Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-41197 | |
Entity Registrant Name | APOLLO GLOBAL MANAGEMENT, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 86-3155788 | |
Entity Address, Address Line One | 9 West 57th Street | |
Entity Address, Address Line Two | 42nd Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10019 | |
City Area Code | 212 | |
Local Phone Number | 515-3200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 569,003,922 | |
Amended Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001858681 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | APO | |
Security Exchange Name | NYSE | |
6.75% Series A Mandatory Convertible Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.75% Series A Mandatory Convertible Preferred Stock | |
Trading Symbol | APO.PRA | |
Security Exchange Name | NYSE | |
7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053 | |
Trading Symbol | APOS | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Deferred acquisition costs, deferred sales inducements and value of business acquired | $ 6,408 | $ 5,979 |
Total Assets | 334,051 | 313,488 |
Liabilities | ||
Debt | 9,596 | 8,092 |
Interest sensitive contract liabilities | 220,234 | |
Future policy benefits | 51,672 | |
Market risk benefits | 3,723 | |
Total Liabilities | 307,035 | 288,243 |
Commitments and Contingencies (note 16) | ||
Redeemable non-controlling interests | ||
Redeemable non-controlling interests | 13 | 12 |
Equity | ||
Mandatory Convertible Preferred Stock, 28,749,765 and 28,750,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 1,398 | 1,398 |
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 569 and $568 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 0 | 0 |
Additional paid in capital | 15,167 | 15,249 |
Retained earnings (accumulated deficit) | 3,862 | 2,972 |
Accumulated other comprehensive income (loss) | (5,640) | (5,575) |
Total Apollo Global Management, Inc. Stockholders’ Equity | 14,787 | 14,044 |
Non-controlling interests | 12,216 | 11,189 |
Total Equity | 27,003 | 25,233 |
Total Liabilities, Redeemable non-controlling interests and Equity | 334,051 | 313,488 |
VIE, Primary Beneficiary | ||
Assets | ||
Cash and cash equivalents | 416 | |
Asset Management | ||
Assets | ||
Restricted cash and cash equivalents | 2 | 2 |
Due from related parties | 441 | 449 |
Goodwill | 264 | 264 |
Total Assets | 13,803 | 13,175 |
Liabilities | ||
Accounts payable, accrued expenses, and other liabilities | 3,425 | 3,338 |
Due to related parties | 825 | 870 |
Other liabilities | 1,867 | 1,145 |
Debt | 3,856 | 3,883 |
Total Liabilities | 9,973 | 9,236 |
Asset Management | Consolidated Entity, Excluding Consolidated VIE | ||
Assets | ||
Cash and cash equivalents | 2,473 | 2,748 |
Other assets | 2,386 | 2,331 |
Asset Management | VIE, Primary Beneficiary | ||
Assets | ||
Cash and cash equivalents | 323 | 62 |
Other assets | 36 | 177 |
Asset Management | Nonrelated Party | Consolidated Entity, Excluding Consolidated VIE | ||
Assets | ||
Investments | 5,599 | 5,502 |
Asset Management | Nonrelated Party | VIE, Primary Beneficiary | ||
Assets | ||
Investments | 2,279 | 1,640 |
Retirement Services | ||
Assets | ||
Restricted cash and cash equivalents | 1,575 | 1,761 |
Goodwill | 4,064 | 4,065 |
Reinsurance recoverable | 5,183 | 4,154 |
Deferred acquisition costs, deferred sales inducements and value of business acquired | 6,408 | 5,979 |
Total Assets | 320,248 | 300,313 |
Liabilities | ||
Debt | 5,740 | 4,209 |
Interest sensitive contract liabilities | 220,234 | 204,670 |
Future policy benefits | 51,672 | 53,287 |
Market risk benefits | 3,723 | 3,751 |
Payables for collateral on derivatives and securities to repurchase | 8,147 | 7,536 |
Total Liabilities | 297,062 | 279,007 |
Retirement Services | Consolidated Entity, Excluding Consolidated VIE | ||
Assets | ||
Cash and cash equivalents | 15,250 | 13,020 |
Other assets | 12,295 | 11,953 |
Liabilities | ||
Other liabilities | 6,482 | 4,456 |
Retirement Services | VIE, Primary Beneficiary | ||
Assets | ||
Cash and cash equivalents | 93 | 98 |
Other assets | 132 | 110 |
Liabilities | ||
Other liabilities | 1,064 | 1,098 |
Retirement Services | Nonrelated Party | Consolidated Entity, Excluding Consolidated VIE | ||
Assets | ||
Investments | 226,956 | 213,099 |
Retirement Services | Nonrelated Party | VIE, Primary Beneficiary | ||
Assets | ||
Investments | 21,009 | 20,232 |
Retirement Services | Related Party | Consolidated Entity, Excluding Consolidated VIE | ||
Assets | ||
Investments | $ 27,283 | $ 25,842 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares issued (in shares) | 28,749,765 | 28,750,000 |
Preferred stock, shares outstanding (in shares) | 28,749,765 | 28,750,000 |
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) | 569,003,922 | 567,762,932 |
Common stock, shares outstanding (in shares) | 569,003,922 | 567,762,932 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | ||
Premiums | $ 101 | $ 96 |
Total Revenues | 7,040 | 5,301 |
Expenses | ||
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 207 | 138 |
Total Expenses | 4,891 | 3,574 |
Other income (loss) – Asset Management | ||
Income (loss) before income tax (provision) benefit | 2,187 | 1,791 |
Income tax (provision) benefit | (422) | (253) |
Net income (loss) | 1,765 | 1,538 |
Net (income) loss attributable to non-controlling interests | (338) | (528) |
Net income (loss) attributable to Apollo Global Management, Inc. | 1,427 | 1,010 |
Preferred stock dividends | (24) | 0 |
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders, basic | 1,403 | 1,010 |
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders, diluted | $ 1,403 | $ 1,010 |
Earnings (loss) per share | ||
Net income (loss) attributable to common stockholders - Basic (in dollars per share) | $ 2.31 | $ 1.67 |
Net income (loss) attributable to common stockholders - Diluted (in dollars per share) | $ 2.28 | $ 1.66 |
Weighted average shares outstanding | ||
Weighted average shares outstanding – Basic (in shares) | 588,120,328 | 584,115,927 |
Weighted average shares outstanding – Diluted (in shares) | 605,378,709 | 584,242,571 |
Management fees | ||
Revenues | ||
Revenues | $ 438 | $ 414 |
Advisory and transaction fees, net | ||
Revenues | ||
Revenues | 169 | 155 |
Incentive fees | ||
Revenues | ||
Revenues | 26 | 15 |
Asset Management | ||
Revenues | ||
Investment income (loss) | 402 | 452 |
Total Revenues | 1,035 | 1,036 |
Expenses | ||
Compensation and benefits | 667 | 670 |
Interest expense | 51 | 31 |
General, administrative and other | 240 | 197 |
Total Expenses | 958 | 898 |
Other income (loss) – Asset Management | ||
Other income (loss), net | (26) | 32 |
Total Other income (loss) | 38 | 64 |
Asset Management | Consolidated Entity, Excluding VIE | ||
Revenues | ||
Investment related gains (losses) | 39 | (2) |
Asset Management | VIE, Primary Beneficiary | ||
Revenues | ||
Investment related gains (losses) | 25 | 34 |
Expenses | ||
Interest expense | 25 | 29 |
Retirement Services | ||
Revenues | ||
Investment income (loss) | 3,576 | 2,612 |
Premiums | 101 | 96 |
Product charges | 238 | 198 |
Investment related gains (losses) | 1,677 | 1,065 |
Revenues of consolidated variable interest entities | 411 | 281 |
Other revenues | 2 | 13 |
Total Revenues | 6,005 | 4,265 |
Expenses | ||
Interest sensitive contract benefits | 2,884 | 1,289 |
Future policy and other policy benefits | 543 | 466 |
Market risk benefits remeasurement (gains) losses | (154) | 346 |
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 207 | 138 |
Policy and other operating expenses | 453 | 437 |
Total Expenses | 3,933 | 2,676 |
Retirement Services | VIE, Primary Beneficiary | ||
Revenues | ||
Investment income (loss) | 81 | 82 |
Investment related gains (losses) | 330 | 199 |
Total Revenues | $ 411 | $ 281 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 1,765 | $ 1,538 |
Other comprehensive income (loss), before tax | ||
Unrealized investment gains (losses) on available-for-sale securities | (738) | 2,099 |
Unrealized gains (losses) on hedging instruments | (76) | 104 |
Remeasurement gains (losses) on future policy benefits related to discount rate | 803 | (802) |
Remeasurement gains (losses) on market risk benefits related to credit risk | (28) | 89 |
Foreign currency translation and other adjustments | (32) | 22 |
Other comprehensive income (loss), before tax | (71) | 1,512 |
Income tax expense (benefit) related to other comprehensive income (loss) | (4) | 290 |
Other comprehensive income (loss) | (67) | 1,222 |
Comprehensive income (loss) | 1,698 | 2,760 |
Comprehensive (income) loss attributable to non-controlling interests | (336) | (577) |
Comprehensive income (loss) attributable to Apollo Global Management, Inc. | $ 1,362 | $ 2,183 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Total Apollo Global Management, Inc. Stockholders’ Equity (Deficit) | Common Stock | Series A Mandatory Convertible Preferred Stock | Additional Paid in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interests |
Beginning balance (in shares) at Dec. 31, 2022 | 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 (in shares) at Mar. 31, 2023 | 567,000,000 | |||||||
Ending balance at Mar. 31, 2023 | $ 16,692 | 8,074 | 14,408 | (172) | (6,162) | 8,618 | ||
Beginning balance (in shares) at Dec. 31, 2023 | 567,762,932 | 568,000,000 | ||||||
Beginning balance (in shares) at Dec. 31, 2023 | 28,750,000 | 1,398,000,000 | ||||||
Beginning balance at Dec. 31, 2023 | $ 25,233 | 14,044 | 15,249 | 2,972 | (5,575) | 11,189 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other changes in equity of non-controlling interests | 1 | 1 | ||||||
Accretion of redeemable non-controlling interests | (1) | (1) | (1) | |||||
Capital increase related to equity-based compensation | 163 | 163 | 163 | |||||
Capital contributions | 1,006 | 1,006 | ||||||
Dividends/distributions (in shares) | (24,000,000) | |||||||
Dividends/distributions | (599) | (283) | (259) | (316) | ||||
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 | (246) | (246) | 8 | (254) | ||||
Repurchase of common stock (in shares) | (2,000,000) | |||||||
Repurchase of common stock | (260) | (260) | (260) | |||||
Stock option exercises | 8 | 8 | 8 | |||||
Net income (loss) (in shares) | 24,000,000 | |||||||
Net income (loss) | 1,765 | 1,427 | 1,403 | 338 | ||||
Other comprehensive income (loss) | $ (67) | (65) | (65) | (2) | ||||
Ending balance (in shares) at Mar. 31, 2024 | 569,003,922 | 569,000,000 | ||||||
Ending balance (in shares) at Mar. 31, 2024 | 28,749,765 | 1,398,000,000 | ||||||
Ending balance at Mar. 31, 2024 | $ 27,003 | $ 14,787 | $ 15,167 | $ 3,862 | $ (5,640) | $ 12,216 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities | ||
Net Income (Loss) | $ 1,765 | $ 1,538 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ||
Equity-based compensation | 189 | 140 |
Net investment income | (416) | (474) |
Net recognized (gains) losses on investments and derivatives | (2,094) | (2,057) |
Depreciation and amortization | 238 | 165 |
Net amortization (accretion) of net investment premiums, discount and other | (5) | 30 |
Policy acquisition costs deferred | (459) | (375) |
Other non-cash amounts included in net income (loss), net | 72 | 66 |
Changes in consolidation | 0 | (51) |
Changes in operating assets and liabilities: | ||
Purchases of investments by Funds and VIEs | (1,521) | (1,213) |
Proceeds from sale of investments by Funds and VIEs | 879 | 1,861 |
Interest sensitive contract liabilities | 2,132 | 2,229 |
Future policy benefits, market risk benefits and reinsurance recoverable | (671) | 64 |
Other assets and liabilities, net | (39) | (852) |
Net cash provided by operating activities | 70 | 1,071 |
Cash Flows from Investing Activities | ||
Purchases of investments and contributions to equity method investments | (634) | (1,397) |
Purchases of available-for-sale securities | (18,464) | (6,668) |
Purchases of mortgage loans | (5,714) | (2,930) |
Purchases of investment funds | (612) | (464) |
Purchases of U.S. Treasury securities | 0 | (244) |
Purchases of derivatives instruments and other investments | (857) | (725) |
Sales, maturities and repayments of investments and distributions from equity method investments | 9,601 | 6,329 |
Other investing activities, net | 295 | 459 |
Net cash used in investing activities | (16,385) | (5,640) |
Cash Flows from Financing Activities | ||
Issuance of debt | 2,827 | 1,203 |
Repayment of debt | (524) | (1,858) |
Repurchase of common stock | (260) | (458) |
Common stock dividends | (259) | (241) |
Preferred stock dividends | (24) | 0 |
Distributions paid to non-controlling interests | (305) | (183) |
Contributions from non-controlling interests | 1,001 | 617 |
Deposits on investment-type policies and contracts | 20,803 | 12,006 |
Withdrawals on investment-type policies and contracts | (4,786) | (2,707) |
Net change in cash collateral posted for derivative transactions and securities to repurchase | 611 | 3,489 |
Other financing activities, net | (742) | (345) |
Net cash provided by financing activities | 18,342 | 11,523 |
Effect of exchange rate changes on cash and cash equivalents | (2) | 3 |
Net Increase in Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities | 2,025 | 6,957 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, Beginning of Period | 17,691 | 11,128 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period | 19,716 | 18,085 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for taxes | 338 | 35 |
Cash paid for interest | 167 | 169 |
Noncash Investing and Financing Activities | ||
Issuance of debt | 2,827 | 1,203 |
Distributions paid to non-controlling interests | (305) | (183) |
Contributions from non-controlling interests | 1,001 | 617 |
Investments, at fair value | 1 | (48) |
Other assets | 0 | (1) |
Notes payable | (2) | 0 |
Non-controlling interest | 1 | 5 |
Equity | 0 | 95 |
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: | ||
Restricted cash and cash equivalents | 1,577 | 2,209 |
Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities | 19,716 | 18,085 |
VIE, Primary Beneficiary | ||
Cash Flows from Financing Activities | ||
Issuance of debt | 1,258 | 1,203 |
Distributions paid to non-controlling interests | (5) | 0 |
Contributions from non-controlling interests | 593 | 617 |
Noncash Investing and Financing Activities | ||
Issuance of debt | 1,258 | 1,203 |
Principal repayment of debt | (499) | (1,860) |
Distributions paid to non-controlling interests | (5) | 0 |
Contributions from non-controlling interests | 593 | 617 |
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 | 416 | 777 |
Consolidated Entity, Excluding VIE | ||
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 | 17,723 | 15,099 |
Asset Management | ||
Noncash Investing and Financing Activities | ||
Distributions from principal investments | 2 | 2 |
Purchases of other investments, at fair value | 4 | 0 |
Capital increases related to equity-based compensation | 153 | 110 |
Issuance of restricted shares | 9 | 14 |
Asset Management | VIE, Primary Beneficiary | ||
Noncash Investing and Financing Activities | ||
Purchases of investments | (1,521) | (1,213) |
Proceeds from sale of investments | 879 | 1,861 |
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 | 323 | |
Retirement Services | ||
Noncash Investing and Financing Activities | ||
Investments received from settlements on reinsurance agreements | 48 | 71 |
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) | (1,062) | 27 |
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) | 1,998 | 3,029 |
Distributions to non-controlling interests | 11 | 0 |
Retirement Services | VIE, Primary Beneficiary | ||
Noncash Investing and Financing Activities | ||
Purchases of investments | (589) | (442) |
Proceeds from sale of investments | 117 | $ 207 |
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 | $ 93 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2024 | |
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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and the SEC’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Certain disclosures included in the annual audited 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. These condensed consolidated financial statements should be read in conjunction with the annual audited financial statements included in the 2023 Annual Report. 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. 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. 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. There was $108 million of revenue recognized during the three months ended March 31, 2024 that was previously deferred as of January 1, 2024. Recently Issued Accounting Pronouncements Segment Reporting – Improvements to Reporting Segment Disclosures (ASU 2023-07) In November 2023, the FASB issued guidance to incrementally add disclosures for public entities’ reporting segments including significant segment expenses and other segment items. The guidance is mandatorily effective for the Company in its 2024 annual report and in interim periods in 2025; however, early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements. Income Taxes—Improvements to Income Tax Disclosures (ASU 2023-09) In December 2023, the FASB made amendments to update disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state, and foreign taxes, as relevant. The guidance is mandatorily effective for the Company for annual periods beginning in 2025; however, early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements. Intangibles—Goodwill and Other—Crypto Assets Accounting for and Disclosure of Crypto Assets (ASU 2023-08) In December 2023, the FASB issued amendments on the accounting for and disclosure of crypto assets. The guidance requires assets that meet certain conditions be accounted for at fair value with changes in fair value recognized in net income. The ASU also requires disclosures about significant holdings, contractual sale restrictions, and changes during the reporting period. The guidance is mandatorily effective for the Company on January 1, 2025, and early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements. Business Combinations – Joint Venture Formations (ASU 2023-05) The amendments in this update address how a joint venture initially recognizes and measures contributions received at its formation date. The amendments require a joint venture to apply a new basis of accounting upon formation and to initially recognize its assets and liabilities at fair value. The guidance is effective prospectively for all joint ventures formed on or after January 1, 2025, while retrospective application may be elected for a joint venture formed before the effective date. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements. Compensation – Stock Compensation (ASU 2024-01) In March 2024, the FASB issued guidance in ASU 2024-01 that clarifies how an entity determines whether it is required to account for profits interest awards (and similar awards) in accordance with ASC 718 or other guidance. The ASU provides specific examples on when a profits interest award should be accounted for as a share-based payment arrangement under ASC 718 or in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 or other ASC topics. The guidance is mandatorily effective for the Company on January 1, 2025, and early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement on its consolidated financial statements. Recently Adopted Accounting Pronouncements Investments– Equity Method and Joint Ventures (ASU 2023-02) In March 2023, the FASB issued guidance 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. Previously, PAM only applied to low-income housing tax credit investments. The Company early adopted the guidance on October 1, 2023, and there was no impact to the condensed consolidated financial statements upon adoption. Fair Value Measurement — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03) In June 2022, the FASB issued clarifying guidance that a restriction which is a characteristic of the holding entity rather than a characteristic of the equity security itself should not be considered in its fair value measurement. As a result, the Company is required to measure the fair value of equity securities subject to contractual restrictions attributable to the holding entity on the basis of the market price of the same equity security without those contractual restrictions. Companies are not permitted to recognize a contractual sale restriction attributable to the holding entity as a separate unit of account. The guidance also requires disclosures for these equity securities. The Company early adopted the guidance on July 1, 2023. The Company applied the guidance on a prospective basis, and there was no impact to the condensed consolidated financial statements 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 condensed 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. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
Investments | 3. Investments The following table outlines the Company’s investments: (In millions) March 31, 2024 December 31, 2023 Asset Management Investments, at fair value $ 1,469 $ 1,489 Equity method investments 1,116 1,072 Performance allocations 3,014 2,941 Total Investments – Asset Management 5,599 5,502 Retirement Services AFS securities, at fair value $ 159,251 $ 148,347 Trading securities, at fair value 2,466 2,544 Equity securities 1,966 1,611 Mortgage loans, at fair value 49,470 45,396 Investment funds 1,736 1,741 Policy loans 330 334 Funds withheld at interest 29,258 30,833 Derivative assets 7,159 5,298 Short-term investments 896 1,288 Other investments 1,707 1,549 Total Investments, including related parties – Retirement Services 254,239 238,941 Total Investments $ 259,838 $ 244,443 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) 2024 2023 Realized gains (losses) on sales of investments, net $ 1 $ 5 Net change in unrealized gains (losses) due to changes in fair value 38 (7) Net gains (losses) from investment activities $ 39 $ (2) 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, 2024 $ 2,941 Change in fair value of funds 364 Fund distributions to the Company (291) Performance allocations, March 31, 2024 $ 3,014 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, 2024 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 6,764 $ — $ 41 $ (1,002) $ 5,803 U.S. state, municipal and political subdivisions 1,283 — — (252) 1,031 Foreign governments 2,086 — 6 (308) 1,784 Corporate 94,419 (127) 589 (11,457) 83,424 CLO 22,590 (1) 268 (459) 22,398 ABS 14,379 (51) 118 (576) 13,870 CMBS 7,372 (31) 63 (468) 6,936 RMBS 8,235 (387) 229 (450) 7,627 Total AFS securities 157,128 (597) 1,314 (14,972) 142,873 AFS securities – related parties Corporate 1,428 — 3 (76) 1,355 CLO 4,506 — 18 (78) 4,446 ABS 10,870 (1) 21 (313) 10,577 Total AFS securities – related parties 16,804 (1) 42 (467) 16,378 Total AFS securities, including related parties $ 173,932 $ (598) $ 1,356 $ (15,439) $ 159,251 December 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 $ 6,161 $ — $ 67 $ (829) $ 5,399 U.S. state, municipal and political subdivisions 1,296 — — (250) 1,046 Foreign governments 2,083 — 71 (255) 1,899 Corporate 88,343 (129) 830 (10,798) 78,246 CLO 20,506 (2) 261 (558) 20,207 ABS 13,942 (49) 120 (630) 13,383 CMBS 7,070 (29) 52 (502) 6,591 RMBS 8,160 (381) 252 (464) 7,567 Total AFS securities 147,561 (590) 1,653 (14,286) 134,338 AFS securities – related parties Corporate 1,423 — 1 (72) 1,352 CLO 4,367 — 21 (120) 4,268 ABS 8,665 (1) 34 (309) 8,389 Total AFS securities – related parties 14,455 (1) 56 (501) 14,009 Total AFS securities, including related parties $ 162,016 $ (591) $ 1,709 $ (14,787) $ 148,347 The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below: March 31, 2024 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 2,294 $ 2,256 Due after one year through five years 20,196 19,366 Due after five years through ten years 25,571 23,178 Due after ten years 56,491 47,242 CLO, ABS, CMBS and RMBS 52,576 50,831 Total AFS securities 157,128 142,873 AFS securities – related parties Due after one year through five years 911 898 Due after five years through ten years 122 114 Due after ten years 395 343 CLO and ABS 15,376 15,023 Total AFS securities – related parties 16,804 16,378 Total AFS securities, including related parties $ 173,932 $ 159,251 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, 2024 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 $ 2,447 $ (189) $ 2,313 $ (813) $ 4,760 $ (1,002) U.S. state, municipal and political subdivisions 132 (6) 888 (246) 1,020 (252) Foreign governments 986 (42) 735 (266) 1,721 (308) Corporate 13,687 (532) 49,045 (10,903) 62,732 (11,435) CLO 1,966 (7) 8,909 (417) 10,875 (424) ABS 1,798 (45) 4,307 (389) 6,105 (434) CMBS 552 (11) 1,927 (363) 2,479 (374) RMBS 606 (14) 1,399 (134) 2,005 (148) Total AFS securities 22,174 (846) 69,523 (13,531) 91,697 (14,377) AFS securities – related parties Corporate 241 (40) 384 (36) 625 (76) CLO 399 (2) 2,223 (75) 2,622 (77) ABS 4,115 (77) 2,486 (216) 6,601 (293) Total AFS securities – related parties 4,755 (119) 5,093 (327) 9,848 (446) Total AFS securities, including related parties $ 26,929 $ (965) $ 74,616 $ (13,858) $ 101,545 $ (14,823) December 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 $ 2,013 $ (94) $ 2,389 $ (735) $ 4,402 $ (829) U.S. state, municipal and political subdivisions 123 (5) 888 (245) 1,011 (250) Foreign governments 690 (13) 760 (242) 1,450 (255) Corporate 7,752 (474) 50,028 (10,311) 57,780 (10,785) CLO 689 (2) 11,579 (543) 12,268 (545) ABS 2,129 (75) 4,378 (458) 6,507 (533) CMBS 859 (12) 1,967 (406) 2,826 (418) RMBS 467 (9) 2,057 (263) 2,524 (272) Total AFS securities 14,722 (684) 74,046 (13,203) 88,768 (13,887) AFS securities – related parties Corporate 548 (35) 382 (37) 930 (72) CLO 397 (16) 2,592 (102) 2,989 (118) ABS 2,008 (66) 2,793 (225) 4,801 (291) Total AFS securities – related parties 2,953 (117) 5,767 (364) 8,720 (481) Total AFS securities, including related parties $ 17,675 $ (801) $ 79,813 $ (13,567) $ 97,488 $ (14,368) 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, 2024 Unrealized Loss Position Unrealized Loss Position 12 Months or More AFS securities 8,612 7,343 AFS securities – related parties 185 121 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, 2024 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 Corporate $ 129 $ 7 $ — $ (8) $ (1) $ 127 CLO 2 — — — (1) 1 ABS 49 2 — — — 51 CMBS 29 1 — — 1 31 RMBS 381 4 — (4) 6 387 Total AFS securities 590 14 — (12) 5 597 AFS securities – related parties, ABS 1 — — — — 1 Total AFS securities, including related parties $ 591 $ 14 $ — $ (12) $ 5 $ 598 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 parties, CLO 1 — — — — 1 Total AFS securities, including related parties $ 459 $ 26 $ 28 $ (10) $ — $ 503 Net Investment Income Net investment income by asset class consists of the following: Three months ended March 31, (In millions) 2024 2023 AFS securities $ 2,137 $ 1,469 Trading securities 41 42 Equity securities 17 15 Mortgage loans 814 447 Investment funds 9 34 Funds withheld at interest 363 429 Other 211 188 Investment revenue 3,592 2,624 Investment expenses (16) (12) Net investment income $ 3,576 $ 2,612 Investment Related Gains (Losses) Investment related gains (losses) by asset class consists of the following: Three months ended March 31, (In millions) 2024 2023 AFS securities 1 Gross realized gains on investment activity $ 67 $ 183 Gross realized losses on investment activity (347) (104) Net realized investment gains (losses) on AFS securities (280) 79 Net recognized investment gains (losses) on trading securities (65) 64 Net recognized investment gains (losses) on equity securities 39 (18) Net recognized investment gains (losses) on mortgage loans (358) 277 Derivative gains 1,431 993 Provision for credit losses (10) (66) Other gains (losses) 920 (264) Investment related gains (losses) $ 1,677 $ 1,065 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges. Proceeds from sales of AFS securities were $3,718 million and $1,140 million for the three months ended March 31, 2024 and 2023, 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) 2024 2023 Trading securities $ (20) $ 66 Trading securities – related parties — 6 Equity securities 41 (23) Equity securities – related parties (3) 3 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, 2024 December 31, 2023 Less than 30 days $ — $ 686 Greater than 1 year 2,666 3,167 Payables for repurchase agreements $ 2,666 $ 3,853 The following table summarizes the securities pledged as collateral for repurchase agreements: March 31, 2024 December 31, 2023 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities Foreign governments $ 138 $ 97 $ 137 $ 99 Corporate 1,859 1,577 2,735 2,307 CLO 578 580 580 579 ABS 610 545 1,207 1,086 Total securities pledged under repurchase agreements $ 3,185 $ 2,799 $ 4,659 $ 4,071 Reverse Repurchase Agreements As of March 31, 2024 and December 31, 2023, amounts loaned under reverse repurchase agreements were $556 million and $947 million, respectively, and the fair value of the collateral, comprised primarily of commercial and residential mortgage loans, was $1,087 million and $1,504 million, respectively. Mortgage Loans, including related parties and consolidated VIEs Mortgage loans include both commercial and residential loans. Athene has elected the fair value option on its mortgage loan portfolio. See note 6 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, 2024 December 31, 2023 Commercial mortgage loans $ 30,512 $ 27,630 Commercial mortgage loans under development 1,187 1,228 Total commercial mortgage loans 31,699 28,858 Mark to fair value (3,165) (2,246) Commercial mortgage loans 28,534 26,612 Residential mortgage loans 24,058 21,894 Mark to fair value (975) (937) Residential mortgage loans 23,083 20,957 Mortgage loans $ 51,617 $ 47,569 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, 2024 December 31, 2023 (In millions, except percentages) Fair Value Percentage of Total Fair Value Percentage of Total Property type Apartment $ 10,565 37.0 % $ 9,591 36.0 % Office building 4,339 15.2 % 4,455 16.7 % Industrial 4,497 15.8 % 4,143 15.6 % Hotels 3,113 10.9 % 2,913 11.0 % Retail 2,215 7.8 % 2,158 8.1 % Other commercial 3,805 13.3 % 3,352 12.6 % Total commercial mortgage loans $ 28,534 100.0 % $ 26,612 100.0 % U.S. region East North Central $ 1,639 5.7 % $ 1,517 5.7 % East South Central 514 1.8 % 523 2.0 % Middle Atlantic 7,528 26.4 % 7,147 26.9 % Mountain 1,161 4.1 % 1,196 4.5 % New England 1,363 4.8 % 1,295 4.9 % Pacific 5,516 19.3 % 4,860 18.3 % South Atlantic 4,650 16.4 % 4,583 17.2 % West North Central 242 0.8 % 249 0.9 % West South Central 1,429 5.0 % 1,228 4.6 % Total U.S. region 24,042 84.3 % 22,598 85.0 % International region United Kingdom 2,540 8.9 % 2,343 8.7 % Other international 1 1,952 6.8 % 1,671 6.3 % Total international region 4,492 15.7 % 4,014 15.0 % Total commercial mortgage loans $ 28,534 100.0 % $ 26,612 100.0 % 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Athene’s residential mortgage loan portfolio primarily consists of 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, 2024 December 31, 2023 U.S. States California 27.1 % 27.6 % Florida 11.9 % 12.0 % Texas 6.4 % 6.1 % New York 5.8 % 5.9 % Other 1 39.1 % 39.4 % Total U.S. residential mortgage loan percentage 90.3 % 91.0 % International United Kingdom 5.3 % 4.0 % Other 1 4.4 % 5.0 % Total international residential mortgage loan percentage 9.7 % 9.0 % Total residential mortgage loan percentage 100.0 % 100.0 % 1 Represents all other states or countries, with each individual state or 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, 2024 December 31, 2023 (In millions, except percentages) Carrying Value Percentage of Total Carrying Value Percentage of Total Investment funds Equity funds $ 84 76.4 % $ 82 75.3 % Hybrid funds 19 17.2 % 20 18.3 % Other 7 6.4 % 7 6.4 % Total investment funds 110 100.0 % 109 100.0 % Investment funds – related parties Strategic origination platforms 47 2.9 % 47 2.9 % Insurance platforms 1,299 79.9 % 1,300 79.7 % Apollo and other fund investments Equity funds 249 15.3 % 254 15.6 % Yield funds 7 0.4 % 8 0.5 % Other 24 1.5 % 23 1.3 % Total investment funds – related parties 1,626 100.0 % 1,632 100.0 % Investment funds – consolidated VIEs Strategic origination platforms 5,854 35.0 % 5,594 35.4 % Insurance platforms 471 2.8 % 483 3.1 % Apollo and other fund investments Equity funds 3,482 20.8 % 3,302 20.9 % Hybrid funds 4,325 25.9 % 4,242 26.7 % Yield funds 1,462 8.8 % 1,356 8.6 % Other 1,113 6.7 % 843 5.3 % Total investment funds – consolidated VIEs 16,707 100.0 % 15,820 100.0 % Total investment funds, including related parties and consolidated VIEs $ 18,443 $ 17,561 Concentrations —The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity: (In millions) March 31, 2024 Atlas 1 $ 2,985 Wheels 1 1,595 AT&T Inc. 1,517 December 31, 2023 Wheels 1 $ 1,591 AT&T Inc. 1,526 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 15. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 4. Derivatives The Company uses a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See note 6 for information about the fair value hierarchy for derivatives. The following table presents the notional amount and fair value of derivative instruments: March 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 10,780 $ 507 $ 184 9,034 $ 477 $ 230 Forwards 1,044 41 7 6,294 275 102 Interest rate swaps 5,364 1 637 4,468 — 521 Forwards on net investments 224 1 — 219 — 6 Interest rate swaps 18,004 17 154 10,031 29 95 Total derivatives designated as hedges 567 982 781 954 Derivatives not designated as hedges Equity options 77,831 5,423 106 73,881 3,809 102 Futures 40 104 — 35 72 — Foreign currency swaps 8,281 225 202 8,072 230 244 Interest rate swaps 3,496 83 28 3,499 81 9 Other swaps 2,674 13 1 2,588 39 1 Foreign currency forwards 38,354 744 1,110 28,236 286 685 Embedded derivatives Funds withheld, including related parties (4,085) (34) (4,100) (64) Interest sensitive contract liabilities — 10,908 — 9,059 Total derivatives not designated as hedges 2,507 12,321 417 10,036 Total derivatives $ 3,074 $ 13,303 $ 1,198 $ 10,990 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, 2024 and 2023, Athene recognized losses of $21 million and $73 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three months ended March 31, 2024 and 2023. As of March 31, 2024, no amounts were 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, 2024 December 31, 2023 (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 $ 6,149 $ (146) $ 4,883 $ (15) Foreign currency swaps 6,769 (328) 6,820 (141) Interest sensitive contract liabilities Foreign currency swaps 1,945 63 1,438 19 Foreign currency interest rate swaps 4,796 479 4,010 363 Interest rate swaps 13,612 264 6,910 189 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: Amounts 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, 2024 Investment related gains (losses) Foreign currency forwards $ 136 $ (132) $ 4 $ 18 $ 9 Foreign currency swaps 112 (114) (2) — — Foreign currency interest rate swaps (116) 117 1 — — Interest rate swaps (106) 75 (31) — — Interest sensitive contract benefits Foreign currency interest rate swaps 16 (16) — — — 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) — — — 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) 2024 2023 Foreign currency forwards $ (17) $ 63 Foreign currency swaps (38) 114 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, 2024 and 2023, these derivatives had gains of $3 million and losses of $4 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, 2024 and December 31, 2023, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $29 million and $26 million, respectively. During the three months ended March 31, 2024 and 2023, 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, credit default swaps and swaptions. 