating expenses (13.9) (11.8) (37.6) (34.1) Principal Investing Income 50.1 582.4 256.8 915.8 Adjusted Segment Income $ 992.8 $ 902.5 $ 2,962.5 $ 1,856.5 Segment Assets: Asset Management $ 1,818 Retirement Services 234,188 Principal Investing 8,142 Total Assets 2 $ 244,148 1 Includes intersegment management fees from Retirement Services of $192 million and $555 million for the three and nine months ended September 30, 2022, respectively. 2 Refer below for a reconciliation of total assets for Apollo’s total reportable segments to total consolidated assets. |
Reconciliation of Revenue From Consolidated to Total | The following reconciles total consolidated revenues to total asset management fee related revenues: Three months ended September 30, Nine months ended September 30, (In millions) 2022 2021 2022 2021 Total Consolidated Revenues $ 2,979 $ 1,078 $ 6,126 $ 4,756 Retirement services GAAP revenue (2,502) — (4,248) — Equity awards granted by unconsolidated related parties, reimbursable expenses and other 1 (37) (26) (116) (84) Adjustments related to consolidated funds and VIEs 1 (2) 33 69 108 Performance fees (27) (450) (262) (2,596) Principal investment income 68 (77) (233) (549) Retirement services management fees 192 — 555 — Total Asset Management Fee Related Revenues $ 671 $ 558 $ 1,891 $ 1,635 1 Represents advisory fees, management fees and performance fees earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements. |
Schedule of Reconciliation of Income Before Income Tax provision from Segments to Consolidated | The following presents the reconciliation of income before income tax provision reported in the condensed consolidated statements of operations to Adjusted Segment Income: Three months ended September 30, Nine months ended September 30, (In millions) 2022 2021 2022 2021 Income (loss) before income tax provision (benefit) $ (1,359) $ 732 $ (6,986) $ 4,153 Asset Management Adjustments: Equity-based profit sharing expense and other 1 55 32 219 94 Equity-based compensation 46 20 139 55 Preferred dividends — (9) — (27) Transaction-related charges 2 (5) (1) (6) 27 Merger-related transaction and integration costs 3 14 15 50 39 (Gains) losses from change in tax receivable agreement liability — — 14 (2) Net (income) loss attributable to non-controlling interests in consolidated entities 328 (113) 1,882 (300) Unrealized performance fees 66 159 109 (1,411) Unrealized profit sharing expense (19) (41) (16) 646 HoldCo interest and other financing costs 4 29 42 103 128 Unrealized principal investment income (loss) 128 219 138 (154) Unrealized net (gains) losses from investment activities and other (15) (152) (138) (1,391) Retirement Services Adjustments: Investment (gains) losses, net of offsets 1,737 — 6,913 — Non-operating change in insurance liabilities and related derivatives, net of offsets (64) — 398 — Integration, restructuring and other non-operating expenses 37 — 104 — Equity-based compensation 15 — 40 — Adjusted Segment Income $ 993 $ 903 $ 2,963 $ 1,857 1 Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are required to be used by employees of Apollo to purchase restricted shares of common stock or is delivered in the form of RSUs, which are granted under the Equity Plan. Equity-based profit sharing expense and other also includes performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense. 2 Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges. 3 Merger-related transaction and integration costs includes advisory services, technology integration, equity-based compensation charges and other costs associated with the Mergers. 4 Represents interest and other financing costs related to AGM not attributable to any specific segment. |
Schedule of Reconciliation of Assets from Segment to Consolidated | The following table presents the reconciliation of the Company’s total reportable segment assets to total assets: (In millions) September 30, 2022 December 31, 2021 Total reportable segment assets $ 244,148 $ 13,573 Adjustments 1 6,192 16,929 Total assets $ 250,340 $ 30,502 1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments. |
Organization (Details)
Organization (Details) $ in Millions | May 03, 2022 USD ($) | Jan. 01, 2022 vote | Sep. 30, 2022 investing_strategy |
Entity Information [Line Items] | |||
Number of investing strategies | investing_strategy | 3 | ||
Vote per share | vote | 1 | ||
Griffin Capital, Asset Management Business | |||
Entity Information [Line Items] | |||
Payments to acquire business, gross | $ 213 | ||
Contingent consideration obligations | $ 64 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) tier | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Number of tiers | tier | 2 |
Deferred revenue recognized | $ | $ 109.7 |
Minimum | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Investment yield assumptions | 2.30% |
Maximum | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Investment yield assumptions | 5.90% |
Merger with Athene - Narrative
Merger with Athene - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | ||||
Goodwill attributable to Athene | $ 4,322 | $ 4,322 | $ 117 | |
Athene Holding Limited | ||||
Business Acquisition [Line Items] | ||||
Exchange ratio | 1.149 | |||
Goodwill attributable to Athene | $ 4,058 | |||
Decrease in goodwill as a result of measurement period adjustment | 123 | |||
Measurement period adjustments | 40 | |||
Decrease in valuation of investment | 83 | |||
Revenues of acquiree since acquisition | 2,502 | 4,248 | ||
Net income (loss) of acquiree since acquisition | $ (689) | $ (3,929) |
Merger with Athene - Purchase P
Merger with Athene - Purchase Price (Details) $ / shares in Units, $ in Millions | Jan. 01, 2022 USD ($) $ / shares shares | Sep. 30, 2022 shares |
Business Acquisition [Line Items] | ||
AHL common shares purchased | shares | 572,670,634 | |
Athene | ||
Business Acquisition [Line Items] | ||
Cash dividends declared | $ 750 | |
Athene Holding Limited | ||
Business Acquisition [Line Items] | ||
AHL common shares purchased | shares | 138,000,000 | |
Exchange ratio | 1.149 | |
Shares of common stock issued in exchange | shares | 158,000,000 | |
AGM Class A shares closing price | $ / shares | $ 72.43 | |
Total merger consideration at closing | $ 11,455 | |
Fair value of estimated RSUs, options and warrants assumed and other equity consideration | 699 | |
Effective settlement of pre-existing relationships | 896 | |
Merger consideration | 13,050 | |
Fair value of AHL common shares previously held (55 million shares) and other adjustments | 4,554 | |
Total AHL equity value held by AGM | 17,604 | |
Non-controlling interest | 4,942 | |
Total AHL equity value | $ 22,546 | |
Fair value of AHL common shares previously held (in shares) | shares | 55,000,000 | |
Fair value of awards | $ 600 | |
Pre-combination equity compensation expense | 99 | |
Post-combination equity compensation expense | 53 | |
Fees payable from Athene to AGM | $ 146 | |
Ownership percentage | 100% |
Merger with Athene - Recognized
Merger with Athene - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Jan. 01, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||
Goodwill attributable to Athene | $ 4,322 | $ 117 | |
Athene Holding Limited | |||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination [Abstract] | |||
Merger consideration | $ 13,050 | ||
Fair value of previously held equity interest | 4,554 | ||
Total AHL equity value held by AGM | 17,604 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||
Investments | 176,015 | ||
Cash and cash equivalents | 9,479 | ||
Restricted cash and cash equivalents | 796 | ||
Investment in related parties | 33,863 | ||
Reinsurance recoverable | 4,977 | ||
VOBA | 4,547 | ||
Assets of consolidated variable interest entities | 3,635 | ||
Other assets | 5,729 | ||
Estimated fair value of total assets acquired (excluding goodwill) | 239,041 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||
Interest sensitive contract liabilities | 160,205 | ||
Future policy benefits | 47,105 | ||
Debt | 3,295 | ||
Payables for collateral on derivatives and securities to repurchase | 7,044 | ||
Liabilities of consolidated variable interest entities | 461 | ||
Other liabilities | 2,443 | ||
Estimated fair value of total liabilities assumed | 220,553 | ||
Non-controlling interest | 4,942 | ||
Estimated fair value of net assets acquired, excluding goodwill | 13,546 | ||
Goodwill attributable to Athene | $ 4,058 |
Merger with Athene - Indefinite
Merger with Athene - Indefinite-Lived Intangible Assets Acquired as Part of Business Combination (Details) $ in Millions | Jan. 01, 2022 USD ($) |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Total | $ 6,603 |
State Insurance Licenses | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Fair value (in millions) | 26 |
VOBA Asset | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair value (in millions) | $ 4,547 |
Average useful life (in years) | 7 years |
Distribution Channels | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair value (in millions) | $ 1,870 |
Average useful life (in years) | 18 years |
Trade Name | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair value (in millions) | $ 160 |
Average useful life (in years) | 20 years |
Merger with Athene - Pro Forma
Merger with Athene - Pro Forma Information (Details) - Athene Holding Limited - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||
Total Revenues | $ 9,576 | $ 23,146 |
Net income attributable to Apollo | $ 967 | $ 3,999 |
Investments - Company's Investm
Investments - Company's Investments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Investments | $ 191,076 | $ 11,354 |
AFS securities | 102,648 | |
Derivative assets | (2,765) | |
Asset Management | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments, at fair value | 1,131 | 5,589 |
Equity method investments | 962 | 1,346 |
Performance allocations | 2,389 | 2,732 |
U.S. Treasury securities, at fair value | 1,372 | 1,687 |
Investments | 5,854 | 11,354 |
Retirement Services | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments | 162,088 | 0 |
AFS securities | 102,648 | 0 |
Trading securities, at fair value | 2,491 | 0 |
Equity securities | 1,947 | 0 |
Mortgage loans, at fair value | 26,476 | 0 |
Investment funds | 1,301 | 0 |
Policy loans | 353 | 0 |
Funds withheld at interest | 44,667 | 0 |
Derivative assets | 4,065 | 0 |
Short-term investments | 318 | 0 |
Other investments | 956 | 0 |
Total Investments, including related party – Retirement Services | $ 185,222 | $ 0 |
Investments - Schedule of Net G
Investments - Schedule of Net Gains (Losses) from Investment Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Gain (Loss) on Securities [Line Items] | ||||
Realized gains (losses) on sales of investments, net | $ (2,847) | $ (12,823) | ||
Asset Management | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized gains (losses) on sales of investments, net | (1) | $ 0 | (7) | $ 1 |
Net change in unrealized gains (losses) due to changes in fair value | (15) | 173 | 171 | 1,438 |
Net gains (losses) from investment activities | $ (16) | $ 173 | $ 164 | $ 1,439 |
Investments - Performance Alloc
Investments - Performance Allocations (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Performance Allocation [Roll Forward] | |
Performance allocations, beginning balance | $ 2,732 |
Change in fair value of funds | 201 |
Fund distributions to the Company | (544) |
Performance allocations, ending balance | $ 2,389 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | |||
Amortized Cost | $ 124,631 | ||
Allowance for Credit Losses | (436) | $ (629) | $ (311) |
Gross Unrealized Gains | 74 | ||
Gross Unrealized Losses | (21,621) | ||
AFS securities | 102,648 | ||
Affiliated Entity | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortized Cost | 9,785 | ||
Allowance for Credit Losses | (1) | (20) | 0 |
Gross Unrealized Gains | 4 | ||
Gross Unrealized Losses | (733) | ||
AFS securities | 9,055 | ||
US government and agencies | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortized Cost | 3,229 | ||
Allowance for Credit Losses | 0 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (731) | ||
AFS securities | 2,498 | ||
US state, municipal and political subdivisions | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortized Cost | 1,217 | ||
Allowance for Credit Losses | 0 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (297) | ||
AFS securities | 920 | ||
Foreign governments | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortized Cost | 1,208 | ||
Allowance for Credit Losses | (27) | (61) | 0 |
Gross Unrealized Gains | 2 | ||
Gross Unrealized Losses | (322) | ||
AFS securities | 861 | ||
Corporate | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortized Cost | 72,556 | ||
Allowance for Credit Losses | (66) | (70) | 0 |
Gross Unrealized Gains | 50 | ||
Gross Unrealized Losses | (15,632) | ||
AFS securities | 56,908 | ||
Corporate | Affiliated Entity | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortized Cost | 1,076 | ||
Allowance for Credit Losses | 0 | ||
Gross Unrealized Gains | 3 | ||
Gross Unrealized Losses | (57) | ||
AFS securities | 1,022 | ||
CLO | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortized Cost | 16,235 | ||
Allowance for Credit Losses | (5) | (107) | 0 |
Gross Unrealized Gains | 3 | ||
Gross Unrealized Losses | (2,087) | ||
AFS securities | 14,146 | ||
CLO | Affiliated Entity | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortized Cost | 2,884 | ||
Allowance for Credit Losses | (1) | (19) | 0 |
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (402) | ||
AFS securities | 2,481 | ||
ABS | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortized Cost | 10,691 | ||
Allowance for Credit Losses | (13) | (14) | (5) |
Gross Unrealized Gains | 8 | ||
Gross Unrealized Losses | (814) | ||
AFS securities | 9,872 | ||
ABS | Affiliated Entity | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortized Cost | 5,825 | ||
Allowance for Credit Losses | 0 | (1) | 0 |
Gross Unrealized Gains | 1 | ||
Gross Unrealized Losses | (274) | ||
AFS securities | 5,552 | ||
CMBS | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortized Cost | 3,462 | ||
Allowance for Credit Losses | (3) | (9) | 0 |
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (396) | ||
AFS securities | 3,063 | ||
RMBS | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortized Cost | 6,248 | ||
Allowance for Credit Losses | (321) | (348) | (306) |
Gross Unrealized Gains | 7 | ||
Gross Unrealized Losses | (609) | ||
AFS securities | 5,325 | ||
AFS securities | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortized Cost | 114,846 | ||
Allowance for Credit Losses | (435) | $ (609) | $ (311) |
Gross Unrealized Gains | 70 | ||
Gross Unrealized Losses | (20,888) | ||
AFS securities | 93,593 | ||
AFS securities | Affiliated Entity | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortized Cost | 9,785 | ||
AFS securities | $ 9,055 |
Investments - Contractual Matur
Investments - Contractual Maturity (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Amortized Cost | |
Total AFS securities | $ 124,631 |
Fair Value | |
Total AFS securities | 102,648 |
Affiliated Entity | |
Amortized Cost | |
Due in one year or less | 1 |
Due after one year through five years | 23 |
Due after five years through ten years | 898 |
Due after ten years | 154 |
CLO, ABS, CMBS and RMBS | 8,709 |
Total AFS securities | 9,785 |
Fair Value | |
Due in one year or less | 1 |
Due after one year through five years | 21 |
Due after five years through ten years | 870 |
Due after ten years | 130 |
CLO, ABS, CMBS and RMBS | 8,033 |
Total AFS securities | 9,055 |
AFS securities | |
Amortized Cost | |
Due in one year or less | 1,053 |
Due after one year through five years | 10,912 |
Due after five years through ten years | 20,900 |
Due after ten years | 45,345 |
CLO, ABS, CMBS and RMBS | 36,636 |
Total AFS securities | 114,846 |
Fair Value | |
Due in one year or less | 1,031 |
Due after one year through five years | 9,837 |
Due after five years through ten years | 17,101 |
Due after ten years | 33,218 |
CLO, ABS, CMBS and RMBS | 32,406 |
Total AFS securities | 93,593 |
AFS securities | Affiliated Entity | |
Amortized Cost | |
Total AFS securities | 9,785 |
Fair Value | |
Total AFS securities | $ 9,055 |
Investments - Unrealized Losses
Investments - Unrealized Losses on AFS Securities (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Less than 12 months, Fair Value | $ 95,941 |
Less than 12 months, Gross Unrealized Losses | (21,270) |
12 months or longer, Fair Value | 0 |
12 months or longer, Gross Unrealized Losses | 0 |
Total Fair Value | 95,941 |
Total Gross Unrealized Losses | (21,270) |
Affiliated Entity | |
Schedule of Equity Method Investments [Line Items] | |
Less than 12 months, Fair Value | 7,858 |
Less than 12 months, Gross Unrealized Losses | (704) |
12 months or longer, Fair Value | 0 |
12 months or longer, Gross Unrealized Losses | 0 |
Total Fair Value | 7,858 |
Total Gross Unrealized Losses | (704) |
US government and agencies | |
Schedule of Equity Method Investments [Line Items] | |
Less than 12 months, Fair Value | 2,482 |
Less than 12 months, Gross Unrealized Losses | (731) |
12 months or longer, Fair Value | 0 |
12 months or longer, Gross Unrealized Losses | 0 |
Total Fair Value | 2,482 |
Total Gross Unrealized Losses | (731) |
US state, municipal and political subdivisions | |
Schedule of Equity Method Investments [Line Items] | |
Less than 12 months, Fair Value | 916 |
Less than 12 months, Gross Unrealized Losses | (297) |
12 months or longer, Fair Value | 0 |
12 months or longer, Gross Unrealized Losses | 0 |
Total Fair Value | 916 |
Total Gross Unrealized Losses | (297) |
Foreign governments | |
Schedule of Equity Method Investments [Line Items] | |
Less than 12 months, Fair Value | 843 |
Less than 12 months, Gross Unrealized Losses | (322) |
12 months or longer, Fair Value | 0 |
12 months or longer, Gross Unrealized Losses | 0 |
Total Fair Value | 843 |
Total Gross Unrealized Losses | (322) |
Corporate | |
Schedule of Equity Method Investments [Line Items] | |
Less than 12 months, Fair Value | 56,317 |
Less than 12 months, Gross Unrealized Losses | (15,631) |
12 months or longer, Fair Value | 0 |
12 months or longer, Gross Unrealized Losses | 0 |
Total Fair Value | 56,317 |
Total Gross Unrealized Losses | (15,631) |
Corporate | Affiliated Entity | |
Schedule of Equity Method Investments [Line Items] | |
Less than 12 months, Fair Value | 409 |
Less than 12 months, Gross Unrealized Losses | (56) |
12 months or longer, Fair Value | 0 |
12 months or longer, Gross Unrealized Losses | 0 |
Total Fair Value | 409 |
Total Gross Unrealized Losses | (56) |
CLO | |
Schedule of Equity Method Investments [Line Items] | |
Less than 12 months, Fair Value | 13,636 |
Less than 12 months, Gross Unrealized Losses | (2,043) |
12 months or longer, Fair Value | 0 |
12 months or longer, Gross Unrealized Losses | 0 |
Total Fair Value | 13,636 |
Total Gross Unrealized Losses | (2,043) |
CLO | Affiliated Entity | |
Schedule of Equity Method Investments [Line Items] | |
Less than 12 months, Fair Value | 2,431 |
Less than 12 months, Gross Unrealized Losses | (399) |
12 months or longer, Fair Value | 0 |
12 months or longer, Gross Unrealized Losses | 0 |
Total Fair Value | 2,431 |
Total Gross Unrealized Losses | (399) |
ABS | |
Schedule of Equity Method Investments [Line Items] | |
Less than 12 months, Fair Value | 7,436 |
Less than 12 months, Gross Unrealized Losses | (730) |
12 months or longer, Fair Value | 0 |
12 months or longer, Gross Unrealized Losses | 0 |
Total Fair Value | 7,436 |
Total Gross Unrealized Losses | (730) |
ABS | Affiliated Entity | |
Schedule of Equity Method Investments [Line Items] | |
Less than 12 months, Fair Value | 5,018 |
Less than 12 months, Gross Unrealized Losses | (249) |
12 months or longer, Fair Value | 0 |
12 months or longer, Gross Unrealized Losses | 0 |
Total Fair Value | 5,018 |
Total Gross Unrealized Losses | (249) |
CMBS | |
Schedule of Equity Method Investments [Line Items] | |
Less than 12 months, Fair Value | 2,880 |
Less than 12 months, Gross Unrealized Losses | (384) |
12 months or longer, Fair Value | 0 |
12 months or longer, Gross Unrealized Losses | 0 |
Total Fair Value | 2,880 |
Total Gross Unrealized Losses | (384) |
RMBS | |
Schedule of Equity Method Investments [Line Items] | |
Less than 12 months, Fair Value | 3,573 |
Less than 12 months, Gross Unrealized Losses | (428) |
12 months or longer, Fair Value | 0 |
12 months or longer, Gross Unrealized Losses | 0 |
Total Fair Value | 3,573 |
Total Gross Unrealized Losses | (428) |
AFS securities | |
Schedule of Equity Method Investments [Line Items] | |
Less than 12 months, Fair Value | 88,083 |
Less than 12 months, Gross Unrealized Losses | (20,566) |
12 months or longer, Fair Value | 0 |
12 months or longer, Gross Unrealized Losses | 0 |
Total Fair Value | 88,083 |
Total Gross Unrealized Losses | $ (20,566) |
Investments - Unrealized Loss P
Investments - Unrealized Loss Positions (Details) | Sep. 30, 2022 position |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |
Unrealized Loss Position | 9,160 |
Unrealized Loss Position 12 Months or More | 0 |
Affiliated Entity | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |
