Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 05, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | APO | |
Security Exchange Name | NYSE | |
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 | |
Entity Common Stock, Shares Outstanding | 567,403,760 | |
Amended Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 15,099 | |
Due from related parties | 464 | $ 465 |
Deferred acquisition costs, deferred sales inducements and value of business acquired | 4,836 | 4,466 |
Total Assets | 270,324 | 257,217 |
Liabilities | ||
Due to related parties | 980 | 998 |
Debt | 6,464 | 6,472 |
Interest sensitive contract liabilities | 181,100 | |
Future policy benefits | 42,490 | |
Market risk benefits | 3,203 | |
Total Liabilities | 252,590 | 241,819 |
Commitments and Contingencies (note 18) | ||
Redeemable non-controlling interests | ||
Redeemable non-controlling interests | $ 1,042 | $ 1,032 |
Common stock, shares issued (in shares) | 567,394,604 | 570,276,188 |
Equity | ||
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 567,394,604 and 570,276,188 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | $ 0 | $ 0 |
Additional paid in capital | 14,408 | 14,982 |
Retained earnings (accumulated deficit) | (172) | (1,007) |
Accumulated other comprehensive income (loss) | (6,162) | (7,335) |
Total Apollo Global Management, Inc. Stockholders’ Equity | 8,074 | 6,640 |
Non-controlling interests | 8,618 | 7,726 |
Total Equity | 16,692 | 14,366 |
Total Liabilities, Redeemable non-controlling interests and Equity | 270,324 | 257,217 |
Asset Management | ||
Assets | ||
Cash and cash equivalents | 1,255 | 1,201 |
Restricted cash and cash equivalents | 1,061 | 1,048 |
Investments | 5,596 | 5,582 |
Other assets | 2,409 | 2,333 |
Due from related parties | 464 | 465 |
Goodwill | 264 | 264 |
Total Assets | 12,967 | 13,402 |
Liabilities | ||
Accounts payable, accrued expenses, and other liabilities | 3,189 | 2,975 |
Due to related parties | 980 | 998 |
Debt | 2,814 | 2,814 |
Total Liabilities | 8,278 | 8,736 |
Asset Management | VIE, Primary Beneficiary | ||
Assets | ||
Cash and cash equivalents | 123 | 110 |
Investments | 1,763 | 2,369 |
Other assets | 32 | 30 |
Liabilities | ||
Notes payable | 43 | 50 |
Other liabilities | 1,252 | 1,899 |
Retirement Services | ||
Assets | ||
Cash and cash equivalents | 13,844 | 7,779 |
Restricted cash and cash equivalents | 1,148 | 628 |
Investments | 176,466 | 172,488 |
Other assets | 9,183 | 9,905 |
Goodwill | 4,061 | 4,058 |
Investments in related parties | 26,764 | 23,960 |
Reinsurance recoverable | 4,229 | 4,358 |
Deferred acquisition costs, deferred sales inducements and value of business acquired | 4,836 | 4,466 |
Total Assets | 257,357 | 243,815 |
Liabilities | ||
Debt | 3,650 | 3,658 |
Other liabilities | 2,831 | 3,213 |
Interest sensitive contract liabilities | 181,100 | 173,616 |
Future policy benefits | 42,490 | 42,110 |
Market risk benefits | 3,203 | 2,970 |
Payables for collateral on derivatives and securities to repurchase | 10,196 | 6,707 |
Total Liabilities | 244,312 | 233,083 |
Retirement Services | VIE, Primary Beneficiary | ||
Assets | ||
Cash and cash equivalents | 654 | 362 |
Investments | 16,061 | 15,699 |
Other assets | 111 | 112 |
Liabilities | ||
Other liabilities | $ 842 | $ 809 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 90,000,000,000 | 90,000,000,000 |
Common stock, shares issued (in shares) | 567,394,604 | 570,276,188 |
Common stock, shares outstanding (in shares) | 567,394,604 | 570,276,188 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | ||
Premiums | $ 96 | $ 2,110 |
Total Revenues | 5,301 | 862 |
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 138 | 98 |
Total Expenses | 3,574 | 2,784 |
Other income (loss) – Asset Management | ||
Income (loss) before income tax (provision) benefit | 1,791 | (1,544) |
Income tax (provision) benefit | (253) | 485 |
Net income (loss) | 1,538 | (1,059) |
Net (income) loss attributable to non-controlling interests | (528) | 658 |
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders | 1,010 | (401) |
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders | $ 1,010 | $ (401) |
Earnings (loss) per share | ||
Net income (loss) attributable to common stockholders - basic (in dollars per share) | $ 1.67 | $ (0.70) |
Net income (loss) attributable to common stockholders - diluted (in dollars per share) | $ 1.66 | $ (0.70) |
Weighted average shares outstanding | ||
Weighted average shares outstanding – basic (in shares) | 584,115,927 | 586,495,913 |
Weighted average shares outstanding – diluted (in shares) | 584,242,571 | 586,495,913 |
VIE, Primary Beneficiary | ||
Revenues | ||
Investment related gains (losses) | $ 34 | $ 367 |
Interest expense | 29 | 9 |
Asset Management | ||
Revenues | ||
Net investment income | 452 | 701 |
Investment related gains (losses) | (2) | 34 |
Total Revenues | 1,036 | 1,109 |
Compensation and benefits | 670 | 734 |
Interest expense | 31 | 32 |
General, administrative and other | 197 | 148 |
Total Expenses | 898 | 914 |
Other income (loss) – Asset Management | ||
Other income (loss), net | 32 | (23) |
Total Other income (loss) | 64 | 378 |
Asset Management | VIE, Primary Beneficiary | ||
Revenues | ||
Investment related gains (losses) | 34 | 367 |
Asset Management | Management fees | ||
Revenues | ||
Revenues | 414 | 336 |
Asset Management | Advisory and transaction fees, net | ||
Revenues | ||
Revenues | 155 | 66 |
Asset Management | Incentive fees | ||
Revenues | ||
Revenues | 15 | 6 |
Retirement Services | ||
Revenues | ||
Net investment income | 2,612 | 1,731 |
Premiums | 96 | 2,110 |
Product charges | 198 | 166 |
Investment related gains (losses) | 1,065 | (4,230) |
Other revenues | 13 | (3) |
Total Revenues | 4,265 | (247) |
Interest sensitive contract benefits | 1,289 | (99) |
Future policy and other policy benefits | 466 | 2,184 |
Market risk benefits remeasurement (gains) losses | 346 | (622) |
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 138 | 98 |
Policy and other operating expenses | 437 | 309 |
Total Expenses | 2,676 | 1,870 |
Retirement Services | VIE, Primary Beneficiary | ||
Revenues | ||
Net investment income | 82 | 21 |
Total Revenues | $ 281 | $ (21) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 1,538 | $ (1,059) |
Other comprehensive income (loss), before tax | ||
Unrealized investment gains (losses) on available-for-sale securities | 2,099 | (6,698) |
Unrealized gains (losses) on hedging instruments | 104 | (127) |
Remeasurement gains (losses) on future policy benefits related to discount rate | (802) | 3,562 |
Remeasurement gains (losses) on market risk benefits related to credit risk | 89 | 397 |
Foreign currency translation and other adjustments | 22 | (9) |
Other comprehensive income (loss), before tax | 1,512 | (2,875) |
Income tax expense (benefit) related to other comprehensive income (loss) | 290 | (615) |
Other comprehensive income (loss) | 1,222 | (2,260) |
Comprehensive income (loss) | 2,760 | (3,319) |
Comprehensive (income) loss attributable to non-controlling interests | (577) | 603 |
Comprehensive income (loss) attributable to Apollo Global Management, Inc. | $ 2,183 | $ (2,716) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Total Apollo Global Management, Inc. Stockholders’ Equity (Deficit) | Common Stock | Additional Paid in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Non-Controlling Interests | Series A Preferred Stock Preferred Stock | Series B Preferred Stock Preferred Stock |
Beginning balance, common stock (in shares) at Dec. 31, 2021 | 249,000,000 | ||||||||
Beginning balance at Dec. 31, 2021 | $ 10,194 | $ 3,789 | $ 2,096 | $ 1,144 | $ (5) | $ 6,405 | $ 264 | $ 290 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Merger with Athene (in shares) | 166,000,000 | ||||||||
Merger with Athene | 17,992 | 13,050 | 13,050 | 4,942 | |||||
Issuance of warrants | 149 | 149 | 149 | ||||||
Reclassification of preferred stock to non-controlling interests | 0 | (554) | 554 | (264) | (290) | ||||
Consolidation/Deconsolidation of VIEs | (2,848) | (2,848) | |||||||
Issuance of common stock related to equity transactions | 21 | 21 | 21 | ||||||
Accretion of redeemable non-controlling interests | (20) | (20) | (20) | ||||||
Capital increase related to equity-based compensation | 141 | 141 | 141 | ||||||
Capital contributions | 3,012 | 3,012 | |||||||
Dividends/Distributions | (841) | (241) | (12) | (229) | (600) | ||||
Payments related to issuances of common stock for equity-based awards (in shares) | 3,000,000 | ||||||||
Payments related to issuances of common stock for equity-based awards | (110) | (110) | 28 | (138) | |||||
Repurchase of common stock (in shares) | (4,000,000) | ||||||||
Repurchase of common stock | (226) | (226) | (226) | ||||||
Exchange of AOG Units for common stock (in shares) | 156,000,000 | ||||||||
Exchange of AOG Units for common stock | (2,056) | 535 | 535 | (2,591) | |||||
Net income (loss) | (1,059) | (401) | (401) | (658) | |||||
Other comprehensive income (loss) | (2,260) | (2,315) | (2,315) | 55 | |||||
Ending balance, common stock (in shares) at Mar. 31, 2022 | 570,000,000 | ||||||||
Ending balance at Mar. 31, 2022 | $ 22,089 | 13,818 | 15,762 | 376 | (2,320) | 8,271 | $ 0 | $ 0 | |
Beginning balance, common stock (in shares) at Dec. 31, 2022 | 570,276,188 | 570,000,000 | |||||||
Beginning balance at Dec. 31, 2022 | $ 14,366 | 6,640 | 14,982 | (1,007) | (7,335) | 7,726 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Other changes in equity of non-controlling interests | (119) | (119) | |||||||
Accretion of redeemable non-controlling interests | (10) | (10) | (10) | ||||||
Capital increase related to equity-based compensation | 122 | 122 | 122 | ||||||
Capital contributions | 617 | 617 | |||||||
Dividends/Distributions | (424) | (241) | (241) | (183) | |||||
Payments related to issuances of common stock for equity-based awards (in shares) | 4,000,000 | ||||||||
Payments related to issuances of common stock for equity-based awards | (160) | (160) | 15 | (175) | |||||
Repurchase of common stock (in shares) | (7,000,000) | ||||||||
Repurchase of common stock | (460) | (460) | (460) | ||||||
Net income (loss) | 1,538 | 1,010 | 1,010 | 528 | |||||
Other comprehensive income (loss) | $ 1,222 | 1,173 | 1,173 | 49 | |||||
Ending balance, common stock (in shares) at Mar. 31, 2023 | 567,394,604 | 567,000,000 | |||||||
Ending balance at Mar. 31, 2023 | $ 16,692 | $ 8,074 | $ 14,408 | $ (172) | $ (6,162) | $ 8,618 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities | ||
Net Income (Loss) | $ 1,538 | $ (1,059) |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities: | ||
Equity-based compensation | 140 | 168 |
Net investment income | (474) | (478) |
Net recognized (gains) losses on investments and derivatives | (2,057) | 1,671 |
Depreciation and amortization | 165 | 106 |
Net amortization of net investment premiums, discount and other | 30 | 73 |
Policy acquisition costs deferred | (375) | (214) |
Other non-cash amounts included in net income (loss), net | 66 | 42 |
Changes in consolidation | (51) | (946) |
Changes in operating assets and liabilities: | ||
Purchases of investments by Funds and VIEs | (1,213) | (6,033) |
Proceeds from sale of investments by Funds and VIEs | 1,861 | 1,812 |
Interest sensitive contract liabilities | 2,229 | (548) |
Future policy benefits, market risk benefits and reinsurance recoverable | 64 | (776) |
Other assets and liabilities, net | (852) | 2,189 |
Net cash provided by (used in) operating activities | 1,071 | (3,993) |
Cash Flows from Investing Activities | ||
Purchases of investments and contributions to equity method investments | (1,397) | (135) |
Purchases of available-for-sale securities | (6,668) | (11,100) |
Purchases of mortgage loans | (2,930) | (4,258) |
Purchases of investment funds | (464) | (2,200) |
Purchases of U.S. Treasury securities | (244) | (1,517) |
Purchases of derivatives instruments and other investments | (725) | (736) |
Sales, maturities and repayments of investments and distributions from equity method investments | 6,329 | 13,555 |
Cash acquired through merger | 0 | 10,429 |
Other investing activities, net | 459 | (935) |
Net cash provided by (used in) investing activities | (5,640) | 3,103 |
Cash Flows from Financing Activities | ||
Issuance of debt | 1,203 | 3,656 |
Repayment of debt | (1,858) | (695) |
Repurchase of common stock | (458) | (226) |
Common stock dividends | (241) | (229) |
Distributions paid to non-controlling interests | (183) | (633) |
Contributions from non-controlling interests | 617 | 3,382 |
Deposits on investment-type policies and contracts | 12,006 | 8,342 |
Withdrawals on investment-type policies and contracts | (2,707) | (2,245) |
Net change in cash collateral posted for derivative transactions and securities to repurchase | 3,489 | 27 |
Other financing activities, net | (345) | (139) |
Net cash provided by financing activities | 11,523 | 11,240 |
Effect of exchange rate changes on cash and cash equivalents | 3 | (4) |
Net Increase in Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities | 6,957 | 10,346 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, Beginning of Period | 11,128 | 2,088 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period | 18,085 | 12,434 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for taxes | 35 | 25 |
Cash paid for interest | 169 | 203 |
Non-cash transactions | ||
Investments, at fair value | (48) | (15,968) |
Other assets | (1) | (184) |
Debt, at fair value | 0 | 9,350 |
Notes payable | 0 | 2,611 |
Other liabilities | 0 | 529 |
Non-controlling interest | 5 | 4,608 |
Equity | 95 | 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 | 15,099 | 9,769 |
Restricted cash and cash equivalents | 2,209 | 1,872 |
Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities | 18,085 | 12,434 |
Asset Management | ||
Non-cash transactions | ||
Distributions from principal investments | 2 | 93 |
Capital increases related to equity-based compensation | 110 | 133 |
Issuance of restricted shares | 14 | 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 | 1,255 | |
Retirement Services | ||
Non-cash transactions | ||
Investments received from settlements on reinsurance agreements | 71 | 0 |
Investments received from pension group annuity premiums | 0 | 1,759 |
Deposits on investment-type policies and contracts through reinsurance agreements | 27 | 563 |
Withdrawals on investment-type policies and contracts through reinsurance agreements | 3,029 | 1,774 |
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 | 13,844 | |
VIE, Primary Beneficiary | ||
Cash Flows from Investing Activities | ||
Purchases of U.S. Treasury securities | 0 | (817) |
Cash Flows from Financing Activities | ||
Issuance of debt | 1,203 | 3,656 |
Distributions paid to non-controlling interests | 0 | (592) |
Contributions from non-controlling interests | 617 | 2,630 |
Non-cash transactions | ||
Proceeds from maturities of U.S. Treasury Securities | 0 | 1,162 |
Principal repayment of debt | (1,860) | (695) |
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 | 777 | 793 |
VIE, Primary Beneficiary | Asset Management | ||
Non-cash transactions | ||
Purchases of investments | (1,213) | (6,033) |
Proceeds from sale of investments | 1,861 | 1,812 |
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 | 123 | |
VIE, Primary Beneficiary | Retirement Services | ||
Non-cash transactions | ||
Purchases of investments | (442) | (3) |
Proceeds from sale of investments | 207 | $ 168 |
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 | $ 654 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2023 | |
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 high-growth, global alternative asset manager and a retirement services provider. Its asset management business focuses 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 some of the world’s most prominent pension, endowment and sovereign wealth funds and insurance companies, as well as other institutional and individual investors. Apollo’s retirement services business is conducted by Athene, a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products for the increasing number of individuals and institutions seeking to fund retirement needs. 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 4 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 March 1, 2022, the company completed the acquisition of Griffin Capital’s U.S. wealth distribution business. 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. 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 | 3 Months Ended |
Mar. 31, 2023 | |
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 the 2022 Annual Report. 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 condensed 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, 2022. 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 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, which includes AAM and its subsidiaries, including management companies and general partners of funds that the Company manages, and AHL and its subsidiaries • funds, including entities that have attributes of an investment company • SPACs • CLOs 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. The funds managed by the Company 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 their activities without additional subordinated financial support or 2) have equity investors at risk 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 judgment 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 7 and 17. 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. 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. 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, 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 March 31, 2023. 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. Restricted cash also includes cash deposited at a bank that is pledged as collateral in connection with leased premises. Restricted cash and cash equivalents also consists of money market funds and U.S. Treasury bills with original maturities of three months or less, that were purchased with funds raised through the respective initial public offerings of APSG II and Acropolis Infrastructure Acquisition Corp. (“Acropolis”), both SPACs sponsored by Apollo. The restricted cash and cash equivalents may only be used for purposes of completing an initial business combination or redemption of public shares as set forth in the respective trust agreements. 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. Reverse Repurchase Agreements and Repurchase Agreements A reverse repurchase agreement is a transaction in which the Company purchases financial instruments from a seller and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a fixed and determinable price at a future date. A repurchase agreement is a transaction in which the Company sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substant ially the same financial instruments from the buyer at a fixed and determinable price at a future date. Although reverse repurchase and repurchase agreements generally involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be resold or repurchased before or at the maturity of the agreement. As a result, the collateral received under reverse repurchase agreements are not recognized and the collateral pledged under repurchase agreements are not derecognized in the condensed consolidated statements of financial condition. Within asset management, reverse repurchase and repurchase agreements generally sit within consolidated VIEs and as such, those reverse repurchase and repurchase agreements are reflected as investments and other liabilities, respectively, within the consolidated VIE section of the statements of financial condition. Additionally, the income (loss) related to those reverse repurchase and repurchase agreements from consolidated VIEs are included in Net gains (losses) from investment activities of consolidated variable interest entities on the condensed consolidated statements of operations. Reverse repurchase agreements with asset management are generally accounted for by electing the fair value option. For retirement services, the receivable under the reverse repurchase agreement is recorded as investment for the principal amount loaned under the agreement and the payable under a repurchase agreement is recognized as payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition. Earnings from reverse repurchase agreements are included in net investment income for retirement services on the condensed consolidated statements of operations. For reverse repurchase agreements, the Company generally requires collateral with a fair value at least equal to the carrying value of the loaned amount, monitors the market value of the collateral on a periodic basis, and delivers or obtains additional collateral due to changes in the fair value of the collateral, as appropriate, in order to mitigate credit exposure. 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 and reverse repurchase agreements. 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 5 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 consideration transferred for 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. 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 awards granted to employees and non-employees that are 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. Employees and non-employees who provide services to the Company are granted equity-based awards as compensation that 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). 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 the Company operate as partnerships for U.S. income tax purposes and are subject to NYC UBT. Certain non-U.S. entities are also subject to non-U.S. corporate income taxes. 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 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 is not considered more likely than not to be sustained, then no benefits of the position are recognized. The Company’s tax positions are reviewed and evaluated quarterly to determine whether the Company has uncertain tax positions that require financial statement recognition. Deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amount of assets and liabilities and their respective tax bases using currently enacted tax rates. 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. Significant judgment and estimates are required in determining whether valuation allowances should be established as well as the amount of such allowances. When making such determination, consideration is given to, among other things, the following: • whether sufficient taxable income exists within the allowed carryback or carryforward periods; • whether future reversals of existing taxable temporary differences will occur, including any tax planning strategies that could be used; • the nature or character (e.g., ordinary vs. capital) of the deferred tax assets and liabilities; and • whether future taxable income exclusive of reversing temporary differences and carryforwards exists. 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 Financial Accounting Standards Board (“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 condensed consolidated financial statements. Investments– Equity Method and Joint Ventures (ASU 2023-02) In March 2023, the FASB issued guidance in ASU 2023-02 to introduce the option of applying the proportional amortization method (“PAM”) to account for investments made primarily for the purpose of receiving income tax credits or other income tax benefits when certain requirements are met. Currently, PAM only applies to low-income housing tax credit (“LIHTC”) investments. The guidance becomes mandatorily effective for the Company on January 1, 2024, but early adoption i |
Adoption of Accounting Pronounc
Adoption of Accounting Pronouncement | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Adoption of Accounting Pronouncement | 3. Adoption of Accounting Pronouncement Retirement Services The following table summarizes future policy benefits and changes to the liability: (In millions) Traditional deferred annuities Indexed annuities Payout annuities Reconciling items 1 Total Balance as of January 1, 2022 $ 221 $ 5,389 $ 32,872 $ 8,632 $ 47,114 Change in discount rate assumptions — — 2,406 — 2,406 Adjustment for removal of balances related to market risk benefits (221) (5,389) — — (5,610) Adjustment for offsetting balance in negative VOBA 2 — — — (2,428) (2,428) Adjusted balance as of January 1, 2022 $ — $ — $ 35,278 $ 6,204 $ 41,482 1 Reconciling items primarily include negative VOBA associated with our liability for future policy benefits, as well as reserves for our immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for our no-lapse guarantees with universal life contracts, all of which are fully ceded. 2 Uneliminated adjustments were recorded to positive VOBA within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. Adjustments to the deferred profit liability were not required as these balances were set to zero on the Merger Date. Since the liability for future policy benefits was measured at fair value on the Merger Date, there were no instances upon transition in which net premiums exceeded gross premiums which would have required an immediate loss to be recognized in net income. The following table presents the net liability position of market risk benefits: (In millions) Traditional deferred annuities Indexed annuities Total Balance as of January 1, 2022 $ — $ — $ — Adjustment for addition of existing balances 1 221 5,389 5,610 Adjustment to positive VOBA due to fair value adjustment for market risk benefits 2 32 (1,165) (1,133) Adjustment to negative VOBA due to fair value adjustment for market risk benefits 3 — (30) (30) Adjusted balance as of January 1, 2022 $ 253 $ 4,194 $ 4,447 1 Previously recorded within future policy benefits on the condensed consolidated statements of financial condition. 2 Previously recorded within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. 3 Previously recorded within interest sensitive contract liabilities on the condensed consolidated statements of financial condition. The following table represents market risk benefits by asset and liability positions: (In millions) Asset 1 Liability Net liability Traditional deferred annuities $ — $ 253 $ 253 Indexed annuities 366 4,560 4,194 Adjusted balance as of January 1, 2022 $ 366 $ 4,813 $ 4,447 1 Included within other assets on the condensed consolidated statements of financial condition. The following table summarizes the change in deferred acquisition costs, deferred sales inducements and value of business acquired: (In millions) VOBA Balance as of January 1, 2022 $ 4,527 Change in discount rate assumptions for future policy benefits (22) Fair value adjustment of market risk benefits (1,133) Adjusted balance as of January 1, 2022 $ 3,372 |
Merger with Athene
Merger with Athene | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Merger with Athene | 4. 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 1 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 1 was determined using the discounted distribution model approach. The Mergers were accounted for as a business combination. The consideration was allocated to Athene's assets acquired and liabilities assumed based on estimates of their fair values as of the Merger Date. 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 was recorded based on the amount that the Athene equity value exceeded 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. Goodwill on the condensed consolidated statements of financial position includes the impacts of foreign currency translation. The financial statements were not retrospectively adjusted for the changes to the provisional values of assets acquired and liabilities assumed that occurred in subsequent periods. Adjustments were recognized as information related to the preliminary fair value calculation was obtained. The effect on earnings of changes in depreciation, amortization, or other income effects, as a result of changes to the provisional amounts, were recorded in the same period as the financial statements, calculated as if the accounting had been completed at the Merger Date. The following table summarizes the 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 3,372 Assets of consolidated variable interest entities 3,635 Other assets 6,115 Estimated fair value of total assets acquired (excluding goodwill) 238,252 Interest sensitive contract liabilities 160,241 Future policy benefits 41,482 Market risk benefits 4,813 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 219,779 Non-controlling interest 4,942 Estimated fair value of net assets acquired, excluding goodwill 13,531 Goodwill attributable to Athene $ 4,073 The Company finalized purchase accounting during the fourth quarter of 2022. During the year ended December 31, 2022, the Company recorded adjustments which decreased provisional goodwill by $108 million. The adjustments were comprised of $25 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 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 8. 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 statements 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. Amortization of these assets is on a straight-line basis. 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. Amortization of this asset is on a straight-line basis. 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. These assets are not amortized. 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 $ 3,372 7 Distribution Channels 1,870 18 Trade Name 160 20 State Insurance Licenses 26 Indefinite Total $ 5,428 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Investments | 5. Investments The following table outlines the Company’s investments: (In millions) March 31, 2023 December 31, 2022 Asset Management Investments, at fair value $ 1,352 $ 1,320 Equity method investments 1,019 979 Performance allocations 2,806 2,574 U.S. Treasury securities, at fair value 419 709 Total Investments – Asset Management 5,596 5,582 Retirement Services AFS securities, at fair value $ 118,579 $ 112,225 Trading securities, at fair value 2,537 2,473 Equity securities 1,619 1,766 Mortgage loans, at fair value 31,273 28,756 Investment funds 1,672 1,648 Policy loans 339 347 Funds withheld at interest 40,546 42,688 Derivative assets 3,956 3,309 Short-term investments 1,670 2,160 Other investments 1,039 1,076 Total Investments, including related parties – Retirement Services 203,230 196,448 Total Investments $ 208,826 $ 202,030 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 March 31, (In millions) 2023 2022 Realized gains (losses) on sales of investments, net $ 5 $ (2) Net change in unrealized gains (losses) due to changes in fair value (7) 36 Net gains (losses) from investment activities $ (2) $ 34 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, 2023 $ 2,574 Change in fair value of funds 427 Fund distributions to the Company (195) Performance allocations, March 31, 2023 $ 2,806 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: March 31, 2023 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 3,327 $ — $ 6 $ (630) $ 2,703 U.S. state, municipal and political subdivisions 1,215 — — (249) 966 Foreign governments 1,205 (27) 5 (261) 922 Corporate 75,348 (79) 167 (12,295) 63,141 CLO 18,643 (4) 134 (1,207) 17,566 ABS 11,696 (31) 31 (823) 10,873 CMBS 4,717 (5) 2 (524) 4,190 RMBS 7,050 (356) 197 (539) 6,352 Total AFS securities 123,201 (502) 542 (16,528) 106,713 AFS securities – related parties Corporate 1,180 — 1 (54) 1,127 CLO 3,736 (1) 14 (236) 3,513 ABS 7,480 — 12 (266) 7,226 Total AFS securities – related parties 12,396 (1) 27 (556) 11,866 Total AFS securities, including related parties $ 135,597 $ (503) $ 569 $ (17,084) $ 118,579 December 31, 2022 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 3,333 $ — $ — $ (756) $ 2,577 U.S. state, municipal and political subdivisions 1,218 — — (291) 927 Foreign governments 1,207 (27) 3 (276) 907 Corporate 74,644 (61) 92 (13,774) 60,901 CLO 17,722 (7) 115 (1,337) 16,493 ABS 11,447 (29) 15 (906) 10,527 CMBS 4,636 (5) 6 (479) 4,158 RMBS 6,775 (329) 64 (596) 5,914 Total AFS securities 120,982 (458) 295 (18,415) 102,404 AFS securities – related parties Corporate 1,028 — 1 (47) 982 CLO 3,346 (1) 10 (276) 3,079 ABS 6,066 — 3 (309) 5,760 Total AFS securities – related parties 10,440 (1) 14 (632) 9,821 Total AFS securities, including related parties $ 131,422 $ (459) $ 309 $ (19,047) $ 112,225 The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below: March 31, 2023 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,410 $ 1,377 Due after one year through five years 13,421 12,501 Due after five years through ten years 20,917 18,072 Due after ten years 45,347 35,782 CLO, ABS, CMBS and RMBS 42,106 38,981 Total AFS securities 123,201 106,713 AFS securities – related parties Due after one year through five years 735 731 Due after five years through ten years 286 258 Due after ten years 159 138 CLO and ABS 11,216 10,739 Total AFS securities – related parties 12,396 11,866 Total AFS securities, including related parties $ 135,597 $ 118,579 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 parties, 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: March 31, 2023 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 U.S. government and agencies $ 68 $ (4) $ 2,431 $ (626) $ 2,499 $ (630) U.S. state, municipal and political subdivisions 22 (2) 936 (247) 958 (249) Foreign governments 98 (8) 795 (252) 893 (260) Corporate 10,062 (812) 47,858 (11,472) 57,920 (12,284) CLO 3,038 (92) 11,579 (1,063) 14,617 (1,155) ABS 3,623 (197) 3,938 (492) 7,561 (689) CMBS 1,776 (35) 1,483 (354) 3,259 (389) RMBS 739 (44) 1,846 (258) 2,585 (302) Total AFS securities 19,426 (1,194) 70,866 (14,764) 90,292 (15,958) AFS securities – related parties Corporate 875 (24) 141 (30) 1,016 (54) CLO 1,009 (35) 2,124 (200) 3,133 (235) ABS 2,625 (82) 2,736 (184) 5,361 (266) Total AFS securities – related parties 4,509 (141) 5,001 (414) 9,510 (555) Total AFS securities, including related parties $ 23,935 $ (1,335) $ 75,867 $ (15,178) $ 99,802 $ (16,513) December 31, 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 U.S. government and agencies $ 2,539 $ (756) $ — $ — $ 2,539 $ (756) U.S. state, municipal and political subdivisions 911 (291) — — 911 (291) Foreign governments 891 (275) — — 891 (275) Corporate 58,256 (13,773) — — 58,256 (13,773) CLO 13,486 (1,277) — — 13,486 (1,277) ABS 8,119 (801) — — 8,119 (801) CMBS 2,650 (427) — — 2,650 (427) RMBS 2,621 (365) — — 2,621 (365) Total AFS securities 89,473 (17,965) — — 89,473 (17,965) AFS securities – related parties Corporate 619 (47) — — 619 (47) CLO 2,752 (273) — — 2,752 (273) ABS 5,487 (308) — — 5,487 (308) Total AFS securities – related parties 8,858 (628) — — 8,858 (628) Total AFS securities, including related parties $ 98,331 $ (18,593) $ — $ — $ 98,331 $ (18,593) The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded: March 31, 2023 Unrealized Loss Position Unrealized Loss Position 12 Months or More AFS securities 8,873 7,387 AFS securities – related parties 194 103 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, unless as required for hedge accounting, 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 March 31, 2023 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS Securities Foreign governments $ 27 $ — $ — $ — $ — $ 27 Corporate 61 21 — (6) 3 79 CLO 7 1 — — (4) 4 ABS 29 — — — 2 31 CMBS 5 1 — — (1) 5 RMBS 329 3 28 (4) — 356 Total AFS securities 458 26 28 (10) — 502 AFS securities – related party, CLO 1 — — — — 1 Total AFS securities including related party $ 459 $ 26 $ 28 $ (10) $ — $ 503 Three months ended March 31, 2022 Additions Reductions (In millions) Beginning balance 1 Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Foreign governments $ — $ 66 $ — $ — $ — 66 Corporate — 55 — — — 55 CLO — 18 — — — 18 ABS 5 5 — — 1 11 CMBS — 6 — — — 6 RMBS 306 9 — (8) 5 312 Total AFS securities 311 159 — (8) 6 468 AFS securities – related parties CLO — 3 — — — 3 ABS — 17 — — — 17 Total AFS securities – related parties — 20 — — — 20 Total AFS securities, including related parties $ 311 $ 179 $ — $ (8) $ 6 $ 488 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: Three months ended March 31, (In millions) 2023 2022 AFS securities $ 1,469 $ 855 Trading securities 42 44 Equity securities 15 15 Mortgage loans 447 237 Investment funds 34 211 Funds withheld at interest 429 337 Other 188 42 Investment revenue 2,624 1,741 Investment expenses (12) (10) Net investment income $ 2,612 $ 1,731 Investment Related Gains (Losses) Investment related gains (losses) by asset class consists of the following: Three months ended March 31, (In millions) 2023 2022 AFS securities 1 Gross realized gains on investment activity $ 183 $ 103 Gross realized losses on investment activity (104) (410) Net realized investment losses on AFS securities 79 (307) Net recognized investment losses on trading securities 64 (221) Net recognized investment losses on equity securities (18) 20 Net recognized investment losses on mortgage loans 277 (796) Derivative losses 993 (3,041) Provision for credit losses (66) (192) Other gains (264) 307 Investment related gains (losses) $ 1,065 $ (4,230) 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges. Proceeds from sales of AFS securities were $1,140 million and $298 million for the three months ended March 31, 2023 and 2022, respectively. The following table summarizes the change in unrealized gains (losses) on trading and equity securities held as of the respective period end: Three months ended March 31, (In millions) 2023 2022 Trading securities $ 66 $ (189) Trading securities – related parties 6 (4) Equity securities (23) 17 Equity securities – related parties 3 (5) Repurchase Agreements The following table summarizes the remaining contractual maturities of repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition: (In millions) March 31, 2023 December 31, 2022 Less than 30 days 1,642 608 30-90 days 2,774 1,268 91 days to 364 days 500 — 1 year and greater 2,865 2,867 Payables for repurchase agreements $ 7,781 $ 4,743 The following table summarizes the securities pledged as collateral for repurchase agreements: March 31, 2023 December 31, 2022 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities U.S. government and agencies $ 2,825 $ 2,261 $ 2,559 $ 1,941 Foreign governments 146 108 146 107 Corporate 5,324 4,425 1,940 1,605 CLO 275 265 273 261 ABS 1,218 1,093 1,243 1,082 Total securities pledged under repurchase agreements $ 9,788 $ 8,152 $ 6,161 $ 4,996 Reverse Repurchase Agreements As of March 31, 2023 and December 31, 2022, amounts loaned under reverse repurchase agreements were $1,088 million and $1,640 million, respectively, and the fair value of the collateral, comprised primarily of commercial and residential mortgage loans, was $1,475 million and $1,753 million, respectively. Mortgage Loans, including related parties and consolidated VIEs Mortgage loans includes both commercial and residential loans. Athene has elected the fair value option on its mortgage loan portfolio. See note 8 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) March 31, 2023 December 31, 2022 Commercial mortgage loans $ 21,743 $ 21,061 Commercial mortgage loans under development 1,020 790 Total commercial mortgage loans 22,763 21,851 Mark to fair value (1,740) (1,743) Commercial mortgage loans 21,023 20,108 Residential mortgage loans 13,211 11,802 Mark to fair value (842) (1,099) Residential mortgage loans 12,369 10,703 Mortgage loans $ 33,392 $ 30,811 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: March 31, 2023 December 31, 2022 (In millions, except percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 4,535 21.6 % $ 4,651 23.1 % Retail 1,450 6.9 % 1,454 7.2 % Apartment 7,506 35.7 % 6,692 33.3 % Hotels 1,873 8.9 % 1,855 9.2 % Industrial 2,242 10.7 % 2,047 10.2 % Other commercial 3,417 16.2 % 3,409 17.0 % Total commercial mortgage loans $ 21,023 100.0 % $ 20,108 100.0 % U.S. Region East North Central $ 1,438 6.8 % $ 1,437 7.1 % East South Central 422 2.0 % 413 2.1 % Middle Atlantic 5,561 26.5 % 5,183 25.8 % Mountain 923 4.4 % 898 4.5 % New England 1,071 5.1 % 1,076 5.4 % Pacific 4,033 19.2 % 3,781 18.8 % South Atlantic 2,876 13.6 % 2,756 13.7 % West North Central 225 1.1 % 231 1.1 % West South Central 1,066 5.1 % 1,085 5.4 % Total U.S. Region 17,615 83.8 % 16,860 83.9 % International Region United Kingdom 1,970 9.4 % 1,898 9.4 % Other international 1 1,438 6.8 % 1,350 6.7 % Total International Region 3,408 16.2 % 3,248 16.1 % Total commercial mortgage loans $ 21,023 100.0 % $ 20,108 100.0 % 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: March 31, 2023 December 31, 2022 U.S. States California 28.5 % 28.9 % Florida 10.1 % 9.7 % New York 5.8 % 5.6 % New Jersey 5.4 % 5.3 % Arizona 5.0 % 5.1 % Other 1 32.8 % 31.7 % Total U.S. residential mortgage loan percentage 87.6 % 86.3 % International United Kingdom 5.0 % 5.4 % Other 2 7.4 % 8.3 % Total international residential mortgage loan percentage 12.4 % 13.7 % Total residential mortgage loan percentage 100.0 % 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 parties and consolidated VIEs: March 31, 2023 December 31, 2022 (In millions, except percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Equity funds $ 43 55.8 % $ 46 58.2 % Hybrid funds 28 36.4 % 32 40.5 % Other 6 7.8 % 1 1.3 % Total investment funds 77 100.0 % 79 100.0 % Investment funds – related parties Strategic origination platforms 35 2.2 % 34 2.2 % Strategic insurance platforms 1,305 81.8 % 1,259 80.2 % Apollo and other fund investments Equity funds 228 14.3 % 246 15.7 % Yield funds 5 0.3 % 5 0.3 % Other 22 1.4 % 25 1.6 % Total investment funds – related parties 1,595 100.0 % 1,569 100.0 % Investment funds – consolidated VIEs Strategic origination platforms 4,991 39.1 % 4,829 38.7 % Strategic insurance platforms 515 4.0 % 529 4.2 % Apollo and other fund investments Equity funds 2,710 21.2 % 2,640 21.2 % Hybrid funds 3,180 24.9 % 3,112 24.9 % Yield funds 1,091 8.5 % 1,044 8.4 % Other 288 2.3 % 326 2.6 % Total investment funds – consolidated VIEs 12,775 100.0 % 12,480 100.0 % Total investment funds, including related parties and consolidated VIEs $ 14,447 $ 14,128 Concentrations —The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity: (In millions) March 31, 2023 Wheels Donlen 1 $ 1,419 PK AirFinance 1 1,334 Athora 1 1,279 Atlas 1 995 AP Tundra 873 MFI Investments 869 — — (In millions) December 31, 2022 Wheels Donlen 1 $ 1,288 Athora 1 1,232 PK AirFinance 1 999 AP Tundra 896 MFI Investments 878 SoftBank Vision Fund II 789 MidCap 1 788 Cayman Universe 756 Concord Music CL A2 684 Redding Ridge 683 AOP Finance 671 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 17. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 6. Derivatives The Company uses a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See note 8 for information about the fair value hierarchy for derivatives. The following table presents the notional amount and fair value of derivative instruments: March 31, 2023 December 31, 2022 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 6,678 $ 713 $ 149 6,677 $ 747 $ 154 Forwards 6,380 392 57 6,283 406 52 Interest rate swaps 4,468 — 725 4,468 — 803 Forwards on net investments 217 — 2 216 2 — Interest rate swaps 10,082 10 83 9,332 9 150 Total derivatives designated as hedges 1,115 1,016 1,164 1,159 Derivatives not designated as hedges Equity options 67,730 2,085 106 65,089 1,374 114 Futures 21 56 4 18 33 — Foreign currency swaps 3,863 266 118 3,563 251 112 Interest rate swaps 523 89 1 488 74 — Other swaps 137 4 1 89 — 4 Foreign currency forwards 18,250 341 272 16,376 413 257 Embedded derivatives Funds withheld, including related parties (5,557) (67) (6,272) (77) Interest sensitive contract liabilities — 6,747 — 5,841 Total derivatives not designated as hedges (2,716) 7,182 (4,127) 6,251 Total derivatives $ (1,601) $ 8,198 $ (2,963) $ 7,410 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 months ended March 31, 2023 and 2022, Athene recognized losses of $73 million and $0 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three months ended March 31, 2023 and 2022. As of March 31, 2023, 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 swaps, foreign currency interest rate 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: March 31, 2023 December 31, 2022 (In millions) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) AFS securities Foreign currency forwards $ 5,480 $ (431) $ 5,259 $ (217) Foreign currency swaps 4,962 (304) 4,797 (398) Interest sensitive contract liabilities Foreign currency swaps 1,081 (9) 1,081 88 Foreign currency interest rate swaps 4,348 315 4,348 632 Interest rate swaps 7,087 203 6,577 323 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 March 31, 2023 Investment related gains (losses) Foreign currency forwards $ (70) $ 73 $ 3 $ 87 $ 4 Foreign currency swaps (59) 64 5 — — Foreign currency interest rate swaps 78 (70) 8 — — Interest rate swaps 102 (104) (2) — — Interest sensitive contract benefits Foreign currency interest rate swaps 15 (15) — — — Three months ended March 31, 2022 Investment related gains (losses) Foreign currency forwards $ 127 $ (126) $ 1 $ 14 $ 1 Foreign currency swaps 91 (95) (4) — — Foreign currency interest rate swaps (159) 197 38 — — Interest rate swaps (72) 75 3 — — Interest sensitive contract benefits Foreign currency interest rate swaps 10 (9) 1 — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI: Three months ended March 31, (In millions) 2023 2022 Foreign currency forwards $ 63 $ (73) Foreign currency swaps 114 (56) 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 months ended March 31, 2023 and 2022, these derivatives had losses of $4 million and gains of $2 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of March 31, 2023 and December 31, 2022, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $26 million and $30 million, respectively. During the three months ended March 31, 2023 and 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. 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. Other swaps – Other swaps include total return swaps and credit default swaps. Athene purchases total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. Credit default swaps provide a measure of protection against the default of an issuer or allow Athene 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. 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 a 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: Three months ended March 31, (In millions) 2023 2022 Equity options $ 350 $ (708) Futures 34 (33) Swaps 33 63 Foreign currency forwards (169) 155 Embedded derivatives on funds withheld 603 (2,520) Amounts recognized in investment related gains (losses) 851 (3,043) Embedded derivatives in indexed annuity products 1 (473) 1,034 Total gains (losses) on derivatives not designated as hedges $ 378 $ (2,009) 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 March 31, 2023 Derivative assets $ 3,956 $ (1,456) $ (2,411) $ 89 $ — $ 89 Derivative liabilities (1,518) 1,456 506 444 — 444 December 31, 2022 Derivative assets $ 3,309 $ (1,477) $ (1,952) $ (120) $ — $ (120) Derivative liabilities (1,646) 1,477 478 309 — 309 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of March 31, 2023 and December 31, 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. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 7. 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. Refer to note 2 for more details 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 is disclosed in note 17. 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, receivables from affiliates and reverse repurchase agreements. Other liabilities include debt held at amortized cost, short-term payables and repurchase agreements. 