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 us 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. Swaptions give the option to enter into an interest rate swap and are used by Athene to hedge against interest rate exposure. 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) 2024 2023 Equity options $ 1,597 $ 350 Futures 127 34 Swaps 39 33 Foreign currency forwards (310) (169) Embedded derivatives on funds withheld (75) 603 Amounts recognized in investment related gains (losses) 1,378 851 Embedded derivatives in indexed annuity products 1 (1,177) (473) Total gains (losses) on derivatives not designated as hedges $ 201 $ 378 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, 2024 Derivative assets $ 7,159 $ (1,704) $ (5,479) $ (24) $ 1 $ (23) Derivative liabilities (2,429) 1,704 1,188 463 — 463 December 31, 2023 Derivative assets $ 5,298 $ (1,497) $ (3,676) $ 125 $ — $ 125 Derivative liabilities (1,995) 1,497 848 350 — 350 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, 2024 and December 31, 2023, 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 statements 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, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 5. 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. Variable interests in consolidated VIEs and unconsolidated VIEs are discussed separately below. Consolidated VIEs Consolidated VIEs include certain CLOs and funds managed by the Company and other entities where the Company is deemed the primary beneficiary. In addition, during 2023, consolidated VIEs also included SPACs which were liquidated during the fourth quarter of 2023. See note 15 for further details regarding Apollo’s previously consolidated SPACs. 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 VIEs include interest receivables, receivables from affiliates and reverse repurchase agreements. Other liabilities include debt and short-term payables. Each series of notes in a respective consolidated VIE participates in distributions from the VIE, including principal and interest from underlying investments. Amounts allocated to the noteholders reflect amounts that would be distributed if the VIE’s affairs were wound up and its assets sold for cash equal to their respective carrying values, its liabilities satisfied in accordance with their terms, and all the remaining amounts distributed to the noteholders. The respective VIEs that issue the notes payable are marked at their prevailing net asset value, which approximates fair value. Results from certain funds managed by Apollo are reported on a three-month lag based upon the availability of financial information. Net Gains (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) 2024 1 2023 1 Net gains (losses) from investment activities $ 18 $ 30 Interest and other income 32 33 Interest and other expenses (25) (29) Net gains (losses) from investment activities of consolidated variable interest entities $ 25 $ 34 1 Amounts reflect consolidation eliminations. In addition, we recognize revenues and expenses of certain consolidated VIEs within management fees, investment income (loss), compensation and benefits and general, administrative and other. For the three months ended March 31, 2024, the Company recorded $10 million of revenues and $2 million of expenses related to the activities of these VIEs. Subscription Lines Included within 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, 2024 December 31, 2023 (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 $ 1,835 7.24 % 0.09 $ 1,072 7.16 % 0.09 Total – Asset Management $ 1,835 $ 1,072 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, 2024, the Company was not aware of any instances of non-compliance with any of these covenants. Reverse Repurchase Agreements As of March 31, 2024 and December 31, 2023, fair value of collateral received under reverse repurchase agreements was $263 million and $453 million, respectively. There was no rehypothecation of the collateral received under reverse repurchase agreements as of March 31, 2024 and December 31, 2023. 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) 2024 2023 Trading securities $ 35 $ 23 Mortgage loans 30 24 Investment funds 21 35 Other (5) — Net investment income 81 82 Net recognized investment gains on trading securities — 6 Net recognized investment gains (losses) on mortgage loans (26) 9 Net recognized investment gains on investment funds 360 224 Other losses (4) (40) Investment related gains (losses) 330 199 Revenues of consolidated variable interest entities $ 411 $ 281 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, 2024 December 31, 2023 Maximum Loss Exposure 1,2 $ 295 $ 325 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 and classified as AFS or trading securities on the condensed consolidated statements of financial condition. 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, 2024 December 31, 2023 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 110 $ 1,117 $ 109 $ 876 Investment in related parties – investment funds 1,626 2,404 1,632 2,377 Assets of consolidated VIEs – investment funds 16,707 22,940 15,820 22,129 Investment in fixed maturity securities 51,243 53,563 48,155 50,623 Investment in related parties – fixed maturity securities 15,804 18,245 13,495 15,608 Investment in related parties – equity securities 315 315 318 318 Total non-consolidated investments $ 85,805 $ 98,584 $ 79,529 $ 91,931 |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 6. 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, 2024 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 2,473 $ — $ — $ — $ 2,473 Restricted cash and cash equivalents 2 — — — 2 Cash and cash equivalents of VIEs 323 — — — 323 Investments, at fair value 199 22 1,182 1 66 1,469 Investments of VIEs — 27 2,110 134 2,271 Due from related parties 2 — — 33 — 33 Derivative assets 3 — 5 9 — 14 Total Assets – Asset Management 2,997 54 3,334 200 6,585 Retirement Services AFS Securities U.S. government and agencies 5,796 7 — — 5,803 U.S. state, municipal and political subdivisions — 1,031 — — 1,031 Foreign governments 809 935 40 — 1,784 Corporate 11 80,035 3,378 — 83,424 CLO — 22,398 — — 22,398 ABS — 6,705 7,165 — 13,870 CMBS — 6,915 21 — 6,936 RMBS — 7,362 265 — 7,627 Total AFS securities 6,616 125,388 10,869 — 142,873 Trading securities 23 1,622 40 — 1,685 Equity securities 212 1,054 27 — 1,293 Mortgage loans — — 48,207 — 48,207 Funds withheld at interest – embedded derivative — — (3,362) — (3,362) Derivative assets 127 7,031 1 — 7,159 Short-term investments 70 169 101 — 340 Other investments — 362 751 — 1,113 Cash and cash equivalents 15,250 — — — 15,250 Restricted cash and cash equivalents 1,575 — — — 1,575 Investments in related parties AFS securities Corporate — 180 1,175 — 1,355 CLO — 3,926 520 — 4,446 ABS — 534 10,043 — 10,577 Total AFS securities – related parties — 4,640 11,738 — 16,378 Trading securities — — 781 — 781 Equity securities 66 — 249 — 315 Mortgage loans — — 1,263 — 1,263 Investment funds — — 1,067 — 1,067 Funds withheld at interest – embedded derivative — — (723) — (723) Other investments — — 336 — 336 Reinsurance recoverable — — 1,468 — 1,468 Other assets 5 — — 383 — 383 (Continued) March 31, 2024 (In millions) Level 1 Level 2 Level 3 NAV Total Assets of consolidated VIEs Trading securities — 264 1,770 — 2,034 Mortgage loans — — 2,147 — 2,147 Investment funds — — 951 15,756 16,707 Other investments 4 2 115 — 121 Cash and cash equivalents 93 — — — 93 Total Assets – Retirement Services 24,036 140,532 78,179 15,756 258,503 Total Assets $ 27,033 $ 140,586 $ 81,513 $ 15,956 $ 265,088 Liabilities Asset Management Other liabilities of VIEs, at fair value $ — $ 11 $ — $ — $ 11 Contingent consideration obligations 4 — — 127 — 127 Total Liabilities – Asset Management — 11 127 — 138 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 10,908 — 10,908 Universal life benefits — — 788 — 788 Future policy benefits AmerUs Closed Block — — 1,151 — 1,151 ILICO Closed Block and life benefits — — 553 — 553 Market risk benefits 5 — — 3,723 — 3,723 Derivative liabilities 17 2,411 1 — 2,429 Other liabilities — — 229 — 229 Total Liabilities – Retirement Services 17 2,411 17,353 — 19,781 Total Liabilities $ 17 $ 2,422 $ 17,480 $ — $ 19,919 (Concluded) December 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 2,748 $ — $ — $ — $ 2,748 Restricted cash and cash equivalents 2 — — — 2 Cash and cash equivalents of VIEs 62 — — — 62 Investments, at fair value 202 38 1,188 1 61 1,489 Investments of VIEs — 16 1,492 127 1,635 Due from related parties 2 — — 37 — 37 Derivative assets 3 — — 13 — 13 Total Assets – Asset Management 3,014 54 2,730 188 5,986 Retirement Services AFS Securities U.S. government and agencies 5,392 7 — — 5,399 U.S. state, municipal and political subdivisions — 1,046 — — 1,046 Foreign governments 895 964 40 — 1,899 Corporate 10 75,711 2,525 — 78,246 CLO — 20,207 — — 20,207 ABS — 6,440 6,943 — 13,383 CMBS — 6,570 21 — 6,591 RMBS — 7,302 265 — 7,567 Total AFS securities 6,297 118,247 9,794 — 134,338 Trading securities 24 1,654 28 — 1,706 Equity securities 210 699 26 — 935 Mortgage loans — — 44,115 — 44,115 Funds withheld at interest – embedded derivative — — (3,379) — (3,379) Derivative assets 108 5,190 — — 5,298 Short-term investments — 236 105 — 341 Other investments — 313 630 — 943 Cash and cash equivalents 13,020 — — — 13,020 Restricted cash and cash equivalents 1,761 — — — 1,761 Investments in related parties AFS securities Corporate — 181 1,171 — 1,352 CLO — 3,762 506 — 4,268 ABS — 563 7,826 — 8,389 Total AFS securities – related parties — 4,506 9,503 — 14,009 Trading securities — — 838 — 838 Equity securities 63 — 255 — 318 Mortgage loans — — 1,281 — 1,281 Investment funds — — 1,082 — 1,082 Funds withheld at interest – embedded derivative — — (721) — (721) Other investments — — 343 — 343 Reinsurance recoverable — — 1,367 — 1,367 Other assets 5 — — 378 — 378 Assets of consolidated VIEs Trading securities — 284 1,852 — 2,136 Mortgage loans — — 2,173 — 2,173 Investment funds — — 977 14,843 15,820 (Continued) December 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Other investments — 2 101 — 103 Cash and cash equivalents 98 — — — 98 Total Assets – Retirement Services 21,581 131,131 70,748 14,843 238,303 Total Assets $ 24,595 $ 131,185 $ 73,478 $ 15,031 $ 244,289 Liabilities Asset Management Other liabilities of VIEs, at fair value $ — $ 3 $ — $ — $ 3 Contingent consideration obligations 4 — — 93 — 93 Derivative liabilities 3 — 42 — — 42 Total Liabilities – Asset Management — 45 93 — 138 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 9,059 — 9,059 Universal life benefits — — 834 — 834 Future policy benefits AmerUs Closed Block — — 1,178 — 1,178 ILICO Closed Block and life benefits — — 522 — 522 Market risk benefits 5 — — 3,751 — 3,751 Derivative liabilities 17 1,977 1 — 1,995 Other liabilities — (64) 330 — 266 Total Liabilities – Retirement Services 17 1,913 15,675 — 17,605 Total Liabilities $ 17 $ 1,958 $ 15,768 $ — $ 17,743 (Concluded) 1 Investments as of March 31, 2024 and December 31, 2023 excludes $207 million and $218 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. 2 Due from related parties represents a receivable from a fund. 3 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. 4 As of March 31, 2024 and December 31, 2023, Other liabilities includes $74 million and $26 million, respectively, of contingent obligations related to the Griffin Capital acquisition, classified as Level 3 and also includes profit sharing payable of $53 million and $67 million, respectively, related to other contingent obligations classified as Level 3. 5 Other assets consist of market risk benefits assets. See note 8 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 16 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, 2024 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 855 Discounted cash flow Discount rate 10.3% – 52.8% 17.3% 1 120 Direct capitalization Capitalization rate 6.9% 6.9% 207 Adjusted transaction value N/A N/A N/A Due from related parties 33 Discounted cash flow Discount rate 14.0% 14.0% Derivative assets 9 Option model Volatility rate 55.0% 55.0% Investments of consolidated VIEs Bank loans 272 Discounted cash flow Discount rate 7.9% – 15.2% 8.4% 1 1,137 Adjusted transaction value N/A N/A N/A Equity securities 492 Dividend discount model Discount rate 13.5% 13.5% 166 Adjusted transaction value N/A N/A N/A Bonds 43 Discounted cash flow Discount rate 5.7% – 12.3% 9.0% 1 Retirement Services AFS, trading and equity securities 16,547 Discounted cash flow Discount rate 1.7% – 18.2% 7.0% 1 Mortgage loans 2 51,617 Discounted cash flow Discount rate 1.8% – 26.0% 7.0% 1 Investment funds 2 1,545 Discounted cash flow Discount rate 6.3% – 13.5% 11.3% 1 471 Net tangible asset values Implied multiple 1.24x 1.24x Financial Liabilities Asset Management Contingent consideration obligations 127 Discounted cash flow Discount rate 20.0% – 25.0% 22.5% 1 Option model Volatility rate 29.2% – 30.1% 29.7% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 10,908 Discounted cash flow Nonperformance risk 0.4% – 1.2% 0.8% 3 Option budget 0.5% – 6.0% 2.5% 4 Surrender rate 5.9% – 14.0% 8.7% 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, 2023 Fair Value (In millions) Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 857 Discounted cash flow Discount rate 10.5% – 52.8% 17.2% 1 112 Direct capitalization Capitalization rate 6.9% 6.9% 219 Adjusted transaction value N/A N/A N/A Due from related parties 37 Discounted cash flow Discount rate 14.0% 14.0% Derivative assets 13 Option model Volatility rate 62.5% 62.5% Investments of consolidated VIEs Bank loans 605 Discounted cash flow Discount rate 7.7% – 11.0% 9.4% 1 64 Adjusted transaction value N/A N/A N/A Equity securities 494 Dividend discount model Discount rate 13.5% 13.5% 131 Adjusted transaction value N/A N/A N/A Bonds 35 Discounted cash flow Discount rate 6.1% – 13.0% 10.7% 1 163 Adjusted transaction value N/A N/A N/A Retirement Services AFS, trading and equity securities 14,247 Discounted cash flow Discount rate 2.3% – 18.1% 7.0% 1 Mortgage loans 2 47,569 Discounted cash flow Discount rate 2.5% – 20.6% 6.8% 1 Investment funds 2 1,574 Discounted cash flow Discount rate 6.3% – 13.5% 11.2% 1 483 Net tangible asset values Implied multiple 1.14x 1.14x Financial Liabilities Contingent consideration obligations 93 Discounted cash flow Discount rate 20.0% – 25.0% 23.3% 1 Option model Volatility rate 31.4% – 33.4% 32.4% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 9,059 Discounted cash flow Nonperformance risk 0.4% – 1.4% 0.9% 3 Option budget 0.5% – 6.0% 2.3% 4 Surrender rate 6.0% – 13.4% 8.7% 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, 2024 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 $ 1,201 $ (7) $ — $ (3) $ — $ 1,191 $ 18 $ — Investments of Consolidated VIEs 1,492 — — 618 — 2,110 (1) — Total Level 3 assets – Asset Management $ 2,693 $ (7) $ — $ 615 $ — $ 3,301 $ 17 $ — Assets – Retirement Services AFS securities Foreign governments $ 40 $ — $ — $ — $ — $ 40 $ — $ — Corporate 2,525 (2) 2 844 9 3,378 (1) 1 ABS 6,943 2 13 125 82 7,165 (2) 11 CMBS 21 — — — — 21 — 1 RMBS 265 1 — (1) — 265 — — Trading securities 28 — — (2) 14 40 — — Equity securities 26 — — 1 — 27 1 — Mortgage loans 44,115 (341) — 4,433 — 48,207 (341) — Funds withheld at interest – embedded derivative (3,379) 17 — — — (3,362) — — Derivative assets — — — — 1 1 — — Short-term investments 105 — — (4) — 101 — — Other investments 630 (3) — 124 — 751 (3) — Investments in related parties AFS securities Corporate 1,171 1 (1) 4 — 1,175 — (1) CLO 506 — 14 — — 520 — 14 ABS 7,826 1 (14) 2,230 — 10,043 (4) (17) Trading securities 838 — — (57) — 781 — — Equity securities 255 (6) — — — 249 (6) — Mortgage loans 1,281 (17) — (1) — 1,263 (17) — Investment funds 1,082 (15) — — — 1,067 (15) — Funds withheld at interest – embedded derivative (721) (2) — — — (723) — — Other investments 343 (7) — — — 336 (7) — Reinsurance recoverable 1,367 (8) — 109 — 1,468 — — Assets of consolidated VIEs Trading securities 1,852 (33) — (55) 6 1,770 (33) — Mortgage loans 2,173 (42) — 16 — 2,147 (42) — Investment funds 977 (27) — 1 — 951 (27) — Other investments 101 (2) — 16 — 115 (2) — Total Level 3 assets – Retirement Services $ 70,370 $ (483) $ 14 $ 7,783 $ 112 $ 77,796 $ (499) $ 9 Liabilities – Asset Management Contingent consideration obligations $ 93 $ 48 $ — $ (14) $ — $ 127 $ — $ — Total Level 3 liabilities – Asset Management $ 93 $ 48 $ — $ (14) $ — $ 127 $ — $ — (Continued) Three months ended March 31, 2024 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 Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (9,059) $ (1,177) $ — $ (672) $ — $ (10,908) $ — $ — Universal life benefits (834) 46 — — — (788) — — Future policy benefits AmerUs Closed Block (1,178) 27 — — — (1,151) — — ILICO Closed Block and life benefits (522) (31) — — — (553) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (330) (10) — 47 64 (229) — — Total Level 3 liabilities – Retirement Services $ (11,924) $ (1,145) $ — $ (625) $ 64 $ (13,630) $ — $ — (Concluded) 1 Related to instruments held at end of period. 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 $ — 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 — (Continued) 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 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) $ — $ — (Concluded) 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, 2024 (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 $ 12 $ — $ (15) $ — $ (3) $ — $ — $ — Investments of consolidated VIEs 1,301 — (683) — 618 — — — Total Level 3 assets – Asset Management $ 1,313 $ — $ (698) $ — $ 615 $ — $ — $ — Assets – Retirement Services AFS securities Corporate $ 922 $ — $ (2) $ (76) $ 844 $ 9 $ — $ 9 ABS 313 — — (188) 125 341 (259) 82 RMBS — — — (1) (1) — — — Trading securities — — — (2) (2) 14 — 14 Equity securities 2 — (1) — 1 — — — Mortgage loans 5,686 — (26) (1,227) 4,433 — — — Derivative assets — — — — — 1 — 1 Short-term investments 2 — (6) — (4) — — — Other investments 124 — — — 124 — — — Investments in related parties AFS securities Corporate 6 — — (2) 4 — — — ABS 2,693 — (200) (263) 2,230 — — — Trading securities 2 — — (59) (57) — — — Mortgage loans — — — (1) (1) — — — Reinsurance recoverable — 109 — — 109 — — — Assets of consolidated VIEs Trading securities — — (55) — (55) 6 — 6 Mortgage loans 32 — — (16) 16 — — — Investment funds 1 — — — 1 — — — Other investments 19 — (3) — 16 — — — Total Level 3 assets – Retirement Services $ 9,802 $ 109 $ (293) $ (1,835) $ 7,783 $ 371 $ (259) $ 112 Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (14) $ (14) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (14) $ (14) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (898) $ — $ 226 $ (672) $ — $ — $ — Other liabilities — — — 47 47 64 — 64 Total Level 3 liabilities – Retirement Services $ — $ (898) $ — $ 273 $ (625) $ 64 $ — $ 64 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) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — 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) 2024 2023 Trading securities $ (60) $ 64 Mortgage loans (400) 296 Investment funds (28) 62 Future policy benefits 27 (26) Other 15 (47) Total gains (losses) $ (446) $ 349 Gains and losses on trading securities, mortgage loans, and other are recorded in investment related gains (losses) on the condensed consolidated statements of operations. Gains and losses related to investment funds are recorded in net investment income on the condensed consolidated statements of operations. Gains and losses related to investments of consolidated VIEs are recorded in revenues of consolidated VIEs 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, 2024 December 31, 2023 Unpaid principal balance $ 55,757 $ 50,752 Mark to fair value (4,140) (3,183) Fair value $ 51,617 $ 47,569 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2024 December 31, 2023 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 571 $ 221 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (211) (74) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 360 $ 147 Fair value of commercial mortgage loans 90 days or more past due $ 183 $ 64 Fair value of commercial mortgage loans in non-accrual status 360 147 The following represents the residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2024 December 31, 2023 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 606 $ 528 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (39) (49) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 567 $ 479 Fair value of residential mortgage loans 90 days or more past due 1 $ 567 $ 479 Fair value of residential mortgage loans in non-accrual status 460 355 1 As of March 31, 2024 and December 31, 2023, includes $107 million and $124 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) 2024 2023 Mortgage loans $ (33) $ (3) 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 elect ed the measurement alternative for certain equity securities that do not have a readily determinable fair value. The equity securities are held at cost less any impairment. The carrying amount of the equity securities was $358 million, net of an impairment of $42 million, as of March 31, 2024 and December 31, 2023. 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, 2024 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 110 $ 110 $ 110 $ — $ — $ — Policy loans 330 330 — — 330 — Funds withheld at interest 26,592 26,592 — — — 26,592 Other investments 35 42 — — — 42 Investments in related parties Investment funds 559 559 559 — — — Funds withheld at interest 6,751 6,751 — — — 6,751 Short-term investments 556 556 — — 556 — Total financial assets not carried at fair value $ 34,933 $ 34,940 $ 669 $ — $ 886 $ 33,385 Financial liabilities Interest sensitive contract liabilities $ 167,360 $ 158,042 $ — $ — $ — $ 158,042 Debt 5,740 5,249 — 587 4,662 — Securities to repurchase 2,666 2,666 — — 2,666 — Funds withheld liability 1,365 1,365 — — — 1,365 Total financial liabilities not carried at fair value $ 177,131 $ 167,322 $ — $ 587 $ 7,328 $ 159,407 December 31, 2023 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 109 $ 109 $ 109 $ — $ — $ — Policy loans 334 334 — — 334 — Funds withheld at interest 27,738 27,738 — — — 27,738 Other investments 46 52 — — — 52 Investments in related parties Investment funds 550 550 550 — — — Funds withheld at interest 7,195 7,195 — — — 7,195 Short-term investments 947 947 — — 947 — Total financial assets not carried at fair value $ 36,919 $ 36,925 $ 659 $ — $ 1,281 $ 34,985 Financial liabilities Interest sensitive contract liabilities $ 154,095 $ 146,038 $ — $ — $ — $ 146,038 Debt 4,209 3,660 — — 3,660 — Securities to repurchase 3,853 3,853 — — 3,853 — Funds withheld liability 350 350 — — 350 — Total financial liabilities not carried at fair value $ 162,507 $ 153,901 $ — $ — $ 7,863 $ 146,038 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. See note 11 for further information on debt. Significant Unobservable Inputs Asset Management Discounted Cash Flow and Direct Capitalization Model When a discounted cash flow or direct capitalization model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows or the capitalization rate, respectively. Increases in the discount or capitalization rate can significantly lower the fair value of an investment and the contingent consideration obligations; conversely decreases in the discount or capitalization rate can significantly increase the fair value of an investment and the contingent consideration obligations. See note 16 for further discussion of the contingent consideration obligations. Option Model When an option model is used to determine fair value, the significant input used in the valuation model is the volatility rate applied to present value the projected cash flows. Increases in the volatility rate can significantly lower the fair value of an investment and the contingent consideration obligations; conversely decreases in the discount or capitalization rate can significantly increase the fair value of an investment and the contingent consideration obligations. 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. NAV Certain investments and 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. 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 assumptions updated for actual experience. Actual experience may be limited for recently issued products. Valuation of Underlying Investments Asset Management As previously noted, the underlying entities that Apollo manages and invests in are primarily investment companies that account for their investments at estimated fair value. On a quarterly basis, valuation committees consisting of members from senior management review and approve the valuation results related to the investments of the funds Apollo manages. Apollo also retains external valuation firms to provide third-party valuation consulting services to Apollo, which consist of certain limited procedures that management identifies and requests them to perform. The limited procedures provided by the external valuation firms assist management with validating their valuation results or determining fair value. Apollo performs various back-testing procedures to validate their valuation approaches, including comparisons between expected and observed outcomes, forecast evaluations and variance analyses. However |
Deferred Acquisition Costs, Def
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Deferred Acquisition Costs. Deferred Sales Inducements and Value of Business Acquired | 7. 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 8 for more information on Athene’s products. Three months ended March 31, 2024 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, 2023 $ 890 $ 1,517 $ 10 $ 11 $ 970 $ 2,581 $ 5,979 Additions 147 294 18 — 177 — 636 Amortization (51) (39) (2) — (26) (89) (207) Balance at March 31, 2024 $ 986 $ 1,772 $ 26 $ 11 $ 1,121 $ 2,492 $ 6,408 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 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). |
Long-duration Contracts
Long-duration Contracts | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Long-duration Contracts | 8. 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, 2024 (In millions, except percentages) Traditional Deferred Annuities Indexed Annuities Funding Agreements Other Investment-type Total Balance at December 31, 2023 $ 64,763 $ 93,147 $ 32,350 $ 7,629 $ 197,889 Deposits 7,165 4,814 8,542 485 21,006 Policy charges (1) (168) — — (169) Surrenders and withdrawals (1,328) (3,150) — (20) (4,498) Benefit payments (283) (433) (1,840) (57) (2,613) Interest credited 697 641 299 49 1,686 Foreign exchange (183) (3) (184) (314) (684) Other — — (78) (24) (102) Balance at March 31, 2024 $ 70,830 $ 94,848 $ 39,089 $ 7,748 $ 212,515 Weighted average crediting rate 4.1 % 2.4 % 4.0 % 2.7 % Net amount at risk $ 425 $ 14,995 $ — $ 88 Cash surrender value 66,597 86,747 — 6,542 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 Weighted average crediting rate 3.4 % 2.3 % 2.7 % 2.9 % Net amount at risk $ 423 $ 13,903 $ — $ 66 Cash surrender value 45,994 84,047 — 2,710 The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated statements of financial condition: March 31, (In millions) 2024 2023 Traditional deferred annuities $ 70,830 $ 48,450 Indexed annuities 94,848 92,414 Funding agreements 39,089 28,782 Other investment-type 7,748 5,645 Reconciling items 1 7,719 5,809 Interest sensitive contract liabilities $ 220,234 $ 181,100 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, 2024 (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% $ 29,717 $ 17,187 $ 110,134 $ 157,038 2.0% – < 4.0% 26,736 1,712 1,672 30,120 4.0% – < 6.0% 17,125 34 1 17,160 6.0% and greater 8,197 — — 8,197 Total $ 81,775 $ 18,933 $ 111,807 $ 212,515 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 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), and whole life insurance contracts. The following is a rollforward by product within future policy benefits: Three months ended March 31, 2024 (In millions, except percentages and years) Payout Annuities with Life Contingencies Whole Life Total Present value of expected net premiums Beginning balance $ — $ 1,182 $ 1,182 Effect of changes in discount rate assumptions — (45) (45) Effect of foreign exchange on the change in discount rate assumptions — (2) (2) Beginning balance at original discount rate — 1,135 1,135 Interest accrual — 6 6 Net premium collected — (53) (53) Foreign exchange — (77) (77) Ending balance at original discount rate — 1,011 1,011 Effect of changes in discount rate assumptions — 43 43 Effect of foreign exchange on the change in discount rate assumptions — (1) (1) Ending balance $ — $ 1,053 $ 1,053 Present value of expected future policy benefits Beginning balance $ 45,001 $ 3,371 $ 48,372 Effect of changes in discount rate assumptions 6,233 (89) 6,144 Effect of foreign exchange on the change in discount rate assumptions 1 (6) (5) Beginning balance at original discount rate 51,235 3,276 54,511 Effect of actual to expected experience (4) (4) (8) Adjusted balance 51,231 3,272 54,503 Issuances 42 — 42 Interest accrual 453 18 471 Benefit payments (1,126) (19) (1,145) Foreign exchange (7) (225) (232) Ending balance at original discount rate 50,593 3,046 53,639 Effect of changes in discount rate assumptions (6,999) 50 (6,949) Effect of foreign exchange on the change in discount rate assumptions 2 (1) 1 Ending balance $ 43,596 $ 3,095 $ 46,691 Net future policy benefits $ 43,596 $ 2,042 $ 45,638 Weighted-average liability duration (in years) 9.5 32.7 Weighted-average interest accretion rate 3.7 % 4.8 % Weighted-average current discount rate 5.4 % 4.4 % Expected future gross premiums, undiscounted $ — $ 1,344 Expected future gross premiums, discounted 1 — 1,103 Expected future benefit payments, undiscounted 74,239 11,449 1 Discounted at the original discount rate. Three months ended March 31, 2023 (In millions, except percentages and years) Payout Annuities with Life Contingencies Whole Life Total Present value of expected future policy benefits Beginning balance $ 36,422 $ — $ 36,422 Effect of changes in discount rate assumptions 8,425 — 8,425 Effect of foreign exchange on the change in discount rate assumptions (13) — (13) Beginning balance at original discount rate 44,834 — 44,834 Effect of actual to expected experience (29) — (29) Adjusted balance 44,805 — 44,805 Issuances 88 — 88 Interest accrual 346 — 346 Benefit payments (885) — (885) Foreign exchange 14 — 14 Ending balance at original discount rate 44,368 — 44,368 Effect of changes in discount rate assumptions (7,623) — (7,623) Effect of foreign exchange on the change in discount rate assumptions 7 — 7 Ending balance $ 36,752 $ — $ 36,752 Net future policy benefits $ 36,752 $ — $ 36,752 Weighted-average liability duration (in years) 10.1 0.0 Weighted-average interest accretion rate 3.2 % — % Weighted-average current discount rate 5.3 % — % Expected future benefit payments, undiscounted $ 63,995 $ — The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition: March 31, (In millions) 2024 2023 Payout annuities with life contingencies $ 43,596 $ 36,752 Whole life 2,042 — Reconciling items 1 6,034 5,738 Future policy benefits $ 51,672 $ 42,490 1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded. The following is a reconciliation of premiums and interest expense relating to future policy benefits to the condensed consolidated statements of operations: Premiums Interest expense Three months ended March 31, Three months ended March 31, (In millions) 2024 2023 2024 2023 Payout annuities with life contingencies $ 38 $ 88 $ 453 $ 346 Whole life 55 — 12 — Reconciling items 1 8 8 — — Total $ 101 $ 96 $ 465 $ 346 1 Reconciling items primarily relate to immaterial lines of business including term life, fully ceded whole life, and accident and health and disability. 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. For whole life products, significant assumptions and inputs include policyholder demographic data, assumptions for mortality, morbidity, and lapse 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, 2024, the present value of expected future policy benefits decreased by $1,681 million, which was driven by $1,145 million of benefit payments and an $803 million change in discount rate assumptions related to an increase in market observable rates, partially offset by $471 million of interest accrual. During the three months ended March 31, 2023, the present value of expected future policy benefits increased by $330 million, which was driven by an $802 million change in discount rate assumptions related to a decrease in market observable rates and $346 million of interest accrual, partially offset by $885 million of benefit payments. 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) 2024 2023 Reserves $ 8 $ 29 Deferred profit liability (20) (27) Negative VOBA — (4) Total remeasurement gains (losses) $ (12) $ (2) During the three months ended March 31, 2024 and 2023, Athene recorded reserve increases of $25 million and $0 million, respectively, on the condensed consolidated statements of operations as a result of the present value of benefits and expenses exceeding the present value of gross premiums. 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, 2024 (In millions, except years) Traditional Deferred Annuities Indexed Annuities Total Balance at December 31, 2023 $ 192 $ 3,181 $ 3,373 Effect of changes in instrument-specific credit risk 2 (10) (8) Balance, beginning of period, before changes in instrument-specific credit risk 194 3,171 3,365 Issuances — 93 93 Interest accrual 3 47 50 Attributed fees collected 1 86 87 Benefit payments (2) (15) (17) Effect of changes in interest rates (8) (220) (228) Effect of changes in equity — (73) (73) Effect of actual policyholder behavior compared to expected behavior 2 25 27 Balance, end of period, before changes in instrument-specific credit risk 190 3,114 3,304 Effect of changes in instrument-specific credit risk (1) 37 36 Balance at March 31, 2024 $ 189 $ 3,151 $ 3,340 Less: Reinsurance recoverable — (10) (10) Balance, at March 31, 2024, net of reinsurance $ 189 $ 3,141 $ 3,330 Net amount at risk $ 425 $ 14,995 Weighted-average attained age of contract holders (in years) 76 69 Three months ended March 31, 2023 (In millions, except years) 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 instrument-specific credit risk (16) (439) (455) Balance at March 31, 2023 $ 180 $ 2,583 $ 2,763 Net amount at risk $ 423 $ 13,903 Weighted-average attained age of contract holders (in years) 75 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, 2024 March 31, 2023 (In millions) Asset Liability Net Liability Asset Liability Net Liability Traditional deferred annuities $ — $ 189 $ 189 $ — $ 180 $ 180 Indexed annuities 383 3,534 3,151 440 3,023 2,583 Total $ 383 $ 3,723 $ 3,340 $ 440 $ 3,203 $ 2,763 During the three months ended March 31, 2024, net market risk benefit liabilities decreased by $33 million, which was primarily driven by a decrease of $228 million related to changes in the risk-free discount rate across the curve, offset by $93 million of issuances and $87 million in fees collected from policyholders. 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 discount rates. 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) and income rider utilization. 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. Athene uses the credit spread, relative to the U.S. Treasury curve based on its public credit rating as of the valuation date, as the credit spread to reflect its nonperformance risk in the estimate of the fair value of market risk benefits. The following summarizes the unobservable inputs for market risk benefits: March 31, 2024 (In millions, except 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 $ 3,340 Discounted cash flow Nonperformance risk 0.4 % 1.2 % 1.1 % 1 Decrease Option budget 0.5 % 6.0 % 2.0 % 2 Decrease Surrender rate 3.1 % 6.6 % 4.4 % 2 Decrease Utilization rate 28.6 % 95.0 % 84.1 % 3 Increase March 31, 2023 (In millions, except 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 Utilization rate 28.6 % 95.0 % 82.7 % 3 Increase 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. 3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values. |