Unrealized Loss Position | 171 |
Unrealized Loss Position 12 Months or More | 0 |
Investments - Summarizes the Ac
Investments - Summarizes the Activity in the Allowance For Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 629 | $ 311 |
Initial credit losses | 15 | 237 |
Initial credit losses on PCD securities | 2 | 3 |
Securities sold during the period | (35) | (52) |
Securities intended to be sold prior to recovery of amortized cost basis | (6) | (6) |
Additions (reductions) to previously impaired securities | (169) | (57) |
Balance at end of period | 436 | 436 |
Affiliated Entity | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 20 | 0 |
Initial credit losses | 0 | 21 |
Initial credit losses on PCD securities | 0 | 0 |
Securities sold during the period | 0 | 0 |
Securities intended to be sold prior to recovery of amortized cost basis | 0 | 0 |
Additions (reductions) to previously impaired securities | (19) | (20) |
Balance at end of period | 1 | 1 |
Foreign governments | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 61 | 0 |
Initial credit losses | 0 | 66 |
Initial credit losses on PCD securities | 0 | 0 |
Securities sold during the period | (28) | (28) |
Securities intended to be sold prior to recovery of amortized cost basis | 0 | 0 |
Additions (reductions) to previously impaired securities | (6) | (11) |
Balance at end of period | 27 | 27 |
Corporate | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 70 | 0 |
Initial credit losses | 5 | 66 |
Initial credit losses on PCD securities | 0 | 0 |
Securities sold during the period | 0 | 0 |
Securities intended to be sold prior to recovery of amortized cost basis | (6) | (6) |
Additions (reductions) to previously impaired securities | (3) | 6 |
Balance at end of period | 66 | 66 |
Corporate | Affiliated Entity | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at end of period | 0 | 0 |
CLO | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 107 | 0 |
Initial credit losses | 2 | 24 |
Initial credit losses on PCD securities | 0 | 0 |
Securities sold during the period | 0 | 0 |
Securities intended to be sold prior to recovery of amortized cost basis | 0 | 0 |
Additions (reductions) to previously impaired securities | (104) | (19) |
Balance at end of period | 5 | 5 |
CLO | Affiliated Entity | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 19 | 0 |
Initial credit losses | 0 | 3 |
Initial credit losses on PCD securities | 0 | 0 |
Securities sold during the period | 0 | 0 |
Securities intended to be sold prior to recovery of amortized cost basis | 0 | 0 |
Additions (reductions) to previously impaired securities | (18) | (2) |
Balance at end of period | 1 | 1 |
ABS | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 14 | 5 |
Initial credit losses | 7 | 16 |
Initial credit losses on PCD securities | 0 | 0 |
Securities sold during the period | 0 | 0 |
Securities intended to be sold prior to recovery of amortized cost basis | 0 | 0 |
Additions (reductions) to previously impaired securities | (8) | (8) |
Balance at end of period | 13 | 13 |
ABS | Affiliated Entity | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 1 | 0 |
Initial credit losses | 0 | 18 |
Initial credit losses on PCD securities | 0 | 0 |
Securities sold during the period | 0 | 0 |
Securities intended to be sold prior to recovery of amortized cost basis | 0 | 0 |
Additions (reductions) to previously impaired securities | (1) | (18) |
Balance at end of period | 0 | 0 |
CMBS | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 9 | 0 |
Initial credit losses | 0 | 14 |
Initial credit losses on PCD securities | 0 | 0 |
Securities sold during the period | 0 | 0 |
Securities intended to be sold prior to recovery of amortized cost basis | 0 | 0 |
Additions (reductions) to previously impaired securities | (6) | (11) |
Balance at end of period | 3 | 3 |
RMBS | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 348 | 306 |
Initial credit losses | 1 | 30 |
Initial credit losses on PCD securities | 2 | 3 |
Securities sold during the period | (7) | (24) |
Securities intended to be sold prior to recovery of amortized cost basis | 0 | 0 |
Additions (reductions) to previously impaired securities | (23) | 6 |
Balance at end of period | 321 | 321 |
AFS securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 609 | 311 |
Initial credit losses | 15 | 216 |
Initial credit losses on PCD securities | 2 | 3 |
Securities sold during the period | (35) | (52) |
Securities intended to be sold prior to recovery of amortized cost basis | (6) | (6) |
Additions (reductions) to previously impaired securities | (150) | (37) |
Balance at end of period | $ 435 | $ 435 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - Retirement Services - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Investment Income [Line Items] | ||||
Investment revenue | $ 2,042 | $ 5,695 | ||
Investment expenses | (9) | (28) | ||
Net investment income | 2,033 | $ 0 | 5,667 | $ 0 |
AFS securities | ||||
Net Investment Income [Line Items] | ||||
Investment revenue | 1,076 | 2,861 | ||
Trading securities | ||||
Net Investment Income [Line Items] | ||||
Investment revenue | 41 | 133 | ||
Equity securities | ||||
Net Investment Income [Line Items] | ||||
Investment revenue | 17 | 41 | ||
Mortgage loans | ||||
Net Investment Income [Line Items] | ||||
Investment revenue | 336 | 870 | ||
Investment funds | ||||
Net Investment Income [Line Items] | ||||
Investment revenue | (37) | 278 | ||
Funds withheld at interest | ||||
Net Investment Income [Line Items] | ||||
Investment revenue | 534 | 1,347 | ||
Other investments | ||||
Net Investment Income [Line Items] | ||||
Investment revenue | $ 75 | $ 165 |
Investments - Gain (Loss) on Se
Investments - Gain (Loss) on Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross realized gains on investment activity | $ 84 | $ 404 |
Gross realized losses on investment activity | (761) | (2,003) |
Net realized investment losses on AFS securities | (677) | (1,599) |
Net recognized investment losses on trading securities | (119) | (497) |
Net recognized investment losses on equity securities | (9) | (260) |
Net recognized investment losses on mortgage loans | (1,199) | (3,094) |
Derivative losses | (1,821) | (8,794) |
Provision for credit losses | 171 | (193) |
Other gains | 807 | 1,614 |
Investment related gains (losses) | $ (2,847) | $ (12,823) |
Investments - Narrative (Detail
Investments - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales of AFS securities | $ 635 | $ 9,405 |
Securities sold under agreements to repurchase | 26 | 26 |
Securities received as collateral | $ 616 | $ 616 |
Investments - Change in Unreali
Investments - Change in Unrealized Gains (Losses) On Trading and Equity Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ (119) | $ (455) |
Equity securities | 2 | (237) |
Affiliated Entity | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 6 | 2 |
Equity securities | $ (18) | $ (31) |
Investments - Maturities of Rep
Investments - Maturities of Repurchase Agreements: (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Payable for repurchase agreements | $ 4,477 |
Overnight and continuous | |
Debt Securities, Available-for-sale [Line Items] | |
Payable for repurchase agreements | 0 |
Less than 30 days | |
Debt Securities, Available-for-sale [Line Items] | |
Payable for repurchase agreements | 150 |
30-90 days | |
Debt Securities, Available-for-sale [Line Items] | |
Payable for repurchase agreements | 1,260 |
91 days to 1 year | |
Debt Securities, Available-for-sale [Line Items] | |
Payable for repurchase agreements | 201 |
Greater than 1 year | |
Debt Securities, Available-for-sale [Line Items] | |
Payable for repurchase agreements | $ 2,866 |
Investments - Schedule of Secur
Investments - Schedule of Securities Pledged As Collateral For Repurchase Agreements (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Total AFS securities | $ 124,631 |
AFS securities | 102,648 |
US government and agencies | |
Debt Securities, Available-for-sale [Line Items] | |
Total AFS securities | 3,229 |
AFS securities | 2,498 |
Foreign governments | |
Debt Securities, Available-for-sale [Line Items] | |
Total AFS securities | 1,208 |
AFS securities | 861 |
Corporate | |
Debt Securities, Available-for-sale [Line Items] | |
Total AFS securities | 72,556 |
AFS securities | 56,908 |
CLO | |
Debt Securities, Available-for-sale [Line Items] | |
Total AFS securities | 16,235 |
AFS securities | 14,146 |
ABS | |
Debt Securities, Available-for-sale [Line Items] | |
Total AFS securities | 10,691 |
AFS securities | 9,872 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | |
Debt Securities, Available-for-sale [Line Items] | |
Total AFS securities | 5,694 |
AFS securities | 4,606 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | US government and agencies | |
Debt Securities, Available-for-sale [Line Items] | |
Total AFS securities | 2,093 |
AFS securities | 1,592 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | Foreign governments | |
Debt Securities, Available-for-sale [Line Items] | |
Total AFS securities | 147 |
AFS securities | 104 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | Corporate | |
Debt Securities, Available-for-sale [Line Items] | |
Total AFS securities | 1,965 |
AFS securities | 1,580 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | CLO | |
Debt Securities, Available-for-sale [Line Items] | |
Total AFS securities | 282 |
AFS securities | 264 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | ABS | |
Debt Securities, Available-for-sale [Line Items] | |
Total AFS securities | 1,207 |
AFS securities | $ 1,066 |
Investments - Schedule of Parti
Investments - Schedule of Participating Mortgage Loans (Details) - Mortgage loans $ in Millions | Sep. 30, 2022 USD ($) |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Unpaid principal balance | $ 30,751 |
Mark to fair value | (2,612) |
Fair value | 28,139 |
Mortgage loans | 28,476 |
Commercial mortgage loans | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Unpaid principal balance | 20,756 |
Mark to fair value | (1,849) |
Fair value | 18,907 |
Residential mortgage loans | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Unpaid principal balance | 10,332 |
Mark to fair value | (763) |
Fair value | 9,569 |
Real Estate Loan | Commercial mortgage loans | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Unpaid principal balance | 19,976 |
Under-development | Commercial mortgage loans | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Unpaid principal balance | $ 780 |
Investments - Commercial and Re
Investments - Commercial and Residential Mortgage Loans, Percentage by Geographical Location (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 191,076 | $ 11,354 |
Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 18,907 | |
Percentage of Total | 100% | |
Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 100% | |
East North Central | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 1,560 | |
Percentage of Total | 8.30% | |
East South Central | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 408 | |
Percentage of Total | 2.20% | |
Middle Atlantic | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 4,141 | |
Percentage of Total | 21.90% | |
Mountain | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 884 | |
Percentage of Total | 4.70% | |
New England | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 1,063 | |
Percentage of Total | 5.60% | |
Pacific | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 3,875 | |
Percentage of Total | 20.50% | |
South Atlantic | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 2,743 | |
Percentage of Total | 14.50% | |
West North Central | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 253 | |
Percentage of Total | 1.30% | |
West South Central | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 1,080 | |
Percentage of Total | 5.70% | |
Total US residential mortgage loan percentage | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 16,007 | |
Percentage of Total | 84.70% | |
Total US residential mortgage loan percentage | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 87.20% | |
United Kingdom | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 1,802 | |
Percentage of Total | 9.50% | |
United Kingdom | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 4.60% | |
Ireland | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 3.40% | |
International Other | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 1,098 | |
Percentage of Total | 5.80% | |
International Other | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 4.80% | |
Total International Region | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 2,900 | |
Percentage of Total | 15.30% | |
Total International Region | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 12.80% | |
California | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 30.80% | |
Florida | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 9.90% | |
New Jersey | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 5.60% | |
New York | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 5.60% | |
Other | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 35.30% | |
Office building | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 4,730 | |
Percentage of Total | 25% | |
Retail | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 1,411 | |
Percentage of Total | 7.50% | |
Apartment | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 5,935 | |
Percentage of Total | 31.40% | |
Hotels | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 1,818 | |
Percentage of Total | 9.60% | |
Industrial | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 1,726 | |
Percentage of Total | 9.10% | |
Other commercial | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 3,287 | |
Percentage of Total | 17.40% |
Investments - Summarizes Athene
Investments - Summarizes Athene’s Investment Funds (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Net Investment Income [Line Items] | |
Investment Funds | $ 29 |
Total investment funds including related party and funds owned by consolidated VIEs | $ 13,186 |
Percent of total | 100% |
VIE, Primary Beneficiary | |
Net Investment Income [Line Items] | |
Investment Funds | $ 11,885 |
Percent of total | 100% |
Affiliated Entity | |
Net Investment Income [Line Items] | |
Investment Funds | $ 1,272 |
Percent of total | 100% |
Equity funds | |
Net Investment Income [Line Items] | |
Investment Funds | $ 5 |
Percent of total | 17.20% |
Equity funds | VIE, Primary Beneficiary | |
Net Investment Income [Line Items] | |
Investment Funds | $ 2,568 |
Percent of total | 21.50% |
Equity funds | Affiliated Entity | |
Net Investment Income [Line Items] | |
Investment Funds | $ 135 |
Percent of total | 10.70% |
Hybrid funds | |
Net Investment Income [Line Items] | |
Investment Funds | $ 20 |
Percent of total | 69% |
Hybrid funds | VIE, Primary Beneficiary | |
Net Investment Income [Line Items] | |
Investment Funds | $ 3,183 |
Percent of total | 26.80% |
Yield funds | |
Net Investment Income [Line Items] | |
Investment Funds | $ 4 |
Percent of total | 13.80% |
Yield funds | VIE, Primary Beneficiary | |
Net Investment Income [Line Items] | |
Investment Funds | $ 985 |
Percent of total | 8.30% |
Yield funds | Affiliated Entity | |
Net Investment Income [Line Items] | |
Investment Funds | $ 4 |
Percent of total | 0.30% |
Strategic origination platforms | VIE, Primary Beneficiary | |
Net Investment Income [Line Items] | |
Investment Funds | $ 4,524 |
Percent of total | 38.10% |
Strategic origination platforms | Affiliated Entity | |
Net Investment Income [Line Items] | |
Investment Funds | $ 68 |
Percent of total | 5.30% |
Strategic insurance platforms | VIE, Primary Beneficiary | |
Net Investment Income [Line Items] | |
Investment Funds | $ 545 |
Percent of total | 4.60% |
Strategic insurance platforms | Affiliated Entity | |
Net Investment Income [Line Items] | |
Investment Funds | $ 1,048 |
Percent of total | 82.40% |
Other | VIE, Primary Beneficiary | |
Net Investment Income [Line Items] | |
Investment Funds | $ 80 |
Percent of total | 0.70% |
Other | Affiliated Entity | |
Net Investment Income [Line Items] | |
Investment Funds | $ 17 |
Percent of total | 1.30% |
Investments - Concentration Ris
Investments - Concentration Risk (Details) - Shareholders' equity - Investment Concentration Risk $ in Millions | Sep. 30, 2022 USD ($) |
Athene Freedom | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | $ 1,422 |
Athora | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 1,123 |
PK AirFinance | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 933 |
AP Tundra | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 894 |
Cayman Universe | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 762 |
AOP Finance | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 754 |
MidCap | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 680 |
SoftBank Vision Fund II | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 666 |
AA Infrastructure | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 621 |
Bank of America | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 593 |
Apollo Rose | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 545 |
Morgan Stanley | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 512 |
Venerable | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 506 |
AP Hansel | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 500 |
Citigroup | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 494 |
AP Maia | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 487 |
JPMorgan Chase | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 452 |
AT&T Inc. | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 413 |
FWD Group | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 400 |
Comcast | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 372 |
Mileage Plus | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 371 |
Verizon | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 347 |
Goldman Sachs | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 310 |
AA Warehouse | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 299 |
HWIRE | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 294 |
Enterprise Products | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 280 |
Wheels Fleet Lease | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 279 |
Shell | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 279 |
Energy Trans | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | 266 |
Wells Fargo | |
Concentration Risk [Line Items] | |
Investment concentration risk, amount | $ 249 |
Derivatives - Notional Amount A
Derivatives - Notional Amount And Fair value of Derivative Instruments (Details) | Sep. 30, 2022 USD ($) |
Derivatives, Fair Value [Line Items] | |
Assets | $ (2,765,000,000) |
Derivative liabilities | 7,138,000,000 |
Derivatives designated as hedges | |
Derivatives, Fair Value [Line Items] | |
Assets | 1,824,000,000 |
Derivative liabilities | 1,460,000,000 |
Derivatives designated as hedges | Swaps | |
Derivatives, Fair Value [Line Items] | |
Notional Amount | 6,517,000,000 |
Assets | 1,122,000,000 |
Derivative liabilities | 241,000,000 |
Derivatives designated as hedges | Forwards | |
Derivatives, Fair Value [Line Items] | |
Notional Amount | 5,627,000,000 |
Assets | 697,000,000 |
Derivative liabilities | 5,000,000 |
Derivatives designated as hedges | Interest rate swaps | |
Derivatives, Fair Value [Line Items] | |
Notional Amount | 4,468,000,000 |
Assets | 0 |
Derivative liabilities | 1,055,000,000 |
Derivatives designated as hedges | Forwards on net investments | |
Derivatives, Fair Value [Line Items] | |
Notional Amount | 193,000,000 |
Assets | 4,000,000 |
Derivative liabilities | 0 |
Derivatives designated as hedges | Interest rate swaps | |
Derivatives, Fair Value [Line Items] | |
Notional Amount | 9,505,000,000 |
Assets | 1,000,000 |
Derivative liabilities | 159,000,000 |
Derivatives not designated as hedges | |
Derivatives, Fair Value [Line Items] | |
Assets | (4,589,000,000) |
Derivative liabilities | 5,678,000,000 |
Derivatives not designated as hedges | Swaps | |
Derivatives, Fair Value [Line Items] | |
Notional Amount | 3,428,000,000 |
Assets | 354,000,000 |
Derivative liabilities | 188,000,000 |
Derivatives not designated as hedges | Forwards | |
Derivatives, Fair Value [Line Items] | |
Notional Amount | 14,013,000,000 |
Assets | 864,000,000 |
Derivative liabilities | 439,000,000 |
Derivatives not designated as hedges | Interest rate swaps | |
Derivatives, Fair Value [Line Items] | |
Notional Amount | 465,000,000 |
Assets | 88,000,000 |
Derivative liabilities | 0 |
Derivatives not designated as hedges | Equity options | |
Derivatives, Fair Value [Line Items] | |
Notional Amount | 61,670,000,000 |
Assets | 905,000,000 |
Derivative liabilities | 122,000,000 |
Derivatives not designated as hedges | Futures | |
Derivatives, Fair Value [Line Items] | |
Notional Amount | 21,000,000 |
Assets | 30,000,000 |
Derivative liabilities | 2,000,000 |
Derivatives not designated as hedges | Total return swaps | |
Derivatives, Fair Value [Line Items] | |
Notional Amount | 99,000,000 |
Assets | 0 |
Derivative liabilities | 10,000,000 |
Derivatives not designated as hedges | Credit default swaps | |