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 (Losses) from Investment Activities of Consolidated Variable Interest Entities—Asset Management The following table presents net gains (losses) from investment activities of the consolidated VIEs: Three months ended March 31, (In millions) 2023 1 2022 1 Net gains (losses) from investment activities $ 30 $ 137 Net gains (losses) from debt — 31 Interest and other income 33 208 Interest and other expenses (29) (9) Net gains (losses) from investment activities of consolidated variable interest entities $ 34 $ 367 1 Amounts reflect consolidation eliminations. Subscription Lines Included within 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: March 31, 2023 December 31, 2022 (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 Subscription lines 1 $ 1,287 6.65 % 0.09 $ 686 6.22 % 0.08 1 The subscription lines 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. The consolidated VIEs’ debt obligations contain various customary loan covenants. As of March 31, 2023, the Company was not aware of any instances of non-compliance with any of these covenants. Repurchase Agreements The following table summarizes the maturities of repurchase agreements: Remaining Contractual Maturity As of As of 91 days to 364 days $ — $ 1,254 Total payables for repurchase agreements (1) $ — $ 1,254 (1) Included in other liabilities of consolidated variable interest entities on the condensed consolidated statements of financial condition. The following table summarizes the gross carrying value of repurchase agreements by class of collateral pledged: (In millions) March 31, 2023 December 31, 2022 Loans backed by residential real estate $ — $ 770 Loans backed by commercial real estate — 484 Total $ — $ 1,254 Note: These repurchase agreements are carried at cost which approximates fair value and is classified as Level 2 of the fair value hierarchy. Reverse Repurchase Agreements As of March 31, 2023 and December 31, 2022, fair value of collateral received under reverse repurchase agreements was $510 million and $1,522 million, respectively, and fair value of collateral rehypothecated was $0 million and $1,522 million, respectively. Revenues of Consolidated Variable Interest Entities—Retirement Services The following summarizes the statements of operations activity of the consolidated VIEs: Three months ended March 31, (In millions) 2023 2022 Trading securities $ 23 $ — Mortgage loans 24 20 Investment funds 35 1 Net investment income 82 21 Net recognized investment gains (losses) on trading securities 6 — Net recognized investment losses on mortgage loans 9 (112) Net recognized investment gains (losses) on investment funds 224 70 Other gains (losses) (40) — Investment related gains (losses) 199 (42) Revenues of consolidated variable interest entities $ 281 $ (21) 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. (In millions) March 31, 2023 2 December 31, 2022 2 Maximum Loss Exposure 1 $ 317 $ 343 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 parties, 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: March 31, 2023 December 31, 2022 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 77 $ 518 $ 79 $ 340 Investment in related parties – investment funds 1,595 2,251 1,569 2,253 Assets of consolidated VIEs – investment funds 12,775 20,267 12,480 20,278 Investment in fixed maturity securities 39,373 42,555 37,454 40,992 Investment in related parties – fixed maturity securities 11,624 12,101 9,717 10,290 Investment in related parties – equity securities 251 251 279 279 Total non-consolidated investments $ 65,695 $ 77,943 $ 61,578 $ 74,432 |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 8. Fair Value Fair Value Measurements of Financial Instruments The following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level: March 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 1,255 $ — $ — $ — $ 1,255 Restricted cash and cash equivalents 1 1,061 — — — 1,061 Cash and cash equivalents of VIEs 123 — — — 123 U.S. Treasury securities 419 — — — 419 Investments, at fair value 194 39 1,116 2 3 1,352 Investments of VIEs — 369 1,282 112 1,763 Due from related parties 3 — — 33 — 33 Derivative assets 4 — 17 15 — 32 Total Assets – Asset Management 3,052 425 2,446 115 6,038 March 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Retirement Services AFS Securities U.S. government and agencies 2,697 6 — — 2,703 U.S. state, municipal and political subdivisions — 966 — — 966 Foreign governments — 921 1 — 922 Corporate 9 61,510 1,622 — 63,141 CLO — 17,566 — — 17,566 ABS — 5,931 4,942 — 10,873 CMBS — 4,190 — — 4,190 RMBS — 6,114 238 — 6,352 Total AFS securities 2,706 97,204 6,803 — 106,713 Trading securities 24 1,586 42 — 1,652 Equity securities 273 624 71 — 968 Mortgage loans — — 29,949 — 29,949 Funds withheld at interest – embedded derivative — — (4,291) — (4,291) Derivative assets 66 3,890 — — 3,956 Short-term investments 1 551 30 — 582 Other investments — 215 286 — 501 Cash and cash equivalents 13,844 — — — 13,844 Restricted cash and cash equivalents 1,148 — — — 1,148 Investments in related parties AFS securities Corporate — 168 959 — 1,127 CLO — 3,015 498 — 3,513 ABS — 221 7,005 — 7,226 Total AFS securities – related parties — 3,404 8,462 — 11,866 Trading securities — — 885 — 885 Equity securities — — 251 — 251 Mortgage loans — — 1,324 — 1,324 Investment funds — — 1,034 — 1,034 Funds withheld at interest – embedded derivative — — (1,266) — (1,266) Other investments — — 338 — 338 Reinsurance recoverable — — 1,470 — 1,470 Other assets 7 — — 440 — 440 Assets of consolidated VIEs Trading securities — 421 648 — 1,069 Mortgage loans — — 2,119 — 2,119 Investment funds — — 2,581 10,194 12,775 Other investments — 2 97 — 99 Cash and cash equivalents 654 — — — 654 Total Assets – Retirement Services 18,716 107,897 51,273 10,194 188,080 Total Assets $ 21,768 $ 108,322 $ 53,719 $ 10,309 $ 194,118 Liabilities Asset Management Contingent consideration obligations 5 $ — $ — $ 78 $ — $ 78 Other liabilities 6 1 — — — 1 Total Liabilities – Asset Management 1 — 78 — 79 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 6,747 — 6,747 Universal life benefits — — 879 — 879 Future policy benefits AmerUs closed block — — 1,190 — 1,190 ILICO closed block and life benefits — — 579 — 579 March 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Market risk benefits 7 — — 3,203 — 3,203 Derivative liabilities 24 1,493 1 — 1,518 Other liabilities — (67) 189 — 122 Total Liabilities – Retirement Services 24 1,426 12,788 — 14,238 Total Liabilities $ 25 $ 1,426 $ 12,866 $ — $ 14,317 December 31, 2022 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 1,201 $ — $ — $ — $ 1,201 Restricted cash and cash equivalents 1 1,048 — — — 1,048 Cash and cash equivalents of VIEs 110 — — — 110 U.S. Treasury securities 709 — — — 709 Investments, at fair value 190 39 1,083 2 8 1,320 Investments of VIEs — 1,537 727 105 2,369 Due from related parties 3 — — 43 — 43 Derivative assets 4 — — 15 — 15 Total Assets – Asset Management 3,258 1,576 1,868 113 6,815 Retirement Services AFS Securities U.S. government and agencies 2,570 7 — — 2,577 U.S. state, municipal and political subdivisions — 927 — — 927 Foreign governments — 906 1 — 907 Corporate — 59,236 1,665 — 60,901 CLO — 16,493 — — 16,493 ABS — 5,660 4,867 — 10,527 CMBS — 4,158 — — 4,158 RMBS — 5,682 232 — 5,914 Total AFS securities 2,570 93,069 6,765 — 102,404 Trading securities 23 1,519 53 — 1,595 Equity securities 150 845 92 — 1,087 Mortgage loans — — 27,454 — 27,454 Funds withheld at interest – embedded derivative — — (4,847) — (4,847) Derivative assets 42 3,267 — — 3,309 Short-term investments 29 455 36 — 520 Other investments — 170 441 — 611 Cash and cash equivalents 7,779 — — — 7,779 Restricted cash and cash equivalents 628 — — — 628 Investments in related parties AFS securities Corporate — 170 812 — 982 CLO — 2,776 303 — 3,079 ABS — 218 5,542 — 5,760 Total AFS securities – related parties — 3,164 6,657 — 9,821 Trading securities — — 878 — 878 Equity securities — — 279 — 279 Mortgage loans — — 1,302 — 1,302 Investment funds — — 959 — 959 Funds withheld at interest – embedded derivative — — (1,425) — (1,425) Other investments — — 303 — 303 Reinsurance recoverable — — 1,388 — 1,388 December 31, 2022 (In millions) Level 1 Level 2 Level 3 NAV Total Other assets 7 — — 481 — 481 Assets of consolidated VIEs Trading securities 5 436 622 — 1,063 Mortgage loans — — 2,055 — 2,055 Investment funds — — 2,471 10,009 12,480 Other investments — 2 99 — 101 Cash and cash equivalents 362 — — — 362 Total Assets – Retirement Services 11,588 102,927 46,063 10,009 170,587 Total Assets $ 14,846 $ 104,503 $ 47,931 $ 10,122 $ 177,402 Liabilities Asset Management Contingent consideration obligations 5 $ — $ — $ 86 $ — $ 86 Other liabilities 6 2 — — — 2 Derivative liabilities 4 — 57 — — 57 Total Liabilities – Asset Management 2 57 86 — 145 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 5,841 — 5,841 Universal life benefits — — 829 — 829 Future policy benefits AmerUs closed block — — 1,164 — 1,164 ILICO closed block and life benefits — — 548 — 548 Market risk benefits 7 — — 2,970 — 2,970 Derivative liabilities 38 1,607 1 — 1,646 Other liabilities — (77) 142 — 65 Total Liabilities – Retirement Services 38 1,530 11,495 — 13,063 Total Liabilities $ 40 $ 1,587 $ 11,581 $ — $ 13,208 1 Restricted cash and cash equivalents as of March 31, 2023 and December 31, 2022 includes $1.1 billion and $1.0 billion, respectively, of restricted cash and cash equivalents held by consolidated SPACs. 2 Investments as of March 31, 2023 and December 31, 2022 excludes $194 million and $198 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. 3 Due from related parties represents a receivable from a fund. 4 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. 5 As of March 31, 2023 and December 31, 2022, other liabilities includes $25 million and $31 million, respectively, of contingent obligations related to the Griffin Capital acquisition, classified as Level 3 and profit sharing payable includes $53 million and $55 million, respectively, related to contingent obligations classified as Level 3. 6 Other liabilities as of March 31, 2023 and December 31, 2022 includes the publicly traded warrants of APSG II. 7 Other assets consists of market risk benefits assets. See note 10 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures. Changes in fair value of contingent consideration obligations in connection with the acquisitions 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 18 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: March 31, 2023 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 547 Embedded value N/A N/A N/A 127 Discounted cash flow Discount rate 9.2% – 52.8% 29.0% 1 442 Adjusted transaction value N/A N/A N/A Due from related parties 33 Discounted cash flow Discount rate 14.5% 14.5% Derivative assets 15 Option model Volatility rate 70.0% 70.0% Investments of consolidated VIEs Bank loans 790 Discounted cash flow Discount rate 7.2% – 35.4% 7.5% 1 Adjusted transaction value N/A N/A N/A Equity securities 468 Dividend discount model Discount rate 12.9% 12.9% Bonds 24 Discounted cash flow Discount rate 8.2% -10.5% 10.5% 1 Retirement Services AFS, trading and equity securities 12,271 Discounted cash flow Discount rate 2% – 18.7% 6.7% 1 Mortgage loans 2 33,392 Discounted cash flow Discount rate 2.1% – 22.3% 6.3% 1 Investment funds 2 650 Discounted cash flow Discount rate 6.4% – 14.7% 8.4% 899 Discounted cash flow / Discount rate / 17.0% /8.5x 17.0% / 8.5x 515 Net tangible asset values Implied multiple 1.26x 1.26x 517 Reported net asset value Reported net asset value N/A N/A 1,034 Embedded value N/A N/A N/A Financial Liabilities Asset Management Contingent consideration obligations 78 Discounted cash flow Discount rate 20.6% – 29.0% 25.3% 1 Option model Volatility rate 31.5% – 41.5% 36.5% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 6,747 Discounted cash flow Nonperformance risk 0.3% – 1.8% 1.3% 3 Option budget 0.5% – 5.7% 2.0% 4 Surrender rate 5.2% – 11.7% 8.1% 4 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. 2 Includes those of consolidated VIEs. 3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. 4 The option budget and surrender rate weighted averages are calculated based on projected account values. December 31, 2022 Fair Value (In millions) Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 526 Embedded value N/A N/A N/A 128 Discounted cash flow Discount rate 8.9% – 52.8% 28.7% 1 429 Adjusted transaction value N/A N/A N/A Due from related parties 43 Discounted cash flow Discount rate 15.0% 15.0% Derivative assets 15 Option model Volatility rate 60.0% 60.0% Investments of consolidated VIEs Equity securities 458 Dividend discount model Discount rate 12.1% 12.1% Bank loans 244 Discounted cash flow Discount rate 6.4% – 32.7% 8.0% 1 Adjusted transaction value N/A N/A N/A Bonds 25 Discounted cash flow Discount rate 7.9% 7.9% Retirement Services AFS, trading and equity securities 10,671 Discounted cash flow Discount rate 2.2% – 18.8% 6.8% 1 Mortgage loans 2 30,811 Discounted cash flow Discount rate 1.5% – 22.1% 6.3% 1 Investment funds 2 506 Discounted cash flow Discount rate 6.4% 6.4% 873 Discounted cash flow / Discount rate / 16.5% / 9x 16.5% / 9x 529 Net tangible asset values Implied multiple 1.26x 1.26x 563 Reported net asset value Reported net asset value N/A N/A 959 Embedded value N/A N/A N/A Financial Liabilities Contingent consideration obligations 86 Discounted cash flow Discount rate 20.0% – 25.0% 22.7% 1 Option model Volatility rate 29.8% – 39.6% 34.7% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 5,841 Discounted cash flow Nonperformance risk 0.1% – 1.7% 1.0% 3 Option budget 0.5% – 5.3% 1.9% 4 Surrender rate 5.1% – 11.5% 8.1% 4 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. 2 Includes those of consolidated VIEs. 3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. 4 The option budget and surrender rate weighted averages are calculated based on projected account values. The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis: Three Months Ended March 31, 2023 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 and derivative assets $ 1,098 $ 26 $ — $ 7 $ — $ 1,131 $ 26 $ — Investments of Consolidated VIEs 727 34 — 523 (2) 1,282 9 — Total Level 3 assets – Asset Management $ 1,825 $ 60 $ — $ 530 $ (2) $ 2,413 $ 35 $ — Three Months Ended March 31, 2023 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 – Retirement Services AFS securities Foreign governments $ 1 $ — $ — $ — $ — $ 1 $ — $ — Corporate 1,665 (1) 12 126 (180) 1,622 — 6 ABS 4,867 — (19) 155 (61) 4,942 — (16) RMBS 232 3 3 — — 238 — 3 Trading securities 53 2 — (4) (9) 42 1 — Equity securities 92 (8) — — (13) 71 (8) — Mortgage loans 27,454 251 — 2,244 — 29,949 252 — Funds withheld at interest – embedded derivative (4,847) 556 — — — (4,291) — — Short-term investments 36 — (2) (30) 26 30 — — Other investments 441 1 — (156) — 286 2 — Investments in related parties AFS securities Corporate 812 1 (7) 153 — 959 — (7) CLO 303 — 10 185 — 498 — 10 ABS 5,542 4 44 1,415 — 7,005 2 42 Trading securities 878 6 — 1 — 885 6 — Equity securities 279 4 — (32) — 251 3 — Mortgage loans 1,302 26 — (4) — 1,324 26 — Investment funds 959 43 — 32 — 1,034 43 — Funds withheld at interest – embedded derivative (1,425) 159 — — — (1,266) — — Other investments 303 (7) — 42 — 338 (7) — Reinsurance recoverable 1,388 82 — — — 1,470 — — Assets of consolidated VIEs Trading securities 622 12 — (2) 16 648 12 — Mortgage loans 2,055 19 — 45 — 2,119 19 — Investment funds 2,471 18 — (8) 100 2,581 18 — Other investments 99 — — (2) — 97 — — Total Level 3 assets – Retirement Services $ 45,582 $ 1,171 $ 41 $ 4,160 $ (121) $ 50,833 $ 369 $ 38 Liabilities – Asset Management Contingent consideration obligations $ 86 $ (8) $ — $ — $ — $ 78 $ — $ — Total Level 3 liabilities – Asset Management $ 86 $ (8) $ — $ — $ — $ 78 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (473) $ — $ (433) $ — $ (6,747) $ — $ — Universal life benefits (829) (50) — — — (879) — — Future policy benefits AmerUs Closed Block (1,164) (26) — — — (1,190) — — ILICO Closed Block and life benefits (548) (31) — — — (579) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (47) — — — (189) — — Total Level 3 liabilities – Retirement Services $ (8,525) $ (627) $ — $ (433) $ — $ (9,585) $ — $ — 1 Related to instruments held at end of period. Three Months Ended March 31, 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 $ 18 $ — $ 101 $ 22 $ 1,087 $ 18 $ — Investments of Consolidated VIEs 13,188 216 — 1,129 (13,602) 931 (3) — Total Level 3 assets – Asset Management $ 14,134 $ 234 $ — $ 1,230 $ (13,580) $ 2,018 $ 15 $ — Assets – Retirement Services AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 1,339 (3) (19) 140 42 1,499 — (19) CLO 14 (1) 2 (10) — 5 — 2 ABS 3,619 6 (31) (148) 337 3,783 — (30) CMBS 43 — (17) — (16) 10 — (17) Trading securities 69 (5) — 6 20 90 — — Equity securities 429 9 — — — 438 — — Mortgage loans 21,154 (744) — 3,286 — 23,696 (741) — Investment funds 18 1 — — — 19 1 — Funds withheld at interest – embedded derivative — (1,882) — — — (1,882) — — Short-term investments 29 — — 30 — 59 9 — Investments in related parties AFS securities Corporate 670 (4) 1 94 — 761 — 1 CLO 202 — — 130 — 332 — — ABS 6,445 (17) (10) (145) (1,864) 4,409 — (10) Trading securities 1,771 (5) — (254) (1,260) 252 — — Equity securities 284 (5) — — (113) 166 — — Mortgage loans 1,369 (52) — 139 — 1,456 (52) — Investment funds 2,855 24 — (34) (2,031) 814 24 — Funds withheld at interest – embedded derivative — (570) — — — (570) — — Short-term investments — — — 53 — 53 — — Reinsurance recoverable 1,991 (177) — — — 1,814 — — Assets of consolidated VIEs Mortgage loans 2,152 (120) — (152) — 1,880 (120) — Investment funds 1,297 (5) — 238 9,047 10,577 (5) — Other investments — — — — 1,902 1,902 — — Total Level 3 assets – Retirement Services $ 45,752 $ (3,550) $ (74) $ 3,373 $ 6,064 $ 51,565 $ (884) $ (73) Liabilities – Asset Management Contingent consideration obligations $ 126 $ (3) $ — $ (13) $ — $ 110 $ — $ — Debt and other liabilities of consolidated VIEs 7,528 (28) — 1,126 (8,626) — — — Total Level 3 liabilities – Asset Management $ 7,654 $ (31) $ — $ 1,113 $ (8,626) $ 110 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (7,408) $ 1,034 $ — $ (111) $ — $ (6,485) $ — $ — Universal life benefits (1,235) 139 — — — (1,096) — — Future policy benefits AmerUs Closed Block (1,520) 142 — — — (1,378) — — ILICO Closed Block and life benefits (742) 38 — — — (704) — — Three Months Ended March 31, 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 Derivative liabilities (3) — — — — (3) — — Liabilities of consolidated VIEs – debt — — — — (3,645) (3,645) — — Total Level 3 liabilities – Retirement Services $ (10,908) $ 1,353 $ — $ (111) $ (3,645) $ (13,311) $ — $ — 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 March 31, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments and derivative assets $ 8 $ — $ (1) $ — $ 7 $ — $ — $ — Investments of consolidated VIEs 871 — (348) — 523 — (2) (2) Total Level 3 assets – Asset Management $ 879 $ — $ (349) $ — $ 530 $ — $ (2) $ (2) Assets – Retirement Services AFS securities Corporate $ 208 $ — $ — $ (82) $ 126 $ 29 $ (209) $ (180) ABS 298 — — (143) 155 215 (276) (61) RMBS 1 — — (1) — — — — Trading securities — — — (4) (4) 5 (14) (9) Equity securities — — — — — — (13) (13) Mortgage loans 2,882 — (32) (606) 2,244 — — — Short-term investments — — — (30) (30) 26 — 26 Other investments 2 — — (158) (156) — — — Investments in related parties AFS securities Corporate 156 — — (3) 153 — — — CLO 185 — — — 185 — — — ABS 1,634 — — (219) 1,415 — — — Trading securities 2 — — (1) 1 — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (4) (4) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 10 — (12) — (2) 19 (3) 16 Mortgage loans 46 — — (1) 45 — — — Investment funds — — (8) — (8) 148 (48) 100 Other investments 5 — (7) — (2) — — — Total Level 3 assets – Retirement Services $ 5,503 $ — $ (59) $ (1,284) $ 4,160 $ 442 $ (563) $ (121) Three Months Ended March 31, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Three Months Ended March 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In 1 Transfers Out 2 Net Transfers In (Out) Assets – Asset Management Investments $ 104 $ — $ (3) $ — $ 101 $ 22 $ — $ 22 Investments of consolidated VIEs 2,469 — (1,340) — 1,129 453 (14,055) (13,602) Total Level 3 assets – Asset Management $ 2,573 $ — $ (1,343) $ — $ 1,230 $ 475 $ (14,055) $ (13,580) Assets – Retirement Services AFS securities Corporate $ 324 $ — $ (168) $ (16) $ 140 $ 43 $ (1) $ 42 CLO — — — (10) (10) — — — ABS 1,489 — (1,450) (187) (148) 338 (1) 337 CMBS — — — — — — (16) (16) Trading securities 6 — — — 6 30 (10) 20 Mortgage loans 4,091 — (82) (723) 3,286 — — — Short-term investments 30 — — — 30 — — — Investments in related parties AFS securities — — Corporate 315 — (217) (4) 94 — — — CLO 130 — — — 130 — — — ABS 374 — (87) (432) (145) — (1,864) (1,864) Trading securities 29 — (265) (18) (254) — (1,260) (1,260) Equity securities — — — — — — (113) (113) Mortgage loans 146 — — (7) 139 — — — Investment funds — — (34) — (34) — (2,031) (2,031) Short-term investments 53 — — — 53 — — — Assets of consolidated VIEs Mortgage loans — — — (152) (152) — — — Investment funds 253 — (15) — 238 10,081 (1,034) 9,047 Other investments — — — — — 1,902 — 1,902 Total Level 3 assets – Retirement Services $ 7,240 $ — $ (2,318) $ (1,549) $ 3,373 $ 12,394 $ (6,330) $ 6,064 Three Months Ended March 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In 1 Transfers Out 2 Net Transfers In (Out) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (13) $ (13) $ — $ — $ — Debt and other liabilities of consolidated VIEs — 1,644 — (518) 1,126 — (8,626) (8,626) Total Level 3 liabilities – Asset Management $ — $ 1,644 $ — $ (531) $ 1,113 $ — $ (8,626) $ (8,626) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (260) $ — $ 149 $ (111) $ — $ — $ — Liabilities of consolidated VIEs - Debt — — — — — (3,645) — (3,645) Total Level 3 liabilities – Retirement Services $ — $ (260) $ — $ 149 $ (111) $ (3,645) $ — $ (3,645) 1 Transfers in includes assets and liabilities of consolidated VIEs that the Company consolidated effective March 31, 2022 ($10,081 million investment funds, $1,902 million other investments, and $3,645 million debt). 2 Transfers out includes the elimination of investments in related party securities issued by VIEs that the Company consolidated effective March 31, 2022 ($1,582 million ABS AFS securities, $1,260 million ABS and CLO trading securities, and $113 million equity securities). 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: Three months ended March 31, (In millions) 2023 2022 Trading securities $ 64 $ (207) Mortgage loans 296 (916) Investment funds 62 20 Future policy benefits (26) 142 Other liabilities (47) — Total gains (losses) $ 349 $ (961) Gains and losses on trading securities and other liabilities 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) March 31, 2023 December 31, 2022 Unpaid principal balance $ 35,974 $ 33,653 Mark to fair value (2,582) (2,842) Fair value $ 33,392 $ 30,811 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 198 $ 74 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (56) (55) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 142 $ 19 Fair value of commercial mortgage loans 90 days or more past due $ 11 $ 2 Fair value of commercial mortgage loans in non-accrual status 131 19 The following represents the residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 483 $ 522 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (50) (50) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 433 $ 472 Fair value of residential mortgage loans 90 days or more past due 1 $ 433 $ 472 Fair value of residential mortgage loans in non-accrual status 234 360 1 As of March 31, 2023 and December 31, 2022, includes $199 million and $221 million, respectively, of residential mortgage loans that are guaranteed by U.S. 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: Three months ended March 31, (In millions) 2023 2022 Mortgage loans $ (3) $ (18) 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 March 31, 2023 and December 31, 2022 , the carrying amount of the equity securities was $400 million and $400 million, respectively, 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: March 31, 2023 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 77 $ 77 $ 77 $ — $ — $ — Policy loans 339 339 — — 339 — Funds withheld at interest 35,375 35,375 — — — 35,375 Short-term investments 45 45 — — 45 — Other investments 200 200 — — — 200 Investments in related parties Investment funds 561 561 561 — — — Funds withheld at interest 10,728 10,728 — — — 10,728 Short-term investments 1,043 1,043 — — 1,043 — Total financial assets not carried at fair value $ 48,368 $ 48,368 $ 638 $ — $ 1,427 $ 46,303 Financial liabilities Interest sensitive contract liabilities $ 131,873 $ 120,063 $ — $ — $ — $ 120,063 Debt 3,650 2,906 — — 2,906 — Securities to repurchase 7,781 7,781 — — 7,781 — Funds withheld liability 346 346 — — 346 — Total financial liabilities not carried at fair value $ 143,650 $ 131,096 $ — $ — $ 11,033 $ 120,063 December 31, 2022 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 79 $ 79 $ 79 $ — $ — $ — Policy loans 347 347 — — 347 — Funds withheld at interest 37,727 37,727 — — — 37,727 Short-term investments 1,640 1,640 — — 1,614 26 Other investments 162 162 — — — 162 Investments in related parties Investment funds 610 610 610 — — — Funds withheld at interest 11,233 11,233 — — — 11,233 Total financial assets not carried at fair value $ 51,798 $ 51,798 $ 689 $ — $ 1,961 $ 49,148 Financial liabilities Interest sensitive contract liabilities $ 125,101 $ 111,608 $ — $ — $ — $ 111,608 Debt 3,658 2,893 — — 2,893 — Securities to repurchase 4,743 4,743 — — 4,743 — Funds withheld liability 360 360 — — 360 — Total financial liabilities not carried at fair value $ 133,862 $ 119,604 $ — $ — $ 7,996 $ 111,608 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. 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 input used in the fair value measurement of the equity securities, bank loans and bonds is the discount rate applied in the valuation models. This input in isolation can cause significant increases or decreases in fair value, which would result in a significantly lower or higher fair value measurement. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. 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. 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 18 for further discussion of the contingent consideration obligations. Retirement Services AFS, trading and equity securities Athene uses discounted cash flow models to calculate the fair value for certain fixed maturity and equity securities. The discount rate is a significant unobservable input because the credit spread includes adjustments made to the base rate. The base rate represents a market comparable rate for securities with similar characteristics. This excludes assets for which fair value is provided by independent broker quotes. Mortgage loans Athene uses discounted cash flow models from independent commercial pricing services to calculate the fair value of its mortgage loan portfolio. The discount rate is a significant unobservable input. This approach uses market transaction information and client portfolio-oriented information, such as prepayments or defaults, to support the valuations. Interest sensitive contract liabilities – embedded derivative Significant unobservable inputs used in the fixed indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include: 1. Nonperformance risk – For contracts Athene issues, it uses the credit spread, relative to the U.S. Treasury curve based on Athene’s public credit rating as of the valuation date. This represents Athene’s credit risk for use in the estimate of the fair value of embedded derivatives. 2. Option budget – Athene assumes future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth. 3. Policyholder behavior – Athene regularly reviews the full withdrawal (surrender rate) assumptions. These are based on initial pricing a |
Deferred Acquisition Costs, Def
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Deferred Acquisition Costs. Deferred Sales Inducements and Value of Business Acquired | 9. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 10 for more information on Athene’s products. Three months ended March 31, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 171 203 — 1 133 — 508 Amortization (16) (18) (1) — (10) (93) (138) Balance at March 31, 2023 $ 459 $ 940 $ 10 $ 10 $ 522 $ 2,895 $ 4,836 Three months ended March 31, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 24 176 11 3 77 — $ 291 Amortization — (1) (1) — — (96) (98) Balance at March 31, 2022 $ 24 $ 175 $ 10 $ 3 $ 77 $ 3,276 $ 3,565 Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds, including traditional deferred annuities and indexed annuities, are amortized on a constant-level basis for a cohort of contracts using initial premium or deposit. Significant inputs and assumptions are required for determining the expected duration of the cohort and involves using accepted actuarial methods to determine decrement rates related to policyholder behavior for lapses, withdrawals (surrenders) and mortality. The assumptions used to determine the amortization of DAC and DSI are consistent with those used to estimate the related liability balance. Deferred costs related to investment contracts without significant revenue streams from sources other than investment of policyholder funds are amortized using the effective interest method, which primarily includes funding agreements. The effective interest method requires inputs to project future cash flows, which for funding agreements includes contractual terms of notional value, periodic interest payments based on either fixed or floating interest rates, and duration. For other investment-type contracts which include immediate annuities and assumed endowments without significant mortality risks, assumptions are required related to policyholder behavior for lapses and withdrawals (surrenders). The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2023 1 $ 257 2024 316 2025 289 2026 260 2027 230 2028 200 1 Expected amortization for the remainder of 2023. |
Long-duration Contracts
Long-duration Contracts | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Long-duration Contracts | 10. Long-duration Contracts Interest sensitive contract liabilities – Interest sensitive contract liabilities primarily include: ▪ traditional deferred annuities, ▪ indexed annuities consisting of fixed indexed and index-linked variable annuities, ▪ funding agreements, and ▪ other investment-type contracts comprising of immediate annuities without significant mortality risk (which includes pension group annuities without life contingencies) and assumed endowments without significant mortality risks. The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve. Three months ended March 31, 2023 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at December 31, 2022 $ 43,518 $ 92,660 $ 27,439 $ 4,722 $ 168,339 Deposits 6,700 2,929 1,500 1,033 12,162 Policy charges (1) (158) — — (159) Surrenders and withdrawals (1,818) (2,712) (70) (3) (4,603) Benefit payments (264) (422) (490) (90) (1,266) Interest credited 369 117 206 32 724 Foreign exchange — — 54 (16) 38 Other (54) — 143 (33) 56 Balance at March 31, 2023 $ 48,450 $ 92,414 $ 28,782 $ 5,645 $ 175,291 March 31, 2023 Weighted average crediting rate 3.4 % 2.3 % 2.7 % 2.9 % 2.7 % Net amount at risk $ 423 $ 13,903 $ — $ 66 $ 14,392 Cash surrender value 45,994 84,047 — 2,710 132,751 Three months ended March 31, 2022 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at January 1, 2022 $ 35,599 $ 89,755 $ 23,623 $ 2,413 $ 151,390 Deposits 918 2,573 4,946 520 8,957 Policy charges (1) (141) — — (142) Surrenders and withdrawals (845) (1,798) — (1) (2,644) Benefit payments (256) (426) (695) (83) (1,460) Interest credited 235 697 125 17 1,074 Foreign exchange — — (100) (14) (114) Other — — (218) — (218) Balance at March 31, 2022 $ 35,650 $ 90,660 $ 27,681 $ 2,852 $ 156,843 March 31, 2022 Weighted average crediting rate 2.7 % 2.0 % 1.8 % 2.2 % 2.1 % Net amount at risk $ 416 $ 10,554 $ — $ 13 $ 10,983 Cash surrender value 34,211 84,265 — 710 119,186 The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated statements of financial condition: March 31, (In millions) 2023 2022 Traditional deferred annuities $ 48,450 $ 35,650 Indexed annuities 92,414 90,660 Funding agreements 28,782 27,681 Other investment-type 5,645 2,852 Reconciling items 1 5,809 7,460 Interest sensitive contract liabilities $ 181,100 $ 164,303 1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts. The following represents policyholder account balances by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums: March 31, 2023 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 25,571 $ 23,867 $ 80,468 $ 129,906 2.0% – < 4.0% 31,793 1,709 778 34,280 4.0% – < 6.0% 9,625 52 206 9,883 6.0% and greater 1,222 — — 1,222 Total $ 68,211 $ 25,628 $ 81,452 $ 175,291 March 31, 2022 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 29,040 $ 30,195 $ 57,412 $ 116,647 2.0% – < 4.0% 34,604 925 43 35,572 4.0% – < 6.0% 4,467 11 6 4,484 6.0% and greater 140 — — 140 Total $ 68,251 $ 31,131 $ 57,461 $ 156,843 Future policy benefits – Future policy benefits consist primarily of payout annuities, including single premium immediate annuities with life contingencies (which include pension group annuities with life contingencies). The following is a rollforward of the present value of expected net premiums and expected value of future policy benefits: Payout annuities with life contingencies Three months ended March 31, (In millions) 2023 2022 Present value of expected net premiums Beginning balance $ — $ — Issuances 88 1,994 Net premium collected (88) (1,994) Ending balance $ — $ — Present value of expected future policy benefits Beginning balance $ 36,422 $ 35,278 Effect of changes in discount rate assumptions 8,425 — Beginning balance at original discount rate 44,847 35,278 Effect of actual experience to expected experience (29) (47) Adjusted beginning balance 44,818 35,231 Issuances 88 1,994 Interest accrual 346 229 Benefit payments (885) (724) Foreign exchange 8 (19) Ending balance at original discount rate 44,375 36,711 Effect of changes in discount rate assumptions (7,623) (3,562) Ending balance $ 36,752 $ 33,149 The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition: March 31, (In millions) 2023 2022 Payout annuities with life contingencies $ 36,752 $ 33,149 Reconciling items 1 5,738 6,091 Total future policy benefits $ 42,490 $ 39,240 1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with Athene’s liability for future policy benefits. Additionally, it includes reserves for Athene’s immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for Athene’s no-lapse guarantees with universal life contracts, all of which are fully ceded. The following is a reconciliation of premiums to the condensed consolidated statements of operations: Three months ended March 31, (In millions) 2023 2022 Payout annuities with life contingencies $ 88 $ 2,098 Reconciling items 1 8 12 Premiums $ 96 $ 2,110 1 Reconciling items premiums related to Athene’s immaterial lines of business including term and whole life and accident and health and disability. Gross premiums are recorded within premiums on the condensed consolidated statements of operations. Interest expense (accretion) related to future policy benefits was $346 million and $229 million during the three months ended March 31, 2023 and 2022, respectively, and is recorded as a component of policy and other operating expenses on the condensed consolidated statements of operations. Significant assumptions and inputs to the calculation of future policy benefits for payout annuities with life contingencies include policyholder demographic data, assumptions for policyholder longevity and policyholder utilization for contracts with deferred lives, and discount rates. Athene bases certain key assumptions related to policyholder behavior on industry standard data adjusted to align with actual company experience, if necessary. At least annually, Athene reviews all significant cash flow assumptions and updates as necessary, unless emerging experience indicates a more frequent review is necessary. The discount rate reflects market observable inputs from upper-medium grade fixed income instrument yields and is interpolated, where necessary, to conform to the duration of Athene’s liabilities. During the three months ended March 31, 2023, future policy benefits for payout annuities with life contingencies increased by $330 million, which was primarily driven by an $802 million change in discount rate assumptions related to a decrease in rates and $346 million of interest accrual, partially offset by $885 million of benefit payments. During the three months ended March 31, 2022, future policy benefits for payout annuities with life contingencies decreased by $2,129 million, which was primarily driven by a $3,562 million change in discount rate assumptions related to an increase in rates and $724 million of benefit payments, partially offset by $1,994 million of pension group annuity issuances and $229 million of interest accrual. The following represents the undiscounted and discounted expected future benefit payments for the liability for future policy benefits. As these relate to payout annuities for single premium immediate annuities with life contingencies, there are no expected future gross premiums. March 31, 2023 March 31, 2022 (In millions) Undiscounted Discounted Undiscounted Discounted Expected future benefit payments $ 63,995 $ 44,375 $ 51,643 $ 36,711 The following represents the weighted-average durations and the weighted-average interest rates of future policy benefits: March 31, 2023 2022 Weighted-average liability duration (in years) 10.1 10.6 Weighted-average interest accretion rate 3.2 % 2.7 % Weighted-average current discount rate 5.3 % 3.7 % Policyholder longevity assumptions represent the main driver of variances from actual experience compared to expected experience. The following is the variance of actual experience compared to expected experience related to policyholder longevity assumptions recorded within future policy benefits: Three months ended March 31, (In millions) 2023 2022 Expected reserve release due to death $ 132 $ 114 Actual reserve release due to death 183 163 Decrease in reserve due to actual experience compared to expected experience $ (51) $ (49) The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of operations: Three months ended March 31, (In millions) 2023 2022 Reserves $ 29 $ 47 Deferred profit liability (27) (54) Negative VOBA (4) 10 Total remeasurement gains (losses) $ (2) $ 3 There have been no adverse developments during the three months ended March 31, 2023 and 2022. Market risk benefits – Athene issues and reinsures traditional deferred and indexed annuity products that contain GLWB and GMDB riders that meet the criteria to be classified as market risk benefits. The following is a rollfoward of net market risk benefit liabilities by product: Three months ended March 31, 2023 (In millions) Traditional deferred annuities Indexed annuities Total Balance at December 31, 2022 $ 170 $ 2,319 $ 2,489 Effect of changes in instrument-specific credit risk 13 353 366 Balance, beginning of period, before changes in instrument specific credit risk 183 2,672 2,855 Issuances — 17 17 Interest accrual 2 32 34 Attributed fees collected 1 84 85 Benefit payments — (6) (6) Effect of changes in interest rates 8 218 226 Effect of changes in equity — (18) (18) Effect of actual policyholder behavior compared to expected behavior 2 23 25 Balance, end of period, before changes in instrument specific credit risk 196 3,022 3,218 Effect of changes in the instrument specific credit risk (16) (439) (455) Balance at March 31, 2023 $ 180 $ 2,583 $ 2,763 March 31, 2023 Net amount at risk $ 423 $ 13,903 $ 14,326 Weighted-average attained age of contract holders (in years) 75 69 69 Three months ended March 31, 2022 (In millions) Traditional deferred annuities Indexed annuities Total Balance at January 1, 2022 $ 253 $ 4,194 $ 4,447 Issuances — 16 16 Interest accrual — (2) (2) Attributed fees collected 1 81 82 Benefit payments (1) (11) (12) Effect of changes in interest rates (26) (732) (758) Effect of changes in equity — 55 55 Effect of actual policyholder behavior compared to expected behavior 1 12 13 Balance, end of period, before changes in instrument specific credit risk 228 3,613 3,841 Effect of changes in the instrument specific credit risk (13) (384) (397) Balance at March 31, 2022 $ 215 $ 3,229 $ 3,444 March 31, 2022 Net amount at risk $ 416 $ 10,554 $ 10,970 Weighted-average attained age of contract holders (in years) 75 69 69 The following is a reconciliation of market risk benefits to the condensed consolidated statements of financial condition. Market risk benefit assets are included in other assets on the condensed consolidated statements of financial condition. March 31, 2023 March 31, 2022 (In millions) Asset Liability Net liability Asset Liability Net liability Traditional deferred annuities $ — $ 180 $ 180 $ — $ 215 $ 215 Indexed annuities 440 3,023 2,583 413 3,642 3,229 Total $ 440 $ 3,203 $ 2,763 $ 413 $ 3,857 $ 3,444 During the three months ended March 31, 2023, net market risk benefit liabilities increased by $274 million, which was primarily driven by a $226 million change in interest rates related to a decrease in rates. During the three months ended March 31, 2022, net market risk benefit liabilities decreased by $1,003 million, which was primarily driven by a $758 million change in interest rates related to an increase in rates and a $397 million change in instrument specific credit risk related to widening of credit spreads, partially offset by $82 million of fees collected from policyholders and $55 million of changes related to equity market performance. The determination of the fair value of market risk benefits requires the use of inputs related to fees and assessments and assumptions in determining the projected benefits in excess of the projected account balance. Judgment is required for both economic and actuarial assumptions, which can be either observable or unobservable, that impact future policyholder account growth. Economic assumptions include interest rates and implied volatilities throughout the duration of the liability. For indexed annuities, assumptions also include projected equity returns which impact cash flows attributable to indexed strategies, implied equity volatilities, expected index credits on the next policy anniversary date and future equity option costs. Assumptions related to the level of option budgets used for determining the future equity option costs and the impact on future policyholder account value growth are considered unobservable inputs. Policyholder behavior assumptions are unobservable inputs and are established using accepted actuarial valuation methods to estimate withdrawals (surrender rate). Assumptions are generally based on industry data and pricing assumptions which are updated for actual experience, if necessary. Actual experience may be limited for recently issued products. All inputs are used to project excess benefits and fees over a range of risk-neutral, stochastic interest rate scenarios. For indexed annuities, stochastic equity return scenarios are also included within the range. A risk margin is incorporated within the discount rate to reflect uncertainty in the projected cash flows such as variations in policyholder behavior, as well as a credit spread to reflect our nonperformance risk, which is considered an unobservable input. The following summarizes the unobservable inputs for market risk benefits: March 31, 2023 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 2,763 Discounted cash flow Nonperformance risk 0.3 % 1.7 % 1.6 % 1 Decrease Option budget 0.5 % 5.6 % 1.7 % 2 Decrease Surrender rate 3.3 % 6.9 % 4.5 % 2 Decrease March 31, 2022 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 3,444 Discounted cash flow Nonperformance risk 0.4 % 2.0 % 1.3 % 1 Decrease Option budget 0.5 % 3.8 % 1.5 % 2 Decrease Surrender rate 3.6 % 6.6 % 4.5 % 2 Decrease 1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve. 2 The option budget and surrender rate weighted averages are calculated based on projected account values. |
Profit Sharing Payable
Profit Sharing Payable | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Profit Sharing Payable | 11. Profit Sharing Payable Profit sharing payable was $1.5 billion and $1.4 billion as of March 31, 2023 and December 31, 2022, respectively. The below is a roll-forward of the profit-sharing payable balance: (In millions) Total Profit sharing payable, January 1, 2023 $ 1,392 Profit sharing expense 289 Payments/other (168) Profit sharing payable, March 31, 2023 $ 1,513 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 payable 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 | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The Company’s income tax (provision) benefit totaled $(253) million and $485 million for the three months ended March 31, 2023 and 2022, respectively. The Company’s effective income tax rate was approximately 14.1% and 31.4% for the three months ended March 31, 2023 and 2022, 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 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. As of March 31, 2023, the Company recorded $16 million of unrecognized tax benefits for uncertain tax positions. Approximately all of the unrecognized tax benefits, if recognized, would impact the effective tax rate. The Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record significant amounts of unrecognized tax benefits within 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 March 31, 2023, the Company’s U.S. federal, state, local and foreign income tax returns for the years 2019 through 2021 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, 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 and 2020. 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 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 13. Debt Company debt consisted of the following: March 31, 2023 December 31, 2022 (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 $ 490 4 $ 499 $ 486 4 4.40% 2026 Senior Notes 1,2 May 27, 2026 498 486 4 498 476 4 4.87% 2029 Senior Notes 1,2 February 15, 2029 675 647 4 675 639 4 2.65% 2030 Senior Notes 1,2 June 5, 2030 496 419 4 495 407 4 5.00% 2048 Senior Notes 1,2 March 15, 2048 297 272 4 297 262 4 4.95% 2050 Subordinated Notes 1,2 January 14, 2050 297 248 4 297 252 4 1.70% Secured Borrowing II April 15, 2032 18 18 4 18 17 4 1.30% 2016 AMI Term Facility I January 15, 2025 18 18 3 18 18 3 1.40% 2016 AMI Term Facility II October 18, 2024 16 16 3 17 17 3 2,814 2,614 2,814 2,574 Retirement Services 4.13% 2028 Notes 1 January 12, 2028 1,077 907 1,081 921 6.15% 2030 Notes 1 April 3, 2030 603 504 606 508 3.50% 2031 Notes 1 January 15, 2031 525 421 526 413 3.95% 2051 Notes 1 May 25, 2051 546 350 546 342 3.45% 2052 Notes 1 May 15, 2052 504 317 504 311 6.65% 2033 Notes 1 February 1, 2033 395 407 395 398 3,650 2,906 3,658 2,893 Total Debt $ 6,464 $ 5,520 $ 6,472 $ 5,467 1 Interest rate is calculated as weighted average annualized. 2 Includes amortization of note discount, as applicable, totaling $15 million and $16 million as of March 31, 2023 and December 31, 2022, respectively. Outstanding balance is presented net of unamortized debt issuance costs. 3 Fair value is based on a discounted cash flow method. These notes are classified as a Level 3 liability within the fair value hierarchy. 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. 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 March 31, 2023: Instrument/Facility Borrowing Date Maturity Date Administrative Agent Key terms Asset Management - 2022 AMH credit facility N/A October 12, 2027 Citibank The commitment fee on the $1.0 billion undrawn 2022 AMH credit facility as of March 31, 2023 was 0.08%. 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. Asset Management - Credit Facility On October 12, 2022, AMH, as borrower, entered into a $1.0 billion revolving credit facility with Citibank, N.A., as administrative agent, which matures on October 12, 2027 (“2022 AMH credit facility”). Borrowings under the 2022 AMH credit facility may be used for working capital and general corporate purposes, including, without limitation, permitted acquisitions. As of March 31, 2023, 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 March 31, 2023, there were no amounts outstanding under the 2022 AMH credit facility and the Company was in compliance with all financial covenants under the 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 March 31, 2023, there were no amounts outstanding under the AHL credit facility and Athene was in compliance with all financial 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 a syndicate of banks, including 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). On February 7, 2023, Athene borrowed $1.0 billion from the AHL liquidity facility for short-term cash flow needs, which was repaid during the first quarter of 2023. As of March 31, 2023, there were no amounts outstanding under the AHL liquidity facility and Athene was in compliance with all financial covenants under the facility. Interest Expense The following table presents the interest expense incurred related to the Company’s debt: Three months ended March 31, (In millions) 2023 2022 Asset Management $ 31 $ 32 Retirement Services 1 30 24 Total Interest Expense $ 61 $ 56 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 | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation | 14. 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 March 31, 2023 and 2022, the Company recorded equity-based compensation expense of $140 million and $168 million, respectively. As of March 31, 2023, there was $996 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 three months ended March 31, 2023 and 2022, the Company awarded 4.6 million and 4.3 million of service-based RSUs, respectively, with a grant date fair value of $313 million and $266 million, respectively. During the three months ended March 31, 2023 and 2022, the Company recorded equity-based compensation expense on service-based RSUs of $67 million and $67 million, respectively. Performance-Based Awards During the three months ended March 31, 2023 and 2022, the Company awarded 1.2 million and 2.1 million of performance-based RSUs, respectively, with a grant date fair value of $79 million and $126 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 March 31, 2023 and 2022, the Company recorded equity-based compensation expense on performance-based awards of $55 million and $74 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 months ended March 31, 2023 and 2022, the Company recorded equity-based compensation expense of $14 million and $14 million, respectively, for service-based awards and $6 million and $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, 2023 18,263,875 $57.18 15,656,775 33,920,650 Granted 5,849,355 $66.99 — 5,849,355 Forfeited (30,076) $64.93 — (30,076) Vested (3,028,390) $48.77 3,028,390 — Issued 1 — — (5,903,313) (5,903,313) Balance at March 31, 2023 21,054,764 61.16 12,781,852 33,836,616 1 Refers to issued shares that became freely transferable in 2023. Restricted Stock Awards During the three months ended March 31, 2023 and 2022, the Company awarded 0.2 million and 0.4 million restricted stock awards, respectively, from profit sharing arrangements with a grant date fair value of $14 million and $28 million, respectively. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Equity | 15. Equity Common Stock Holders of common stock are entitled to participate in dividends from the Company on a pro rata basis. During the three months ended March 31, 2023 and 2022, 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. On February 21, 2023, the AGM board of directors approved a reallocation of the Company’s share repurchase program, pursuant to which, the Company is authorized to repurchase (i) up to an aggregate of $1.0 billion of shares of its common stock in order to opportunistically reduce its share count, a decrease of $0.5 billion of shares from the previously authorized amount and (ii) up to an aggregate of $1.5 billion of shares of its common stock in order to offset the dilutive impact of share issuances under its equity incentive plans, an increase of $0.5 billion of shares from the previously authorized amount. 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 three months ended March 31, 2023 and 2022. Three months ended March 31, 2023 2022 Shares of common stock issued in settlement of vested RSUs and options exercised 1 4,930,963 4,556,421 Reduction of shares of common stock issued 2 (2,064,148) (2,062,255) Shares of common stock purchased related to share issuances and forfeitures 3 (160,239) (219,500) Issuance of shares of common stock for equity-based awards 2,706,576 2,274,666 1 The gross value of shares issued was $348 million and $301 million for the three months ended March 31, 2023 and 2022, respectively, based on the closing price of the shares of common stock at the time of issuance. 2 Cash paid for tax liabilities associated with net share settlement was $147 million and $138 million for the three months ended March 31, 2023 and 2022, respectively. 