Profit Sharing Payable
Profit Sharing Payable | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Profit Sharing Payable | 9. Profit Sharing Payable Profit sharing payable was $1.7 billion and $1.7 billion as of March 31, 2024 and December 31, 2023, respectively. The below is a roll-forward of the profit-sharing payable balance: (In millions) Total Profit sharing payable, January 1, 2024 $ 1,669 Profit sharing expense 196 Payments/other (162) Profit sharing payable, March 31, 2024 $ 1,703 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, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The Company’s income tax provision totaled $422 million and $253 million for the three months ended March 31, 2024 and 2023, respectively. The Company’s effective income tax rate was approximately 19.3% and 14.1% for the three months ended March 31, 2024 and 2023, respectively. AHL changed its domicile from Bermuda to the United States, causing AHL to become a U.S.-domiciled corporation and a U.S. taxpayer effective December 31, 2023 (the “Redomicile”) and will be subject to U.S. corporate income tax for 2024 and future years. AHL’s Bermuda subsidiaries (and AHL for pre-Redomicile periods) file protective U.S. income tax returns. AHL’s U.S. subsidiaries file, and AHL for post-Redomicile periods will file, income tax returns with the U.S. federal government and various state governments. On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act of 2023 (“Bermuda CIT”). Commencing on January 1, 2025, the Bermuda CIT generally will impose a 15% corporate income tax on in-scope entities that are resident in Bermuda or have a Bermuda permanent establishment, without regard to any assurances that have been given pursuant to the Exempted Undertakings Tax Protection Act 1966. The Company recorded material deferred tax assets at December 31, 2023 as a result of the passage of the Bermuda CIT, primarily related to an estimated opening tax loss carryforward under the Bermuda CIT. Throughout 2024, the Company will evaluate and record applicable adjustments to these deferred tax assets. The Company evaluated the existing deferred tax assets and determined that no adjustments were necessary at March 31, 2024. The U.K. enacted legislation in July 2023 implementing certain provisions of the Organisation for Economic Cooperation and Development’s “Pillar Two” global minimum tax initiative (“Pillar Two”) that will apply to multinational enterprises for accounting periods beginning on or after December 31, 2023. On February 22, 2024, the U.K. enacted certain amendments to its Pillar Two legislation which similarly take effect for accounting periods beginning on or after December 31, 2023. The Company continues to evaluate the potential impact on future periods of Pillar Two, pending legislative adoption by individual countries, as such legislative changes could result in changes to our effective tax rate. The Company evaluated the enacted legislation and concluded there was no material impact to our effective tax rate for the three months ended March 31, 2024. 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, 2024, the Company recorded $23 million of unrecognized tax benefits for uncertain tax positions. Approximately all of the unrecognized tax benefits, if recognized, would impact our 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, the United Kingdom, and Bermuda (beginning January 1, 2025). 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, 2024, the Company’s U.S. federal, state, local and foreign income tax returns for the years 2020 through 2022 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 tax years 2019 to 2021. The State and City of New York are examining certain subsidiaries’ tax returns for tax years 2011 to 2021. The United Kingdom tax authorities are currently examining certain subsidiaries’ tax returns for tax year 2017. There are other examinations ongoing in other foreign jurisdictions in which the Company operates. No provisions with respect to these examinations have been recorded, other than the unrecognized tax benefits discussed above. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | 11. Debt Company debt consisted of the following: March 31, 2024 December 31, 2023 (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 $ 500 $ 499 4 $ 499 $ 496 4 4.40% 2026 Senior Notes 1,2 May 27, 2026 499 489 4 498 490 4 4.87% 2029 Senior Notes 1,2 February 15, 2029 675 670 4 675 664 4 2.65% 2030 Senior Notes 1,2 June 5, 2030 496 429 4 496 432 4 6.38% 2033 Senior Notes 1,2 November 15, 2033 492 539 4 492 539 4 5.00% 2048 Senior Notes 1,2 March 15, 2048 297 278 4 297 275 4 4.95% 2050 Subordinated Notes 1,2 January 14, 2050 297 285 4 297 283 4 7.63% 2053 Subordinated Notes 1,2 September 15, 2053 584 638 5 584 652 5 1.70% Secured Borrowing II April 15, 2032 — — 14 14 4 1.30% 2016 AMI Term Facility I January 15, 2025 16 16 3 19 19 3 2.00% 2016 AMI Term Facility II October 18, 2024 — — 12 12 3 3,856 3,843 3,883 3,876 Retirement Services 4.13% 2028 Senior Notes 1 January 12, 2028 1,062 964 4 1,066 956 4 6.15% 2030 Senior Notes 1 April 3, 2030 589 519 4 593 516 4 3.50% 2031 Senior Notes 1 January 15, 2031 522 440 4 523 442 4 6.65% 2033 Senior Notes 1 February 1, 2033 395 424 4 395 427 4 5.88% 2034 Senior Notes 1 January 15, 2034 584 602 4 583 607 4 3.95% 2051 Senior Notes 1 May 25, 2051 545 368 4 545 375 4 3.45% 2052 Senior Notes 1 May 15, 2052 504 329 4 504 337 4 6.25% 2054 Senior Notes 1 April 1, 2054 982 1,016 4 — — 7.25% 2064 Subordinated Notes 1 March 30, 2064 557 587 5 — — 5,740 5,249 4,209 3,660 Total Debt $ 9,596 $ 9,092 $ 8,092 $ 7,536 1 Interest rate is calculated as weighted average annualized. 2 Includes amortization of note discount, as applicable, totaling $33 million and $34 million as of March 31, 2024 and December 31, 2023, 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. 5 Fair value is based on quoted market prices. These notes are classified as a Level 1 liability within the fair value hierarchy. Asset Management – Notes Issued The indentures governing the 2024 Senior Notes, the 2026 Senior Notes, the 2029 Senior Notes, the 2030 Senior Notes, the 2033 Senior Notes, the 2048 Senior Notes, the 2050 Subordinated Notes and the 2053 Subordinated Notes restrict the ability of AGM, AMH and the guarantors of the notes 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 Senior Notes – 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. During the first quarter of 2024, Athene issued $1.0 billion of 6.250% Senior Notes due April 1, 2054 (the “2054 Senior Notes”). Athene will pay interest on the 2054 Senior Notes semi-annually, commencing on October 1, 2024. Subordinated Notes – During the first quarter of 2024, Athene issued $575 million of 7.250% Fixed-Rate Reset Junior Subordinated Debentures due March 30, 2064 (the “2064 Subordinated Notes”). Athene will pay interest at an annual fixed rate of 7.250% on the 2064 Subordinated Notes quarterly, commencing on June 30, 2024 until March 30, 2029. On March 30, 2029, and every fifth annual anniversary thereafter, the interest rate resets to the Five-Year U.S. Treasury Rate (as defined in the applicable prospectus supplement) plus 2.986%. Athene may defer interest payments for up to five consecutive years. Athene may redeem the 2064 Subordinated Notes prior to March 30, 2029, in whole but not in part, within 90 days of either a Tax Event, Regulatory Capital Event, or Rating Agency Event (as defined in the applicable prospectus supplement). Thereafter, Athene can call the 2064 Subordinated Notes, in whole or in part, at a price equal to 100% of the principal and any accrued and unpaid interest; provided that if the 2064 Subordinated Notes are not redeemed in whole, at least $25 million aggregate principal amount of the debentures must remain outstanding after giving effect to such redemption. Credit and Liquidity Facilities The following table represents the Company’s credit and liquidity facilities as of March 31, 2024: Instrument/Facility Borrowing Date Maturity Date Administrative Agent Key terms Asset Management - AMH credit facility N/A October 12, 2027 Citibank The commitment fee on the $1.0 billion undrawn AMH credit facility as of March 31, 2024 was 0.08%. Retirement Services - AHL credit facility N/A June 30, 2028 Citibank The borrowing capacity under the AHL credit facility is $1.25 billion, subject to being increased up to $1.75 billion in total. Retirement Services - AHL liquidity facility N/A June 28, 2024 Wells Fargo Bank The borrowing capacity under the AHL liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total. 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 (“AMH credit facility”). Borrowings under the AMH credit facility may be used for working capital and general corporate purposes, including, without limitation, permitted acquisitions. As of March 31, 2024, 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, 2024, there were no amounts outstanding under the 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 —On June 30, 2023, AHL, ALRe, AUSA and AARe entered into a new, five-year revolving credit agreement with a syndicate of banks and Citibank, N.A. as administrative agent (“AHL credit facility”), which replaced Athene’s previous revolving credit agreement dated as of December 3, 2019. The previous agreement, and the commitments under it, terminated as of June 30, 2023. The AHL credit facility is unsecured and has a commitment termination date of June 30, 2028, subject to up to two one-year extensions, in accordance with the terms of the AHL credit facility. In connection with the AHL credit facility, AHL and AUSA guaranteed all of the obligations of AHL, ALRe, AARe and AUSA under the AHL credit facility and the related loan documents, and ALRe and AARe guaranteed certain of the obligations of AHL, ALRe, AARe and AUSA under the AHL credit facility and the related loan documents. The borrowing capacity under the AHL credit facility is $1.25 billion, subject to being increased up to $1.75 billion in total on the terms described in the AHL credit facility. The AHL credit facility contains various standard covenants with which Athene must comply, including the following: 1. Consolidated debt-to-capitalization ratio not to exceed 35%; 2. Minimum consolidated net worth of no less than $14.8 billion; and 3. Restrictions on Athene’s ability to incur liens, with certain exceptions. Interest accrues on outstanding borrowings at either the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with the applicable margin varying based on AHL’s debt rating. Rates and terms are as defined in the AHL credit facility. As of March 31, 2024 and December 31, 2023, there were no amounts outstanding under the AHL credit facility and Athene was in compliance with all financial covenants under the facility. AHL Liquidity Facility —On June 30, 2023, AHL and ALRe entered into a new revolving credit agreement with a syndicate of banks and Wells Fargo Bank, National Association, as administrative agent, (“AHL liquidity facility”), which replaced Athene’s previous revolving credit agreement dated as of July 1, 2022. The previous credit agreement, and the commitments under it, expired on June 30, 2023. The AHL liquidity facility is unsecured and has a commitment termination date of June 28, 2024, subject to any extensions of additional 364-day periods with consent of extending lenders and/or “term-out” of outstanding loans (by which, at Athene’s election, the outstanding loans may be converted to term loans which shall have a maturity of up to one year after the original maturity date), in each case in accordance with the terms of the AHL liquidity facility. In connection with the AHL liquidity facility, ALRe guaranteed all of the obligations of AHL under the AHL liquidity facility and the related loan documents. 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 $2.6 billion, subject to being increased up to $3.1 billion in total on the terms described in the AHL liquidity facility. The AHL liquidity facility contains various standard covenants with which Athene must comply, including the following: 1. ALRe minimum consolidated net worth of no less than $8.8 billion; and 2. Restrictions on Athene’s ability to incur liens, with certain exceptions. Interest accrues on outstanding borrowings at the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with applicable margin varying based on ALRe’s financial strength rating. Rates and terms are as defined in the AHL liquidity facility. As of March 31, 2024 and December 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) 2024 2023 Asset Management $ 51 $ 31 Retirement Services 1 43 30 Total Interest Expense $ 94 $ 61 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, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation | 12. Equity-Based Compensation Under the Equity Plan, the Company grants equity-based awards to employees. 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 i.e. , vested awards) are expensed immediately. For the three months ended March 31, 2024 and 2023, the Company recorded equity-based compensation expense of $189 million and $140 million, respectively. As of March 31, 2024, there was $934 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.4 years. Service-Based Awards During the three months ended March 31, 2024 and 2023, the Company awarded 3.3 million and 4.6 million of service-based RSUs, respectively, with a grant date fair value of $353 million and $313 million, respectively. During the three months ended March 31, 2024 and 2023, the Company recorded equity-based compensation expense on service-based RSUs of $92 million and $67 million, respectively. Performance-Based Awards During the three months ended March 31, 2024 and 2023, the Company awarded 0.8 million and 1.2 million of performance-based RSUs, respectively, with a grant date fair value of $85 million and $79 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, 2024 and 2023, the Company recorded equity-based compensation expense on performance-based awards of $74 million and $55 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, 2024 and 2023, the Company recorded equity-based compensation expense related to these one-time grants of $14 million and $14 million, respectively, for service-based awards and $6 million and $6 million, respectively, for performance-based awards. 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, 2024 16,692,903 $ 62.92 22,067,052 38,759,955 Granted 4,104,304 106.12 16,735 4,121,039 Forfeited (92,016) 69.09 (86,754) (178,770) Vested (2,144,628) 58.41 2,144,628 — Issued — — (5,691,676) (5,691,676) Balance at March 31, 2024 18,560,563 $ 67.96 18,449,985 37,010,548 Restricted Stock Awards During the three months ended March 31, 2024 and 2023, the Company awarded 0.1 million and 0.2 million restricted stock awards, respectively, from profit sharing arrangements with a grant date fair value of $9 million and $14 million, respectively. During the three months ended March 31, 2024 and 2023, the Company recorded equity-based compensation expense related to restricted stock awards from profit sharing arrangements of $12 million and $9 million, respectively. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Equity | 13. 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, 2024 and 2023, 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 adjustment to retained earnings (accumulated deficit). On January 3, 2022, the Company announced a share repurchase program, pursuant to which, the Company was 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 was 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. On February 8, 2024, the AGM board of directors terminated the Company’s prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $3.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Company’s equity incentive plans. Shares of common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, as well as through reductions of shares that otherwise would have been issued to participants under the Company’s Equity Plan in order to satisfy associated tax obligations. The repurchase program does not obligate the Company to make any repurchases at any specific time. The program is effective until the aggregate repurchase amount that has been approved by the AGM board of directors has been expended and may be suspended, extended, modified or discontinued at any time. The table below outlines the share activity for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 Shares of common stock issued in settlement of vested RSUs and options exercised 1 5,963,140 4,930,963 Reduction of shares of common stock issued 2 (2,292,336) (2,064,148) Shares of common stock purchased related to share issuances and forfeitures 3 (147,111) (160,239) Issuance of shares of common stock for equity-based awards 3,523,693 2,706,576 1 The gross value of shares issued was $642 million and $348 million for the three months ended March 31, 2024 and 2023, 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 $314 million and $147 million for the three months ended March 31, 2024 and 2023, 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, 2024, and 2023, Apollo issued 82,858 and 193,740 of such restricted shares and 147,111 and 160,239 of such RSUs under the Equity Plan, respectively. During the three months ended March 31, 2023, Apollo repurchased 353,979 shares of common stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program. During the three months ended March 31, 2024 and 2023, 2,337,000 and 6,376,021 shares of common stock, respectively, were repurchased in open market transactions as part of the publicly announced share repurchase programs discussed above, and such shares were subsequently canceled by the Company. The Company paid $260 million and $433 million for these open market share repurchases during the three months ended March 31, 2024 and 2023, respectively. Mandatory Convertible Preferred Stock On August 11, 2023, the Company issued 28,750,000 shares, or $1.4 billion aggregate liquidation preference, of its 6.75% Series A Mandatory Convertible Preferred Stock (the “Mandatory Convertible Preferred Stock”). Dividends on the Mandatory Convertible Preferred Stock will be payable on a cumulative basis when, as and if declared by the AGM board of directors, or an authorized committee thereof, at an annual rate of 6.75% on the liquidation preference of $50.00 per share, and may be paid in cash or, subject to certain limitations, in shares of common stock or, subject to certain limitations, any combination of cash and shares of common stock. If declared, dividends on the Mandatory Convertible Preferred Stock will be payable quarterly on January 31, April 30, July 31 and October 31 of each year, commencing on October 31, 2023, and ending on, and including, July 31, 2026. The first dividend payment on October 31, 2023 was $0.7500 per share of Mandatory Convertible Preferred Stock, with subsequent quarterly cash dividends expected to be $0.8438 per share of Mandatory Convertible Preferred Stock. Unless converted earlier in accordance with its terms, each share of Mandatory Convertible Preferred Stock will automatically convert on the mandatory conversion date, which is expected to be July 31, 2026, into between 0.5052 shares and 0.6062 shares of common stock, in each case, subject to customary anti-dilution adjustments described in the certificate of designations related to the Mandatory Convertible Preferred Stock (the “Certificate of Designations”). The number of shares of common stock issuable upon conversion will be determined based on the average volume weighted average price per share of common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately prior to July 31, 2026. Holders of shares of Mandatory Convertible Preferred Stock have the option to convert all or any portion of their shares of Mandatory Convertible Preferred Stock at any time. The conversion rate applicable to any early conversion may in certain circumstances be increased to compensate holders of the Mandatory Convertible Preferred Stock for certain unpaid accumulated dividends as described in the Certificate of Designations. If a Fundamental Change, as defined in the Certificate of Designations, occurs on or prior to July 31, 2026, then holders of the Mandatory Convertible Preferred Stock will be entitled to convert all or any portion of their Mandatory Convertible Preferred Stock at the Fundamental Change Conversion Rate for a specified period of time and to also receive an amount to compensate them for certain unpaid accumulated dividends and any remaining future scheduled dividend payments. The Mandatory Convertible Preferred Stock is not subject to redemption at the Company’s option. During the three months ended March 31, 2024, 235 shares of the Mandatory Convertible Preferred Stock were converted at the option of the respective holders. There were 28,749,765 shares of Mandatory Convertible Preferred Stock issued and outstanding as of March 31, 2024. Warrants In 2022, the Company issued warrants to an institutional investor in a private placement exercisable for up to 12.5 million shares of common stock at an exercise price of $82.80 per share. As of March 31, 2024, 7.5 million warrants were vested and exercisable. An additional 2.5 million warrants become exercisable in the first quarter of 2025 and 2026, respectively. Each warrant, to the extent exercised, will be settled on a “cashless net exercise basis.” The warrants will expire in 2027 with any vested but unexercised warrants being automatically exercised at such time if the trading price of common stock is above the exercise price. 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 Equivalents on Participating Securities February 9, 2023 $ 0.40 February 28, 2023 $ 229 $ 12 May 9, 2023 0.43 May 31, 2023 244 12 August 3, 2023 0.43 August 31, 2023 244 12 November 1, 2023 0.43 November 30, 2023 244 15 Year ended December 31, 2023 $ 1.69 $ 961 $ 51 February 8, 2024 0.43 February 29, 2024 245 14 Three months ended March 31, 2024 $ 0.43 $ 245 $ 14 Accumulated Other Comprehensive Income (Loss) (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, 2023 $ (8,675) $ (289) $ (81) $ 3,458 $ 3 $ 9 $ (5,575) Other comprehensive income (loss) before reclassifications (546) (145) (58) 803 (28) (32) (6) Less: Reclassification adjustments for gains (losses) realized 1 47 — 18 — — — 65 Less: Income tax expense (benefit) (117) (30) (16) 168 (6) (3) (4) Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax (188) — (13) 214 (2) (13) (2) Balance at March 31, 2024 $ (8,963) $ (404) $ (128) $ 3,879 $ (17) $ (7) $ (5,640) 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, 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, net of tax 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. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 14. 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) 2024 2023 Numerator: Net income (loss) attributable to common stockholders $ 1,403 $ 1,010 Dividends declared on common stock 1 (245) (229) Dividends on participating securities 2 (14) (12) Earnings allocable to participating securities (29) (20) Undistributed income (loss) attributable to common stockholders: Basic 1,115 749 Dilution effect on distributable income attributable to Mandatory Convertible Preferred Stock 24 — Dilution effect on distributable income attributable to contingent shares — (5) Undistributed income (loss) attributable to common stockholders: Diluted $ 1,139 $ 744 Denominator: Weighted average number of shares of common stock outstanding: Basic 588,120,328 584,115,927 Dilution effect of Mandatory Convertible Preferred Stock 14,524,410 — Dilution effect of options 1,111,770 — Dilution effect of warrants 1,622,201 — Dilution effect of contingent shares — 126,644 Weighted average number of shares of common stock outstanding: Diluted 605,378,709 584,242,571 Net income (loss) per share of common stock: Basic Distributed income $ 0.43 $ 0.40 Undistributed income (loss) 1.88 1.27 Net income (loss) per share of common stock: Basic $ 2.31 $ 1.67 Net income (loss) per share of common stock: Diluted Distributed income $ 0.43 $ 0.40 Undistributed income (loss) 1.85 1.26 Net income (loss) per share of common stock: Diluted $ 2.28 $ 1.66 1 See note 13 for information regarding quarterly dividends. 2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares. 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, 2024 2023 Weighted average unvested RSUs 13,915,071 14,056,347 Weighted average unexercised options — 2,311,985 Weighted average unexercised warrants — 3,832,969 Weighted average unvested restricted shares 1,482,036 1,719,231 |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Parties | 15. 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, 2024 and December 31, 2023: (In millions) March 31, 2024 December 31, 2023 Due from Related Parties: Due from funds 1 $ 316 $ 299 Due from portfolio companies 37 40 Due from employees and former employees 88 110 Total Due from Related Parties $ 441 $ 449 Due to Related Parties: Due to Former Managing Partners and Contributing Partners 2 $ 618 $ 661 Due to funds 207 209 Total Due to Related Parties $ 825 $ 870 1 Includes $33 million and $37 million as of March 31, 2024 and December 31, 2023, 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 $131 million and $175 million as of March 31, 2024 and December 31, 2023, 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 (“IRC”), which will result in an adjustment to the tax basis of the assets owned by the Apollo Operating Group entities. 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 exchanges of AOG Units for Class A shares that have occurred in prior years. AGM and its subsidiaries retain the benefit of 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, 2024, the outstanding payable amount due to Former Managing Partners and Contributing Partners was $131 million, which is payable in equal quarterly installments through December 31, 2024. Due from Employees and Former Employees As of March 31, 2024 and December 31, 2023, due from related parties includes various amounts due to Apollo, including employee loans and return of profit-sharing distributions. As of March 31, 2024 and December 31, 2023, the balance includes interest-bearing employee loans receivable of $2 million and $3 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 $79 million and $99 million at March 31, 2024 and December 31, 2023, 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 $0.3 million and $0.3 million as of March 31, 2024 and December 31, 2023, 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 $164 million and $174 million as of March 31, 2024 and December 31, 2023, respectively. 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 $345 million as of March 31, 2024, 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, 2024. 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, 2024. Investment in SPACs Apollo previously sponsored and consolidated two SPACs, Apollo Strategic Growth Capital II and Acropolis Infrastructure Acquisition Corp. Both SPACs were ultimately liquidated in the fourth quarter of 2023, resulting in a loss of $40 million. Retirement Services AAA Athene consolidates AAA as a VIE and AAA holds the majority of Athene’s alternative investments portfolio. Apollo established AAA to provide a single vehicle through which Athene and third-party investors participate in a portfolio of alternative investments, including 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 allows it to achieve greater scale and diversification for alternatives. 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 U.K.) 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 U.K. 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, 2024, 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, 2024 December 31, 2023 Investment fund $ 1,067 $ 1,082 Non-redeemable preferred equity securities 244 249 Total investment in Athora $ 1,311 $ 1,331 Additionally, as of March 31, 2024 and December 31, 2023, Athene had $59 million and $61 million, respectively, of funding agreements outstanding to Athora . Athene also has commitments to make additional investments in Athora of $523 million as of March 31, 2024. Atlas Athene has an equity investment in Atlas, an asset-backed specialty lender, through its investment in AAA and, as of March 31, 2024 and December 31, 2023, Athene held $3.0 billion and $1.0 billion, respectively, of AFS securities issued by Atlas. Athene also held $536 million and $921 million of reverse repurchase agreements issued by Atlas as of March 31, 2024 and December 31, 2023, respectively. See note 16 for further information on assurance letters issued in support of Atlas. 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. (together with its subsidiaries, “Catalina”). Athene has a strategic modco reinsurance agreement with Catalina to cede certain inforce funding agreements. Athene elected the fair value option on this agreement and had a liability of $263 million and $330 million as of March 31, 2024 and December 31, 2023, respectively, which is included in other liabilities on the condensed consolidated statements of financial condition. During the first quarter of 2024, Athene entered into a modco reinsurance agreement with Catalina to cede a quota share of retail deferred annuity products. As of March 31, 2024, Athene had a reinsurance recoverable balance of $1.1 billion related to this agreement. 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 invests in PK Air through its investment in AAA. As of March 31, 2024 and December 31, 2023, Athene also held $1.6 billion and $1.6 billion, respectively, of PK Air senior notes, which are included in investments in related parties on the condensed consolidated statements of financial condition. Athene has commitments to make additional investments in PK Air of $1.4 billion as of March 31, 2024. Venerable VA Capital Company LLC (“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. Athene has a minority equity investment in VA Capital, which was $184 million and $181 million as of March 31, 2024 and December 31, 2023, respectively, that is included in investments in related parties on the condensed consolidated statements of financial condition and accounted for as an equity method investment. Athene also has coinsurance and modco agreements with VIAC, which is a subsidiary of Venerable. VIAC is a related party due to Athene’s investment in VA Capital. Effective July 1, 2023, VIAC recaptured $2.7 billion of reserves, which represents a portion of their business that was subject to those coinsurance and modco agreements. Athene recognized a gain of $555 million, which is included in other revenues on the condensed consolidated statements of operations, in the third quarter of 2023 as a result of the settlement of the recapture agreement. As a result of Athene’s intent to transfer the assets supporting this business to VIAC in connection with the recapture, Athene was required by U.S. GAAP to recognize the unrealized losses on these assets of $104 million as intent-to-sell impairments in the second quarter of 2023. Additionally, Athene has term loans receivable from Venerable due in 2033, which are included in investments in related parties on the condensed consolidated statements of financial condition. The loans are held at fair value and were $336 million and $343 million as of March 31, 2024 and December 31, 2023, respectively. While management viewed the overall transactions with Venerable as favorable to Athene, the stated interest rate of 6.257% on the initial term loan to Venerable represented a below-market interest rate, and management considered such rate as part of its evaluation and pricing of the reinsurance transactions. Wheels Athene invests in Wheels, Inc. (“Wheels”) indirectly through its investment in AAA. As of March 31, 2024 and December 31, 2023, Athene also owned $1.0 billion and $1.0 billion, respectively, of AFS securities issued by Wheels, which are included in investments in related parties on the condensed consolidated statements of financial condition. Athene also has commitments to make additional investments in Wheels of $77 million as of March 31, 2024. Apollo/Athene Dedicated Investment Programs Athene’s subsidiary, ACRA 1 is partially owned by ADIP I, 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 I holding the remaining 63.45% of the economic interests. ACRA 2 is partially owned by ADIP II, a fund managed by Apollo. ALRe currently holds 40% of the economic interests and all of ACRA 2’s voting interests, with ADIP II holding the remaining 60% of the economic interests. Athene received capital contributions and paid distributions relating to ACRA of the following: Three months ended March 31, (In millions) 2024 2023 Contributions from ADIP $ 405 $ — Distributions to ADIP (254) (127) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies Investment Commitments The Company has unfunded capital commitments of $563 million as of March 31, 2024 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 and those of its consolidated VIEs, of $24.3 billion as of March 31, 2024. 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, 2024 and that could be reversed approximates $5.3 billion. Performance allocations are affected by changes in the fair values of the underlying investments in the funds that Apollo manages. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, bond yields and industry trading multiples. Movements in these items can affect valuations quarter to quarter even if the underlying business fundamentals remain stable. Management views the possibility of all of the investments becoming worthless as remote. Additionally, at the end of the life of certain funds, Apollo may be obligated as general partner, to repay the funds’ performance allocations received in excess of what was ultimately earned. This obligation amount, if any, will depend on final realized values of investments at the end of the life of each fund or as otherwise set forth in the partnership agreement of the fund. Certain funds may not generate performance allocations as a result of unrealized and realized losses that are recognized in the current and prior reporting periods. In certain cases, performance allocations will not be generated until additional unrealized and realized gains occur. Any appreciation would first cover the deductions for invested capital, unreturned organizational expenses, operating expenses, management fees and priority returns based on the terms of the respective fund agreements. One of Apollo’s subsidiaries, AGS, provides underwriting commitments in connection with securities offerings of related parties of Apollo, including portfolio companies of the funds Apollo manages, as well as third parties. As of March 31, 2024, AGS had unfunded contingent commitments of $30 million outstanding related to such offerings. The commitments expired on April 8, 2024 with no funding on the part of Apollo. As of March 31, 2024, one of the Company’s subsidiaries had unfunded contingent commitments of $28 million to facilitate fundings at closing by the lead arrangers for a syndicated term loan issued by a portfolio company of a fund managed by Apollo. The commitments expire on June 5, 2024. As of April 30, 2024, the unfunded contingent commitments were approximately $2 million. 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, 2024, the Apollo Capital Markets Partnership had funded commitments of $1.56 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 $67 million as of March 31, 2024 and December 31, 2023, 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 $74 million and $26 million as of March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, Athene had $7.6 billion and $6.5 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, 2024 and December 31, 2023, Athene had $23.2 billion and $19.9 billion, respectively, of FABN funding agreements outstanding. Athene had $11.4 billion of board-authorized FABN capacity remaining as of March 31, 2024. Athene also issues secured and other funding agreements. Secured funding agreements involve special-purpose, unaffiliated entities entering into repurchase agreements with a third party, the proceeds of which are used by the special-purpose entities to purchase funding agreements from Athene. As of March 31, 2024 and December 31, 2023, Athene had $8.5 billion and $6.0 billion, respectively, of secured and other 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, 2024 December 31, 2023 AFS securities $ 40,467 $ 32,458 Trading securities 142 139 Equity securities 146 80 Mortgage loans 16,482 14,257 Investment funds 419 409 Derivative assets 83 73 Short-term investments 45 153 Other investments 362 313 Restricted cash and cash equivalents 1,575 1,761 Total restricted assets $ 59,721 $ 49,643 The restricted assets are primarily related to reinsurance trusts established in accordance with coinsurance agreements and the FHLB and secured funding agreements described above. Letters of Credit Athene has undrawn letters of credit totaling $1.3 billion as of March 31, 2024. These letters of credit were issued for Athene’s reinsurance program and have expirations through May 22, 2028. 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. In March 2024, in connection with Atlas concluding its investment management agreement with CS, the deferred purchase obligation amount was reduced to $2.5 billion. In addition, certain strategic investors have made equity commitments to Atlas which therefore obligates these investors for a portion of the deferred purchase obligation. The Company’s guarantee is not probable of payment hence there is no liability on 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 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. Defendants filed their motions to dismiss the New York Supreme Court action on March 31, 2021, which were granted in part and denied in part on May 23, 2023. The court granted in full the Defendants’ motion to dismiss Harbinger’s complaint as time-barred and denied as moot the Defendants’ motion to dismiss the complaint for failure to state a claim. Plaintiffs have appealed the court’s decision. Apollo believes the claims in this action are without merit. 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 November 17, 2023, Plaintiff and Defendants filed a stipulation of settlement with the Chancery Court. On February 23, 2024, the Chancery Court held a hearing on the proposed settlement, which is now pending Court approval. 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 PlayAGS’s executives to proceed. On February 13, 2024, the Court dismissed the entire case against all defendants, with prejudice, and instructed the clerk of the court to close the case. On March 14, 2024, plaintiffs filed a notice of appeal. Plaintiffs’ opening brief is due May 5, 2024 and responsive briefs are due June 3, 2024. Apollo believes the claims in this action are without merit. No reasonable estimate of possible loss, if any, can be made at this time. On August 17, 2023, a purported stockholder of AGM filed a shareholder derivative complaint (the “Original Complaint”) in the Court of Chancery of the State of Delaware against current AGM directors Marc Rowan, Scott Kleinman, James Zelter, Alvin Krongard, Michael Ducey, and Pauline Richards, Apollo Former Managing Partners Leon Black and Joshua Harris, and, as a nominal defendant, AGM. The action is captioned Anguilla Social Security Board vs. Black et al., C.A. No. 2023-0846-JTL and challenges the $570 million payments being made to the Former Managing Partners and Contributing Partners in connection with the elimination of the Up-C structure that was in place prior to Apollo’s merger with Athene. As previously disclosed in Apollo’s SEC filings, this purported stockholder previously had sought and received documents relating to the transaction pursuant to Section 220 of the Delaware General Corporation Law. The Original Complaint alleged that the challenged payments amount to corporate waste, that the Former Managing Partners and Contributing Partners received payments in connection with the Corporate Recapitalization that exceed fair value and therefore breached their fiduciary duties, and that the independent conflicts committee of the AAM board of directors (which then consisted of Mr. Krongard, Mr. Ducey, and Ms. Richards) that negotiated the elimination of the TRA breached their fiduciary duties. The Original Complaint alleged that pre-suit demand was futile because a majority of AGM’s board is either not independent from the Former Managing Partners or face a substantial likelihood of liability in light of the challenges to the transaction. The Original Complaint sought, among other things, declaratory relief, unspecified monetary damages, interest, restitution, disgorgement, injunctive relief, costs, and attorneys’ fees. On November 16, 2023, the defendants moved to dismiss the Original Complaint on the basis that, among other things, the plaintiff failed to make a pre-suit demand on the Apollo board of directors. On February 9, 2024, the plaintiff filed an amended complaint (the “Amended Complaint”) that adds new factual allegations but names the same defendants, asserts the same causes of action, and seeks the same relief as the Original Complaint. The Amended Complaint alleges that pre-suit demand was futile for the same reasons alleged in the Original Complaint. On April 25, 2024, defendants moved to dismiss the Amended Complaint. No reasonable estimate of possible loss, if any, can be made at this time. On March 14, 2024, a purported stockholder of AGM filed a class action complaint against AGM. The complaint alleges, among other things, that certain provisions of the stockholders agreement, entered into on January 1, 2022 between AGM and the Former Managing Partners, violate Delaware law. Apollo believes the claims in this action are without merit. No reasonable estimate of possible loss, if any, can be made at this time. Certain of Apollo’s investment adviser subsidiaries have received a request for information and documents from the SEC in connection with an investigation concerning compliance with record retention requirements relating to business communications sent or received via electronic messaging channels. As has been publicly reported, the SEC is conducting similar investigations of other investment advisers. |
Segments
Segments | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segments | 17. 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, excluding performance fees from Athene and performance fees from origination platforms dependent on capital appreciation, 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, which consists of investment gains (losses), net of offsets, and non-operating change in insurance liabilities and related derivatives, 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, 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) 2024 2023 Asset Management Management fees 1 $ 652 $ 577 Capital solutions fees and other, net 141 138 Fee-related performance fee 46 27 Fee-related compensation (220) (211) Other operating expenses (157) (134) Fee Related Earnings 462 397 Retirement Services Fixed income and other net investment income 2,454 1,957 Alternative net investment income 266 185 Strategic capital management fees 25 14 Cost of funds (1,723) (1,235) Other operating expenses (114) (124) Interest and other financing costs (91) (109) Spread Related Earnings 817 688 Principal Investing Realized performance fees 94 164 Realized investment income 14 28 Principal investing compensation (73) (170) Other operating expenses (14) (14) Principal Investing Income 21 8 Segment Income $ 1,300 $ 1,093 Segment Assets: March 31, 2024 December 31, 2023 Asset Management $ 2,057 $ 1,938 Retirement Services 314,041 294,730 Principal Investing 9,348 9,573 Total Assets 2 $ 325,446 $ 306,241 1 Includes intersegment management fees from Retirement Services of $279 million and $216 million for the three months ended March 31, 2024 and 2023, respectively. 2 Refer below for a reconciliation of total assets for Apollo’s total reportable segments to total consolidated assets. 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) 2024 2023 Income (loss) before income tax provision (benefit) $ 2,187 $ 1,791 Asset Management Adjustments: Equity-based profit sharing expense and other 1 94 67 Equity-based compensation 74 52 Transaction-related charges 2 55 (3) Merger-related transaction and integration costs 3 8 7 Net (income) loss attributable to non-controlling interests in consolidated entities (377) (523) Unrealized performance fees (268) (239) Unrealized profit sharing expense 159 135 HoldCo interest and other financing costs 4 15 21 Unrealized principal investment income (loss) (11) (10) Unrealized net (gains) losses from investment activities and other (28) 12 Retirement Services Adjustments: Investment (gains) losses, net of offsets 22 (397) Non-operating change in insurance liabilities and related derivatives 5 (673) 135 Integration, restructuring and other non-operating expenses 30 29 Equity-based compensation 13 16 Segment Income $ 1,300 $ 1,093 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. 5 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits. The following table presents the reconciliation of the Company’s total reportable segment assets to total assets: (In millions) March 31, 2024 December 31, 2023 Total reportable segment assets $ 325,446 $ 306,241 Adjustments 1 8,605 7,247 Total assets $ 334,051 $ 313,488 1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events Dividends On May 2, 2024, the Company declared a cash dividend of $0.4625 per share of common stock, which will be paid on May 31, 2024 to holders of record at the close of business on May 17, 2024. On May 2, 2024, the Company also declared and set aside for payment a cash dividend of $0.8438 per share of its Mandatory Convertible Preferred Stock, which will be paid on July 31, 2024 to holders of record at the close of business on July 15, 2024. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 1,427 | $ 1,010 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and the SEC’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Certain disclosures included in the annual audited 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. These condensed consolidated financial statements should be read in conjunction with the annual audited financial statements included in the 2023 Annual Report. 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. |
Consolidation | Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and the SEC’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Certain disclosures included in the annual audited 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. These condensed consolidated financial statements should be read in conjunction with the annual audited financial statements included in the 2023 Annual Report. 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. |
Deferred Revenue | Deferred Revenue |
Recently Issued Accounting Pronouncements and Recently Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements Segment Reporting – Improvements to Reporting Segment Disclosures (ASU 2023-07) In November 2023, the FASB issued guidance to incrementally add disclosures for public entities’ reporting segments including significant segment expenses and other segment items. The guidance is mandatorily effective for the Company in its 2024 annual report and in interim periods in 2025; however, early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements. Income Taxes—Improvements to Income Tax Disclosures (ASU 2023-09) In December 2023, the FASB made amendments to update disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state, and foreign taxes, as relevant. The guidance is mandatorily effective for the Company for annual periods beginning in 2025; however, early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements. Intangibles—Goodwill and Other—Crypto Assets Accounting for and Disclosure of Crypto Assets (ASU 2023-08) In December 2023, the FASB issued amendments on the accounting for and disclosure of crypto assets. The guidance requires assets that meet certain conditions be accounted for at fair value with changes in fair value recognized in net income. The ASU also requires disclosures about significant holdings, contractual sale restrictions, and changes during the reporting period. The guidance is mandatorily effective for the Company on January 1, 2025, and early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements. Business Combinations – Joint Venture Formations (ASU 2023-05) The amendments in this update address how a joint venture initially recognizes and measures contributions received at its formation date. The amendments require a joint venture to apply a new basis of accounting upon formation and to initially recognize its assets and liabilities at fair value. The guidance is effective prospectively for all joint ventures formed on or after January 1, 2025, while retrospective application may be elected for a joint venture formed before the effective date. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements. Compensation – Stock Compensation (ASU 2024-01) In March 2024, the FASB issued guidance in ASU 2024-01 that clarifies how an entity determines whether it is required to account for profits interest awards (and similar awards) in accordance with ASC 718 or other guidance. The ASU provides specific examples on when a profits interest award should be accounted for as a share-based payment arrangement under ASC 718 or in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 or other ASC topics. The guidance is mandatorily effective for the Company on January 1, 2025, and early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement on its consolidated financial statements. Recently Adopted Accounting Pronouncements Investments– Equity Method and Joint Ventures (ASU 2023-02) In March 2023, the FASB issued guidance 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. Previously, PAM only applied to low-income housing tax credit investments. The Company early adopted the guidance on October 1, 2023, and there was no impact to the condensed consolidated financial statements upon adoption. Fair Value Measurement — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03) In June 2022, the FASB issued clarifying guidance that a restriction which is a characteristic of the holding entity rather than a characteristic of the equity security itself should not be considered in its fair value measurement. As a result, the Company is required to measure the fair value of equity securities subject to contractual restrictions attributable to the holding entity on the basis of the market price of the same equity security without those contractual restrictions. Companies are not permitted to recognize a contractual sale restriction attributable to the holding entity as a separate unit of account. The guidance also requires disclosures for these equity securities. The Company early adopted the guidance on July 1, 2023. The Company applied the guidance on a prospective basis, and there was no impact to the condensed consolidated financial statements 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 condensed 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. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
Schedule of Investments | The following table outlines the Company’s investments: (In millions) March 31, 2024 December 31, 2023 Asset Management Investments, at fair value $ 1,469 $ 1,489 Equity method investments 1,116 1,072 Performance allocations 3,014 2,941 Total Investments – Asset Management 5,599 5,502 Retirement Services AFS securities, at fair value $ 159,251 $ 148,347 Trading securities, at fair value 2,466 2,544 Equity securities 1,966 1,611 Mortgage loans, at fair value 49,470 45,396 Investment funds 1,736 1,741 Policy loans 330 334 Funds withheld at interest 29,258 30,833 Derivative assets 7,159 5,298 Short-term investments 896 1,288 Other investments 1,707 1,549 Total Investments, including related parties – Retirement Services 254,239 238,941 Total Investments $ 259,838 $ 244,443 |
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) 2024 2023 Realized gains (losses) on sales of investments, net $ 1 $ 5 Net change in unrealized gains (losses) due to changes in fair value 38 (7) Net gains (losses) from investment activities $ 39 $ (2) Investment related gains (losses) by asset class consists of the following: Three months ended March 31, (In millions) 2024 2023 AFS securities 1 Gross realized gains on investment activity $ 67 $ 183 Gross realized losses on investment activity (347) (104) Net realized investment gains (losses) on AFS securities (280) 79 Net recognized investment gains (losses) on trading securities (65) 64 Net recognized investment gains (losses) on equity securities 39 (18) Net recognized investment gains (losses) on mortgage loans (358) 277 Derivative gains 1,431 993 Provision for credit losses (10) (66) Other gains (losses) 920 (264) Investment related gains (losses) $ 1,677 $ 1,065 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges. |
Schedule of Performance Allocations | The table below provides a roll forward of the performance allocations balance: (In millions) Total Performance allocations, January 1, 2024 $ 2,941 Change in fair value of funds 364 Fund distributions to the Company (291) Performance allocations, March 31, 2024 $ 3,014 |
Schedule of 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, 2024 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 6,764 $ — $ 41 $ (1,002) $ 5,803 U.S. state, municipal and political subdivisions 1,283 — — (252) 1,031 Foreign governments 2,086 — 6 (308) 1,784 Corporate 94,419 (127) 589 (11,457) 83,424 CLO 22,590 (1) 268 (459) 22,398 ABS 14,379 (51) 118 (576) 13,870 CMBS 7,372 (31) 63 (468) 6,936 RMBS 8,235 (387) 229 (450) 7,627 Total AFS securities 157,128 (597) 1,314 (14,972) 142,873 AFS securities – related parties Corporate 1,428 — 3 (76) 1,355 CLO 4,506 — 18 (78) 4,446 ABS 10,870 (1) 21 (313) 10,577 Total AFS securities – related parties 16,804 (1) 42 (467) 16,378 Total AFS securities, including related parties $ 173,932 $ (598) $ 1,356 $ (15,439) $ 159,251 December 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 $ 6,161 $ — $ 67 $ (829) $ 5,399 U.S. state, municipal and political subdivisions 1,296 — — (250) 1,046 Foreign governments 2,083 — 71 (255) 1,899 Corporate 88,343 (129) 830 (10,798) 78,246 CLO 20,506 (2) 261 (558) 20,207 ABS 13,942 (49) 120 (630) 13,383 CMBS 7,070 (29) 52 (502) 6,591 RMBS 8,160 (381) 252 (464) 7,567 Total AFS securities 147,561 (590) 1,653 (14,286) 134,338 AFS securities – related parties Corporate 1,423 — 1 (72) 1,352 CLO 4,367 — 21 (120) 4,268 ABS 8,665 (1) 34 (309) 8,389 Total AFS securities – related parties 14,455 (1) 56 (501) 14,009 Total AFS securities, including related parties $ 162,016 $ (591) $ 1,709 $ (14,787) $ 148,347 |
Schedule of Amortized Cost and Fair Value of AFS Securities, Including Related Parties | The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below: March 31, 2024 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 2,294 $ 2,256 Due after one year through five years 20,196 19,366 Due after five years through ten years 25,571 23,178 Due after ten years 56,491 47,242 CLO, ABS, CMBS and RMBS 52,576 50,831 Total AFS securities 157,128 142,873 AFS securities – related parties Due after one year through five years 911 898 Due after five years through ten years 122 114 Due after ten years 395 343 CLO and ABS 15,376 15,023 Total AFS securities – related parties 16,804 16,378 Total AFS securities, including related parties $ 173,932 $ 159,251 |
Schedule of 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, 2024 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 $ 2,447 $ (189) $ 2,313 $ (813) $ 4,760 $ (1,002) U.S. state, municipal and political subdivisions 132 (6) 888 (246) 1,020 (252) Foreign governments 986 (42) 735 (266) 1,721 (308) Corporate 13,687 (532) 49,045 (10,903) 62,732 (11,435) CLO 1,966 (7) 8,909 (417) 10,875 (424) ABS 1,798 (45) 4,307 (389) 6,105 (434) CMBS 552 (11) 1,927 (363) 2,479 (374) RMBS 606 (14) 1,399 (134) 2,005 (148) Total AFS securities 22,174 (846) 69,523 (13,531) 91,697 (14,377) AFS securities – related parties Corporate 241 (40) 384 (36) 625 (76) CLO 399 (2) 2,223 (75) 2,622 (77) ABS 4,115 (77) 2,486 (216) 6,601 (293) Total AFS securities – related parties 4,755 (119) 5,093 (327) 9,848 (446) Total AFS securities, including related parties $ 26,929 $ (965) $ 74,616 $ (13,858) $ 101,545 $ (14,823) December 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 $ 2,013 $ (94) $ 2,389 $ (735) $ 4,402 $ (829) U.S. state, municipal and political subdivisions 123 (5) 888 (245) 1,011 (250) Foreign governments 690 (13) 760 (242) 1,450 (255) Corporate 7,752 (474) 50,028 (10,311) 57,780 (10,785) CLO 689 (2) 11,579 (543) 12,268 (545) ABS 2,129 (75) 4,378 (458) 6,507 (533) CMBS 859 (12) 1,967 (406) 2,826 (418) RMBS 467 (9) 2,057 (263) 2,524 (272) Total AFS securities 14,722 (684) 74,046 (13,203) 88,768 (13,887) AFS securities – related parties Corporate 548 (35) 382 (37) 930 (72) CLO 397 (16) 2,592 (102) 2,989 (118) ABS 2,008 (66) 2,793 (225) 4,801 (291) Total AFS securities – related parties 2,953 (117) 5,767 (364) 8,720 (481) Total AFS securities, including related parties $ 17,675 $ (801) $ 79,813 $ (13,567) $ 97,488 $ (14,368) 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, 2024 Unrealized Loss Position Unrealized Loss Position 12 Months or More AFS securities 8,612 7,343 AFS securities – related parties 185 121 |
Schedule of 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, 2024 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 Corporate $ 129 $ 7 $ — $ (8) $ (1) $ 127 CLO 2 — — — (1) 1 ABS 49 2 — — — 51 CMBS 29 1 — — 1 31 RMBS 381 4 — (4) 6 387 Total AFS securities 590 14 — (12) 5 597 AFS securities – related parties, ABS 1 — — — — 1 Total AFS securities, including related parties $ 591 $ 14 $ — $ (12) $ 5 $ 598 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 parties, CLO 1 — — — — 1 Total AFS securities, including related parties $ 459 $ 26 $ 28 $ (10) $ — $ 503 |
Schedule of Net Investment Income | Net investment income by asset class consists of the following: Three months ended March 31, (In millions) 2024 2023 AFS securities $ 2,137 $ 1,469 Trading securities 41 42 Equity securities 17 15 Mortgage loans 814 447 Investment funds 9 34 Funds withheld at interest 363 429 Other 211 188 Investment revenue 3,592 2,624 Investment expenses (16) (12) Net investment income $ 3,576 $ 2,612 |
Schedule of Unrealized Gain (Loss) on Trading and Equity Securities | 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) 2024 2023 Trading securities $ (20) $ 66 Trading securities – related parties — 6 Equity securities 41 (23) Equity securities – related parties (3) 3 |
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, 2024 December 31, 2023 Less than 30 days $ — $ 686 Greater than 1 year 2,666 3,167 Payables for repurchase agreements $ 2,666 $ 3,853 |
Schedule of Securities Pledged as Collateral for Repurchase Agreements | The following table summarizes the securities pledged as collateral for repurchase agreements: March 31, 2024 December 31, 2023 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities Foreign governments $ 138 $ 97 $ 137 $ 99 Corporate 1,859 1,577 2,735 2,307 CLO 578 580 580 579 ABS 610 545 1,207 1,086 Total securities pledged under repurchase agreements $ 3,185 $ 2,799 $ 4,659 $ 4,071 |
Schedule of Mortgage Loan Portfolio, with Fair Value Option Loans | The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: (In millions) March 31, 2024 December 31, 2023 Commercial mortgage loans $ 30,512 $ 27,630 Commercial mortgage loans under development 1,187 1,228 Total commercial mortgage loans 31,699 28,858 Mark to fair value (3,165) (2,246) Commercial mortgage loans 28,534 26,612 Residential mortgage loans 24,058 21,894 Mark to fair value (975) (937) Residential mortgage loans 23,083 20,957 Mortgage loans $ 51,617 $ 47,569 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) 2024 2023 Trading securities $ (60) $ 64 Mortgage loans (400) 296 Investment funds (28) 62 Future policy benefits 27 (26) Other 15 (47) Total gains (losses) $ (446) $ 349 The following summarizes information for fair value option mortgage loans, including related parties and VIEs: (In millions) March 31, 2024 December 31, 2023 Unpaid principal balance $ 55,757 $ 50,752 Mark to fair value (4,140) (3,183) Fair value $ 51,617 $ 47,569 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2024 December 31, 2023 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 571 $ 221 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (211) (74) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 360 $ 147 Fair value of commercial mortgage loans 90 days or more past due $ 183 $ 64 Fair value of commercial mortgage loans in non-accrual status 360 147 The following represents the residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2024 December 31, 2023 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 606 $ 528 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (39) (49) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 567 $ 479 Fair value of residential mortgage loans 90 days or more past due 1 $ 567 $ 479 Fair value of residential mortgage loans in non-accrual status 460 355 1 As of March 31, 2024 and December 31, 2023, includes $107 million and $124 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) 2024 2023 Mortgage loans $ (33) $ (3) |
Schedule of Distribution of Commercial and Residential Mortgage Loans, Percentage by Geographical Location | The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows: March 31, 2024 December 31, 2023 (In millions, except percentages) Fair Value Percentage of Total Fair Value Percentage of Total Property type Apartment $ 10,565 37.0 % $ 9,591 36.0 % Office building 4,339 15.2 % 4,455 16.7 % Industrial 4,497 15.8 % 4,143 15.6 % Hotels 3,113 10.9 % 2,913 11.0 % Retail 2,215 7.8 % 2,158 8.1 % Other commercial 3,805 13.3 % 3,352 12.6 % Total commercial mortgage loans $ 28,534 100.0 % $ 26,612 100.0 % U.S. region East North Central $ 1,639 5.7 % $ 1,517 5.7 % East South Central 514 1.8 % 523 2.0 % Middle Atlantic 7,528 26.4 % 7,147 26.9 % Mountain 1,161 4.1 % 1,196 4.5 % New England 1,363 4.8 % 1,295 4.9 % Pacific 5,516 19.3 % 4,860 18.3 % South Atlantic 4,650 16.4 % 4,583 17.2 % West North Central 242 0.8 % 249 0.9 % West South Central 1,429 5.0 % 1,228 4.6 % Total U.S. region 24,042 84.3 % 22,598 85.0 % International region United Kingdom 2,540 8.9 % 2,343 8.7 % Other international 1 1,952 6.8 % 1,671 6.3 % Total international region 4,492 15.7 % 4,014 15.0 % Total commercial mortgage loans $ 28,534 100.0 % $ 26,612 100.0 % 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Athene’s residential mortgage loan portfolio primarily consists of 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, 2024 December 31, 2023 U.S. States California 27.1 % 27.6 % Florida 11.9 % 12.0 % Texas 6.4 % 6.1 % New York 5.8 % 5.9 % Other 1 39.1 % 39.4 % Total U.S. residential mortgage loan percentage 90.3 % 91.0 % International United Kingdom 5.3 % 4.0 % Other 1 4.4 % 5.0 % Total international residential mortgage loan percentage 9.7 % 9.0 % Total residential mortgage loan percentage 100.0 % 100.0 % 1 Represents all other states or countries, with each individual state or 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, 2024 December 31, 2023 (In millions, except percentages) Carrying Value Percentage of Total Carrying Value Percentage of Total Investment funds Equity funds $ 84 76.4 % $ 82 75.3 % Hybrid funds 19 17.2 % 20 18.3 % Other 7 6.4 % 7 6.4 % Total investment funds 110 100.0 % 109 100.0 % Investment funds – related parties Strategic origination platforms 47 2.9 % 47 2.9 % Insurance platforms 1,299 79.9 % 1,300 79.7 % Apollo and other fund investments Equity funds 249 15.3 % 254 15.6 % Yield funds 7 0.4 % 8 0.5 % Other 24 1.5 % 23 1.3 % Total investment funds – related parties 1,626 100.0 % 1,632 100.0 % Investment funds – consolidated VIEs Strategic origination platforms 5,854 35.0 % 5,594 35.4 % Insurance platforms 471 2.8 % 483 3.1 % Apollo and other fund investments Equity funds 3,482 20.8 % 3,302 20.9 % Hybrid funds 4,325 25.9 % 4,242 26.7 % Yield funds 1,462 8.8 % 1,356 8.6 % Other 1,113 6.7 % 843 5.3 % Total investment funds – consolidated VIEs 16,707 100.0 % 15,820 100.0 % Total investment funds, including related parties and consolidated VIEs $ 18,443 $ 17,561 |
Schedule 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, 2024 Atlas 1 $ 2,985 Wheels 1 1,595 AT&T Inc. 1,517 December 31, 2023 Wheels 1 $ 1,591 AT&T Inc. 1,526 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 15. |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amount and Fair Value of Derivative Instruments | The following table presents the notional amount and fair value of derivative instruments: March 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 10,780 $ 507 $ 184 9,034 $ 477 $ 230 Forwards 1,044 41 7 6,294 275 102 Interest rate swaps 5,364 1 637 4,468 — 521 Forwards on net investments 224 1 — 219 — 6 Interest rate swaps 18,004 17 154 10,031 29 95 Total derivatives designated as hedges 567 982 781 954 Derivatives not designated as hedges Equity options 77,831 5,423 106 73,881 3,809 102 Futures 40 104 — 35 72 — Foreign currency swaps 8,281 225 202 8,072 230 244 Interest rate swaps 3,496 83 28 3,499 81 9 Other swaps 2,674 13 1 2,588 39 1 Foreign currency forwards 38,354 744 1,110 28,236 286 685 Embedded derivatives Funds withheld, including related parties (4,085) (34) (4,100) (64) Interest sensitive contract liabilities — 10,908 — 9,059 Total derivatives not designated as hedges 2,507 12,321 417 10,036 Total derivatives $ 3,074 $ 13,303 $ 1,198 $ 10,990 The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: March 31, 2024 December 31, 2023 (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 $ 6,149 $ (146) $ 4,883 $ (15) Foreign currency swaps 6,769 (328) 6,820 (141) Interest sensitive contract liabilities Foreign currency swaps 1,945 63 1,438 19 Foreign currency interest rate swaps 4,796 479 4,010 363 Interest rate swaps 13,612 264 6,910 189 1 The carrying amount disclosed for AFS securities is amortized cost. |
Schedule 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: Amounts 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, 2024 Investment related gains (losses) Foreign currency forwards $ 136 $ (132) $ 4 $ 18 $ 9 Foreign currency swaps 112 (114) (2) — — Foreign currency interest rate swaps (116) 117 1 — — Interest rate swaps (106) 75 (31) — — Interest sensitive contract benefits Foreign currency interest rate swaps 16 (16) — — — 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) — — — 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) 2024 2023 Foreign currency forwards $ (17) $ 63 Foreign currency swaps (38) 114 |
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) 2024 2023 Equity options $ 1,597 $ 350 Futures 127 34 Swaps 39 33 Foreign currency forwards (310) (169) Embedded derivatives on funds withheld (75) 603 Amounts recognized in investment related gains (losses) 1,378 851 Embedded derivatives in indexed annuity products 1 (1,177) (473) Total gains (losses) on derivatives not designated as hedges $ 201 $ 378 1 Included in interest sensitive contract benefits on the condensed consolidated statements of operations. |
Schedule of Offsetting Derivative 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, 2024 Derivative assets $ 7,159 $ (1,704) $ (5,479) $ (24) $ 1 $ (23) Derivative liabilities (2,429) 1,704 1,188 463 — 463 December 31, 2023 Derivative assets $ 5,298 $ (1,497) $ (3,676) $ 125 $ — $ 125 Derivative liabilities (1,995) 1,497 848 350 — 350 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, 2024 and December 31, 2023, 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 statements 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. |
Schedule of Offsetting Derivative 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, 2024 Derivative assets $ 7,159 $ (1,704) $ (5,479) $ (24) $ 1 $ (23) Derivative liabilities (2,429) 1,704 1,188 463 — 463 December 31, 2023 Derivative assets $ 5,298 $ (1,497) $ (3,676) $ 125 $ — $ 125 Derivative liabilities (1,995) 1,497 848 350 — 350 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, 2024 and December 31, 2023, 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 statements 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, 2024 | |