Derivatives, Fair Value [Line Items] | |
Notional Amount | 10,000,000 |
Assets | 0 |
Derivative liabilities | 1,000,000 |
Derivatives not designated as hedges | Funds withheld including related party | |
Derivatives, Fair Value [Line Items] | |
Funds withheld at interest – embedded derivative | (6,830,000,000) |
Embedded derivative | (82,000,000) |
Derivatives not designated as hedges | Interest sensitive contract liabilities | |
Derivatives, Fair Value [Line Items] | |
Funds withheld at interest – embedded derivative | 0 |
Embedded derivative | $ 4,998,000,000 |
Derivative - Hedged Items In Fa
Derivative - Hedged Items In Fair Value Hedging Relationship (Details) - Fair Value Hedging $ in Millions | Sep. 30, 2022 USD ($) |
Swaps | Interest sensitive contract liabilities | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Carrying amount of the hedged liabilities | $ 1,081 |
Cumulative amount of fair value hedging gains (losses) | 162 |
Foreign currency interest rate swaps | Interest sensitive contract liabilities | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Carrying amount of the hedged liabilities | 4,348 |
Cumulative amount of fair value hedging gains (losses) | 879 |
Interest rate swaps | Interest sensitive contract liabilities | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Carrying amount of the hedged liabilities | 6,750 |
Cumulative amount of fair value hedging gains (losses) | 357 |
AFS securities | Forwards | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Carrying amount of the hedged assets | 3,989 |
Cumulative amount of fair value hedging gains (losses) | (644) |
AFS securities | Swaps | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Carrying amount of the hedged assets | 3,878 |
Cumulative amount of fair value hedging gains (losses) | $ (792) |
Derivative - Gain (Loss) Relate
Derivative - Gain (Loss) Related to Hedged Items In Fair Value Hedging Relationship (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Foreign currency forwards | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivatives | $ 288 | $ 616 |
Hedged Items | (290) | (648) |
Net | (2) | (32) |
Foreign currency forwards | Fair Value Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Recognized in income through amortization approach | 18 | 48 |
Recognized in income through changes in fair value | 0 | 1 |
Gains (losses) excluded from the assessment of hedge effectiveness recognized in OCI | (20) | (77) |
Foreign currency swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivatives | 256 | 589 |
Hedged Items | (283) | (630) |
Net | (27) | (41) |
Foreign currency swaps | Fair Value Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Recognized in income through amortization approach | 0 | 0 |
Recognized in income through changes in fair value | 0 | 0 |
Gains (losses) excluded from the assessment of hedge effectiveness recognized in OCI | 51 | 60 |
Foreign currency interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivatives | (379) | (873) |
Hedged Items | 384 | 879 |
Net | 5 | 6 |
Foreign currency interest rate swaps | Interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivatives | 12 | 37 |
Hedged Items | (14) | (37) |
Net | (2) | 0 |
Foreign currency interest rate swaps | Fair Value Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Recognized in income through amortization approach | 0 | 0 |
Recognized in income through changes in fair value | 0 | 0 |
Foreign currency interest rate swaps | Fair Value Hedging | Interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Recognized in income through amortization approach | 0 | 0 |
Recognized in income through changes in fair value | 0 | 0 |
Interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivatives | (268) | (345) |
Hedged Items | 264 | 357 |
Net | (4) | 12 |
Interest rate swaps | Fair Value Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Recognized in income through amortization approach | 0 | 0 |
Recognized in income through changes in fair value | $ 0 | $ 0 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Additional collateral | $ 0 | $ 0 |
Interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative losses recognized in earnings | 111,000,000 | 111,000,000 |
Amount expected to reclassified into income within the next 12 months | 0 | |
Net Investment Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative gains | $ 22,000,000 | 47,000,000 |
Accumulated other comprehensive income (loss) | $ 47,000,000 |
Derivative - Derivatives Not De
Derivative - Derivatives Not Designated as Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | $ (936) | $ (5,586) |
Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | (1,736) | (8,830) |
Equity options | Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | (449) | (2,728) |
Futures | Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | (34) | (153) |
Swaps | Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | 132 | 121 |
Forwards | Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | 454 | 971 |
Embedded derivatives on funds withheld | Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | (1,839) | (7,041) |
Embedded derivatives in indexed annuity products | Interest sensitive contract benefits | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | $ 800 | $ 3,244 |
Derivative - Offsetting Derivat
Derivative - Offsetting Derivative Assets and Liabilities (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Derivative assets | |
Gross amounts of recognized | $ 4,065 |
Financial instruments | (1,671) |
Collateral (received)/pledged | (2,538) |
Net amount | (144) |
Off-balance sheet securities collateral | 0 |
Net amount after securities collateral | (144) |
Derivative liabilities | |
Gross amounts of recognized | (2,222) |
Financial instruments | 1,671 |
Collateral (received)/pledged | 598 |
Net amount | 47 |
Off-balance sheet securities collateral | 0 |
Net amount after securities collateral | $ 47 |
Derivative - Retirement Service
Derivative - Retirement Services to Credit Events (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Credit Derivatives [Line Items] | |
Fair value of derivative liabilities with credit related provisions | $ 1 |
Credit default swaps | |
Credit Derivatives [Line Items] | |
Maximum exposure for credit default swaps | $ 10 |
Variable Interest Entities - Ga
Variable Interest Entities - Gain on Investments of Variable Interest Entities - Asset Management (Details) - VIE, Primary Beneficiary - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Variable Interest Entity [Line Items] | ||||
Net gains (losses) from investment activities | $ 78 | $ 104 | $ 88 | $ 460 |
Net gains (losses) from debt | 0 | (4) | 144 | (16) |
Interest and other income | 40 | 163 | 309 | 526 |
Interest and other expenses | (33) | (121) | (76) | (570) |
Net gains (losses) from investment activities | $ 85 | $ 142 | $ 465 | $ 400 |
Variable Interest Entities - Se
Variable Interest Entities - Senior Secured Notes, Subordinated Notes, Subscription Lines and Secured Borrowings (Details) - VIE, Primary Beneficiary - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 8,062 | |
Asset Management | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 2,667 | |
Senior secured notes | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 7,431 | |
Weighted Average Interest Rate | 3.16% | |
Weighted Average Remaining Maturity in Years | 15 years 6 months | |
Senior secured notes | Asset Management | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 1,854 | |
Weighted Average Interest Rate | 2.78% | |
Weighted Average Remaining Maturity in Years | 7 years | |
Subordinated notes | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 613 | |
Weighted Average Remaining Maturity in Years | 14 years 6 months | |
Subordinated notes | Asset Management | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 162 | |
Weighted Average Remaining Maturity in Years | 98 years | |
Subscription lines | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 0 | |
Subscription lines | Asset Management | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 651 | |
Weighted Average Interest Rate | 4.87% | |
Weighted Average Remaining Maturity in Years | 1 month 20 days | |
Secured debt | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 18 | |
Weighted Average Interest Rate | 2.33% | |
Weighted Average Remaining Maturity in Years | 4 months 24 days | |
Secured debt | Asset Management | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 0 |
VARIABLE INTEREST ENTITIES - Su
VARIABLE INTEREST ENTITIES - Summarizes the Statement of Operations Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Investment Income [Line Items] | ||||
Trading securities | $ (119) | $ (455) | ||
Net recognized investment losses on mortgage loans | (1,199) | (3,094) | ||
Other gains | 807 | 1,614 | ||
Investment related gains (losses) | (2,847) | (12,823) | ||
Total Consolidated Revenues | 2,979 | $ 1,078 | 6,126 | $ 4,756 |
Retirement Services | ||||
Net Investment Income [Line Items] | ||||
Net investment income | 2,033 | 0 | 5,667 | 0 |
Total Consolidated Revenues | 2,502 | 0 | 4,248 | 0 |
Retirement Services | VIE, Primary Beneficiary | ||||
Net Investment Income [Line Items] | ||||
Net investment income | 35 | 89 | ||
Trading securities | (38) | (38) | ||
Net recognized investment losses on mortgage loans | (103) | (262) | ||
Investment funds | 236 | 354 | ||
Other gains | (16) | 5 | ||
Investment related gains (losses) | 79 | 59 | ||
Total Consolidated Revenues | 114 | $ 0 | 148 | $ 0 |
Trading securities | Retirement Services | VIE, Primary Beneficiary | ||||
Net Investment Income [Line Items] | ||||
Net investment income | 10 | 12 | ||
Equity securities | Retirement Services | VIE, Primary Beneficiary | ||||
Net Investment Income [Line Items] | ||||
Net investment income | 13 | 13 | ||
Mortgage loans | Retirement Services | VIE, Primary Beneficiary | ||||
Net Investment Income [Line Items] | ||||
Net investment income | 22 | 67 | ||
Investment funds | Retirement Services | VIE, Primary Beneficiary | ||||
Net Investment Income [Line Items] | ||||
Net investment income | 6 | 0 | ||
Other investments | Retirement Services | VIE, Primary Beneficiary | ||||
Net Investment Income [Line Items] | ||||
Net investment income | $ (16) | $ (3) |
Variable Interest Entities - Ca
Variable Interest Entities - Carrying Value and Maximum Exposure to Loss Relating to Non-consolidated VIEs (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Maximum Loss Exposure | ||
Maximum Loss Exposure | $ 68,679 | |
Carrying Value | 55,261 | |
VIE, Not Primary Beneficiary | ||
Maximum Loss Exposure | ||
Maximum Loss Exposure | 288 | $ 241 |
Investment funds | ||
Maximum Loss Exposure | ||
Maximum Loss Exposure | 323 | |
Carrying Value | 29 | |
Investment funds | VIE, Primary Beneficiary | ||
Maximum Loss Exposure | ||
Maximum Loss Exposure | 19,330 | |
Carrying Value | 11,885 | |
Investment funds | Affiliated Entity | ||
Maximum Loss Exposure | ||
Maximum Loss Exposure | 1,272 | |
Carrying Value | 1,272 | |
Fixed maturity securities | ||
Maximum Loss Exposure | ||
Maximum Loss Exposure | 37,775 | |
Carrying Value | 32,801 | |
Fixed maturity securities | Affiliated Entity | ||
Maximum Loss Exposure | ||
Maximum Loss Exposure | 9,639 | |
Carrying Value | 8,934 | |
Equity securities | Affiliated Entity | ||
Maximum Loss Exposure | ||
Maximum Loss Exposure | 340 | |
Carrying Value | $ 340 |
Fair Value - Schedule of Financ
Fair Value - Schedule of Financial Assets and Liabilities Recorded at Fair value (Details) - USD ($) $ in Millions | Sep. 30, 2022 | May 03, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | $ 10,942 | $ 2,090 | ||
Restricted cash and cash equivalents | ||||
AFS securities | 102,648 | |||
Derivative assets | (2,765) | |||
Liabilities – Asset Management | ||||
Debt | 4,981 | 3,499 | ||
Derivative liabilities | 7,138 | |||
Griffin Capital, Asset Management Business | ||||
Liabilities – Asset Management | ||||
Contingent consideration obligations | $ 64 | |||
US state, municipal and political subdivisions | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 920 | |||
Corporate | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 56,908 | |||
CLO | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 14,146 | |||
ABS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 9,872 | |||
CMBS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 3,063 | |||
RMBS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 5,325 | |||
Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Total Assets | 167,459 | |||
Liabilities – Asset Management | ||||
Total Liabilities | 11,600 | |||
Asset Management | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 1,119 | 917 | ||
Restricted cash and cash equivalents | 697 | 708 | ||
Investments, at fair value | 1,131 | 5,589 | ||
Liabilities – Asset Management | ||||
Debt | 2,554 | 3,499 | ||
Performance allocations | 2,389 | 2,732 | ||
Asset Management | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 1,119 | 917 | ||
Restricted cash and cash equivalents | 697 | 708 | ||
AFS securities | 1,372 | 1,687 | ||
Due from related parties | 42 | 48 | ||
Derivative assets | 49 | 8 | ||
Equity securities | 1,131 | 4,548 | ||
Other investments | 1,041 | |||
Total Assets | 7,597 | 24,157 | ||
Liabilities – Asset Management | ||||
Other liabilities | 2 | 48 | ||
Contingent consideration obligations | 128 | 126 | ||
Derivative liabilities | 2 | |||
Total Liabilities | 1,841 | 8,153 | ||
Retirement Services | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 9,823 | 0 | ||
Restricted cash and cash equivalents | 1,024 | 0 | ||
AFS securities | 102,648 | 0 | ||
Derivative assets | 4,065 | 0 | ||
Mortgage loans | 26,476 | 0 | ||
Investment funds | 1,301 | 0 | ||
Liabilities – Asset Management | ||||
Debt | 2,427 | 0 | ||
Retirement Services | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Restricted cash and cash equivalents | 1,024 | |||
AFS securities | 93,593 | |||
Derivative assets | 4,065 | |||
Trading securities | 1,590 | |||
Equity securities | 1,207 | |||
Mortgage loans | 25,145 | |||
Funds withheld at interest – embedded derivative | (5,259) | |||
Short-term investments | 292 | |||
Other investments | 666 | |||
Cash and cash equivalents | 9,823 | |||
Reinsurance recoverable | 1,476 | |||
Total Assets | 159,862 | |||
Liabilities – Asset Management | ||||
Embedded derivative | 4,998 | |||
Universal life benefits | 852 | |||
Derivative liabilities | 2,222 | |||
Funds withheld liability | (82) | |||
Total Liabilities | 9,759 | |||
Retirement Services | Fair Value, Recurring | US government and agencies | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 2,498 | |||
Retirement Services | Fair Value, Recurring | US state, municipal and political subdivisions | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 920 | |||
Retirement Services | Fair Value, Recurring | Foreign governments | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 861 | |||
Retirement Services | Fair Value, Recurring | Corporate | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 56,908 | |||
Retirement Services | Fair Value, Recurring | CLO | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 14,146 | |||
Retirement Services | Fair Value, Recurring | ABS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 9,872 | |||
Retirement Services | Fair Value, Recurring | CMBS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 3,063 | |||
Retirement Services | Fair Value, Recurring | RMBS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 5,325 | |||
Retirement Services | Fair Value, Recurring | AmerUs closed block | ||||
Liabilities – Asset Management | ||||
Closed block liabilities | 1,157 | |||
Retirement Services | Fair Value, Recurring | ILICO closed block and life benefits | ||||
Liabilities – Asset Management | ||||
Closed block liabilities | 612 | |||
Affiliated Entity | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 9,055 | |||
Liabilities – Asset Management | ||||
Performance allocations | 89 | 81 | ||
Affiliated Entity | Corporate | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 1,022 | |||
Affiliated Entity | CLO | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 2,481 | |||
Affiliated Entity | ABS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 5,552 | |||
Affiliated Entity | Retirement Services | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 9,055 | |||
Trading securities | 901 | |||
Equity securities | 340 | |||
Mortgage loans | 1,331 | |||
Investment funds | 789 | |||
Funds withheld at interest – embedded derivative | (1,571) | |||
Affiliated Entity | Retirement Services | Fair Value, Recurring | Corporate | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 1,022 | |||
Affiliated Entity | Retirement Services | Fair Value, Recurring | CLO | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 2,481 | |||
Affiliated Entity | Retirement Services | Fair Value, Recurring | ABS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 5,552 | |||
VIE, Primary Beneficiary | Fair Value, Recurring | ||||
Liabilities – Asset Management | ||||
Other liabilities | 2 | 35 | ||
VIE, Primary Beneficiary | Asset Management | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 155 | 463 | ||
VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 155 | 463 | ||
Investments, at fair value | 3,032 | 14,737 | ||
Liabilities – Asset Management | ||||
Debt | 1,709 | 7,942 | ||
VIE, Primary Beneficiary | Retirement Services | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 418 | 0 | ||
VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Trading securities | 988 | |||
Equity securities | 15 | |||
Mortgage loans | 1,663 | |||
Investment funds | 11,885 | |||
Other investments | 152 | |||
Cash and cash equivalents | 418 | |||
VIE, Primary Beneficiary | Affiliated Entity | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 1 | 2 | ||
Restricted cash and cash equivalents | 695 | 690 | ||
AFS securities | 347 | 1,162 | ||
VIE, Primary Beneficiary | Affiliated Entity | US Treasury securities | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 347 | 1,200 | ||
Level 1 | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Total Assets | 17,673 | |||
Liabilities – Asset Management | ||||
Total Liabilities | (6) | |||
Level 1 | Asset Management | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 1,119 | 917 | ||
Restricted cash and cash equivalents | 697 | 708 | ||
AFS securities | 1,372 | 1,687 | ||
Due from related parties | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Equity securities | 147 | 4,548 | ||
Other investments | 49 | |||
Total Assets | 3,507 | 8,378 | ||
Liabilities – Asset Management | ||||
Other liabilities | 2 | 48 | ||
Contingent consideration obligations | 0 | 0 | ||
Derivative liabilities | 0 | |||
Total Liabilities | 2 | 48 | ||
Level 1 | Retirement Services | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Restricted cash and cash equivalents | 1,024 | |||
AFS securities | 2,496 | |||
Derivative assets | 31 | |||
Trading securities | 24 | |||
Equity securities | 265 | |||
Mortgage loans | 0 | |||
Funds withheld at interest – embedded derivative | 0 | |||
Short-term investments | 81 | |||
Other investments | 0 | |||
Cash and cash equivalents | 9,823 | |||
Reinsurance recoverable | 0 | |||
Total Assets | 14,166 | |||
Liabilities – Asset Management | ||||
Embedded derivative | 0 | |||
Universal life benefits | 0 | |||
Derivative liabilities | (8) | |||
Funds withheld liability | 0 | |||
Total Liabilities | (8) | |||
Level 1 | Retirement Services | Fair Value, Recurring | US government and agencies | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 2,496 | |||
Level 1 | Retirement Services | Fair Value, Recurring | US state, municipal and political subdivisions | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | Foreign governments | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | Corporate | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | CLO | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | ABS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | CMBS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | RMBS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | AmerUs closed block | ||||
Liabilities – Asset Management | ||||
Closed block liabilities | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | ILICO closed block and life benefits | ||||
Liabilities – Asset Management | ||||
Closed block liabilities | 0 | |||
Level 1 | Affiliated Entity | Retirement Services | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 0 | |||
Trading securities | 0 | |||
Equity securities | 0 | |||
Mortgage loans | 0 | |||
Investment funds | 0 | |||
Funds withheld at interest – embedded derivative | 0 | |||
Other investments | 0 | |||
Level 1 | Affiliated Entity | Retirement Services | Fair Value, Recurring | Corporate | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 0 | |||
Level 1 | Affiliated Entity | Retirement Services | Fair Value, Recurring | CLO | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 0 | |||
Level 1 | Affiliated Entity | Retirement Services | Fair Value, Recurring | ABS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 0 | |||
Level 1 | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 155 | 463 | ||