3 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 three months ended March 31, 2023 and 2022, Apollo issued 193,740 and 403,824 of such restricted shares and 160,239 and 219,500 of such RSUs under the Equity Plan, respectively, and repurchased 353,979 and 623,324 shares of common stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program, respectively. During the three months ended March 31, 2023 and 2022, 6,376,021 and 2,986,676 shares of common stock, respectively, were repurchased in open market transactions as part of the publicly announced share repurchase program discussed above, and such shares were subsequently canceled by the Company. The Company paid $433 million and $187 million for these open market share repurchases during the three months ended March 31, 2023 and 2022, 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 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 November 2, 2022 0.40 November 30, 2022 229 — 229 11 Year ended December 31, 2022 $ 1.60 $ 916 $ — $ 916 $ 46 February 9, 2023 0.40 February 28, 2023 229 — 229 12 Three months ended March 31, 2023 $ 0.40 $ 229 $ — $ 229 $ 12 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 Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2022 $ (12,568) $ (334) $ 48 $ 5,256 $ 285 $ (22) $ (7,335) Other comprehensive income (loss) before reclassifications 2,187 (119) 191 (802) 89 22 1,568 Less: Reclassification adjustments for gains (losses) realized 1 (31) — 87 — — — 56 Less: Income tax expense (benefit) 312 14 15 (73) 18 4 290 Less: Other comprehensive income (loss) attributable to non-controlling interests 220 — 27 (208) 1 9 49 Balance at March 31, 2023 $ (10,882) $ (467) $ 110 $ 4,735 $ 355 $ (13) $ (6,162) 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 Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk 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 (6,646) (97) (127) 3,562 397 (9) $ (2,920) Less: Reclassification adjustments for gains (losses) realized 1 (38) (7) — — — — $ (45) Less: Income tax expense (benefit) (1,184) (16) (26) 529 83 (1) (615) Less: Other comprehensive income (loss) attributable to non-controlling interests (676) (9) (24) 774 5 (15) 55 Balance at March 31, 2022 $ (4,749) $ (65) $ (78) $ 2,259 $ 309 $ 4 $ (2,320) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 16. 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 March 31, (In millions, except share and per share amounts) 2023 2022 Numerator: Net income (loss) attributable to common stockholders $ 1,010 $ (401) Dividends declared on common stock 1 (229) (229) Dividends on participating securities 2 (12) (12) Earnings allocable to participating securities 3 (20) — Undistributed income (loss) attributable to common stockholders: Basic 749 (642) Dilution effect on distributable income attributable to contingent shares (5) — Undistributed income (loss) attributable to common stockholders: Diluted $ 744 $ (642) Denominator: Weighted average number of shares of common stock outstanding: Basic 584,115,927 586,495,913 Dilution effect of contingent shares 126,644 — Weighted average number of shares of common stock outstanding: Diluted 584,242,571 586,495,913 Net income (loss) per share of common stock: Basic 4 Distributed income $ 0.40 $ 0.40 Undistributed income (loss) 1.27 (1.10) Net income (loss) per share of common stock: Basic $ 1.67 $ (0.70) Net Income (Loss) per share of common stock: Diluted Distributed Income $ 0.40 $ 0.40 Undistributed Income (Loss) 1.26 (1.10) Net Income (Loss) per share of common stock: Diluted $ 1.66 $ (0.70) 1 See note 15 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 months ended March 31, 2022, 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. The following table summarizes the anti-dilutive securities: Three months ended March 31, 2023 2022 Weighted average unvested RSUs 14,056,347 10,744,265 Weighted average unexercised options 2,311,985 2,424,407 Weighted average unexercised warrants 3,832,969 1,300,000 Weighted average unvested restricted shares 1,719,231 2,266,951 |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | 17. 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 March 31, 2023 and December 31, 2022: (In millions) March 31, 2023 December 31, 2022 Due from Related Parties: Due from funds 1 $ 274 $ 269 Due from portfolio companies 98 106 Due from employees and former employees 92 90 Total Due from Related Parties $ 464 $ 465 Due to Related Parties: Due to Former Managing Partners and Contributing Partners 2 $ 831 $ 874 Due to funds 149 124 Total Due to Related Parties $ 980 $ 998 1 Includes $33 million and $43 million as of March 31, 2023 and December 31, 2022, 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 $307 million and $351 million as of March 31, 2023 and December 31, 2022, respectively, related to the AOG Unit Payment, payable in equal quarterly 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 gain and associated tax that AGM and its subsidiaries will otherwise be required to pay in the future. The tax receivable agreement (“TRA”) 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 increases in tax basis of 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. 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, as the Former Managing Partners and Contributing Partners no longer own AOG Units, there were no new exchanges subject to the TRA. 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 March 31, 2023, the outstanding payable amount due to Former Managing Partners and Contributing Partners was $307 million, which is payable in equal quarterly installments through December 31, 2024. Due from Employees and Former Employees As of March 31, 2023 and December 31, 2022, due from related parties includes various amounts due to Apollo, including employee loans and return of profit-sharing distributions. As of March 31, 2023 and December 31, 2022, the balance includes interest-bearing employee loans receivable of $7 million and $9 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 $75 million and $72 million at March 31, 2023 and December 31, 2022, 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 and $13 million as of March 31, 2023 and December 31, 2022, respectively. 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 $119 million and $107 million as of March 31, 2023 and December 31, 2022. Athora Apollo, through ISGI, provides investment advisory services to certain portfolio companies of funds managed by Apollo and Athora, a strategic liabilities platform that acquires or reinsures blocks of insurance business in the German and broader European life insurance market (collectively, the “Athora Accounts”). AAM and its subsidiaries had equity commitments outstanding to Athora of up to $347 million as of March 31, 2023, 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. See “—Athora” in the Retirement Services section below for further details on Athene’s relationship with Athora. 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 March 31, 2023. 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 March 31, 2023. Investment in SPACs In October 2020, APSG I, a SPAC sponsored by Apollo, completed an initial public offering, ultimately raising total gross proceeds of $817 million. APSG Sponsor, L.P., a subsidiary of Apollo, held Class B ordinary shares of APSG I, and consolidated it as a VIE. 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. Apollo continues to hold a non-controlling interest in the newly merged entity at fair value, elected under the fair value option, which is primarily presented within Investments (Asset Management) in the condensed consolidated statements of financial condition. On February 12, 2021, APSG II, a SPAC sponsored by Apollo, completed an initial public offering, raising total gross proceeds of $690 million. APSG Sponsor II, L.P., a subsidiary of Apollo, holds Class B ordinary shares of APSG II, and consolidates APSG II as a VIE. In December 2022, APSG II entered into a non-binding letter of intent regarding a potential initial business combination and now has until May 12, 2023 to complete its initial business combination. On July 13, 2021, Acropolis Infrastructure Acquisition Corp. (“Acropolis”), a SPAC sponsored by Apollo, completed an initial public offering, ultimately raising total gross proceeds of $345 million. Acropolis Infrastructure Acquisition Sponsor, L.P., a subsidiary of Apollo, holds Class B common stock of Acropolis, and consolidates Acropolis as a VIE. 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. Retirement Services 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, which include those managed by Apollo. 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. Wheels Donlen Athene has a limited partnership investment in Athene Freedom Parent, LP (“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”). During the fourth quarter of 2022, Athene Freedom also invested in LeasePlan USA, Inc. (“LeasePlan). As of March 31, 2023 and December 31, 2022, Athene owned $1,185 million and $1,024 million, respectively, of AFS securities issued by Wheels, Donlen and LeasePlan, 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 March 31, 2023, 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) March 31, 2023 December 31, 2022 Investment fund $ 1,034 $ 959 Non-redeemable preferred equity securities 245 273 Total investment in Athora $ 1,279 $ 1,232 Additionally, as of March 31, 2023 and December 31, 2022, Athene had $60 million and $59 million, respectively, of funding agreements outstanding to Athora . Athene also has commitments to make additional investments in Athora of $526 million as of March 31, 2023. Catalina Athene has an investment in Apollo Rose II (B) (“Apollo Rose”) which Athene consolidates as a VIE. Apollo Rose holds equity interests in Catalina Holdings (Bermuda) Ltd. (“Catalina”). During the fourth quarter of 2022, Athene entered into a strategic modco reinsurance agreement with Catalina General Insurance Ltd., which is a subsidiary of Catalina, to cede certain inforce funding agreements. Athene elected the fair value option on this agreement and had a liability of $189 million and $142 million as of March 31, 2023 and December 31, 2022, respectively, which is included in other liabilities on the condensed consolidated statements of financial condition. 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 $235 million and $240 million as of March 31, 2023 and December 31, 2022, respectively. 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 $338 million and $303 million as of March 31, 2023 and December 31, 2022, respectively. While management views 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 and 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 March 31, 2023 and December 31, 2022, Athene held $1.6 billion and $1.2 billion, respectively, of PK Air senior notes and had commitments to make additional investments in PK Air of $1.3 billion as of March 31, 2023. Apollo/Athene Dedicated Investment Program (“ADIP”) Athene’s subsidiary, ACRA 1 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 1 and all of ACRA 1’s voting interests, with ADIP holding the remaining 63.45% of the economic interests. During the three months ended March 31, 2023 and 2022, Athene received capital contributions of $0 million and $311 million, respectively, from ADIP and paid dividends of $127 million and $0 million, respectively, to ADIP. Atlas Athene has an equity investment in Atlas, an asset-backed specialty lender, through its investment in AAA and, as of March 31, 2023 and December 31, 2022, also had $995 million and $0 million, respectively, of AFS securities issued by Atlas. Athene had $1,043 million and $0 million of reverse repurchase agreements issued by Atlas as of March 31, 2023 and December 31, 2022, respectively. See note 18 for further information on assurance letters issued in support of Atlas. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. Commitments and Contingencies Investment Commitments The Company has unfunded capital commitments of $0.6 billion as of March 31, 2023 related to the funds it manages. Separately, Athene had commitments to make investments, primarily capital contributions to investment funds, inclusive of related party commitments discussed previously, of $19.3 billion as of March 31, 2023. The Company 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 March 31, 2023 and that could be reversed approximates $4.9 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 March 31, 2023, 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 March 31, 2023, the Apollo Capital Markets Partnership had funded commitments of $1.24 billion, on a net basis, to transactions across Apollo’s capital markets platform, all of which were funded through the revolving credit facility and other asset-based financing. 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 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 $53 million and $55 million as of March 31, 2023 and December 31, 2022, 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 remaining contingent obligation was $25 million and $31 million as of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, Athene had $4.9 billion and $3.7 billion, respectively, 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 March 31, 2023 and December 31, 2022, Athene had $21.1 billion and $21.0 billion, respectively, of board-authorized FABN funding agreements outstanding. Athene had $13.5 billion of board-authorized FABN capacity remaining as of March 31, 2023. 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 March 31, 2023 and December 31, 2022, Athene had $3.0 billion and $3.0 billion, respectively, 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) March 31, 2023 December 31, 2022 AFS securities $ 17,054 $ 15,366 Trading securities 69 55 Equity securities 71 38 Mortgage loans 7,963 8,849 Investment funds 84 103 Derivative assets 80 65 Short-term investments 131 120 Other investments 215 170 Restricted cash and cash equivalents 1,148 628 Total restricted assets $ 26,815 $ 25,394 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 $1.3 billion as of March 31, 2023. These letters of credit were issued for Athene’s reinsurance program and have expirations through July 28, 2025. Atlas In connection with the Company and CS’s previously announced transaction, whereby Atlas acquired certain assets of the CS Securitized Products Group, two subsidiaries of the Company have each issued an assurance letter to CS to guarantee the full five year deferred purchase obligation of Atlas in the amount of $3.3 billion. The fair value of the liability related to the Company’s guarantee is not material to the Company’s condensed consolidated financial statements. 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. 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. The complaint was determined by a bankruptcy court to be void ab initio because it asserted claims that were property of CIL’s bankruptcy estate. On December 7, 2018, McEvoy 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 asserted, among other things, claims for violations of the Investment Advisers Act of 1940 (as amended, the “Investment Advisers Act”), breach of fiduciary duties, and breach of contract. On January 6, 2020, the Florida court granted in part Apollo’s motion to dismiss, dismissing McEvoy’s 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. After extensive motion practice, the District Court granted defendants’ motion for summary judgment on statute of limitations grounds on March 10, 2022 and entered judgment in defendants’ favor. Plaintiff appealed the District Court’s decision to the United States Court of Appeals for the Eleventh Circuit. On March 30, 2023, the Eleventh Circuit affirmed the District Court’s decision, and subsequently denied Plaintiffs’ motion for rehearing on May 1, 2023. Apollo believes that Plaintiff’s claims are 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. 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 asserted, 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 asserted 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 asserted 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. On December 2, 2022, the Court dismissed all claims against the underwriters (including Apollo Global Securities, LLC) and the Apollo Defendants, but allowed a claim against PlayAGS and two of the Company's executives to proceed. No reasonable estimate of possible loss, if any, can be made at this time. |
Segments
Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | 19. 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 the chief operating decision maker 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 Income Segment Income is the key performance measure used by management in evaluating the performance of the asset management, retirement services, and principal investing segments. Management uses 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. 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. Segment Income is the sum of (i) Fee Related Earnings, (ii) Spread Related Earnings and (iii) Principal Investing Income. 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, 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. 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 Segment Income as a measure of operating performance, not as a measure of liquidity. 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 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 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 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 Segment Income that is used to assess the performance of the Asset Management segment. FRE is the sum of (i) management fees, (ii) capital solutions and other related 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 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 received on business managed for others, primarily the ADIP portion of Athene’s business ceded to ACRA, 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 preferred stockholders. Principal Investing Income Principal Investing Income (“PII”) is a component of 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, including certain realizations received in the form of equity, 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 presents financial data for the Company’s reportable segments. Three months ended March 31, (In millions) 2023 2022 Asset Management Management fees 1 $ 577 $ 505 Capital solutions fees and other, net 138 64 Fee-related performance fees 27 14 Fee-related compensation (211) (175) Other operating expenses (134) (98) Fee Related Earnings 397 310 Retirement Services Fixed income and other investment income, net 1,957 1,207 Alternative investment income, net 185 448 Strategic capital management fees 14 12 Cost of funds (1,235) (822) Other operating expenses (124) (109) Interest and other financing costs (109) (62) Spread Related Earnings 688 674 Principal Investing Realized performance fees 164 127 Realized investment income 28 226 Principal investing compensation (170) (156) Other operating expenses (14) (10) Principal Investing Income 8 187 Segment Income $ 1,093 $ 1,171 Segment Assets: March 31, 2023 December 31, 2022 Asset Management $ 2,030 $ 1,918 Retirement Services 253,451 240,483 Principal Investing 8,158 8,099 Total Assets 2 $ 263,639 $ 250,500 1 Includes intersegment management fees from Retirement Services of $216 million and $182 million for the three months ended March 31, 2023 and 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 March 31, (In millions) 2023 2022 Total Consolidated Revenues $ 5,301 $ 862 Retirement services GAAP revenue (4,265) 247 Equity awards granted by unconsolidated related parties, reimbursable expenses and other 1 (69) (41) Adjustments related to consolidated funds and VIEs 1 (1) 76 Performance fees (401) (571) Principal investment income (39) (172) Retirement services management fees 216 182 Total Asset Management Fee Related Revenues $ 742 $ 583 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 Segment Income: Three months ended March 31, (In millions) 2023 2022 Income (loss) before income tax provision (benefit) $ 1,791 $ (1,544) Asset Management Adjustments: Equity-based profit sharing expense and other 1 67 97 Equity-based compensation 52 56 Transaction-related charges 2 (3) (1) Merger-related transaction and integration costs 3 7 18 (Gains) losses from change in tax receivable agreement liability — 14 Net (income) loss attributable to non-controlling interests in consolidated entities (523) 649 Unrealized performance fees (239) (445) Unrealized profit sharing expense 135 191 HoldCo interest and other financing costs 4 21 39 Unrealized principal investment income (loss) (10) 82 Unrealized net (gains) losses from investment activities and other 12 (18) Retirement Services Adjustments: Investment (gains) losses, net of offsets (397) 2,636 Non-operating change in insurance liabilities and related derivatives 135 (649) Integration, restructuring and other non-operating expenses 29 34 Equity-based compensation 16 12 Segment Income $ 1,093 $ 1,171 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) March 31, 2023 December 31, 2022 Total reportable segment assets $ 263,639 $ 250,500 Adjustments 1 6,685 6,717 Total assets $ 270,324 $ 257,217 1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. Subsequent Events Dividends On May 9, 2023, the Company declared a cash dividend of $0.43 per share of common stock, which will be paid on May 31, 2023 to holders of record at the close of business on May 22, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 the 2022 Annual Report. 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 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, which includes AAM and its subsidiaries, including management companies and general partners of funds that the Company manages, and AHL and its subsidiaries • funds, including entities that have attributes of an investment company • SPACs • CLOs |
Investment Companies | Investment Companies Judgment is required to evaluate whether an entity has the necessary characteristics to be accounted for as an investment company. The funds managed by the Company 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, collateralized loan obligations (CLOs), asset-backed securities (ABS), residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (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, exclusive of allowances for expected credit losses, generally reflected in 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, 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 its 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 is 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 their activities without additional subordinated financial support or 2) have equity investors at risk 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 judgment 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 7 and 17. 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. |
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. |
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, 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 March 31, 2023. 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. 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 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. |
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. |
Reverse Repurchase Agreements and Repurchase Agreements | Reverse Repurchase Agreements and Repurchase Agreements A reverse repurchase agreement is a transaction in which the Company purchases financial instruments from a seller and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a fixed and determinable price at a future date. A repurchase agreement is a transaction in which the Company sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substant ially the same financial instruments from the buyer at a fixed and determinable price at a future date. Although reverse repurchase and repurchase agreements generally involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be resold or repurchased before or at the maturity of the agreement. As a result, the collateral received under reverse repurchase agreements are not recognized and the collateral pledged under repurchase agreements are not derecognized in the condensed consolidated statements of financial condition. Within asset management, reverse repurchase and repurchase agreements generally sit within consolidated VIEs and as such, those reverse repurchase and repurchase agreements are reflected as investments and other liabilities, respectively, within the consolidated VIE section of the statements of financial condition. Additionally, the income (loss) related to those reverse repurchase and repurchase agreements from consolidated VIEs are included in Net gains (losses) from investment activities of consolidated variable interest entities on the condensed consolidated statements of operations. Reverse repurchase agreements with asset management are generally accounted for by electing the fair value option. For retirement services, the receivable under the reverse repurchase agreement is recorded as investment for the principal amount loaned under the agreement and the payable under a repurchase agreement is recognized as payables for collateral on derivatives and securities to repurchase on the |
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 and reverse repurchase agreements. 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 |
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 consideration transferred for 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. |
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 awards granted to employees and non-employees that are 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 | Employees and non-employees who provide services to the Company are granted equity-based awards as compensation that 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). |
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. 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 | 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 the Company operate as partnerships for U.S. income tax purposes and are subject to NYC UBT. Certain non-U.S. entities are also subject to non-U.S. corporate income taxes. 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 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 is not considered more likely than not to be sustained, then no benefits of the position are recognized. The Company’s tax positions are reviewed and evaluated quarterly to determine whether the Company has uncertain tax positions that require financial statement recognition. Deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amount of assets and liabilities and their respective tax bases using currently enacted tax rates. 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. Significant judgment and estimates are required in determining whether valuation allowances should be established as well as the amount of such allowances. When making such determination, consideration is given to, among other things, the following: • whether sufficient taxable income exists within the allowed carryback or carryforward periods; • whether future reversals of existing taxable temporary differences will occur, including any tax planning strategies that could be used; • the nature or character (e.g., ordinary vs. capital) of the deferred tax assets and liabilities; and • whether future taxable income exclusive of reversing temporary differences and carryforwards exists. |
Recently Issued and Adopted 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 Financial Accounting Standards Board (“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 condensed consolidated financial statements. Investments– Equity Method and Joint Ventures (ASU 2023-02) In March 2023, the FASB issued guidance in ASU 2023-02 to introduce the option of applying the proportional amortization method (“PAM”) to account for investments made primarily for the purpose of receiving income tax credits or other income tax benefits when certain requirements are met. Currently, PAM only applies to low-income housing tax credit (“LIHTC”) investments. The guidance becomes mandatorily effective for the Company on January 1, 2024, but early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement. Recently Adopted Accounting Pronouncements 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 and are commonly referred to as long-duration targeted improvements (“LDTI”). • 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 DAC 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 GLWB and 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 adopted these updates on January 1, 2023 and, for all provisions of the update, applied a retrospective transition approach using a transition date of January 1, 2022, the date of the Mergers. At the acquisition date, VOBA balances were established as the difference between the fair value of the liabilities and the reserves established as of this date. Upon transition to LDTI, the liability for future policy benefits and contractual features that meet the criteria for market risk benefits were adjusted to conform to LDTI, with an offsetting adjustment made to positive or negative VOBA. No adjustments were recorded to accumulated other comprehensive income (loss) (“AOCI”) or retained earnings. See note 3 for the effects of LDTI adoption on the 2022 condensed 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 was adopted by the Company on January 1, 2023 and applied prospectively. There was no financial statement impact upon adoption. Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848 (ASU 2022-06, ASU 2021-01, ASU 2020-04) The Company adopted ASU 2020-04 and ASU 2021-01 and elected to apply certain of the practical expedients related to contract modifications, hedge accounting relationships, and derivative modifications pertaining to discounting, margining, or contract price alignment. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts impacted by reference rate reform, and these elections did not have, and are not expected to have, a material impact on the consolidated financial statements. ASU 2022-06 amended and deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which the Company will no longer be permitted to apply the expedients provided in Topic 848. The Company will continue to evaluate the impact of reference rate reform on contract modifications and hedging relationships. |
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 $124 million of revenue recognized during the three months ended March 31, 2023 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. The revenue guidance requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services (i.e., the transaction price). When determining the transaction price under the revenue guidance, an entity may recognize variable consideration only to the extent that it is probable to not be significantly reversed. The revenue guidance also 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. When the net premium ratio for the corresponding future policy benefit is updated for actual experience and changes to projected cash flow assumptions, the deferred profit liability is retrospectively recalculated from the contract issuance date through the beginning of the current reporting period. The revised deferred profit liability is compared to the beginning of the period carrying amount to determine the change to be recognized as a remeasurement gain or loss within future policy and other policy benefits on the condensed consolidated statements of operations. Unlike the related future policy benefit, the deferred profit liability will not be remeasured for changes in discount rates each reporting period. Negative VOBA balances associated with payout contracts involving life contingencies, including pension group annuities, are accounted for in a manner similar to the deferred profit liability. All insurance-related revenue is reported net of reinsurance ceded. |
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 reduced by 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. |
Investment Income / Performance Allocations / Principal Investment Income / Incentive Fees | Investment Income Investment income is comprised of performance allocations and principal investment income. 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 fund’s 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. Apollo has performance-based incentive arrangements for certain employees designed to more closely align compensation on an annual basis with the overall realized performance of the Company’s asset management business. These arrangements enable certain employees to earn discretionary compensation based on performance revenue earned by Apollo’s asset management business in a given year, which amounts are reflected in compensation and benefits in the accompanying condensed |
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 |
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 the provision for credit losses within investment related gains (losses) on the condensed consolidated statements of operations. All changes in the allowance for expected credit losses are recorded through the provision for credit losses 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. Upon determining that all or a portion of the amortized cost of an asset is uncollectible, which is generally when all efforts for collection are exhausted, the amortized cost is written off against the existing allowance. Any write off in excess of the existing allowance is recorded through the provision for credit losses within investment related gains (losses) 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 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 |
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. Athene generally has the right of offset on reinsurance transactions, but has elected to present reinsurance settlement amounts due to and from Athene on a gross basis. For assets and liabilities ceded under reinsurance agreements, Athene generally applies the same measurement guidance for Athene’s directly issued or assumed contracts. Ceded amounts are recorded within reinsurance recoverable on the condensed consolidated statements of financial condition. For reinsurance of in-force contracts that pass risk transfer, the issue year used for the purpose of measuring the reinsurance recoverable is dependent on the effective date of the reinsurance agreement, which may differ from the issue year for the direct or assumed contract. The issue year informs the locked-in discount rate used for the purposes of interest accretion. This may result in different discount rates used for the direct or assumed reserves and ceded reserves when reinsuring an in-force block of insurance contracts. For flow reinsurance of insurance contracts that pass risk transfer, the contracts have the same cash flow assumptions as the direct or assumed contracts when the terms are consistent between those respective contracts and the ceded reinsurance agreement. When Athene recognizes an immediate loss due to the present value of future benefits and expenses exceeding the present value of future gross premiums, a gain is recognized on the corresponding reinsurance recoverable to the extent it does not result in gain recognition at treaty inception. Likewise, where the direct or assumed reserve has been floored to zero, the corresponding reinsurance recoverable will be consistently set to zero. See Future Policy Benefits below for further information. 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 its counterparty credit risk through the structuring of the terms of its reinsurance agreements, including the use of trusts, and monitors credit ratings of counterparties for signs of declining credit quality. When a ceding company does not report information on a timely basis, Athene records accruals based on the best available information at the time, which includes the reinsurance agreement terms and historical experience. Athene periodically compares actual and anticipated experience to the assumptions used to establish reinsurance assets and liabilities. 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 the direct or 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 the direct or assumed and ceded reserves and benefits are presented net in future policy and other policy benefits on the condensed consolidated statements of operations, except for changes related to the discount rate which are presented net in OCI on the condensed consolidated statements of comprehensive income (loss). For market risk benefits, the change in the direct or assumed and ceded reserves are presented net in market risk benefits remeasurement (gain) loss on the condensed consolidated statements of operations, except for changes related to instrument-specific credit risk on direct and assumed contracts which are presented net in OCI on the condensed consolidated statements of comprehensive income (loss). |
Deferred Acquisition Costs and Deferred Sales Inducements | Deferred Acquisition Costs and Deferred Sales Inducements Costs related directly to the successful acquisition of new, or the renewal of existing, insurance or investment contracts are deferred. 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. These costs are not capitalized until they are incurred. Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds are grouped into cohorts based on issue year and contract type and amortized on a constant level basis over the expected term of the related contracts. The cohorts and assumptions used for the amortization of deferred costs are consistent with those used in estimating the related liabilities for these contracts. The constant level basis generally is the initial premium or deposit and is projected based on assumptions related to policyholder behavior, including lapses and mortality, over the expected term of the contracts. Each reporting period, Athene replaces expected experience with actual experience to determine the related amortization expense. Changes to projected experience are recognized in amortization expense prospectively over the remaining contract term. Amortization of DAC and DSI is included in amortization of deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of operations. |
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. The deferred costs represent the difference between the net and gross liability and the change relates to amortization for the period. |
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 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 and is amortized in relation to respective policyholder liabilities. Significant assumptions that impact VOBA amortization are consistent with those that impact the measurement of policyholder liabilities. Athene performs periodic tests to determine if positive VOBA remains recoverable. If Athene determines that positive VOBA is not recoverable, Athene records a cumulative charge to the current period. 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. |
Interest Sensitive Contract Liabilities | Interest Sensitive Contract Liabilities Universal life-type policies and investment contracts include traditional deferred annuities, indexed annuities consisting of fixed indexed and index-linked variable annuities in the accumulation phase, funding agreements, immediate annuities without significant mortality risk (which include pension group annuities without life contingencies), universal life insurance, and other investment contracts inclusive of assumed endowments without significant mortality risk. Athene carries liabilities for traditional deferred annuities, indexed annuities, funding agreements and universal life insurance 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. Certain of Athene’s universal life-type policies and investment contracts are offered with additional contract features that meet the definition of a market risk benefit. See Market Risk Benefits below for further information. |
Future Policy Benefits | Future Policy Benefits Athene issues contracts classified as long-duration, which include 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 as the estimated present value of benefits we expect to pay to or on behalf of the policyholder and related expenses less the present value of the net premiums to be collected, referred to as the net premium ratio. The contracts are grouped into cohorts based on issue year and contract type, with an exception for pension group annuities, which are generally assessed at the group annuity contract level. Contracts with different issuance years are not combined. Contracts acquired in a business combination are grouped into a single cohort by contract type, except for pension group annuities, which follow the group annuity contract level. Liabilities for nonparticipating long-duration contracts are established using accepted actuarial valuation methods which require the use of assumptions related to discount rate, expenses, longevity, mortality, morbidity, persistency and other policyholder behavior. Athene bases certain key assumptions, such as longevity, mortality and morbidity, on industry standard data adjusted to align with actual company experience, if needed. Athene has elected to use expense assumptions that are locked in at issuance for each cohort. All other cash flow assumptions are established at contract issuance and reviewed annually or more frequently if actual experience suggests a revision is necessary. The effect of changes in cash flow assumptions impacting the net premium ratio are recorded as remeasurement changes in the period in which they are made. As cash flow assumptions are reviewed at least annually, there is no provision for adverse deviation included within the liability. Actual experience is recognized in the period in which the experience arises. Actual experience is then incorporated into the net premium ratio for all products and cohorts on a quarterly basis. When the net premium ratio is revised, whether to incorporate actual experience each reporting period or for the review of cash flow assumptions, the liability is recalculated as of the beginning of the period, discounted at the original contract issuance discount rate, and compared with the carrying amount of the liability as of the same date to determine the current period change. The current period change in the liability is recognized as remeasurement gain or loss. To the extent the present value of future benefits and expenses exceeds the present value of gross premiums, Athene will cap the net premium ratio at one hundred percent by increasing the corresponding liability and recognizing an immediate loss through the condensed consolidated statements of operations. The liability is never recorded at an amount less than zero for the cohort. The liability for nonparticipating long-duration contracts is discounted using an upper-medium grade fixed income instrument yield aligned to the duration of the liability. In determining reference portfolio of instruments, Athene has used a single A equivalent level rate and maximized the use of observable data to the extent possible for the duration of its liabilities. The discount rate is required to be updated at the end of each reporting period for the remeasurement of the liability but is locked-in for each cohort for the purpose of interest accretion expense. Changes in the value of the liability for nonparticipating long-duration contracts due to changes in the discount rate are recognized as a component of OCI on the condensed consolidated statements of comprehensive income (loss). The change in the liability for the remeasurement gain or loss and all other changes in the liability is recorded in future policy and other policy benefits on the condensed consolidated statements of operations. Future policy benefits include liabilities for no-lapse guarantees on universal life insurance and fixed indexed universal life insurance that do not meet the criteria to be classified as and accounted for as a market risk benefit. Athene establishes future policy benefits for no-lapse guarantees by estimating the expected value of death benefits paid after policyholder account balances have been exhausted. Athene recognizes these benefits proportionally over the life of the contracts based on total actual and expected assessments. The methods Athene 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 no-lapse guarantees, each reporting period Athene updates expected excess benefits and assessments with actual excess benefits and assessments and adjusts the liability balances due to the OCI effects of unrealized investment gains and losses on AFS securities. Athene also periodically revises the key assumptions used in the calculation of the liabilities that result 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 the liabilities associated with no-lapse guarantees, 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. Future policy benefits are not reduced for amounts ceded under reinsurance agreements which are reported as reinsurance recoverable on the condensed consolidated statements of financial condition. |
Market Risk Benefits | Market Risk Benefits Market risk benefits represent contracts or contract features that both provide protection to the contract holder from, and expose the insurance entity to, other-than-nominal capital market risk. Athene issues and reinsures deferred annuity contracts which contain guaranteed lifetime withdrawal benefits (“GLWB”) and guaranteed minimum death benefit (“GMDB”) riders that meet the criteria for, and are classified as, market risk benefits. Market risk benefits are measured at fair value at the contract level and may be recorded as a liability or an asset, which are recorded on the condensed consolidated statements of financial condition in market risk benefits or other assets, respectively. Multiple market risk benefits on a contract are treated as a single, compound market risk benefit. At contract inception, Athene assesses the fees and assessments that are collectible from the policyholder and allocate them to the extent they are attributable to the market risk benefit. These attributed fees are used in the valuation of the market risk benefits and are never negative or exceed total explicit fees collectible from the policyholder. If the fees are sufficient to cover the projected benefits, a non-option based valuation model is used. If the fees are insufficient to cover the projected benefits, an option-based valuation model is used to compute the market risk benefit liability at contract inception, with an equal and offsetting adjustment recognized in interest sensitive contract liabilities. Changes in fair value of market risk benefits are recorded in market risk benefits remeasurement (gain) loss on the condensed consolidated statements of operations, excluding portions attributed to changes in instrument-specific credit risk, which are recorded in OCI on the condensed consolidated statements of comprehensive income (loss). Market risk benefits are not reduced for market risk benefits ceded under reinsurance agreements. Ceded market risk benefits are measured at fair value and recorded within reinsurance recoverable on the condensed consolidated statements of financial condition. Upon annuitization of the contract or the extinguishment of the account balance, the market risk benefit, related annuity contract and unamortized deferred costs are derecognized, including amounts within AOCI. A payout annuity is then established for GLWBs. |
Adoption of Accounting Pronou_2
Adoption of Accounting Pronouncement (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Future Policy Benefits and Changes to the Liability | The following table summarizes future policy benefits and changes to the liability: (In millions) Traditional deferred annuities Indexed annuities Payout annuities Reconciling items 1 Total Balance as of January 1, 2022 $ 221 $ 5,389 $ 32,872 $ 8,632 $ 47,114 Change in discount rate assumptions — — 2,406 — 2,406 Adjustment for removal of balances related to market risk benefits (221) (5,389) — — (5,610) Adjustment for offsetting balance in negative VOBA 2 — — — (2,428) (2,428) Adjusted balance as of January 1, 2022 $ — $ — $ 35,278 $ 6,204 $ 41,482 1 Reconciling items primarily include negative VOBA associated with our liability for future policy benefits, as well as reserves for our immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for our no-lapse guarantees with universal life contracts, all of which are fully ceded. 2 Uneliminated adjustments were recorded to positive VOBA within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. The following is a rollforward of the present value of expected net premiums and expected value of future policy benefits: Payout annuities with life contingencies Three months ended March 31, (In millions) 2023 2022 Present value of expected net premiums Beginning balance $ — $ — Issuances 88 1,994 Net premium collected (88) (1,994) Ending balance $ — $ — Present value of expected future policy benefits Beginning balance $ 36,422 $ 35,278 Effect of changes in discount rate assumptions 8,425 — Beginning balance at original discount rate 44,847 35,278 Effect of actual experience to expected experience (29) (47) Adjusted beginning balance 44,818 35,231 Issuances 88 1,994 Interest accrual 346 229 Benefit payments (885) (724) Foreign exchange 8 (19) Ending balance at original discount rate 44,375 36,711 Effect of changes in discount rate assumptions (7,623) (3,562) Ending balance $ 36,752 $ 33,149 The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition: March 31, (In millions) 2023 2022 Payout annuities with life contingencies $ 36,752 $ 33,149 Reconciling items 1 5,738 6,091 Total future policy benefits $ 42,490 $ 39,240 1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with Athene’s liability for future policy benefits. Additionally, it includes reserves for Athene’s immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for Athene’s no-lapse guarantees with universal life contracts, all of which are fully ceded. The following is a reconciliation of premiums to the condensed consolidated statements of operations: Three months ended March 31, (In millions) 2023 2022 Payout annuities with life contingencies $ 88 $ 2,098 Reconciling items 1 8 12 Premiums $ 96 $ 2,110 1 Reconciling items premiums related to Athene’s immaterial lines of business including term and whole life and accident and health and disability. The following represents the undiscounted and discounted expected future benefit payments for the liability for future policy benefits. As these relate to payout annuities for single premium immediate annuities with life contingencies, there are no expected future gross premiums. March 31, 2023 March 31, 2022 (In millions) Undiscounted Discounted Undiscounted Discounted Expected future benefit payments $ 63,995 $ 44,375 $ 51,643 $ 36,711 The following represents the weighted-average durations and the weighted-average interest rates of future policy benefits: March 31, 2023 2022 Weighted-average liability duration (in years) 10.1 10.6 Weighted-average interest accretion rate 3.2 % 2.7 % Weighted-average current discount rate 5.3 % 3.7 % Three months ended March 31, (In millions) 2023 2022 Expected reserve release due to death $ 132 $ 114 Actual reserve release due to death 183 163 Decrease in reserve due to actual experience compared to expected experience $ (51) $ (49) The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of operations: Three months ended March 31, (In millions) 2023 2022 Reserves $ 29 $ 47 Deferred profit liability (27) (54) Negative VOBA (4) 10 Total remeasurement gains (losses) $ (2) $ 3 |