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) 2024 1 2023 1 Net gains (losses) from investment activities $ 18 $ 30 Interest and other income 32 33 Interest and other expenses (25) (29) Net gains (losses) from investment activities of consolidated variable interest entities $ 25 $ 34 1 Amounts reflect consolidation eliminations. The following summarizes the statements of operations activity of the consolidated VIEs: Three months ended March 31, (In millions) 2024 2023 Trading securities $ 35 $ 23 Mortgage loans 30 24 Investment funds 21 35 Other (5) — Net investment income 81 82 Net recognized investment gains on trading securities — 6 Net recognized investment gains (losses) on mortgage loans (26) 9 Net recognized investment gains on investment funds 360 224 Other losses (4) (40) Investment related gains (losses) 330 199 Revenues of consolidated variable interest entities $ 411 $ 281 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, 2024 December 31, 2023 Maximum Loss Exposure 1,2 $ 295 $ 325 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, 2024 December 31, 2023 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 110 $ 1,117 $ 109 $ 876 Investment in related parties – investment funds 1,626 2,404 1,632 2,377 Assets of consolidated VIEs – investment funds 16,707 22,940 15,820 22,129 Investment in fixed maturity securities 51,243 53,563 48,155 50,623 Investment in related parties – fixed maturity securities 15,804 18,245 13,495 15,608 Investment in related parties – equity securities 315 315 318 318 Total non-consolidated investments $ 85,805 $ 98,584 $ 79,529 $ 91,931 |
Schedule of Principal Provisions Debt | The following table summarizes the principal provisions of those amounts: March 31, 2024 December 31, 2023 (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 $ 1,835 7.24 % 0.09 $ 1,072 7.16 % 0.09 Total – Asset Management $ 1,835 $ 1,072 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. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Recorded at Fair Value | The following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level: March 31, 2024 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 2,473 $ — $ — $ — $ 2,473 Restricted cash and cash equivalents 2 — — — 2 Cash and cash equivalents of VIEs 323 — — — 323 Investments, at fair value 199 22 1,182 1 66 1,469 Investments of VIEs — 27 2,110 134 2,271 Due from related parties 2 — — 33 — 33 Derivative assets 3 — 5 9 — 14 Total Assets – Asset Management 2,997 54 3,334 200 6,585 Retirement Services AFS Securities U.S. government and agencies 5,796 7 — — 5,803 U.S. state, municipal and political subdivisions — 1,031 — — 1,031 Foreign governments 809 935 40 — 1,784 Corporate 11 80,035 3,378 — 83,424 CLO — 22,398 — — 22,398 ABS — 6,705 7,165 — 13,870 CMBS — 6,915 21 — 6,936 RMBS — 7,362 265 — 7,627 Total AFS securities 6,616 125,388 10,869 — 142,873 Trading securities 23 1,622 40 — 1,685 Equity securities 212 1,054 27 — 1,293 Mortgage loans — — 48,207 — 48,207 Funds withheld at interest – embedded derivative — — (3,362) — (3,362) Derivative assets 127 7,031 1 — 7,159 Short-term investments 70 169 101 — 340 Other investments — 362 751 — 1,113 Cash and cash equivalents 15,250 — — — 15,250 Restricted cash and cash equivalents 1,575 — — — 1,575 Investments in related parties AFS securities Corporate — 180 1,175 — 1,355 CLO — 3,926 520 — 4,446 ABS — 534 10,043 — 10,577 Total AFS securities – related parties — 4,640 11,738 — 16,378 Trading securities — — 781 — 781 Equity securities 66 — 249 — 315 Mortgage loans — — 1,263 — 1,263 Investment funds — — 1,067 — 1,067 Funds withheld at interest – embedded derivative — — (723) — (723) Other investments — — 336 — 336 Reinsurance recoverable — — 1,468 — 1,468 Other assets 5 — — 383 — 383 (Continued) March 31, 2024 (In millions) Level 1 Level 2 Level 3 NAV Total Assets of consolidated VIEs Trading securities — 264 1,770 — 2,034 Mortgage loans — — 2,147 — 2,147 Investment funds — — 951 15,756 16,707 Other investments 4 2 115 — 121 Cash and cash equivalents 93 — — — 93 Total Assets – Retirement Services 24,036 140,532 78,179 15,756 258,503 Total Assets $ 27,033 $ 140,586 $ 81,513 $ 15,956 $ 265,088 Liabilities Asset Management Other liabilities of VIEs, at fair value $ — $ 11 $ — $ — $ 11 Contingent consideration obligations 4 — — 127 — 127 Total Liabilities – Asset Management — 11 127 — 138 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 10,908 — 10,908 Universal life benefits — — 788 — 788 Future policy benefits AmerUs Closed Block — — 1,151 — 1,151 ILICO Closed Block and life benefits — — 553 — 553 Market risk benefits 5 — — 3,723 — 3,723 Derivative liabilities 17 2,411 1 — 2,429 Other liabilities — — 229 — 229 Total Liabilities – Retirement Services 17 2,411 17,353 — 19,781 Total Liabilities $ 17 $ 2,422 $ 17,480 $ — $ 19,919 (Concluded) December 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 2,748 $ — $ — $ — $ 2,748 Restricted cash and cash equivalents 2 — — — 2 Cash and cash equivalents of VIEs 62 — — — 62 Investments, at fair value 202 38 1,188 1 61 1,489 Investments of VIEs — 16 1,492 127 1,635 Due from related parties 2 — — 37 — 37 Derivative assets 3 — — 13 — 13 Total Assets – Asset Management 3,014 54 2,730 188 5,986 Retirement Services AFS Securities U.S. government and agencies 5,392 7 — — 5,399 U.S. state, municipal and political subdivisions — 1,046 — — 1,046 Foreign governments 895 964 40 — 1,899 Corporate 10 75,711 2,525 — 78,246 CLO — 20,207 — — 20,207 ABS — 6,440 6,943 — 13,383 CMBS — 6,570 21 — 6,591 RMBS — 7,302 265 — 7,567 Total AFS securities 6,297 118,247 9,794 — 134,338 Trading securities 24 1,654 28 — 1,706 Equity securities 210 699 26 — 935 Mortgage loans — — 44,115 — 44,115 Funds withheld at interest – embedded derivative — — (3,379) — (3,379) Derivative assets 108 5,190 — — 5,298 Short-term investments — 236 105 — 341 Other investments — 313 630 — 943 Cash and cash equivalents 13,020 — — — 13,020 Restricted cash and cash equivalents 1,761 — — — 1,761 Investments in related parties AFS securities Corporate — 181 1,171 — 1,352 CLO — 3,762 506 — 4,268 ABS — 563 7,826 — 8,389 Total AFS securities – related parties — 4,506 9,503 — 14,009 Trading securities — — 838 — 838 Equity securities 63 — 255 — 318 Mortgage loans — — 1,281 — 1,281 Investment funds — — 1,082 — 1,082 Funds withheld at interest – embedded derivative — — (721) — (721) Other investments — — 343 — 343 Reinsurance recoverable — — 1,367 — 1,367 Other assets 5 — — 378 — 378 Assets of consolidated VIEs Trading securities — 284 1,852 — 2,136 Mortgage loans — — 2,173 — 2,173 Investment funds — — 977 14,843 15,820 (Continued) December 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Other investments — 2 101 — 103 Cash and cash equivalents 98 — — — 98 Total Assets – Retirement Services 21,581 131,131 70,748 14,843 238,303 Total Assets $ 24,595 $ 131,185 $ 73,478 $ 15,031 $ 244,289 Liabilities Asset Management Other liabilities of VIEs, at fair value $ — $ 3 $ — $ — $ 3 Contingent consideration obligations 4 — — 93 — 93 Derivative liabilities 3 — 42 — — 42 Total Liabilities – Asset Management — 45 93 — 138 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 9,059 — 9,059 Universal life benefits — — 834 — 834 Future policy benefits AmerUs Closed Block — — 1,178 — 1,178 ILICO Closed Block and life benefits — — 522 — 522 Market risk benefits 5 — — 3,751 — 3,751 Derivative liabilities 17 1,977 1 — 1,995 Other liabilities — (64) 330 — 266 Total Liabilities – Retirement Services 17 1,913 15,675 — 17,605 Total Liabilities $ 17 $ 1,958 $ 15,768 $ — $ 17,743 (Concluded) 1 Investments as of March 31, 2024 and December 31, 2023 excludes $207 million and $218 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. 2 Due from related parties represents a receivable from a fund. 3 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. 4 As of March 31, 2024 and December 31, 2023, Other liabilities includes $74 million and $26 million, respectively, of contingent obligations related to the Griffin Capital acquisition, classified as Level 3 and also includes profit sharing payable of $53 million and $67 million, respectively, related to other contingent obligations classified as Level 3. 5 Other assets consist of market risk benefits assets. See note 8 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures. |
Schedule 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, 2024 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 855 Discounted cash flow Discount rate 10.3% – 52.8% 17.3% 1 120 Direct capitalization Capitalization rate 6.9% 6.9% 207 Adjusted transaction value N/A N/A N/A Due from related parties 33 Discounted cash flow Discount rate 14.0% 14.0% Derivative assets 9 Option model Volatility rate 55.0% 55.0% Investments of consolidated VIEs Bank loans 272 Discounted cash flow Discount rate 7.9% – 15.2% 8.4% 1 1,137 Adjusted transaction value N/A N/A N/A Equity securities 492 Dividend discount model Discount rate 13.5% 13.5% 166 Adjusted transaction value N/A N/A N/A Bonds 43 Discounted cash flow Discount rate 5.7% – 12.3% 9.0% 1 Retirement Services AFS, trading and equity securities 16,547 Discounted cash flow Discount rate 1.7% – 18.2% 7.0% 1 Mortgage loans 2 51,617 Discounted cash flow Discount rate 1.8% – 26.0% 7.0% 1 Investment funds 2 1,545 Discounted cash flow Discount rate 6.3% – 13.5% 11.3% 1 471 Net tangible asset values Implied multiple 1.24x 1.24x Financial Liabilities Asset Management Contingent consideration obligations 127 Discounted cash flow Discount rate 20.0% – 25.0% 22.5% 1 Option model Volatility rate 29.2% – 30.1% 29.7% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 10,908 Discounted cash flow Nonperformance risk 0.4% – 1.2% 0.8% 3 Option budget 0.5% – 6.0% 2.5% 4 Surrender rate 5.9% – 14.0% 8.7% 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, 2023 Fair Value (In millions) Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 857 Discounted cash flow Discount rate 10.5% – 52.8% 17.2% 1 112 Direct capitalization Capitalization rate 6.9% 6.9% 219 Adjusted transaction value N/A N/A N/A Due from related parties 37 Discounted cash flow Discount rate 14.0% 14.0% Derivative assets 13 Option model Volatility rate 62.5% 62.5% Investments of consolidated VIEs Bank loans 605 Discounted cash flow Discount rate 7.7% – 11.0% 9.4% 1 64 Adjusted transaction value N/A N/A N/A Equity securities 494 Dividend discount model Discount rate 13.5% 13.5% 131 Adjusted transaction value N/A N/A N/A Bonds 35 Discounted cash flow Discount rate 6.1% – 13.0% 10.7% 1 163 Adjusted transaction value N/A N/A N/A Retirement Services AFS, trading and equity securities 14,247 Discounted cash flow Discount rate 2.3% – 18.1% 7.0% 1 Mortgage loans 2 47,569 Discounted cash flow Discount rate 2.5% – 20.6% 6.8% 1 Investment funds 2 1,574 Discounted cash flow Discount rate 6.3% – 13.5% 11.2% 1 483 Net tangible asset values Implied multiple 1.14x 1.14x Financial Liabilities Contingent consideration obligations 93 Discounted cash flow Discount rate 20.0% – 25.0% 23.3% 1 Option model Volatility rate 31.4% – 33.4% 32.4% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 9,059 Discounted cash flow Nonperformance risk 0.4% – 1.4% 0.9% 3 Option budget 0.5% – 6.0% 2.3% 4 Surrender rate 6.0% – 13.4% 8.7% 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, 2024 (In millions, except 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 $ 3,340 Discounted cash flow Nonperformance risk 0.4 % 1.2 % 1.1 % 1 Decrease Option budget 0.5 % 6.0 % 2.0 % 2 Decrease Surrender rate 3.1 % 6.6 % 4.4 % 2 Decrease Utilization rate 28.6 % 95.0 % 84.1 % 3 Increase March 31, 2023 (In millions, except 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 Utilization rate 28.6 % 95.0 % 82.7 % 3 Increase 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. 3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values. |
Schedule of Level 3 Assets Measured at Fair Value on a Recurring Basis | The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis: Three months ended March 31, 2024 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 $ 1,201 $ (7) $ — $ (3) $ — $ 1,191 $ 18 $ — Investments of Consolidated VIEs 1,492 — — 618 — 2,110 (1) — Total Level 3 assets – Asset Management $ 2,693 $ (7) $ — $ 615 $ — $ 3,301 $ 17 $ — Assets – Retirement Services AFS securities Foreign governments $ 40 $ — $ — $ — $ — $ 40 $ — $ — Corporate 2,525 (2) 2 844 9 3,378 (1) 1 ABS 6,943 2 13 125 82 7,165 (2) 11 CMBS 21 — — — — 21 — 1 RMBS 265 1 — (1) — 265 — — Trading securities 28 — — (2) 14 40 — — Equity securities 26 — — 1 — 27 1 — Mortgage loans 44,115 (341) — 4,433 — 48,207 (341) — Funds withheld at interest – embedded derivative (3,379) 17 — — — (3,362) — — Derivative assets — — — — 1 1 — — Short-term investments 105 — — (4) — 101 — — Other investments 630 (3) — 124 — 751 (3) — Investments in related parties AFS securities Corporate 1,171 1 (1) 4 — 1,175 — (1) CLO 506 — 14 — — 520 — 14 ABS 7,826 1 (14) 2,230 — 10,043 (4) (17) Trading securities 838 — — (57) — 781 — — Equity securities 255 (6) — — — 249 (6) — Mortgage loans 1,281 (17) — (1) — 1,263 (17) — Investment funds 1,082 (15) — — — 1,067 (15) — Funds withheld at interest – embedded derivative (721) (2) — — — (723) — — Other investments 343 (7) — — — 336 (7) — Reinsurance recoverable 1,367 (8) — 109 — 1,468 — — Assets of consolidated VIEs Trading securities 1,852 (33) — (55) 6 1,770 (33) — Mortgage loans 2,173 (42) — 16 — 2,147 (42) — Investment funds 977 (27) — 1 — 951 (27) — Other investments 101 (2) — 16 — 115 (2) — Total Level 3 assets – Retirement Services $ 70,370 $ (483) $ 14 $ 7,783 $ 112 $ 77,796 $ (499) $ 9 Liabilities – Asset Management Contingent consideration obligations $ 93 $ 48 $ — $ (14) $ — $ 127 $ — $ — Total Level 3 liabilities – Asset Management $ 93 $ 48 $ — $ (14) $ — $ 127 $ — $ — (Continued) Three months ended March 31, 2024 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 Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (9,059) $ (1,177) $ — $ (672) $ — $ (10,908) $ — $ — Universal life benefits (834) 46 — — — (788) — — Future policy benefits AmerUs Closed Block (1,178) 27 — — — (1,151) — — ILICO Closed Block and life benefits (522) (31) — — — (553) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (330) (10) — 47 64 (229) — — Total Level 3 liabilities – Retirement Services $ (11,924) $ (1,145) $ — $ (625) $ 64 $ (13,630) $ — $ — (Concluded) 1 Related to instruments held at end of period. 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 $ — 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 — (Continued) 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 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) $ — $ — (Concluded) 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, 2024 (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 $ 12 $ — $ (15) $ — $ (3) $ — $ — $ — Investments of consolidated VIEs 1,301 — (683) — 618 — — — Total Level 3 assets – Asset Management $ 1,313 $ — $ (698) $ — $ 615 $ — $ — $ — Assets – Retirement Services AFS securities Corporate $ 922 $ — $ (2) $ (76) $ 844 $ 9 $ — $ 9 ABS 313 — — (188) 125 341 (259) 82 RMBS — — — (1) (1) — — — Trading securities — — — (2) (2) 14 — 14 Equity securities 2 — (1) — 1 — — — Mortgage loans 5,686 — (26) (1,227) 4,433 — — — Derivative assets — — — — — 1 — 1 Short-term investments 2 — (6) — (4) — — — Other investments 124 — — — 124 — — — Investments in related parties AFS securities Corporate 6 — — (2) 4 — — — ABS 2,693 — (200) (263) 2,230 — — — Trading securities 2 — — (59) (57) — — — Mortgage loans — — — (1) (1) — — — Reinsurance recoverable — 109 — — 109 — — — Assets of consolidated VIEs Trading securities — — (55) — (55) 6 — 6 Mortgage loans 32 — — (16) 16 — — — Investment funds 1 — — — 1 — — — Other investments 19 — (3) — 16 — — — Total Level 3 assets – Retirement Services $ 9,802 $ 109 $ (293) $ (1,835) $ 7,783 $ 371 $ (259) $ 112 Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (14) $ (14) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (14) $ (14) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (898) $ — $ 226 $ (672) $ — $ — $ — Other liabilities — — — 47 47 64 — 64 Total Level 3 liabilities – Retirement Services $ — $ (898) $ — $ 273 $ (625) $ 64 $ — $ 64 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) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — |
Schedule of Level 3 Liabilities Measured at Fair Value on a Recurring Basis | Three months ended March 31, 2024 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 $ 1,201 $ (7) $ — $ (3) $ — $ 1,191 $ 18 $ — Investments of Consolidated VIEs 1,492 — — 618 — 2,110 (1) — Total Level 3 assets – Asset Management $ 2,693 $ (7) $ — $ 615 $ — $ 3,301 $ 17 $ — Assets – Retirement Services AFS securities Foreign governments $ 40 $ — $ — $ — $ — $ 40 $ — $ — Corporate 2,525 (2) 2 844 9 3,378 (1) 1 ABS 6,943 2 13 125 82 7,165 (2) 11 CMBS 21 — — — — 21 — 1 RMBS 265 1 — (1) — 265 — — Trading securities 28 — — (2) 14 40 — — Equity securities 26 — — 1 — 27 1 — Mortgage loans 44,115 (341) — 4,433 — 48,207 (341) — Funds withheld at interest – embedded derivative (3,379) 17 — — — (3,362) — — Derivative assets — — — — 1 1 — — Short-term investments 105 — — (4) — 101 — — Other investments 630 (3) — 124 — 751 (3) — Investments in related parties AFS securities Corporate 1,171 1 (1) 4 — 1,175 — (1) CLO 506 — 14 — — 520 — 14 ABS 7,826 1 (14) 2,230 — 10,043 (4) (17) Trading securities 838 — — (57) — 781 — — Equity securities 255 (6) — — — 249 (6) — Mortgage loans 1,281 (17) — (1) — 1,263 (17) — Investment funds 1,082 (15) — — — 1,067 (15) — Funds withheld at interest – embedded derivative (721) (2) — — — (723) — — Other investments 343 (7) — — — 336 (7) — Reinsurance recoverable 1,367 (8) — 109 — 1,468 — — Assets of consolidated VIEs Trading securities 1,852 (33) — (55) 6 1,770 (33) — Mortgage loans 2,173 (42) — 16 — 2,147 (42) — Investment funds 977 (27) — 1 — 951 (27) — Other investments 101 (2) — 16 — 115 (2) — Total Level 3 assets – Retirement Services $ 70,370 $ (483) $ 14 $ 7,783 $ 112 $ 77,796 $ (499) $ 9 Liabilities – Asset Management Contingent consideration obligations $ 93 $ 48 $ — $ (14) $ — $ 127 $ — $ — Total Level 3 liabilities – Asset Management $ 93 $ 48 $ — $ (14) $ — $ 127 $ — $ — (Continued) Three months ended March 31, 2024 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 Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (9,059) $ (1,177) $ — $ (672) $ — $ (10,908) $ — $ — Universal life benefits (834) 46 — — — (788) — — Future policy benefits AmerUs Closed Block (1,178) 27 — — — (1,151) — — ILICO Closed Block and life benefits (522) (31) — — — (553) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (330) (10) — 47 64 (229) — — Total Level 3 liabilities – Retirement Services $ (11,924) $ (1,145) $ — $ (625) $ 64 $ (13,630) $ — $ — (Concluded) 1 Related to instruments held at end of period. 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 $ — 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 — (Continued) 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 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) $ — $ — (Concluded) 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, 2024 (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 $ 12 $ — $ (15) $ — $ (3) $ — $ — $ — Investments of consolidated VIEs 1,301 — (683) — 618 — — — Total Level 3 assets – Asset Management $ 1,313 $ — $ (698) $ — $ 615 $ — $ — $ — Assets – Retirement Services AFS securities Corporate $ 922 $ — $ (2) $ (76) $ 844 $ 9 $ — $ 9 ABS 313 — — (188) 125 341 (259) 82 RMBS — — — (1) (1) — — — Trading securities — — — (2) (2) 14 — 14 Equity securities 2 — (1) — 1 — — — Mortgage loans 5,686 — (26) (1,227) 4,433 — — — Derivative assets — — — — — 1 — 1 Short-term investments 2 — (6) — (4) — — — Other investments 124 — — — 124 — — — Investments in related parties AFS securities Corporate 6 — — (2) 4 — — — ABS 2,693 — (200) (263) 2,230 — — — Trading securities 2 — — (59) (57) — — — Mortgage loans — — — (1) (1) — — — Reinsurance recoverable — 109 — — 109 — — — Assets of consolidated VIEs Trading securities — — (55) — (55) 6 — 6 Mortgage loans 32 — — (16) 16 — — — Investment funds 1 — — — 1 — — — Other investments 19 — (3) — 16 — — — Total Level 3 assets – Retirement Services $ 9,802 $ 109 $ (293) $ (1,835) $ 7,783 $ 371 $ (259) $ 112 Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (14) $ (14) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (14) $ (14) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (898) $ — $ 226 $ (672) $ — $ — $ — Other liabilities — — — 47 47 64 — 64 Total Level 3 liabilities – Retirement Services $ — $ (898) $ — $ 273 $ (625) $ 64 $ — $ 64 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) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — |
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, 2024 December 31, 2023 Commercial mortgage loans $ 30,512 $ 27,630 Commercial mortgage loans under development 1,187 1,228 Total commercial mortgage loans 31,699 28,858 Mark to fair value (3,165) (2,246) Commercial mortgage loans 28,534 26,612 Residential mortgage loans 24,058 21,894 Mark to fair value (975) (937) Residential mortgage loans 23,083 20,957 Mortgage loans $ 51,617 $ 47,569 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) 2024 2023 Trading securities $ (60) $ 64 Mortgage loans (400) 296 Investment funds (28) 62 Future policy benefits 27 (26) Other 15 (47) Total gains (losses) $ (446) $ 349 The following summarizes information for fair value option mortgage loans, including related parties and VIEs: (In millions) March 31, 2024 December 31, 2023 Unpaid principal balance $ 55,757 $ 50,752 Mark to fair value (4,140) (3,183) Fair value $ 51,617 $ 47,569 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2024 December 31, 2023 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 571 $ 221 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (211) (74) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 360 $ 147 Fair value of commercial mortgage loans 90 days or more past due $ 183 $ 64 Fair value of commercial mortgage loans in non-accrual status 360 147 The following represents the residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2024 December 31, 2023 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 606 $ 528 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (39) (49) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 567 $ 479 Fair value of residential mortgage loans 90 days or more past due 1 $ 567 $ 479 Fair value of residential mortgage loans in non-accrual status 460 355 1 As of March 31, 2024 and December 31, 2023, includes $107 million and $124 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) 2024 2023 Mortgage loans $ (33) $ (3) |
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, 2024 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 110 $ 110 $ 110 $ — $ — $ — Policy loans 330 330 — — 330 — Funds withheld at interest 26,592 26,592 — — — 26,592 Other investments 35 42 — — — 42 Investments in related parties Investment funds 559 559 559 — — — Funds withheld at interest 6,751 6,751 — — — 6,751 Short-term investments 556 556 — — 556 — Total financial assets not carried at fair value $ 34,933 $ 34,940 $ 669 $ — $ 886 $ 33,385 Financial liabilities Interest sensitive contract liabilities $ 167,360 $ 158,042 $ — $ — $ — $ 158,042 Debt 5,740 5,249 — 587 4,662 — Securities to repurchase 2,666 2,666 — — 2,666 — Funds withheld liability 1,365 1,365 — — — 1,365 Total financial liabilities not carried at fair value $ 177,131 $ 167,322 $ — $ 587 $ 7,328 $ 159,407 December 31, 2023 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 109 $ 109 $ 109 $ — $ — $ — Policy loans 334 334 — — 334 — Funds withheld at interest 27,738 27,738 — — — 27,738 Other investments 46 52 — — — 52 Investments in related parties Investment funds 550 550 550 — — — Funds withheld at interest 7,195 7,195 — — — 7,195 Short-term investments 947 947 — — 947 — Total financial assets not carried at fair value $ 36,919 $ 36,925 $ 659 $ — $ 1,281 $ 34,985 Financial liabilities Interest sensitive contract liabilities $ 154,095 $ 146,038 $ — $ — $ — $ 146,038 Debt 4,209 3,660 — — 3,660 — Securities to repurchase 3,853 3,853 — — 3,853 — Funds withheld liability 350 350 — — 350 — Total financial liabilities not carried at fair value $ 162,507 $ 153,901 $ — $ — $ 7,863 $ 146,038 |
Deferred Acquisition Costs, D_2
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Schedule of Rollforward of DAC | The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 8 for more information on Athene’s products. Three months ended March 31, 2024 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, 2023 $ 890 $ 1,517 $ 10 $ 11 $ 970 $ 2,581 $ 5,979 Additions 147 294 18 — 177 — 636 Amortization (51) (39) (2) — (26) (89) (207) Balance at March 31, 2024 $ 986 $ 1,772 $ 26 $ 11 $ 1,121 $ 2,492 $ 6,408 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 |
Schedule of Rollforward of DSI | The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 8 for more information on Athene’s products. Three months ended March 31, 2024 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, 2023 $ 890 $ 1,517 $ 10 $ 11 $ 970 $ 2,581 $ 5,979 Additions 147 294 18 — 177 — 636 Amortization (51) (39) (2) — (26) (89) (207) Balance at March 31, 2024 $ 986 $ 1,772 $ 26 $ 11 $ 1,121 $ 2,492 $ 6,408 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 |
Schedule of Rollforward of VOBA | The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 8 for more information on Athene’s products. Three months ended March 31, 2024 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, 2023 $ 890 $ 1,517 $ 10 $ 11 $ 970 $ 2,581 $ 5,979 Additions 147 294 18 — 177 — 636 Amortization (51) (39) (2) — (26) (89) (207) Balance at March 31, 2024 $ 986 $ 1,772 $ 26 $ 11 $ 1,121 $ 2,492 $ 6,408 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 |
Long-duration Contracts (Tables
Long-duration Contracts (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Schedule of 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, 2024 (In millions, except percentages) Traditional Deferred Annuities Indexed Annuities Funding Agreements Other Investment-type Total Balance at December 31, 2023 $ 64,763 $ 93,147 $ 32,350 $ 7,629 $ 197,889 Deposits 7,165 4,814 8,542 485 21,006 Policy charges (1) (168) — — (169) Surrenders and withdrawals (1,328) (3,150) — (20) (4,498) Benefit payments (283) (433) (1,840) (57) (2,613) Interest credited 697 641 299 49 1,686 Foreign exchange (183) (3) (184) (314) (684) Other — — (78) (24) (102) Balance at March 31, 2024 $ 70,830 $ 94,848 $ 39,089 $ 7,748 $ 212,515 Weighted average crediting rate 4.1 % 2.4 % 4.0 % 2.7 % Net amount at risk $ 425 $ 14,995 $ — $ 88 Cash surrender value 66,597 86,747 — 6,542 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 Weighted average crediting rate 3.4 % 2.3 % 2.7 % 2.9 % Net amount at risk $ 423 $ 13,903 $ — $ 66 Cash surrender value 45,994 84,047 — 2,710 |
Schedule of Interest Sensitive Contract Liabilities | The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated statements of financial condition: March 31, (In millions) 2024 2023 Traditional deferred annuities $ 70,830 $ 48,450 Indexed annuities 94,848 92,414 Funding agreements 39,089 28,782 Other investment-type 7,748 5,645 Reconciling items 1 7,719 5,809 Interest sensitive contract liabilities $ 220,234 $ 181,100 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. |
Schedule of 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, 2024 (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% $ 29,717 $ 17,187 $ 110,134 $ 157,038 2.0% – < 4.0% 26,736 1,712 1,672 30,120 4.0% – < 6.0% 17,125 34 1 17,160 6.0% and greater 8,197 — — 8,197 Total $ 81,775 $ 18,933 $ 111,807 $ 212,515 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 |
Schedule of Expected Value for Future Policy Benefits | The following is a rollforward by product within future policy benefits: Three months ended March 31, 2024 (In millions, except percentages and years) Payout Annuities with Life Contingencies Whole Life Total Present value of expected net premiums Beginning balance $ — $ 1,182 $ 1,182 Effect of changes in discount rate assumptions — (45) (45) Effect of foreign exchange on the change in discount rate assumptions — (2) (2) Beginning balance at original discount rate — 1,135 1,135 Interest accrual — 6 6 Net premium collected — (53) (53) Foreign exchange — (77) (77) Ending balance at original discount rate — 1,011 1,011 Effect of changes in discount rate assumptions — 43 43 Effect of foreign exchange on the change in discount rate assumptions — (1) (1) Ending balance $ — $ 1,053 $ 1,053 Present value of expected future policy benefits Beginning balance $ 45,001 $ 3,371 $ 48,372 Effect of changes in discount rate assumptions 6,233 (89) 6,144 Effect of foreign exchange on the change in discount rate assumptions 1 (6) (5) Beginning balance at original discount rate 51,235 3,276 54,511 Effect of actual to expected experience (4) (4) (8) Adjusted balance 51,231 3,272 54,503 Issuances 42 — 42 Interest accrual 453 18 471 Benefit payments (1,126) (19) (1,145) Foreign exchange (7) (225) (232) Ending balance at original discount rate 50,593 3,046 53,639 Effect of changes in discount rate assumptions (6,999) 50 (6,949) Effect of foreign exchange on the change in discount rate assumptions 2 (1) 1 Ending balance $ 43,596 $ 3,095 $ 46,691 Net future policy benefits $ 43,596 $ 2,042 $ 45,638 Weighted-average liability duration (in years) 9.5 32.7 Weighted-average interest accretion rate 3.7 % 4.8 % Weighted-average current discount rate 5.4 % 4.4 % Expected future gross premiums, undiscounted $ — $ 1,344 Expected future gross premiums, discounted 1 — 1,103 Expected future benefit payments, undiscounted 74,239 11,449 1 Discounted at the original discount rate. Three months ended March 31, 2023 (In millions, except percentages and years) Payout Annuities with Life Contingencies Whole Life Total Present value of expected future policy benefits Beginning balance $ 36,422 $ — $ 36,422 Effect of changes in discount rate assumptions 8,425 — 8,425 Effect of foreign exchange on the change in discount rate assumptions (13) — (13) Beginning balance at original discount rate 44,834 — 44,834 Effect of actual to expected experience (29) — (29) Adjusted balance 44,805 — 44,805 Issuances 88 — 88 Interest accrual 346 — 346 Benefit payments (885) — (885) Foreign exchange 14 — 14 Ending balance at original discount rate 44,368 — 44,368 Effect of changes in discount rate assumptions (7,623) — (7,623) Effect of foreign exchange on the change in discount rate assumptions 7 — 7 Ending balance $ 36,752 $ — $ 36,752 Net future policy benefits $ 36,752 $ — $ 36,752 Weighted-average liability duration (in years) 10.1 0.0 Weighted-average interest accretion rate 3.2 % — % Weighted-average current discount rate 5.3 % — % Expected future benefit payments, undiscounted $ 63,995 $ — The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition: March 31, (In millions) 2024 2023 Payout annuities with life contingencies $ 43,596 $ 36,752 Whole life 2,042 — Reconciling items 1 6,034 5,738 Future policy benefits $ 51,672 $ 42,490 1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded. The following is a reconciliation of premiums and interest expense relating to future policy benefits to the condensed consolidated statements of operations: Premiums Interest expense Three months ended March 31, Three months ended March 31, (In millions) 2024 2023 2024 2023 Payout annuities with life contingencies $ 38 $ 88 $ 453 $ 346 Whole life 55 — 12 — Reconciling items 1 8 8 — — Total $ 101 $ 96 $ 465 $ 346 1 Reconciling items primarily relate to immaterial lines of business including term life, fully ceded whole life, and accident and health and disability. 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) 2024 2023 Reserves $ 8 $ 29 Deferred profit liability (20) (27) Negative VOBA — (4) Total remeasurement gains (losses) $ (12) $ (2) |
Schedule of Net Liability Position of Market Risk Benefits | The following is a rollfoward of net market risk benefit liabilities by product: Three months ended March 31, 2024 (In millions, except years) Traditional Deferred Annuities Indexed Annuities Total Balance at December 31, 2023 $ 192 $ 3,181 $ 3,373 Effect of changes in instrument-specific credit risk 2 (10) (8) Balance, beginning of period, before changes in instrument-specific credit risk 194 3,171 3,365 Issuances — 93 93 Interest accrual 3 47 50 Attributed fees collected 1 86 87 Benefit payments (2) (15) (17) Effect of changes in interest rates (8) (220) (228) Effect of changes in equity — (73) (73) Effect of actual policyholder behavior compared to expected behavior 2 25 27 Balance, end of period, before changes in instrument-specific credit risk 190 3,114 3,304 Effect of changes in instrument-specific credit risk (1) 37 36 Balance at March 31, 2024 $ 189 $ 3,151 $ 3,340 Less: Reinsurance recoverable — (10) (10) Balance, at March 31, 2024, net of reinsurance $ 189 $ 3,141 $ 3,330 Net amount at risk $ 425 $ 14,995 Weighted-average attained age of contract holders (in years) 76 69 Three months ended March 31, 2023 (In millions, except years) 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 instrument-specific credit risk (16) (439) (455) Balance at March 31, 2023 $ 180 $ 2,583 $ 2,763 Net amount at risk $ 423 $ 13,903 Weighted-average attained age of contract holders (in years) 75 69 |
Schedule of Market Risk Benefits by Fair Value | 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, 2024 March 31, 2023 (In millions) Asset Liability Net Liability Asset Liability Net Liability Traditional deferred annuities $ — $ 189 $ 189 $ — $ 180 $ 180 Indexed annuities 383 3,534 3,151 440 3,023 2,583 Total $ 383 $ 3,723 $ 3,340 $ 440 $ 3,203 $ 2,763 |