Investments, at fair value | 17 | 6 | ||
Liabilities – Asset Management | ||||
Debt | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Level 1 | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Trading securities | 4 | |||
Equity securities | 0 | |||
Mortgage loans | 0 | |||
Investment funds | 0 | |||
Other investments | 0 | |||
Cash and cash equivalents | 418 | |||
Level 2 | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Total Assets | 97,159 | |||
Liabilities – Asset Management | ||||
Total Liabilities | 3,858 | |||
Level 2 | Asset Management | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and cash equivalents | 0 | 0 | ||
AFS securities | 0 | 0 | ||
Due from related parties | 0 | 0 | ||
Derivative assets | 41 | 8 | ||
Equity securities | 36 | 0 | ||
Other investments | 46 | |||
Total Assets | 1,872 | 1,109 | ||
Liabilities – Asset Management | ||||
Other liabilities | 0 | 0 | ||
Contingent consideration obligations | 0 | 0 | ||
Derivative liabilities | 2 | |||
Total Liabilities | 1,711 | 451 | ||
Level 2 | Retirement Services | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Restricted cash and cash equivalents | 0 | |||
AFS securities | 85,582 | |||
Derivative assets | 4,034 | |||
Trading securities | 1,512 | |||
Equity securities | 870 | |||
Mortgage loans | 0 | |||
Funds withheld at interest – embedded derivative | 0 | |||
Short-term investments | 176 | |||
Other investments | 170 | |||
Cash and cash equivalents | 0 | |||
Reinsurance recoverable | 0 | |||
Total Assets | 95,287 | |||
Liabilities – Asset Management | ||||
Embedded derivative | 0 | |||
Universal life benefits | 0 | |||
Derivative liabilities | 2,229 | |||
Funds withheld liability | (82) | |||
Total Liabilities | 2,147 | |||
Level 2 | Retirement Services | Fair Value, Recurring | US government and agencies | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 2 | |||
Level 2 | Retirement Services | Fair Value, Recurring | US state, municipal and political subdivisions | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 920 | |||
Level 2 | Retirement Services | Fair Value, Recurring | Foreign governments | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 859 | |||
Level 2 | Retirement Services | Fair Value, Recurring | Corporate | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 55,246 | |||
Level 2 | Retirement Services | Fair Value, Recurring | CLO | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 14,143 | |||
Level 2 | Retirement Services | Fair Value, Recurring | ABS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 6,024 | |||
Level 2 | Retirement Services | Fair Value, Recurring | CMBS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 3,063 | |||
Level 2 | Retirement Services | Fair Value, Recurring | RMBS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 5,325 | |||
Level 2 | Retirement Services | Fair Value, Recurring | AmerUs closed block | ||||
Liabilities – Asset Management | ||||
Closed block liabilities | 0 | |||
Level 2 | Retirement Services | Fair Value, Recurring | ILICO closed block and life benefits | ||||
Liabilities – Asset Management | ||||
Closed block liabilities | 0 | |||
Level 2 | Affiliated Entity | Retirement Services | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 2,563 | |||
Trading securities | 0 | |||
Equity securities | 0 | |||
Mortgage loans | 0 | |||
Investment funds | 0 | |||
Funds withheld at interest – embedded derivative | 0 | |||
Other investments | 0 | |||
Level 2 | Affiliated Entity | Retirement Services | Fair Value, Recurring | Corporate | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 169 | |||
Level 2 | Affiliated Entity | Retirement Services | Fair Value, Recurring | CLO | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 2,170 | |||
Level 2 | Affiliated Entity | Retirement Services | Fair Value, Recurring | ABS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 224 | |||
Level 2 | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 0 | 0 | ||
Investments, at fair value | 1,795 | 1,055 | ||
Liabilities – Asset Management | ||||
Debt | 1,709 | 446 | ||
Other liabilities | 2 | 3 | ||
Level 2 | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Trading securities | 364 | |||
Equity securities | 0 | |||
Mortgage loans | 0 | |||
Investment funds | 0 | |||
Other investments | 16 | |||
Cash and cash equivalents | 0 | |||
Level 3 | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Total Assets | 42,983 | |||
Liabilities – Asset Management | ||||
Total Liabilities | 7,748 | |||
Level 3 | Asset Management | ||||
Liabilities – Asset Management | ||||
Performance allocations | 178 | 176 | ||
Level 3 | Asset Management | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and cash equivalents | 0 | 0 | ||
AFS securities | 0 | 0 | ||
Due from related parties | 42 | 48 | ||
Derivative assets | 8 | 0 | ||
Equity securities | 939 | 0 | ||
Other investments | 946 | |||
Total Assets | 2,153 | 14,182 | ||
Liabilities – Asset Management | ||||
Other liabilities | 0 | 0 | ||
Contingent consideration obligations | 128 | 126 | ||
Derivative liabilities | 0 | |||
Total Liabilities | 128 | 7,653 | ||
Contingent consideration included in profit sharing payable | 103 | 126 | ||
Level 3 | Asset Management | Fair Value, Recurring | Griffin Capital, Asset Management Business | ||||
Liabilities – Asset Management | ||||
Contingent consideration obligations | 25 | |||
Level 3 | Retirement Services | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Restricted cash and cash equivalents | 0 | |||
AFS securities | 5,515 | |||
Derivative assets | 0 | |||
Trading securities | 54 | |||
Equity securities | 72 | |||
Mortgage loans | 25,145 | |||
Funds withheld at interest – embedded derivative | (5,259) | |||
Short-term investments | 35 | |||
Other investments | 496 | |||
Cash and cash equivalents | 0 | |||
Reinsurance recoverable | 1,476 | |||
Total Assets | 40,830 | |||
Liabilities – Asset Management | ||||
Embedded derivative | 4,998 | |||
Universal life benefits | 852 | |||
Derivative liabilities | 1 | |||
Funds withheld liability | 0 | |||
Total Liabilities | 7,620 | |||
Level 3 | Retirement Services | Fair Value, Recurring | US government and agencies | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 0 | |||
Level 3 | Retirement Services | Fair Value, Recurring | US state, municipal and political subdivisions | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 0 | |||
Level 3 | Retirement Services | Fair Value, Recurring | Foreign governments | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 2 | |||
Level 3 | Retirement Services | Fair Value, Recurring | Corporate | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 1,662 | |||
Level 3 | Retirement Services | Fair Value, Recurring | CLO | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 3 | |||
Level 3 | Retirement Services | Fair Value, Recurring | ABS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 3,848 | |||
Level 3 | Retirement Services | Fair Value, Recurring | CMBS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 0 | |||
Level 3 | Retirement Services | Fair Value, Recurring | RMBS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 0 | |||
Level 3 | Retirement Services | Fair Value, Recurring | AmerUs closed block | ||||
Liabilities – Asset Management | ||||
Closed block liabilities | 1,157 | |||
Level 3 | Retirement Services | Fair Value, Recurring | ILICO closed block and life benefits | ||||
Liabilities – Asset Management | ||||
Closed block liabilities | 612 | |||
Level 3 | Affiliated Entity | Retirement Services | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 6,492 | |||
Trading securities | 901 | |||
Equity securities | 340 | |||
Mortgage loans | 1,331 | |||
Investment funds | 789 | |||
Funds withheld at interest – embedded derivative | (1,571) | |||
Other investments | 274 | |||
Level 3 | Affiliated Entity | Retirement Services | Fair Value, Recurring | Corporate | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 853 | |||
Level 3 | Affiliated Entity | Retirement Services | Fair Value, Recurring | CLO | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 311 | |||
Level 3 | Affiliated Entity | Retirement Services | Fair Value, Recurring | ABS | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
AFS securities | 5,328 | |||
Level 3 | VIE, Primary Beneficiary | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Equity securities | 4,145 | |||
Level 3 | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 0 | 0 | ||
Investments, at fair value | 1,164 | 13,188 | ||
Liabilities – Asset Management | ||||
Debt | 0 | 7,496 | ||
Other liabilities | 0 | 31 | ||
Level 3 | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Trading securities | 620 | |||
Equity securities | 15 | |||
Mortgage loans | 1,663 | |||
Investment funds | 2,306 | |||
Other investments | 136 | |||
Cash and cash equivalents | 0 | |||
NAV | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Total Assets | 9,644 | |||
NAV | Asset Management | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Equity securities | 9 | |||
Total Assets | 65 | 488 | ||
Liabilities – Asset Management | ||||
Total Liabilities | 1 | |||
NAV | Retirement Services | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Total Assets | 9,579 | |||
NAV | Affiliated Entity | Retirement Services | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Other investments | 274 | |||
NAV | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Investments, at fair value | 56 | 488 | ||
Liabilities – Asset Management | ||||
Other liabilities | $ 1 | |||
NAV | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Investment funds | $ 9,579 |
Fair Value - Quantitative Input
Fair Value - Quantitative Inputs and Assumptions used for Financial Assets and Liabilities (Details) $ in Millions | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ (2,765) | |
Level 3 | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | $ 4,145 | |
Real estate | 512 | |
Level 3 | VIE, Primary Beneficiary | Bank loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans | 4,570 | |
Embedded value | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other investments | 516 | |
Discounted cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration obligations | 126 | |
Discounted cash flow | Level 3 | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 51 | |
Profit participating notes | 2,849 | |
Other equity investments | 1,061 | |
Participating equity | 21 | |
Other liabilities | 31 | |
Discounted cash flow | Level 3 | VIE, Primary Beneficiary | Secured debt | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt | 4,311 | |
Discounted cash flow | Level 3 | VIE, Primary Beneficiary | Subordinated notes | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt | 3,164 | |
Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other investments | 170 | |
Due from related parties | $ 48 | |
Due from related parties, measurement input | 0.160 | |
Contingent consideration obligation, measurement input | 0.185 | |
Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Participating equity, measurement input | 0.150 | |
Discounted cash flow | Level 3 | Terminal capitalization rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate, measurement input | 0.083 | |
Adjusted transaction value | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other investments | $ 260 | |
Adjusted transaction value | Level 3 | Purchase Multiple | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, measurement input | 1.25 | |
Dividend discount model | Level 3 | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, measurement input | 13.7 | |
Market comparable companies | Level 3 | NTAV Multiple | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, measurement input | 1.25 | |
Weighted Average | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other investments, measurement input | 0.264 | |
Weighted Average | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Due from related parties, measurement input | 0.160 | |
Contingent consideration obligation, measurement input | 0.185 | |
Weighted Average | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.061 | |
Other equity investments, measurement input | 0.121 | |
Equity securities, measurement input | 0.104 | |
Profit participating notes, measurement input | 0.124 | |
Real estate, measurement input | 0.073 | |
Participating equity, measurement input | 0.150 | |
Other liabilities, measurement input | 0.063 | |
Weighted Average | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | Bank loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans, measurement input | 0.043 | |
Weighted Average | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | Secured debt | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, measurement input | 0.028 | |
Weighted Average | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | Subordinated notes | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, measurement input | 0.058 | |
Weighted Average | Discounted cash flow | Level 3 | Capitalization rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate, measurement input | 0.053 | |
Weighted Average | Discounted cash flow | Level 3 | Terminal capitalization rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate, measurement input | 0.083 | |
Weighted Average | Adjusted transaction value | Level 3 | Purchase Multiple | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, measurement input | 1.25 | |
Weighted Average | Dividend discount model | Level 3 | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, measurement input | 0.137 | |
Weighted Average | Direct capitalization | Level 3 | Capitalization rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate, measurement input | 0.062 | |
Weighted Average | Direct capitalization | Level 3 | Terminal capitalization rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate, measurement input | 0.069 | |
Weighted Average | Market comparable companies | Level 3 | NTAV Multiple | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, measurement input | 1.25 | |
Minimum | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.140 | |
Minimum | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.040 | |
Other equity investments, measurement input | 0.118 | |
Equity securities, measurement input | 0.030 | |
Profit participating notes, measurement input | 0.087 | |
Real estate, measurement input | 0.050 | |
Bank loans, measurement input | 0.018 | |
Minimum | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | Secured debt | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, measurement input | 0.014 | |
Other liabilities, measurement input | 0.037 | |
Minimum | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | Subordinated notes | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, measurement input | 0.045 | |
Minimum | Discounted cash flow | Level 3 | Capitalization rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate, measurement input | 0.040 | |
Minimum | Direct capitalization | Level 3 | Capitalization rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate, measurement input | 0.055 | |
Minimum | Direct capitalization | Level 3 | Terminal capitalization rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate, measurement input | 0.060 | |
Maximum | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.528 | |
Maximum | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.070 | |
Other equity investments, measurement input | 0.125 | |
Equity securities, measurement input | 0.190 | |
Profit participating notes, measurement input | 0.125 | |
Real estate, measurement input | 0.125 | |
Bank loans, measurement input | 0.156 | |
Maximum | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | Secured debt | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, measurement input | 0.100 | |
Other liabilities, measurement input | 0.093 | |
Maximum | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | Subordinated notes | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, measurement input | 0.119 | |
Maximum | Discounted cash flow | Level 3 | Capitalization rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate, measurement input | 0.058 | |
Maximum | Direct capitalization | Level 3 | Capitalization rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate, measurement input | 0.085 | |
Maximum | Direct capitalization | Level 3 | Terminal capitalization rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate, measurement input | 0.120 | |
Asset Management | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 1,131 | $ 5,589 |
Asset Management | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt | 1,709 | 7,943 |
Asset Management | Embedded value | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 512 | |
Asset Management | Discounted cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration obligations | 128 | |
Asset Management | Discounted cash flow | Level 3 | VIE, Primary Beneficiary | Bank loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans | 529 | |
Asset Management | Discounted cash flow | Level 3 | VIE, Primary Beneficiary | Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | $ 32 | |
Bank loans, measurement input | 0.079 | |
Asset Management | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | $ 122 | |
Due from related parties | $ 42 | |
Due from related parties, measurement input | 0.150 | |
Asset Management | Adjusted transaction value | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | $ 306 | |
Asset Management | Option model | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 8 | |
Asset Management | Dividend discount model | Level 3 | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | $ 603 | |
Asset Management | Dividend discount model | Level 3 | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, measurement input | 0.139 | |
Asset Management | Weighted Average | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.294 | |
Asset Management | Weighted Average | Discounted cash flow | Level 3 | VIE, Primary Beneficiary | Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans, measurement input | 0.079 | |
Asset Management | Weighted Average | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Due from related parties, measurement input | 0.150 | |
Contingent consideration obligation, measurement input | 0.197 | |
Asset Management | Weighted Average | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, measurement input | 0.240 | |
Asset Management | Weighted Average | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | Bank loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans, measurement input | 0.079 | |
Asset Management | Weighted Average | Option model | Level 3 | Volatility rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, measurement input | 0.397 | |
Contingent consideration obligation, measurement input | 0.344 | |
Asset Management | Weighted Average | Dividend discount model | Level 3 | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, measurement input | 0.139 | |
Asset Management | Minimum | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.087 | |
Asset Management | Minimum | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration obligation, measurement input | 0.190 | |
Asset Management | Minimum | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, measurement input | 0.200 | |
Asset Management | Minimum | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | Bank loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans, measurement input | 0.071 | |
Asset Management | Minimum | Option model | Level 3 | Volatility rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, measurement input | 0.388 | |
Contingent consideration obligation, measurement input | 0.321 | |
Asset Management | Maximum | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.528 | |
Asset Management | Maximum | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration obligation, measurement input | 0.225 | |
Asset Management | Maximum | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, measurement input | 0.400 | |
Asset Management | Maximum | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | Bank loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans, measurement input | 0.327 | |
Asset Management | Maximum | Option model | Level 3 | Volatility rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, measurement input | 0.400 | |
Contingent consideration obligation, measurement input | 0.367 | |
Retirement Services | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 4,065 | $ 0 |
Retirement Services | Discounted cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative | 4,998 | |
Retirement Services | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt | 28,139 | |
AFS and trading securities | $ 11,191 | |
Retirement Services | Weighted Average | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, measurement input | 0.058 | |
AFS and trading securities, measurement input | 0.059 | |
Retirement Services | Weighted Average | Discounted cash flow | Level 3 | Nonperformance risk | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Funds withheld at interest - embedded derivative, measurement input | 0.012 | |