Schedule of Net Liability Position of Market Risk Benefits | The following table presents the net liability position of market risk benefits: (In millions) Traditional deferred annuities Indexed annuities Total Balance as of January 1, 2022 $ — $ — $ — Adjustment for addition of existing balances 1 221 5,389 5,610 Adjustment to positive VOBA due to fair value adjustment for market risk benefits 2 32 (1,165) (1,133) Adjustment to negative VOBA due to fair value adjustment for market risk benefits 3 — (30) (30) Adjusted balance as of January 1, 2022 $ 253 $ 4,194 $ 4,447 1 Previously recorded within future policy benefits on the condensed consolidated statements of financial condition. 2 Previously recorded within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. 3 Previously recorded within interest sensitive contract liabilities on the condensed consolidated statements of financial condition. The following table represents market risk benefits by asset and liability positions: (In millions) Asset 1 Liability Net liability Traditional deferred annuities $ — $ 253 $ 253 Indexed annuities 366 4,560 4,194 Adjusted balance as of January 1, 2022 $ 366 $ 4,813 $ 4,447 1 Included within other assets on the condensed consolidated statements of financial condition. The following is a rollfoward of net market risk benefit liabilities by product: Three months ended March 31, 2023 (In millions) Traditional deferred annuities Indexed annuities Total Balance at December 31, 2022 $ 170 $ 2,319 $ 2,489 Effect of changes in instrument-specific credit risk 13 353 366 Balance, beginning of period, before changes in instrument specific credit risk 183 2,672 2,855 Issuances — 17 17 Interest accrual 2 32 34 Attributed fees collected 1 84 85 Benefit payments — (6) (6) Effect of changes in interest rates 8 218 226 Effect of changes in equity — (18) (18) Effect of actual policyholder behavior compared to expected behavior 2 23 25 Balance, end of period, before changes in instrument specific credit risk 196 3,022 3,218 Effect of changes in the instrument specific credit risk (16) (439) (455) Balance at March 31, 2023 $ 180 $ 2,583 $ 2,763 March 31, 2023 Net amount at risk $ 423 $ 13,903 $ 14,326 Weighted-average attained age of contract holders (in years) 75 69 69 Three months ended March 31, 2022 (In millions) Traditional deferred annuities Indexed annuities Total Balance at January 1, 2022 $ 253 $ 4,194 $ 4,447 Issuances — 16 16 Interest accrual — (2) (2) Attributed fees collected 1 81 82 Benefit payments (1) (11) (12) Effect of changes in interest rates (26) (732) (758) Effect of changes in equity — 55 55 Effect of actual policyholder behavior compared to expected behavior 1 12 13 Balance, end of period, before changes in instrument specific credit risk 228 3,613 3,841 Effect of changes in the instrument specific credit risk (13) (384) (397) Balance at March 31, 2022 $ 215 $ 3,229 $ 3,444 March 31, 2022 Net amount at risk $ 416 $ 10,554 $ 10,970 Weighted-average attained age of contract holders (in years) 75 69 69 |
Schedule of Change in Deferred Acquisition Costs and Value of Business Acquired | The following table summarizes the change in deferred acquisition costs, deferred sales inducements and value of business acquired: (In millions) VOBA Balance as of January 1, 2022 $ 4,527 Change in discount rate assumptions for future policy benefits (22) Fair value adjustment of market risk benefits (1,133) Adjusted balance as of January 1, 2022 $ 3,372 The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 10 for more information on Athene’s products. Three months ended March 31, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 171 203 — 1 133 — 508 Amortization (16) (18) (1) — (10) (93) (138) Balance at March 31, 2023 $ 459 $ 940 $ 10 $ 10 $ 522 $ 2,895 $ 4,836 Three months ended March 31, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 24 176 11 3 77 — $ 291 Amortization — (1) (1) — — (96) (98) Balance at March 31, 2022 $ 24 $ 175 $ 10 $ 3 $ 77 $ 3,276 $ 3,565 |
Schedule of Deferred Sales Inducements | The following table summarizes the change in deferred acquisition costs, deferred sales inducements and value of business acquired: (In millions) VOBA Balance as of January 1, 2022 $ 4,527 Change in discount rate assumptions for future policy benefits (22) Fair value adjustment of market risk benefits (1,133) Adjusted balance as of January 1, 2022 $ 3,372 The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 10 for more information on Athene’s products. Three months ended March 31, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 171 203 — 1 133 — 508 Amortization (16) (18) (1) — (10) (93) (138) Balance at March 31, 2023 $ 459 $ 940 $ 10 $ 10 $ 522 $ 2,895 $ 4,836 Three months ended March 31, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 24 176 11 3 77 — $ 291 Amortization — (1) (1) — — (96) (98) Balance at March 31, 2022 $ 24 $ 175 $ 10 $ 3 $ 77 $ 3,276 $ 3,565 |
Merger with Athene (Tables)
Merger with Athene (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 1 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 1 was determined using the discounted distribution model approach. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the 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 3,372 Assets of consolidated variable interest entities 3,635 Other assets 6,115 Estimated fair value of total assets acquired (excluding goodwill) 238,252 Interest sensitive contract liabilities 160,241 Future policy benefits 41,482 Market risk benefits 4,813 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 219,779 Non-controlling interest 4,942 Estimated fair value of net assets acquired, excluding goodwill 13,531 Goodwill attributable to Athene $ 4,073 |
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 $ 3,372 7 Distribution Channels 1,870 18 Trade Name 160 20 State Insurance Licenses 26 Indefinite Total $ 5,428 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Summary of Investments | The following table outlines the Company’s investments: (In millions) March 31, 2023 December 31, 2022 Asset Management Investments, at fair value $ 1,352 $ 1,320 Equity method investments 1,019 979 Performance allocations 2,806 2,574 U.S. Treasury securities, at fair value 419 709 Total Investments – Asset Management 5,596 5,582 Retirement Services AFS securities, at fair value $ 118,579 $ 112,225 Trading securities, at fair value 2,537 2,473 Equity securities 1,619 1,766 Mortgage loans, at fair value 31,273 28,756 Investment funds 1,672 1,648 Policy loans 339 347 Funds withheld at interest 40,546 42,688 Derivative assets 3,956 3,309 Short-term investments 1,670 2,160 Other investments 1,039 1,076 Total Investments, including related parties – Retirement Services 203,230 196,448 Total Investments $ 208,826 $ 202,030 |
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 March 31, (In millions) 2023 2022 Realized gains (losses) on sales of investments, net $ 5 $ (2) Net change in unrealized gains (losses) due to changes in fair value (7) 36 Net gains (losses) from investment activities $ (2) $ 34 Investment related gains (losses) by asset class consists of the following: Three months ended March 31, (In millions) 2023 2022 AFS securities 1 Gross realized gains on investment activity $ 183 $ 103 Gross realized losses on investment activity (104) (410) Net realized investment losses on AFS securities 79 (307) Net recognized investment losses on trading securities 64 (221) Net recognized investment losses on equity securities (18) 20 Net recognized investment losses on mortgage loans 277 (796) Derivative losses 993 (3,041) Provision for credit losses (66) (192) Other gains (264) 307 Investment related gains (losses) $ 1,065 $ (4,230) 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges. |
Summary of Performance Allocations | The table below provides a roll forward of the performance allocations balance: (In millions) Total Performance allocations, January 1, 2023 $ 2,574 Change in fair value of funds 427 Fund distributions to the Company (195) Performance allocations, March 31, 2023 $ 2,806 |
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: March 31, 2023 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 3,327 $ — $ 6 $ (630) $ 2,703 U.S. state, municipal and political subdivisions 1,215 — — (249) 966 Foreign governments 1,205 (27) 5 (261) 922 Corporate 75,348 (79) 167 (12,295) 63,141 CLO 18,643 (4) 134 (1,207) 17,566 ABS 11,696 (31) 31 (823) 10,873 CMBS 4,717 (5) 2 (524) 4,190 RMBS 7,050 (356) 197 (539) 6,352 Total AFS securities 123,201 (502) 542 (16,528) 106,713 AFS securities – related parties Corporate 1,180 — 1 (54) 1,127 CLO 3,736 (1) 14 (236) 3,513 ABS 7,480 — 12 (266) 7,226 Total AFS securities – related parties 12,396 (1) 27 (556) 11,866 Total AFS securities, including related parties $ 135,597 $ (503) $ 569 $ (17,084) $ 118,579 December 31, 2022 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 3,333 $ — $ — $ (756) $ 2,577 U.S. state, municipal and political subdivisions 1,218 — — (291) 927 Foreign governments 1,207 (27) 3 (276) 907 Corporate 74,644 (61) 92 (13,774) 60,901 CLO 17,722 (7) 115 (1,337) 16,493 ABS 11,447 (29) 15 (906) 10,527 CMBS 4,636 (5) 6 (479) 4,158 RMBS 6,775 (329) 64 (596) 5,914 Total AFS securities 120,982 (458) 295 (18,415) 102,404 AFS securities – related parties Corporate 1,028 — 1 (47) 982 CLO 3,346 (1) 10 (276) 3,079 ABS 6,066 — 3 (309) 5,760 Total AFS securities – related parties 10,440 (1) 14 (632) 9,821 Total AFS securities, including related parties $ 131,422 $ (459) $ 309 $ (19,047) $ 112,225 |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below: March 31, 2023 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,410 $ 1,377 Due after one year through five years 13,421 12,501 Due after five years through ten years 20,917 18,072 Due after ten years 45,347 35,782 CLO, ABS, CMBS and RMBS 42,106 38,981 Total AFS securities 123,201 106,713 AFS securities – related parties Due after one year through five years 735 731 Due after five years through ten years 286 258 Due after ten years 159 138 CLO and ABS 11,216 10,739 Total AFS securities – related parties 12,396 11,866 Total AFS securities, including related parties $ 135,597 $ 118,579 |
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 parties, 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: March 31, 2023 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 U.S. government and agencies $ 68 $ (4) $ 2,431 $ (626) $ 2,499 $ (630) U.S. state, municipal and political subdivisions 22 (2) 936 (247) 958 (249) Foreign governments 98 (8) 795 (252) 893 (260) Corporate 10,062 (812) 47,858 (11,472) 57,920 (12,284) CLO 3,038 (92) 11,579 (1,063) 14,617 (1,155) ABS 3,623 (197) 3,938 (492) 7,561 (689) CMBS 1,776 (35) 1,483 (354) 3,259 (389) RMBS 739 (44) 1,846 (258) 2,585 (302) Total AFS securities 19,426 (1,194) 70,866 (14,764) 90,292 (15,958) AFS securities – related parties Corporate 875 (24) 141 (30) 1,016 (54) CLO 1,009 (35) 2,124 (200) 3,133 (235) ABS 2,625 (82) 2,736 (184) 5,361 (266) Total AFS securities – related parties 4,509 (141) 5,001 (414) 9,510 (555) Total AFS securities, including related parties $ 23,935 $ (1,335) $ 75,867 $ (15,178) $ 99,802 $ (16,513) December 31, 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 U.S. government and agencies $ 2,539 $ (756) $ — $ — $ 2,539 $ (756) U.S. state, municipal and political subdivisions 911 (291) — — 911 (291) Foreign governments 891 (275) — — 891 (275) Corporate 58,256 (13,773) — — 58,256 (13,773) CLO 13,486 (1,277) — — 13,486 (1,277) ABS 8,119 (801) — — 8,119 (801) CMBS 2,650 (427) — — 2,650 (427) RMBS 2,621 (365) — — 2,621 (365) Total AFS securities 89,473 (17,965) — — 89,473 (17,965) AFS securities – related parties Corporate 619 (47) — — 619 (47) CLO 2,752 (273) — — 2,752 (273) ABS 5,487 (308) — — 5,487 (308) Total AFS securities – related parties 8,858 (628) — — 8,858 (628) Total AFS securities, including related parties $ 98,331 $ (18,593) $ — $ — $ 98,331 $ (18,593) The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded: March 31, 2023 Unrealized Loss Position Unrealized Loss Position 12 Months or More AFS securities 8,873 7,387 AFS securities – related parties 194 103 |
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 March 31, 2023 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS Securities Foreign governments $ 27 $ — $ — $ — $ — $ 27 Corporate 61 21 — (6) 3 79 CLO 7 1 — — (4) 4 ABS 29 — — — 2 31 CMBS 5 1 — — (1) 5 RMBS 329 3 28 (4) — 356 Total AFS securities 458 26 28 (10) — 502 AFS securities – related party, CLO 1 — — — — 1 Total AFS securities including related party $ 459 $ 26 $ 28 $ (10) $ — $ 503 Three months ended March 31, 2022 Additions Reductions (In millions) Beginning balance 1 Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Foreign governments $ — $ 66 $ — $ — $ — 66 Corporate — 55 — — — 55 CLO — 18 — — — 18 ABS 5 5 — — 1 11 CMBS — 6 — — — 6 RMBS 306 9 — (8) 5 312 Total AFS securities 311 159 — (8) 6 468 AFS securities – related parties CLO — 3 — — — 3 ABS — 17 — — — 17 Total AFS securities – related parties — 20 — — — 20 Total AFS securities, including related parties $ 311 $ 179 $ — $ (8) $ 6 $ 488 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: Three months ended March 31, (In millions) 2023 2022 AFS securities $ 1,469 $ 855 Trading securities 42 44 Equity securities 15 15 Mortgage loans 447 237 Investment funds 34 211 Funds withheld at interest 429 337 Other 188 42 Investment revenue 2,624 1,741 Investment expenses (12) (10) Net investment income $ 2,612 $ 1,731 |
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: Three months ended March 31, (In millions) 2023 2022 Trading securities $ 66 $ (189) Trading securities – related parties 6 (4) Equity securities (23) 17 Equity securities – related parties 3 (5) |
Schedule of Repurchase Agreements | The following table summarizes the remaining contractual maturities of repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition: (In millions) March 31, 2023 December 31, 2022 Less than 30 days 1,642 608 30-90 days 2,774 1,268 91 days to 364 days 500 — 1 year and greater 2,865 2,867 Payables for repurchase agreements $ 7,781 $ 4,743 The following table summarizes the maturities of repurchase agreements: Remaining Contractual Maturity As of As of 91 days to 364 days $ — $ 1,254 Total payables for repurchase agreements (1) $ — $ 1,254 (1) Included in other liabilities of consolidated variable interest entities on the condensed consolidated statements of financial condition. The following table summarizes the gross carrying value of repurchase agreements by class of collateral pledged: (In millions) March 31, 2023 December 31, 2022 Loans backed by residential real estate $ — $ 770 Loans backed by commercial real estate — 484 Total $ — $ 1,254 Note: These repurchase agreements are carried at cost which approximates fair value and is classified as Level 2 of the fair value hierarchy. |
Schedule of Securities Pledged As Collateral For Repurchase Agreements | The following table summarizes the securities pledged as collateral for repurchase agreements: March 31, 2023 December 31, 2022 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities U.S. government and agencies $ 2,825 $ 2,261 $ 2,559 $ 1,941 Foreign governments 146 108 146 107 Corporate 5,324 4,425 1,940 1,605 CLO 275 265 273 261 ABS 1,218 1,093 1,243 1,082 Total securities pledged under repurchase agreements $ 9,788 $ 8,152 $ 6,161 $ 4,996 |
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) March 31, 2023 December 31, 2022 Commercial mortgage loans $ 21,743 $ 21,061 Commercial mortgage loans under development 1,020 790 Total commercial mortgage loans 22,763 21,851 Mark to fair value (1,740) (1,743) Commercial mortgage loans 21,023 20,108 Residential mortgage loans 13,211 11,802 Mark to fair value (842) (1,099) Residential mortgage loans 12,369 10,703 Mortgage loans $ 33,392 $ 30,811 The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs: Three months ended March 31, (In millions) 2023 2022 Trading securities $ 64 $ (207) Mortgage loans 296 (916) Investment funds 62 20 Future policy benefits (26) 142 Other liabilities (47) — Total gains (losses) $ 349 $ (961) The following summarizes information for fair value option mortgage loans, including related parties and VIEs: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance $ 35,974 $ 33,653 Mark to fair value (2,582) (2,842) Fair value $ 33,392 $ 30,811 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 198 $ 74 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (56) (55) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 142 $ 19 Fair value of commercial mortgage loans 90 days or more past due $ 11 $ 2 Fair value of commercial mortgage loans in non-accrual status 131 19 The following represents the residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 483 $ 522 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (50) (50) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 433 $ 472 Fair value of residential mortgage loans 90 days or more past due 1 $ 433 $ 472 Fair value of residential mortgage loans in non-accrual status 234 360 1 As of March 31, 2023 and December 31, 2022, includes $199 million and $221 million, respectively, of residential mortgage loans that are guaranteed by U.S. 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: Three months ended March 31, (In millions) 2023 2022 Mortgage loans $ (3) $ (18) |
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: March 31, 2023 December 31, 2022 (In millions, except percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 4,535 21.6 % $ 4,651 23.1 % Retail 1,450 6.9 % 1,454 7.2 % Apartment 7,506 35.7 % 6,692 33.3 % Hotels 1,873 8.9 % 1,855 9.2 % Industrial 2,242 10.7 % 2,047 10.2 % Other commercial 3,417 16.2 % 3,409 17.0 % Total commercial mortgage loans $ 21,023 100.0 % $ 20,108 100.0 % U.S. Region East North Central $ 1,438 6.8 % $ 1,437 7.1 % East South Central 422 2.0 % 413 2.1 % Middle Atlantic 5,561 26.5 % 5,183 25.8 % Mountain 923 4.4 % 898 4.5 % New England 1,071 5.1 % 1,076 5.4 % Pacific 4,033 19.2 % 3,781 18.8 % South Atlantic 2,876 13.6 % 2,756 13.7 % West North Central 225 1.1 % 231 1.1 % West South Central 1,066 5.1 % 1,085 5.4 % Total U.S. Region 17,615 83.8 % 16,860 83.9 % International Region United Kingdom 1,970 9.4 % 1,898 9.4 % Other international 1 1,438 6.8 % 1,350 6.7 % Total International Region 3,408 16.2 % 3,248 16.1 % Total commercial mortgage loans $ 21,023 100.0 % $ 20,108 100.0 % 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: March 31, 2023 December 31, 2022 U.S. States California 28.5 % 28.9 % Florida 10.1 % 9.7 % New York 5.8 % 5.6 % New Jersey 5.4 % 5.3 % Arizona 5.0 % 5.1 % Other 1 32.8 % 31.7 % Total U.S. residential mortgage loan percentage 87.6 % 86.3 % International United Kingdom 5.0 % 5.4 % Other 2 7.4 % 8.3 % Total international residential mortgage loan percentage 12.4 % 13.7 % Total residential mortgage loan percentage 100.0 % 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 parties and consolidated VIEs: March 31, 2023 December 31, 2022 (In millions, except percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Equity funds $ 43 55.8 % $ 46 58.2 % Hybrid funds 28 36.4 % 32 40.5 % Other 6 7.8 % 1 1.3 % Total investment funds 77 100.0 % 79 100.0 % Investment funds – related parties Strategic origination platforms 35 2.2 % 34 2.2 % Strategic insurance platforms 1,305 81.8 % 1,259 80.2 % Apollo and other fund investments Equity funds 228 14.3 % 246 15.7 % Yield funds 5 0.3 % 5 0.3 % Other 22 1.4 % 25 1.6 % Total investment funds – related parties 1,595 100.0 % 1,569 100.0 % Investment funds – consolidated VIEs Strategic origination platforms 4,991 39.1 % 4,829 38.7 % Strategic insurance platforms 515 4.0 % 529 4.2 % Apollo and other fund investments Equity funds 2,710 21.2 % 2,640 21.2 % Hybrid funds 3,180 24.9 % 3,112 24.9 % Yield funds 1,091 8.5 % 1,044 8.4 % Other 288 2.3 % 326 2.6 % Total investment funds – consolidated VIEs 12,775 100.0 % 12,480 100.0 % Total investment funds, including related parties and consolidated VIEs $ 14,447 $ 14,128 |
Schedules of Concentration of Risk, by Risk Factor | The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity: (In millions) March 31, 2023 Wheels Donlen 1 $ 1,419 PK AirFinance 1 1,334 Athora 1 1,279 Atlas 1 995 AP Tundra 873 MFI Investments 869 — — (In millions) December 31, 2022 Wheels Donlen 1 $ 1,288 Athora 1 1,232 PK AirFinance 1 999 AP Tundra 896 MFI Investments 878 SoftBank Vision Fund II 789 MidCap 1 788 Cayman Universe 756 Concord Music CL A2 684 Redding Ridge 683 AOP Finance 671 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 17. |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 6,678 $ 713 $ 149 6,677 $ 747 $ 154 Forwards 6,380 392 57 6,283 406 52 Interest rate swaps 4,468 — 725 4,468 — 803 Forwards on net investments 217 — 2 216 2 — Interest rate swaps 10,082 10 83 9,332 9 150 Total derivatives designated as hedges 1,115 1,016 1,164 1,159 Derivatives not designated as hedges Equity options 67,730 2,085 106 65,089 1,374 114 Futures 21 56 4 18 33 — Foreign currency swaps 3,863 266 118 3,563 251 112 Interest rate swaps 523 89 1 488 74 — Other swaps 137 4 1 89 — 4 Foreign currency forwards 18,250 341 272 16,376 413 257 Embedded derivatives Funds withheld, including related parties (5,557) (67) (6,272) (77) Interest sensitive contract liabilities — 6,747 — 5,841 Total derivatives not designated as hedges (2,716) 7,182 (4,127) 6,251 Total derivatives $ (1,601) $ 8,198 $ (2,963) $ 7,410 The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: March 31, 2023 December 31, 2022 (In millions) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) AFS securities Foreign currency forwards $ 5,480 $ (431) $ 5,259 $ (217) Foreign currency swaps 4,962 (304) 4,797 (398) Interest sensitive contract liabilities Foreign currency swaps 1,081 (9) 1,081 88 Foreign currency interest rate swaps 4,348 315 4,348 632 Interest rate swaps 7,087 203 6,577 323 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 March 31, 2023 Investment related gains (losses) Foreign currency forwards $ (70) $ 73 $ 3 $ 87 $ 4 Foreign currency swaps (59) 64 5 — — Foreign currency interest rate swaps 78 (70) 8 — — Interest rate swaps 102 (104) (2) — — Interest sensitive contract benefits Foreign currency interest rate swaps 15 (15) — — — Three months ended March 31, 2022 Investment related gains (losses) Foreign currency forwards $ 127 $ (126) $ 1 $ 14 $ 1 Foreign currency swaps 91 (95) (4) — — Foreign currency interest rate swaps (159) 197 38 — — Interest rate swaps (72) 75 3 — — Interest sensitive contract benefits Foreign currency interest rate swaps 10 (9) 1 — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI: Three months ended March 31, (In millions) 2023 2022 Foreign currency forwards $ 63 $ (73) Foreign currency swaps 114 (56) |
Schedule of Derivatives Not Designated as Hedges | The following is a summary of the gains (losses) related to derivatives not designated as hedges: Three months ended March 31, (In millions) 2023 2022 Equity options $ 350 $ (708) Futures 34 (33) Swaps 33 63 Foreign currency forwards (169) 155 Embedded derivatives on funds withheld 603 (2,520) Amounts recognized in investment related gains (losses) 851 (3,043) Embedded derivatives in indexed annuity products 1 (473) 1,034 Total gains (losses) on derivatives not designated as hedges $ 378 $ (2,009) 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 March 31, 2023 Derivative assets $ 3,956 $ (1,456) $ (2,411) $ 89 $ — $ 89 Derivative liabilities (1,518) 1,456 506 444 — 444 December 31, 2022 Derivative assets $ 3,309 $ (1,477) $ (1,952) $ (120) $ — $ (120) Derivative liabilities (1,646) 1,477 478 309 — 309 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of March 31, 2023 and December 31, 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 March 31, 2023 Derivative assets $ 3,956 $ (1,456) $ (2,411) $ 89 $ — $ 89 Derivative liabilities (1,518) 1,456 506 444 — 444 December 31, 2022 Derivative assets $ 3,309 $ (1,477) $ (1,952) $ (120) $ — $ (120) Derivative liabilities (1,646) 1,477 478 309 — 309 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of March 31, 2023 and December 31, 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. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of VIE Financial Information | The following table presents net gains (losses) from investment activities of the consolidated VIEs: Three months ended March 31, (In millions) 2023 1 2022 1 Net gains (losses) from investment activities $ 30 $ 137 Net gains (losses) from debt — 31 Interest and other income 33 208 Interest and other expenses (29) (9) Net gains (losses) from investment activities of consolidated variable interest entities $ 34 $ 367 1 Amounts reflect consolidation eliminations. The following summarizes the statements of operations activity of the consolidated VIEs: Three months ended March 31, (In millions) 2023 2022 Trading securities $ 23 $ — Mortgage loans 24 20 Investment funds 35 1 Net investment income 82 21 Net recognized investment gains (losses) on trading securities 6 — Net recognized investment losses on mortgage loans 9 (112) Net recognized investment gains (losses) on investment funds 224 70 Other gains (losses) (40) — Investment related gains (losses) 199 (42) Revenues of consolidated variable interest entities $ 281 $ (21) 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. (In millions) March 31, 2023 2 December 31, 2022 2 Maximum Loss Exposure 1 $ 317 $ 343 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: March 31, 2023 December 31, 2022 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 77 $ 518 $ 79 $ 340 Investment in related parties – investment funds 1,595 2,251 1,569 2,253 Assets of consolidated VIEs – investment funds 12,775 20,267 12,480 20,278 Investment in fixed maturity securities 39,373 42,555 37,454 40,992 Investment in related parties – fixed maturity securities 11,624 12,101 9,717 10,290 Investment in related parties – equity securities 251 251 279 279 Total non-consolidated investments $ 65,695 $ 77,943 $ 61,578 $ 74,432 |
Summary of Debt | The following table summarizes the principal provisions of those amounts: March 31, 2023 December 31, 2022 (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 Subscription lines 1 $ 1,287 6.65 % 0.09 $ 686 6.22 % 0.08 1 The subscription lines 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. |
Schedule of Repurchase Agreements | The following table summarizes the remaining contractual maturities of repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition: (In millions) March 31, 2023 December 31, 2022 Less than 30 days 1,642 608 30-90 days 2,774 1,268 91 days to 364 days 500 — 1 year and greater 2,865 2,867 Payables for repurchase agreements $ 7,781 $ 4,743 The following table summarizes the maturities of repurchase agreements: Remaining Contractual Maturity As of As of 91 days to 364 days $ — $ 1,254 Total payables for repurchase agreements (1) $ — $ 1,254 (1) Included in other liabilities of consolidated variable interest entities on the condensed consolidated statements of financial condition. The following table summarizes the gross carrying value of repurchase agreements by class of collateral pledged: (In millions) March 31, 2023 December 31, 2022 Loans backed by residential real estate $ — $ 770 Loans backed by commercial real estate — 484 Total $ — $ 1,254 Note: These repurchase agreements are carried at cost which approximates fair value and is classified as Level 2 of the fair value hierarchy. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 1,255 $ — $ — $ — $ 1,255 Restricted cash and cash equivalents 1 1,061 — — — 1,061 Cash and cash equivalents of VIEs 123 — — — 123 U.S. Treasury securities 419 — — — 419 Investments, at fair value 194 39 1,116 2 3 1,352 Investments of VIEs — 369 1,282 112 1,763 Due from related parties 3 — — 33 — 33 Derivative assets 4 — 17 15 — 32 Total Assets – Asset Management 3,052 425 2,446 115 6,038 March 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Retirement Services AFS Securities U.S. government and agencies 2,697 6 — — 2,703 U.S. state, municipal and political subdivisions — 966 — — 966 Foreign governments — 921 1 — 922 Corporate 9 61,510 1,622 — 63,141 CLO — 17,566 — — 17,566 ABS — 5,931 4,942 — 10,873 CMBS — 4,190 — — 4,190 RMBS — 6,114 238 — 6,352 Total AFS securities 2,706 97,204 6,803 — 106,713 Trading securities 24 1,586 42 — 1,652 Equity securities 273 624 71 — 968 Mortgage loans — — 29,949 — 29,949 Funds withheld at interest – embedded derivative — — (4,291) — (4,291) Derivative assets 66 3,890 — — 3,956 Short-term investments 1 551 30 — 582 Other investments — 215 286 — 501 Cash and cash equivalents 13,844 — — — 13,844 Restricted cash and cash equivalents 1,148 — — — 1,148 Investments in related parties AFS securities Corporate — 168 959 — 1,127 CLO — 3,015 498 — 3,513 ABS — 221 7,005 — 7,226 Total AFS securities – related parties — 3,404 8,462 — 11,866 Trading securities — — 885 — 885 Equity securities — — 251 — 251 Mortgage loans — — 1,324 — 1,324 Investment funds — — 1,034 — 1,034 Funds withheld at interest – embedded derivative — — (1,266) — (1,266) Other investments — — 338 — 338 Reinsurance recoverable — — 1,470 — 1,470 Other assets 7 — — 440 — 440 Assets of consolidated VIEs Trading securities — 421 648 — 1,069 Mortgage loans — — 2,119 — 2,119 Investment funds — — 2,581 10,194 12,775 Other investments — 2 97 — 99 Cash and cash equivalents 654 — — — 654 Total Assets – Retirement Services 18,716 107,897 51,273 10,194 188,080 Total Assets $ 21,768 $ 108,322 $ 53,719 $ 10,309 $ 194,118 Liabilities Asset Management Contingent consideration obligations 5 $ — $ — $ 78 $ — $ 78 Other liabilities 6 1 — — — 1 Total Liabilities – Asset Management 1 — 78 — 79 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 6,747 — 6,747 Universal life benefits — — 879 — 879 Future policy benefits AmerUs closed block — — 1,190 — 1,190 ILICO closed block and life benefits — — 579 — 579 March 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Market risk benefits 7 — — 3,203 — 3,203 Derivative liabilities 24 1,493 1 — 1,518 Other liabilities — (67) 189 — 122 Total Liabilities – Retirement Services 24 1,426 12,788 — 14,238 Total Liabilities $ 25 $ 1,426 $ 12,866 $ — $ 14,317 December 31, 2022 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 1,201 $ — $ — $ — $ 1,201 Restricted cash and cash equivalents 1 1,048 — — — 1,048 Cash and cash equivalents of VIEs 110 — — — 110 U.S. Treasury securities 709 — — — 709 Investments, at fair value 190 39 1,083 2 8 1,320 Investments of VIEs — 1,537 727 105 2,369 Due from related parties 3 — — 43 — 43 Derivative assets 4 — — 15 — 15 Total Assets – Asset Management 3,258 1,576 1,868 113 6,815 Retirement Services AFS Securities U.S. government and agencies 2,570 7 — — 2,577 U.S. state, municipal and political subdivisions — 927 — — 927 Foreign governments — 906 1 — 907 Corporate — 59,236 1,665 — 60,901 CLO — 16,493 — — 16,493 ABS — 5,660 4,867 — 10,527 CMBS — 4,158 — — 4,158 RMBS — 5,682 232 — 5,914 Total AFS securities 2,570 93,069 6,765 — 102,404 Trading securities 23 1,519 53 — 1,595 Equity securities 150 845 92 — 1,087 Mortgage loans — — 27,454 — 27,454 Funds withheld at interest – embedded derivative — — (4,847) — (4,847) Derivative assets 42 3,267 — — 3,309 Short-term investments 29 455 36 — 520 Other investments — 170 441 — 611 Cash and cash equivalents 7,779 — — — 7,779 Restricted cash and cash equivalents 628 — — — 628 Investments in related parties AFS securities Corporate — 170 812 — 982 CLO — 2,776 303 — 3,079 ABS — 218 5,542 — 5,760 Total AFS securities – related parties — 3,164 6,657 — 9,821 Trading securities — — 878 — 878 Equity securities — — 279 — 279 Mortgage loans — — 1,302 — 1,302 Investment funds — — 959 — 959 Funds withheld at interest – embedded derivative — — (1,425) — (1,425) Other investments — — 303 — 303 Reinsurance recoverable — — 1,388 — 1,388 December 31, 2022 (In millions) Level 1 Level 2 Level 3 NAV Total Other assets 7 — — 481 — 481 Assets of consolidated VIEs Trading securities 5 436 622 — 1,063 Mortgage loans — — 2,055 — 2,055 Investment funds — — 2,471 10,009 12,480 Other investments — 2 99 — 101 Cash and cash equivalents 362 — — — 362 Total Assets – Retirement Services 11,588 102,927 46,063 10,009 170,587 Total Assets $ 14,846 $ 104,503 $ 47,931 $ 10,122 $ 177,402 Liabilities Asset Management Contingent consideration obligations 5 $ — $ — $ 86 $ — $ 86 Other liabilities 6 2 — — — 2 Derivative liabilities 4 — 57 — — 57 Total Liabilities – Asset Management 2 57 86 — 145 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 5,841 — 5,841 Universal life benefits — — 829 — 829 Future policy benefits AmerUs closed block — — 1,164 — 1,164 ILICO closed block and life benefits — — 548 — 548 Market risk benefits 7 — — 2,970 — 2,970 Derivative liabilities 38 1,607 1 — 1,646 Other liabilities — (77) 142 — 65 Total Liabilities – Retirement Services 38 1,530 11,495 — 13,063 Total Liabilities $ 40 $ 1,587 $ 11,581 $ — $ 13,208 1 Restricted cash and cash equivalents as of March 31, 2023 and December 31, 2022 includes $1.1 billion and $1.0 billion, respectively, of restricted cash and cash equivalents held by consolidated SPACs. 2 Investments as of March 31, 2023 and December 31, 2022 excludes $194 million and $198 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. 3 Due from related parties represents a receivable from a fund. 4 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. 5 As of March 31, 2023 and December 31, 2022, other liabilities includes $25 million and $31 million, respectively, of contingent obligations related to the Griffin Capital acquisition, classified as Level 3 and profit sharing payable includes $53 million and $55 million, respectively, related to contingent obligations classified as Level 3. 6 Other liabilities as of March 31, 2023 and December 31, 2022 includes the publicly traded warrants of APSG II. 7 Other assets consists of market risk benefits assets. See note 10 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures. |
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: March 31, 2023 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 547 Embedded value N/A N/A N/A 127 Discounted cash flow Discount rate 9.2% – 52.8% 29.0% 1 442 Adjusted transaction value N/A N/A N/A Due from related parties 33 Discounted cash flow Discount rate 14.5% 14.5% Derivative assets 15 Option model Volatility rate 70.0% 70.0% Investments of consolidated VIEs Bank loans 790 Discounted cash flow Discount rate 7.2% – 35.4% 7.5% 1 Adjusted transaction value N/A N/A N/A Equity securities 468 Dividend discount model Discount rate 12.9% 12.9% Bonds 24 Discounted cash flow Discount rate 8.2% -10.5% 10.5% 1 Retirement Services AFS, trading and equity securities 12,271 Discounted cash flow Discount rate 2% – 18.7% 6.7% 1 Mortgage loans 2 33,392 Discounted cash flow Discount rate 2.1% – 22.3% 6.3% 1 Investment funds 2 650 Discounted cash flow Discount rate 6.4% – 14.7% 8.4% 899 Discounted cash flow / Discount rate / 17.0% /8.5x 17.0% / 8.5x 515 Net tangible asset values Implied multiple 1.26x 1.26x 517 Reported net asset value Reported net asset value N/A N/A 1,034 Embedded value N/A N/A N/A Financial Liabilities Asset Management Contingent consideration obligations 78 Discounted cash flow Discount rate 20.6% – 29.0% 25.3% 1 Option model Volatility rate 31.5% – 41.5% 36.5% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 6,747 Discounted cash flow Nonperformance risk 0.3% – 1.8% 1.3% 3 Option budget 0.5% – 5.7% 2.0% 4 Surrender rate 5.2% – 11.7% 8.1% 4 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. 2 Includes those of consolidated VIEs. 3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. 4 The option budget and surrender rate weighted averages are calculated based on projected account values. December 31, 2022 Fair Value (In millions) Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 526 Embedded value N/A N/A N/A 128 Discounted cash flow Discount rate 8.9% – 52.8% 28.7% 1 429 Adjusted transaction value N/A N/A N/A Due from related parties 43 Discounted cash flow Discount rate 15.0% 15.0% Derivative assets 15 Option model Volatility rate 60.0% 60.0% Investments of consolidated VIEs Equity securities 458 Dividend discount model Discount rate 12.1% 12.1% Bank loans 244 Discounted cash flow Discount rate 6.4% – 32.7% 8.0% 1 Adjusted transaction value N/A N/A N/A Bonds 25 Discounted cash flow Discount rate 7.9% 7.9% Retirement Services AFS, trading and equity securities 10,671 Discounted cash flow Discount rate 2.2% – 18.8% 6.8% 1 Mortgage loans 2 30,811 Discounted cash flow Discount rate 1.5% – 22.1% 6.3% 1 Investment funds 2 506 Discounted cash flow Discount rate 6.4% 6.4% 873 Discounted cash flow / Discount rate / 16.5% / 9x 16.5% / 9x 529 Net tangible asset values Implied multiple 1.26x 1.26x 563 Reported net asset value Reported net asset value N/A N/A 959 Embedded value N/A N/A N/A Financial Liabilities Contingent consideration obligations 86 Discounted cash flow Discount rate 20.0% – 25.0% 22.7% 1 Option model Volatility rate 29.8% – 39.6% 34.7% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 5,841 Discounted cash flow Nonperformance risk 0.1% – 1.7% 1.0% 3 Option budget 0.5% – 5.3% 1.9% 4 Surrender rate 5.1% – 11.5% 8.1% 4 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. 2 Includes those of consolidated VIEs. 3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. 4 The option budget and surrender rate weighted averages are calculated based on projected account values. The following summarizes the unobservable inputs for market risk benefits: March 31, 2023 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 2,763 Discounted cash flow Nonperformance risk 0.3 % 1.7 % 1.6 % 1 Decrease Option budget 0.5 % 5.6 % 1.7 % 2 Decrease Surrender rate 3.3 % 6.9 % 4.5 % 2 Decrease March 31, 2022 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 3,444 Discounted cash flow Nonperformance risk 0.4 % 2.0 % 1.3 % 1 Decrease Option budget 0.5 % 3.8 % 1.5 % 2 Decrease Surrender rate 3.6 % 6.6 % 4.5 % 2 Decrease 1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve. 2 The option budget and surrender rate weighted averages are calculated based on projected account values. |
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 March 31, 2023 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 and derivative assets $ 1,098 $ 26 $ — $ 7 $ — $ 1,131 $ 26 $ — Investments of Consolidated VIEs 727 34 — 523 (2) 1,282 9 — Total Level 3 assets – Asset Management $ 1,825 $ 60 $ — $ 530 $ (2) $ 2,413 $ 35 $ — Three Months Ended March 31, 2023 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 – Retirement Services AFS securities Foreign governments $ 1 $ — $ — $ — $ — $ 1 $ — $ — Corporate 1,665 (1) 12 126 (180) 1,622 — 6 ABS 4,867 — (19) 155 (61) 4,942 — (16) RMBS 232 3 3 — — 238 — 3 Trading securities 53 2 — (4) (9) 42 1 — Equity securities 92 (8) — — (13) 71 (8) — Mortgage loans 27,454 251 — 2,244 — 29,949 252 — Funds withheld at interest – embedded derivative (4,847) 556 — — — (4,291) — — Short-term investments 36 — (2) (30) 26 30 — — Other investments 441 1 — (156) — 286 2 — Investments in related parties AFS securities Corporate 812 1 (7) 153 — 959 — (7) CLO 303 — 10 185 — 498 — 10 ABS 5,542 4 44 1,415 — 7,005 2 42 Trading securities 878 6 — 1 — 885 6 — Equity securities 279 4 — (32) — 251 3 — Mortgage loans 1,302 26 — (4) — 1,324 26 — Investment funds 959 43 — 32 — 1,034 43 — Funds withheld at interest – embedded derivative (1,425) 159 — — — (1,266) — — Other investments 303 (7) — 42 — 338 (7) — Reinsurance recoverable 1,388 82 — — — 1,470 — — Assets of consolidated VIEs Trading securities 622 12 — (2) 16 648 12 — Mortgage loans 2,055 19 — 45 — 2,119 19 — Investment funds 2,471 18 — (8) 100 2,581 18 — Other investments 99 — — (2) — 97 — — Total Level 3 assets – Retirement Services $ 45,582 $ 1,171 $ 41 $ 4,160 $ (121) $ 50,833 $ 369 $ 38 Liabilities – Asset Management Contingent consideration obligations $ 86 $ (8) $ — $ — $ — $ 78 $ — $ — Total Level 3 liabilities – Asset Management $ 86 $ (8) $ — $ — $ — $ 78 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (473) $ — $ (433) $ — $ (6,747) $ — $ — Universal life benefits (829) (50) — — — (879) — — Future policy benefits AmerUs Closed Block (1,164) (26) — — — (1,190) — — ILICO Closed Block and life benefits (548) (31) — — — (579) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (47) — — — (189) — — Total Level 3 liabilities – Retirement Services $ (8,525) $ (627) $ — $ (433) $ — $ (9,585) $ — $ — 1 Related to instruments held at end of period. Three Months Ended March 31, 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 $ 18 $ — $ 101 $ 22 $ 1,087 $ 18 $ — Investments of Consolidated VIEs 13,188 216 — 1,129 (13,602) 931 (3) — Total Level 3 assets – Asset Management $ 14,134 $ 234 $ — $ 1,230 $ (13,580) $ 2,018 $ 15 $ — Assets – Retirement Services AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 1,339 (3) (19) 140 42 1,499 — (19) CLO 14 (1) 2 (10) — 5 — 2 ABS 3,619 6 (31) (148) 337 3,783 — (30) CMBS 43 — (17) — (16) 10 — (17) Trading securities 69 (5) — 6 20 90 — — Equity securities 429 9 — — — 438 — — Mortgage loans 21,154 (744) — 3,286 — 23,696 (741) — Investment funds 18 1 — — — 19 1 — Funds withheld at interest – embedded derivative — (1,882) — — — (1,882) — — Short-term investments 29 — — 30 — 59 9 — Investments in related parties AFS securities Corporate 670 (4) 1 94 — 761 — 1 CLO 202 — — 130 — 332 — — ABS 6,445 (17) (10) (145) (1,864) 4,409 — (10) Trading securities 1,771 (5) — (254) (1,260) 252 — — Equity securities 284 (5) — — (113) 166 — — Mortgage loans 1,369 (52) — 139 — 1,456 (52) — Investment funds 2,855 24 — (34) (2,031) 814 24 — Funds withheld at interest – embedded derivative — (570) — — — (570) — — Short-term investments — — — 53 — 53 — — Reinsurance recoverable 1,991 (177) — — — 1,814 — — Assets of consolidated VIEs Mortgage loans 2,152 (120) — (152) — 1,880 (120) — Investment funds 1,297 (5) — 238 9,047 10,577 (5) — Other investments — — — — 1,902 1,902 — — Total Level 3 assets – Retirement Services $ 45,752 $ (3,550) $ (74) $ 3,373 $ 6,064 $ 51,565 $ (884) $ (73) Liabilities – Asset Management Contingent consideration obligations $ 126 $ (3) $ — $ (13) $ — $ 110 $ — $ — Debt and other liabilities of consolidated VIEs 7,528 (28) — 1,126 (8,626) — — — Total Level 3 liabilities – Asset Management $ 7,654 $ (31) $ — $ 1,113 $ (8,626) $ 110 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (7,408) $ 1,034 $ — $ (111) $ — $ (6,485) $ — $ — Universal life benefits (1,235) 139 — — — (1,096) — — Future policy benefits AmerUs Closed Block (1,520) 142 — — — (1,378) — — ILICO Closed Block and life benefits (742) 38 — — — (704) — — Three Months Ended March 31, 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 Derivative liabilities (3) — — — — (3) — — Liabilities of consolidated VIEs – debt — — — — (3,645) (3,645) — — Total Level 3 liabilities – Retirement Services $ (10,908) $ 1,353 $ — $ (111) $ (3,645) $ (13,311) $ — $ — 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 March 31, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments and derivative assets $ 8 $ — $ (1) $ — $ 7 $ — $ — $ — Investments of consolidated VIEs 871 — (348) — 523 — (2) (2) Total Level 3 assets – Asset Management $ 879 $ — $ (349) $ — $ 530 $ — $ (2) $ (2) Assets – Retirement Services AFS securities Corporate $ 208 $ — $ — $ (82) $ 126 $ 29 $ (209) $ (180) ABS 298 — — (143) 155 215 (276) (61) RMBS 1 — — (1) — — — — Trading securities — — — (4) (4) 5 (14) (9) Equity securities — — — — — — (13) (13) Mortgage loans 2,882 — (32) (606) 2,244 — — — Short-term investments — — — (30) (30) 26 — 26 Other investments 2 — — (158) (156) — — — Investments in related parties AFS securities Corporate 156 — — (3) 153 — — — CLO 185 — — — 185 — — — ABS 1,634 — — (219) 1,415 — — — Trading securities 2 — — (1) 1 — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (4) (4) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 10 — (12) — (2) 19 (3) 16 Mortgage loans 46 — — (1) 45 — — — Investment funds — — (8) — (8) 148 (48) 100 Other investments 5 — (7) — (2) — — — Total Level 3 assets – Retirement Services $ 5,503 $ — $ (59) $ (1,284) $ 4,160 $ 442 $ (563) $ (121) Three Months Ended March 31, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Three Months Ended March 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In 1 Transfers Out 2 Net Transfers In (Out) Assets – Asset Management Investments $ 104 $ — $ (3) $ — $ 101 $ 22 $ — $ 22 Investments of consolidated VIEs 2,469 — (1,340) — 1,129 453 (14,055) (13,602) Total Level 3 assets – Asset Management $ 2,573 $ — $ (1,343) $ — $ 1,230 $ 475 $ (14,055) $ (13,580) Assets – Retirement Services AFS securities Corporate $ 324 $ — $ (168) $ (16) $ 140 $ 43 $ (1) $ 42 CLO — — — (10) (10) — — — ABS 1,489 — (1,450) (187) (148) 338 (1) 337 CMBS — — — — — — (16) (16) Trading securities 6 — — — 6 30 (10) 20 Mortgage loans 4,091 — (82) (723) 3,286 — — — Short-term investments 30 — — — 30 — — — Investments in related parties AFS securities — — Corporate 315 — (217) (4) 94 — — — CLO 130 — — — 130 — — — ABS 374 — (87) (432) (145) — (1,864) (1,864) Trading securities 29 — (265) (18) (254) — (1,260) (1,260) Equity securities — — — — — — (113) (113) Mortgage loans 146 — — (7) 139 — — — Investment funds — — (34) — (34) — (2,031) (2,031) Short-term investments 53 — — — 53 — — — Assets of consolidated VIEs Mortgage loans — — — (152) (152) — — — Investment funds 253 — (15) — 238 10,081 (1,034) 9,047 Other investments — — — — — 1,902 — 1,902 Total Level 3 assets – Retirement Services $ 7,240 $ — $ (2,318) $ (1,549) $ 3,373 $ 12,394 $ (6,330) $ 6,064 Three Months Ended March 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In 1 Transfers Out 2 Net Transfers In (Out) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (13) $ (13) $ — $ — $ — Debt and other liabilities of consolidated VIEs — 1,644 — (518) 1,126 — (8,626) (8,626) Total Level 3 liabilities – Asset Management $ — $ 1,644 $ — $ (531) $ 1,113 $ — $ (8,626) $ (8,626) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (260) $ — $ 149 $ (111) $ — $ — $ — Liabilities of consolidated VIEs - Debt — — — — — (3,645) — (3,645) Total Level 3 liabilities – Retirement Services $ — $ (260) $ — $ 149 $ (111) $ (3,645) $ — $ (3,645) 1 Transfers in includes assets and liabilities of consolidated VIEs that the Company consolidated effective March 31, 2022 ($10,081 million investment funds, $1,902 million other investments, and $3,645 million debt). 2 Transfers out includes the elimination of investments in related party securities issued by VIEs that the Company consolidated effective March 31, 2022 ($1,582 million ABS AFS securities, $1,260 million ABS and CLO trading securities, and $113 million equity securities). |