Schedule of Unobservable Inputs for Market Risk Benefits | The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3: March 31, 2024 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 855 Discounted cash flow Discount rate 10.3% – 52.8% 17.3% 1 120 Direct capitalization Capitalization rate 6.9% 6.9% 207 Adjusted transaction value N/A N/A N/A Due from related parties 33 Discounted cash flow Discount rate 14.0% 14.0% Derivative assets 9 Option model Volatility rate 55.0% 55.0% Investments of consolidated VIEs Bank loans 272 Discounted cash flow Discount rate 7.9% – 15.2% 8.4% 1 1,137 Adjusted transaction value N/A N/A N/A Equity securities 492 Dividend discount model Discount rate 13.5% 13.5% 166 Adjusted transaction value N/A N/A N/A Bonds 43 Discounted cash flow Discount rate 5.7% – 12.3% 9.0% 1 Retirement Services AFS, trading and equity securities 16,547 Discounted cash flow Discount rate 1.7% – 18.2% 7.0% 1 Mortgage loans 2 51,617 Discounted cash flow Discount rate 1.8% – 26.0% 7.0% 1 Investment funds 2 1,545 Discounted cash flow Discount rate 6.3% – 13.5% 11.3% 1 471 Net tangible asset values Implied multiple 1.24x 1.24x Financial Liabilities Asset Management Contingent consideration obligations 127 Discounted cash flow Discount rate 20.0% – 25.0% 22.5% 1 Option model Volatility rate 29.2% – 30.1% 29.7% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 10,908 Discounted cash flow Nonperformance risk 0.4% – 1.2% 0.8% 3 Option budget 0.5% – 6.0% 2.5% 4 Surrender rate 5.9% – 14.0% 8.7% 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, 2023 Fair Value (In millions) Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 857 Discounted cash flow Discount rate 10.5% – 52.8% 17.2% 1 112 Direct capitalization Capitalization rate 6.9% 6.9% 219 Adjusted transaction value N/A N/A N/A Due from related parties 37 Discounted cash flow Discount rate 14.0% 14.0% Derivative assets 13 Option model Volatility rate 62.5% 62.5% Investments of consolidated VIEs Bank loans 605 Discounted cash flow Discount rate 7.7% – 11.0% 9.4% 1 64 Adjusted transaction value N/A N/A N/A Equity securities 494 Dividend discount model Discount rate 13.5% 13.5% 131 Adjusted transaction value N/A N/A N/A Bonds 35 Discounted cash flow Discount rate 6.1% – 13.0% 10.7% 1 163 Adjusted transaction value N/A N/A N/A Retirement Services AFS, trading and equity securities 14,247 Discounted cash flow Discount rate 2.3% – 18.1% 7.0% 1 Mortgage loans 2 47,569 Discounted cash flow Discount rate 2.5% – 20.6% 6.8% 1 Investment funds 2 1,574 Discounted cash flow Discount rate 6.3% – 13.5% 11.2% 1 483 Net tangible asset values Implied multiple 1.14x 1.14x Financial Liabilities Contingent consideration obligations 93 Discounted cash flow Discount rate 20.0% – 25.0% 23.3% 1 Option model Volatility rate 31.4% – 33.4% 32.4% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 9,059 Discounted cash flow Nonperformance risk 0.4% – 1.4% 0.9% 3 Option budget 0.5% – 6.0% 2.3% 4 Surrender rate 6.0% – 13.4% 8.7% 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, 2024 (In millions, except 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 $ 3,340 Discounted cash flow Nonperformance risk 0.4 % 1.2 % 1.1 % 1 Decrease Option budget 0.5 % 6.0 % 2.0 % 2 Decrease Surrender rate 3.1 % 6.6 % 4.4 % 2 Decrease Utilization rate 28.6 % 95.0 % 84.1 % 3 Increase March 31, 2023 (In millions, except 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 Utilization rate 28.6 % 95.0 % 82.7 % 3 Increase 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. 3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values. |
Profit Sharing Payable (Tables)
Profit Sharing Payable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 $ 1,669 Profit sharing expense 196 Payments/other (162) Profit sharing payable, March 31, 2024 $ 1,703 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Company debt consisted of the following: March 31, 2024 December 31, 2023 (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 $ 500 $ 499 4 $ 499 $ 496 4 4.40% 2026 Senior Notes 1,2 May 27, 2026 499 489 4 498 490 4 4.87% 2029 Senior Notes 1,2 February 15, 2029 675 670 4 675 664 4 2.65% 2030 Senior Notes 1,2 June 5, 2030 496 429 4 496 432 4 6.38% 2033 Senior Notes 1,2 November 15, 2033 492 539 4 492 539 4 5.00% 2048 Senior Notes 1,2 March 15, 2048 297 278 4 297 275 4 4.95% 2050 Subordinated Notes 1,2 January 14, 2050 297 285 4 297 283 4 7.63% 2053 Subordinated Notes 1,2 September 15, 2053 584 638 5 584 652 5 1.70% Secured Borrowing II April 15, 2032 — — 14 14 4 1.30% 2016 AMI Term Facility I January 15, 2025 16 16 3 19 19 3 2.00% 2016 AMI Term Facility II October 18, 2024 — — 12 12 3 3,856 3,843 3,883 3,876 Retirement Services 4.13% 2028 Senior Notes 1 January 12, 2028 1,062 964 4 1,066 956 4 6.15% 2030 Senior Notes 1 April 3, 2030 589 519 4 593 516 4 3.50% 2031 Senior Notes 1 January 15, 2031 522 440 4 523 442 4 6.65% 2033 Senior Notes 1 February 1, 2033 395 424 4 395 427 4 5.88% 2034 Senior Notes 1 January 15, 2034 584 602 4 583 607 4 3.95% 2051 Senior Notes 1 May 25, 2051 545 368 4 545 375 4 3.45% 2052 Senior Notes 1 May 15, 2052 504 329 4 504 337 4 6.25% 2054 Senior Notes 1 April 1, 2054 982 1,016 4 — — 7.25% 2064 Subordinated Notes 1 March 30, 2064 557 587 5 — — 5,740 5,249 4,209 3,660 Total Debt $ 9,596 $ 9,092 $ 8,092 $ 7,536 1 Interest rate is calculated as weighted average annualized. 2 Includes amortization of note discount, as applicable, totaling $33 million and $34 million as of March 31, 2024 and December 31, 2023, 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. 5 Fair value is based on quoted market prices. These notes are classified as a Level 1 liability within the fair value hierarchy. |
Schedule of Credit and Liquidity Facilities | The following table represents the Company’s credit and liquidity facilities as of March 31, 2024: Instrument/Facility Borrowing Date Maturity Date Administrative Agent Key terms Asset Management - AMH credit facility N/A October 12, 2027 Citibank The commitment fee on the $1.0 billion undrawn AMH credit facility as of March 31, 2024 was 0.08%. Retirement Services - AHL credit facility N/A June 30, 2028 Citibank The borrowing capacity under the AHL credit facility is $1.25 billion, subject to being increased up to $1.75 billion in total. Retirement Services - AHL liquidity facility N/A June 28, 2024 Wells Fargo Bank The borrowing capacity under the AHL liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total. |
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) 2024 2023 Asset Management $ 51 $ 31 Retirement Services 1 43 30 Total Interest Expense $ 94 $ 61 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, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule 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, 2024 16,692,903 $ 62.92 22,067,052 38,759,955 Granted 4,104,304 106.12 16,735 4,121,039 Forfeited (92,016) 69.09 (86,754) (178,770) Vested (2,144,628) 58.41 2,144,628 — Issued — — (5,691,676) (5,691,676) Balance at March 31, 2024 18,560,563 $ 67.96 18,449,985 37,010,548 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Share Activity | The table below outlines the share activity for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 Shares of common stock issued in settlement of vested RSUs and options exercised 1 5,963,140 4,930,963 Reduction of shares of common stock issued 2 (2,292,336) (2,064,148) Shares of common stock purchased related to share issuances and forfeitures 3 (147,111) (160,239) Issuance of shares of common stock for equity-based awards 3,523,693 2,706,576 1 The gross value of shares issued was $642 million and $348 million for the three months ended March 31, 2024 and 2023, 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 $314 million and $147 million for the three months ended March 31, 2024 and 2023, 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, 2024, and 2023, Apollo issued 82,858 and 193,740 of such restricted shares and 147,111 and 160,239 of such RSUs under the Equity Plan, respectively. During the three months ended March 31, 2023, Apollo repurchased 353,979 shares of common stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program. |
Schedule of 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 Equivalents on Participating Securities February 9, 2023 $ 0.40 February 28, 2023 $ 229 $ 12 May 9, 2023 0.43 May 31, 2023 244 12 August 3, 2023 0.43 August 31, 2023 244 12 November 1, 2023 0.43 November 30, 2023 244 15 Year ended December 31, 2023 $ 1.69 $ 961 $ 51 February 8, 2024 0.43 February 29, 2024 245 14 Three months ended March 31, 2024 $ 0.43 $ 245 $ 14 |
Schedule of Accumulated Other Comprehensive Income (Loss) | (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, 2023 $ (8,675) $ (289) $ (81) $ 3,458 $ 3 $ 9 $ (5,575) Other comprehensive income (loss) before reclassifications (546) (145) (58) 803 (28) (32) (6) Less: Reclassification adjustments for gains (losses) realized 1 47 — 18 — — — 65 Less: Income tax expense (benefit) (117) (30) (16) 168 (6) (3) (4) Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax (188) — (13) 214 (2) (13) (2) Balance at March 31, 2024 $ (8,963) $ (404) $ (128) $ 3,879 $ (17) $ (7) $ (5,640) 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, 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, net of tax 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. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income (Loss) 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) 2024 2023 Numerator: Net income (loss) attributable to common stockholders $ 1,403 $ 1,010 Dividends declared on common stock 1 (245) (229) Dividends on participating securities 2 (14) (12) Earnings allocable to participating securities (29) (20) Undistributed income (loss) attributable to common stockholders: Basic 1,115 749 Dilution effect on distributable income attributable to Mandatory Convertible Preferred Stock 24 — Dilution effect on distributable income attributable to contingent shares — (5) Undistributed income (loss) attributable to common stockholders: Diluted $ 1,139 $ 744 Denominator: Weighted average number of shares of common stock outstanding: Basic 588,120,328 584,115,927 Dilution effect of Mandatory Convertible Preferred Stock 14,524,410 — Dilution effect of options 1,111,770 — Dilution effect of warrants 1,622,201 — Dilution effect of contingent shares — 126,644 Weighted average number of shares of common stock outstanding: Diluted 605,378,709 584,242,571 Net income (loss) per share of common stock: Basic Distributed income $ 0.43 $ 0.40 Undistributed income (loss) 1.88 1.27 Net income (loss) per share of common stock: Basic $ 2.31 $ 1.67 Net income (loss) per share of common stock: Diluted Distributed income $ 0.43 $ 0.40 Undistributed income (loss) 1.85 1.26 Net income (loss) per share of common stock: Diluted $ 2.28 $ 1.66 1 See note 13 for information regarding quarterly dividends. 2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares. |
Schedule of Anti-dilutive Securities | The following table summarizes the anti-dilutive securities: Three months ended March 31, 2024 2023 Weighted average unvested RSUs 13,915,071 14,056,347 Weighted average unexercised options — 2,311,985 Weighted average unexercised warrants — 3,832,969 Weighted average unvested restricted shares 1,482,036 1,719,231 |
Related Parties (Tables)
Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and December 31, 2023: (In millions) March 31, 2024 December 31, 2023 Due from Related Parties: Due from funds 1 $ 316 $ 299 Due from portfolio companies 37 40 Due from employees and former employees 88 110 Total Due from Related Parties $ 441 $ 449 Due to Related Parties: Due to Former Managing Partners and Contributing Partners 2 $ 618 $ 661 Due to funds 207 209 Total Due to Related Parties $ 825 $ 870 1 Includes $33 million and $37 million as of March 31, 2024 and December 31, 2023, 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 $131 million and $175 million as of March 31, 2024 and December 31, 2023, 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, 2024 December 31, 2023 Investment fund $ 1,067 $ 1,082 Non-redeemable preferred equity securities 244 249 Total investment in Athora $ 1,311 $ 1,331 Athene received capital contributions and paid distributions relating to ACRA of the following: Three months ended March 31, (In millions) 2024 2023 Contributions from ADIP $ 405 $ — Distributions to ADIP (254) (127) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 AFS securities $ 40,467 $ 32,458 Trading securities 142 139 Equity securities 146 80 Mortgage loans 16,482 14,257 Investment funds 419 409 Derivative assets 83 73 Short-term investments 45 153 Other investments 362 313 Restricted cash and cash equivalents 1,575 1,761 Total restricted assets $ 59,721 $ 49,643 |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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) 2024 2023 Asset Management Management fees 1 $ 652 $ 577 Capital solutions fees and other, net 141 138 Fee-related performance fee 46 27 Fee-related compensation (220) (211) Other operating expenses (157) (134) Fee Related Earnings 462 397 Retirement Services Fixed income and other net investment income 2,454 1,957 Alternative net investment income 266 185 Strategic capital management fees 25 14 Cost of funds (1,723) (1,235) Other operating expenses (114) (124) Interest and other financing costs (91) (109) Spread Related Earnings 817 688 Principal Investing Realized performance fees 94 164 Realized investment income 14 28 Principal investing compensation (73) (170) Other operating expenses (14) (14) Principal Investing Income 21 8 Segment Income $ 1,300 $ 1,093 Segment Assets: March 31, 2024 December 31, 2023 Asset Management $ 2,057 $ 1,938 Retirement Services 314,041 294,730 Principal Investing 9,348 9,573 Total Assets 2 $ 325,446 $ 306,241 1 Includes intersegment management fees from Retirement Services of $279 million and $216 million for the three months ended March 31, 2024 and 2023, respectively. 2 Refer below for a reconciliation of total assets for Apollo’s total reportable segments to total consolidated assets. |
Schedule of Reconciliation of Income Before Income Tax Provision to Segments | 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) 2024 2023 Income (loss) before income tax provision (benefit) $ 2,187 $ 1,791 Asset Management Adjustments: Equity-based profit sharing expense and other 1 94 67 Equity-based compensation 74 52 Transaction-related charges 2 55 (3) Merger-related transaction and integration costs 3 8 7 Net (income) loss attributable to non-controlling interests in consolidated entities (377) (523) Unrealized performance fees (268) (239) Unrealized profit sharing expense 159 135 HoldCo interest and other financing costs 4 15 21 Unrealized principal investment income (loss) (11) (10) Unrealized net (gains) losses from investment activities and other (28) 12 Retirement Services Adjustments: Investment (gains) losses, net of offsets 22 (397) Non-operating change in insurance liabilities and related derivatives 5 (673) 135 Integration, restructuring and other non-operating expenses 30 29 Equity-based compensation 13 16 Segment Income $ 1,300 $ 1,093 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. 5 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits. |
Schedule of Reconciliation of Total Reportable Segment Assets to Total Assets | The following table presents the reconciliation of the Company’s total reportable segment assets to total assets: (In millions) March 31, 2024 December 31, 2023 Total reportable segment assets $ 325,446 $ 306,241 Adjustments 1 8,605 7,247 Total assets $ 334,051 $ 313,488 1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments. |
Organization (Details)
Organization (Details) | Mar. 31, 2024 investing_strategy |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of investing strategies | 3 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) tier | |
Accounting Policies [Abstract] | |
Number of tiers | tier | 2 |
Deferred revenue recognized | $ | $ 108 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Equity Method Investments [Line Items] | ||
AFS securities, at fair value | $ 159,251 | $ 148,347 |
Derivative asset, statement of financial position [Extensible Enumeration] | Other assets | Other assets |
Consolidated Entity, Excluding VIE | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Investments, including related parties – Retirement Services | $ 259,838 | $ 244,443 |
Asset Management | Consolidated Entity, Excluding VIE | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments, at fair value | 1,469 | 1,489 |
Equity method investments | 1,116 | 1,072 |
Performance allocations | 3,014 | 2,941 |
Total Investments – Asset Management | 5,599 | 5,502 |
Retirement Services | Consolidated Entity, Excluding VIE | ||
Schedule of Equity Method Investments [Line Items] | ||
AFS securities, at fair value | 159,251 | 148,347 |
Trading securities, at fair value | 2,466 | 2,544 |
Equity securities | 1,966 | 1,611 |
Mortgage loans, at fair value | 49,470 | 45,396 |
Investment funds | 1,736 | 1,741 |
Policy loans | 330 | 334 |
Funds withheld at interest | 29,258 | 30,833 |
Derivative assets | 7,159 | 5,298 |
Short-term investments | 896 | 1,288 |
Other investments | 1,707 | 1,549 |
Total Investments, including related parties – Retirement Services | $ 254,239 | $ 238,941 |
Investments - Schedule of Net G
Investments - Schedule of Net Gains (Losses) from Investment Activities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Gain (Loss) on Securities [Line Items] | ||
Realized gains (losses) on sales of investments, net | $ 1,677 | $ 1,065 |
Asset Management | Consolidated Entity, Excluding VIE | ||
Gain (Loss) on Securities [Line Items] | ||
Realized gains (losses) on sales of investments, net | 1 | 5 |
Net change in unrealized gains (losses) due to changes in fair value | 38 | (7) |
Net gains (losses) from investment activities | $ 39 | $ (2) |
Investments - Schedule of Perfo
Investments - Schedule of Performance Allocations (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Performance Allocation [Roll Forward] | |
Performance allocations, beginning balance | $ 2,941 |
Change in fair value of funds | 364 |
Fund distributions to the Company | (291) |
Performance allocations, ending balance | $ 3,014 |
Investments - Schedule of AFS S
Investments - Schedule of AFS Securities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | $ 173,932 | $ 162,016 | ||
Allowance for Credit Losses | (598) | (591) | $ (503) | $ (459) |
Gross Unrealized Gains | 1,356 | 1,709 | ||
Gross Unrealized Losses | (15,439) | (14,787) | ||
Fair Value | 159,251 | 148,347 | ||
Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 157,128 | 147,561 | ||
Allowance for Credit Losses | (597) | (590) | (502) | (458) |
Gross Unrealized Gains | 1,314 | 1,653 | ||
Gross Unrealized Losses | (14,972) | (14,286) | ||
Fair Value | 142,873 | 134,338 | ||
Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 16,804 | 14,455 | ||
Allowance for Credit Losses | (1) | (1) | ||
Gross Unrealized Gains | 42 | 56 | ||
Gross Unrealized Losses | (467) | (501) | ||
Fair Value | 16,378 | 14,009 | ||
U.S. government and agencies | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 6,764 | 6,161 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 41 | 67 | ||
Gross Unrealized Losses | (1,002) | (829) | ||
Fair Value | 5,803 | 5,399 | ||
U.S. state, municipal and political subdivisions | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 1,283 | 1,296 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | (252) | (250) | ||
Fair Value | 1,031 | 1,046 | ||
Foreign governments | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 2,086 | 2,083 | ||
Allowance for Credit Losses | 0 | 0 | (27) | (27) |
Gross Unrealized Gains | 6 | 71 | ||
Gross Unrealized Losses | (308) | (255) | ||
Fair Value | 1,784 | 1,899 | ||
Corporate | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 94,419 | 88,343 | ||
Allowance for Credit Losses | (127) | (129) | (79) | (61) |
Gross Unrealized Gains | 589 | 830 | ||
Gross Unrealized Losses | (11,457) | (10,798) | ||
Fair Value | 83,424 | 78,246 | ||
Corporate | Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 1,428 | 1,423 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 3 | 1 | ||
Gross Unrealized Losses | (76) | (72) | ||
Fair Value | 1,355 | 1,352 | ||
CLO | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 22,590 | 20,506 | ||
Allowance for Credit Losses | (1) | (2) | (4) | (7) |
Gross Unrealized Gains | 268 | 261 | ||
Gross Unrealized Losses | (459) | (558) | ||
Fair Value | 22,398 | 20,207 | ||
CLO | Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 4,506 | 4,367 | ||
Allowance for Credit Losses | 0 | 0 | (1) | (1) |
Gross Unrealized Gains | 18 | 21 | ||
Gross Unrealized Losses | (78) | (120) | ||
Fair Value | 4,446 | 4,268 | ||
ABS | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 14,379 | 13,942 | ||
Allowance for Credit Losses | (51) | (49) | (31) | (29) |
Gross Unrealized Gains | 118 | 120 | ||
Gross Unrealized Losses | (576) | (630) | ||
Fair Value | 13,870 | 13,383 | ||
ABS | Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 10,870 | 8,665 | ||
Allowance for Credit Losses | (1) | (1) | ||
Gross Unrealized Gains | 21 | 34 | ||
Gross Unrealized Losses | (313) | (309) | ||
Fair Value | 10,577 | 8,389 | ||
CMBS | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 7,372 | 7,070 | ||
Allowance for Credit Losses | (31) | (29) | (5) | (5) |
Gross Unrealized Gains | 63 | 52 | ||
Gross Unrealized Losses | (468) | (502) | ||
Fair Value | 6,936 | 6,591 | ||
RMBS | Nonrelated Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 8,235 | 8,160 | ||
Allowance for Credit Losses | (387) | (381) | $ (356) | $ (329) |
Gross Unrealized Gains | 229 | 252 | ||
Gross Unrealized Losses | (450) | (464) | ||
Fair Value | $ 7,627 | $ 7,567 |
Investments - Schedule of Amort
Investments - Schedule of Amortized Cost and Fair Value of AFS Securities, Including Related Parties (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Total AFS securities | $ 173,932 | $ 162,016 |
Fair Value | ||
Total AFS securities | 159,251 | 148,347 |
Nonrelated Party | ||
Amortized Cost | ||
Due in one year or less | 2,294 | |
Due after one year through five years | 20,196 | |
Due after five years through ten years | 25,571 | |
Due after ten years | 56,491 | |
CLO, ABS, CMBS and RMBS | 52,576 | |
Total AFS securities | 157,128 | 147,561 |
Fair Value | ||
Due in one year or less | 2,256 | |
Due after one year through five years | 19,366 | |
Due after five years through ten years | 23,178 | |
Due after ten years | 47,242 | |
CLO, ABS, CMBS and RMBS | 50,831 | |
Total AFS securities | 142,873 | 134,338 |
Related Party | ||
Amortized Cost | ||
Due after one year through five years | 911 | |
Due after five years through ten years | 122 | |
Due after ten years | 395 | |
CLO, ABS, CMBS and RMBS | 15,376 | |
Total AFS securities | 16,804 | 14,455 |
Fair Value | ||
Due after one year through five years | 898 | |
Due after five years through ten years | 114 | |
Due after ten years | 343 | |
CLO, ABS, CMBS and RMBS | 15,023 | |
Total AFS securities | $ 16,378 | $ 14,009 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Losses on AFS Securities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | $ 26,929 | $ 17,675 |
Less than 12 months, Gross Unrealized Losses | (965) | (801) |
12 months or longer, Fair Value | 74,616 | 79,813 |
12 months or longer, Gross Unrealized Losses | (13,858) | (13,567) |
Total Fair Value | 101,545 | 97,488 |
Total Gross Unrealized Losses | (14,823) | (14,368) |
Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 22,174 | 14,722 |
Less than 12 months, Gross Unrealized Losses | (846) | (684) |
12 months or longer, Fair Value | 69,523 | 74,046 |
12 months or longer, Gross Unrealized Losses | (13,531) | (13,203) |
Total Fair Value | 91,697 | 88,768 |
Total Gross Unrealized Losses | (14,377) | (13,887) |
Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 4,755 | 2,953 |
Less than 12 months, Gross Unrealized Losses | (119) | (117) |
12 months or longer, Fair Value | 5,093 | 5,767 |
12 months or longer, Gross Unrealized Losses | (327) | (364) |
Total Fair Value | 9,848 | 8,720 |
Total Gross Unrealized Losses | (446) | (481) |
U.S. government and agencies | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 2,447 | 2,013 |
Less than 12 months, Gross Unrealized Losses | (189) | (94) |
12 months or longer, Fair Value | 2,313 | 2,389 |
12 months or longer, Gross Unrealized Losses | (813) | (735) |
Total Fair Value | 4,760 | 4,402 |
Total Gross Unrealized Losses | (1,002) | (829) |
U.S. state, municipal and political subdivisions | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 132 | 123 |
Less than 12 months, Gross Unrealized Losses | (6) | (5) |
12 months or longer, Fair Value | 888 | 888 |
12 months or longer, Gross Unrealized Losses | (246) | (245) |
Total Fair Value | 1,020 | 1,011 |
Total Gross Unrealized Losses | (252) | (250) |
Foreign governments | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 986 | 690 |
Less than 12 months, Gross Unrealized Losses | (42) | (13) |
12 months or longer, Fair Value | 735 | 760 |
12 months or longer, Gross Unrealized Losses | (266) | (242) |
Total Fair Value | 1,721 | 1,450 |
Total Gross Unrealized Losses | (308) | (255) |
Corporate | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 13,687 | 7,752 |
Less than 12 months, Gross Unrealized Losses | (532) | (474) |
12 months or longer, Fair Value | 49,045 | 50,028 |
12 months or longer, Gross Unrealized Losses | (10,903) | (10,311) |
Total Fair Value | 62,732 | 57,780 |
Total Gross Unrealized Losses | (11,435) | (10,785) |
Corporate | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 241 | 548 |
Less than 12 months, Gross Unrealized Losses | (40) | (35) |
12 months or longer, Fair Value | 384 | 382 |
12 months or longer, Gross Unrealized Losses | (36) | (37) |
Total Fair Value | 625 | 930 |
Total Gross Unrealized Losses | (76) | (72) |
CLO | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 1,966 | 689 |
Less than 12 months, Gross Unrealized Losses | (7) | (2) |
12 months or longer, Fair Value | 8,909 | 11,579 |
12 months or longer, Gross Unrealized Losses | (417) | (543) |
Total Fair Value | 10,875 | 12,268 |
Total Gross Unrealized Losses | (424) | (545) |
CLO | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 399 | 397 |
Less than 12 months, Gross Unrealized Losses | (2) | (16) |
12 months or longer, Fair Value | 2,223 | 2,592 |
12 months or longer, Gross Unrealized Losses | (75) | (102) |
Total Fair Value | 2,622 | 2,989 |
Total Gross Unrealized Losses | (77) | (118) |
ABS | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 1,798 | 2,129 |
Less than 12 months, Gross Unrealized Losses | (45) | (75) |
12 months or longer, Fair Value | 4,307 | 4,378 |
12 months or longer, Gross Unrealized Losses | (389) | (458) |
Total Fair Value | 6,105 | 6,507 |
Total Gross Unrealized Losses | (434) | (533) |
ABS | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 4,115 | 2,008 |
Less than 12 months, Gross Unrealized Losses | (77) | (66) |
12 months or longer, Fair Value | 2,486 | 2,793 |
12 months or longer, Gross Unrealized Losses | (216) | (225) |
Total Fair Value | 6,601 | 4,801 |
Total Gross Unrealized Losses | (293) | (291) |
CMBS | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 552 | 859 |
Less than 12 months, Gross Unrealized Losses | (11) | (12) |
12 months or longer, Fair Value | 1,927 | 1,967 |
12 months or longer, Gross Unrealized Losses | (363) | (406) |
Total Fair Value | 2,479 | 2,826 |
Total Gross Unrealized Losses | (374) | (418) |
RMBS | Nonrelated Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 606 | 467 |
Less than 12 months, Gross Unrealized Losses | (14) | (9) |
12 months or longer, Fair Value | 1,399 | 2,057 |
12 months or longer, Gross Unrealized Losses | (134) | (263) |
Total Fair Value | 2,005 | 2,524 |
Total Gross Unrealized Losses | $ (148) | $ (272) |
Investments - Schedule of Unr_2
Investments - Schedule of Unrealized Losses on AFS Securities Including Related Parties (Details) | Mar. 31, 2024 position |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |
Unrealized Loss Position | 8,612 |
Unrealized Loss Position 12 Months or More | 7,343 |
Related Party | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |
Unrealized Loss Position | 185 |
Unrealized Loss Position 12 Months or More | 121 |
Investments - Schedule of Allow
Investments - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | $ 591 | $ 459 |
Initial Credit Losses | 14 | 26 |
Initial Credit Losses on PCD Securities | 0 | 28 |
Securities Sold During the Period | (12) | (10) |
Additions (Reductions) to Previously Impaired Securities | 5 | 0 |
Ending Balance | 598 | 503 |
Nonrelated Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 590 | 458 |
Initial Credit Losses | 14 | 26 |
Initial Credit Losses on PCD Securities | 0 | 28 |
Securities Sold During the Period | (12) | (10) |
Additions (Reductions) to Previously Impaired Securities | 5 | 0 |
Ending Balance | 597 | 502 |
Related Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 1 | |
Ending Balance | 1 | |
Foreign governments | Nonrelated Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 0 | 27 |
Initial Credit Losses | 0 | |
Initial Credit Losses on PCD Securities | 0 | |
Securities Sold During the Period | 0 | |
Additions (Reductions) to Previously Impaired Securities | 0 | |
Ending Balance | 0 | 27 |
Corporate | Nonrelated Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 129 | 61 |
Initial Credit Losses | 7 | 21 |
Initial Credit Losses on PCD Securities | 0 | 0 |
Securities Sold During the Period | (8) | (6) |
Additions (Reductions) to Previously Impaired Securities | (1) | 3 |
Ending Balance | 127 | 79 |
Corporate | Related Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 0 | |
Ending Balance | 0 | |
CLO | Nonrelated Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 2 | 7 |
Initial Credit Losses | 0 | 1 |
Initial Credit Losses on PCD Securities | 0 | 0 |
Securities Sold During the Period | 0 | 0 |
Additions (Reductions) to Previously Impaired Securities | (1) | (4) |
Ending Balance | 1 | 4 |
CLO | Related Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 0 | 1 |
Initial Credit Losses | 0 | |
Initial Credit Losses on PCD Securities | 0 | |
Securities Sold During the Period | 0 | |
Additions (Reductions) to Previously Impaired Securities | 0 | |
Ending Balance | 0 | 1 |
ABS | Nonrelated Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 49 | 29 |
Initial Credit Losses | 2 | 0 |
Initial Credit Losses on PCD Securities | 0 | 0 |
Securities Sold During the Period | 0 | 0 |
Additions (Reductions) to Previously Impaired Securities | 0 | 2 |
Ending Balance | 51 | 31 |
ABS | Related Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 1 | |
Initial Credit Losses | 0 | |
Initial Credit Losses on PCD Securities | 0 | |
Securities Sold During the Period | 0 | |
Additions (Reductions) to Previously Impaired Securities | 0 | |
Ending Balance | 1 | |
CMBS | Nonrelated Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 29 | 5 |
Initial Credit Losses | 1 | 1 |
Initial Credit Losses on PCD Securities | 0 | 0 |
Securities Sold During the Period | 0 | 0 |
Additions (Reductions) to Previously Impaired Securities | 1 | (1) |
Ending Balance | 31 | 5 |
RMBS | Nonrelated Party | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 381 | 329 |
Initial Credit Losses | 4 | 3 |
Initial Credit Losses on PCD Securities | 0 | 28 |
Securities Sold During the Period | (4) | (4) |
Additions (Reductions) to Previously Impaired Securities | 6 | 0 |
Ending Balance | $ 387 | $ 356 |
Investments - Schedule of Net I
Investments - Schedule of Net Investment Income (Details) - Retirement Services - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Investment Income [Line Items] | ||
Investment revenue | $ 3,592 | $ 2,624 |
Investment expenses | (16) | (12) |
Net investment income | 3,576 | 2,612 |
AFS securities | ||
Net Investment Income [Line Items] | ||
Investment revenue | 2,137 | 1,469 |
Trading securities | ||
Net Investment Income [Line Items] | ||
Investment revenue | 41 | 42 |
Equity securities | ||
Net Investment Income [Line Items] | ||
Investment revenue | 17 | 15 |
Mortgage loans | ||
Net Investment Income [Line Items] | ||
Investment revenue | 814 | 447 |
Investment funds | ||
Net Investment Income [Line Items] | ||
Investment revenue | 9 | 34 |
Funds withheld at interest | ||
Net Investment Income [Line Items] | ||
Investment revenue | 363 | 429 |
Other | ||
Net Investment Income [Line Items] | ||
Investment revenue | $ 211 | $ 188 |
Investments - Schedule of Inv_2
Investments - Schedule of Investment Related Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, All Other Investments [Abstract] | ||
Gross realized gains on investment activity | $ 67 | $ 183 |
Gross realized losses on investment activity | (347) | (104) |
Net realized investment gains (losses) on AFS securities | (280) | 79 |
Net recognized investment gains (losses) on trading securities | (65) | 64 |
Net recognized investment gains (losses) on equity securities | 39 | (18) |
Net recognized investment gains (losses) on mortgage loans | (358) | 277 |
Derivative gains | 1,431 | 993 |
Provision for credit losses | (10) | (66) |
Other gains (losses) | 920 | (264) |
Investment related gains (losses) | $ 1,677 | $ 1,065 |
Derivative, gain (loss), statement of income or comprehensive income | Gain (Loss) on Investments | Gain (Loss) on Investments |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |||
Proceeds from sales of AFS securities | $ 3,718 | $ 1,140 | |
Securities sold under agreements to repurchase | 556 | $ 947 | |
Securities received as collateral | $ 1,087 | $ 1,504 |
Investments - Schedule of Unr_3
Investments - Schedule of Unrealized Gain (Loss) on Trading and Equity Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ (20) | $ 66 |
Equity securities | 41 | (23) |
Related Party | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 0 | 6 |
Equity securities | $ (3) | $ 3 |
Investments - Schedule of Repur
Investments - Schedule of Repurchase Agreements (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Payables for repurchase agreements | $ 2,666 | $ 3,853 |
Less than 30 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Payables for repurchase agreements | 0 | 686 |
Greater than 1 year | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Payables for repurchase agreements | $ 2,666 | $ 3,167 |
Investments - Schedule of Secur
Investments - Schedule of Securities Pledged As Collateral For Repurchase Agreements (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 173,932 | $ 162,016 |
AFS securities | 159,251 | 148,347 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,185 | 4,659 |
AFS securities | 2,799 | 4,071 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | Foreign governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 138 | 137 |
AFS securities | 97 | 99 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,859 | 2,735 |
AFS securities | 1,577 | 2,307 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | CLO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 578 | 580 |
AFS securities | 580 | 579 |
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | ABS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 610 | 1,207 |
AFS securities | $ 545 | $ 1,086 |
Investments - Schedule of Mortg
Investments - Schedule of Mortgage Loan Portfolio, with Fair Value Option Loans (Details) - Mortgage Loans - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | $ 55,757 | $ 50,752 |
Mark to fair value | (4,140) | (3,183) |
Fair value | 51,617 | 47,569 |
Mortgage loans | 51,617 | 47,569 |
Commercial mortgage loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | 31,699 | 28,858 |
Mark to fair value | (3,165) | (2,246) |
Fair value | 28,534 | 26,612 |
Residential mortgage loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | 24,058 | 21,894 |
Mark to fair value | (975) | (937) |
Fair value | 23,083 | 20,957 |
Real Estate Loan | Commercial mortgage loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | 30,512 | 27,630 |
Under-development | Commercial mortgage loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | $ 1,187 | $ 1,228 |
Investments - Schedule of Distr
Investments - Schedule of Distribution of Commercial and Residential Mortgage Loans, Percentage by Geographical Location (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 28,534 | $ 26,612 |
Percentage of Total | 100% | 100% |
Residential Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 100% | 100% |
Total U.S. residential mortgage loan percentage | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 24,042 | $ 22,598 |