Retirement Services | Weighted Average | Discounted cash flow | Level 3 | Option budget | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Funds withheld at interest - embedded derivative, measurement input | 0.018 | |
Retirement Services | Weighted Average | Discounted cash flow | Level 3 | Surrender rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Funds withheld at interest - embedded derivative, measurement input | 0.081 | |
Retirement Services | Minimum | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, measurement input | 0.026 | |
AFS and trading securities, measurement input | 0.016 | |
Retirement Services | Minimum | Discounted cash flow | Level 3 | Nonperformance risk | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Funds withheld at interest - embedded derivative, measurement input | 0.005 | |
Retirement Services | Minimum | Discounted cash flow | Level 3 | Option budget | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Funds withheld at interest - embedded derivative, measurement input | 0.005 | |
Retirement Services | Minimum | Discounted cash flow | Level 3 | Surrender rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Funds withheld at interest - embedded derivative, measurement input | 0.050 | |
Retirement Services | Maximum | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Long-term debt, measurement input | 0.357 | |
AFS and trading securities, measurement input | 0.198 | |
Retirement Services | Maximum | Discounted cash flow | Level 3 | Nonperformance risk | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Funds withheld at interest - embedded derivative, measurement input | 0.019 | |
Retirement Services | Maximum | Discounted cash flow | Level 3 | Option budget | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Funds withheld at interest - embedded derivative, measurement input | 0.045 | |
Retirement Services | Maximum | Discounted cash flow | Level 3 | Surrender rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Funds withheld at interest - embedded derivative, measurement input | 0.115 |
Fair Value - Schedule of Unobse
Fair Value - Schedule of Unobservable Input Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Asset Management | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 2,270 | $ 12,268 | $ 14,134 | $ 11,333 |
Total realized and unrealized gains (losses) included in income | (1) | 119 | 181 | 473 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Net purchases, issuances, sales and settlements | (10) | 145 | 1,809 | 1,018 |
Net transfers in (out) | (148) | (167) | (14,013) | (459) |
Ending balance | 2,111 | 12,365 | 2,111 | 12,365 |
Total gains (losses) included in earnings | 8 | 100 | 77 | 327 |
Total gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 139 | 7,335 | 7,654 | 7,220 |
Total realized and unrealized gains (losses) included in income | (11) | 1 | (49) | 89 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Net purchases, issuances, sales and settlements | 0 | (21) | 1,149 | 6 |
Net transfers in (out) | 0 | 0 | (8,626) | 0 |
Ending balance | 128 | 7,315 | 128 | 7,315 |
Total gains (losses) included in earnings | 0 | 5 | 0 | 94 |
Total gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 39,688 | 45,752 | ||
Total realized and unrealized gains (losses) included in income | (3,205) | (10,718) | ||
Total realized and unrealized gains (losses) included in OCI | (213) | (551) | ||
Net purchases, issuances, sales and settlements | 4,338 | 8,516 | ||
Net transfers in (out) | 222 | (2,169) | ||
Ending balance | 40,830 | 40,830 | ||
Total gains (losses) included in earnings | (1,334) | (3,343) | ||
Total gains (losses) included in OCI | (217) | (473) | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (8,265) | (11,059) | ||
Total realized and unrealized gains (losses) included in income | 992 | 4,122 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | (347) | (683) | ||
Net transfers in (out) | 0 | 0 | ||
Ending balance | (7,620) | (7,620) | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Embedded derivatives | Retirement Services | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (5,451) | (7,559) | ||
Total realized and unrealized gains (losses) included in income | 800 | 3,244 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | (347) | (683) | ||
Net transfers in (out) | 0 | 0 | ||
Ending balance | (4,998) | (4,998) | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Contingent consideration obligations | Asset Management | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 139 | 129 | 126 | 120 |
Total realized and unrealized gains (losses) included in income | (11) | (2) | (21) | 20 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Net purchases, issuances, sales and settlements | 0 | (7) | 23 | (20) |
Net transfers in (out) | 0 | 0 | 0 | 0 |
Ending balance | 128 | 120 | 128 | 120 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Total gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Universal life benefits | Retirement Services | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (943) | (1,235) | ||
Total realized and unrealized gains (losses) included in income | 91 | 383 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Net transfers in (out) | 0 | 0 | ||
Ending balance | (852) | (852) | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
AmerUs closed block | Retirement Services | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (1,247) | (1,520) | ||
Total realized and unrealized gains (losses) included in income | 90 | 363 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Net transfers in (out) | 0 | 0 | ||
Ending balance | (1,157) | (1,157) | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
ILICO closed block and life benefits | Retirement Services | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (623) | (742) | ||
Total realized and unrealized gains (losses) included in income | 11 | 130 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Net transfers in (out) | 0 | 0 | ||
Ending balance | (612) | (612) | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Derivative liabilities | Retirement Services | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (1) | (3) | ||
Total realized and unrealized gains (losses) included in income | 0 | 2 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Net transfers in (out) | 0 | 0 | ||
Ending balance | (1) | (1) | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Debt | Asset Management | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 7,100 | |||
Total realized and unrealized gains (losses) included in income | 69 | |||
Total realized and unrealized gains (losses) included in OCI | 0 | |||
Net purchases, issuances, sales and settlements | (14) | 1,126 | 26 | |
Net transfers in (out) | 0 | (8,626) | 0 | |
Ending balance | 7,195 | 7,195 | ||
Total gains (losses) included in earnings | 94 | |||
Total gains (losses) included in OCI | 0 | |||
Investments, at fair value | Asset Management | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1,080 | 946 | ||
Total realized and unrealized gains (losses) included in income | (25) | (16) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | (108) | 204 | (6) | 201 |
Net transfers in (out) | 0 | (2) | 23 | (1) |
Ending balance | 947 | 947 | ||
Total gains (losses) included in earnings | 12 | 72 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Foreign governments | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 2 | 2 | ||
Total realized and unrealized gains (losses) included in income | 0 | 0 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Net transfers in (out) | 0 | 0 | ||
Ending balance | 2 | 2 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Corporate | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1,588 | 1,339 | ||
Total realized and unrealized gains (losses) included in income | (16) | (19) | ||
Total realized and unrealized gains (losses) included in OCI | (58) | (135) | ||
Net purchases, issuances, sales and settlements | 205 | 385 | ||
Net transfers in (out) | (57) | 92 | ||
Ending balance | 1,662 | 1,662 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | (55) | (120) | ||
CLO | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 14 | ||
Total realized and unrealized gains (losses) included in income | 0 | (2) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 3 | (9) | ||
Net transfers in (out) | 0 | 0 | ||
Ending balance | 3 | 3 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
ABS | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 3,594 | 3,619 | ||
Total realized and unrealized gains (losses) included in income | 2 | 9 | ||
Total realized and unrealized gains (losses) included in OCI | (50) | (145) | ||
Net purchases, issuances, sales and settlements | 198 | 198 | ||
Net transfers in (out) | 104 | 167 | ||
Ending balance | 3,848 | 3,848 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | (60) | (116) | ||
CMBS | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 43 | ||
Total realized and unrealized gains (losses) included in income | 0 | 0 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | (17) | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Net transfers in (out) | 0 | (26) | ||
Ending balance | 0 | 0 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
RMBS | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 68 | 0 | ||
Total realized and unrealized gains (losses) included in income | 0 | 0 | ||
Total realized and unrealized gains (losses) included in OCI | (1) | (1) | ||
Net purchases, issuances, sales and settlements | (1) | 67 | ||
Net transfers in (out) | (66) | (66) | ||
Ending balance | 0 | 0 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Other investments | Asset Management | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 390 | 370 | ||
Total realized and unrealized gains (losses) included in income | 34 | 56 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 204 | 201 | ||
Net transfers in (out) | (2) | (1) | ||
Ending balance | 626 | 626 | ||
Total gains (losses) included in earnings | 20 | 49 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Other investments | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Total realized and unrealized gains (losses) included in income | 0 | 0 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Net transfers in (out) | 496 | 496 | ||
Ending balance | 496 | 496 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Trading securities | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 58 | 69 | ||
Total realized and unrealized gains (losses) included in income | (4) | (10) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | (2) | 6 | ||
Net transfers in (out) | 2 | (11) | ||
Ending balance | 54 | 54 | ||
Total gains (losses) included in earnings | (4) | (4) | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Equity securities | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 62 | 429 | ||
Total realized and unrealized gains (losses) included in income | 10 | 27 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | (3) | ||
Net transfers in (out) | 0 | (381) | ||
Ending balance | 72 | 72 | ||
Total gains (losses) included in earnings | 11 | 25 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Mortgage loans | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 25,218 | 21,154 | ||
Total realized and unrealized gains (losses) included in income | (1,117) | (2,888) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 1,044 | 6,879 | ||
Net transfers in (out) | 0 | 0 | ||
Ending balance | 25,145 | 25,145 | ||
Total gains (losses) included in earnings | (1,111) | (2,878) | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Investment funds | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 19 | 18 | ||
Total realized and unrealized gains (losses) included in income | 0 | 1 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Net transfers in (out) | (19) | (19) | ||
Ending balance | 0 | 0 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Funds withheld at interest – embedded derivative | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (3,958) | 0 | ||
Total realized and unrealized gains (losses) included in income | (1,301) | (5,259) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Net transfers in (out) | 0 | 0 | ||
Ending balance | (5,259) | (5,259) | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Short-term investments | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 58 | 29 | ||
Total realized and unrealized gains (losses) included in income | 0 | 0 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | (1) | ||
Net purchases, issuances, sales and settlements | (23) | 7 | ||
Net transfers in (out) | 0 | 0 | ||
Ending balance | 35 | 35 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | (1) | ||
Reinsurance recoverable | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1,580 | 1,991 | ||
Total realized and unrealized gains (losses) included in income | (104) | (515) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Net transfers in (out) | 0 | 0 | ||
Ending balance | 1,476 | 1,476 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
VIE, Primary Beneficiary | Debt | Asset Management | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 7,206 | 7,528 | ||
Total realized and unrealized gains (losses) included in income | 3 | (28) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | (14) | 1,126 | ||
Net transfers in (out) | 0 | (8,626) | ||
Ending balance | 0 | 7,195 | 0 | 7,195 |
Total gains (losses) included in earnings | 5 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
VIE, Primary Beneficiary | Investments, at fair value | Asset Management | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1,190 | 11,878 | 13,188 | 10,963 |
Total realized and unrealized gains (losses) included in income | 24 | 85 | 197 | 417 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Net purchases, issuances, sales and settlements | 98 | (59) | 1,815 | 817 |
Net transfers in (out) | (148) | (165) | (14,036) | (458) |
Ending balance | 1,164 | 11,739 | 1,164 | 11,739 |
Total gains (losses) included in earnings | (4) | 80 | 5 | 278 |
Total gains (losses) included in OCI | 0 | $ 0 | 0 | $ 0 |
VIE, Primary Beneficiary | Other investments | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 31 | 0 | ||
Total realized and unrealized gains (losses) included in income | 0 | 0 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 31 | ||
Net transfers in (out) | 105 | 105 | ||
Ending balance | 136 | 136 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
VIE, Primary Beneficiary | Trading securities | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 330 | 0 | ||
Total realized and unrealized gains (losses) included in income | (7) | (7) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 529 | 529 | ||
Net transfers in (out) | (232) | 98 | ||
Ending balance | 620 | 620 | ||
Total gains (losses) included in earnings | (7) | (7) | ||
Total gains (losses) included in OCI | 0 | 0 | ||
VIE, Primary Beneficiary | Equity securities | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Total realized and unrealized gains (losses) included in income | 0 | 0 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Net transfers in (out) | 15 | 15 | ||
Ending balance | 15 | 15 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
VIE, Primary Beneficiary | Mortgage loans | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1,626 | 2,152 | ||
Total realized and unrealized gains (losses) included in income | (80) | (250) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 96 | (58) | ||
Net transfers in (out) | 21 | (181) | ||
Ending balance | 1,663 | 1,663 | ||
Total gains (losses) included in earnings | (79) | (250) | ||
Total gains (losses) included in OCI | 0 | 0 | ||
VIE, Primary Beneficiary | Investment funds | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1,053 | 1,297 | ||
Total realized and unrealized gains (losses) included in income | (19) | 9 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 1,694 | 1,855 | ||
Net transfers in (out) | (422) | (855) | ||
Ending balance | 2,306 | 2,306 | ||
Total gains (losses) included in earnings | (19) | 9 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Affiliated Entity | Corporate | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 849 | 670 | ||
Total realized and unrealized gains (losses) included in income | 1 | (3) | ||
Total realized and unrealized gains (losses) included in OCI | (17) | (23) | ||
Net purchases, issuances, sales and settlements | 114 | 250 | ||
Net transfers in (out) | (94) | (41) | ||
Ending balance | 853 | 853 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | (15) | (22) | ||
Affiliated Entity | CLO | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 325 | 202 | ||
Total realized and unrealized gains (losses) included in income | 0 | 0 | ||
Total realized and unrealized gains (losses) included in OCI | (14) | (21) | ||
Net purchases, issuances, sales and settlements | 0 | 130 | ||
Net transfers in (out) | 0 | 0 | ||
Ending balance | 311 | 311 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | (14) | (21) | ||
Affiliated Entity | ABS | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 5,026 | 6,445 | ||
Total realized and unrealized gains (losses) included in income | (3) | (4) | ||
Total realized and unrealized gains (losses) included in OCI | (73) | (208) | ||
Net purchases, issuances, sales and settlements | 284 | (957) | ||
Net transfers in (out) | 94 | 52 | ||
Ending balance | 5,328 | 5,328 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | (73) | (193) | ||
Affiliated Entity | Other investments | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Total realized and unrealized gains (losses) included in income | 0 | 0 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Net transfers in (out) | 274 | 274 | ||
Ending balance | 274 | 274 | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Affiliated Entity | Trading securities | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 891 | 1,771 | ||
Total realized and unrealized gains (losses) included in income | 4 | 3 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 5 | (1,057) | ||
Net transfers in (out) | 1 | 184 | ||
Ending balance | 901 | 901 | ||
Total gains (losses) included in earnings | 4 | (4) | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Affiliated Entity | Equity securities | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 163 | 284 | ||
Total realized and unrealized gains (losses) included in income | (18) | (32) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 195 | 76 | ||
Net transfers in (out) | 0 | 12 | ||
Ending balance | 340 | 340 | ||
Total gains (losses) included in earnings | (18) | (27) | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Affiliated Entity | Mortgage loans | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1,416 | 1,369 | ||
Total realized and unrealized gains (losses) included in income | (82) | (206) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | (3) | 168 | ||
Net transfers in (out) | 0 | 0 | ||
Ending balance | 1,331 | 1,331 | ||
Total gains (losses) included in earnings | (82) | (206) | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Affiliated Entity | Investment funds | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 818 | 2,855 | ||
Total realized and unrealized gains (losses) included in income | (29) | (1) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | (34) | ||
Net transfers in (out) | 0 | (2,031) | ||
Ending balance | 789 | 789 | ||
Total gains (losses) included in earnings | (29) | (1) | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Affiliated Entity | Funds withheld at interest – embedded derivative | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (1,129) | 0 | ||
Total realized and unrealized gains (losses) included in income | (442) | (1,571) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Net transfers in (out) | 0 | 0 | ||
Ending balance | (1,571) | (1,571) | ||
Total gains (losses) included in earnings | 0 | 0 | ||
Total gains (losses) included in OCI | 0 | 0 | ||
Affiliated Entity | Short-term investments | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | |||
Total realized and unrealized gains (losses) included in income | 0 | |||
Total realized and unrealized gains (losses) included in OCI | 0 | |||
Net purchases, issuances, sales and settlements | 53 | |||
Net transfers in (out) | (53) | |||
Ending balance | 0 | 0 | ||
Total gains (losses) included in earnings | 0 | |||
Total gains (losses) included in OCI | 0 | |||
Affiliated Entity | VIE, Primary Beneficiary | Trading securities | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net purchases, issuances, sales and settlements | 529 | 529 | ||
Net transfers in (out) | (232) | 98 | ||
Affiliated Entity | VIE, Primary Beneficiary | Equity securities | Retirement Services | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Net transfers in (out) | $ 15 | $ 15 |
Fair Value - Gross Components o
Fair Value - Gross Components of Purchases, Issuances, Sales and Settlements and Net Transfers In (Out) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Retirement Services | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | $ 6,004 | $ 18,662 | ||
Issuances | 0 | 0 | ||
Sales | (55) | (3,789) | ||