Schedule of Gross Components of Purchases, Issuances, Sales and Settlements, Net and Net Transfers In (Out) | Three Months Ended March 31, 2023 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 and derivative assets $ 1,098 $ 26 $ — $ 7 $ — $ 1,131 $ 26 $ — Investments of Consolidated VIEs 727 34 — 523 (2) 1,282 9 — Total Level 3 assets – Asset Management $ 1,825 $ 60 $ — $ 530 $ (2) $ 2,413 $ 35 $ — Three Months Ended March 31, 2023 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 – Retirement Services AFS securities Foreign governments $ 1 $ — $ — $ — $ — $ 1 $ — $ — Corporate 1,665 (1) 12 126 (180) 1,622 — 6 ABS 4,867 — (19) 155 (61) 4,942 — (16) RMBS 232 3 3 — — 238 — 3 Trading securities 53 2 — (4) (9) 42 1 — Equity securities 92 (8) — — (13) 71 (8) — Mortgage loans 27,454 251 — 2,244 — 29,949 252 — Funds withheld at interest – embedded derivative (4,847) 556 — — — (4,291) — — Short-term investments 36 — (2) (30) 26 30 — — Other investments 441 1 — (156) — 286 2 — Investments in related parties AFS securities Corporate 812 1 (7) 153 — 959 — (7) CLO 303 — 10 185 — 498 — 10 ABS 5,542 4 44 1,415 — 7,005 2 42 Trading securities 878 6 — 1 — 885 6 — Equity securities 279 4 — (32) — 251 3 — Mortgage loans 1,302 26 — (4) — 1,324 26 — Investment funds 959 43 — 32 — 1,034 43 — Funds withheld at interest – embedded derivative (1,425) 159 — — — (1,266) — — Other investments 303 (7) — 42 — 338 (7) — Reinsurance recoverable 1,388 82 — — — 1,470 — — Assets of consolidated VIEs Trading securities 622 12 — (2) 16 648 12 — Mortgage loans 2,055 19 — 45 — 2,119 19 — Investment funds 2,471 18 — (8) 100 2,581 18 — Other investments 99 — — (2) — 97 — — Total Level 3 assets – Retirement Services $ 45,582 $ 1,171 $ 41 $ 4,160 $ (121) $ 50,833 $ 369 $ 38 Liabilities – Asset Management Contingent consideration obligations $ 86 $ (8) $ — $ — $ — $ 78 $ — $ — Total Level 3 liabilities – Asset Management $ 86 $ (8) $ — $ — $ — $ 78 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (473) $ — $ (433) $ — $ (6,747) $ — $ — Universal life benefits (829) (50) — — — (879) — — Future policy benefits AmerUs Closed Block (1,164) (26) — — — (1,190) — — ILICO Closed Block and life benefits (548) (31) — — — (579) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (47) — — — (189) — — Total Level 3 liabilities – Retirement Services $ (8,525) $ (627) $ — $ (433) $ — $ (9,585) $ — $ — 1 Related to instruments held at end of period. Three Months Ended March 31, 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 $ 18 $ — $ 101 $ 22 $ 1,087 $ 18 $ — Investments of Consolidated VIEs 13,188 216 — 1,129 (13,602) 931 (3) — Total Level 3 assets – Asset Management $ 14,134 $ 234 $ — $ 1,230 $ (13,580) $ 2,018 $ 15 $ — Assets – Retirement Services AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 1,339 (3) (19) 140 42 1,499 — (19) CLO 14 (1) 2 (10) — 5 — 2 ABS 3,619 6 (31) (148) 337 3,783 — (30) CMBS 43 — (17) — (16) 10 — (17) Trading securities 69 (5) — 6 20 90 — — Equity securities 429 9 — — — 438 — — Mortgage loans 21,154 (744) — 3,286 — 23,696 (741) — Investment funds 18 1 — — — 19 1 — Funds withheld at interest – embedded derivative — (1,882) — — — (1,882) — — Short-term investments 29 — — 30 — 59 9 — Investments in related parties AFS securities Corporate 670 (4) 1 94 — 761 — 1 CLO 202 — — 130 — 332 — — ABS 6,445 (17) (10) (145) (1,864) 4,409 — (10) Trading securities 1,771 (5) — (254) (1,260) 252 — — Equity securities 284 (5) — — (113) 166 — — Mortgage loans 1,369 (52) — 139 — 1,456 (52) — Investment funds 2,855 24 — (34) (2,031) 814 24 — Funds withheld at interest – embedded derivative — (570) — — — (570) — — Short-term investments — — — 53 — 53 — — Reinsurance recoverable 1,991 (177) — — — 1,814 — — Assets of consolidated VIEs Mortgage loans 2,152 (120) — (152) — 1,880 (120) — Investment funds 1,297 (5) — 238 9,047 10,577 (5) — Other investments — — — — 1,902 1,902 — — Total Level 3 assets – Retirement Services $ 45,752 $ (3,550) $ (74) $ 3,373 $ 6,064 $ 51,565 $ (884) $ (73) Liabilities – Asset Management Contingent consideration obligations $ 126 $ (3) $ — $ (13) $ — $ 110 $ — $ — Debt and other liabilities of consolidated VIEs 7,528 (28) — 1,126 (8,626) — — — Total Level 3 liabilities – Asset Management $ 7,654 $ (31) $ — $ 1,113 $ (8,626) $ 110 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (7,408) $ 1,034 $ — $ (111) $ — $ (6,485) $ — $ — Universal life benefits (1,235) 139 — — — (1,096) — — Future policy benefits AmerUs Closed Block (1,520) 142 — — — (1,378) — — ILICO Closed Block and life benefits (742) 38 — — — (704) — — Three Months Ended March 31, 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 Derivative liabilities (3) — — — — (3) — — Liabilities of consolidated VIEs – debt — — — — (3,645) (3,645) — — Total Level 3 liabilities – Retirement Services $ (10,908) $ 1,353 $ — $ (111) $ (3,645) $ (13,311) $ — $ — 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 March 31, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments and derivative assets $ 8 $ — $ (1) $ — $ 7 $ — $ — $ — Investments of consolidated VIEs 871 — (348) — 523 — (2) (2) Total Level 3 assets – Asset Management $ 879 $ — $ (349) $ — $ 530 $ — $ (2) $ (2) Assets – Retirement Services AFS securities Corporate $ 208 $ — $ — $ (82) $ 126 $ 29 $ (209) $ (180) ABS 298 — — (143) 155 215 (276) (61) RMBS 1 — — (1) — — — — Trading securities — — — (4) (4) 5 (14) (9) Equity securities — — — — — — (13) (13) Mortgage loans 2,882 — (32) (606) 2,244 — — — Short-term investments — — — (30) (30) 26 — 26 Other investments 2 — — (158) (156) — — — Investments in related parties AFS securities Corporate 156 — — (3) 153 — — — CLO 185 — — — 185 — — — ABS 1,634 — — (219) 1,415 — — — Trading securities 2 — — (1) 1 — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (4) (4) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 10 — (12) — (2) 19 (3) 16 Mortgage loans 46 — — (1) 45 — — — Investment funds — — (8) — (8) 148 (48) 100 Other investments 5 — (7) — (2) — — — Total Level 3 assets – Retirement Services $ 5,503 $ — $ (59) $ (1,284) $ 4,160 $ 442 $ (563) $ (121) Three Months Ended March 31, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Three Months Ended March 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In 1 Transfers Out 2 Net Transfers In (Out) Assets – Asset Management Investments $ 104 $ — $ (3) $ — $ 101 $ 22 $ — $ 22 Investments of consolidated VIEs 2,469 — (1,340) — 1,129 453 (14,055) (13,602) Total Level 3 assets – Asset Management $ 2,573 $ — $ (1,343) $ — $ 1,230 $ 475 $ (14,055) $ (13,580) Assets – Retirement Services AFS securities Corporate $ 324 $ — $ (168) $ (16) $ 140 $ 43 $ (1) $ 42 CLO — — — (10) (10) — — — ABS 1,489 — (1,450) (187) (148) 338 (1) 337 CMBS — — — — — — (16) (16) Trading securities 6 — — — 6 30 (10) 20 Mortgage loans 4,091 — (82) (723) 3,286 — — — Short-term investments 30 — — — 30 — — — Investments in related parties AFS securities — — Corporate 315 — (217) (4) 94 — — — CLO 130 — — — 130 — — — ABS 374 — (87) (432) (145) — (1,864) (1,864) Trading securities 29 — (265) (18) (254) — (1,260) (1,260) Equity securities — — — — — — (113) (113) Mortgage loans 146 — — (7) 139 — — — Investment funds — — (34) — (34) — (2,031) (2,031) Short-term investments 53 — — — 53 — — — Assets of consolidated VIEs Mortgage loans — — — (152) (152) — — — Investment funds 253 — (15) — 238 10,081 (1,034) 9,047 Other investments — — — — — 1,902 — 1,902 Total Level 3 assets – Retirement Services $ 7,240 $ — $ (2,318) $ (1,549) $ 3,373 $ 12,394 $ (6,330) $ 6,064 Three Months Ended March 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In 1 Transfers Out 2 Net Transfers In (Out) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (13) $ (13) $ — $ — $ — Debt and other liabilities of consolidated VIEs — 1,644 — (518) 1,126 — (8,626) (8,626) Total Level 3 liabilities – Asset Management $ — $ 1,644 $ — $ (531) $ 1,113 $ — $ (8,626) $ (8,626) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (260) $ — $ 149 $ (111) $ — $ — $ — Liabilities of consolidated VIEs - Debt — — — — — (3,645) — (3,645) Total Level 3 liabilities – Retirement Services $ — $ (260) $ — $ 149 $ (111) $ (3,645) $ — $ (3,645) 1 Transfers in includes assets and liabilities of consolidated VIEs that the Company consolidated effective March 31, 2022 ($10,081 million investment funds, $1,902 million other investments, and $3,645 million debt). 2 Transfers out includes the elimination of investments in related party securities issued by VIEs that the Company consolidated effective March 31, 2022 ($1,582 million ABS AFS securities, $1,260 million ABS and CLO trading securities, and $113 million equity securities). |
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) March 31, 2023 December 31, 2022 Commercial mortgage loans $ 21,743 $ 21,061 Commercial mortgage loans under development 1,020 790 Total commercial mortgage loans 22,763 21,851 Mark to fair value (1,740) (1,743) Commercial mortgage loans 21,023 20,108 Residential mortgage loans 13,211 11,802 Mark to fair value (842) (1,099) Residential mortgage loans 12,369 10,703 Mortgage loans $ 33,392 $ 30,811 The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs: Three months ended March 31, (In millions) 2023 2022 Trading securities $ 64 $ (207) Mortgage loans 296 (916) Investment funds 62 20 Future policy benefits (26) 142 Other liabilities (47) — Total gains (losses) $ 349 $ (961) The following summarizes information for fair value option mortgage loans, including related parties and VIEs: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance $ 35,974 $ 33,653 Mark to fair value (2,582) (2,842) Fair value $ 33,392 $ 30,811 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 198 $ 74 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (56) (55) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 142 $ 19 Fair value of commercial mortgage loans 90 days or more past due $ 11 $ 2 Fair value of commercial mortgage loans in non-accrual status 131 19 The following represents the residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 483 $ 522 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (50) (50) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 433 $ 472 Fair value of residential mortgage loans 90 days or more past due 1 $ 433 $ 472 Fair value of residential mortgage loans in non-accrual status 234 360 1 As of March 31, 2023 and December 31, 2022, includes $199 million and $221 million, respectively, of residential mortgage loans that are guaranteed by U.S. 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: Three months ended March 31, (In millions) 2023 2022 Mortgage loans $ (3) $ (18) |
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: March 31, 2023 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 77 $ 77 $ 77 $ — $ — $ — Policy loans 339 339 — — 339 — Funds withheld at interest 35,375 35,375 — — — 35,375 Short-term investments 45 45 — — 45 — Other investments 200 200 — — — 200 Investments in related parties Investment funds 561 561 561 — — — Funds withheld at interest 10,728 10,728 — — — 10,728 Short-term investments 1,043 1,043 — — 1,043 — Total financial assets not carried at fair value $ 48,368 $ 48,368 $ 638 $ — $ 1,427 $ 46,303 Financial liabilities Interest sensitive contract liabilities $ 131,873 $ 120,063 $ — $ — $ — $ 120,063 Debt 3,650 2,906 — — 2,906 — Securities to repurchase 7,781 7,781 — — 7,781 — Funds withheld liability 346 346 — — 346 — Total financial liabilities not carried at fair value $ 143,650 $ 131,096 $ — $ — $ 11,033 $ 120,063 December 31, 2022 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 79 $ 79 $ 79 $ — $ — $ — Policy loans 347 347 — — 347 — Funds withheld at interest 37,727 37,727 — — — 37,727 Short-term investments 1,640 1,640 — — 1,614 26 Other investments 162 162 — — — 162 Investments in related parties Investment funds 610 610 610 — — — Funds withheld at interest 11,233 11,233 — — — 11,233 Total financial assets not carried at fair value $ 51,798 $ 51,798 $ 689 $ — $ 1,961 $ 49,148 Financial liabilities Interest sensitive contract liabilities $ 125,101 $ 111,608 $ — $ — $ — $ 111,608 Debt 3,658 2,893 — — 2,893 — Securities to repurchase 4,743 4,743 — — 4,743 — Funds withheld liability 360 360 — — 360 — Total financial liabilities not carried at fair value $ 133,862 $ 119,604 $ — $ — $ 7,996 $ 111,608 |
Deferred Acquisition Costs, D_2
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Rollforward of DAC | The following table summarizes the change in deferred acquisition costs, deferred sales inducements and value of business acquired: (In millions) VOBA Balance as of January 1, 2022 $ 4,527 Change in discount rate assumptions for future policy benefits (22) Fair value adjustment of market risk benefits (1,133) Adjusted balance as of January 1, 2022 $ 3,372 The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 10 for more information on Athene’s products. Three months ended March 31, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 171 203 — 1 133 — 508 Amortization (16) (18) (1) — (10) (93) (138) Balance at March 31, 2023 $ 459 $ 940 $ 10 $ 10 $ 522 $ 2,895 $ 4,836 Three months ended March 31, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 24 176 11 3 77 — $ 291 Amortization — (1) (1) — — (96) (98) Balance at March 31, 2022 $ 24 $ 175 $ 10 $ 3 $ 77 $ 3,276 $ 3,565 |
Rollforward of DSI | The following table summarizes the change in deferred acquisition costs, deferred sales inducements and value of business acquired: (In millions) VOBA Balance as of January 1, 2022 $ 4,527 Change in discount rate assumptions for future policy benefits (22) Fair value adjustment of market risk benefits (1,133) Adjusted balance as of January 1, 2022 $ 3,372 The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 10 for more information on Athene’s products. Three months ended March 31, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 171 203 — 1 133 — 508 Amortization (16) (18) (1) — (10) (93) (138) Balance at March 31, 2023 $ 459 $ 940 $ 10 $ 10 $ 522 $ 2,895 $ 4,836 Three months ended March 31, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 24 176 11 3 77 — $ 291 Amortization — (1) (1) — — (96) (98) Balance at March 31, 2022 $ 24 $ 175 $ 10 $ 3 $ 77 $ 3,276 $ 3,565 |
Rollforward of VOBA | The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 10 for more information on Athene’s products. Three months ended March 31, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 171 203 — 1 133 — 508 Amortization (16) (18) (1) — (10) (93) (138) Balance at March 31, 2023 $ 459 $ 940 $ 10 $ 10 $ 522 $ 2,895 $ 4,836 Three months ended March 31, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 24 176 11 3 77 — $ 291 Amortization — (1) (1) — — (96) (98) Balance at March 31, 2022 $ 24 $ 175 $ 10 $ 3 $ 77 $ 3,276 $ 3,565 |
Summary of Expected Amortization of VOBA | The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2023 1 $ 257 2024 316 2025 289 2026 260 2027 230 2028 200 1 Expected amortization for the remainder of 2023. |
Long-duration Contracts (Tables
Long-duration Contracts (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Policyholder Account Balance | The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve. Three months ended March 31, 2023 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at December 31, 2022 $ 43,518 $ 92,660 $ 27,439 $ 4,722 $ 168,339 Deposits 6,700 2,929 1,500 1,033 12,162 Policy charges (1) (158) — — (159) Surrenders and withdrawals (1,818) (2,712) (70) (3) (4,603) Benefit payments (264) (422) (490) (90) (1,266) Interest credited 369 117 206 32 724 Foreign exchange — — 54 (16) 38 Other (54) — 143 (33) 56 Balance at March 31, 2023 $ 48,450 $ 92,414 $ 28,782 $ 5,645 $ 175,291 March 31, 2023 Weighted average crediting rate 3.4 % 2.3 % 2.7 % 2.9 % 2.7 % Net amount at risk $ 423 $ 13,903 $ — $ 66 $ 14,392 Cash surrender value 45,994 84,047 — 2,710 132,751 Three months ended March 31, 2022 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at January 1, 2022 $ 35,599 $ 89,755 $ 23,623 $ 2,413 $ 151,390 Deposits 918 2,573 4,946 520 8,957 Policy charges (1) (141) — — (142) Surrenders and withdrawals (845) (1,798) — (1) (2,644) Benefit payments (256) (426) (695) (83) (1,460) Interest credited 235 697 125 17 1,074 Foreign exchange — — (100) (14) (114) Other — — (218) — (218) Balance at March 31, 2022 $ 35,650 $ 90,660 $ 27,681 $ 2,852 $ 156,843 March 31, 2022 Weighted average crediting rate 2.7 % 2.0 % 1.8 % 2.2 % 2.1 % Net amount at risk $ 416 $ 10,554 $ — $ 13 $ 10,983 Cash surrender value 34,211 84,265 — 710 119,186 |
Policyholder Account Balance And Liability For Unpaid Claims And Claims Adjustment Expense | The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated statements of financial condition: March 31, (In millions) 2023 2022 Traditional deferred annuities $ 48,450 $ 35,650 Indexed annuities 92,414 90,660 Funding agreements 28,782 27,681 Other investment-type 5,645 2,852 Reconciling items 1 5,809 7,460 Interest sensitive contract liabilities $ 181,100 $ 164,303 1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts. |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The following represents policyholder account balances by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums: March 31, 2023 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 25,571 $ 23,867 $ 80,468 $ 129,906 2.0% – < 4.0% 31,793 1,709 778 34,280 4.0% – < 6.0% 9,625 52 206 9,883 6.0% and greater 1,222 — — 1,222 Total $ 68,211 $ 25,628 $ 81,452 $ 175,291 March 31, 2022 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 29,040 $ 30,195 $ 57,412 $ 116,647 2.0% – < 4.0% 34,604 925 43 35,572 4.0% – < 6.0% 4,467 11 6 4,484 6.0% and greater 140 — — 140 Total $ 68,251 $ 31,131 $ 57,461 $ 156,843 |
Liability for Future Policy Benefit, Activity | The following table summarizes future policy benefits and changes to the liability: (In millions) Traditional deferred annuities Indexed annuities Payout annuities Reconciling items 1 Total Balance as of January 1, 2022 $ 221 $ 5,389 $ 32,872 $ 8,632 $ 47,114 Change in discount rate assumptions — — 2,406 — 2,406 Adjustment for removal of balances related to market risk benefits (221) (5,389) — — (5,610) Adjustment for offsetting balance in negative VOBA 2 — — — (2,428) (2,428) Adjusted balance as of January 1, 2022 $ — $ — $ 35,278 $ 6,204 $ 41,482 1 Reconciling items primarily include negative VOBA associated with our liability for future policy benefits, as well as reserves for our immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for our no-lapse guarantees with universal life contracts, all of which are fully ceded. 2 Uneliminated adjustments were recorded to positive VOBA within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. The following is a rollforward of the present value of expected net premiums and expected value of future policy benefits: Payout annuities with life contingencies Three months ended March 31, (In millions) 2023 2022 Present value of expected net premiums Beginning balance $ — $ — Issuances 88 1,994 Net premium collected (88) (1,994) Ending balance $ — $ — Present value of expected future policy benefits Beginning balance $ 36,422 $ 35,278 Effect of changes in discount rate assumptions 8,425 — Beginning balance at original discount rate 44,847 35,278 Effect of actual experience to expected experience (29) (47) Adjusted beginning balance 44,818 35,231 Issuances 88 1,994 Interest accrual 346 229 Benefit payments (885) (724) Foreign exchange 8 (19) Ending balance at original discount rate 44,375 36,711 Effect of changes in discount rate assumptions (7,623) (3,562) Ending balance $ 36,752 $ 33,149 The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition: March 31, (In millions) 2023 2022 Payout annuities with life contingencies $ 36,752 $ 33,149 Reconciling items 1 5,738 6,091 Total future policy benefits $ 42,490 $ 39,240 1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with Athene’s liability for future policy benefits. Additionally, it includes reserves for Athene’s immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for Athene’s no-lapse guarantees with universal life contracts, all of which are fully ceded. The following is a reconciliation of premiums to the condensed consolidated statements of operations: Three months ended March 31, (In millions) 2023 2022 Payout annuities with life contingencies $ 88 $ 2,098 Reconciling items 1 8 12 Premiums $ 96 $ 2,110 1 Reconciling items premiums related to Athene’s immaterial lines of business including term and whole life and accident and health and disability. The following represents the undiscounted and discounted expected future benefit payments for the liability for future policy benefits. As these relate to payout annuities for single premium immediate annuities with life contingencies, there are no expected future gross premiums. March 31, 2023 March 31, 2022 (In millions) Undiscounted Discounted Undiscounted Discounted Expected future benefit payments $ 63,995 $ 44,375 $ 51,643 $ 36,711 The following represents the weighted-average durations and the weighted-average interest rates of future policy benefits: March 31, 2023 2022 Weighted-average liability duration (in years) 10.1 10.6 Weighted-average interest accretion rate 3.2 % 2.7 % Weighted-average current discount rate 5.3 % 3.7 % Three months ended March 31, (In millions) 2023 2022 Expected reserve release due to death $ 132 $ 114 Actual reserve release due to death 183 163 Decrease in reserve due to actual experience compared to expected experience $ (51) $ (49) The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of operations: Three months ended March 31, (In millions) 2023 2022 Reserves $ 29 $ 47 Deferred profit liability (27) (54) Negative VOBA (4) 10 Total remeasurement gains (losses) $ (2) $ 3 |
Schedule of Net Liability Position of Market Risk Benefits | The following table presents the net liability position of market risk benefits: (In millions) Traditional deferred annuities Indexed annuities Total Balance as of January 1, 2022 $ — $ — $ — Adjustment for addition of existing balances 1 221 5,389 5,610 Adjustment to positive VOBA due to fair value adjustment for market risk benefits 2 32 (1,165) (1,133) Adjustment to negative VOBA due to fair value adjustment for market risk benefits 3 — (30) (30) Adjusted balance as of January 1, 2022 $ 253 $ 4,194 $ 4,447 1 Previously recorded within future policy benefits on the condensed consolidated statements of financial condition. 2 Previously recorded within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. 3 Previously recorded within interest sensitive contract liabilities on the condensed consolidated statements of financial condition. The following table represents market risk benefits by asset and liability positions: (In millions) Asset 1 Liability Net liability Traditional deferred annuities $ — $ 253 $ 253 Indexed annuities 366 4,560 4,194 Adjusted balance as of January 1, 2022 $ 366 $ 4,813 $ 4,447 1 Included within other assets on the condensed consolidated statements of financial condition. The following is a rollfoward of net market risk benefit liabilities by product: Three months ended March 31, 2023 (In millions) Traditional deferred annuities Indexed annuities Total Balance at December 31, 2022 $ 170 $ 2,319 $ 2,489 Effect of changes in instrument-specific credit risk 13 353 366 Balance, beginning of period, before changes in instrument specific credit risk 183 2,672 2,855 Issuances — 17 17 Interest accrual 2 32 34 Attributed fees collected 1 84 85 Benefit payments — (6) (6) Effect of changes in interest rates 8 218 226 Effect of changes in equity — (18) (18) Effect of actual policyholder behavior compared to expected behavior 2 23 25 Balance, end of period, before changes in instrument specific credit risk 196 3,022 3,218 Effect of changes in the instrument specific credit risk (16) (439) (455) Balance at March 31, 2023 $ 180 $ 2,583 $ 2,763 March 31, 2023 Net amount at risk $ 423 $ 13,903 $ 14,326 Weighted-average attained age of contract holders (in years) 75 69 69 Three months ended March 31, 2022 (In millions) Traditional deferred annuities Indexed annuities Total Balance at January 1, 2022 $ 253 $ 4,194 $ 4,447 Issuances — 16 16 Interest accrual — (2) (2) Attributed fees collected 1 81 82 Benefit payments (1) (11) (12) Effect of changes in interest rates (26) (732) (758) Effect of changes in equity — 55 55 Effect of actual policyholder behavior compared to expected behavior 1 12 13 Balance, end of period, before changes in instrument specific credit risk 228 3,613 3,841 Effect of changes in the instrument specific credit risk (13) (384) (397) Balance at March 31, 2022 $ 215 $ 3,229 $ 3,444 March 31, 2022 Net amount at risk $ 416 $ 10,554 $ 10,970 Weighted-average attained age of contract holders (in years) 75 69 69 |
Fair Value, Separate Account Investment | The following is a reconciliation of market risk benefits to the condensed consolidated statements of financial condition. Market risk benefit assets are included in other assets on the condensed consolidated statements of financial condition. March 31, 2023 March 31, 2022 (In millions) Asset Liability Net liability Asset Liability Net liability Traditional deferred annuities $ — $ 180 $ 180 $ — $ 215 $ 215 Indexed annuities 440 3,023 2,583 413 3,642 3,229 Total $ 440 $ 3,203 $ 2,763 $ 413 $ 3,857 $ 3,444 |
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: March 31, 2023 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 547 Embedded value N/A N/A N/A 127 Discounted cash flow Discount rate 9.2% – 52.8% 29.0% 1 442 Adjusted transaction value N/A N/A N/A Due from related parties 33 Discounted cash flow Discount rate 14.5% 14.5% Derivative assets 15 Option model Volatility rate 70.0% 70.0% Investments of consolidated VIEs Bank loans 790 Discounted cash flow Discount rate 7.2% – 35.4% 7.5% 1 Adjusted transaction value N/A N/A N/A Equity securities 468 Dividend discount model Discount rate 12.9% 12.9% Bonds 24 Discounted cash flow Discount rate 8.2% -10.5% 10.5% 1 Retirement Services AFS, trading and equity securities 12,271 Discounted cash flow Discount rate 2% – 18.7% 6.7% 1 Mortgage loans 2 33,392 Discounted cash flow Discount rate 2.1% – 22.3% 6.3% 1 Investment funds 2 650 Discounted cash flow Discount rate 6.4% – 14.7% 8.4% 899 Discounted cash flow / Discount rate / 17.0% /8.5x 17.0% / 8.5x 515 Net tangible asset values Implied multiple 1.26x 1.26x 517 Reported net asset value Reported net asset value N/A N/A 1,034 Embedded value N/A N/A N/A Financial Liabilities Asset Management Contingent consideration obligations 78 Discounted cash flow Discount rate 20.6% – 29.0% 25.3% 1 Option model Volatility rate 31.5% – 41.5% 36.5% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 6,747 Discounted cash flow Nonperformance risk 0.3% – 1.8% 1.3% 3 Option budget 0.5% – 5.7% 2.0% 4 Surrender rate 5.2% – 11.7% 8.1% 4 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. 2 Includes those of consolidated VIEs. 3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. 4 The option budget and surrender rate weighted averages are calculated based on projected account values. December 31, 2022 Fair Value (In millions) Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 526 Embedded value N/A N/A N/A 128 Discounted cash flow Discount rate 8.9% – 52.8% 28.7% 1 429 Adjusted transaction value N/A N/A N/A Due from related parties 43 Discounted cash flow Discount rate 15.0% 15.0% Derivative assets 15 Option model Volatility rate 60.0% 60.0% Investments of consolidated VIEs Equity securities 458 Dividend discount model Discount rate 12.1% 12.1% Bank loans 244 Discounted cash flow Discount rate 6.4% – 32.7% 8.0% 1 Adjusted transaction value N/A N/A N/A Bonds 25 Discounted cash flow Discount rate 7.9% 7.9% Retirement Services AFS, trading and equity securities 10,671 Discounted cash flow Discount rate 2.2% – 18.8% 6.8% 1 Mortgage loans 2 30,811 Discounted cash flow Discount rate 1.5% – 22.1% 6.3% 1 Investment funds 2 506 Discounted cash flow Discount rate 6.4% 6.4% 873 Discounted cash flow / Discount rate / 16.5% / 9x 16.5% / 9x 529 Net tangible asset values Implied multiple 1.26x 1.26x 563 Reported net asset value Reported net asset value N/A N/A 959 Embedded value N/A N/A N/A Financial Liabilities Contingent consideration obligations 86 Discounted cash flow Discount rate 20.0% – 25.0% 22.7% 1 Option model Volatility rate 29.8% – 39.6% 34.7% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 5,841 Discounted cash flow Nonperformance risk 0.1% – 1.7% 1.0% 3 Option budget 0.5% – 5.3% 1.9% 4 Surrender rate 5.1% – 11.5% 8.1% 4 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. 2 Includes those of consolidated VIEs. 3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. 4 The option budget and surrender rate weighted averages are calculated based on projected account values. The following summarizes the unobservable inputs for market risk benefits: March 31, 2023 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 2,763 Discounted cash flow Nonperformance risk 0.3 % 1.7 % 1.6 % 1 Decrease Option budget 0.5 % 5.6 % 1.7 % 2 Decrease Surrender rate 3.3 % 6.9 % 4.5 % 2 Decrease March 31, 2022 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 3,444 Discounted cash flow Nonperformance risk 0.4 % 2.0 % 1.3 % 1 Decrease Option budget 0.5 % 3.8 % 1.5 % 2 Decrease Surrender rate 3.6 % 6.6 % 4.5 % 2 Decrease 1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve. 2 The option budget and surrender rate weighted averages are calculated based on projected account values. |
Profit Sharing Payable (Tables)
Profit Sharing Payable (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 $ 1,392 Profit sharing expense 289 Payments/other (168) Profit sharing payable, March 31, 2023 $ 1,513 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Company debt consisted of the following: March 31, 2023 December 31, 2022 (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 $ 490 4 $ 499 $ 486 4 4.40% 2026 Senior Notes 1,2 May 27, 2026 498 486 4 498 476 4 4.87% 2029 Senior Notes 1,2 February 15, 2029 675 647 4 675 639 4 2.65% 2030 Senior Notes 1,2 June 5, 2030 496 419 4 495 407 4 5.00% 2048 Senior Notes 1,2 March 15, 2048 297 272 4 297 262 4 4.95% 2050 Subordinated Notes 1,2 January 14, 2050 297 248 4 297 252 4 1.70% Secured Borrowing II April 15, 2032 18 18 4 18 17 4 1.30% 2016 AMI Term Facility I January 15, 2025 18 18 3 18 18 3 1.40% 2016 AMI Term Facility II October 18, 2024 16 16 3 17 17 3 2,814 2,614 2,814 2,574 Retirement Services 4.13% 2028 Notes 1 January 12, 2028 1,077 907 1,081 921 6.15% 2030 Notes 1 April 3, 2030 603 504 606 508 3.50% 2031 Notes 1 January 15, 2031 525 421 526 413 3.95% 2051 Notes 1 May 25, 2051 546 350 546 342 3.45% 2052 Notes 1 May 15, 2052 504 317 504 311 6.65% 2033 Notes 1 February 1, 2033 395 407 395 398 3,650 2,906 3,658 2,893 Total Debt $ 6,464 $ 5,520 $ 6,472 $ 5,467 1 Interest rate is calculated as weighted average annualized. 2 Includes amortization of note discount, as applicable, totaling $15 million and $16 million as of March 31, 2023 and December 31, 2022, respectively. Outstanding balance is presented net of unamortized debt issuance costs. 3 Fair value is based on a discounted cash flow method. These notes are classified as a Level 3 liability within the fair value hierarchy. 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. |
Schedule of Credit and Liquidity Facilities | The following table represents the Company’s credit and liquidity facilities as of March 31, 2023: Instrument/Facility Borrowing Date Maturity Date Administrative Agent Key terms Asset Management - 2022 AMH credit facility N/A October 12, 2027 Citibank The commitment fee on the $1.0 billion undrawn 2022 AMH credit facility as of March 31, 2023 was 0.08%. 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. |
Schedule of Interest Expense | The following table presents the interest expense incurred related to the Company’s debt: Three months ended March 31, (In millions) 2023 2022 Asset Management $ 31 $ 32 Retirement Services 1 30 24 Total Interest Expense $ 61 $ 56 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) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 18,263,875 $57.18 15,656,775 33,920,650 Granted 5,849,355 $66.99 — 5,849,355 Forfeited (30,076) $64.93 — (30,076) Vested (3,028,390) $48.77 3,028,390 — Issued 1 — — (5,903,313) (5,903,313) Balance at March 31, 2023 21,054,764 61.16 12,781,852 33,836,616 1 Refers to issued shares that became freely transferable in 2023. |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Share Activity | The table below outlines the share activity for the three months ended March 31, 2023 and 2022. Three months ended March 31, 2023 2022 Shares of common stock issued in settlement of vested RSUs and options exercised 1 4,930,963 4,556,421 Reduction of shares of common stock issued 2 (2,064,148) (2,062,255) Shares of common stock purchased related to share issuances and forfeitures 3 (160,239) (219,500) Issuance of shares of common stock for equity-based awards 2,706,576 2,274,666 1 The gross value of shares issued was $348 million and $301 million for the three months ended March 31, 2023 and 2022, respectively, based on the closing price of the shares of common stock at the time of issuance. 2 Cash paid for tax liabilities associated with net share settlement was $147 million and $138 million for the three months ended March 31, 2023 and 2022, respectively. 3 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 three months ended March 31, 2023 and 2022, Apollo issued 193,740 and 403,824 of such restricted shares and 160,239 and 219,500 of such RSUs under the Equity Plan, respectively, and repurchased 353,979 and 623,324 shares of common stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program, 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 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 November 2, 2022 0.40 November 30, 2022 229 — 229 11 Year ended December 31, 2022 $ 1.60 $ 916 $ — $ 916 $ 46 February 9, 2023 0.40 February 28, 2023 229 — 229 12 Three months ended March 31, 2023 $ 0.40 $ 229 $ — $ 229 $ 12 |
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 Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2022 $ (12,568) $ (334) $ 48 $ 5,256 $ 285 $ (22) $ (7,335) Other comprehensive income (loss) before reclassifications 2,187 (119) 191 (802) 89 22 1,568 Less: Reclassification adjustments for gains (losses) realized 1 (31) — 87 — — — 56 Less: Income tax expense (benefit) 312 14 15 (73) 18 4 290 Less: Other comprehensive income (loss) attributable to non-controlling interests 220 — 27 (208) 1 9 49 Balance at March 31, 2023 $ (10,882) $ (467) $ 110 $ 4,735 $ 355 $ (13) $ (6,162) 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 Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk 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 (6,646) (97) (127) 3,562 397 (9) $ (2,920) Less: Reclassification adjustments for gains (losses) realized 1 (38) (7) — — — — $ (45) Less: Income tax expense (benefit) (1,184) (16) (26) 529 83 (1) (615) Less: Other comprehensive income (loss) attributable to non-controlling interests (676) (9) (24) 774 5 (15) 55 Balance at March 31, 2022 $ (4,749) $ (65) $ (78) $ 2,259 $ 309 $ 4 $ (2,320) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, (In millions, except share and per share amounts) 2023 2022 Numerator: Net income (loss) attributable to common stockholders $ 1,010 $ (401) Dividends declared on common stock 1 (229) (229) Dividends on participating securities 2 (12) (12) Earnings allocable to participating securities 3 (20) — Undistributed income (loss) attributable to common stockholders: Basic 749 (642) Dilution effect on distributable income attributable to contingent shares (5) — Undistributed income (loss) attributable to common stockholders: Diluted $ 744 $ (642) Denominator: Weighted average number of shares of common stock outstanding: Basic 584,115,927 586,495,913 Dilution effect of contingent shares 126,644 — Weighted average number of shares of common stock outstanding: Diluted 584,242,571 586,495,913 Net income (loss) per share of common stock: Basic 4 Distributed income $ 0.40 $ 0.40 Undistributed income (loss) 1.27 (1.10) Net income (loss) per share of common stock: Basic $ 1.67 $ (0.70) Net Income (Loss) per share of common stock: Diluted Distributed Income $ 0.40 $ 0.40 Undistributed Income (Loss) 1.26 (1.10) Net Income (Loss) per share of common stock: Diluted $ 1.66 $ (0.70) 1 See note 15 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 months ended March 31, 2022, 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 March 31, 2023 2022 Weighted average unvested RSUs 14,056,347 10,744,265 Weighted average unexercised options 2,311,985 2,424,407 Weighted average unexercised warrants 3,832,969 1,300,000 Weighted average unvested restricted shares 1,719,231 2,266,951 |
Related Parties (Tables)
Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Due from related parties and Due to related parties consisted of the following as of March 31, 2023 and December 31, 2022: (In millions) March 31, 2023 December 31, 2022 Due from Related Parties: Due from funds 1 $ 274 $ 269 Due from portfolio companies 98 106 Due from employees and former employees 92 90 Total Due from Related Parties $ 464 $ 465 Due to Related Parties: Due to Former Managing Partners and Contributing Partners 2 $ 831 $ 874 Due to funds 149 124 Total Due to Related Parties $ 980 $ 998 1 Includes $33 million and $43 million as of March 31, 2023 and December 31, 2022, 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 $307 million and $351 million as of March 31, 2023 and December 31, 2022, respectively, related to the AOG Unit Payment, payable in equal quarterly installments through December 31, 2024. The following table summarizes Athene’s investments in Athora: (In millions) March 31, 2023 December 31, 2022 Investment fund $ 1,034 $ 959 Non-redeemable preferred equity securities 245 273 Total investment in Athora $ 1,279 $ 1,232 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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) March 31, 2023 December 31, 2022 AFS securities $ 17,054 $ 15,366 Trading securities 69 55 Equity securities 71 38 Mortgage loans 7,963 8,849 Investment funds 84 103 Derivative assets 80 65 Short-term investments 131 120 Other investments 215 170 Restricted cash and cash equivalents 1,148 628 Total restricted assets $ 26,815 $ 25,394 |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Financial Data for Reportable Segments | The following presents financial data for the Company’s reportable segments. Three months ended March 31, (In millions) 2023 2022 Asset Management Management fees 1 $ 577 $ 505 Capital solutions fees and other, net 138 64 Fee-related performance fees 27 14 Fee-related compensation (211) (175) Other operating expenses (134) (98) Fee Related Earnings 397 310 Retirement Services Fixed income and other investment income, net 1,957 1,207 Alternative investment income, net 185 448 Strategic capital management fees 14 12 Cost of funds (1,235) (822) Other operating expenses (124) (109) Interest and other financing costs (109) (62) Spread Related Earnings 688 674 Principal Investing Realized performance fees 164 127 Realized investment income 28 226 Principal investing compensation (170) (156) Other operating expenses (14) (10) Principal Investing Income 8 187 Segment Income $ 1,093 $ 1,171 Segment Assets: March 31, 2023 December 31, 2022 Asset Management $ 2,030 $ 1,918 Retirement Services 253,451 240,483 Principal Investing 8,158 8,099 Total Assets 2 $ 263,639 $ 250,500 1 Includes intersegment management fees from Retirement Services of $216 million and $182 million for the three months ended March 31, 2023 and 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 March 31, (In millions) 2023 2022 Total Consolidated Revenues $ 5,301 $ 862 Retirement services GAAP revenue (4,265) 247 Equity awards granted by unconsolidated related parties, reimbursable expenses and other 1 (69) (41) Adjustments related to consolidated funds and VIEs 1 (1) 76 Performance fees (401) (571) Principal investment income (39) (172) Retirement services management fees 216 182 Total Asset Management Fee Related Revenues $ 742 $ 583 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 Segment Income: Three months ended March 31, (In millions) 2023 2022 Income (loss) before income tax provision (benefit) $ 1,791 $ (1,544) Asset Management Adjustments: Equity-based profit sharing expense and other 1 67 97 Equity-based compensation 52 56 Transaction-related charges 2 (3) (1) Merger-related transaction and integration costs 3 7 18 (Gains) losses from change in tax receivable agreement liability — 14 Net (income) loss attributable to non-controlling interests in consolidated entities (523) 649 Unrealized performance fees (239) (445) Unrealized profit sharing expense 135 191 HoldCo interest and other financing costs 4 21 39 Unrealized principal investment income (loss) (10) 82 Unrealized net (gains) losses from investment activities and other 12 (18) Retirement Services Adjustments: Investment (gains) losses, net of offsets (397) 2,636 Non-operating change in insurance liabilities and related derivatives 135 (649) Integration, restructuring and other non-operating expenses 29 34 Equity-based compensation 16 12 Segment Income $ 1,093 $ 1,171 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) March 31, 2023 December 31, 2022 Total reportable segment assets $ 263,639 $ 250,500 Adjustments 1 6,685 6,717 Total assets $ 270,324 $ 257,217 1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments. |
Organization (Details)
Organization (Details) $ in Millions | 3 Months Ended | |
May 03, 2022 USD ($) | Mar. 31, 2023 vote investing_strategy | |
Entity Information [Line Items] | ||
Number of investing strategies | investing_strategy | 3 | |
Vote per share (in dollars 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 | 3 Months Ended |
Mar. 31, 2023 USD ($) tier | |
Accounting Policies [Abstract] | |
Number of tiers | tier | 2 |
Deferred revenue recognized | $ | $ 124 |
Adoption of Accounting Pronou_3
Adoption of Accounting Pronouncement - Schedule of Future Policy Benefits and Changes to the Liability (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjusted balance | $ 41,482 | |||
Change in discount rate assumptions | 2,406 | |||
Previously Reported | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjusted balance | 47,114 | |||
Adjustment for removal of balances related to market risk benefits | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjustments | (5,610) | |||
Adjustment for offsetting balance in negative VOBA | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjustments | (2,428) | |||
Traditional deferred annuities | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjusted balance | 0 | |||
Change in discount rate assumptions | 0 | |||
Traditional deferred annuities | Previously Reported | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjusted balance | 221 | |||
Traditional deferred annuities | Adjustment for removal of balances related to market risk benefits | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjustments | (221) | |||
Traditional deferred annuities | Adjustment for offsetting balance in negative VOBA | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjustments | 0 | |||
Indexed annuities | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjusted balance | 0 | |||
Change in discount rate assumptions | 0 | |||
Indexed annuities | Previously Reported | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjusted balance | 5,389 | |||
Indexed annuities | Adjustment for removal of balances related to market risk benefits | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjustments | (5,389) | |||
Indexed annuities | Adjustment for offsetting balance in negative VOBA | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjustments | 0 | |||
Payout annuities | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjusted balance | $ 36,752 | $ 36,422 | $ 33,149 | 35,278 |
Change in discount rate assumptions | $ 7,623 | $ (8,425) | $ 3,562 | 0 |
Payout annuities | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjusted balance | 35,278 | |||
Change in discount rate assumptions | 2,406 | |||
Payout annuities | Previously Reported | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjusted balance | 32,872 | |||
Payout annuities | Adjustment for removal of balances related to market risk benefits | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjustments | 0 | |||
Payout annuities | Adjustment for offsetting balance in negative VOBA | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjustments | 0 | |||
Reconciling items | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjusted balance | 6,204 | |||
Change in discount rate assumptions | 0 | |||
Reconciling items | Previously Reported | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjusted balance | 8,632 | |||
Reconciling items | Adjustment for removal of balances related to market risk benefits | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjustments | 0 | |||
Reconciling items | Adjustment for offsetting balance in negative VOBA | Retirement Services | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Adjustments | $ (2,428) |
Adoption of Accounting Pronou_4
Adoption of Accounting Pronouncement - Schedule of Net Liability Position of Market Risk Benefits (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) from instrument-specific credit risk | $ 2,763 | $ 2,489 | $ 3,444 | $ 4,447 |
Previously Reported | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) from instrument-specific credit risk | 0 | |||
Adjustment for addition of existing balances | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) from instrument-specific credit risk | 5,610 | |||
Adjustment to positive VOBA due to fair value adjustment for market risk benefits | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) from instrument-specific credit risk | (1,133) | |||
Adjustment to negative VOBA due to fair value adjustment for market risk benefits | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) from instrument-specific credit risk | (30) | |||
Traditional deferred annuities | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) from instrument-specific credit risk | 180 | $ 170 | 215 | 253 |
Traditional deferred annuities | Previously Reported | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) from instrument-specific credit risk | 0 | |||
Traditional deferred annuities | Adjustment for addition of existing balances | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) from instrument-specific credit risk | 221 | |||
Traditional deferred annuities | Adjustment to positive VOBA due to fair value adjustment for market risk benefits | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) from instrument-specific credit risk | 32 | |||
Traditional deferred annuities | Adjustment to negative VOBA due to fair value adjustment for market risk benefits | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) from instrument-specific credit risk | 0 | |||
Indexed annuities | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) from instrument-specific credit risk | $ 2,583 | $ 3,229 | 4,194 | |
Indexed annuities | Previously Reported | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) from instrument-specific credit risk | 0 | |||
Indexed annuities | Adjustment for addition of existing balances | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) from instrument-specific credit risk | 5,389 | |||
Indexed annuities | Adjustment to positive VOBA due to fair value adjustment for market risk benefits | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) from instrument-specific credit risk | (1,165) | |||
Indexed annuities | Adjustment to negative VOBA due to fair value adjustment for market risk benefits | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) from instrument-specific credit risk | $ (30) |
Adoption of Accounting Pronou_5
Adoption of Accounting Pronouncement - Market Risk Benefits by Asset and Liability Position (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Asset | $ 440 | $ 413 | $ 366 | |
Liability | 3,203 | 3,857 | 4,813 | |
Net liability | 2,763 | $ 2,489 | 3,444 | 4,447 |
Traditional deferred annuities | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Asset | 0 | 0 | 0 | |
Liability | 180 | 215 | 253 | |
Net liability | 180 | $ 170 | 215 | 253 |
Indexed annuities | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Asset | 440 | 413 | 366 | |
Liability | 3,023 | 3,642 | 4,560 | |
Net liability | $ 2,583 | $ 3,229 | $ 4,194 |
Adoption of Accounting Pronou_6
Adoption of Accounting Pronouncement - Schedule of Change in Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Details) $ in Millions | Dec. 31, 2021 USD ($) |
Liability for Future Policy Benefit, Activity [Line Items] | |
Deferred policy acquisition cost and deferred sale inducement cost | $ 3,372 |
Previously Reported | |
Liability for Future Policy Benefit, Activity [Line Items] | |
Deferred policy acquisition cost and deferred sale inducement cost | 4,527 |
Change in discount rate assumptions for future policy benefits | |
Liability for Future Policy Benefit, Activity [Line Items] | |
Deferred policy acquisition cost and deferred sale inducement cost | (22) |
Fair value adjustment of market risk benefits | |
Liability for Future Policy Benefit, Activity [Line Items] | |
Deferred policy acquisition cost and deferred sale inducement cost | $ (1,133) |
Merger with Athene - Narrative
Merger with Athene - Narrative (Details) - Athene Holding Limited $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 01, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | ||||
Exchange ratio | 1.149 | |||
Goodwill attributable to Athene | $ 4,073 | |||
Decrease in goodwill as a result of measurement period adjustment | $ 108 | |||
Measurement period adjustments | $ 25 | |||
Decrease in valuation of investment | $ 83 | |||
Revenues of acquiree since acquisition | $ 247 | |||
Net income (loss) of acquiree since acquisition | $ (842) |
Merger with Athene - Purchase P
Merger with Athene - Purchase Price (Details) $ / shares in Units, $ in Millions | Jan. 01, 2022 USD ($) $ / shares shares | Mar. 31, 2023 shares | Dec. 31, 2022 shares |
Business Acquisition [Line Items] | |||
AHL common shares purchased (in shares) | shares | 567,394,604 | 570,276,188 | |
Athene | |||
Business Acquisition [Line Items] | |||
Cash dividends declared | $ 750 | ||
Athene Holding Limited | |||
Business Acquisition [Line Items] | |||
AHL common shares purchased (in shares) | shares | 138,000,000 | ||
Exchange ratio | 1.149 | ||
Shares of common stock issued in exchange (in shares) | shares | 158,000,000 | ||
AGM Class A shares closing price (in dollars per share) | $ / 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 | ||
Total merger consideration | 13,050 | ||
Fair value of AHL common shares previously held 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) - Athene Holding Limited $ in Millions | Jan. 01, 2022 USD ($) |
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 | 3,372 |
Assets of consolidated variable interest entities | 3,635 |
Other assets | 6,115 |
Estimated fair value of total assets acquired (excluding goodwill) | 238,252 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |
Interest sensitive contract liabilities | 160,241 |
Future policy benefits | 41,482 |
Market risk benefits | 4,813 |
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 | 219,779 |
Non-controlling interest | 4,942 |
Estimated fair value of net assets acquired, excluding goodwill | 13,531 |
Goodwill attributable to Athene | $ 4,073 |
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 | $ 5,428 |
State Insurance Licenses | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Fair value | 26 |
VOBA Asset | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair value (in millions) | $ 3,372 |
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 |
Investments - Company's Investm
Investments - Company's Investments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
AFS securities, at fair value | $ 118,579 | $ 112,225 |
Derivative assets | (1,601) | (2,963) |
Total Investments, including related parties – Retirement Services | $ 208,826 | 202,030 |
Derivative asset, statement of financial position [Extensible Enumeration] | Other assets | |
Asset Management | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments, at fair value | $ 1,352 | 1,320 |
Equity method investments | 1,019 | 979 |
Performance allocations | 2,806 | 2,574 |
U.S. Treasury securities, at fair value | 419 | 709 |
Total Investments – Asset Management | 5,596 | 5,582 |
Retirement Services | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Investments – Asset Management | 176,466 | 172,488 |
AFS securities, at fair value | 118,579 | 112,225 |
Trading securities, at fair value | 2,537 | 2,473 |
Equity securities | 1,619 | 1,766 |
Mortgage loans, at fair value | 31,273 | 28,756 |
Investment funds | 1,672 | 1,648 |
Policy loans | 339 | 347 |
Funds withheld at interest | 40,546 | 42,688 |
Derivative assets | 3,956 | 3,309 |
Short-term investments | 1,670 | 2,160 |
Other investments | 1,039 | 1,076 |
Total Investments, including related parties – Retirement Services | $ 203,230 | $ 196,448 |
Investments - Schedule of Net G
Investments - Schedule of Net Gains (Losses) from Investment Activities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Gain (Loss) on Securities [Line Items] | ||
Realized gains (losses) on sales of investments, net | $ 1,065 | $ (4,230) |
Asset Management | ||
Gain (Loss) on Securities [Line Items] | ||
Realized gains (losses) on sales of investments, net | 5 | (2) |
Net change in unrealized gains (losses) due to changes in fair value | (7) | 36 |