Percentage of Total | 84.30% | 85% |
Total U.S. residential mortgage loan percentage | Residential Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 90.30% | 91% |
East North Central | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 1,639 | $ 1,517 |
Percentage of Total | 5.70% | 5.70% |
East South Central | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 514 | $ 523 |
Percentage of Total | 1.80% | 2% |
Middle Atlantic | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 7,528 | $ 7,147 |
Percentage of Total | 26.40% | 26.90% |
Mountain | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 1,161 | $ 1,196 |
Percentage of Total | 4.10% | 4.50% |
New England | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 1,363 | $ 1,295 |
Percentage of Total | 4.80% | 4.90% |
Pacific | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 5,516 | $ 4,860 |
Percentage of Total | 19.30% | 18.30% |
South Atlantic | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 4,650 | $ 4,583 |
Percentage of Total | 16.40% | 17.20% |
West North Central | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 242 | $ 249 |
Percentage of Total | 0.80% | 0.90% |
West South Central | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 1,429 | $ 1,228 |
Percentage of Total | 5% | 4.60% |
California | Residential Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 27.10% | 27.60% |
Florida | Residential Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 11.90% | 12% |
Texas | Residential Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 6.40% | 6.10% |
New York | Residential Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 5.80% | 5.90% |
Other | Residential Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 39.10% | 39.40% |
Total international region | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 4,492 | $ 4,014 |
Percentage of Total | 15.70% | 15% |
Total international region | Residential Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 9.70% | 9% |
United Kingdom | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 2,540 | $ 2,343 |
Percentage of Total | 8.90% | 8.70% |
United Kingdom | Residential Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 5.30% | 4% |
Other international | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 1,952 | $ 1,671 |
Percentage of Total | 6.80% | 6.30% |
Other international | Residential Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percentage of Total | 4.40% | 5% |
Apartment | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 10,565 | $ 9,591 |
Percentage of Total | 37% | 36% |
Office building | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 4,339 | $ 4,455 |
Percentage of Total | 15.20% | 16.70% |
Industrial | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 4,497 | $ 4,143 |
Percentage of Total | 15.80% | 15.60% |
Hotels | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 3,113 | $ 2,913 |
Percentage of Total | 10.90% | 11% |
Retail | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 2,215 | $ 2,158 |
Percentage of Total | 7.80% | 8.10% |
Other commercial | Commercial Mortgage Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 3,805 | $ 3,352 |
Percentage of Total | 13.30% | 12.60% |
Investments - Schedule of Inv_3
Investments - Schedule of Investment Funds (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Net Investment Income [Line Items] | ||
Total investment funds, including related parties and consolidated VIEs | $ 18,443 | $ 17,561 |
Nonrelated Party | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 110 | $ 109 |
Percentage of Total | 100% | 100% |
Nonrelated Party | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 16,707 | $ 15,820 |
Percentage of Total | 100% | 100% |
Related Party | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 1,626 | $ 1,632 |
Percentage of Total | 100% | 100% |
Equity funds | Nonrelated Party | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 84 | $ 82 |
Percentage of Total | 76.40% | 75.30% |
Equity funds | Nonrelated Party | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 3,482 | $ 3,302 |
Percentage of Total | 20.80% | 20.90% |
Equity funds | Related Party | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 249 | $ 254 |
Percentage of Total | 15.30% | 15.60% |
Hybrid funds | Nonrelated Party | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 19 | $ 20 |
Percentage of Total | 17.20% | 18.30% |
Hybrid funds | Nonrelated Party | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 4,325 | $ 4,242 |
Percentage of Total | 25.90% | 26.70% |
Other | Nonrelated Party | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 7 | $ 7 |
Percentage of Total | 6.40% | 6.40% |
Other | Nonrelated Party | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 1,113 | $ 843 |
Percentage of Total | 6.70% | 5.30% |
Other | Related Party | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 24 | $ 23 |
Percentage of Total | 1.50% | 1.30% |
Strategic origination platforms | Nonrelated Party | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 5,854 | $ 5,594 |
Percentage of Total | 35% | 35.40% |
Strategic origination platforms | Related Party | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 47 | $ 47 |
Percentage of Total | 2.90% | 2.90% |
Insurance platforms | Nonrelated Party | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 471 | $ 483 |
Percentage of Total | 2.80% | 3.10% |
Insurance platforms | Related Party | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 1,299 | $ 1,300 |
Percentage of Total | 79.90% | 79.70% |
Yield funds | Nonrelated Party | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 1,462 | $ 1,356 |
Percentage of Total | 8.80% | 8.60% |
Yield funds | Related Party | ||
Net Investment Income [Line Items] | ||
Carrying Value | $ 7 | $ 8 |
Percentage of Total | 0.40% | 0.50% |
Investments - Schedule of Conce
Investments - Schedule of Concentration of Risk, by Risk Factor (Details) - Shareholders' Equity - Investment Concentration Risk - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Atlas | ||
Concentration Risk [Line Items] | ||
Investment concentration risk, amount | $ 2,985 | |
Wheels | ||
Concentration Risk [Line Items] | ||
Investment concentration risk, amount | 1,595 | $ 1,591 |
AT&T Inc. | ||
Concentration Risk [Line Items] | ||
Investment concentration risk, amount | $ 1,517 | $ 1,526 |
Derivatives - Schedule of Notio
Derivatives - Schedule of Notional Amount and Fair Value of Derivative Instruments (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Assets, gross | $ 7,159,000,000 | $ 5,298,000,000 |
Assets | 3,074,000,000 | 1,198,000,000 |
Liabilities, gross | 2,429,000,000 | 1,995,000,000 |
Liabilities | $ 13,303,000,000 | $ 10,990,000,000 |
Derivative liability, statement of financial position | Other liabilities | Other liabilities |
Derivatives designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Assets, gross | $ 567,000,000 | $ 781,000,000 |
Liabilities, gross | 982,000,000 | 954,000,000 |
Derivatives designated as hedges | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 10,780,000,000 | 9,034,000,000 |
Assets, gross | 507,000,000 | 477,000,000 |
Liabilities, gross | 184,000,000 | 230,000,000 |
Derivatives designated as hedges | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,044,000,000 | 6,294,000,000 |
Assets, gross | 41,000,000 | 275,000,000 |
Liabilities, gross | 7,000,000 | 102,000,000 |
Derivatives designated as hedges | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 5,364,000,000 | 4,468,000,000 |
Assets, gross | 1,000,000 | 0 |
Liabilities, gross | 637,000,000 | 521,000,000 |
Derivatives designated as hedges | Forwards on net investments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 224,000,000 | 219,000,000 |
Assets, gross | 1,000,000 | 0 |
Liabilities, gross | 0 | 6,000,000 |
Derivatives designated as hedges | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 18,004,000,000 | 10,031,000,000 |
Assets, gross | 17,000,000 | 29,000,000 |
Liabilities, gross | 154,000,000 | 95,000,000 |
Derivatives not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Assets, subtotal | 2,507,000,000 | 417,000,000 |
Liabilities | 12,321,000,000 | 10,036,000,000 |
Derivatives not designated as hedges | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 8,281,000,000 | 8,072,000,000 |
Assets, gross | 225,000,000 | 230,000,000 |
Liabilities, gross | 202,000,000 | 244,000,000 |
Derivatives not designated as hedges | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 38,354,000,000 | 28,236,000,000 |
Assets, gross | 744,000,000 | 286,000,000 |
Liabilities, gross | 1,110,000,000 | 685,000,000 |
Derivatives not designated as hedges | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 3,496,000,000 | 3,499,000,000 |
Assets, gross | 83,000,000 | 81,000,000 |
Liabilities, gross | 28,000,000 | 9,000,000 |
Derivatives not designated as hedges | Equity options | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 77,831,000,000 | 73,881,000,000 |
Assets, gross | 5,423,000,000 | 3,809,000,000 |
Liabilities, gross | 106,000,000 | 102,000,000 |
Derivatives not designated as hedges | Futures | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 40,000,000 | 35,000,000 |
Assets, gross | 104,000,000 | 72,000,000 |
Liabilities, gross | 0 | 0 |
Derivatives not designated as hedges | Other swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,674,000,000 | 2,588,000,000 |
Assets, gross | 13,000,000 | 39,000,000 |
Liabilities, gross | 1,000,000 | 1,000,000 |
Derivatives not designated as hedges | Funds withheld, including related parties | ||
Derivatives, Fair Value [Line Items] | ||
Assets, netting | (4,085,000,000) | (4,100,000,000) |
Liabilities, netting | (34,000,000) | (64,000,000) |
Derivatives not designated as hedges | Interest sensitive contract liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Assets, netting | 0 | 0 |
Liabilities, netting | $ 10,908,000,000 | $ 9,059,000,000 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Net Investment Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative gain (loss) | $ 3,000,000 | $ (4,000,000) | |
Accumulated other comprehensive income | 29,000,000 | $ 26,000,000 | |
Interest rate swaps | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cash flow hedge, loss after reclassification, before tax, parent | 21,000,000 | $ 73,000,000 | |
Amount expected to reclassified into income within the next 12 months | $ 0 |
Derivatives - Schedule of Carry
Derivatives - Schedule of Carrying Amount and the Cumulative Fair Value Hedging Adjustments (Details) - Fair Value Hedging - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Foreign currency swaps | Interest sensitive contract liabilities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying amount of the hedged liabilities | $ 1,945 | $ 1,438 |
Cumulative amount of fair value hedging gains (losses) on liabilities | 63 | 19 |
Foreign currency interest rate swaps | Interest sensitive contract liabilities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying amount of the hedged liabilities | 4,796 | 4,010 |
Cumulative amount of fair value hedging gains (losses) on liabilities | 479 | 363 |
Interest rate swaps | Interest sensitive contract liabilities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying amount of the hedged liabilities | 13,612 | 6,910 |
Cumulative amount of fair value hedging gains (losses) on liabilities | 264 | 189 |
AFS securities | Foreign currency forwards | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying amount of the hedged assets | 6,149 | 4,883 |
Cumulative amount of fair value hedging gains (losses) on assets | (146) | (15) |
AFS securities | Foreign currency swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying amount of the hedged assets | 6,769 | 6,820 |
Cumulative amount of fair value hedging gains (losses) on assets | $ (328) | $ (141) |
Derivatives - Schedule of Gains
Derivatives - Schedule of Gains (Losses) Related to Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Foreign currency forwards | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivatives | $ 136 | $ (70) |
Hedged items | (132) | 73 |
Net | 4 | 3 |
Foreign currency forwards | Fair Value Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Recognized in income through amortization approach | 18 | 87 |
Recognized in income through changes in fair value | 9 | 4 |
Gains (losses) excluded from the assessment of hedge effectiveness recognized in OCI | (17) | 63 |
Foreign currency swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivatives | 112 | (59) |
Hedged items | (114) | 64 |
Net | (2) | 5 |
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 | (38) | 114 |
Foreign currency interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivatives | (116) | 78 |
Hedged items | 117 | (70) |
Net | 1 | 8 |
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 |
Interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivatives | (106) | 102 |
Hedged items | 75 | (104) |
Net | (31) | (2) |
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 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivatives | 16 | 15 |
Hedged items | (16) | (15) |
Net | 0 | 0 |
Foreign currency interest rate swaps | Fair Value Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Recognized in income through amortization approach | 0 | 0 |
Recognized in income through changes in fair value | $ 0 | $ 0 |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivatives Not Designated as Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | $ 201 | $ 378 |
Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | 1,378 | 851 |
Equity options | Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | 1,597 | 350 |
Futures | Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | 127 | 34 |
Swaps | Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | 39 | 33 |
Foreign currency forwards | Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | (310) | (169) |
Embedded derivatives on funds withheld | Investment related gains (losses) | ||
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | (75) | 603 |
Embedded derivatives in indexed annuity products | Embedded derivatives in indexed annuity products | ||
Derivatives, Fair Value [Line Items] | ||
Total gains (losses) on derivatives not designated as hedges | $ (1,177) | $ (473) |
Derivatives - Schedule of Offse
Derivatives - Schedule of Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative assets | ||
Gross amounts of recognized | $ 7,159 | $ 5,298 |
Financial instruments | (1,704) | (1,497) |
Collateral (received)/pledged | (5,479) | (3,676) |
Net amount | (24) | 125 |
Off-balance sheet securities collateral | 1 | 0 |
Net amount after securities collateral | (23) | 125 |
Derivative liabilities | ||
Gross amounts of recognized | (2,429) | (1,995) |
Financial instruments | 1,704 | 1,497 |
Collateral (received)/pledged | 1,188 | 848 |
Net amount | 463 | 350 |
Off-balance sheet securities collateral | 0 | 0 |
Net amount after securities collateral | $ 463 | $ 350 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Net Gains (Losses) from Investment Activities of the Consolidated VIEs - Asset Management (Details) - Asset Management - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Variable Interest Entity [Line Items] | ||
Interest and other expenses | $ (51) | $ (31) |
VIE, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Net gains (losses) from investment activities | 18 | 30 |
Interest and other income | 32 | 33 |
Interest and other expenses | (25) | (29) |
Net gains (losses) from investment activities | $ 25 | $ 34 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Variable Interest Entity [Line Items] | ||
Fair value of collateral received | $ 263 | $ 453 |
VIE, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Revenues | 10 | |
Expenses | $ 2 |
Variable Interest Entities - _2
Variable Interest Entities - Schedule of Principal Provisions Debt (Details) - VIE, Primary Beneficiary - Asset Management - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 1,835 | $ 1,072 |
Subscription lines | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 1,835 | $ 1,072 |
Weighted Average Interest Rate | 7.24% | 7.16% |
Weighted Average Remaining Maturity in Years | 1 month 2 days | 1 month 2 days |
Variable Interest Entities - _3
Variable Interest Entities - Schedule of Statements of Operations Activity of the Consolidated VIEs - Retirement Services (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Investment Income [Line Items] | ||
Net recognized investment gains on trading securities | $ (20) | $ 66 |
Net recognized investment gains (losses) on mortgage loans | (358) | 277 |
Other losses | 920 | (264) |
Total Revenues | 7,040 | 5,301 |
Retirement Services | ||
Net Investment Income [Line Items] | ||
Net investment income | 3,576 | 2,612 |
Net gains (losses) from investment activities | 1,677 | 1,065 |
Total Revenues | 6,005 | 4,265 |
Retirement Services | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Net investment income | 81 | 82 |
Net recognized investment gains on trading securities | 0 | 6 |
Net recognized investment gains (losses) on mortgage loans | (26) | 9 |
Net recognized investment gains on investment funds | 360 | 224 |
Other losses | (4) | (40) |
Net gains (losses) from investment activities | 330 | 199 |
Total Revenues | 411 | 281 |
Trading securities | Retirement Services | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Net investment income | 35 | 23 |
Mortgage loans | Retirement Services | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Net investment income | 30 | 24 |
Investment funds | Retirement Services | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Net investment income | 21 | 35 |
Other | Retirement Services | VIE, Primary Beneficiary | ||
Net Investment Income [Line Items] | ||
Net investment income | $ (5) | $ 0 |
Variable Interest Entities - _4
Variable Interest Entities - Schedule of Unconsolidated Variable Interest Entities - Asset Management and Retirement Services (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | $ 98,584 | $ 91,931 |
Carrying Value | 85,805 | 79,529 |
Investment funds | ||
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | 1,117 | 876 |
Carrying Value | 110 | 109 |
Investment funds | Related Party | ||
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | 2,404 | 2,377 |
Carrying Value | 1,626 | 1,632 |
AFS securities | ||
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | 53,563 | 50,623 |
Carrying Value | 51,243 | 48,155 |
AFS securities | Related Party | ||
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | 18,245 | 15,608 |
Carrying Value | 15,804 | 13,495 |
Equity securities | Related Party | ||
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | 315 | 318 |
Carrying Value | 315 | 318 |
VIE, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | 295 | 325 |
VIE, Primary Beneficiary | Investment funds | ||
Variable Interest Entity [Line Items] | ||
Maximum Loss Exposure | 22,940 | 22,129 |
Carrying Value | $ 16,707 | $ 15,820 |
Fair Value - Schedule of Financ
Fair Value - Schedule of Financial Assets and Liabilities Recorded at Fair value (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | $ 159,251 | $ 148,347 | |
Asset Management | |||
Derivative liabilities | 13,303 | 10,990 | |
Market risk benefits | 3,723 | $ 3,203 | |
Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Total Assets – Asset Management | 265,088 | 244,289 | |
Asset Management | |||
Total Liabilities – Asset Management | 19,919 | 17,743 | |
Asset Management | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Restricted cash and cash equivalents | 2 | 2 | |
Asset Management | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 2,473 | 2,748 | |
Restricted cash and cash equivalents | 2 | 2 | |
Investments, at fair value | 1,469 | ||
Due from related parties | 33 | 37 | |
Derivative assets | 14 | 13 | |
Equity securities | 1,489 | ||
Other assets | 383 | ||
Total Assets – Asset Management | 6,585 | 5,986 | |
Asset Management | |||
Contingent consideration obligations | 127 | 93 | |
Derivative liabilities | 42 | ||
Total Liabilities – Asset Management | 138 | 138 | |
Retirement Services | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Restricted cash and cash equivalents | 1,575 | 1,761 | |
Asset Management | |||
Market risk benefits | 3,723 | 3,751 | |
Retirement Services | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Restricted cash and cash equivalents | 1,575 | 1,761 | |
AFS securities | 142,873 | 134,338 | |
Derivative assets | 7,159 | 5,298 | |
Trading securities | 1,685 | 1,706 | |
Equity securities | 1,293 | 935 | |
Mortgage loans | 48,207 | 44,115 | |
Funds withheld at interest – embedded derivative | (3,362) | (3,379) | |
Short-term investments | 340 | 341 | |
Other investments | 1,113 | 943 | |
Cash and cash equivalents | 15,250 | 13,020 | |
Reinsurance recoverable | 1,468 | 1,367 | |
Other assets | 378 | ||
Total Assets – Asset Management | 258,503 | 238,303 | |
Asset Management | |||
Derivative liabilities | 2,429 | 1,995 | |
Other liabilities | 229 | 266 | |
Embedded derivative | 10,908 | 9,059 | |
Universal life benefits | 788 | 834 | |
Market risk benefits | 3,723 | 3,751 | |
Total Liabilities – Asset Management | 19,781 | 17,605 | |
Retirement Services | Fair Value, Recurring | U.S. government and agencies | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 5,803 | 5,399 | |
Retirement Services | Fair Value, Recurring | U.S. state, municipal and political subdivisions | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 1,031 | 1,046 | |
Retirement Services | Fair Value, Recurring | Foreign governments | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 1,784 | 1,899 | |
Retirement Services | Fair Value, Recurring | Corporate | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 83,424 | 78,246 | |
Retirement Services | Fair Value, Recurring | CLO | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 22,398 | 20,207 | |
Retirement Services | Fair Value, Recurring | ABS | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 13,870 | 13,383 | |
Retirement Services | Fair Value, Recurring | CMBS | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 6,936 | 6,591 | |
Retirement Services | Fair Value, Recurring | RMBS | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 7,627 | 7,567 | |
Retirement Services | Fair Value, Recurring | AmerUs Closed Block | |||
Asset Management | |||
Closed block liabilities | 1,151 | 1,178 | |
Retirement Services | Fair Value, Recurring | ILICO Closed Block and life benefits | |||
Asset Management | |||
Closed block liabilities | 553 | 522 | |
Related Party | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 16,378 | 14,009 | |
Asset Management | |||
Performance allocations | 164 | 174 | |
Related Party | Corporate | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 1,355 | 1,352 | |
Related Party | CLO | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 4,446 | 4,268 | |
Related Party | ABS | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 10,577 | 8,389 | |
Related Party | Retirement Services | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 16,378 | 14,009 | |
Trading securities | 781 | 838 | |
Equity securities | 315 | 318 | |
Mortgage loans | 1,263 | ||
Mortgage loans | 1,281 | ||
Investment funds | 1,067 | 1,082 | |
Funds withheld at interest – embedded derivative | (723) | (721) | |
Other investments | 336 | 343 | |
Related Party | Retirement Services | Fair Value, Recurring | Corporate | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 1,355 | 1,352 | |
Related Party | Retirement Services | Fair Value, Recurring | CLO | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 4,446 | 4,268 | |
Related Party | Retirement Services | Fair Value, Recurring | ABS | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 10,577 | 8,389 | |
VIE, Primary Beneficiary | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 416 | $ 777 | |
VIE, Primary Beneficiary | Fair Value, Recurring | |||
Asset Management | |||
Other liabilities | 11 | 0 | |
VIE, Primary Beneficiary | Asset Management | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 323 | 62 | |
VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 323 | 62 | |
Investments, at fair value | 2,271 | 1,635 | |
VIE, Primary Beneficiary | Retirement Services | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 93 | 98 | |
VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Trading securities | 2,034 | 2,136 | |
Mortgage loans | 2,147 | ||
Mortgage loans | 2,173 | ||
Investment funds | 16,707 | 15,820 | |
Other investments | 121 | 103 | |
Cash and cash equivalents | 93 | 98 | |
Level 1 | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Total Assets – Asset Management | 27,033 | 24,595 | |
Asset Management | |||
Total Liabilities – Asset Management | 17 | 17 | |
Level 1 | Asset Management | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 2,473 | 2,748 | |
Restricted cash and cash equivalents | 2 | 2 | |
Investments, at fair value | 199 | ||
Due from related parties | 0 | 0 | |
Derivative assets | 0 | 0 | |
Equity securities | 202 | ||
Other assets | 0 | ||
Total Assets – Asset Management | 2,997 | 3,014 | |
Asset Management | |||
Contingent consideration obligations | 0 | 0 | |
Derivative liabilities | 0 | ||
Total Liabilities – Asset Management | 0 | 0 | |
Level 1 | Retirement Services | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Restricted cash and cash equivalents | 1,575 | 1,761 | |
AFS securities | 6,616 | 6,297 | |
Derivative assets | 127 | 108 | |
Trading securities | 23 | 24 | |
Equity securities | 212 | 210 | |
Mortgage loans | 0 | 0 | |
Funds withheld at interest – embedded derivative | 0 | 0 | |
Short-term investments | 70 | 0 | |
Other investments | 0 | 0 | |
Cash and cash equivalents | 15,250 | 13,020 | |
Reinsurance recoverable | 0 | 0 | |
Other assets | 0 | ||
Total Assets – Asset Management | 24,036 | 21,581 | |
Asset Management | |||
Derivative liabilities | 17 | 17 | |
Other liabilities | 0 | 0 | |
Embedded derivative | 0 | 0 | |
Universal life benefits | 0 | 0 | |
Market risk benefits | 0 | 0 | |
Total Liabilities – Asset Management | 17 | 17 | |
Level 1 | Retirement Services | Fair Value, Recurring | U.S. government and agencies | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 5,796 | 5,392 | |
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 | 809 | 895 | |
Level 1 | Retirement Services | Fair Value, Recurring | Corporate | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 11 | 10 | |
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 | Related Party | Retirement Services | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 0 | 0 | |
Trading securities | 0 | 0 | |
Equity securities | 66 | 63 | |
Mortgage loans | 0 | ||
Mortgage loans | 0 | ||
Investment funds | 0 | 0 | |
Funds withheld at interest – embedded derivative | 0 | 0 | |
Other investments | 0 | 0 | |
Level 1 | Related Party | Retirement Services | Fair Value, Recurring | Corporate | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 0 | 0 | |
Level 1 | Related Party | Retirement Services | Fair Value, Recurring | CLO | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 0 | 0 | |
Level 1 | Related Party | 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 | 323 | 62 | |
Investments, at fair value | 0 | 0 | |
Asset Management | |||
Other liabilities | 0 | 0 | |
Level 1 | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Trading securities | 0 | 0 | |
Mortgage loans | 0 | ||
Mortgage loans | 0 | ||
Investment funds | 0 | 0 | |
Other investments | 4 | 0 | |
Cash and cash equivalents | 93 | 98 | |
Level 2 | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Total Assets – Asset Management | 140,586 | 131,185 | |
Asset Management | |||
Total Liabilities – Asset Management | 2,422 | 1,958 | |
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 | |
Investments, at fair value | 22 | ||
Due from related parties | 0 | 0 | |
Derivative assets | 5 | 0 | |
Equity securities | 38 | ||
Other assets | 0 | ||
Total Assets – Asset Management | 54 | 54 | |
Asset Management | |||
Contingent consideration obligations | 0 | 0 | |
Derivative liabilities | 42 | ||
Total Liabilities – Asset Management | 11 | 45 | |
Level 2 | Retirement Services | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Restricted cash and cash equivalents | 0 | 0 | |
AFS securities | 125,388 | 118,247 | |
Derivative assets | 7,031 | 5,190 | |
Trading securities | 1,622 | 1,654 | |
Equity securities | 1,054 | 699 | |
Mortgage loans | 0 | 0 | |
Funds withheld at interest – embedded derivative | 0 | 0 | |
Short-term investments | 169 | 236 | |
Other investments | 362 | 313 | |
Cash and cash equivalents | 0 | 0 | |
Reinsurance recoverable | 0 | 0 | |
Other assets | 0 | ||
Total Assets – Asset Management | 140,532 | 131,131 | |
Asset Management | |||
Derivative liabilities | 2,411 | 1,977 | |
Other liabilities | 0 | (64) | |
Embedded derivative | 0 | 0 | |
Universal life benefits | 0 | 0 | |
Market risk benefits | 0 | 0 | |
Total Liabilities – Asset Management | 2,411 | 1,913 | |
Level 2 | Retirement Services | Fair Value, Recurring | U.S. government and agencies | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 7 | 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 | 1,031 | 1,046 | |
Level 2 | Retirement Services | Fair Value, Recurring | Foreign governments | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 935 | 964 | |
Level 2 | Retirement Services | Fair Value, Recurring | Corporate | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 80,035 | 75,711 | |
Level 2 | Retirement Services | Fair Value, Recurring | CLO | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 22,398 | 20,207 | |
Level 2 | Retirement Services | Fair Value, Recurring | ABS | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 6,705 | 6,440 | |
Level 2 | Retirement Services | Fair Value, Recurring | CMBS | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 6,915 | 6,570 | |
Level 2 | Retirement Services | Fair Value, Recurring | RMBS | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 7,362 | 7,302 | |
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 | Related Party | Retirement Services | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 4,640 | 4,506 | |
Trading securities | 0 | 0 | |
Equity securities | 0 | 0 | |
Mortgage loans | 0 | ||
Mortgage loans | 0 | ||
Investment funds | 0 | 0 | |
Funds withheld at interest – embedded derivative | 0 | 0 | |
Other investments | 0 | 0 | |
Level 2 | Related Party | Retirement Services | Fair Value, Recurring | Corporate | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 180 | 181 | |
Level 2 | Related Party | Retirement Services | Fair Value, Recurring | CLO | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 3,926 | 3,762 | |
Level 2 | Related Party | Retirement Services | Fair Value, Recurring | ABS | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 534 | 563 | |
Level 2 | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 0 | 0 | |
Investments, at fair value | 27 | 16 | |
Asset Management | |||
Other liabilities | 11 | 3 | |
Level 2 | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Trading securities | 264 | 284 | |
Mortgage loans | 0 | ||
Mortgage loans | 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 | 81,513 | 73,478 | |
Asset Management | |||
Total Liabilities – Asset Management | 17,480 | 15,768 | |
Level 3 | Asset Management | |||
Asset Management | |||
Performance allocations | 207 | 218 | |
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 | |
Investments, at fair value | 1,182 | ||
Due from related parties | 33 | 37 | |
Derivative assets | 9 | 13 | |
Equity securities | 1,188 | ||
Other assets | 383 | ||
Total Assets – Asset Management | 3,334 | 2,730 | |
Asset Management | |||
Contingent consideration obligations | 127 | 93 | |
Derivative liabilities | 0 | ||
Total Liabilities – Asset Management | 127 | 93 | |
Contingent consideration included in profit sharing payable | 53 | 67 | |
Level 3 | Asset Management | Fair Value, Recurring | Griffin Capital, Asset Management Business | |||
Asset Management | |||
Contingent consideration obligations | 74 | 26 | |
Level 3 | Retirement Services | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Restricted cash and cash equivalents | 0 | 0 | |
AFS securities | 10,869 | 9,794 | |
Derivative assets | 1 | 0 | |
Trading securities | 40 | 28 | |
Equity securities | 27 | 26 | |
Mortgage loans | 48,207 | 44,115 | |
Funds withheld at interest – embedded derivative | (3,362) | (3,379) | |
Short-term investments | 101 | 105 | |
Other investments | 751 | 630 | |
Cash and cash equivalents | 0 | 0 | |
Reinsurance recoverable | 1,468 | 1,367 | |
Other assets | 378 | ||
Total Assets – Asset Management | 78,179 | 70,748 | |
Asset Management | |||
Derivative liabilities | 1 | 1 | |
Other liabilities | 229 | 330 | |
Embedded derivative | 10,908 | 9,059 | |
Universal life benefits | 788 | 834 | |
Market risk benefits | 3,723 | 3,751 | |
Total Liabilities – Asset Management | 17,353 | 15,675 | |
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 | 40 | 40 | |
Level 3 | Retirement Services | Fair Value, Recurring | Corporate | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 3,378 | 2,525 | |
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 | 7,165 | 6,943 | |
Level 3 | Retirement Services | Fair Value, Recurring | CMBS | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 21 | 21 | |
Level 3 | Retirement Services | Fair Value, Recurring | RMBS | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 265 | 265 | |
Level 3 | Retirement Services | Fair Value, Recurring | AmerUs Closed Block | |||
Asset Management | |||
Closed block liabilities | 1,151 | 1,178 | |
Level 3 | Retirement Services | Fair Value, Recurring | ILICO Closed Block and life benefits | |||
Asset Management | |||
Closed block liabilities | 553 | 522 | |
Level 3 | Related Party | Retirement Services | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 11,738 | 9,503 | |
Trading securities | 781 | 838 | |
Equity securities | 249 | 255 | |
Mortgage loans | 1,263 | ||
Mortgage loans | 1,281 | ||
Investment funds | 1,067 | 1,082 | |
Funds withheld at interest – embedded derivative | (723) | (721) | |
Other investments | 336 | 343 | |
Level 3 | Related Party | Retirement Services | Fair Value, Recurring | Corporate | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 1,175 | 1,171 | |
Level 3 | Related Party | Retirement Services | Fair Value, Recurring | CLO | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 520 | 506 | |
Level 3 | Related Party | Retirement Services | Fair Value, Recurring | ABS | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
AFS securities | 10,043 | 7,826 | |
Level 3 | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 0 | 0 | |
Investments, at fair value | 2,110 | 1,492 | |
Asset Management | |||
Other liabilities | 0 | 0 | |
Level 3 | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Trading securities | 1,770 | 1,852 | |
Mortgage loans | 2,147 | ||
Mortgage loans | 2,173 | ||
Investment funds | 951 | 977 | |
Other investments | 115 | 101 | |
Cash and cash equivalents | 0 | 0 | |
NAV | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Total Assets – Asset Management | 15,956 | 15,031 | |