Settlements | (1,611) | (6,357) | ||
Net purchases, issuances, sales and settlements | 4,338 | 8,516 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 1,308 | 18,710 | ||
Transfers Out | (1,086) | (20,879) | ||
Net transfers in (out) | 222 | (2,169) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | 0 | ||
Issuances | (457) | (1,073) | ||
Sales | 0 | 0 | ||
Settlements | 110 | 390 | ||
Net purchases, issuances, sales and settlements | (347) | (683) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||||
Transfers In | 0 | 0 | ||
Transfers Out | 0 | 0 | ||
Net transfers in (out) | 0 | 0 | ||
Retirement Services | Interest sensitive contract liabilities | Embedded derivatives | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | 0 | ||
Issuances | (457) | (1,073) | ||
Sales | 0 | 0 | ||
Settlements | 110 | 390 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||||
Transfers In | 0 | 0 | ||
Transfers Out | 0 | 0 | ||
Net transfers in (out) | 0 | 0 | ||
Retirement Services | AFS securities | Corporate | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 228 | 681 | ||
Issuances | 0 | 0 | ||
Sales | (3) | (173) | ||
Settlements | (20) | (123) | ||
Net purchases, issuances, sales and settlements | 205 | 385 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 83 | 276 | ||
Transfers Out | (140) | (184) | ||
Net transfers in (out) | (57) | 92 | ||
Retirement Services | AFS securities | CLO | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 3 | 3 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | (12) | ||
Net purchases, issuances, sales and settlements | 3 | (9) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 0 | 0 | ||
Transfers Out | 0 | 0 | ||
Net transfers in (out) | 0 | 0 | ||
Retirement Services | AFS securities | ABS | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 344 | 2,579 | ||
Issuances | 0 | 0 | ||
Sales | 0 | (1,791) | ||
Settlements | (146) | (590) | ||
Net purchases, issuances, sales and settlements | 198 | 198 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 116 | 484 | ||
Transfers Out | (12) | (317) | ||
Net transfers in (out) | 104 | 167 | ||
Retirement Services | AFS securities | CMBS | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | |||
Issuances | 0 | |||
Sales | 0 | |||
Settlements | 0 | |||
Net purchases, issuances, sales and settlements | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 0 | |||
Transfers Out | (26) | |||
Net transfers in (out) | (26) | |||
Retirement Services | AFS securities | RMBS | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | 68 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (1) | (1) | ||
Net purchases, issuances, sales and settlements | (1) | 67 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 0 | 0 | ||
Transfers Out | (66) | (66) | ||
Net transfers in (out) | (66) | (66) | ||
Retirement Services | Trading securities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | 8 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (2) | (2) | ||
Net purchases, issuances, sales and settlements | (2) | 6 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 3 | 42 | ||
Transfers Out | (1) | (53) | ||
Net transfers in (out) | 2 | (11) | ||
Retirement Services | Equity securities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | |||
Issuances | 0 | |||
Sales | (3) | |||
Settlements | 0 | |||
Net purchases, issuances, sales and settlements | 0 | (3) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 19 | |||
Transfers Out | (400) | |||
Net transfers in (out) | 0 | (381) | ||
Retirement Services | Mortgage loans | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 1,900 | 9,377 | ||
Issuances | 0 | 0 | ||
Sales | (51) | (181) | ||
Settlements | (805) | (2,317) | ||
Net purchases, issuances, sales and settlements | 1,044 | 6,879 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 0 | 0 | ||
Transfers Out | 0 | 0 | ||
Net transfers in (out) | 0 | 0 | ||
Retirement Services | Investment funds | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | 0 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 0 | 0 | ||
Transfers Out | (19) | (19) | ||
Net transfers in (out) | (19) | (19) | ||
Retirement Services | Other investments | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | 0 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 496 | 496 | ||
Transfers Out | 0 | 0 | ||
Net transfers in (out) | 496 | 496 | ||
Retirement Services | Short-term investments | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | 59 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (23) | (52) | ||
Net purchases, issuances, sales and settlements | (23) | 7 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 0 | 0 | ||
Transfers Out | 0 | 0 | ||
Net transfers in (out) | 0 | 0 | ||
Retirement Services | Embedded derivatives | Interest sensitive contract liabilities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Net purchases, issuances, sales and settlements | (347) | (683) | ||
Retirement Services | Affiliated Entity | AFS securities | Corporate | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 116 | 483 | ||
Issuances | 0 | 0 | ||
Sales | 0 | (217) | ||
Settlements | (2) | (16) | ||
Net purchases, issuances, sales and settlements | 114 | 250 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 0 | 53 | ||
Transfers Out | (94) | (94) | ||
Net transfers in (out) | (94) | (41) | ||
Retirement Services | Affiliated Entity | AFS securities | CLO | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 130 | |||
Issuances | 0 | |||
Sales | 0 | |||
Settlements | 0 | |||
Net purchases, issuances, sales and settlements | 130 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 0 | |||
Transfers Out | 0 | |||
Net transfers in (out) | 0 | |||
Retirement Services | Affiliated Entity | AFS securities | ABS | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 887 | 2,160 | ||
Issuances | 0 | 0 | ||
Sales | 0 | (93) | ||
Settlements | (603) | (3,024) | ||
Net purchases, issuances, sales and settlements | 284 | (957) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 94 | 1,916 | ||
Transfers Out | 0 | (1,864) | ||
Net transfers in (out) | 94 | 52 | ||
Retirement Services | Affiliated Entity | Trading securities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 5 | 41 | ||
Issuances | 0 | 0 | ||
Sales | 0 | (1,052) | ||
Settlements | 0 | (46) | ||
Net purchases, issuances, sales and settlements | 5 | (1,057) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 1 | 1,444 | ||
Transfers Out | 0 | (1,260) | ||
Net transfers in (out) | 1 | 184 | ||
Retirement Services | Affiliated Entity | Equity securities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 195 | 195 | ||
Issuances | 0 | 0 | ||
Sales | 0 | (119) | ||
Settlements | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 195 | 76 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 0 | 125 | ||
Transfers Out | 0 | (113) | ||
Net transfers in (out) | 0 | 12 | ||
Retirement Services | Affiliated Entity | Mortgage loans | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | 182 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (3) | (14) | ||
Net purchases, issuances, sales and settlements | (3) | 168 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 0 | 0 | ||
Transfers Out | 0 | 0 | ||
Net transfers in (out) | 0 | 0 | ||
Retirement Services | Affiliated Entity | Investment funds | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | |||
Issuances | 0 | |||
Sales | (34) | |||
Settlements | 0 | |||
Net purchases, issuances, sales and settlements | 0 | (34) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 0 | |||
Transfers Out | (2,031) | |||
Net transfers in (out) | 0 | (2,031) | ||
Retirement Services | Affiliated Entity | Other investments | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | 0 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 274 | 274 | ||
Transfers Out | 0 | 0 | ||
Net transfers in (out) | 274 | 274 | ||
Retirement Services | Affiliated Entity | Short-term investments | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 53 | |||
Issuances | 0 | |||
Sales | 0 | |||
Settlements | 0 | |||
Net purchases, issuances, sales and settlements | 53 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 0 | |||
Transfers Out | (53) | |||
Net transfers in (out) | (53) | |||
Retirement Services | VIE, Primary Beneficiary | Trading securities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Net purchases, issuances, sales and settlements | 529 | 529 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Net transfers in (out) | (232) | 98 | ||
Retirement Services | VIE, Primary Beneficiary | Equity securities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Net transfers in (out) | 15 | 15 | ||
Retirement Services | VIE, Primary Beneficiary | Mortgage loans | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 102 | 102 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (6) | (160) | ||
Net purchases, issuances, sales and settlements | 96 | (58) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 21 | 42 | ||
Transfers Out | 0 | (223) | ||
Net transfers in (out) | 21 | (181) | ||
Retirement Services | VIE, Primary Beneficiary | Investment funds | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 1,695 | 1,981 | ||
Issuances | 0 | 0 | ||
Sales | (1) | (126) | ||
Settlements | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 1,694 | 1,855 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 0 | 11,087 | ||
Transfers Out | (422) | (11,942) | ||
Net transfers in (out) | (422) | (855) | ||
Retirement Services | VIE, Primary Beneficiary | Other investments | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | 31 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 31 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 105 | 2,007 | ||
Transfers Out | 0 | (1,902) | ||
Net transfers in (out) | 105 | 105 | ||
Retirement Services | VIE, Primary Beneficiary | Affiliated Entity | Trading securities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 529 | 529 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 529 | 529 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 100 | 430 | ||
Transfers Out | (332) | (332) | ||
Net transfers in (out) | (232) | 98 | ||
Retirement Services | VIE, Primary Beneficiary | Affiliated Entity | Equity securities | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | 0 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Net purchases, issuances, sales and settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 15 | 15 | ||
Transfers Out | 0 | 0 | ||
Net transfers in (out) | 15 | 15 | ||
Asset Management | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 988 | $ 490 | 4,798 | $ 2,172 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (998) | (345) | (2,989) | (1,154) |
Settlements | 0 | 0 | 0 | 0 |
Net purchases, issuances, sales and settlements | (10) | 145 | 1,809 | 1,018 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 18 | 31 | 523 | 42 |
Transfers Out | (166) | (198) | (14,536) | (501) |
Net transfers in (out) | (148) | (167) | (14,013) | (459) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | 0 | 0 | |
Issuances | 16 | 1,680 | 328 | |
Sales | 0 | 0 | 0 | |
Settlements | (37) | (531) | (322) | |
Net purchases, issuances, sales and settlements | 0 | (21) | 1,149 | 6 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||||
Transfers In | 0 | 0 | 0 | |
Transfers Out | 0 | (8,626) | 0 | |
Net transfers in (out) | 0 | 0 | (8,626) | 0 |
Asset Management | Contingent consideration obligations | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | 0 | 0 | |
Issuances | 0 | 36 | 0 | |
Sales | 0 | 0 | 0 | |
Settlements | (7) | (13) | (20) | |
Net purchases, issuances, sales and settlements | 0 | (7) | 23 | (20) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||||
Transfers In | 0 | 0 | 0 | |
Transfers Out | 0 | 0 | 0 | |
Net transfers in (out) | 0 | 0 | 0 | 0 |
Asset Management | Debt | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 0 | 0 | 0 | |
Issuances | 16 | 1,644 | 328 | |
Sales | 0 | 0 | 0 | |
Settlements | (30) | (518) | (302) | |
Net purchases, issuances, sales and settlements | (14) | 1,126 | 26 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||||
Transfers In | 0 | 0 | 0 | |
Transfers Out | 0 | (8,626) | 0 | |
Net transfers in (out) | 0 | (8,626) | 0 | |
Asset Management | Investments, at fair value | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 9 | 204 | 115 | 204 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (117) | 0 | (121) | (3) |
Settlements | 0 | 0 | 0 | 0 |
Net purchases, issuances, sales and settlements | (108) | 204 | (6) | 201 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 0 | 0 | 23 | 1 |
Transfers Out | 0 | (2) | 0 | (2) |
Net transfers in (out) | 0 | (2) | 23 | (1) |
Asset Management | Other investments | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Net purchases, issuances, sales and settlements | 204 | 201 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Net transfers in (out) | (2) | (1) | ||
Asset Management | VIE, Primary Beneficiary | Debt | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Net purchases, issuances, sales and settlements | (14) | 1,126 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||||
Net transfers in (out) | 0 | (8,626) | ||
Asset Management | VIE, Primary Beneficiary | Investments, at fair value | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||||
Purchases | 979 | 286 | 4,683 | 1,968 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (881) | (345) | (2,868) | (1,151) |
Settlements | 0 | 0 | 0 | 0 |
Net purchases, issuances, sales and settlements | 98 | (59) | 1,815 | 817 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfer In | 18 | 31 | 500 | 41 |
Transfers Out | (166) | (196) | (14,536) | (499) |
Net transfers in (out) | $ (148) | $ (165) | $ (14,036) | $ (458) |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Option Gain (Loss) (Details) - Retirement Services - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | $ (1,357) | $ (3,461) |
Trading securities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | (121) | (489) |
Mortgage loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | (1,279) | (3,344) |
Investment funds | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | (47) | 9 |
Future policy benefits | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | $ 90 | $ 363 |
Fair Value - Fair Value Option
Fair Value - Fair Value Option Mortgage Loans (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage loans | $ 18 | $ (34) |
Mortgage loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | 30,751 | 30,751 |
Mark to fair value | (2,612) | (2,612) |
Fair value | 28,139 | 28,139 |
Commercial Mortgage | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status | 163 | 163 |
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | (76) | (76) |
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | 87 | 87 |
Fair value of commercial mortgage loans 90 days or more past due | 1 | 1 |
Fair value of commercial mortgage loans in non-accrual status | 87 | 87 |
Residential Mortgage | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status | 502 | 502 |
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | (40) | (40) |
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | 462 | 462 |
Fair value of commercial mortgage loans 90 days or more past due | 462 | 462 |
Fair value of commercial mortgage loans in non-accrual status | 205 | 205 |
Residential Mortgage | Government-Guaranteed Collateral | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value of commercial mortgage loans 90 days or more past due | $ 257 | $ 257 |
Fair Value - Fair Value of Fina
Fair Value - Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 4,981 | $ 3,499 |
Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 1,301 | 0 |
Debt | 2,427 | $ 0 |
Carrying Value | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 29 | |
Mortgage loans | 353 | |
Funds withheld at interest – embedded derivative | 39,965 | |
Short-term investments | 26 | |
Other investments | 16 | |
Total Assets | 52,741 | |
Interest sensitive contract liabilities | 119,109 | |
Debt | 3,271 | |
Securities to repurchase | 4,477 | |
Funds withheld liability | 360 | |
Total financial liabilities not carried at fair value | 127,217 | |
Carrying Value | Retirement Services | VIE, Primary Beneficiary | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 337 | |
Carrying Value | Affiliated Entity | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 483 | |
Funds withheld at interest – embedded derivative | 11,532 | |
Fair Value | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 29 | |
Mortgage loans | 353 | |
Funds withheld at interest – embedded derivative | 39,965 | |
Short-term investments | 26 | |
Other investments | 16 | |
Total Assets | 52,741 | |
Interest sensitive contract liabilities | 104,556 | |
Debt | 2,427 | |
Securities to repurchase | 4,477 | |
Funds withheld liability | 360 | |
Total financial liabilities not carried at fair value | 111,820 | |
Fair Value | Retirement Services | VIE, Primary Beneficiary | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 337 | |
Fair Value | Affiliated Entity | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 483 | |
Funds withheld at interest – embedded derivative | 11,532 | |
Fair Value | NAV | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 29 | |
Mortgage loans | 0 | |
Funds withheld at interest – embedded derivative | 0 | |
Short-term investments | 0 | |
Other investments | 0 | |
Total Assets | 512 | |
Interest sensitive contract liabilities | 0 | |
Debt | 0 | |
Securities to repurchase | 0 | |
Funds withheld liability | 0 | |
Total financial liabilities not carried at fair value | 0 | |
Fair Value | NAV | Retirement Services | VIE, Primary Beneficiary | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 0 | |
Fair Value | NAV | Affiliated Entity | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 483 | |
Funds withheld at interest – embedded derivative | 0 | |
Fair Value | Level 1 | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | |
Mortgage loans | 0 | |
Funds withheld at interest – embedded derivative | 0 | |
Short-term investments | 0 | |
Other investments | 0 | |
Total Assets | 0 | |
Interest sensitive contract liabilities | 0 | |
Debt | 0 | |
Securities to repurchase | 0 | |
Funds withheld liability | 0 | |
Total financial liabilities not carried at fair value | 0 | |
Fair Value | Level 1 | Retirement Services | VIE, Primary Beneficiary | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 0 | |
Fair Value | Level 1 | Affiliated Entity | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | |
Funds withheld at interest – embedded derivative | 0 | |
Fair Value | Level 2 | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | |
Mortgage loans | 353 | |
Funds withheld at interest – embedded derivative | 0 | |
Short-term investments | 0 | |
Other investments | 0 | |
Total Assets | 353 | |
Interest sensitive contract liabilities | 0 | |
Debt | 2,427 | |
Securities to repurchase | 4,477 | |
Funds withheld liability | 360 | |
Total financial liabilities not carried at fair value | 7,264 | |
Fair Value | Level 2 | Retirement Services | VIE, Primary Beneficiary | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 0 | |
Fair Value | Level 2 | Affiliated Entity | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | |
Funds withheld at interest – embedded derivative | 0 | |
Fair Value | Level 3 | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | |
Mortgage loans | 0 | |
Funds withheld at interest – embedded derivative | 39,965 | |
Short-term investments | 26 | |
Other investments | 16 | |
Total Assets | 51,876 | |
Interest sensitive contract liabilities | 104,556 | |
Debt | 0 | |
Securities to repurchase | 0 | |
Funds withheld liability | 0 | |
Total financial liabilities not carried at fair value | 104,556 | |
Fair Value | Level 3 | Retirement Services | VIE, Primary Beneficiary | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 337 | |
Fair Value | Level 3 | Affiliated Entity | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | |
Funds withheld at interest – embedded derivative | $ 11,532 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) | Sep. 30, 2022 USD ($) |
Fair Value Disclosures [Abstract] | |
Equity securities without readily determinable fair value, amount | $ 400,000,000 |
Impairment loss | $ 0 |
Deferred Acquisition Costs, D_3
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired - Rollforward (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
DAC | |
DAC, beginning balance | $ 0 |
Additions | 750 |
Unlocking | 0 |
Amortization | (8) |
Impact of unrealized investment (gains) losses and other | 6 |
DAC, ending balance | 748 |
DSI | |
DSI, beginning balance | 0 |
Additions | 268 |
Unlocking | 0 |
Amortization | 0 |
Impact of unrealized investment (gains) losses and other | 0 |
DSI, ending balance | 268 |
VOBA | |
VOBA, beginning balance | 4,547 |
Additions | 0 |
Unlocking | 4 |
Amortization | (371) |
Impact of unrealized investment (gains) losses and other | (5) |
VOBA, ending balance | 4,175 |
Total | |
DAC, DSI and VOBA, beginning balance | 4,547 |
Additions | 1,018 |
Unlocking | 4 |
Amortization | (379) |
Impact of unrealized investment (gains) losses and other | 1 |