Net gains (losses) from investment activities of consolidated variable interest entities | $ (2) | $ 34 |
Investments - Performance Alloc
Investments - Performance Allocations (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Performance Allocation [Roll Forward] | |
Performance allocations, beginning balance | $ 2,574 |
Change in fair value of funds | 427 |
Fund distributions to the Company | (195) |
Performance allocations, ending balance | $ 2,806 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | $ 135,597 | $ 131,422 | ||
Allowance for Credit Losses | (503) | (459) | $ (488) | $ (311) |
Gross Unrealized Gains | 569 | 309 | ||
Gross Unrealized Losses | (17,084) | (19,047) | ||
Fair Value | 118,579 | 112,225 | ||
Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 123,201 | 120,982 | ||
Allowance for Credit Losses | (502) | (458) | (468) | (311) |
Gross Unrealized Gains | 542 | 295 | ||
Gross Unrealized Losses | (16,528) | (18,415) | ||
Fair Value | 106,713 | 102,404 | ||
Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 12,396 | 10,440 | ||
Allowance for Credit Losses | (1) | (1) | (20) | 0 |
Gross Unrealized Gains | 27 | 14 | ||
Gross Unrealized Losses | (556) | (632) | ||
Fair Value | 11,866 | 9,821 | ||
U.S. government and agencies | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 3,327 | 3,333 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 6 | 0 | ||
Gross Unrealized Losses | (630) | (756) | ||
Fair Value | 2,703 | 2,577 | ||
U.S. state, municipal and political subdivisions | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 1,215 | 1,218 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | (249) | (291) | ||
Fair Value | 966 | 927 | ||
Foreign governments | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 1,205 | 1,207 | ||
Allowance for Credit Losses | (27) | (27) | (66) | 0 |
Gross Unrealized Gains | 5 | 3 | ||
Gross Unrealized Losses | (261) | (276) | ||
Fair Value | 922 | 907 | ||
Corporate | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 75,348 | 74,644 | ||
Allowance for Credit Losses | (79) | (61) | (55) | 0 |
Gross Unrealized Gains | 167 | 92 | ||
Gross Unrealized Losses | (12,295) | (13,774) | ||
Fair Value | 63,141 | 60,901 | ||
Corporate | Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 1,180 | 1,028 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 1 | 1 | ||
Gross Unrealized Losses | (54) | (47) | ||
Fair Value | 1,127 | 982 | ||
CLO | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 18,643 | 17,722 | ||
Allowance for Credit Losses | (4) | (7) | (18) | 0 |
Gross Unrealized Gains | 134 | 115 | ||
Gross Unrealized Losses | (1,207) | (1,337) | ||
Fair Value | 17,566 | 16,493 | ||
CLO | Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 3,736 | 3,346 | ||
Allowance for Credit Losses | (1) | (1) | (3) | 0 |
Gross Unrealized Gains | 14 | 10 | ||
Gross Unrealized Losses | (236) | (276) | ||
Fair Value | 3,513 | 3,079 | ||
ABS | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 11,696 | 11,447 | ||
Allowance for Credit Losses | (31) | (29) | (11) | (5) |
Gross Unrealized Gains | 31 | 15 | ||
Gross Unrealized Losses | (823) | (906) | ||
Fair Value | 10,873 | 10,527 | ||
ABS | Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 7,480 | 6,066 | ||
Allowance for Credit Losses | 0 | 0 | (17) | 0 |
Gross Unrealized Gains | 12 | 3 | ||
Gross Unrealized Losses | (266) | (309) | ||
Fair Value | 7,226 | 5,760 | ||
CMBS | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 4,717 | 4,636 | ||
Allowance for Credit Losses | (5) | (5) | (6) | 0 |
Gross Unrealized Gains | 2 | 6 | ||
Gross Unrealized Losses | (524) | (479) | ||
Fair Value | 4,190 | 4,158 | ||
RMBS | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 7,050 | 6,775 | ||
Allowance for Credit Losses | (356) | (329) | $ (312) | $ (306) |
Gross Unrealized Gains | 197 | 64 | ||
Gross Unrealized Losses | (539) | (596) | ||
Fair Value | $ 6,352 | $ 5,914 |
Investments - Contractual Matur
Investments - Contractual Maturity (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Total AFS securities | $ 135,597 | $ 131,422 |
Fair Value | ||
Total AFS securities | 118,579 | 112,225 |
Nonrelated Party | ||
Amortized Cost | ||
Due in one year or less | 1,410 | |
Due after one year through five years | 13,421 | |
Due after five years through ten years | 20,917 | |
Due after ten years | 45,347 | |
CLO, ABS, CMBS and RMBS | 42,106 | |
Total AFS securities | 123,201 | 120,982 |
Fair Value | ||
Due in one year or less | 1,377 | |
Due after one year through five years | 12,501 | |
Due after five years through ten years | 18,072 | |
Due after ten years | 35,782 | |
CLO, ABS, CMBS and RMBS | 38,981 | |
Total AFS securities | 106,713 | 102,404 |
Related Party | ||
Amortized Cost | ||
Due after one year through five years | 735 | |
Due after five years through ten years | 286 | |
Due after ten years | 159 | |
CLO, ABS, CMBS and RMBS | 11,216 | |
Total AFS securities | 12,396 | 10,440 |
Fair Value | ||
Due after one year through five years | 731 | |
Due after five years through ten years | 258 | |
Due after ten years | 138 | |
CLO, ABS, CMBS and RMBS | 10,739 | |
Total AFS securities | $ 11,866 | $ 9,821 |
Investments - Unrealized Losses
Investments - Unrealized Losses on AFS Securities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 23,935 | $ 98,331 |
Less than 12 months, gross unrealized losses | (1,335) | (18,593) |
12 months or longer, fair value | 75,867 | 0 |
12 months or longer, gross unrealized losses | (15,178) | 0 |
Total fair value | 99,802 | 98,331 |
Total gross unrealized losses | (16,513) | (18,593) |
Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 19,426 | 89,473 |
Less than 12 months, gross unrealized losses | (1,194) | (17,965) |
12 months or longer, fair value | 70,866 | 0 |
12 months or longer, gross unrealized losses | (14,764) | 0 |
Total fair value | 90,292 | 89,473 |
Total gross unrealized losses | (15,958) | (17,965) |
Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 4,509 | 8,858 |
Less than 12 months, gross unrealized losses | (141) | (628) |
12 months or longer, fair value | 5,001 | 0 |
12 months or longer, gross unrealized losses | (414) | 0 |
Total fair value | 9,510 | 8,858 |
Total gross unrealized losses | (555) | (628) |
U.S. government and agencies | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 68 | 2,539 |
Less than 12 months, gross unrealized losses | (4) | (756) |
12 months or longer, fair value | 2,431 | 0 |
12 months or longer, gross unrealized losses | (626) | 0 |
Total fair value | 2,499 | 2,539 |
Total gross unrealized losses | (630) | (756) |
U.S. state, municipal and political subdivisions | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 22 | 911 |
Less than 12 months, gross unrealized losses | (2) | (291) |
12 months or longer, fair value | 936 | 0 |
12 months or longer, gross unrealized losses | (247) | 0 |
Total fair value | 958 | 911 |
Total gross unrealized losses | (249) | (291) |
Foreign governments | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 98 | 891 |
Less than 12 months, gross unrealized losses | (8) | (275) |
12 months or longer, fair value | 795 | 0 |
12 months or longer, gross unrealized losses | (252) | 0 |
Total fair value | 893 | 891 |
Total gross unrealized losses | (260) | (275) |
Corporate | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 10,062 | 58,256 |
Less than 12 months, gross unrealized losses | (812) | (13,773) |
12 months or longer, fair value | 47,858 | 0 |
12 months or longer, gross unrealized losses | (11,472) | 0 |
Total fair value | 57,920 | 58,256 |
Total gross unrealized losses | (12,284) | (13,773) |
Corporate | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 875 | 619 |
Less than 12 months, gross unrealized losses | (24) | (47) |
12 months or longer, fair value | 141 | 0 |
12 months or longer, gross unrealized losses | (30) | 0 |
Total fair value | 1,016 | 619 |
Total gross unrealized losses | (54) | (47) |
CLO | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 3,038 | 13,486 |
Less than 12 months, gross unrealized losses | (92) | (1,277) |
12 months or longer, fair value | 11,579 | 0 |
12 months or longer, gross unrealized losses | (1,063) | 0 |
Total fair value | 14,617 | 13,486 |
Total gross unrealized losses | (1,155) | (1,277) |
CLO | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 1,009 | 2,752 |
Less than 12 months, gross unrealized losses | (35) | (273) |
12 months or longer, fair value | 2,124 | 0 |
12 months or longer, gross unrealized losses | (200) | 0 |
Total fair value | 3,133 | 2,752 |
Total gross unrealized losses | (235) | (273) |
ABS | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 3,623 | 8,119 |
Less than 12 months, gross unrealized losses | (197) | (801) |
12 months or longer, fair value | 3,938 | 0 |
12 months or longer, gross unrealized losses | (492) | 0 |
Total fair value | 7,561 | 8,119 |
Total gross unrealized losses | (689) | (801) |
ABS | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 2,625 | 5,487 |
Less than 12 months, gross unrealized losses | (82) | (308) |
12 months or longer, fair value | 2,736 | 0 |
12 months or longer, gross unrealized losses | (184) | 0 |
Total fair value | 5,361 | 5,487 |
Total gross unrealized losses | (266) | (308) |
CMBS | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 1,776 | 2,650 |
Less than 12 months, gross unrealized losses | (35) | (427) |
12 months or longer, fair value | 1,483 | 0 |
12 months or longer, gross unrealized losses | (354) | 0 |
Total fair value | 3,259 | 2,650 |
Total gross unrealized losses | (389) | (427) |
RMBS | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 739 | 2,621 |
Less than 12 months, gross unrealized losses | (44) | (365) |
12 months or longer, fair value | 1,846 | 0 |
12 months or longer, gross unrealized losses | (258) | 0 |
Total fair value | 2,585 | 2,621 |
Total gross unrealized losses | $ (302) | $ (365) |
Investments - Unrealized Loss P
Investments - Unrealized Loss Positions (Details) | Mar. 31, 2023 position |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |
Unrealized Loss Position | 8,873 |
Unrealized Loss Position 12 Months or More | 7,387 |
Related Party | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |
Unrealized Loss Position | 194 |
Unrealized Loss Position 12 Months or More | 103 |
Investments - Summarizes the Ac
Investments - Summarizes the Activity in the Allowance For Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 459 | $ 311 |
Initial credit losses | 26 | 179 |
Initial credit losses on PCD securities | 28 | 0 |
Securities sold during the period | (10) | (8) |
Additions (reductions) to previously impaired securities | 0 | 6 |
Balance at end of period | 503 | 488 |
Nonrelated Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 458 | 311 |
Initial credit losses | 26 | 159 |
Initial credit losses on PCD securities | 28 | 0 |
Securities sold during the period | (10) | (8) |
Additions (reductions) to previously impaired securities | 0 | 6 |
Balance at end of period | 502 | 468 |
Related Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 1 | 0 |
Initial credit losses | 20 | |
Initial credit losses on PCD securities | 0 | |
Securities sold during the period | 0 | |
Additions (reductions) to previously impaired securities | 0 | |
Balance at end of period | 1 | 20 |
Foreign governments | Nonrelated Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 27 | 0 |
Initial credit losses | 0 | 66 |
Initial credit losses on PCD securities | 0 | 0 |
Securities sold during the period | 0 | 0 |
Additions (reductions) to previously impaired securities | 0 | 0 |
Balance at end of period | 27 | 66 |
Corporate | Nonrelated Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 61 | 0 |
Initial credit losses | 21 | 55 |
Initial credit losses on PCD securities | 0 | 0 |
Securities sold during the period | (6) | 0 |
Additions (reductions) to previously impaired securities | 3 | 0 |
Balance at end of period | 79 | 55 |
Corporate | Related Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 0 | |
Balance at end of period | 0 | |
CLO | Nonrelated Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 7 | 0 |
Initial credit losses | 1 | 18 |
Initial credit losses on PCD securities | 0 | 0 |
Securities sold during the period | 0 | 0 |
Additions (reductions) to previously impaired securities | (4) | 0 |
Balance at end of period | 4 | 18 |
CLO | Related Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 1 | 0 |
Initial credit losses | 0 | 3 |
Initial credit losses on PCD securities | 0 | 0 |
Securities sold during the period | 0 | 0 |
Additions (reductions) to previously impaired securities | 0 | 0 |
Balance at end of period | 1 | 3 |
ABS | Nonrelated Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 29 | 5 |
Initial credit losses | 0 | 5 |
Initial credit losses on PCD securities | 0 | 0 |
Securities sold during the period | 0 | 0 |
Additions (reductions) to previously impaired securities | 2 | 1 |
Balance at end of period | 31 | 11 |
ABS | Related Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Initial credit losses | 17 | |
Initial credit losses on PCD securities | 0 | |
Securities sold during the period | 0 | |
Additions (reductions) to previously impaired securities | 0 | |
Balance at end of period | 0 | 17 |
CMBS | Nonrelated Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 5 | 0 |
Initial credit losses | 1 | 6 |
Initial credit losses on PCD securities | 0 | 0 |
Securities sold during the period | 0 | 0 |
Additions (reductions) to previously impaired securities | (1) | 0 |
Balance at end of period | 5 | 6 |
RMBS | Nonrelated Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 329 | 306 |
Initial credit losses | 3 | 9 |
Initial credit losses on PCD securities | 28 | 0 |
Securities sold during the period | (4) | (8) |
Additions (reductions) to previously impaired securities | 0 | 5 |
Balance at end of period | $ 356 | $ 312 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - Retirement Services - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Investment Income [Line Items] | ||
Investment revenue | $ 2,624 | $ 1,741 |
Investment expenses | (12) | (10) |
Net investment income | 2,612 | 1,731 |
AFS securities | ||
Net Investment Income [Line Items] | ||
Investment revenue | 1,469 | 855 |
Trading securities | ||
Net Investment Income [Line Items] | ||
Investment revenue | 42 | 44 |
Equity securities | ||
Net Investment Income [Line Items] | ||
Investment revenue | 15 | 15 |
Mortgage loans | ||
Net Investment Income [Line Items] | ||
Investment revenue | 447 | 237 |
Investment funds | ||
Net Investment Income [Line Items] | ||
Investment revenue | 34 | 211 |
Funds withheld at interest | ||
Net Investment Income [Line Items] | ||
Investment revenue | 429 | 337 |
Other | ||
Net Investment Income [Line Items] | ||
Investment revenue | $ 188 | $ 42 |
Investments - Gain (Loss) on Se
Investments - Gain (Loss) on Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments, All Other Investments [Abstract] | ||
Gross realized gains on investment activity | $ 183 | $ 103 |
Gross realized losses on investment activity | (104) | (410) |
Net realized investment losses on AFS securities | 79 | (307) |
Net recognized investment losses on trading securities | 64 | (221) |
Net recognized investment losses on equity securities | (18) | 20 |
Net recognized investment losses on mortgage loans | 277 | (796) |
Derivative losses | 993 | (3,041) |
Provision for credit losses | (66) | (192) |
Other gains | (264) | 307 |
Investment related gains (losses) | $ 1,065 | $ (4,230) |
Derivative, gain (loss), statement of income or comprehensive income [Extensible Enumeration] | Gain (Loss) on Investments |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |||
Proceeds from sales of AFS securities | $ 1,140 | $ 298 | |
Securities sold under agreements to repurchase | 1,088 | $ 1,640 | |
Securities received as collateral | $ 1,475 | $ 1,753 |
Investments - Change in Unreali
Investments - Change in Unrealized Gains (Losses) On Trading and Equity Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 66 | $ (189) |
Equity securities | (23) | 17 |
Related Party | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 6 | (4) |
Equity securities | $ 3 | $ (5) |
Investments - Maturities of Rep
Investments - Maturities of Repurchase Agreements: (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Payables for repurchase agreements | $ 7,781 | $ 4,743 |
Less than 30 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Payables for repurchase agreements | 1,642 | 608 |
30-90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Payables for repurchase agreements | 2,774 | 1,268 |
91 days to 364 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Payables for repurchase agreements | 500 | 0 |
1 year and greater | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Payables for repurchase agreements | $ 2,865 | $ 2,867 |
Investments - Schedule of Secur
Investments - Schedule of Securities Pledged As Collateral For Repurchase Agreements (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Total AFS securities | $ 135,597 | $ 131,422 |
AFS securities | 118,579 | 112,225 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total AFS securities | 9,788 | 6,161 |
AFS securities | 8,152 | 4,996 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | U.S. government and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total AFS securities | 2,825 | 2,559 |
AFS securities | 2,261 | 1,941 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | Foreign governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total AFS securities | 146 | 146 |
AFS securities | 108 | 107 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total AFS securities | 5,324 | 1,940 |
AFS securities | 4,425 | 1,605 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | CLO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total AFS securities | 275 | 273 |
AFS securities | 265 | 261 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | ABS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total AFS securities | 1,218 | 1,243 |
AFS securities | $ 1,093 | $ 1,082 |
Investments - Schedule of Parti
Investments - Schedule of Participating Mortgage Loans (Details) - Mortgage loans - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | $ 35,974 | $ 33,653 |
Mark to fair value | (2,582) | (2,842) |
Fair value | 33,392 | 30,811 |
Mortgage loans | 33,392 | 30,811 |
Commercial mortgage loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | 22,763 | 21,851 |
Mark to fair value | (1,740) | (1,743) |
Fair value | 21,023 | 20,108 |
Residential mortgage loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | 13,211 | 11,802 |
Mark to fair value | (842) | (1,099) |
Fair value | 12,369 | 10,703 |
Real Estate Loan | Commercial mortgage loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | 21,743 | 21,061 |
Under-development | Commercial mortgage loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | $ 1,020 | $ 790 |
Investments - Commercial and Re
Investments - Commercial and Residential Mortgage Loans, Percentage by Geographical Location (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 21,023 | $ 20,108 |
Percentage of Total | 100% | 100% |
Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 100% | 100% |
East North Central | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 1,438 | $ 1,437 |
Percentage of Total | 6.80% | 7.10% |
East South Central | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 422 | $ 413 |
Percentage of Total | 2% | 2.10% |
Middle Atlantic | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 5,561 | $ 5,183 |
Percentage of Total | 26.50% | 25.80% |
Mountain | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 923 | $ 898 |
Percentage of Total | 4.40% | 4.50% |
New England | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 1,071 | $ 1,076 |
Percentage of Total | 5.10% | 5.40% |
Pacific | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 4,033 | $ 3,781 |
Percentage of Total | 19.20% | 18.80% |
South Atlantic | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 2,876 | $ 2,756 |
Percentage of Total | 13.60% | 13.70% |
West North Central | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 225 | $ 231 |
Percentage of Total | 1.10% | 1.10% |
West South Central | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 1,066 | $ 1,085 |
Percentage of Total | 5.10% | 5.40% |
Total U.S. residential mortgage loan percentage | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 17,615 | $ 16,860 |
Percentage of Total | 83.80% | 83.90% |
Total U.S. residential mortgage loan percentage | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 87.60% | 86.30% |
United Kingdom | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 1,970 | $ 1,898 |
Percentage of Total | 9.40% | 9.40% |
United Kingdom | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 5% | 5.40% |
Other international | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 1,438 | $ 1,350 |
Percentage of Total | 6.80% | 6.70% |
Other international | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 7.40% | 8.30% |
Total International Region | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 3,408 | $ 3,248 |
Percentage of Total | 16.20% | 16.10% |
Total International Region | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 12.40% | 13.70% |
California | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 28.50% | 28.90% |
Florida | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 10.10% | 9.70% |
New York | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 5.80% | 5.60% |
New Jersey | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 5.40% | 5.30% |
Arizona | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 5% | 5.10% |
Other | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 32.80% | 31.70% |
Office building | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 4,535 | $ 4,651 |
Percentage of Total | 21.60% | 23.10% |
Retail | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 1,450 | $ 1,454 |
Percentage of Total | 6.90% | 7.20% |
Apartment | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 7,506 | $ 6,692 |
Percentage of Total | 35.70% | 33.30% |
Hotels | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 1,873 | $ 1,855 |
Percentage of Total | 8.90% | 9.20% |
Industrial | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 2,242 | $ 2,047 |
Percentage of Total | 10.70% | 10.20% |
Other commercial | Commercial Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net Carrying Value | $ 3,417 | $ 3,409 |
Percentage of Total | 16.20% | 17% |
Investments - Summarizes Athene
Investments - Summarizes Athene’s Investment Funds (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Net Investment Income [Line Items] | ||
Total investment funds, including related parties and consolidated VIEs | $ 14,447 | $ 14,128 |
Nonrelated Party | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 77 | $ 79 |
Percent of total | 100% | 100% |
Nonrelated Party | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 12,775 | $ 12,480 |
Percent of total | 100% | 100% |
Related Party | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 1,595 | $ 1,569 |
Percent of total | 100% | 100% |
Strategic origination platforms | Nonrelated Party | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 4,991 | $ 4,829 |
Percent of total | 39.10% | 38.70% |
Strategic origination platforms | Related Party | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 35 | $ 34 |
Percent of total | 2.20% | 2.20% |
Strategic insurance platforms | Nonrelated Party | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 515 | $ 529 |
Percent of total | 4% | 4.20% |
Strategic insurance platforms | Related Party | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 1,305 | $ 1,259 |
Percent of total | 81.80% | 80.20% |
Equity funds | Nonrelated Party | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 43 | $ 46 |
Percent of total | 55.80% | 58.20% |
Equity funds | Nonrelated Party | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 2,710 | $ 2,640 |
Percent of total | 21.20% | 21.20% |
Equity funds | Related Party | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 228 | $ 246 |
Percent of total | 14.30% | 15.70% |
Hybrid funds | Nonrelated Party | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 28 | $ 32 |
Percent of total | 36.40% | 40.50% |
Hybrid funds | Nonrelated Party | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 3,180 | $ 3,112 |
Percent of total | 24.90% | 24.90% |
Yield funds | Nonrelated Party | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 1,091 | $ 1,044 |
Percent of total | 8.50% | 8.40% |
Yield funds | Related Party | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 5 | $ 5 |
Percent of total | 0.30% | 0.30% |
Other | Nonrelated Party | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 6 | $ 1 |
Percent of total | 7.80% | 1.30% |
Other | Nonrelated Party | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 288 | $ 326 |
Percent of total | 2.30% | 2.60% |
Other | Related Party | ||
Net Investment Income [Line Items] | ||
Investment funds | $ 22 | $ 25 |
Percent of total | 1.40% | 1.60% |
Investments - Concentration Ris
Investments - Concentration Risk (Details) - Shareholders' equity - Investment Concentration Risk - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Wheels Donlen | ||
Concentration Risk [Line Items] | ||
Investment concentration risk, amount | $ 1,419 | $ 1,288 |
PK AirFinance | ||
Concentration Risk [Line Items] | ||
Investment concentration risk, amount | 1,334 | 999 |
Athora | ||
Concentration Risk [Line Items] | ||
Investment concentration risk, amount | 1,279 | 1,232 |
Atlas | ||
Concentration Risk [Line Items] | ||
Investment concentration risk, amount | 995 | |
AP Tundra | ||
Concentration Risk [Line Items] | ||
Investment concentration risk, amount | 873 | 896 |
MFI Investments | ||
Concentration Risk [Line Items] | ||
Investment concentration risk, amount | $ 869 | 878 |
SoftBank Vision Fund II | ||
Concentration Risk [Line Items] | ||
Investment concentration risk, amount | 789 | |
MidCap | ||
Concentration Risk [Line Items] | ||
Investment concentration risk, amount | 788 | |
Cayman Universe | ||
Concentration Risk [Line Items] | ||
Investment concentration risk, amount | 756 | |
Concord Music CL A2 | ||
Concentration Risk [Line Items] | ||
Investment concentration risk, amount | 684 | |
Redding Ridge | ||
Concentration Risk [Line Items] | ||
Investment concentration risk, amount | 683 | |
AOP Finance | ||
Concentration Risk [Line Items] | ||
Investment concentration risk, amount | $ 671 |
Derivatives - Notional Amount A
Derivatives - Notional Amount And Fair value of Derivative Instruments (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Assets | $ (1,601,000,000) | $ (2,963,000,000) |
Derivative liabilities | $ 8,198,000,000 | 7,410,000,000 |
Derivative liability, statement of financial position [Extensible Enumeration] | Other liabilities | |
Derivatives designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Assets | $ 1,115,000,000 | 1,164,000,000 |
Derivative liabilities | 1,016,000,000 | 1,159,000,000 |
Derivatives designated as hedges | Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 6,678,000,000 | 6,677,000,000 |
Assets | 713,000,000 | 747,000,000 |
Derivative liabilities | 149,000,000 | 154,000,000 |
Derivatives designated as hedges | Forwards | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 6,380,000,000 | 6,283,000,000 |
Assets | 392,000,000 | 406,000,000 |
Derivative liabilities | 57,000,000 | 52,000,000 |
Derivatives designated as hedges | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 4,468,000,000 | 4,468,000,000 |
Assets | 0 | 0 |
Derivative liabilities | 725,000,000 | 803,000,000 |
Derivatives designated as hedges | Forwards on net investments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 217,000,000 | 216,000,000 |
Assets | 0 | 2,000,000 |
Derivative liabilities | 2,000,000 | 0 |
Derivatives designated as hedges | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 10,082,000,000 | 9,332,000,000 |
Assets | 10,000,000 | 9,000,000 |
Derivative liabilities | 83,000,000 | 150,000,000 |
Derivatives not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Assets | (2,716,000,000) | (4,127,000,000) |
Derivative liabilities | 7,182,000,000 | 6,251,000,000 |
Derivatives not designated as hedges | Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 3,863,000,000 | 3,563,000,000 |
Assets | 266,000,000 | 251,000,000 |
Derivative liabilities | 118,000,000 | 112,000,000 |
Derivatives not designated as hedges | Forwards | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 18,250,000,000 | 16,376,000,000 |
Assets | 341,000,000 | 413,000,000 |
Derivative liabilities | 272,000,000 | 257,000,000 |
Derivatives not designated as hedges | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 523,000,000 | 488,000,000 |
Assets | 89,000,000 | 74,000,000 |
Derivative liabilities | 1,000,000 | 0 |
Derivatives not designated as hedges | Equity options | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 67,730,000,000 | 65,089,000,000 |
Assets | 2,085,000,000 | 1,374,000,000 |
Derivative liabilities | 106,000,000 | 114,000,000 |
Derivatives not designated as hedges | Futures | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 21,000,000 | 18,000,000 |
Assets | 56,000,000 | 33,000,000 |
Derivative liabilities | 4,000,000 | 0 |
Derivatives not designated as hedges | Other swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 137,000,000 | 89,000,000 |
Assets | 4,000,000 | 0 |
Derivative liabilities | 1,000,000 | 4,000,000 |
Derivatives not designated as hedges | Funds withheld, including related parties | ||
Derivatives, Fair Value [Line Items] | ||
Funds withheld at interest – embedded derivative | (5,557,000,000) | (6,272,000,000) |
Embedded derivative | (67,000,000) | (77,000,000) |
Derivatives not designated as hedges | Interest sensitive contract liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Funds withheld at interest – embedded derivative | 0 | 0 |
Embedded derivative | $ 6,747,000,000 | $ 5,841,000,000 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Interest rate swaps | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cash flow hedge, losses after reclassification, before tax, parent | $ 73,000,000 | $ 0 | |
Amount expected to reclassified into income within the next 12 months | 0 | ||
Net Investment Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, loss | 4,000,000 | ||
Derivative gains | $ 2,000,000 | ||
Accumulated other comprehensive income | $ 26,000,000 | $ 30,000,000 |
Derivatives - Hedged Items In F
Derivatives - Hedged Items In Fair Value Hedging Relationship (Details) - Fair Value Hedging - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Swaps | Interest sensitive contract liabilities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying amount of the hedged liabilities | $ 1,081 | $ 1,081 |
Cumulative amount of fair value hedging gains (losses) | (9) | 88 |
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 | 4,348 |
Cumulative amount of fair value hedging gains (losses) | 315 | 632 |
Interest rate swaps | Interest sensitive contract liabilities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying amount of the hedged liabilities | 7,087 | 6,577 |
Cumulative amount of fair value hedging gains (losses) | 203 | 323 |
AFS securities | Forwards | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying amount of the hedged assets | 5,480 | 5,259 |
Cumulative amount of fair value hedging gains (losses) | (431) | (217) |
AFS securities | Swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying amount of the hedged assets | 4,962 | 4,797 |
Cumulative amount of fair value hedging gains (losses) | $ (304) | $ (398) |
Derivatives - Gain (Loss) Relat
Derivatives - Gain (Loss) Related to Hedged Items In Fair Value Hedging Relationship (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Foreign currency forwards | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivatives | $ (70) | $ 127 |
Hedged Items | 73 | (126) |
Net | 3 | 1 |
Foreign currency forwards | Fair Value Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Recognized in income through amortization approach | 87 | 14 |
Recognized in income through changes in fair value | 4 | 1 |
Gains (losses) excluded from the assessment of hedge effectiveness recognized in OCI | 63 | (73) |
Foreign currency swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivatives | (59) | 91 |
Hedged Items | 64 | (95) |
Net | 5 | (4) |
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 | 114 | (56) |
Foreign currency interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivatives | 78 | (159) |
Hedged Items | (70) | 197 |
Net | 8 | 38 |
Foreign currency interest rate swaps | Interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivatives | 15 | 10 |
Hedged Items | (15) | (9) |
Net | 0 | 1 |
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 | 102 | (72) |
Hedged Items | (104) | 75 |
Net | (2) | 3 |
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 - Derivatives Not D
Derivatives - Derivatives Not Designated as Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | $ 378 | $ (2,009) |
Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | 851 | (3,043) |
Equity options | Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | 350 | (708) |
Futures | Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | 34 | (33) |
Swaps | Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | 33 | 63 |
Foreign currency forwards | Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | (169) | 155 |
Embedded derivatives on funds withheld | Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | 603 | (2,520) |
Embedded derivatives in indexed annuity products | Interest Sensitive Contract Benefits | ||
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | $ (473) | $ 1,034 |
Derivatives - Offsetting Deriva
Derivatives - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative assets | ||
Gross amounts of recognized | $ 3,956 | $ 3,309 |
Financial instruments | (1,456) | (1,477) |
Collateral (received)/pledged | (2,411) | (1,952) |
Net amount | 89 | (120) |
Off-balance sheet securities collateral | 0 | 0 |
Net amount after securities collateral | 89 | (120) |
Derivative liabilities | ||
Gross amounts of recognized | (1,518) | (1,646) |
Financial instruments | 1,456 | 1,477 |
Collateral (received)/pledged | 506 | 478 |
Net amount | 444 | 309 |
Off-balance sheet securities collateral | 0 | 0 |
Net amount after securities collateral | $ 444 | $ 309 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Variable Interest Entity [Line Items] | ||
Net gains (losses) from investment activities | $ 30 | $ 137 |
Net gains (losses) from debt | 0 | 31 |
Interest and other income | 33 | 208 |
Interest and other expenses | (29) | (9) |
Net gains (losses) from investment activities of consolidated variable interest entities | $ 34 | $ 367 |
Variable Interest Entities - Se
Variable Interest Entities - Senior Secured Notes, Subordinated Notes, Subscription Lines and Secured Borrowings (Details) - VIE, Primary Beneficiary - Subscription lines - Asset Management - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 1,287 | $ 686 |
Weighted Average Interest Rate | 6.65% | 6.22% |
Weighted Average Remaining Maturity in Years | 1 month 2 days | 29 days |
Variable Interest Entities - Re
Variable Interest Entities - Repurchase Agreements (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Agreements to repurchase, gross carrying value | $ 7,781 | $ 4,743 |
VIE, Primary Beneficiary | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Agreements to repurchase, gross carrying value | 0 | 1,254 |
Loans backed by residential real estate | Residential Real Estate | VIE, Primary Beneficiary | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Agreements to repurchase, gross carrying value | 0 | 770 |
Loans backed by commercial real estate | Commercial Real Estate | VIE, Primary Beneficiary | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Agreements to repurchase, gross carrying value | 0 | 484 |
91 days to 364 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Agreements to repurchase, gross carrying value | 500 | 0 |
91 days to 364 days | VIE, Primary Beneficiary | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Agreements to repurchase, gross carrying value | $ 0 | $ 1,254 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Fair value of collateral received | $ 510 | $ 1,522 |
Fair value of collateral rehypothecated | $ 0 | $ 1,522 |
Variable Interest Entities - Su
Variable Interest Entities - Summarizes the Statement of Operations Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Investment Income [Line Items] | ||
Net recognized investment gains (losses) on trading securities | $ 66 | $ (189) |
Net recognized investment losses on mortgage loans | 277 | (796) |
Other gains (losses) | (264) | 307 |
Investment related gains (losses) | 1,065 | (4,230) |
Total Revenues | 5,301 | 862 |
Retirement Services | ||
Net Investment Income [Line Items] | ||
Net investment income | 2,612 | 1,731 |
Total Revenues | 4,265 | (247) |
Retirement Services | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Net investment income | 82 | 21 |
Net recognized investment gains (losses) on trading securities | 6 | 0 |
Net recognized investment losses on mortgage loans | 9 | (112) |
Net recognized investment gains (losses) on investment funds | 224 | 70 |
Other gains (losses) | (40) | 0 |
Investment related gains (losses) | 199 | (42) |
Total Revenues | 281 | (21) |
Trading securities | Retirement Services | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Net investment income | 23 | 0 |
Mortgage loans | Retirement Services | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Net investment income | 24 | 20 |
Investment funds | Retirement Services | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Net investment income | $ 35 | $ 1 |
Variable Interest Entities - Ca
Variable Interest Entities - Carrying Value and Maximum Exposure to Loss Relating to Non-consolidated VIEs (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | $ 77,943 | $ 74,432 |
Carrying Value | 65,695 | 61,578 |
Investment funds | ||
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | 518 | 340 |
Carrying Value | 77 | 79 |
Investment funds | Affiliated Entity | ||
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | 2,251 | 2,253 |
Carrying Value | 1,595 | 1,569 |
AFS securities | ||
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | 42,555 | 40,992 |
Carrying Value | 39,373 | 37,454 |
AFS securities | Affiliated Entity | ||
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | 12,101 | 10,290 |
Carrying Value | 11,624 | 9,717 |
Equity securities | Affiliated Entity | ||
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | 251 | 279 |
Carrying Value | 251 | 279 |
VIE, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | 317 | 343 |
VIE, Primary Beneficiary | Investment funds | ||
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | 20,267 | 20,278 |
Carrying Value | $ 12,775 | $ 12,480 |
Fair Value - Schedule of Financ
Fair Value - Schedule of Financial Assets and Liabilities Recorded at Fair value (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | May 03, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and cash equivalents | $ 15,099 | $ 9,769 | |||
AFS securities | 118,579 | $ 112,225 | |||
Derivative assets | (1,601) | (2,963) | |||
Asset Management | |||||
Derivative liabilities | 8,198 | 7,410 | |||
Market risk benefits | 3,203 | $ 3,857 | $ 4,813 | ||
Griffin Capital, Asset Management Business | |||||
Asset Management | |||||
Contingent consideration obligations | $ 64 | ||||
Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Total Assets – Asset Management | 194,118 | 177,402 | |||
Asset Management | |||||
Total Liabilities – Asset Management | 14,317 | 13,208 | |||
Asset Management | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and cash equivalents | 1,255 | 1,201 | |||
Restricted cash and cash equivalents | 1,061 | 1,048 | |||
Investments of VIEs | 1,352 | 1,320 | |||
Other assets | 2,409 | 2,333 | |||
Asset Management | |||||
Performance allocations | 2,806 | 2,574 | |||
Asset Management | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and cash equivalents | 1,255 | 1,201 | |||
Restricted cash and cash equivalents | 1,061 | 1,048 | |||
AFS securities | 419 | 709 | |||
Due from related parties | 33 | 43 | |||
Derivative assets | 32 | 15 | |||
Other assets | 440 | ||||
Equity securities | 1,352 | 1,320 | |||
Total Assets – Asset Management | 6,038 | 6,815 | |||
Asset Management | |||||
Contingent consideration obligations | 78 | 86 | |||
Other liabilities | 1 | 2 | |||
Derivative liabilities | 57 | ||||
Total Liabilities – Asset Management | 79 | 145 | |||
Retirement Services | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and cash equivalents | 13,844 | 7,779 | |||
Restricted cash and cash equivalents | 1,148 | 628 | |||
AFS securities | 118,579 | 112,225 | |||
Derivative assets | 3,956 | 3,309 | |||
Other assets | 9,183 | 9,905 | |||
Mortgage loans | 31,273 | 28,756 | |||
Investment funds | 1,672 | 1,648 | |||
Asset Management | |||||
Market risk benefits | 3,203 | 2,970 | |||
Retirement Services | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Restricted cash and cash equivalents | 1,148 | 628 | |||
AFS securities | 106,713 | 102,404 | |||
Derivative assets | 3,956 | 3,309 | |||
Trading securities | 1,652 | 1,595 | |||
Equity securities | 968 | 1,087 | |||
Mortgage loans | 29,949 | 27,454 | |||
Funds withheld at interest – embedded derivative | (4,291) | (4,847) | |||
Short-term investments | 582 | 520 | |||
Other investments | 501 | 611 | |||
Cash and cash equivalents | 13,844 | 7,779 | |||
Reinsurance recoverable | 1,470 | 1,388 | |||
Other assets | 481 | ||||
Total Assets – Asset Management | 188,080 | 170,587 | |||
Asset Management | |||||
Other liabilities | 122 | 65 | |||
Derivative liabilities | 1,518 | 1,646 | |||
Embedded derivative | 6,747 | 5,841 | |||
Universal life benefits | 879 | 829 | |||
Market risk benefits | 3,203 | 2,970 | |||
Total Liabilities – Asset Management | 14,238 | 13,063 | |||
Retirement Services | Fair Value, Recurring | U.S. government and agencies | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 2,703 | 2,577 | |||
Retirement Services | Fair Value, Recurring | U.S. state, municipal and political subdivisions | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 966 | 927 | |||
Retirement Services | Fair Value, Recurring | Foreign governments | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 922 | 907 | |||
Retirement Services | Fair Value, Recurring | Corporate | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 63,141 | 60,901 | |||
Retirement Services | Fair Value, Recurring | CLO | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 17,566 | 16,493 | |||
Retirement Services | Fair Value, Recurring | ABS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 10,873 | 10,527 | |||
Retirement Services | Fair Value, Recurring | CMBS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 4,190 | 4,158 | |||
Retirement Services | Fair Value, Recurring | RMBS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 6,352 | 5,914 | |||
Retirement Services | Fair Value, Recurring | AmerUs closed block | |||||
Asset Management | |||||
Closed block liabilities | 1,190 | 1,164 | |||
Retirement Services | Fair Value, Recurring | ILICO closed block and life benefits | |||||
Asset Management | |||||
Closed block liabilities | 579 | 548 | |||
Affiliated Entity | |||||
Asset Management | |||||
Performance allocations | 119 | 107 | |||
Affiliated Entity | Retirement Services | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 11,866 | 9,821 | |||
Trading securities | 885 | 878 | |||
Equity securities | 251 | 279 | |||
Mortgage loans | 1,324 | 1,302 | |||
Investment funds | 1,034 | 959 | |||
Funds withheld at interest – embedded derivative | (1,266) | (1,425) | |||
Other investments | 338 | 303 | |||
Affiliated Entity | Retirement Services | Fair Value, Recurring | Corporate | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 1,127 | 982 | |||
Affiliated Entity | Retirement Services | Fair Value, Recurring | CLO | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 3,513 | 3,079 | |||
Affiliated Entity | Retirement Services | Fair Value, Recurring | ABS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 7,226 | 5,760 | |||
VIE, Primary Beneficiary | Asset Management | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and cash equivalents | 123 | 110 | |||
Other assets | 32 | 30 | |||
VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and cash equivalents | 123 | 110 | |||
Investments of VIEs | 1,763 | 2,369 | |||
VIE, Primary Beneficiary | Retirement Services | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and cash equivalents | 654 | 362 | |||
Other assets | 111 | 112 | |||
VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Trading securities | 1,069 | 1,063 | |||
Mortgage loans | 2,119 | 2,055 | |||
Investment funds | 12,775 | 12,480 | |||
Other investments | 99 | 101 | |||
Cash and cash equivalents | 654 | 362 | |||
VIE, Primary Beneficiary | Affiliated Entity | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Restricted cash and cash equivalents | 1,100 | 1,000 | |||
Level 1 | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Total Assets – Asset Management | 21,768 | 14,846 | |||
Asset Management | |||||
Total Liabilities – Asset Management | 25 | 40 | |||
Level 1 | Asset Management | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and cash equivalents | 1,255 | 1,201 | |||
Restricted cash and cash equivalents | 1,061 | 1,048 | |||
AFS securities | 419 | 709 | |||
Due from related parties | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Other assets | 0 | ||||
Equity securities | 194 | 190 | |||
Total Assets – Asset Management | 3,052 | 3,258 | |||
Asset Management | |||||
Contingent consideration obligations | 0 | 0 | |||
Other liabilities | 1 | 2 | |||
Derivative liabilities | 0 | ||||
Total Liabilities – Asset Management | 1 | 2 | |||
Level 1 | Retirement Services | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Restricted cash and cash equivalents | 1,148 | 628 | |||
AFS securities | 2,706 | 2,570 | |||
Derivative assets | 66 | 42 | |||
Trading securities | 24 | 23 | |||
Equity securities | 273 | 150 | |||
Mortgage loans | 0 | 0 | |||
Funds withheld at interest – embedded derivative | 0 | 0 | |||
Short-term investments | 1 | 29 | |||
Other investments | 0 | 0 | |||
Cash and cash equivalents | 13,844 | 7,779 | |||
Reinsurance recoverable | 0 | 0 | |||
Other assets | 0 | ||||
Total Assets – Asset Management | 18,716 | 11,588 | |||
Asset Management | |||||
Other liabilities | 0 | 0 | |||
Derivative liabilities | 24 | 38 | |||
Embedded derivative | 0 | 0 | |||
Universal life benefits | 0 | 0 | |||
Market risk benefits | 0 | 0 | |||
Total Liabilities – Asset Management | 24 | 38 | |||
Level 1 | Retirement Services | Fair Value, Recurring | U.S. government and agencies | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 2,697 | 2,570 | |||
Level 1 | Retirement Services | Fair Value, Recurring | U.S. state, municipal and political subdivisions | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 0 | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | Foreign governments | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 0 | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | Corporate | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 9 | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | CLO | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 0 | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | ABS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 0 | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | CMBS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 0 | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | RMBS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 0 | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | AmerUs closed block | |||||
Asset Management | |||||
Closed block liabilities | 0 | 0 | |||
Level 1 | Retirement Services | Fair Value, Recurring | ILICO closed block and life benefits | |||||
Asset Management | |||||
Closed block liabilities | 0 | 0 | |||
Level 1 | Affiliated Entity | Retirement Services | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 0 | 0 | |||
Trading securities | 0 | 0 | |||
Equity securities | 0 | 0 | |||
Mortgage loans | 0 | 0 | |||
Investment funds | 0 | 0 | |||
Funds withheld at interest – embedded derivative | 0 | 0 | |||
Other investments | 0 | 0 | |||
Level 1 | Affiliated Entity | Retirement Services | Fair Value, Recurring | Corporate | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 0 | 0 | |||
Level 1 | Affiliated Entity | Retirement Services | Fair Value, Recurring | CLO | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 0 | 0 | |||
Level 1 | Affiliated Entity | Retirement Services | Fair Value, Recurring | ABS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 0 | 0 | |||
Level 1 | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and cash equivalents | 123 | 110 | |||
Investments of VIEs | 0 | 0 | |||
Level 1 | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Trading securities | 0 | 5 | |||
Mortgage loans | 0 | 0 | |||
Investment funds | 0 | 0 | |||
Other investments | 0 | 0 | |||
Cash and cash equivalents | 654 | 362 | |||
Level 2 | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Total Assets – Asset Management | 108,322 | 104,503 | |||
Asset Management | |||||
Total Liabilities – Asset Management | 1,426 | 1,587 | |||
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 | 17 | 0 | |||
Other assets | 0 | ||||
Equity securities | 39 | 39 | |||
Total Assets – Asset Management | 425 | 1,576 | |||
Asset Management | |||||
Contingent consideration obligations | 0 | 0 | |||
Other liabilities | 0 | 0 | |||
Derivative liabilities | 57 | ||||
Total Liabilities – Asset Management | 0 | 57 | |||
Level 2 | Retirement Services | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Restricted cash and cash equivalents | 0 | 0 | |||
AFS securities | 97,204 | 93,069 | |||
Derivative assets | 3,890 | 3,267 | |||
Trading securities | 1,586 | 1,519 | |||
Equity securities | 624 | 845 | |||
Mortgage loans | 0 | 0 | |||
Funds withheld at interest – embedded derivative | 0 | 0 | |||
Short-term investments | 551 | 455 | |||
Other investments | 215 | 170 | |||
Cash and cash equivalents | 0 | 0 | |||
Reinsurance recoverable | 0 | 0 | |||
Other assets | 0 | ||||
Total Assets – Asset Management | 107,897 | 102,927 | |||
Asset Management | |||||
Other liabilities | (67) | (77) | |||
Derivative liabilities | 1,493 | 1,607 | |||
Embedded derivative | 0 | 0 | |||
Universal life benefits | 0 | 0 | |||
Market risk benefits | 0 | 0 | |||
Total Liabilities – Asset Management | 1,426 | 1,530 | |||
Level 2 | Retirement Services | Fair Value, Recurring | U.S. government and agencies | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 6 | 7 | |||
Level 2 | Retirement Services | Fair Value, Recurring | U.S. state, municipal and political subdivisions | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 966 | 927 | |||
Level 2 | Retirement Services | Fair Value, Recurring | Foreign governments | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 921 | 906 | |||
Level 2 | Retirement Services | Fair Value, Recurring | Corporate | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 61,510 | 59,236 | |||
Level 2 | Retirement Services | Fair Value, Recurring | CLO | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 17,566 | 16,493 | |||
Level 2 | Retirement Services | Fair Value, Recurring | ABS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 5,931 | 5,660 | |||
Level 2 | Retirement Services | Fair Value, Recurring | CMBS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 4,190 | 4,158 | |||
Level 2 | Retirement Services | Fair Value, Recurring | RMBS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 6,114 | 5,682 | |||
Level 2 | Retirement Services | Fair Value, Recurring | AmerUs closed block | |||||
Asset Management | |||||
Closed block liabilities | 0 | 0 | |||
Level 2 | Retirement Services | Fair Value, Recurring | ILICO closed block and life benefits | |||||
Asset Management | |||||
Closed block liabilities | 0 | 0 | |||
Level 2 | Affiliated Entity | Retirement Services | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 3,404 | 3,164 | |||
Trading securities | 0 | 0 | |||
Equity securities | 0 | 0 | |||
Mortgage loans | 0 | 0 | |||
Investment funds | 0 | 0 | |||
Funds withheld at interest – embedded derivative | 0 | 0 | |||
Other investments | 0 | 0 | |||
Level 2 | Affiliated Entity | Retirement Services | Fair Value, Recurring | Corporate | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 168 | 170 | |||
Level 2 | Affiliated Entity | Retirement Services | Fair Value, Recurring | CLO | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 3,015 | 2,776 | |||
Level 2 | Affiliated Entity | Retirement Services | Fair Value, Recurring | ABS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 221 | 218 | |||
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 of VIEs | 369 | 1,537 | |||
Level 2 | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Trading securities | 421 | 436 | |||
Mortgage loans | 0 | 0 | |||
Investment funds | 0 | 0 | |||
Other investments | 2 | 2 | |||
Cash and cash equivalents | 0 | 0 | |||
Level 3 | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Total Assets – Asset Management | 53,719 | 47,931 | |||
Asset Management | |||||
Total Liabilities – Asset Management | 12,866 | 11,581 | |||
Level 3 | Asset Management | |||||
Asset Management | |||||
Performance allocations | 194 | 198 | |||
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 | 33 | 43 | |||
Derivative assets | 15 | 15 | |||
Other assets | 440 | ||||
Equity securities | 1,116 | 1,083 | |||
Total Assets – Asset Management | 2,446 | 1,868 | |||
Asset Management | |||||
Contingent consideration obligations | 78 | 86 | |||
Other liabilities | 0 | 0 | |||
Derivative liabilities | 0 | ||||
Total Liabilities – Asset Management | 78 | 86 | |||
Contingent consideration included in profit sharing payable | 53 | 55 | |||
Level 3 | Asset Management | Fair Value, Recurring | Griffin Capital, Asset Management Business | |||||
Asset Management | |||||
Contingent consideration obligations | 25 | 31 | |||
Level 3 | Retirement Services | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Restricted cash and cash equivalents | 0 | 0 | |||
AFS securities | 6,803 | 6,765 | |||
Derivative assets | 0 | 0 | |||
Trading securities | 42 | 53 | |||
Equity securities | 71 | 92 | |||
Mortgage loans | 29,949 | 27,454 | |||
Funds withheld at interest – embedded derivative | (4,291) | (4,847) | |||
Short-term investments | 30 | 36 | |||
Other investments | 286 | 441 | |||
Cash and cash equivalents | 0 | 0 | |||
Reinsurance recoverable | 1,470 | 1,388 | |||
Other assets | 481 | ||||
Total Assets – Asset Management | 51,273 | 46,063 | |||
Asset Management | |||||
Other liabilities | 189 | 142 | |||
Derivative liabilities | 1 | 1 | |||
Embedded derivative | 6,747 | 5,841 | |||
Universal life benefits | 879 | 829 | |||
Market risk benefits | 3,203 | 2,970 | |||
Total Liabilities – Asset Management | 12,788 | 11,495 | |||
Level 3 | Retirement Services | Fair Value, Recurring | U.S. government and agencies | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 0 | 0 | |||
Level 3 | Retirement Services | Fair Value, Recurring | U.S. state, municipal and political subdivisions | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 0 | 0 | |||
Level 3 | Retirement Services | Fair Value, Recurring | Foreign governments | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 1 | 1 | |||
Level 3 | Retirement Services | Fair Value, Recurring | Corporate | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 1,622 | 1,665 | |||
Level 3 | Retirement Services | Fair Value, Recurring | CLO | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 0 | 0 | |||
Level 3 | Retirement Services | Fair Value, Recurring | ABS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 4,942 | 4,867 | |||
Level 3 | Retirement Services | Fair Value, Recurring | CMBS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 0 | 0 | |||
Level 3 | Retirement Services | Fair Value, Recurring | RMBS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 238 | 232 | |||
Level 3 | Retirement Services | Fair Value, Recurring | AmerUs closed block | |||||
Asset Management | |||||
Closed block liabilities | 1,190 | 1,164 | |||
Level 3 | Retirement Services | Fair Value, Recurring | ILICO closed block and life benefits | |||||
Asset Management | |||||
Closed block liabilities | 579 | 548 | |||
Level 3 | Affiliated Entity | Retirement Services | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 8,462 | 6,657 | |||
Trading securities | 885 | 878 | |||
Equity securities | 251 | 279 | |||
Mortgage loans | 1,324 | 1,302 | |||
Investment funds | 1,034 | 959 | |||
Funds withheld at interest – embedded derivative | (1,266) | (1,425) | |||
Other investments | 338 | 303 | |||
Level 3 | Affiliated Entity | Retirement Services | Fair Value, Recurring | Corporate | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 959 | 812 | |||
Level 3 | Affiliated Entity | Retirement Services | Fair Value, Recurring | CLO | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 498 | 303 | |||
Level 3 | Affiliated Entity | Retirement Services | Fair Value, Recurring | ABS | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 7,005 | 5,542 | |||
Level 3 | VIE, Primary Beneficiary | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Equity securities | 458 | ||||
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 of VIEs | 1,282 | 727 | |||
Level 3 | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Trading securities | 648 | 622 | |||
Mortgage loans | 2,119 | 2,055 | |||
Investment funds | 2,581 | 2,471 | |||
Other investments | 97 | 99 | |||
Cash and cash equivalents | 0 | 0 | |||
NAV | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Total Assets – Asset Management | 10,309 | 10,122 | |||
Asset Management | |||||
Total Liabilities – Asset Management | 0 | ||||
NAV | Asset Management | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and cash equivalents | 0 | ||||
Restricted cash and cash equivalents | 0 | ||||
AFS securities | 0 | ||||
Due from related parties | 0 | ||||
Derivative assets | 0 | ||||
Equity securities | 3 | 8 | |||
Total Assets – Asset Management | 115 | 113 | |||
Asset Management | |||||
Total Liabilities – Asset Management | 0 | ||||
NAV | Retirement Services | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
AFS securities | 0 | ||||
Total Assets – Asset Management | 10,194 | 10,009 | |||
Asset Management | |||||
Total Liabilities – Asset Management | 0 | ||||
NAV | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and cash equivalents | 0 | ||||
Investments of VIEs | 112 | 105 | |||
NAV | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Investment funds | $ 10,194 | $ 10,009 |
Fair Value - Quantitative Input
Fair Value - Quantitative Inputs and Assumptions used for Financial Assets and Liabilities (Details) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ (1,601,000,000) | $ (2,963,000,000) |
Level 3 | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 458,000,000 | |
Embedded value | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 526,000,000 | |
Discounted cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration obligations | 86,000,000 | |
Discounted cash flow | Level 3 | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other equity investments | 25,000,000 | |
Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 128,000,000 | |
Due from related parties | $ 43,000,000 | |
Due from related parties, measurement input | 0.150 | |
Adjusted transaction value | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | $ 429,000,000 | |
Weighted average | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.287 | |
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 | 0.227 | |
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 | 0.121 | |
Bank loans, measurement input | 0.080 | |
Minimum | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.089 | |
Minimum | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration obligation, measurement input | 0.200 | |
Minimum | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, measurement input | 0.298 | |
Bank loans, measurement input | 0.064 | |
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 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration obligation, measurement input | 0.250 | |
Maximum | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, measurement input | 0.396 | |
Bank loans, measurement input | 0.327 | |
Asset Management | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 1,352,000,000 | $ 1,320,000,000 |
Asset Management | Embedded value | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 547,000,000 | |
Asset Management | Discounted cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration obligations | 78,000,000 | |
Asset Management | Discounted cash flow | Level 3 | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans | 790,000,000 | $ 244,000,000 |
Asset Management | Discounted cash flow | Level 3 | VIE, Primary Beneficiary | Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 24,000,000 | |
Investments, 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 | 127,000,000 | |
Due from related parties | $ 33,000,000 | |
Due from related parties, measurement input | 0.145 | |
Asset Management | Adjusted transaction value | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | $ 442,000,000 | |
Asset Management | Option model | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 15,000,000 | $ 15,000,000 |
Asset Management | Option model | Level 3 | Volatility rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, measurement input | 0.700 | 0.600 |
Asset Management | Dividend discount model | Level 3 | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | $ 468,000,000 | |
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 | 0.129 | 0.121 |
Asset Management | Weighted average | Discounted cash flow | Level 3 | VIE, Primary Beneficiary | Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.105 | 0.079 |
Asset Management | Weighted average | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.290 | |
Due from related parties, measurement input | 0.145 | |
Contingent consideration obligation, measurement input | 0.253 | |
Asset Management | Weighted average | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans, measurement input | 0.075 | |
Asset Management | Weighted average | Option model | Level 3 | Volatility rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, measurement input | 0.700 | 0.600 |
Contingent consideration obligation, measurement input | 0.365 | 0.347 |
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 | 0.129 | |
Asset Management | Minimum | Discounted cash flow | Level 3 | VIE, Primary Beneficiary | Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.082 | |
Asset Management | Minimum | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.092 | |
Asset Management | Minimum | Discounted cash flow | Level 3 | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans, measurement input | 0.072 | |
Contingent consideration obligation, measurement input | 0.206 | |
Asset Management | Minimum | Option model | Level 3 | Volatility rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration obligation, measurement input | 0.315 | |
Asset Management | Maximum | Discounted cash flow | Level 3 | VIE, Primary Beneficiary | Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.105 | |
Asset Management | Maximum | Discounted cash flow | Level 3 | 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 | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans, measurement input | 0.354 | |
Contingent consideration obligation, measurement input | 0.290 | |
Asset Management | Maximum | Option model | Level 3 | Volatility rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration obligation, measurement input | 0.415 | |
Retirement Services | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 3,956,000,000 | $ 3,309,000,000 |
Retirement Services | Embedded value | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 1,034,000,000 | 959,000,000 |
Retirement Services | Discounted cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative | 6,747,000,000 | 5,841,000,000 |
Retirement Services | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 650,000,000 | 506,000,000 |
AFS, trading and equity securities | 12,271,000,000 | 10,671,000,000 |
Long-term debt | 33,392,000,000 | $ 30,811,000,000 |
Investments, measurement input | 0.064 | |
Retirement Services | Discounted cash flow / Guideline public equity | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | $ 899,000,000 | $ 873,000,000 |
Investments, measurement input | 0.165 | |
Retirement Services | Discounted cash flow / Guideline public equity | Level 3 | Guideline public equity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 8.5 | 9 |
Retirement Services | Net tangible asset values | Level 3 | Implied multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | $ 515,000,000 | $ 529,000,000 |
Investments, measurement input | 1.26 | 1.26 |
Retirement Services | Reported net asset value | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | $ 517,000,000 | $ 563,000,000 |
Retirement Services | Weighted average | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.084 | 0.064 |
AFS and trading securities, measurement input | 0.067 | 0.068 |
Long-term debt, measurement input | 0.063 | 0.063 |
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 | 0.013 | 0.010 |
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 | 0.020 | 0.019 |
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 | 0.081 |
Retirement Services | Weighted average | Discounted cash flow / Guideline public equity | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.170 | 0.165 |
Retirement Services | Weighted average | Discounted cash flow / Guideline public equity | Level 3 | Guideline public equity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 8.5 | 9 |
Retirement Services | Weighted average | Net tangible asset values | Level 3 | Implied multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 1.26 | 1.26 |
Retirement Services | Minimum | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.064 | |
AFS and trading securities, measurement input | 0.02 | 0.022 |
Long-term debt, measurement input | 0.021 | 0.015 |
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 | 0.003 | 0.001 |
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 | 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 | 0.052 | 0.051 |
Retirement Services | Minimum | Discounted cash flow / Guideline public equity | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.170 | |
Retirement Services | Maximum | Discounted cash flow | Level 3 | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.147 | |
AFS and trading securities, measurement input | 0.187 | 0.188 |
Long-term debt, measurement input | 0.223 | 0.221 |
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 | 0.018 | 0.017 |
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 | 0.057 | 0.053 |
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 | 0.117 | 0.115 |
Fair Value - Schedule of Unobse
Fair Value - Schedule of Unobservable Input Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, recurring basis, unobservable input reconciliation, asset, gain (loss) statement of income, extensible list, not disclosed flag | Included in income | |
Fair value, recurring basis, unobservable input reconciliation, asset, gain (loss) statement of other comprehensive income, extensible list, not disclosed flag | Included in OCI | |
Fair value, recurring basis, unobservable input reconciliation, liability, gain (loss) statement of income, extensible list, not disclosed flag | Included in income | |
Fair value, liability, recurring basis still held, unrealized gain (loss), statement of income, extensible list, not disclosed flag | Total gains (losses) included in earnings1 | |
Fair value, asset, recurring basis, still held unrealized gain (loss), statement of income, extensible list, not disclosed flag | Total gains (losses) included in earnings1 | |
Asset Management | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 1,825 | $ 14,134 |
Total realized and unrealized gains (losses) included in income | 60 | 234 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | 530 | 1,230 |
Net transfers in (out) | (2) | (13,580) |
Ending balance | 2,413 | 2,018 |
Total gains (losses) included in earnings | 35 | 15 |
Total gains (losses) included in OCI | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 86 | 7,654 |
Total realized and unrealized gains (losses) included in income | (8) | (31) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | 0 | 1,113 |
Net transfers in (out) | 0 | (8,626) |
Ending balance | 78 | 110 |
Total gains (losses) included in earnings | 0 | 0 |
Total gains (losses) included in OCI | 0 | 0 |
Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 45,582 | 45,752 |
Total realized and unrealized gains (losses) included in income | 1,171 | (3,550) |
Total realized and unrealized gains (losses) included in OCI | 41 | (74) |
Net purchases, issuances, sales and settlements | 4,160 | 3,373 |
Net transfers in (out) | (121) | 6,064 |
Ending balance | 50,833 | 51,565 |
Total gains (losses) included in earnings | 369 | (884) |
Total gains (losses) included in OCI | 38 | (73) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (8,525) | (10,908) |
Total realized and unrealized gains (losses) included in income | (627) | 1,353 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | (433) | (111) |
Net transfers in (out) | 0 | (3,645) |
Ending balance | (9,585) | (13,311) |
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 | 86 | 126 |
Total realized and unrealized gains (losses) included in income | (8) | (3) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | 0 | (13) |
Net transfers in (out) | 0 | 0 |
Ending balance | 78 | 110 |
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 | 7,528 | |
Total realized and unrealized gains (losses) included in income | (28) | |
Total realized and unrealized gains (losses) included in OCI | 0 | |
Net purchases, issuances, sales and settlements | 1,126 | |
Net transfers in (out) | (8,626) | |
Ending balance | 0 | |
Total gains (losses) included in earnings | 0 | |
Total gains (losses) included in OCI | 0 | |
Embedded derivatives | Retirement Services | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (5,841) | (7,408) |
Total realized and unrealized gains (losses) included in income | (473) | 1,034 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | (433) | (111) |
Net transfers in (out) | 0 | 0 |
Ending balance | (6,747) | (6,485) |
Total gains (losses) included in earnings | 0 | 0 |
Total gains (losses) included in OCI | 0 | 0 |
Universal life benefits | Retirement Services | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (829) | (1,235) |
Total realized and unrealized gains (losses) included in income | (50) | 139 |
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 | (879) | (1,096) |
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 | (1,164) | (1,520) |
Total realized and unrealized gains (losses) included in income | (26) | 142 |
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 | (1,190) | (1,378) |
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 | (548) | (742) |
Total realized and unrealized gains (losses) included in income | (31) | 38 |
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 | (579) | (704) |
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 | 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 | (1) | (3) |
Total gains (losses) included in earnings | 0 | 0 |
Total gains (losses) included in OCI | 0 | 0 |
Other liabilities | Retirement Services | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (142) | 0 |
Total realized and unrealized gains (losses) included in income | (47) | 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 | (3,645) |
Ending balance | (189) | (3,645) |
Total gains (losses) included in earnings | 0 | 0 |
Total gains (losses) included in OCI | 0 | 0 |
Interest sensitive contract liabilities | Retirement Services | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net purchases, issuances, sales and settlements | (433) | (111) |
Net transfers in (out) | 0 | 0 |
Investments, at fair value | Asset Management | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,098 | 946 |
Total realized and unrealized gains (losses) included in income | 26 | 18 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | 7 | 101 |
Net transfers in (out) | 0 | 22 |
Ending balance | 1,131 | 1,087 |
Total gains (losses) included in earnings | 26 | 18 |
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 | 1 | 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 | 1 | 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 | 1,665 | 1,339 |
Total realized and unrealized gains (losses) included in income | (1) | (3) |
Total realized and unrealized gains (losses) included in OCI | 12 | (19) |
Net purchases, issuances, sales and settlements | 126 | 140 |
Net transfers in (out) | (180) | 42 |
Ending balance | 1,622 | 1,499 |
Total gains (losses) included in earnings | 0 | 0 |
Total gains (losses) included in OCI | 6 | (19) |
CLO | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 14 | |
Total realized and unrealized gains (losses) included in income | (1) | |
Total realized and unrealized gains (losses) included in OCI | 2 | |
Net purchases, issuances, sales and settlements | (10) | |
Net transfers in (out) | 0 | |
Ending balance | 5 | |
Total gains (losses) included in earnings | 0 | |
Total gains (losses) included in OCI | 2 | |
ABS | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 4,867 | 3,619 |
Total realized and unrealized gains (losses) included in income | 0 | 6 |
Total realized and unrealized gains (losses) included in OCI | (19) | (31) |
Net purchases, issuances, sales and settlements | 155 | (148) |
Net transfers in (out) | (61) | 337 |
Ending balance | 4,942 | 3,783 |
Total gains (losses) included in earnings | 0 | 0 |
Total gains (losses) included in OCI | (16) | (30) |
CMBS | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 43 | |
Total realized and unrealized gains (losses) included in income | 0 | |
Total realized and unrealized gains (losses) included in OCI | (17) | |
Net purchases, issuances, sales and settlements | 0 | |
Net transfers in (out) | (16) | |
Ending balance | 10 | |
Total gains (losses) included in earnings | 0 | |
Total gains (losses) included in OCI | (17) | |
RMBS | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 232 | |
Total realized and unrealized gains (losses) included in income | 3 | |
Total realized and unrealized gains (losses) included in OCI | 3 | |
Net purchases, issuances, sales and settlements | 0 | |
Net transfers in (out) | 0 | |
Ending balance | 238 | |
Total gains (losses) included in earnings | 0 | |
Total gains (losses) included in OCI | 3 | |
Other | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 441 | |
Total realized and unrealized gains (losses) included in income | 1 | |
Total realized and unrealized gains (losses) included in OCI | 0 | |
Net purchases, issuances, sales and settlements | (156) | |
Net transfers in (out) | 0 | |
Ending balance | 286 | |
Total gains (losses) included in earnings | 2 | |
Total gains (losses) included in OCI | 0 | |
Trading securities | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 53 | 69 |
Total realized and unrealized gains (losses) included in income | 2 | (5) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | (4) | 6 |
Net transfers in (out) | (9) | 20 |
Ending balance | 42 | 90 |
Total gains (losses) included in earnings | 1 | 0 |
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 | 92 | 429 |
Total realized and unrealized gains (losses) included in income | (8) | 9 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | 0 | 0 |
Net transfers in (out) | (13) | 0 |
Ending balance | 71 | 438 |
Total gains (losses) included in earnings | (8) | 0 |
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 | 27,454 | 21,154 |
Total realized and unrealized gains (losses) included in income | 251 | (744) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | 2,244 | 3,286 |
Net transfers in (out) | 0 | 0 |
Ending balance | 29,949 | 23,696 |
Total gains (losses) included in earnings | 252 | (741) |
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 | 18 | |
Total realized and unrealized gains (losses) included in income | 1 | |
Total realized and unrealized gains (losses) included in OCI | 0 | |
Net purchases, issuances, sales and settlements | 0 | |
Net transfers in (out) | 0 | |
Ending balance | 19 | |
Total gains (losses) included in earnings | 1 | |
Total gains (losses) included in OCI | 0 | |
Funds withheld at interest – embedded derivative | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (4,847) | 0 |
Total realized and unrealized gains (losses) included in income | 556 | (1,882) |
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 | (4,291) | (1,882) |
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 | 36 | 29 |
Total realized and unrealized gains (losses) included in income | 0 | 0 |
Total realized and unrealized gains (losses) included in OCI | (2) | 0 |
Net purchases, issuances, sales and settlements | (30) | 30 |
Net transfers in (out) | 26 | 0 |
Ending balance | 30 | 59 |
Total gains (losses) included in earnings | 0 | 9 |
Total gains (losses) included in OCI | 0 | 0 |
Reinsurance recoverable | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,388 | 1,991 |
Total realized and unrealized gains (losses) included in income | 82 | (177) |
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 | 1,470 | 1,814 |
Total gains (losses) included in earnings | 0 | 0 |
Total gains (losses) included in OCI | 0 | 0 |
VIE, Primary Beneficiary | Debt | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net purchases, issuances, sales and settlements | (3,645) | |
VIE, Primary Beneficiary | Investments, at fair value | Asset Management | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 727 | 13,188 |
Total realized and unrealized gains (losses) included in income | 34 | 216 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | 523 | 1,129 |
Net transfers in (out) | (2) | (13,602) |
Ending balance | 1,282 | 931 |
Total gains (losses) included in earnings | 9 | (3) |
Total gains (losses) included in OCI | 0 | 0 |
VIE, Primary Beneficiary | Other | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 99 | 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 | (2) | 0 |
Net transfers in (out) | 0 | 1,902 |
Ending balance | 97 | 1,902 |
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 | 622 | |
Total realized and unrealized gains (losses) included in income | 12 | |
Total realized and unrealized gains (losses) included in OCI | 0 | |
Net purchases, issuances, sales and settlements | (2) | |
Net transfers in (out) | 16 | |
Ending balance | 648 | |
Total gains (losses) included in earnings | 12 | |
Total gains (losses) included in OCI | 0 | |
VIE, Primary Beneficiary | Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) included in income | 113 | |
VIE, Primary Beneficiary | Mortgage loans | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 2,055 | 2,152 |
Total realized and unrealized gains (losses) included in income | 19 | (120) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | 45 | (152) |
Net transfers in (out) | 0 | 0 |
Ending balance | 2,119 | 1,880 |
Total gains (losses) included in earnings | 19 | (120) |
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 | 2,471 | 1,297 |
Total realized and unrealized gains (losses) included in income | 18 | (5) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | (8) | 238 |
Net transfers in (out) | 100 | 9,047 |
Ending balance | 2,581 | 10,577 |
Total gains (losses) included in earnings | 18 | (5) |
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 | 812 | 670 |
Total realized and unrealized gains (losses) included in income | 1 | (4) |
Total realized and unrealized gains (losses) included in OCI | (7) | 1 |
Net purchases, issuances, sales and settlements | 153 | 94 |
Net transfers in (out) | 0 | 0 |
Ending balance | 959 | 761 |
Total gains (losses) included in earnings | 0 | 0 |
Total gains (losses) included in OCI | (7) | 1 |
Affiliated Entity | CLO | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 303 | 202 |
Total realized and unrealized gains (losses) included in income | 0 | 0 |
Total realized and unrealized gains (losses) included in OCI | 10 | 0 |
Net purchases, issuances, sales and settlements | 185 | 130 |
Net transfers in (out) | 0 | 0 |
Ending balance | 498 | 332 |
Total gains (losses) included in earnings | 0 | 0 |
Total gains (losses) included in OCI | 10 | 0 |
Affiliated Entity | ABS | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 5,542 | 6,445 |
Total realized and unrealized gains (losses) included in income | 4 | (17) |
Total realized and unrealized gains (losses) included in OCI | 44 | (10) |
Net purchases, issuances, sales and settlements | 1,415 | (145) |
Net transfers in (out) | 0 | (1,864) |
Ending balance | 7,005 | 4,409 |
Total gains (losses) included in earnings | 2 | 0 |
Total gains (losses) included in OCI | 42 | (10) |
Affiliated Entity | Other | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 303 | |
Total realized and unrealized gains (losses) included in income | (7) | |
Total realized and unrealized gains (losses) included in OCI | 0 | |
Net purchases, issuances, sales and settlements | 42 | |
Net transfers in (out) | 0 | |
Ending balance | 338 | |
Total gains (losses) included in earnings | (7) | |
Total gains (losses) included in OCI | 0 | |
Affiliated Entity | Trading securities | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 878 | 1,771 |
Total realized and unrealized gains (losses) included in income | 6 | (5) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | 1 | (254) |
Net transfers in (out) | 0 | (1,260) |
Ending balance | 885 | 252 |
Total gains (losses) included in earnings | 6 | 0 |
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 | 279 | 284 |
Total realized and unrealized gains (losses) included in income | 4 | (5) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | (32) | 0 |
Net transfers in (out) | 0 | (113) |
Ending balance | 251 | 166 |
Total gains (losses) included in earnings | 3 | 0 |
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 | 1,302 | 1,369 |
Total realized and unrealized gains (losses) included in income | 26 | (52) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | (4) | 139 |
Net transfers in (out) | 0 | 0 |
Ending balance | 1,324 | 1,456 |
Total gains (losses) included in earnings | 26 | (52) |
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 | 959 | 2,855 |
Total realized and unrealized gains (losses) included in income | 43 | 24 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net purchases, issuances, sales and settlements | 32 | (34) |
Net transfers in (out) | 0 | (2,031) |
Ending balance | 1,034 | 814 |
Total gains (losses) included in earnings | 43 | 24 |
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 | (1,425) | 0 |
Total realized and unrealized gains (losses) included in income | 159 | (570) |
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 | (1,266) | (570) |
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) | 0 | |
Ending balance | 53 | |
Total gains (losses) included in earnings | 0 | |
Total gains (losses) included in OCI | $ 0 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
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 | $ (3,645) | |
VIE, Primary Beneficiary | Equity securities | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 113 | |
VIE, Primary Beneficiary | Investment funds | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 10,081 | |
VIE, Primary Beneficiary | Other | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 1,902 | |
VIE, Primary Beneficiary | Asset Backed Securities and Available for Sale Securities | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 1,582 | |
VIE, Primary Beneficiary | Asset Backed Securities and Collateralized Loan Obligations | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 1,260 | |
Retirement Services | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | $ 5,503 | 7,240 |
Issuances | 0 | 0 |
Sales | (59) | (2,318) |
Settlements | (1,284) | (1,549) |
Net purchases, issuances, sales and settlements | 4,160 | 3,373 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 442 | 12,394 |
Transfers out | (563) | (6,330) |
Net transfers in (out) | (121) | 6,064 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | 0 |
Issuances | (577) | (260) |
Sales | 0 | 0 |
Settlements | 144 | 149 |
Net purchases, issuances, sales and settlements | (433) | (111) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Transfers in | 0 | (3,645) |
Transfers out | 0 | 0 |
Net transfers in (out) | 0 | (3,645) |
Total realized and unrealized gains (losses) included in income | 1,171 | (3,550) |
Retirement Services | Embedded derivatives | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Net purchases, issuances, sales and settlements | (433) | (111) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Net transfers in (out) | 0 | 0 |
Retirement Services | Interest sensitive contract liabilities | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | 0 |
Issuances | (577) | (260) |
Sales | 0 | 0 |
Settlements | 144 | 149 |
Net purchases, issuances, sales and settlements | (433) | (111) |
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 | Other liabilities | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Net purchases, issuances, sales and settlements | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Transfers in | (3,645) | |
Transfers out | 0 | |
Net transfers in (out) | 0 | (3,645) |
Retirement Services | Derivative liabilities | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Net purchases, issuances, sales and settlements | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Net transfers in (out) | 0 | 0 |
Retirement Services | Trading securities | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | 6 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (4) | 0 |
Net purchases, issuances, sales and settlements | (4) | 6 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 5 | 30 |
Transfers out | (14) | (10) |
Net transfers in (out) | (9) | 20 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 2 | (5) |
Retirement Services | Equity securities | ||
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 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 0 | |
Transfers out | (13) | |
Net transfers in (out) | (13) | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | (8) | 9 |
Retirement Services | Mortgage loans | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 2,882 | 4,091 |
Issuances | 0 | 0 |
Sales | (32) | (82) |
Settlements | (606) | (723) |
Net purchases, issuances, sales and settlements | 2,244 | 3,286 |
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 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 251 | (744) |
Retirement Services | Investment funds | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Net purchases, issuances, sales and settlements | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Net transfers in (out) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 1 | |
Retirement Services | Other | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 2 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (158) | |
Net purchases, issuances, sales and settlements | (156) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 0 | |
Transfers out | 0 | |
Net transfers in (out) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 1 | |
Retirement Services | Short-term investments | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | 30 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (30) | 0 |
Net purchases, issuances, sales and settlements | (30) | 30 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 26 | 0 |
Transfers out | 0 | 0 |
Net transfers in (out) | 26 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 0 | 0 |
Retirement Services | ABS | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Net purchases, issuances, sales and settlements | 155 | (148) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Net transfers in (out) | (61) | 337 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 0 | 6 |
Retirement Services | Reinsurance recoverable | ||
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) | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 82 | (177) |
Retirement Services | AFS securities | Corporate | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 208 | 324 |
Issuances | 0 | 0 |
Sales | 0 | (168) |
Settlements | (82) | (16) |
Net purchases, issuances, sales and settlements | 126 | 140 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 29 | 43 |
Transfers out | (209) | (1) |
Net transfers in (out) | (180) | 42 |
Retirement Services | AFS securities | CLO | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (10) | |
Net purchases, issuances, sales and settlements | (10) | |
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 | AFS securities | ABS | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 298 | 1,489 |
Issuances | 0 | 0 |
Sales | 0 | (1,450) |
Settlements | (143) | (187) |
Net purchases, issuances, sales and settlements | 155 | (148) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 215 | 338 |
Transfers out | (276) | (1) |
Net transfers in (out) | (61) | 337 |
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 | (16) | |
Net transfers in (out) | (16) | |
Retirement Services | AFS securities | RMBS | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 1 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (1) | |
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 | 0 | |
Net transfers in (out) | 0 | |
Retirement Services | Affiliated Entity | Trading securities | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 2 | 29 |
Issuances | 0 | 0 |
Sales | 0 | (265) |
Settlements | (1) | (18) |
Net purchases, issuances, sales and settlements | 1 | (254) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 0 | 0 |
Transfers out | 0 | (1,260) |
Net transfers in (out) | 0 | (1,260) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 6 | (5) |
Retirement Services | 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 | (32) | 0 |
Net purchases, issuances, sales and settlements | (32) | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 0 | 0 |
Transfers out | 0 | (113) |
Net transfers in (out) | 0 | (113) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 4 | (5) |
Retirement Services | Affiliated Entity | Mortgage loans | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | 146 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (4) | (7) |
Net purchases, issuances, sales and settlements | (4) | 139 |
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 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 26 | (52) |
Retirement Services | Affiliated Entity | Investment funds | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 32 | 0 |
Issuances | 0 | 0 |
Sales | 0 | (34) |
Settlements | 0 | 0 |
Net purchases, issuances, sales and settlements | 32 | (34) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 0 | 0 |
Transfers out | 0 | (2,031) |
Net transfers in (out) | 0 | (2,031) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 43 | 24 |
Retirement Services | Affiliated Entity | Other | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 42 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Net purchases, issuances, sales and settlements | 42 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 0 | |
Transfers out | 0 | |
Net transfers in (out) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | (7) | |
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 | 0 | |
Net transfers in (out) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 0 | |
Retirement Services | Affiliated Entity | ABS | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Net purchases, issuances, sales and settlements | 1,415 | (145) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Net transfers in (out) | 0 | (1,864) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 4 | (17) |
Retirement Services | Affiliated Entity | AFS securities | Corporate | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 156 | 315 |
Issuances | 0 | 0 |
Sales | 0 | (217) |
Settlements | (3) | (4) |
Net purchases, issuances, sales and settlements | 153 | 94 |
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 | AFS securities | CLO | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 185 | 130 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Net purchases, issuances, sales and settlements | 185 | 130 |
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 | AFS securities | ABS | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 1,634 | 374 |
Issuances | 0 | 0 |
Sales | 0 | (87) |
Settlements | (219) | (432) |
Net purchases, issuances, sales and settlements | 1,415 | (145) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 0 | 0 |
Transfers out | 0 | (1,864) |
Net transfers in (out) | 0 | (1,864) |
Retirement Services | VIE, Primary Beneficiary | Trading securities | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 10 | |
Issuances | 0 | |
Sales | (12) | |
Settlements | 0 | |
Net purchases, issuances, sales and settlements | (2) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 19 | |
Transfers out | (3) | |
Net transfers in (out) | 16 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 12 | |
Retirement Services | VIE, Primary Beneficiary | Mortgage loans | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 46 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (1) | (152) |
Net purchases, issuances, sales and settlements | 45 | (152) |
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 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 19 | (120) |
Retirement Services | VIE, Primary Beneficiary | Investment funds | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | 253 |
Issuances | 0 | 0 |
Sales | (8) | (15) |
Settlements | 0 | 0 |
Net purchases, issuances, sales and settlements | (8) | 238 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 148 | 10,081 |
Transfers out | (48) | (1,034) |
Net transfers in (out) | 100 | 9,047 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 18 | (5) |
Retirement Services | VIE, Primary Beneficiary | Other | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 5 | 0 |
Issuances | 0 | 0 |
Sales | (7) | 0 |
Settlements | 0 | 0 |
Net purchases, issuances, sales and settlements | (2) | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 0 | 1,902 |
Transfers out | 0 | 0 |
Net transfers in (out) | 0 | 1,902 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 0 | 0 |
Asset Management | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 879 | 2,573 |
Issuances | 0 | 0 |
Sales | (349) | (1,343) |
Settlements | 0 | 0 |
Net purchases, issuances, sales and settlements | 530 | 1,230 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 0 | 475 |
Transfers out | (2) | (14,055) |
Net transfers in (out) | (2) | (13,580) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | |
Issuances | 1,644 | |
Sales | 0 | |
Settlements | (531) | |
Net purchases, issuances, sales and settlements | 0 | 1,113 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Transfers in | 0 | |
Transfers out | (8,626) | |
Net transfers in (out) | 0 | (8,626) |
Total realized and unrealized gains (losses) included in income | 60 | 234 |
Asset Management | Contingent consideration obligations | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (13) | |
Net purchases, issuances, sales and settlements | 0 | (13) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Transfers in | 0 | |
Transfers out | 0 | |
Net transfers in (out) | 0 | 0 |
Asset Management | Debt | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | |
Issuances | 1,644 | |
Sales | 0 | |
Settlements | (518) | |
Net purchases, issuances, sales and settlements | 1,126 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Transfers in | 0 | |
Transfers out | (8,626) | |
Net transfers in (out) | (8,626) | |
Asset Management | Investments, at fair value | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 8 | 104 |
Issuances | 0 | 0 |
Sales | (1) | (3) |
Settlements | 0 | 0 |
Net purchases, issuances, sales and settlements | 7 | 101 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 0 | 22 |
Transfers out | 0 | 0 |
Net transfers in (out) | 0 | 22 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | 26 | 18 |
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 | 871 | 2,469 |
Issuances | 0 | 0 |
Sales | (348) | (1,340) |
Settlements | 0 | 0 |
Net purchases, issuances, sales and settlements | 523 | 1,129 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfer in | 0 | 453 |
Transfers out | (2) | (14,055) |
Net transfers in (out) | (2) | (13,602) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Total realized and unrealized gains (losses) included in income | $ 34 | $ 216 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Option Gain (Loss) (Details) - Retirement Services - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | $ 349 | $ (961) |
Trading securities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | 64 | (207) |
Mortgage loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | 296 | (916) |
Investment funds | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | 62 | 20 |
Future policy benefits | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | (26) | 142 |
Other liabilities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | $ (47) | $ 0 |
Fair Value - Fair Value Option
Fair Value - Fair Value Option Mortgage Loans (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Mortgage loans | $ (3) | $ (18) | |
Mortgage loans | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Unpaid principal balance | 35,974 | $ 33,653 | |
Mark to fair value | (2,582) | (2,842) | |
Fair value | 33,392 | 30,811 | |
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 | 198 | 74 | |
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | (56) | (55) | |
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | 142 | 19 | |
Fair value of commercial mortgage loans 90 days or more past due | 11 | 2 | |
Fair value of commercial mortgage loans in non-accrual status | 131 | 19 | |
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 | 483 | 522 | |
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | (50) | (50) | |
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | 433 | 472 | |
Fair value of commercial mortgage loans 90 days or more past due | 433 | 472 | |
Fair value of commercial mortgage loans in non-accrual status | 234 | 360 | |
Residential Mortgage | Government-Guaranteed Collateral | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value of commercial mortgage loans 90 days or more past due | $ 199 | $ 221 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Equity securities without readily determinable fair value, amount | $ 400,000,000 | $ 400,000,000 |
Impairment loss | $ 0 |
Fair Value - Fair Value of Fina
Fair Value - Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 5,520 | $ 5,467 |
Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 1,672 | 1,648 |
Debt | 2,906 | 2,893 |
Carrying Value | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 77 | 79 |
Policy loans | 339 | 347 |
Funds withheld at interest – embedded derivative | 35,375 | 37,727 |
Short-term investments | 45 | 1,640 |
Other investments | 200 | 162 |
Total Assets – Asset Management | 48,368 | 51,798 |
Interest sensitive contract liabilities | 131,873 | 125,101 |
Debt | 3,650 | 3,658 |
Securities to repurchase | 7,781 | 4,743 |
Funds withheld liability | 346 | 360 |
Total financial liabilities not carried at fair value | 143,650 | 133,862 |
Carrying Value | Affiliated Entity | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 561 | 610 |
Funds withheld at interest – embedded derivative | 10,728 | 11,233 |
Short-term investments | 1,043 | |
Fair Value | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 77 | 79 |
Policy loans | 339 | 347 |
Funds withheld at interest – embedded derivative | 35,375 | 37,727 |
Short-term investments | 45 | 1,640 |
Other investments | 200 | 162 |
Total Assets – Asset Management | 48,368 | 51,798 |
Interest sensitive contract liabilities | 120,063 | 111,608 |
Debt | 2,906 | 2,893 |
Securities to repurchase | 7,781 | 4,743 |
Funds withheld liability | 346 | 360 |
Total financial liabilities not carried at fair value | 131,096 | 119,604 |
Fair Value | Affiliated Entity | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 561 | 610 |
Funds withheld at interest – embedded derivative | 10,728 | 11,233 |
Short-term investments | 1,043 | |
Fair Value | NAV | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 77 | 79 |
Policy loans | 0 | 0 |
Funds withheld at interest – embedded derivative | 0 | 0 |
Short-term investments | 0 | 0 |
Other investments | 0 | 0 |
Total Assets – Asset Management | 638 | 689 |
Interest sensitive contract liabilities | 0 | 0 |
Debt | 0 | 0 |
Securities to repurchase | 0 | 0 |