DAC, DSI and VOBA, ending balance | $ 5,191 |
Deferred Acquisition Costs, D_4
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired - Expected Amortization of VOBA (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Expected Amortization | |
2022 | $ 117 |
2023 | 442 |
2024 | 405 |
2025 | 373 |
2026 | 339 |
2027 | $ 303 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Goodwill [Line Items] | ||
Goodwill | $ 4,322 | $ 117 |
Asset Management | ||
Goodwill [Line Items] | ||
Goodwill | 232 | 85 |
Retirement Services | ||
Goodwill [Line Items] | ||
Goodwill | 4,058 | 0 |
Principal Investing | ||
Goodwill [Line Items] | ||
Goodwill | $ 32 | $ 32 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) $ in Millions | 2 Months Ended | 9 Months Ended | ||||
May 03, 2022 USD ($) business | Sep. 30, 2022 USD ($) Reportable_segment | Sep. 30, 2022 USD ($) Segment | Mar. 01, 2022 USD ($) | Jan. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Goodwill [Line Items] | ||||||
Goodwill | $ 4,322 | $ 4,322 | $ 117 | |||
Number of reportable segments | 3 | 3 | ||||
Athene Holding Limited | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 4,058 | |||||
Griffin Capital, Asset Management Business | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 134 | $ 13 | ||||
Number of businesses acquired | business | 2 |
Profit Sharing Payable (Details
Profit Sharing Payable (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Profit Sharing Payable Activity [Roll Forward] | |
Profit sharing payable, beginning balance | $ 1,445 |
Profit sharing expense | 366 |
Payments/other | (334) |
Profit sharing payable, ending balance | $ 1,477 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax (provision) benefit | $ 185 | $ (101) | $ 1,280 | $ (498) |
Effective income tax rate | 13.60% | (13.80%) | 18.30% | (12.00%) |
Unrecognized tax benefits | $ 15.7 | $ 15.7 |
Income Taxes - Schedule Of Defe
Income Taxes - Schedule Of Deferred Tax Assets And Tax Receivable Liabilities And Additional Paid In Capital (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021 USD ($) | |
Income Tax Disclosure [Abstract] | |
Increase in Deferred Tax Asset | $ 293 |
Increase in Tax Receivable Agreement Liability | 243 |
Increase in Additional Paid in Capital | $ 50 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 6,081 | $ 3,134 |
Fair Value | 4,981 | 3,499 |
Asset Management | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 2,810 | 3,134 |
Fair Value | 2,554 | 3,499 |
Amortization of note discount | 16 | 25 |
Asset Management | Senior Notes | 4.00%, 2024 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 499 | 498 |
Fair Value | $ 486 | $ 530 |
Interest rate | 4% | 4% |
Asset Management | Senior Notes | 4.40%, 2026 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 498 | $ 498 |
Fair Value | $ 474 | $ 553 |
Interest rate | 4.40% | 4.40% |
Asset Management | Senior Notes | 4.87%, 2029 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 674 | $ 675 |
Fair Value | $ 629 | $ 778 |
Interest rate | 4.87% | 4.87% |
Asset Management | Senior Notes | 2.65% 2030 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 495 | $ 495 |
Fair Value | $ 395 | $ 506 |
Interest rate | 2.65% | 2.65% |
Asset Management | Senior Notes | 4.77%, 2039 Senior Secured Guaranteed Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 0 | $ 317 |
Fair Value | $ 0 | $ 369 |
Interest rate | 4.77% | 4.77% |
Asset Management | Senior Notes | 5.00%, 2048 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 297 | $ 297 |
Fair Value | $ 264 | $ 397 |
Interest rate | 5% | 5% |
Asset Management | Subordinated notes | 4.95%, 2050 Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 297 | $ 297 |
Fair Value | $ 257 | $ 309 |
Interest rate | 4.95% | 4.95% |
Asset Management | Secured debt | 1.70% Secured Borrowing II | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 17 | $ 19 |
Fair Value | $ 16 | $ 19 |
Interest rate | 1.70% | 1.70% |
Asset Management | Line of credit | 1.30% 2016 AMI Term Facility I | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 17 | $ 19 |
Fair Value | $ 17 | $ 19 |
Interest rate | 1.30% | 1.30% |
Asset Management | Line of credit | 1.40% 2016 AMI Term Facility I | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 16 | $ 19 |
Fair Value | $ 16 | $ 19 |
Interest rate | 1.40% | 1.40% |
Retirement Services | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 3,271 | $ 0 |
Fair Value | 2,427 | 0 |
Retirement Services | Senior Notes | 4.13% 2028 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 1,085 | 0 |
Fair Value | $ 900 | $ 0 |
Interest rate | 4.13% | 4.13% |
Retirement Services | Senior Notes | 6.15% 2030 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 609 | $ 0 |
Fair Value | $ 401 | $ 0 |
Interest rate | 6.15% | 6.15% |
Retirement Services | Senior Notes | 3.50% 2031 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 526 | $ 0 |
Fair Value | $ 481 | $ 0 |
Interest rate | 3.50% | 3.50% |
Retirement Services | Senior Notes | 3.95% 2051 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 547 | $ 0 |
Fair Value | $ 336 | $ 0 |
Interest rate | 3.95% | 3.95% |
Retirement Services | Senior Notes | 3.45% 2052 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 504 | $ 0 |
Fair Value | $ 309 | $ 0 |
Interest rate | 3.45% | 3.45% |
Debt - Narrative (Details)
Debt - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 12, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) extension | Nov. 08, 2022 USD ($) | |
Revolving Credit Facility | AMH Credit Facility | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Amount outstanding | $ 0 | |||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |||
Incremental facilities | $ 250,000,000 | |||
Leverage ratio | 4 | |||
Line of credit facility, covenant compliance amount | $ 150,000,000,000 | |||
Commitment fee for unused capacity (as a percent) | 0.08% | |||
Revolving Credit Facility | AMH Credit Facility | Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 0.875% | |||
Senior secured notes | Retirement Services | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, redemption price, percentage | 100% | |||
Line of credit | Retirement Services | Revolving Credit Facility | AHL Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Amount outstanding | $ 0 | $ 0 | ||
Line of credit facility, maximum borrowing capacity | 1,250,000,000 | $ 1,250,000,000 | ||
Number of extensions | extension | 2 | |||
Renewal term of credit facility | 1 year | |||
Line of credit facility, maximum borrowing capacity including potential increases | 1,750,000,000 | $ 1,750,000,000 | ||
Capitalization ratio | 35% | |||
Minimum consolidated net worth | 7,300,000,000 | $ 7,300,000,000 | ||
Line of credit | Retirement Services | Revolving Credit Facility | AHL Liquidity Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 3,000,000,000 | 3,000,000,000 | ||
Renewal term of credit facility | 364 days | |||
Undrawn letter of credit | $ 2,500,000,000 | 2,500,000,000 | ||
Minimum consolidated net worth | 9,300,000,000 | 9,300,000,000 | ||
Line of credit | Asset Management | Revolving Credit Facility | AMH Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Incremental facilities, maximum amount | 250,000,000 | $ 250,000,000 | ||
Maximum leverage ratio | 4 | |||
Amount outstanding | 0 | $ 0 | ||
Line of credit facility, maximum borrowing capacity | $ 750,000,000 | $ 750,000,000 |
Debt - Schedule of Credit and L
Debt - Schedule of Credit and Liquidity Facilities (Details) - Line of credit - Revolving Credit Facility | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
AMH Credit Facility | Asset Management | |
Debt Instrument [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 750,000,000 |
Commitment fee (as a percent) | 0.09% |
AHL Credit Facility | Retirement Services | |
Debt Instrument [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 1,250,000,000 |
Line of credit facility, maximum borrowing capacity including potential increases | 1,750,000,000 |
AHL Liquidity Facility | Retirement Services | |
Debt Instrument [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 3,000,000,000 |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | ||||
Total Interest Expense | $ 55 | $ 35 | $ 165 | $ 105 |
Asset Management | ||||
Debt Instrument [Line Items] | ||||
Total Interest Expense | 31 | 35 | 94 | 105 |
Retirement Services | ||||
Debt Instrument [Line Items] | ||||
Total Interest Expense | $ 24 | $ 0 | $ 71 | $ 0 |
Equity-Based Compensation - Nar
Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity-based compensation | $ 118.8 | $ 56.2 | $ 412.9 | $ 165.7 | |
Unrecognized equity-based compensation expense | 759.3 | $ 759.3 | |||
Period of recognition | 2 years 9 months 18 days | ||||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Granted (in shares) | 7,147,818 | ||||
RSUs | President | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 6,000,000 | ||||
Service Grants | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity-based compensation | 61 | 24.3 | $ 183.6 | $ 66.5 | |
Granted (in shares) | 4,900,000 | 2,300,000 | |||
Grant date fair value | $ 297.8 | $ 117.3 | |||
Service Grants | President | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity-based compensation | 13.9 | $ 41.7 | |||
Award requisite service period | 5 years | ||||
Service Grants | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 1 year | ||||
Service Grants | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 6 years | ||||
Performance Grants | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity-based compensation | 39.1 | 21.1 | $ 163.1 | $ 65 | |
Granted (in shares) | 2,900,000 | 2,100,000 | |||
Grant date fair value | $ 167.4 | $ 97.6 | |||
Performance Grants | President | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity-based compensation | 5.9 | 17.6 | |||
Granted (in shares) | 2,000,000 | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity-based compensation | $ 13.2 | $ 8.3 | $ 46.1 | $ 19.2 | |
Granted (in shares) | 500,000 | 600,000 | |||
Grant date fair value | $ 33.5 | $ 36.4 |
Equity-Based Compensation - RSU
Equity-Based Compensation - RSU Summary (Details) - RSUs | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Unvested | |
Unvested, Beginning Balance (in shares) | 0 |
RSUs assumed in the Merger (in shares) | 16,345,396 |
Granted (in shares) | 7,147,818 |
Forfeited (in shares) | (313,223) |
Vested (in shares) | (3,503,185) |
Unvested, Ending Balance (in shares) | 19,676,806 |
Weighted Average Grant Date Fair Value | |
Beginning Balance (in dollars per share) | $ / shares | |
RSUs assumed in Merger (in dollars per share) | $ / shares | 52.45 |
Granted (in dollars per share) | $ / shares | 59.44 |
Forfeited (in dollars per share) | $ / shares | 52.32 |
Vested (in dollars per share) | $ / shares | 44.46 |
Ending Balance (in dollars per share) | $ / shares | $ 56.56 |
Vested | |
Vested, Beginning Balance (in shares) | 0 |
RSUs assumed in the Merger (in shares) | 15,976,551 |
Granted (in shares) | 677,914 |
Forfeited (in shares) | (429) |
Vested (in shares) | 3,503,185 |
Issued (in shares) | (6,664,764) |
Vested, Ending Balance (in shares) | 13,492,457 |
Total Number of RSUs Outstanding | |
Total Number Shares Outstanding, beginning balance (in shares) | 0 |
RSUs assumed in Merger (in shares) | 32,321,947 |
Granted (in shares) | 7,825,732 |
Forfeited (in shares) | (313,652) |
Vested (in shares) | 0 |
Issued (in shares) | (6,664,764) |
Total Number Shares Outstanding, ending balance (in shares) | 33,169,263 |
Equity - Schedule of Share Acti
Equity - Schedule of Share Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Class of Stock [Line Items] | ||||
Issuance of common stock related to equity transactions | $ 22 | $ 252 | $ 22 | |
Cash paid for tax liabilities | $ 176 | $ 99 | ||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Shares issued to Apollo Opportunity Foundation | 4,000,000 | |||
Reduction of shares of common stock issued | (2,000,000) | (3,000,000) | ||
Shares of common stock purchased related to share issuances and forfeitures | (219,736) | (270,985) | ||
Issuance of shares of common stock for equity-based awards | 5,008,149 | 2,084,837 | ||
Common stock shares repurchased (in shares) | 726,270 | 896,943 | ||
Common Stock | Apollo Opportunity Foundation | ||||
Class of Stock [Line Items] | ||||
Shares issued to Apollo Opportunity Foundation | 1,724,137 | 0 | ||
Issuance of common stock related to equity transactions | $ 103.4 | |||
Irrevocable pledge (in shares) | 1,700,000 | |||
Restricted Stock Units And Options | Common Stock | ||||
Class of Stock [Line Items] | ||||
Shares of common stock issued in settlement of vested RSUs and options exercised | 6,258,244 | 4,141,843 | ||
Reduction of shares of common stock issued | (2,754,496) | (1,786,021) | ||
Shares issued in settlement of vested RSUs and options exercised | Common Stock | ||||
Class of Stock [Line Items] | ||||
Payments related to issuances of common stock for equity-based awards | $ 395 | $ 226 | ||
Shares purchased related to share issuances and forfeitures | ||||
Class of Stock [Line Items] | ||||
Granted (in shares) | 506,534 | 625,958 | ||
Restricted shares forfeited (in shares) | 527 | 0 | ||
RSUs | ||||
Class of Stock [Line Items] | ||||
Vesting period | 3 years | |||
Granted (in shares) | 219,736 | 270,985 | ||
Restricted shares forfeited (in shares) | 313,223 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jan. 03, 2022 | |
Equity [Abstract] | |||
Share repurchase program, authorized amount | $ 1,500,000,000 | ||
Share repurchase program, additional amount | $ 1,000,000,000 | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Repurchase of class A common stock (in shares) | 7,307,288 | 2,547,770 | |
Repurchase of common stock | $ 418,000,000 | $ 150,000,000 |
Equity - Schedule of Dividends
Equity - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Aug. 31, 2022 | Aug. 04, 2022 | May 31, 2022 | May 05, 2022 | Feb. 28, 2022 | Feb. 11, 2022 | Dec. 15, 2021 | Nov. 30, 2021 | Nov. 02, 2021 | Sep. 15, 2021 | Aug. 31, 2021 | Aug. 04, 2021 | Jun. 15, 2021 | May 28, 2021 | May 04, 2021 | Apr. 14, 2021 | Feb. 26, 2021 | Feb. 03, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||||||||||||||||||||
Dividends per share of common stock (in dollars per share) | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.60 | $ 1.20 | $ 2.10 | |||||||||||
Dividend to Common Stockholders | $ 229 | $ 229 | $ 229 | $ 0 | $ 124 | $ 0 | $ 122 | $ 0 | $ 116 | $ 0 | $ 139 | $ 687 | $ 501 | |||||||
Distribution to Non-Controlling Interest Holders in the Apollo Operating Group | 0 | 0 | 0 | 23 | 93 | 24 | 94 | 20 | 101 | 42 | 121 | 0 | 518 | |||||||
Total Distributions | 229 | 229 | 229 | 23 | 217 | 24 | 216 | 20 | 217 | 42 | 260 | 687 | 1,019 | |||||||
Distribution Equivalents on Participating Securities | $ 11 | $ 12 | $ 12 | $ 0 | $ 4 | $ 0 | $ 4 | $ 0 | $ 4 | $ 0 | $ 5 | $ 35 | $ 17 |
Equity - Schedule of Accumulate
Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 7,158 | $ 8,212 | $ 10,194 | $ 5,513 |
Less: Income tax expense (benefit) | 991 | 0 | 3,444 | 0 |
Ending Balance | 1,862 | 8,474 | 1,862 | 8,474 |
Unrealized investment gains (losses) on AFS securities without a credit allowance | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (9,999) | (1) | ||
Other comprehensive income (loss) before reclassifications | (5,812) | (20,027) | ||
Less: Reclassification adjustments for gains (losses) realized | (24) | (178) | ||
Less: Income tax expense (benefit) | (1,001) | (3,526) | ||
Less: Other comprehensive loss attributable to non-controlling interests | (713) | (2,251) | ||
Ending Balance | (14,073) | (14,073) | ||
Unrealized investment gains (losses) on AFS securities with a credit allowance | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (138) | 0 | ||
Other comprehensive income (loss) before reclassifications | (128) | (319) | ||
Less: Reclassification adjustments for gains (losses) realized | 0 | 0 | ||
Less: Income tax expense (benefit) | (23) | (57) | ||
Less: Other comprehensive loss attributable to non-controlling interests | (5) | (24) | ||
Ending Balance | (238) | (238) | ||
DAC, DSI and future policy benefits adjustments on AFS securities | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 432 | 0 | ||
Other comprehensive income (loss) before reclassifications | 218 | 768 | ||
Less: Reclassification adjustments for gains (losses) realized | 1 | 4 | ||
Less: Income tax expense (benefit) | 45 | 160 | ||
Less: Other comprehensive loss attributable to non-controlling interests | 5 | 5 | ||
Ending Balance | 599 | 599 | ||
Unrealized gains (losses) on hedging instruments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (27) | (1) | ||
Other comprehensive income (loss) before reclassifications | (79) | (110) | ||
Less: Reclassification adjustments for gains (losses) realized | 1 | 16 | ||
Less: Income tax expense (benefit) | (12) | (21) | ||
Less: Other comprehensive loss attributable to non-controlling interests | (91) | (102) | ||
Ending Balance | (4) | (4) | ||
Foreign currency translation and other adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (58) | (3) | ||
Other comprehensive income (loss) before reclassifications | 11 | (81) | ||
Less: Reclassification adjustments for gains (losses) realized | 0 | 0 | ||
Less: Income tax expense (benefit) | 0 | 0 | ||
Less: Other comprehensive loss attributable to non-controlling interests | (5) | (42) | ||
Ending Balance | (42) | (42) | ||
Accumulated other comprehensive income (loss) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (9,790) | (3) | (5) | (2) |
Other comprehensive income (loss) before reclassifications | (5,790) | (19,769) | ||
Less: Reclassification adjustments for gains (losses) realized | (22) | (158) | ||
Less: Income tax expense (benefit) | (991) | (3,444) | ||
Less: Other comprehensive loss attributable to non-controlling interests | (809) | (2,414) | ||
Ending Balance | $ (13,758) | $ (3) | $ (13,758) | $ (3) |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to common stockholders | $ (876) | $ 249 | $ (3,797) | $ 1,568 |
Dividends declared on common stock | (230) | (122) | (688) | (377) |
Dividends on participating securities | (11) | (4) | (35) | (13) |
Earnings allocable to participating securities | 0 | (4) | 0 | (43) |
Undistributed income (loss) attributable to common stockholders: Basic | $ (1,117) | $ 119 | $ (4,520) | $ 1,135 |
Weighted average number of shares of common stock outstanding - Basic (in shares) | 584,317,603 | 239,451,921 | 585,187,783 | 233,539,355 |
Weighted average number of shares of common stock outstanding - Diluted (in shares) | 584,317,603 | 239,451,921 | 585,187,783 | 233,539,355 |
Net income(loss) per share of common stock: Basic | ||||
Distributed income (in dollars per share) | $ 0.40 | $ 0.50 | $ 1.20 | $ 1.60 |
Undistributed income (loss) (in dollars per share) | (1.92) | 0.51 | (7.75) | 4.87 |
Net income (loss) attributable to common stockholders - Basic (in dollars per share) | (1.52) | 1.01 | (6.55) | 6.47 |
Net income (loss) per share of common stock: Diluted | ||||
Distributed income (in dollars per share) | 0.40 | 0.50 | 1.20 | 1.60 |
Undistributed income (loss) (in dollars per share) | (1.92) | 0.51 | (7.75) | 4.87 |
Net income (loss) per share of common stock: Diluted (in dollars per share) | $ (1.52) | $ 1.01 | $ (6.55) | $ 6.47 |
Earnings per Share - Narrative
Earnings per Share - Narrative (Details) | Jan. 01, 2022 shares | Dec. 31, 2021 shares | Sep. 30, 2022 shares | Dec. 30, 2021 vote shares |
Class of Stock [Line Items] | ||||
Shares outstanding (in shares) | 572,670,634 | |||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Shares issued upon conversion (in shares) | 10 | |||
Class B Common Stock | ||||
Class of Stock [Line Items] | ||||
Shares outstanding (in shares) | 0 | 0 | ||
Class B Common Stock | AAM | ||||
Class of Stock [Line Items] | ||||
Shares outstanding (in shares) | 1 | |||
Number of votes per share | vote | 1 | |||
Class A Common Stock | ||||
Class of Stock [Line Items] | ||||
Shares outstanding (in shares) | 571,028,097 | 0 | ||
Class A Common Stock | AAM | ||||
Class of Stock [Line Items] | ||||
Shares issued upon conversion (in shares) | 10 | |||
AAM | Class B Common Stock | ||||
Class of Stock [Line Items] | ||||
Voting power | 46.60% |
Earnings per Share - Anti-dilut
Earnings per Share - Anti-dilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted average vested RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities (in shares) | 0 | 647,966 | 0 | 666,044 |
Weighted average unvested RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities (in shares) | 14,128,418 | 7,322,877 | 13,344,097 | 7,434,469 |
Weighted average unexercised options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities (in shares) | 2,424,407 | 0 | 2,424,407 | 0 |
Weighted average AOG Units outstanding | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities (in shares) | 0 | 163,292,411 | 0 | 169,865,872 |
Weighted average unvested restricted shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities (in shares) | 2,091,278 | 886,940 | 2,210,753 | 750,035 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Due from funds | $ 284 | $ 316 |
Due from portfolio companies | 52 | 67 |
Due from employees and former employees | 94 | 107 |