Funds withheld liability | 0 | 0 |
Total financial liabilities not carried at fair value | 0 | 0 |
Fair Value | NAV | Affiliated Entity | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 561 | 610 |
Funds withheld at interest – embedded derivative | 0 | 0 |
Short-term investments | 0 | |
Fair Value | Level 1 | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | 0 |
Policy loans | 0 | 0 |
Funds withheld at interest – embedded derivative | 0 | 0 |
Short-term investments | 0 | 0 |
Other investments | 0 | 0 |
Total Assets – Asset Management | 0 | 0 |
Interest sensitive contract liabilities | 0 | 0 |
Debt | 0 | 0 |
Securities to repurchase | 0 | 0 |
Funds withheld liability | 0 | 0 |
Total financial liabilities not carried at fair value | 0 | 0 |
Fair Value | Level 1 | Affiliated Entity | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | 0 |
Funds withheld at interest – embedded derivative | 0 | 0 |
Short-term investments | 0 | |
Fair Value | Level 2 | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | 0 |
Policy loans | 339 | 347 |
Funds withheld at interest – embedded derivative | 0 | 0 |
Short-term investments | 45 | 1,614 |
Other investments | 0 | 0 |
Total Assets – Asset Management | 1,427 | 1,961 |
Interest sensitive contract liabilities | 0 | 0 |
Debt | 2,906 | 2,893 |
Securities to repurchase | 7,781 | 4,743 |
Funds withheld liability | 346 | 360 |
Total financial liabilities not carried at fair value | 11,033 | 7,996 |
Fair Value | Level 2 | Affiliated Entity | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | 0 |
Funds withheld at interest – embedded derivative | 0 | 0 |
Short-term investments | 1,043 | |
Fair Value | Level 3 | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | 0 |
Policy loans | 0 | 0 |
Funds withheld at interest – embedded derivative | 35,375 | 37,727 |
Short-term investments | 0 | 26 |
Other investments | 200 | 162 |
Total Assets – Asset Management | 46,303 | 49,148 |
Interest sensitive contract liabilities | 120,063 | 111,608 |
Debt | 0 | 0 |
Securities to repurchase | 0 | 0 |
Funds withheld liability | 0 | 0 |
Total financial liabilities not carried at fair value | 120,063 | 111,608 |
Fair Value | Level 3 | Affiliated Entity | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | 0 |
Funds withheld at interest – embedded derivative | 10,728 | $ 11,233 |
Short-term investments | $ 0 |
Deferred Acquisition Costs, D_3
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired - Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
VOBA | ||
VOBA, beginning balance | $ 2,988 | $ 3,372 |
Additions | 0 | 0 |
Amortization | (93) | (96) |
VOBA, ending balance | 2,895 | 3,276 |
Total DAC, DSI and VOBA | ||
DAC, DSI and VOBA, beginning balance | 4,466 | 3,372 |
Additions | 508 | 291 |
Amortization | (138) | (98) |
DAC, DSI and VOBA, ending balance | 4,836 | 3,565 |
Traditional deferred annuities | ||
DAC | ||
DAC, beginning balance | 304 | 0 |
Additions | 171 | 24 |
Amortization | (16) | 0 |
DAC, ending balance | 459 | 24 |
Indexed annuities | ||
DAC | ||
DAC, beginning balance | 755 | 0 |
Additions | 203 | 176 |
Amortization | (18) | (1) |
DAC, ending balance | 940 | 175 |
DSI | ||
DSI, beginning balance | 399 | 0 |
Additions | 133 | 77 |
Amortization | (10) | 0 |
DSI, ending balance | 522 | 77 |
Funding agreements | ||
DAC | ||
DAC, beginning balance | 11 | 0 |
Additions | 0 | 11 |
Amortization | (1) | (1) |
DAC, ending balance | 10 | 10 |
Other investment-type | ||
DAC | ||
DAC, beginning balance | 9 | 0 |
Additions | 1 | 3 |
Amortization | 0 | 0 |
DAC, ending balance | $ 10 | $ 3 |
Deferred Acquisition Costs, D_4
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired - Expected Amortization of VOBA (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Expected Amortization | |
2023 | $ 257 |
2024 | 316 |
2025 | 289 |
2026 | 260 |
2027 | 230 |
2028 | $ 200 |
Long-duration Contracts - Polic
Long-duration Contracts - Policyholder Account Balance Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | $ 168,339 | $ 151,390 |
Deposits | 12,162 | 8,957 |
Policy charges | (159) | (142) |
Surrenders and withdrawals | (4,603) | (2,644) |
Benefit payments | (1,266) | (1,460) |
Interest credited | 724 | 1,074 |
Foreign exchange | 38 | (114) |
Other | 56 | (218) |
Ending balance | $ 175,291 | $ 156,843 |
Weighted average crediting rate | 2.70% | 2.10% |
Net amount at risk | $ 14,392 | $ 10,983 |
Cash surrender value | 132,751 | 119,186 |
Traditional deferred annuities | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 43,518 | 35,599 |
Deposits | 6,700 | 918 |
Policy charges | (1) | (1) |
Surrenders and withdrawals | (1,818) | (845) |
Benefit payments | (264) | (256) |
Interest credited | 369 | 235 |
Foreign exchange | 0 | 0 |
Other | (54) | 0 |
Ending balance | $ 48,450 | $ 35,650 |
Weighted average crediting rate | 3.40% | 2.70% |
Net amount at risk | $ 423 | $ 416 |
Cash surrender value | 45,994 | 34,211 |
Indexed annuities | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 92,660 | 89,755 |
Deposits | 2,929 | 2,573 |
Policy charges | (158) | (141) |
Surrenders and withdrawals | (2,712) | (1,798) |
Benefit payments | (422) | (426) |
Interest credited | 117 | 697 |
Foreign exchange | 0 | 0 |
Other | 0 | 0 |
Ending balance | $ 92,414 | $ 90,660 |
Weighted average crediting rate | 2.30% | 2% |
Net amount at risk | $ 13,903 | $ 10,554 |
Cash surrender value | 84,047 | 84,265 |
Funding agreements | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 27,439 | 23,623 |
Deposits | 1,500 | 4,946 |
Policy charges | 0 | 0 |
Surrenders and withdrawals | (70) | 0 |
Benefit payments | (490) | (695) |
Interest credited | 206 | 125 |
Foreign exchange | 54 | (100) |
Other | 143 | (218) |
Ending balance | $ 28,782 | $ 27,681 |
Weighted average crediting rate | 2.70% | 1.80% |
Net amount at risk | $ 0 | $ 0 |
Cash surrender value | 0 | 0 |
Other investment-type | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 4,722 | 2,413 |
Deposits | 1,033 | 520 |
Policy charges | 0 | 0 |
Surrenders and withdrawals | (3) | (1) |
Benefit payments | (90) | (83) |
Interest credited | 32 | 17 |
Foreign exchange | (16) | (14) |
Other | (33) | 0 |
Ending balance | $ 5,645 | $ 2,852 |
Weighted average crediting rate | 2.90% | 2.20% |
Net amount at risk | $ 66 | $ 13 |
Cash surrender value | $ 2,710 | $ 710 |
Long-duration Contracts - Recon
Long-duration Contracts - Reconciliation of Account Balance Within Interest Sensitive Contract Benefits (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest sensitive contract liabilities | $ 181,100 | $ 164,303 |
Traditional deferred annuities | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest sensitive contract liabilities | 48,450 | 35,650 |
Indexed annuities | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest sensitive contract liabilities | 92,414 | 90,660 |
Funding agreements | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest sensitive contract liabilities | 28,782 | 27,681 |
Other investment-type | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest sensitive contract liabilities | 5,645 | 2,852 |
Reconciling items | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest sensitive contract liabilities | $ 5,809 | $ 7,460 |
Long-duration Contracts - Accou
Long-duration Contracts - Account Balances by Guaranteed Minimum Interest Rates (Details) $ in Millions | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Policyholder Account Balance [Line Items] | ||||
Total | $ 175,291 | $ 168,339 | $ 156,843 | $ 151,390 |
Less than 2.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 129,906 | $ 116,647 | ||
Less than 2.0% | Maximum | Variable annuities | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balance, guaranteed minimum credit rating | 2% | 2% | ||
2.0% to less than 4.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 34,280 | $ 35,572 | ||
2.0% to less than 4.0% | Minimum | Variable annuities | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balance, guaranteed minimum credit rating | 2% | 2% | ||
2.0% to less than 4.0% | Maximum | Variable annuities | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balance, guaranteed minimum credit rating | 4% | 4% | ||
4.0% to less than 6.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 9,883 | $ 4,484 | ||
4.0% to less than 6.0% | Minimum | Variable annuities | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balance, guaranteed minimum credit rating | 4% | 4% | ||
4.0% to less than 6.0% | Maximum | Variable annuities | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balance, guaranteed minimum credit rating | 6% | 6% | ||
6.0% and greater | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 1,222 | $ 140 | ||
6.0% and greater | Minimum | Variable annuities | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balance, guaranteed minimum credit rating | 6% | 6% | ||
At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 68,211 | $ 68,251 | ||
At guaranteed minimum | Less than 2.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 25,571 | 29,040 | ||
At guaranteed minimum | 2.0% to less than 4.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 31,793 | 34,604 | ||
At guaranteed minimum | 4.0% to less than 6.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 9,625 | 4,467 | ||
At guaranteed minimum | 6.0% and greater | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 1,222 | 140 | ||
1 basis point – 100 basis points above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 25,628 | $ 31,131 | ||
1 basis point – 100 basis points above guaranteed minimum | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Guaranteed minimum crediting rate | 0.0001 | 0.0001 | ||
1 basis point – 100 basis points above guaranteed minimum | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Guaranteed minimum crediting rate | 0.0100 | 0.0100 | ||
1 basis point – 100 basis points above guaranteed minimum | Less than 2.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 23,867 | $ 30,195 | ||
1 basis point – 100 basis points above guaranteed minimum | 2.0% to less than 4.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 1,709 | 925 | ||
1 basis point – 100 basis points above guaranteed minimum | 4.0% to less than 6.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 52 | 11 | ||
1 basis point – 100 basis points above guaranteed minimum | 6.0% and greater | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 0 | 0 | ||
Greater than 100 basis points above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 81,452 | $ 57,461 | ||
Greater than 100 basis points above guaranteed minimum | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Guaranteed minimum crediting rate | 0.0100 | 0.0100 | ||
Greater than 100 basis points above guaranteed minimum | Less than 2.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 80,468 | $ 57,412 | ||
Greater than 100 basis points above guaranteed minimum | 2.0% to less than 4.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 778 | 43 | ||
Greater than 100 basis points above guaranteed minimum | 4.0% to less than 6.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 206 | 6 | ||
Greater than 100 basis points above guaranteed minimum | 6.0% and greater | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 0 | $ 0 |
Long-duration Contracts - Net P
Long-duration Contracts - Net Premium And Future Policy Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Issuances | $ 1,994 | |||
Benefit payments | (724) | |||
Net amount at risk | $ 14,392 | 10,983 | ||
Payout annuities | ||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Issuances | 88 | 1,994 | ||
Net premium collected | (88) | (1,994) | ||
Ending balance | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Beginning balance | 36,422 | 35,278 | ||
Beginning balance | 8,425 | 0 | ||
Beginning balance at original discount rate | 44,847 | 35,278 | ||
Effect of actual experience to expected experience | $ (29) | $ (47) | ||
Beginning of year balance | $ 44,818 | $ 35,231 | ||
Issuances | 88 | 1,994 | ||
Interest accrual | 346 | 229 | ||
Benefit payments | (885) | (724) | ||
Foreign exchange | 8 | (19) | ||
Ending balance at original discount rate | 44,375 | 36,711 | ||
Ending balance | (7,623) | (3,562) | ||
Ending balance | 36,752 | 33,149 | ||
Traditional Deferred Annuities and Indexed Annuities | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Net amount at risk | $ 14,326 | $ 10,970 | ||
Weighted-average attained age of contract holders (in years) | 69 years | 69 years |
Long-duration Contracts - Liabi
Long-duration Contracts - Liability for Future Policy Benefit, Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future policy benefits | $ 42,490 | $ 39,240 |
Premiums | 96 | 2,110 |
Payout annuities – ILC | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future policy benefits | 36,752 | 33,149 |
Premiums | 88 | 2,098 |
Reconciling items | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future policy benefits | 5,738 | 6,091 |
Premiums | $ 8 | $ 12 |
Long-duration Contracts - Narra
Long-duration Contracts - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Interest expense | $ 346 | $ 229 | ||
Increase (decrease) in assumption changes | (2,129) | |||
Change in discount rate assumptions | (3,562) | |||
Benefit payments | 724 | |||
Issuances | 1,994 | |||
Net market risk benefit liability increase (decrease) | 274 | (1,003) | ||
Effect of changes in discount rate assumptions | 226 | (758) | ||
Effect of changes in the instrument-specific credit risk | (455) | (397) | $ 366 | |
Attributed fees collected | 85 | 82 | ||
Effect of changes in equity | (18) | 55 | ||
Payout annuities | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Increase (decrease) in assumption changes | 330 | |||
Change in discount rate assumptions | (802) | |||
Interest accrual | 346 | |||
Benefit payments | 885 | 724 | ||
Issuances | $ 88 | $ 1,994 | ||
Effect of actual experience to expected experience | $ (29) | $ (47) |
Long-duration Contracts - Futur
Long-duration Contracts - Future Premiums and Payment Benefits (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Insurance [Abstract] | ||
Expected future benefit payments undiscounted | $ 63,995 | $ 51,643 |
Expected future benefit payments discounted | $ 44,375 | $ 36,711 |
Long-duration Contracts - Weigh
Long-duration Contracts - Weighted Average Duration And Weighted Average Interest Rates (Details) | Mar. 31, 2023 | Mar. 31, 2022 |
Insurance [Abstract] | ||
Weighted-average liability duration (in years) | 10 years 1 month 6 days | 10 years 7 months 6 days |
Weighted-average interest accretion rate | 3.20% | 2.70% |
Weighted-average current discount rate | 5.30% | 3.70% |
Long-duration Contracts - Actua
Long-duration Contracts - Actual Experience (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Expected reserve release due to death | ||
Policyholder Account Balance [Line Items] | ||
Net liability | $ 132 | $ 114 |
Actual reserve release due to death | ||
Policyholder Account Balance [Line Items] | ||
Net liability | 183 | 163 |
Decrease in reserve due to actual experience compared to expected experience | ||
Policyholder Account Balance [Line Items] | ||
Net liability | $ (51) | $ (49) |
Long-duration Contracts - Remea
Long-duration Contracts - Remeasurement of Gain (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Insurance [Abstract] | ||
Reserves | $ 29 | $ 47 |
Deferred profit liability | (27) | (54) |
Negative VOBA | (4) | 10 |
Total remeasurement gains (losses) | $ (2) | $ 3 |
Long-duration Contracts - Balan
Long-duration Contracts - Balances of and Changes in Market Risk Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Market Risk Benefit [Roll Forward] | |||
Beginning balance | $ 2,489 | $ 4,447 | |
Beginning balance effect of changes in instrument-specific credit risk | 366 | ||
Balance, beginning of period, before changes in instrument specific credit risk | 3,218 | 3,841 | $ 2,855 |
Issuances | 17 | 16 | |
Interest accrual | 34 | (2) | |
Attributed fees collected | 85 | 82 | |
Benefit payments | (6) | (12) | |
Effect of changes in interest rates | 226 | (758) | |
Effect of changes in equity | (18) | 55 | |
Effect of actual policyholder behavior compared to expected behavior | 25 | 13 | |
Balance, end of period, before changes in instrument specific credit risk | 3,218 | 3,841 | |
Ending balance effect of changes in instrument-specific credit risk | (455) | (397) | |
Ending balance | 2,763 | 3,444 | |
Reconciliation of the gross balances in an asset or liability position: | |||
Net amount at risk | 14,392 | 10,983 | |
Traditional deferred annuities | |||
Market Risk Benefit [Roll Forward] | |||
Beginning balance | 170 | 253 | |
Beginning balance effect of changes in instrument-specific credit risk | 13 | ||
Balance, beginning of period, before changes in instrument specific credit risk | 196 | 228 | 183 |
Issuances | 0 | 0 | |
Interest accrual | 2 | 0 | |
Attributed fees collected | 1 | 1 | |
Benefit payments | 0 | (1) | |
Effect of changes in interest rates | 8 | (26) | |
Effect of changes in equity | 0 | 0 | |
Effect of actual policyholder behavior compared to expected behavior | 2 | 1 | |
Balance, end of period, before changes in instrument specific credit risk | 196 | 228 | |
Ending balance effect of changes in instrument-specific credit risk | (16) | (13) | |
Ending balance | 180 | 215 | |
Reconciliation of the gross balances in an asset or liability position: | |||
Net amount at risk | $ 423 | $ 416 | |
Weighted-average attained age of contract holders (in years) | 75 years | 75 years | |
Indexed annuities | |||
Market Risk Benefit [Roll Forward] | |||
Beginning balance | $ 2,319 | $ 4,194 | |
Beginning balance effect of changes in instrument-specific credit risk | 353 | ||
Balance, beginning of period, before changes in instrument specific credit risk | 3,022 | 3,613 | $ 2,672 |
Issuances | 17 | 16 | |
Interest accrual | 32 | (2) | |
Attributed fees collected | 84 | 81 | |
Benefit payments | (6) | (11) | |
Effect of changes in interest rates | 218 | (732) | |
Effect of changes in equity | (18) | 55 | |
Effect of actual policyholder behavior compared to expected behavior | 23 | 12 | |
Balance, end of period, before changes in instrument specific credit risk | 3,022 | 3,613 | |
Ending balance effect of changes in instrument-specific credit risk | (439) | (384) | |
Ending balance | 2,583 | 3,229 | |
Reconciliation of the gross balances in an asset or liability position: | |||
Net amount at risk | $ 13,903 | $ 10,554 | |
Weighted-average attained age of contract holders (in years) | 69 years | 69 years | |
Traditional Deferred Annuities and Indexed Annuities | |||
Reconciliation of the gross balances in an asset or liability position: | |||
Net amount at risk | $ 14,326 | $ 10,970 | |
Weighted-average attained age of contract holders (in years) | 69 years | 69 years |
Long-duration Contracts - Asset
Long-duration Contracts - Asset and Liability (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Market Risk Benefit [Line Items] | ||||
Asset | $ 440 | $ 413 | $ 366 | |
Liability | 3,203 | 3,857 | 4,813 | |
Net liability | 2,763 | $ 2,489 | 3,444 | 4,447 |
Traditional deferred annuities | ||||
Market Risk Benefit [Line Items] | ||||
Asset | 0 | 0 | 0 | |
Liability | 180 | 215 | 253 | |
Net liability | 180 | $ 170 | 215 | 253 |
Indexed annuities | ||||
Market Risk Benefit [Line Items] | ||||
Asset | 440 | 413 | 366 | |
Liability | 3,023 | 3,642 | 4,560 | |
Net liability | $ 2,583 | $ 3,229 | $ 4,194 |
Long-duration Contracts - Signi
Long-duration Contracts - Significant Inputs and Assumptions (Details) $ in Millions | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Market Risk Benefit [Line Items] | ||||
Market risk benefits, net | $ 2,763 | $ 2,489 | $ 3,444 | $ 4,447 |
Minimum | Discounted cash flow | Nonperformance risk | ||||
Market Risk Benefit [Line Items] | ||||
Market risk benefits, measurement input | 0.003 | 0.004 | ||
Minimum | Discounted cash flow | Option budget | ||||
Market Risk Benefit [Line Items] | ||||
Market risk benefits, measurement input | 0.005 | 0.005 | ||
Minimum | Discounted cash flow | Surrender rate | ||||
Market Risk Benefit [Line Items] | ||||
Market risk benefits, measurement input | 0.033 | 0.036 | ||
Maximum | Discounted cash flow | Nonperformance risk | ||||
Market Risk Benefit [Line Items] | ||||
Market risk benefits, measurement input | 0.017 | 0.020 | ||
Maximum | Discounted cash flow | Option budget | ||||
Market Risk Benefit [Line Items] | ||||
Market risk benefits, measurement input | 0.056 | 0.038 | ||
Maximum | Discounted cash flow | Surrender rate | ||||
Market Risk Benefit [Line Items] | ||||
Market risk benefits, measurement input | 0.069 | 0.066 | ||
Weighted average | Discounted cash flow | Nonperformance risk | ||||
Market Risk Benefit [Line Items] | ||||
Market risk benefits, measurement input | 0.016 | 0.013 | ||
Weighted average | Discounted cash flow | Option budget | ||||
Market Risk Benefit [Line Items] | ||||
Market risk benefits, measurement input | 0.017 | 0.015 | ||
Weighted average | Discounted cash flow | Surrender rate | ||||
Market Risk Benefit [Line Items] | ||||
Market risk benefits, measurement input | 0.045 | 0.045 |
Profit Sharing Payable (Details
Profit Sharing Payable (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Profit Sharing Payable Activity [Roll Forward] | |
Profit sharing payable, beginning balance | $ 1,392 |
Profit sharing expense | 289 |
Payments/other | (168) |
Profit sharing payable, ending balance | $ 1,513 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax (provision) benefit | $ (253) | $ 485 |
Effective income tax rate | 14.10% | 31.40% |
Unrecognized tax benefits that would impact effective tax rate | $ 16 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 6,464 | $ 6,472 |
Fair Value | 5,520 | 5,467 |
Asset Management | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 2,814 | 2,814 |
Fair Value | 2,614 | 2,574 |
Amortization of note discount | 15 | 16 |
Asset Management | Senior Notes | 4.00%, 2024 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 499 | 499 |
Fair Value | $ 490 | 486 |
Interest rate | 4% | |
Asset Management | Senior Notes | 4.40%, 2026 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 498 | 498 |
Fair Value | $ 486 | 476 |
Interest rate | 4.40% | |
Asset Management | Senior Notes | 4.87%, 2029 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 675 | 675 |
Fair Value | $ 647 | 639 |
Interest rate | 4.87% | |
Asset Management | Senior Notes | 2.65% 2030 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 496 | 495 |
Fair Value | $ 419 | 407 |
Interest rate | 2.65% | |
Asset Management | Senior Notes | 5.00%, 2048 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 297 | 297 |
Fair Value | $ 272 | 262 |
Interest rate | 5% | |
Asset Management | Subordinated notes | 4.95%, 2050 Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 297 | 297 |
Fair Value | $ 248 | 252 |
Interest rate | 4.95% | |
Asset Management | Secured debt | 1.70% Secured Borrowing II | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 18 | 18 |
Fair Value | $ 18 | 17 |
Interest rate | 1.70% | |
Asset Management | Line of credit | 1.30% 2016 AMI Term Facility I | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 18 | 18 |
Fair Value | $ 18 | 18 |
Interest rate | 1.30% | |
Asset Management | Line of credit | 1.40% 2016 AMI Term Facility I | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 16 | 17 |
Fair Value | $ 16 | 17 |
Interest rate | 1.40% | |
Retirement Services | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 3,650 | 3,658 |
Fair Value | 2,906 | 2,893 |
Retirement Services | Senior Notes | 4.13% 2028 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 1,077 | 1,081 |
Fair Value | $ 907 | 921 |
Interest rate | 4.13% | |
Retirement Services | Senior Notes | 6.15% 2030 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 603 | 606 |
Fair Value | $ 504 | 508 |
Interest rate | 6.15% | |
Retirement Services | Senior Notes | 3.50% 2031 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 525 | 526 |
Fair Value | $ 421 | 413 |
Interest rate | 3.50% | |
Retirement Services | Senior Notes | 3.95% 2051 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 546 | 546 |
Fair Value | $ 350 | 342 |
Interest rate | 3.95% | |
Retirement Services | Senior Notes | 3.45% 2052 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 504 | 504 |
Fair Value | $ 317 | 311 |
Interest rate | 3.45% | |
Retirement Services | Senior Notes | 6.65% 2033 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 395 | 395 |
Fair Value | $ 407 | $ 398 |
Interest rate | 6.65% |
Debt - Narrative (Details)
Debt - Narrative (Details) | 3 Months Ended | |||
Feb. 07, 2023 USD ($) | Mar. 31, 2023 USD ($) extension | Sep. 30, 2022 | Oct. 12, 2022 USD ($) | |
Senior secured notes | Retirement Services | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, redemption price, percentage | 100% | |||
Line of credit | Revolving Credit Facility | AMH Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |||
Line of credit | Retirement Services | Revolving Credit Facility | AHL Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 1,250,000,000 | |||
Amount outstanding | $ 0 | |||
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 | |||
Capitalization ratio | 35% | |||
Minimum consolidated net worth | $ 7,300,000,000 | |||
Amount borrowed | $ 1,000,000,000 | |||
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 | |||
Renewal term of credit facility | 364 days | |||
Minimum consolidated net worth | 9,300,000,000 | |||
Current borrowing capacity | 2,500,000,000 | |||
Line of credit | Asset Management | Revolving Credit Facility | AMH Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 1,000,000,000 | |||
Incremental facilities, maximum amount | $ 250,000,000 | |||
Maximum leverage ratio | 4 | |||
Amount outstanding | $ 0 |
Debt - Schedule of Credit and L
Debt - Schedule of Credit and Liquidity Facilities (Details) - Line of credit - Revolving Credit Facility - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Oct. 12, 2022 | |
AMH Credit Facility | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |
AMH Credit Facility | Asset Management | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |
Commitment fee (as a percent) | 0.08% | |
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 | |
Current borrowing capacity | $ 2,500,000,000 |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||
Total Interest Expense | $ 61 | $ 56 |
Asset Management | ||
Debt Instrument [Line Items] | ||
Total Interest Expense | 31 | 32 |
Retirement Services | ||
Debt Instrument [Line Items] | ||
Total Interest Expense | $ 30 | $ 24 |
Equity-Based Compensation - Nar
Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 140 | $ 168 | |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized equity-based compensation expense | $ 996 | ||
Period of recognition | 2 years 9 months 18 days | ||
Granted (in shares) | 5,849,355 | ||
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 | $ 67 | $ 67 | |
Granted (in shares) | 4,600,000 | 4,300,000 | |
Grant date fair value | $ 313 | $ 266 | |
Service Grants | President | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 14 | 14 | |
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 | $ 55 | $ 74 | |
Granted (in shares) | 1,200,000 | 2,100,000 | |
Grant date fair value | $ 79 | $ 126 | |
Performance Grants | President | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 6 | 6 | |
Granted (in shares) | 2,000,000 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 9 | $ 19 | |
Granted (in shares) | 200,000 | 400,000 | |
Grant date fair value | $ 14 | $ 28 |
Equity-Based Compensation - RSU
Equity-Based Compensation - RSU and RS Summary (Details) - RSUs | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Unvested | |
Unvested, beginning balance (in shares) | 18,263,875 |
Granted (in shares) | 5,849,355 |
Forfeited (in shares) | (30,076) |
Vested (in shares) | (3,028,390) |
Unvested, ending balance (in shares) | 21,054,764 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 57.18 |
Granted (in dollars per share) | $ / shares | 66.99 |
Forfeited (in dollars per share) | $ / shares | 64.93 |
Vested (in dollars per share) | $ / shares | 48.77 |
Ending balance (in dollars per share) | $ / shares | $ 61.16 |
Vested | |
Vested, beginning balance (in shares) | 15,656,775 |
Granted (in shares) | 0 |
Forfeited (in shares) | 0 |
Vested (in shares) | 3,028,390 |
Issued (in shares) | (5,903,313) |
Vested, ending balance (in shares) | 12,781,852 |
Total Number of RSUs Outstanding | |
Beginning balance (in shares) | 33,920,650 |
Granted (in shares) | 5,849,355 |
Forfeited (in shares) | (30,076) |
Vested (in shares) | 0 |
Issued (in shares) | (5,903,313) |
Ending balance (in shares) | 33,836,616 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Feb. 21, 2023 | Jan. 03, 2022 | |
Class of Stock [Line Items] | ||||
Share repurchase program, authorized amount | $ 1,000 | $ 1,500 | ||
Share repurchase program, additional amount | 500 | $ 1,000 | ||
Stock repurchase program, decrease in authorized amount | $ 500 | |||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Repurchase of class A common stock (in shares) | 6,376,021 | 2,986,676 | ||
Repurchase of common stock | $ 433 | $ 187 |
Equity - Schedule of Share Acti
Equity - Schedule of Share Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Class of Stock [Line Items] | ||
Cash paid for tax liabilities | $ 147 | $ 138 |
Common Stock | ||
Class of Stock [Line Items] | ||
Shares of common stock purchased related to share issuances and forfeitures (in shares) | (160,239) | (219,500) |
Issuance of shares of common stock for equity-based awards (in shares) | 2,706,576 | 2,274,666 |
Common stock shares repurchased (in shares) | 353,979 | 623,324 |
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 (in shares) | 4,930,963 | 4,556,421 |
Reduction of shares of common stock issued (in shares) | (2,064,148) | (2,062,255) |
Shares issued in settlement of vested RSUs and options exercised | Common Stock | ||
Class of Stock [Line Items] | ||
Share-based payment arrangement, before forfeiture | $ 348 | $ 301 |
Shares purchased related to share issuances and forfeitures | ||
Class of Stock [Line Items] | ||
Granted (in shares) | 193,740 | 403,824 |
RSUs | ||
Class of Stock [Line Items] | ||
Granted (in shares) | 160,239 | 219,500 |
Equity - Schedule of Dividends
Equity - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 28, 2023 | Feb. 09, 2023 | Nov. 30, 2022 | Nov. 02, 2022 | Aug. 31, 2022 | Aug. 04, 2022 | May 31, 2022 | May 05, 2022 | Feb. 28, 2022 | Feb. 11, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||||||||||||
Dividends per share of common stock (in dollars per share) | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | $ 1.60 | |||||
Dividend to Common Stockholders | $ 229 | $ 229 | $ 229 | $ 229 | $ 229 | $ 229 | $ 916 | |||||
Distribution to Non-Controlling Interest Holders in the Apollo Operating Group | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Total Distributions | 229 | 229 | 229 | 229 | 229 | 229 | 916 | |||||
Distribution Equivalents on Participating Securities | $ 12 | $ 11 | $ 11 | $ 12 | $ 12 | $ 12 | $ 46 |
Equity - Schedule of Accumulate
Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 14,366 | $ 10,194 |
Less: Income tax expense (benefit) | (290) | 615 |
Ending balance | 16,692 | 22,089 |
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 | (12,568) | (1) |
Other comprehensive income (loss) before reclassifications | 2,187 | (6,646) |
Less: Reclassification adjustments for gains (losses) realized | (31) | (38) |
Less: Income tax expense (benefit) | 312 | (1,184) |
Less: Other comprehensive income (loss) attributable to non-controlling interests | 220 | (676) |
Ending balance | (10,882) | (4,749) |
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 | (334) | 0 |
Other comprehensive income (loss) before reclassifications | (119) | (97) |
Less: Reclassification adjustments for gains (losses) realized | 0 | (7) |
Less: Income tax expense (benefit) | 14 | (16) |
Less: Other comprehensive income (loss) attributable to non-controlling interests | 0 | (9) |
Ending balance | (467) | (65) |
Unrealized gains (losses) on hedging instruments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | 48 | (1) |
Other comprehensive income (loss) before reclassifications | 191 | (127) |
Less: Reclassification adjustments for gains (losses) realized | 87 | 0 |
Less: Income tax expense (benefit) | 15 | (26) |
Less: Other comprehensive income (loss) attributable to non-controlling interests | 27 | (24) |
Ending balance | 110 | (78) |
Remeasurement gains (losses) on future policy benefits related to discount rate | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | 5,256 | 0 |
Other comprehensive income (loss) before reclassifications | (802) | 3,562 |
Less: Reclassification adjustments for gains (losses) realized | 0 | 0 |
Less: Income tax expense (benefit) | (73) | 529 |
Less: Other comprehensive income (loss) attributable to non-controlling interests | (208) | 774 |
Ending balance | 4,735 | 2,259 |
Remeasurement gains (losses) on market risk benefits related to credit risk | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | 285 | 0 |
Other comprehensive income (loss) before reclassifications | 89 | 397 |
Less: Reclassification adjustments for gains (losses) realized | 0 | 0 |
Less: Income tax expense (benefit) | 18 | 83 |
Less: Other comprehensive income (loss) attributable to non-controlling interests | 1 | 5 |
Ending balance | 355 | 309 |
Foreign currency translation and other adjustments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (22) | (3) |
Other comprehensive income (loss) before reclassifications | 22 | (9) |
Less: Reclassification adjustments for gains (losses) realized | 0 | 0 |
Less: Income tax expense (benefit) | 4 | (1) |
Less: Other comprehensive income (loss) attributable to non-controlling interests | 9 | (15) |
Ending balance | (13) | 4 |
Accumulated other comprehensive income (loss) | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (7,335) | (5) |
Other comprehensive income (loss) before reclassifications | 1,568 | (2,920) |
Less: Reclassification adjustments for gains (losses) realized | 56 | (45) |
Less: Income tax expense (benefit) | 290 | (615) |
Less: Other comprehensive income (loss) attributable to non-controlling interests | 49 | 55 |
Ending balance | $ (6,162) | $ (2,320) |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Basic and Diluted Net Income per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to common stockholders | $ 1,010 | $ (401) |
Dividends declared on common stock | (229) | (229) |
Dividends on participating securities | (12) | (12) |
Earnings allocable to participating securities | (20) | 0 |
Undistributed income (loss) attributable to common stockholders: Basic | 749 | (642) |
Dilution effect on distributable income attributable to contingent shares | (5) | 0 |
Undistributed income (loss) attributable to common stockholders: Diluted | $ 744 | $ (642) |
Weighted average number of shares of common stock outstanding - basic (in shares) | 584,115,927 | 586,495,913 |
Dilution effect of contingent shares (in shares) | 126,644 | 0 |
Weighted average number of shares of common stock outstanding - diluted (in shares) | 584,242,571 | 586,495,913 |
Net income(loss) per share of common stock: Basic | ||
Distributed income (in dollars per share) | $ 0.40 | $ 0.40 |
Undistributed income (loss) (in dollars per share) | 1.27 | (1.10) |
Net income (loss) per share of common stock: basic (in dollars per share) | 1.67 | (0.70) |
Net Income (Loss) per share of common stock: Diluted | ||
Distributed income (in dollars per share) | 0.40 | 0.40 |
Undistributed income (loss) (in dollars per share) | 1.26 | (1.10) |
Net income (loss) per share of common stock: diluted (in dollars per share) | $ 1.66 | $ (0.70) |
Earnings per Share - Anti-dilut
Earnings per Share - Anti-dilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Weighted average unvested RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 14,056,347 | 10,744,265 |
Weighted average unexercised options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 2,311,985 | 2,424,407 |
Weighted average unexercised warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 3,832,969 | 1,300,000 |
Weighted average unvested restricted shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 1,719,231 | 2,266,951 |
Related Parties - Schedule of R
Related Parties - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Due from funds | $ 274 | $ 269 |
Due from portfolio companies | 98 | 106 |
Due from employees and former employees | 92 | 90 |
Total Due from Related Parties | 464 | 465 |
Due to former managing partners and contributing partners | 831 | 874 |
Due to funds | 149 | 124 |
Total Due to Related Parties | 980 | 998 |
Sale of Investment | Investment funds | ||
Related Party Transaction [Line Items] | ||
Total Due from Related Parties | 33 | 43 |
AOG Unit Payment | Managing Partners | ||
Related Party Transaction [Line Items] | ||
Total Due to Related Parties | $ 307 | $ 351 |
Related Parties - Narrative (De
Related Parties - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jul. 13, 2021 | Feb. 12, 2021 | Oct. 31, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||||||
Due to related parties | $ 980,000,000 | $ 998,000,000 | ||||||
Due from employees and former employees | 92,000,000 | 90,000,000 | ||||||
Due from related parties | 464,000,000 | 465,000,000 | ||||||
AFS securities | $ 118,579,000,000 | 112,225,000,000 | ||||||
ALRe | ACRA 1A | ||||||||
Related Party Transaction [Line Items] | ||||||||
Sale of stock, percentage of ownership after transaction | 36.55% | |||||||
Athene Dedicated Investment Program | ||||||||
Related Party Transaction [Line Items] | ||||||||
Economic interest, ownership percentage | 63.45% | |||||||
Athene Dedicated Investment Program | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proceeds from contributed capital | $ 0 | $ 311,000,000 | ||||||
Dividends paid | 127,000,000 | $ 0 | ||||||
Affiliated Entity | ||||||||
Related Party Transaction [Line Items] | ||||||||
Performance allocations | 119,000,000 | 107,000,000 | ||||||
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 | 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 | $ 1,185,000,000 | 1,024,000,000 | ||||||
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 | $ 1,034,000,000 | 959,000,000 | ||||||
Affiliated Entity | Atlas | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due to related parties | 995,000,000 | 0 | ||||||
Purchases from related party | 1,043,000,000 | 0 | ||||||
Tax Receivable Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Cash tax savings | 15% | |||||||
Tax Receivable Agreement | Affiliated Entity | ||||||||
Related Party Transaction [Line Items] | ||||||||
Cash tax savings | 85% | |||||||
AOG Unit Payment | Managing Partners | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due to related parties | 307,000,000 | 351,000,000 | ||||||
Employee Loans | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from employees and former employees | 7,000,000 | 9,000,000 | ||||||
Employee Loans, Profit Sharing Distributions | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from employees and former employees | 75,000,000 | 72,000,000 | ||||||
Indemnification Liability | Affiliated Entity | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from related parties | 13,000,000 | 13,000,000 | ||||||
Equity Commitments | Affiliated Entity | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due to related parties | 347,000,000 | |||||||
Funding agreements | Affiliated Entity | Athora Holding Ltd. (Athora) | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due to related parties | 60,000,000 | 59,000,000 | ||||||
Additional Investments | Affiliated Entity | Athora Holding Ltd. (Athora) | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due to related parties | 526,000,000 | |||||||
Additional Investments | Affiliated Entity | PK Air | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due to related parties | 1,300,000,000 | |||||||
Reinsurance Agreement | Affiliated Entity | Catalina Holdings Ltd. (Catalina) [Member] | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due to related parties | 189,000,000 | 142,000,000 | ||||||
Coinsurance And Modco Agreement | Affiliated Entity | Voya Insurance And Annuity Company | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment funds | 235,000,000 | 240,000,000 | ||||||
Loans Receivable From Related Party | Affiliated Entity | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from related parties | $ 338,000,000 | 303,000,000 | ||||||
Related party transaction, rate | 6.257% | |||||||
PK Air Senior Notes | Affiliated Entity | PK Air | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Purchases from related party | $ 1,600,000,000 | $ 1,200,000,000 |
Related Parties - Athora (Detai
Related Parties - Athora (Details) - Athora Holding Ltd. (Athora) - Affiliated Entity - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Investment fund | $ 1,034 | $ 959 |
Non-redeemable preferred equity securities | 245 | 273 |
Total Investments – Asset Management | $ 1,279 | $ 1,232 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) € in Millions | 1 Months Ended | 3 Months Ended | |||||
Jun. 08, 2020 claim Defendant | Dec. 21, 2017 USD ($) | Aug. 03, 2017 EUR (€) | Mar. 31, 2020 Defendant | Mar. 31, 2023 USD ($) Transaction subsidiary | Dec. 31, 2022 USD ($) | May 03, 2022 USD ($) | |
Loss Contingencies [Line Items] | |||||||
Cumulative revenues recognized if existing investments become worthless | $ 4,900,000,000 | ||||||
Fair Value, Recurring | Asset Management | |||||||
Loss Contingencies [Line Items] | |||||||
Contingent consideration obligations | 78,000,000 | $ 86,000,000 | |||||
Level 3 | Fair Value, Recurring | Asset Management | |||||||
Loss Contingencies [Line Items] | |||||||
Contingent consideration obligations | $ 78,000,000 | 86,000,000 | |||||
Atlas | |||||||
Loss Contingencies [Line Items] | |||||||
Number of transaction acquired | Transaction | 2 | ||||||
Guarantee | $ 3,300,000,000 | ||||||
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 | ||||||
Frank Funds V. Apollo Global Management | Officers And Employees | |||||||
Loss Contingencies [Line Items] | |||||||
Number of defendants | Defendant | 3 | ||||||
Stone Tower | |||||||
Loss Contingencies [Line Items] | |||||||
Fair value of contingent consideration | 53,000,000 | 55,000,000 | |||||
Griffin Capital, Asset Management Business | |||||||
Loss Contingencies [Line Items] | |||||||
Contingent consideration obligations | $ 64,000,000 | ||||||
Griffin Capital, Asset Management Business | Level 3 | Fair Value, Recurring | Asset Management | |||||||
Loss Contingencies [Line Items] | |||||||
Contingent consideration obligations | 25,000,000 | 31,000,000 | |||||
Apollo Capital Markets Partnership | Sumitomo Mitsui Banking Corp | |||||||
Loss Contingencies [Line Items] | |||||||
Maximum borrowing capacity | 2,250,000,000 | ||||||
Amount outstanding | 1,240,000,000 | ||||||
Athene Holding Limited | Letter of Credit | |||||||
Loss Contingencies [Line Items] | |||||||
Undrawn letter of credit | 1,300,000,000 | ||||||
Athene Holding Limited | Federal Home Loan Bank | |||||||
Loss Contingencies [Line Items] | |||||||
Funding agreements outstanding | 4,900,000,000 | 3,700,000,000 | |||||
Athene Holding Limited | Funding Agreement Backed Notes | |||||||
Loss Contingencies [Line Items] | |||||||
Funding agreements outstanding | 21,100,000,000 | 21,000,000,000 | |||||
Funding agreements remaining capacity | 13,500,000,000 | ||||||
Athene Holding Limited | Funding Agreement Backed Repurchase Agreement | |||||||
Loss Contingencies [Line Items] | |||||||
Funding agreements outstanding | 3,000,000,000 | $ 3,000,000,000 | |||||
Additional Investments | |||||||
Loss Contingencies [Line Items] | |||||||
Retirement services contributions to investment funds, inclusive of related party commitments | 19,300,000,000 | ||||||
Investment Commitment | |||||||
Loss Contingencies [Line Items] | |||||||
Other commitment | $ 600,000,000 | ||||||
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) - Athene Holding Limited - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
AFS securities | $ 17,054 | $ 15,366 |
Trading securities | 69 | 55 |
Equity securities | 71 | 38 |
Mortgage loans | 7,963 | 8,849 |
Investment funds | 84 | 103 |
Derivative assets | 80 | 65 |
Short-term investments | 131 | 120 |
Other investments | 215 | 170 |
Restricted cash and cash equivalents | 1,148 | 628 |
Total restricted assets | $ 26,815 | $ 25,394 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 3 Months Ended |
Mar. 31, 2023 reportable_segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segments - Segment Reporting In
Segments - Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 270,324 | $ 257,217 | |
Asset Management | |||
Segment Reporting Information [Line Items] | |||
Total assets | 12,967 | 13,402 | |
Retirement Services | |||
Segment Reporting Information [Line Items] | |||
Total assets | 257,357 | 243,815 | |
Management fees | Asset Management | |||
Segment Reporting Information [Line Items] | |||
Revenues | 414 | $ 336 | |
Advisory and transaction fees, net | Asset Management | |||
Segment Reporting Information [Line Items] | |||
Revenues | 155 | 66 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Segment Income | 1,093 | 1,171 | |
Total assets | 263,639 | 250,500 | |
Operating Segments | Asset Management | |||
Segment Reporting Information [Line Items] | |||
Fee-related performance fees | 27 | 14 | |
Fee-related compensation | (211) | (175) | |
Other operating expenses | (134) | (98) | |
Segment Income | 397 | 310 | |
Total assets | 2,030 | 1,918 | |
Operating Segments | Retirement Services | |||
Segment Reporting Information [Line Items] | |||
Other operating expenses | (124) | (109) | |
Fixed income and other investment income, net | 1,957 | 1,207 | |
Alternative investment income, net | 185 | 448 | |
Strategic capital management fees | 14 | 12 | |
Cost of funds | (1,235) | (822) | |
Interest and other financing costs | (109) | (62) | |
Segment Income | 688 | 674 | |
Total assets | 8,158 | 8,099 | |
Operating Segments | Principal Investing | |||
Segment Reporting Information [Line Items] | |||
Other operating expenses | (14) | (10) | |
Realized performance fees | 164 | 127 | |
Realized investment income | 28 | 226 | |
Principal investing compensation | (170) | (156) | |
Segment Income | 8 | 187 | |
Total assets | 253,451 | $ 240,483 | |
Operating Segments | Management fees | Asset Management | |||
Segment Reporting Information [Line Items] | |||
Revenues | 577 | 505 | |
Operating Segments | Advisory and transaction fees, net | Asset Management | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 138 | $ 64 |
Segments - Reconciliation of To
Segments - Reconciliation of Total Consolidated Revenues to Total Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total Consolidated Revenues | $ 5,301 | $ 862 |
Asset Management | ||
Segment Reporting Information [Line Items] | ||
Total Consolidated Revenues | 1,036 | 1,109 |
Asset Management | Management fees | ||
Segment Reporting Information [Line Items] | ||
Retirement services management fees | 414 | 336 |
Adjustments | ||
Segment Reporting Information [Line Items] | ||
Retirement services GAAP revenue | (4,265) | 247 |
Equity awards granted by unconsolidated related parties, reimbursable expenses and other | (69) | (41) |
Adjustments related to consolidated funds and VIEs | (1) | 76 |
Performance fees | (401) | (571) |
Principal investment income | (39) | (172) |
Adjustments | Management fees | ||
Segment Reporting Information [Line Items] | ||
Retirement services management fees | 216 | 182 |
Operating Segments | Asset Management | ||
Segment Reporting Information [Line Items] | ||
Total Consolidated Revenues | 742 | 583 |
Operating Segments | Asset Management | Management fees | ||
Segment Reporting Information [Line Items] | ||
Retirement services management fees | $ 577 | $ 505 |
Segments - Reconciliation of In
Segments - Reconciliation of Income Before Income Tax provision from Segments to Consolidated (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (loss) before income tax provision (benefit) | $ 1,791 | $ (1,544) |
Equity-based compensation | 140 | 168 |
Net (income) loss attributable to non-controlling interests in consolidated entities | 528 | (658) |
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 | 7 | (36) |
Investment (gains) losses, net of offsets | 2 | (34) |
Retirement Services | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Investment (gains) losses, net of offsets | (1,065) | 4,230 |
Adjustments | Asset Management | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Equity-based profit sharing expense and other | 67 | 97 |
Equity-based compensation | 52 | 56 |
Transaction-related charges | (3) | (1) |
Merger-related transaction and integration costs | 7 | 18 |
(Gains) losses from change in tax receivable agreement liability | 0 | 14 |
Net (income) loss attributable to non-controlling interests in consolidated entities | (523) | 649 |
Unrealized performance fees | (239) | (445) |
Unrealized profit sharing expense | 135 | 191 |
HoldCo interest and other financing costs | 21 | 39 |
Unrealized principal investment income (loss) | (10) | 82 |
Unrealized net (gains) losses from investment activities and other | 12 | (18) |
Adjustments | Retirement Services | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Equity-based compensation | 16 | 12 |
Investment (gains) losses, net of offsets | (397) | 2,636 |
Non-operating change in insurance liabilities and related derivatives | 135 | (649) |
Integration, restructuring and other non-operating expenses | 29 | 34 |
Operating Segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment Income | 1,093 | 1,171 |
Operating Segments | Retirement Services | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
HoldCo interest and other financing costs | $ 109 | $ 62 |
Segments - Reconciliation of As
Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Assets | $ 270,324 | $ 257,217 |
Operating Segments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Assets | 263,639 | 250,500 |
Adjustments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Assets | $ 6,685 | $ 6,717 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||
May 09, 2023 | Feb. 09, 2023 | Nov. 02, 2022 | Aug. 04, 2022 | May 05, 2022 | Feb. 11, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | ||||||||
Dividends per share of common stock (in dollars per share) | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | $ 1.60 | |
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends per share of common stock (in dollars per share) | $ 0.43 |