Due from related parties | 430 | 490 |
Due to former Managing Partners and Contributing Partners | 906 | 1,118 |
Due to funds | 117 | 104 |
Due to related parties | 1,023 | 1,222 |
Sale of Investment | Investment funds | ||
Related Party Transaction [Line Items] | ||
Due from related parties | $ 42 | 48 |
Sale of Investment | Capital Markets | ||
Related Party Transaction [Line Items] | ||
Repayment period | 5 years | |
AOG Unit Payment | Managing Partners | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 394 | $ 570 |
Related Parties - Narrative (De
Related Parties - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Jul. 13, 2021 | Feb. 12, 2021 | May 31, 2022 | Oct. 31, 2020 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Jan. 01, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||||||||
Increase in Tax Receivable Agreement Liability | $ 243,000,000 | |||||||||
Due to related parties | $ 1,023,000,000 | $ 1,023,000,000 | $ 1,222,000,000 | |||||||
Due from employees and former employees | 94,000,000 | 94,000,000 | 107,000,000 | |||||||
Due from related parties | 430,000,000 | 430,000,000 | 490,000,000 | |||||||
Deconsolidation, Gain (Loss), Amount | $ 162,000,000 | |||||||||
AFS securities | 102,648,000,000 | 102,648,000,000 | ||||||||
Investment Funds | $ 29,000,000 | $ 29,000,000 | ||||||||
GBTG | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Net change in unrealized gains (losses) due to changes in fair value | $ 82,000,000 | |||||||||
ADIP | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Economic interest, ownership percentage | 63.45% | 63.45% | ||||||||
Athene Life Re Ltd | Athene Co-Invest Reinsurance Affiliate Holding Ltd | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Sale of stock, percentage of ownership after transaction | 36.55% | |||||||||
ADIP | Athene | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Proceeds from contributed capital | $ 336,000,000 | $ 1,047,000,000 | ||||||||
Tax Receivable Agreement | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Cash tax savings | 15% | |||||||||
Employee Loans | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due from employees and former employees | 16,000,000 | 16,000,000 | 18,000,000 | |||||||
Employee Loans, Profit Sharing Distributions | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due from employees and former employees | 66,000,000 | 66,000,000 | 65,000,000 | |||||||
Affiliated Entity | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Performance allocations | 89,000,000 | 89,000,000 | 81,000,000 | |||||||
AFS securities | 9,055,000,000 | 9,055,000,000 | ||||||||
Investment Funds | 1,272,000,000 | 1,272,000,000 | ||||||||
Affiliated Entity | Athene | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Contribution from related party | $ 8,000,000,000 | |||||||||
Affiliated Entity | IPO | APSG I | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Proceeds from sale of stock, related parties | $ 817,000,000 | |||||||||
Affiliated Entity | IPO | APSG II | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Proceeds from sale of stock, related parties | $ 690,000,000 | |||||||||
Affiliated Entity | IPO | Acropolis | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Proceeds from sale of stock, related parties | $ 345,000,000 | |||||||||
Affiliated Entity | Private Placement | APSG I | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Proceeds from sale of stock, related parties | $ 18,000,000 | |||||||||
Affiliated Entity | Private Placement | APSG II | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Proceeds from sale of stock, related parties | $ 16,000,000 | |||||||||
Affiliated Entity | Private Placement | Acropolis | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Proceeds from sale of stock, related parties | $ 9,000,000 | |||||||||
Affiliated Entity | AOG Unit Holders | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Tax receivable agreement, payment, multiplier by outstanding units | 3.66 | |||||||||
Affiliated Entity | Wheels And Donlen | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
AFS securities | 933,000,000 | $ 933,000,000 | ||||||||
Affiliated Entity | Athora Holding Ltd. (Athora) | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction, term | 30 days | |||||||||
Right of refusal to reinsure as a percentage of liabilities ceded | 50% | |||||||||
Right of refusal to reinsure liabilities ceded from a third party, percentage | 20% | |||||||||
Limitation of third party liabilities as a percentage of Athora's liabilities | 20% | |||||||||
Funding agreements, limitation as a percentage of fair market value of total assets | 3% | |||||||||
Investment Funds | 789,000,000 | $ 789,000,000 | ||||||||
Affiliated Entity | Tax Receivable Agreement | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Cash tax savings | 85% | |||||||||
Increase in Tax Receivable Agreement Liability | $ 243,000,000 | |||||||||
Affiliated Entity | Indemnification Liability | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due from related parties | 13,000,000 | 13,000,000 | $ 13,000,000 | |||||||
Affiliated Entity | Equity Commitments | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due to related parties | 402,000,000 | 402,000,000 | ||||||||
Affiliated Entity | Funding Agreements | Athora Holding Ltd. (Athora) | Athene | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due to related parties | 54,000,000 | 54,000,000 | ||||||||
Affiliated Entity | Additional Investments | Athora Holding Ltd. (Athora) | Athene | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due to related parties | 809,000,000 | 809,000,000 | ||||||||
Affiliated Entity | Additional Investments | PK Air | Athene | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due to related parties | 1,000,000,000 | 1,000,000,000 | ||||||||
Affiliated Entity | Coinsurance And Modco Agreement | Voya Insurance And Annuity Company | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Investment Funds | 232,000,000 | 232,000,000 | ||||||||
Affiliated Entity | Loans Receivable From Related Party | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due from related parties | $ 274,000,000 | $ 274,000,000 | ||||||||
Related party transaction, rate | 6.257% | |||||||||
Affiliated Entity | PK Air Senior Notes | PK Air | Athene | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchases from related party | $ 1,100,000,000 |
Related Parties - Investment in
Related Parties - Investment in SPAC Balance Sheet Disclosure (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Assets | |||
Cash and cash equivalents | $ 10,942 | $ 2,090 | |
Restricted cash and cash equivalents | |||
AFS securities | 102,648 | ||
Assets, Total | 250,340 | 30,502 | |
Liabilities | |||
Due to related parties | 1,023 | 1,222 | |
Liabilities | 247,454 | 18,538 | |
Redeemable non-controlling interests | 1,024 | 1,770 | |
Equity | |||
Additional paid in capital | 15,256 | 2,096 | |
Retained earnings (accumulated deficit) | (2,837) | 1,144 | |
Total Apollo Global Management, Inc. Stockholders’ Equity (Deficit) | (1,339) | 3,789 | |
Total Liabilities, Redeemable non-controlling interests and Equity | 250,340 | 30,502 | |
Affiliated Entity | |||
Assets | |||
AFS securities | 9,055 | ||
VIE, Primary Beneficiary | Affiliated Entity | |||
Assets | |||
Cash and cash equivalents | 1 | 2 | |
Restricted cash and cash equivalents | 695 | 690 | |
AFS securities | 347 | 1,162 | |
Other assets | 1 | 3 | |
Assets, Total | 1,044 | 1,857 | |
Liabilities | |||
Accounts payable, accrued expenses, and other liabilities | 3 | 2 | |
Due to related parties | 8 | 20 | |
Other liabilities | 42 | 144 | |
Liabilities | 53 | 166 | |
Redeemable non-controlling interests | 1,009 | 1,762 | |
Equity | |||
Additional paid in capital | (64) | (98) | |
Retained earnings (accumulated deficit) | 45 | 27 | |
Total Apollo Global Management, Inc. Stockholders’ Equity (Deficit) | (19) | (71) | |
Total Liabilities, Redeemable non-controlling interests and Equity | $ 1,043 | $ 1,857 |
Related Parties - Investment _2
Related Parties - Investment in SPAC Income Statement Disclosure (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Expenses: | ||||
Total Expenses | $ 4,435 | $ 648 | $ 13,767 | $ 2,417 |
Other Income (Loss): | ||||
Net income (loss) attributable to Apollo Global Management, Inc. | (876) | 258 | (3,797) | 1,595 |
VIE, Primary Beneficiary | ||||
Other Income (Loss): | ||||
Net gains (losses) from investment activities | 85 | 142 | 465 | 400 |
VIE, Primary Beneficiary | Affiliated Entity | ||||
Expenses: | ||||
General, administrative and other | 1 | 3 | 7 | 13 |
Total Expenses | 1 | 3 | 7 | 13 |
Other Income (Loss): | ||||
Net gains (losses) from investment activities | 4 | 29 | 21 | 28 |
Interest income | 5 | 0 | 7 | 0 |
Total Other income (loss) | 9 | 29 | 28 | 28 |
Net income (loss) attributable to Apollo Global Management, Inc. | $ 8 | $ 26 | $ 21 | $ 15 |
Related Parties - Athora (Detai
Related Parties - Athora (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Investment fund | $ 29 | |
Total Investments | 191,076 | $ 11,354 |
Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Investment fund | 1,272 | |
Athora Holding Ltd. (Athora) | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Investment fund | 789 | |
Non-redeemable preferred equity securities | 334 | |
Total Investments | $ 1,123 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ / shares in Units, € in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Oct. 19, 2021 USD ($) $ / shares | Mar. 08, 2021 USD ($) | Jun. 08, 2020 Defendant claim | Dec. 21, 2017 USD ($) | Aug. 03, 2017 EUR (€) | Mar. 31, 2020 Defendant | Sep. 30, 2022 USD ($) subsidiary | Dec. 31, 2021 USD ($) | May 03, 2022 USD ($) | |
Loss Contingencies [Line Items] | |||||||||
Cumulative revenues recognized if existing investments become worthless | $ 4,300,000,000 | ||||||||
United States District Court Middle District Of Florida Against AGM | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss of contingency, damages | € | € 30 | ||||||||
Harbinger Capital Partners II LP et al .v. Apollo Global Management LLC et al. No.6575152017 | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss of contingency, damages | $ 1,900,000,000 | ||||||||
Harbinger Capital Partners II LP et al .v. Apollo Global Management LLC et al. No.6575152017 | Consultant | Sky Terra | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of defendants | Defendant | 8 | ||||||||
Harbinger Capital Partners II LP et al .v. Apollo Global Management LLC et al. No.6575152017 | Executive Officer | Sky Terra | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of defendants | claim | 3 | ||||||||
Benjamin Fongers Against Career Builder L L C And A G M Inc | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss of contingency, damages | $ 35,000,000 | ||||||||
Frank Funds V. Apollo Global Management | Officers And Employees | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of defendants | Defendant | 3 | ||||||||
Stockholder Of A G M Vs A G M Complaint | Director | |||||||||
Loss Contingencies [Line Items] | |||||||||
Payment of cash per AOG unit held (in dollars per unit) | $ / shares | $ 3.66 | ||||||||
Funds provided for tax receivable agreement | $ 640,000,000 | ||||||||
Stone Tower | |||||||||
Loss Contingencies [Line Items] | |||||||||
Fair value of contingent consideration | 103,000,000 | $ 126,000,000 | |||||||
Griffin Capital, Asset Management Business | |||||||||
Loss Contingencies [Line Items] | |||||||||
Fair value of contingent consideration | 25,000,000 | $ 36,000,000 | |||||||
Athene Holding Limited | |||||||||
Loss Contingencies [Line Items] | |||||||||
Asset impairment charges | 53,000,000 | ||||||||
Deferred income tax liabilities | 47,000,000 | ||||||||
Athene Holding Limited | Letter of Credit | |||||||||
Loss Contingencies [Line Items] | |||||||||
Undrawn letter of credit | 1,400,000,000 | ||||||||
Athene Holding Limited | Federal Home Loan Bank | |||||||||
Loss Contingencies [Line Items] | |||||||||
Funding agreements outstanding | 3,700,000,000 | ||||||||
Athene Holding Limited | Funding Agreement Backed Notes | |||||||||
Loss Contingencies [Line Items] | |||||||||
Funding agreements outstanding | 20,800,000,000 | ||||||||
Funding agreements remaining capacity | 13,300,000,000 | ||||||||
Athene Holding Limited | Funding Agreement Backed Repurchase Agreement | |||||||||
Loss Contingencies [Line Items] | |||||||||
Funding agreements outstanding | 2,000,000,000 | ||||||||
Apollo Capital Markets Partnership | Sumitomo Mitsui Banking Corp | |||||||||
Loss Contingencies [Line Items] | |||||||||
Maximum borrowing capacity | 2,250,000,000 | ||||||||
Amount outstanding | 511,000,000 | ||||||||
Additional Investments | |||||||||
Loss Contingencies [Line Items] | |||||||||
Retirement services contributions to investment funds, inclusive of related party commitments | 18,100,000,000 | ||||||||
Investment Commitment | |||||||||
Loss Contingencies [Line Items] | |||||||||
Other commitment | $ 500,000,000 | $ 1,000,000,000 | |||||||
Underwriting Commitments | AGS | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of subsidiaries | subsidiary | 1 | ||||||||
Commitment To Purchase Underlying Portfolio Investment | AGS | |||||||||
Loss Contingencies [Line Items] | |||||||||
Unfunded contingent commitments | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Total Restricted Assets (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Short-term investments | $ 8 | |
Restricted cash and cash equivalents | ||
Athene Holding Limited | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
AFS securities | 11,532 | |
Trading securities | 57 | |
Equity securities | 48 | |
Mortgage loans | 7,625 | |
Investment funds | 103 | |
Derivative assets | 84 | |
Other investments | 170 | |
Restricted cash and cash equivalents | 1,024 | |
Total restricted assets | $ 20,651 |
Segments - Narrative (Details)
Segments - Narrative (Details) - 9 months ended Sep. 30, 2022 | Reportable_segment | Segment |
Segment Reporting [Abstract] | ||
Number of reportable segments | 3 | 3 |
Number of operating segments | 3 |
Segments - Segment Reporting In
Segments - Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Assets | $ 250,340 | $ 250,340 | $ 30,502 | ||
Asset Management | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 13,890 | 13,890 | 30,502 | ||
Retirement Services | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 236,450 | 236,450 | 0 | ||
Management fees | Asset Management | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 389 | $ 475 | 1,100 | $ 1,402 | |
Advisory and transaction fees, net | Asset Management | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 110 | 63 | 286 | 205 | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted Segment Income | 992.8 | 902.5 | 2,962.5 | 1,856.5 | |
Assets | 244,148 | 244,148 | $ 13,573 | ||
Operating Segments | Asset Management | |||||
Segment Reporting Information [Line Items] | |||||
Fee-related performance fees | 20 | 19.8 | 45.9 | 36.7 | |
Fee-related compensation | (193.8) | (160.7) | (556.4) | (476.7) | |
Other operating expenses | (112.1) | (76.7) | (318.8) | (218.3) | |
Adjusted Segment Income | 364.6 | 320.1 | 1,015.7 | 940.7 | |
Assets | 1,818 | 1,818 | |||
Operating Segments | Retirement Services | |||||
Segment Reporting Information [Line Items] | |||||
Other operating expenses | (117.1) | 0 | (334.9) | 0 | |
Fixed income and other investment income, net | 1,470.4 | 0 | 3,979.3 | 0 | |
Alternative investment income, net | 249.6 | 0 | 883.6 | 0 | |
Strategic capital management fees | 13.6 | 0 | 38.6 | 0 | |
Cost of funds | (965.5) | 0 | (2,677.8) | 0 | |
Interest and other financing costs | (72.9) | 0 | (198.8) | 0 | |
Adjusted Segment Income | 578.1 | 0 | 1,690 | 0 | |
Assets | 234,188 | 234,188 | |||
Operating Segments | Principal Investing | |||||
Segment Reporting Information [Line Items] | |||||
Other operating expenses | (13.9) | (11.8) | (37.6) | (34.1) | |
Realized performance fees | 92.9 | 608 | 371 | 1,183.6 | |
Realized investment income | 61.4 | 295.2 | 324.7 | 397.6 | |
Principal investing compensation | (90.3) | (309) | (401.3) | (631.3) | |
Adjusted Segment Income | 50.1 | 582.4 | 256.8 | 915.8 | |
Assets | 8,142 | 8,142 | |||
Operating Segments | Management fees | Asset Management | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 545.9 | 472.5 | 1,573.2 | 1,395.2 | |
Operating Segments | Advisory and transaction fees, net | Asset Management | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 104.6 | $ 65.2 | $ 271.8 | $ 203.8 |
Segments - Reconciliation of To
Segments - Reconciliation of Total Consolidated Revenues to Total Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Total Consolidated Revenues | $ 2,979 | $ 1,078 | $ 6,126 | $ 4,756 |
Asset Management | ||||
Segment Reporting Information [Line Items] | ||||
Total Consolidated Revenues | 477 | 1,078 | 1,878 | 4,756 |
Asset Management | Management fees | ||||
Segment Reporting Information [Line Items] | ||||
Retirement services management fees | 389 | 475 | 1,100 | 1,402 |
Adjustments | ||||
Segment Reporting Information [Line Items] | ||||
Retirement services GAAP revenue | (2,502) | 0 | (4,248) | 0 |
Equity awards granted by unconsolidated related parties, reimbursable expenses and other | (37) | (26) | (116) | (84) |
Adjustments related to consolidated funds and VIEs | (2) | 33 | 69 | 108 |
Performance fees | (27) | (450) | (262) | (2,596) |
Principal investment income | 68 | (77) | (233) | (549) |
Adjustments | Management fees | ||||
Segment Reporting Information [Line Items] | ||||
Retirement services management fees | 192 | 0 | 555 | 0 |
Operating Segments | Asset Management | ||||
Segment Reporting Information [Line Items] | ||||
Total Consolidated Revenues | 671 | 558 | 1,891 | 1,635 |
Operating Segments | Asset Management | Management fees | ||||
Segment Reporting Information [Line Items] | ||||
Retirement services management fees | $ 545.9 | $ 472.5 | $ 1,573.2 | $ 1,395.2 |
Segments - Reconciliation of In
Segments - Reconciliation of Income Before Income Tax provision from Segments to Consolidated (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (loss) before income tax provision (benefit) | $ (1,359) | $ 732 | $ (6,986) | $ 4,153 |
Equity-based compensation | 118.8 | 56.2 | 412.9 | 165.7 |
Net (income) loss attributable to non-controlling interests in consolidated entities | (298) | 373 | (1,909) | 2,060 |
Asset Management | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Unrealized net (gains) losses from investment activities and other | 15 | (173) | (171) | (1,438) |
Investment (gains) losses, net of offsets | 16 | (173) | (164) | (1,439) |
Retirement Services | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Investment (gains) losses, net of offsets | 2,847 | 0 | 12,823 | 0 |
Adjustments | Asset Management | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Equity-based profit sharing expense and other | 55 | 32 | 219 | 94 |
Equity-based compensation | 46 | 20 | 139 | 55 |
Preferred dividends | 0 | (9) | 0 | (27) |
Transaction-related charges | (5) | (1) | (6) | 27 |
Merger-related transaction and integration costs | 14 | 15 | 50 | 39 |
(Gains) losses from change in tax receivable agreement liability | 0 | 0 | 14 | (2) |
Net (income) loss attributable to non-controlling interests in consolidated entities | 328 | (113) | 1,882 | (300) |
Unrealized performance fees | 66 | 159 | 109 | (1,411) |
Unrealized profit sharing expense | (19) | (41) | (16) | 646 |
HoldCo interest and other financing costs | 29 | 42 | 103 | 128 |
Unrealized principal investment income (loss) | 128 | 219 | 138 | (154) |
Unrealized net (gains) losses from investment activities and other | (15) | (152) | (138) | (1,391) |
Adjustments | Retirement Services | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Equity-based compensation | 15 | 0 | 40 | 0 |
Investment (gains) losses, net of offsets | 1,737 | 0 | 6,913 | 0 |
Non-operating change in insurance liabilities and related derivatives, net of offsets | (64) | 0 | 398 | 0 |
Integration, restructuring and other non-operating expenses | 37 | 0 | 104 | 0 |
Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Adjusted Segment Income | 993 | 903 | 2,963 | 1,857 |
Operating Segments | Retirement Services | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
HoldCo interest and other financing costs | $ 72.9 | $ 0 | $ 198.8 | $ 0 |
Segments - Reconciliation of As
Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Assets | $ 250,340 | $ 30,502 |
Operating Segments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Assets | 244,148 | 13,573 |
Adjustments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Assets | $ 6,192 | $ 16,929 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 9 Months Ended | 12 Months Ended | ||||||||
Nov. 02, 2022 | Aug. 04, 2022 | May 05, 2022 | Feb. 11, 2022 | Nov. 02, 2021 | Aug. 04, 2021 | May 04, 2021 | Feb. 03, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | ||||||||||
Dividends per share of common stock (in dollars per share) | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.60 | $ 1.20 | $ 2.10 | |
Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends per share of common stock (in dollars per share) | $ 0.40 |