NAV | Asset Management | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Investments, at fair value | 66 | ||
Equity securities | 61 | ||
Total Assets – Asset Management | 200 | 188 | |
NAV | Retirement Services | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Total Assets – Asset Management | 15,756 | 14,843 | |
NAV | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Investments, at fair value | 134 | 127 | |
Asset Management | |||
Other liabilities | 0 | 3 | |
NAV | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Investment funds | $ 15,756 | $ 14,843 |
Fair Value - Schedule of Valuat
Fair Value - Schedule of Valuation Techniques and Quantitative Inputs and Assumptions used for Financial Assets and Liabilities (Details) - Level 3 $ in Millions | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Asset Management | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration obligations | $ 127 | $ 93 |
Asset Management | Discounted cash flow | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans | 272 | |
Asset Management | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 855 | 857 |
Due from related parties | $ 33 | $ 37 |
Due from related parties, measurement input | 0.140 | 0.140 |
Asset Management | Discounted cash flow | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans | $ 1,137 | $ 605 |
Asset Management | Discounted cash flow | Discount rate | VIE, Primary Beneficiary | Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 43 | 35 |
Asset Management | Direct capitalization | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | $ 120 | |
Asset Management | Direct capitalization | Capitalization rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 112 | |
Asset Management | Direct capitalization | Capitalization rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.069 | |
Asset Management | Adjusted transaction value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | $ 207 | 219 |
Equity securities | 166 | |
Asset Management | Adjusted transaction value | Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 163 | |
Asset Management | Adjusted transaction value | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans | 64 | |
Equity securities | 131 | |
Asset Management | Option model | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 13 | |
Asset Management | Option model | Volatility rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 9 | |
Derivative assets, measurement input | 0.550 | 0.625 |
Asset Management | Dividend discount model | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | $ 492 | $ 494 |
Equity securities, measurement input | 0.135 | 0.135 |
Asset Management | Weighted Average | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.173 | 0.172 |
Due from related parties, measurement input | 0.140 | 0.140 |
Contingent consideration obligations, measurement input | 0.225 | 0.233 |
Asset Management | Weighted Average | Discounted cash flow | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans, measurement input | 0.084 | 0.094 |
Asset Management | Weighted Average | Discounted cash flow | Discount rate | VIE, Primary Beneficiary | Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.090 | 0.107 |
Asset Management | Weighted Average | Direct capitalization | Capitalization rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.069 | 0.069 |
Asset Management | Weighted Average | Option model | Volatility rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.550 | 0.625 |
Contingent consideration obligations, measurement input | 0.297 | 0.324 |
Asset Management | Weighted Average | Dividend discount model | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, measurement input | 0.135 | 0.135 |
Asset Management | Minimum | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.103 | 0.105 |
Contingent consideration obligations, measurement input | 0.200 | 0.200 |
Asset Management | Minimum | Discounted cash flow | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans, measurement input | 0.079 | 0.077 |
Asset Management | Minimum | Discounted cash flow | Discount rate | VIE, Primary Beneficiary | Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.057 | 0.061 |
Asset Management | Minimum | Direct capitalization | Capitalization rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.069 | |
Asset Management | Minimum | Option model | Volatility rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration obligations, measurement input | 0.292 | 0.314 |
Asset Management | Maximum | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.528 | 0.528 |
Contingent consideration obligations, measurement input | 0.250 | 0.250 |
Asset Management | Maximum | Discounted cash flow | Discount rate | VIE, Primary Beneficiary | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Bank loans, measurement input | 0.152 | 0.110 |
Asset Management | Maximum | Discounted cash flow | Discount rate | VIE, Primary Beneficiary | Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.123 | 0.130 |
Asset Management | Maximum | Option model | Volatility rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration obligations, measurement input | 0.301 | 0.334 |
Retirement Services | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative | $ 9,059 | |
Retirement Services | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | $ 1,545 | 1,574 |
AFS, trading and equity securities | 16,547 | 14,247 |
Mortgage loans | 51,617 | 47,569 |
Retirement Services | Discounted cash flow | Nonperformance risk | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative | 10,908 | |
Retirement Services | Net tangible asset values | Implied multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | $ 471 | $ 483 |
Investments, measurement input | 1.24 | 1.14 |
Retirement Services | Weighted Average | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.113 | 0.112 |
AFS, trading and equity securities, measurement input | 0.070 | 0.070 |
Mortgage loans, measurement input | 0.070 | 0.068 |
Retirement Services | Weighted Average | Discounted cash flow | Nonperformance risk | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative, measurement input | 0.008 | 0.009 |
Retirement Services | Weighted Average | Discounted cash flow | Option budget | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative, measurement input | 0.025 | 0.023 |
Retirement Services | Weighted Average | Discounted cash flow | Surrender rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative, measurement input | 0.087 | 0.087 |
Retirement Services | Weighted Average | Net tangible asset values | Implied multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 1.24 | 1.14 |
Retirement Services | Minimum | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.063 | 0.063 |
AFS, trading and equity securities, measurement input | 0.017 | 0.023 |
Mortgage loans, measurement input | 0.018 | 0.025 |
Retirement Services | Minimum | Discounted cash flow | Nonperformance risk | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative, measurement input | 0.004 | 0.004 |
Retirement Services | Minimum | Discounted cash flow | Option budget | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative, measurement input | 0.005 | 0.005 |
Retirement Services | Minimum | Discounted cash flow | Surrender rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative, measurement input | 0.059 | 0.060 |
Retirement Services | Maximum | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.135 | 0.135 |
AFS, trading and equity securities, measurement input | 0.182 | 0.181 |
Mortgage loans, measurement input | 0.260 | 0.206 |
Retirement Services | Maximum | Discounted cash flow | Nonperformance risk | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative, measurement input | 0.012 | 0.014 |
Retirement Services | Maximum | Discounted cash flow | Option budget | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative, measurement input | 0.060 | 0.060 |
Retirement Services | Maximum | Discounted cash flow | Surrender rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded derivative, measurement input | 0.140 | 0.134 |
Fair Value - Schedule of Level
Fair Value - Schedule of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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 | $ 2,693 | $ 1,825 |
Total realized and unrealized gains (losses) included in income | (7) | 60 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 615 | 530 |
Net Transfers In (Out) | 0 | (2) |
Ending Balance | 3,301 | 2,413 |
Total Gains (Losses) Included in Earnings | 17 | 35 |
Total Gains (Losses) Included in OCI | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 93 | 86 |
Total realized and unrealized gains (losses) included in income | 48 | (8) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | (14) | 0 |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 127 | 78 |
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 | 70,370 | 45,582 |
Total realized and unrealized gains (losses) included in income | (483) | 1,171 |
Total realized and unrealized gains (losses) included in OCI | 14 | 41 |
Net Purchases, Issuances, Sales and Settlements | 7,783 | 4,160 |
Net Transfers In (Out) | 112 | (121) |
Ending Balance | 77,796 | 50,833 |
Total Gains (Losses) Included in Earnings | (499) | 369 |
Total Gains (Losses) Included in OCI | 9 | 38 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (11,924) | (8,525) |
Total realized and unrealized gains (losses) included in income | (1,145) | (627) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | (625) | (433) |
Net Transfers In (Out) | 64 | 0 |
Ending Balance | (13,630) | (9,585) |
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 | 93 | 86 |
Total realized and unrealized gains (losses) included in income | 48 | (8) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | (14) | 0 |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 127 | 78 |
Total gains (losses) included in earnings | 0 | 0 |
Total gains (losses) included in OCI | 0 | 0 |
Embedded derivatives | Retirement Services | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (9,059) | (5,841) |
Total realized and unrealized gains (losses) included in income | (1,177) | (473) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | (672) | (433) |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | (10,908) | (6,747) |
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 | (834) | (829) |
Total realized and unrealized gains (losses) included in income | 46 | (50) |
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 | (788) | (879) |
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 | (1,178) | (1,164) |
Total realized and unrealized gains (losses) included in income | 27 | (26) |
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 | (1,151) | (1,190) |
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 | (522) | (548) |
Total realized and unrealized gains (losses) included in income | (31) | (31) |
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 | (553) | (579) |
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) | (1) |
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) | (1) |
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 | (330) | (142) |
Total realized and unrealized gains (losses) included in income | (10) | (47) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 47 | 0 |
Net Transfers In (Out) | 64 | 0 |
Ending Balance | (229) | (189) |
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 | (672) | (433) |
Net Transfers In (Out) | 0 | 0 |
Investments and derivative assets | Asset Management | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1,098 | |
Total realized and unrealized gains (losses) included in income | 26 | |
Total realized and unrealized gains (losses) included in OCI | 0 | |
Net Purchases, Issuances, Sales and Settlements | (3) | 7 |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 1,131 | |
Total Gains (Losses) Included in Earnings | 26 | |
Total Gains (Losses) Included in OCI | 0 | |
Investments, at fair value | Asset Management | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1,201 | |
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 | (3) | 7 |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 1,191 | |
Total Gains (Losses) Included in Earnings | 18 | |
Total Gains (Losses) Included in OCI | 0 | |
US state, municipal and political subdivisions | Retirement Services | Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net Purchases, Issuances, Sales and Settlements | 844 | 126 |
Net Transfers In (Out) | 9 | (180) |
US state, municipal and political subdivisions | Retirement Services | ABS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net Purchases, Issuances, Sales and Settlements | 125 | 155 |
Net Transfers In (Out) | 82 | (61) |
Foreign governments | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 40 | 1 |
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 | 40 | 1 |
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 | 2,525 | 1,665 |
Total realized and unrealized gains (losses) included in income | (2) | (1) |
Total realized and unrealized gains (losses) included in OCI | 2 | 12 |
Net Purchases, Issuances, Sales and Settlements | 844 | 126 |
Net Transfers In (Out) | 9 | (180) |
Ending Balance | 3,378 | 1,622 |
Total Gains (Losses) Included in Earnings | (1) | 0 |
Total Gains (Losses) Included in OCI | 1 | 6 |
ABS | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 6,943 | 4,867 |
Total realized and unrealized gains (losses) included in income | 2 | 0 |
Total realized and unrealized gains (losses) included in OCI | 13 | (19) |
Net Purchases, Issuances, Sales and Settlements | 125 | 155 |
Net Transfers In (Out) | 82 | (61) |
Ending Balance | 7,165 | 4,942 |
Total Gains (Losses) Included in Earnings | (2) | 0 |
Total Gains (Losses) Included in OCI | 11 | (16) |
CMBS | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 21 | |
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 | 0 | |
Net Transfers In (Out) | 0 | |
Ending Balance | 21 | |
Total Gains (Losses) Included in Earnings | 0 | |
Total Gains (Losses) Included in OCI | 1 | |
RMBS | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 265 | 232 |
Total realized and unrealized gains (losses) included in income | 1 | 3 |
Total realized and unrealized gains (losses) included in OCI | 0 | 3 |
Net Purchases, Issuances, Sales and Settlements | (1) | 0 |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 265 | 238 |
Total Gains (Losses) Included in Earnings | 0 | 0 |
Total Gains (Losses) Included in OCI | 0 | 3 |
Trading securities | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 28 | 53 |
Total realized and unrealized gains (losses) included in income | 0 | 2 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | (2) | (4) |
Net Transfers In (Out) | 14 | (9) |
Ending Balance | 40 | 42 |
Total Gains (Losses) Included in Earnings | 0 | 1 |
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 | 26 | 92 |
Total realized and unrealized gains (losses) included in income | 0 | (8) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 1 | 0 |
Net Transfers In (Out) | 0 | (13) |
Ending Balance | 27 | 71 |
Total Gains (Losses) Included in Earnings | 1 | (8) |
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 | 44,115 | 27,454 |
Total realized and unrealized gains (losses) included in income | (341) | 251 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 4,433 | 2,244 |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 48,207 | 29,949 |
Total Gains (Losses) Included in Earnings | (341) | 252 |
Total Gains (Losses) Included in OCI | 0 | 0 |
Embedded derivatives | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (3,379) | |
Total realized and unrealized gains (losses) included in income | 17 | |
Total realized and unrealized gains (losses) included in OCI | 0 | |
Net Purchases, Issuances, Sales and Settlements | 0 | |
Net Transfers In (Out) | 0 | |
Ending Balance | (3,362) | |
Total Gains (Losses) Included in Earnings | 0 | |
Total Gains (Losses) Included in OCI | 0 | |
Derivative assets | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 0 | (4,847) |
Total realized and unrealized gains (losses) included in income | 0 | 556 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 0 | 0 |
Net Transfers In (Out) | 1 | 0 |
Ending Balance | 1 | (4,291) |
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 | 105 | 36 |
Total realized and unrealized gains (losses) included in income | 0 | 0 |
Total realized and unrealized gains (losses) included in OCI | 0 | (2) |
Net Purchases, Issuances, Sales and Settlements | (4) | (30) |
Net Transfers In (Out) | 0 | 26 |
Ending Balance | 101 | 30 |
Total Gains (Losses) Included in Earnings | 0 | 0 |
Total Gains (Losses) Included in OCI | 0 | 0 |
Other investments | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 630 | 441 |
Total realized and unrealized gains (losses) included in income | (3) | 1 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 124 | (156) |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 751 | 286 |
Total Gains (Losses) Included in Earnings | (3) | 2 |
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 | 1,367 | 1,388 |
Total realized and unrealized gains (losses) included in income | (8) | 82 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 109 | 0 |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 1,468 | 1,470 |
Total Gains (Losses) Included in Earnings | 0 | 0 |
Total Gains (Losses) Included in OCI | 0 | 0 |
VIE, Primary Beneficiary | Investments, at fair value | Asset Management | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1,492 | 727 |
Total realized and unrealized gains (losses) included in income | 0 | 34 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 618 | 523 |
Net Transfers In (Out) | 0 | (2) |
Ending Balance | 2,110 | 1,282 |
Total Gains (Losses) Included in Earnings | (1) | 9 |
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 | 1,852 | 622 |
Total realized and unrealized gains (losses) included in income | (33) | 12 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | (55) | (2) |
Net Transfers In (Out) | 6 | 16 |
Ending Balance | 1,770 | 648 |
Total Gains (Losses) Included in Earnings | (33) | 12 |
Total Gains (Losses) Included in OCI | 0 | 0 |
VIE, Primary Beneficiary | Mortgage loans | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 2,173 | 2,055 |
Total realized and unrealized gains (losses) included in income | (42) | 19 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 16 | 45 |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 2,147 | 2,119 |
Total Gains (Losses) Included in Earnings | (42) | 19 |
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 | 977 | 2,471 |
Total realized and unrealized gains (losses) included in income | (27) | 18 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 1 | (8) |
Net Transfers In (Out) | 0 | 100 |
Ending Balance | 951 | 2,581 |
Total Gains (Losses) Included in Earnings | (27) | 18 |
Total Gains (Losses) Included in OCI | 0 | 0 |
VIE, Primary Beneficiary | Other investments | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 101 | 99 |
Total realized and unrealized gains (losses) included in income | (2) | 0 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 16 | (2) |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 115 | 97 |
Total Gains (Losses) Included in Earnings | (2) | 0 |
Total Gains (Losses) Included in OCI | 0 | 0 |
Related Party | US state, municipal and political subdivisions | Retirement Services | Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net Purchases, Issuances, Sales and Settlements | 4 | 153 |
Net Transfers In (Out) | 0 | 0 |
Related Party | US state, municipal and political subdivisions | Retirement Services | CLO | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net Purchases, Issuances, Sales and Settlements | 185 | |
Net Transfers In (Out) | 0 | |
Related Party | US state, municipal and political subdivisions | Retirement Services | ABS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net Purchases, Issuances, Sales and Settlements | 2,230 | 1,415 |
Net Transfers In (Out) | 0 | 0 |
Related Party | Corporate | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1,171 | 812 |
Total realized and unrealized gains (losses) included in income | 1 | 1 |
Total realized and unrealized gains (losses) included in OCI | (1) | (7) |
Net Purchases, Issuances, Sales and Settlements | 4 | 153 |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 1,175 | 959 |
Total Gains (Losses) Included in Earnings | 0 | 0 |
Total Gains (Losses) Included in OCI | (1) | (7) |
Related Party | CLO | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 506 | 303 |
Total realized and unrealized gains (losses) included in income | 0 | 0 |
Total realized and unrealized gains (losses) included in OCI | 14 | 10 |
Net Purchases, Issuances, Sales and Settlements | 0 | 185 |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 520 | 498 |
Total Gains (Losses) Included in Earnings | 0 | 0 |
Total Gains (Losses) Included in OCI | 14 | 10 |
Related Party | ABS | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 7,826 | 5,542 |
Total realized and unrealized gains (losses) included in income | 1 | 4 |
Total realized and unrealized gains (losses) included in OCI | (14) | 44 |
Net Purchases, Issuances, Sales and Settlements | 2,230 | 1,415 |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 10,043 | 7,005 |
Total Gains (Losses) Included in Earnings | (4) | 2 |
Total Gains (Losses) Included in OCI | (17) | 42 |
Related Party | Trading securities | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 838 | 878 |
Total realized and unrealized gains (losses) included in income | 0 | 6 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | (57) | 1 |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 781 | 885 |
Total Gains (Losses) Included in Earnings | 0 | 6 |
Total Gains (Losses) Included in OCI | 0 | 0 |
Related Party | Equity securities | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 255 | 279 |
Total realized and unrealized gains (losses) included in income | (6) | 4 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 0 | (32) |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 249 | 251 |
Total Gains (Losses) Included in Earnings | (6) | 3 |
Total Gains (Losses) Included in OCI | 0 | 0 |
Related Party | Mortgage loans | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1,281 | 1,302 |
Total realized and unrealized gains (losses) included in income | (17) | 26 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | (1) | (4) |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 1,263 | 1,324 |
Total Gains (Losses) Included in Earnings | (17) | 26 |
Total Gains (Losses) Included in OCI | 0 | 0 |
Related Party | Investment funds | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1,082 | 959 |
Total realized and unrealized gains (losses) included in income | (15) | 43 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 0 | 32 |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 1,067 | 1,034 |
Total Gains (Losses) Included in Earnings | (15) | 43 |
Total Gains (Losses) Included in OCI | 0 | 0 |
Related Party | Embedded derivatives | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (721) | (1,425) |
Total realized and unrealized gains (losses) included in income | (2) | 159 |
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 | (723) | (1,266) |
Total Gains (Losses) Included in Earnings | 0 | 0 |
Total Gains (Losses) Included in OCI | 0 | 0 |
Related Party | Other investments | Retirement Services | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 343 | 303 |
Total realized and unrealized gains (losses) included in income | (7) | (7) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 0 | 42 |
Net Transfers In (Out) | 0 | 0 |
Ending Balance | 336 | 338 |
Total Gains (Losses) Included in Earnings | (7) | (7) |
Total Gains (Losses) Included in OCI | $ 0 | $ 0 |
Fair Value - Schedule of Gross
Fair Value - Schedule of Gross Components of Purchases, Issuances, Sales and Settlements, Net, and Net Transfers In (Out) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Asset Management | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | $ 1,313 | $ 879 |
Issuances | 0 | 0 |
Sales | (698) | (349) |
Settlements | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 615 | 530 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | 0 |
Transfers Out | 0 | (2) |
Net Transfers In (Out) | 0 | (2) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (14) | |
Net Purchases, Issuances, Sales and Settlements | (14) | 0 |
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 | 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 | (14) | |
Net Purchases, Issuances, Sales and Settlements | (14) | 0 |
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 | Investments and derivative assets | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 12 | |
Issuances | 0 | |
Sales | (15) | |
Settlements | 0 | |
Net Purchases, Issuances, Sales and Settlements | (3) | 7 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | |
Transfers Out | 0 | |
Net Transfers In (Out) | 0 | 0 |
Asset Management | Investments, at fair value | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 8 | |
Issuances | 0 | |
Sales | (1) | |
Settlements | 0 | |
Net Purchases, Issuances, Sales and Settlements | (3) | 7 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | |
Transfers Out | 0 | |
Net Transfers In (Out) | 0 | 0 |
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 | 1,301 | 871 |
Issuances | 0 | 0 |
Sales | (683) | (348) |
Settlements | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 618 | 523 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | 0 |
Transfers Out | 0 | (2) |
Net Transfers In (Out) | 0 | (2) |
Retirement Services | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 9,802 | 5,503 |
Issuances | 109 | 0 |
Sales | (293) | (59) |
Settlements | (1,835) | (1,284) |
Net Purchases, Issuances, Sales and Settlements | 7,783 | 4,160 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 371 | 442 |
Transfers Out | (259) | (563) |
Net Transfers In (Out) | 112 | (121) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | 0 |
Issuances | (898) | (577) |
Sales | 0 | 0 |
Settlements | 273 | 144 |
Net Purchases, Issuances, Sales and Settlements | (625) | (433) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Transfers In | 64 | 0 |
Transfers Out | 0 | 0 |
Net Transfers In (Out) | 64 | 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 | (898) | (577) |
Sales | 0 | 0 |
Settlements | 226 | 144 |
Net Purchases, Issuances, Sales and Settlements | (672) | (433) |
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 | Embedded derivatives | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Net Purchases, Issuances, Sales and Settlements | (672) | (433) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Net Transfers In (Out) | 0 | 0 |
Retirement Services | AmerUs Closed Block | ||
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 | ILICO Closed Block and life benefits | ||
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 | 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 | Other liabilities | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 47 | |
Net Purchases, Issuances, Sales and Settlements | 47 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||
Transfers In | 64 | |
Transfers Out | 0 | |
Net Transfers In (Out) | 64 | 0 |
Retirement Services | AFS securities | Corporate | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 922 | 208 |
Issuances | 0 | 0 |
Sales | (2) | 0 |
Settlements | (76) | (82) |
Net Purchases, Issuances, Sales and Settlements | 844 | 126 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 9 | 29 |
Transfers Out | 0 | (209) |
Net Transfers In (Out) | 9 | (180) |
Retirement Services | AFS securities | ABS | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 313 | 298 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (188) | (143) |
Net Purchases, Issuances, Sales and Settlements | 125 | 155 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 341 | 215 |
Transfers Out | (259) | (276) |
Net Transfers In (Out) | 82 | (61) |
Retirement Services | AFS securities | RMBS | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | 1 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (1) | (1) |
Net Purchases, Issuances, Sales and Settlements | (1) | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Transfers In (Out) | 0 | 0 |
Retirement Services | Reinsurance recoverable | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | |
Issuances | 109 | |
Sales | 0 | |
Settlements | 0 | |
Net Purchases, Issuances, Sales and Settlements | 109 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | |
Transfers Out | 0 | |
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 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (2) | (4) |
Net Purchases, Issuances, Sales and Settlements | (2) | (4) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 14 | 5 |
Transfers Out | 0 | (14) |
Net Transfers In (Out) | 14 | (9) |
Retirement Services | Equity securities | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 2 | 0 |
Issuances | 0 | 0 |
Sales | (1) | 0 |
Settlements | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 1 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | 0 |
Transfers Out | 0 | (13) |
Net Transfers In (Out) | 0 | (13) |
Retirement Services | Mortgage loans | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 5,686 | 2,882 |
Issuances | 0 | 0 |
Sales | (26) | (32) |
Settlements | (1,227) | (606) |
Net Purchases, Issuances, Sales and Settlements | 4,433 | 2,244 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Transfers In (Out) | 0 | 0 |
Retirement Services | Derivative assets | ||
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] | ||
Transfers In | 1 | |
Transfers Out | 0 | |
Net Transfers In (Out) | 1 | 0 |
Retirement Services | Other | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 124 | 2 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | (158) |
Net Purchases, Issuances, Sales and Settlements | 124 | (156) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Transfers In (Out) | 0 | 0 |
Retirement Services | Short-term investments | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 2 | 0 |
Issuances | 0 | 0 |
Sales | (6) | 0 |
Settlements | 0 | (30) |
Net Purchases, Issuances, Sales and Settlements | (4) | (30) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | 26 |
Transfers Out | 0 | 0 |
Net Transfers In (Out) | 0 | 26 |
Retirement Services | Embedded derivatives | ||
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 | |
Retirement Services | Related Party | AFS securities | Corporate | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 6 | 156 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (2) | (3) |
Net Purchases, Issuances, Sales and Settlements | 4 | 153 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Transfers In (Out) | 0 | 0 |
Retirement Services | Related Party | AFS securities | CLO | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 185 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Net Purchases, Issuances, Sales and Settlements | 185 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | |
Transfers Out | 0 | |
Net Transfers In (Out) | 0 | |
Retirement Services | Related Party | AFS securities | ABS | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 2,693 | 1,634 |
Issuances | 0 | 0 |
Sales | (200) | 0 |
Settlements | (263) | (219) |
Net Purchases, Issuances, Sales and Settlements | 2,230 | 1,415 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Transfers In (Out) | 0 | 0 |
Retirement Services | Related Party | Trading securities | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 2 | 2 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (59) | (1) |
Net Purchases, Issuances, Sales and Settlements | (57) | 1 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Transfers In (Out) | 0 | 0 |
Retirement Services | Related Party | Equity securities | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (32) | |
Net Purchases, Issuances, Sales and Settlements | 0 | (32) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | |
Transfers Out | 0 | |
Net Transfers In (Out) | 0 | 0 |
Retirement Services | Related Party | Mortgage loans | ||
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 | (1) | (4) |
Net Purchases, Issuances, Sales and Settlements | (1) | (4) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Transfers In (Out) | 0 | 0 |
Retirement Services | Related Party | 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 | 0 | 42 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | |
Transfers Out | 0 | |
Net Transfers In (Out) | 0 | 0 |
Retirement Services | Related Party | Investment funds | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 32 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Net Purchases, Issuances, Sales and Settlements | 0 | 32 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | |
Transfers Out | 0 | |
Net Transfers In (Out) | 0 | 0 |
Retirement Services | Related Party | Embedded derivatives | ||
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 |
Retirement Services | VIE, Primary Beneficiary | Trading securities | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 0 | 10 |
Issuances | 0 | 0 |
Sales | (55) | (12) |
Settlements | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | (55) | (2) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 6 | 19 |
Transfers Out | 0 | (3) |
Net Transfers In (Out) | 6 | 16 |
Retirement Services | VIE, Primary Beneficiary | Mortgage loans | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 32 | 46 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (16) | (1) |
Net Purchases, Issuances, Sales and Settlements | 16 | 45 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Transfers In (Out) | 0 | 0 |
Retirement Services | VIE, Primary Beneficiary | Other | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 19 | 5 |
Issuances | 0 | 0 |
Sales | (3) | (7) |
Settlements | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 16 | (2) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Net Transfers In (Out) | 0 | 0 |
Retirement Services | VIE, Primary Beneficiary | Investment funds | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract] | ||
Purchases | 1 | 0 |
Issuances | 0 | 0 |
Sales | 0 | (8) |
Settlements | 0 | 0 |
Net Purchases, Issuances, Sales and Settlements | 1 | (8) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||
Transfers In | 0 | 148 |
Transfers Out | 0 | (48) |
Net Transfers In (Out) | $ 0 | $ 100 |
Fair Value - Schedule of Gain (
Fair Value - Schedule of Gain (Losses) Recorded for Financial Instruments Elected the Fair Value Option (Details) - Retirement Services - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | $ (446) | $ 349 |
Trading securities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | (60) | 64 |
Mortgage loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | (400) | 296 |
Investment funds | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | (28) | 62 |
Future policy benefits | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | 27 | (26) |
Other | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain (loss) for fair value option instruments | $ 15 | $ (47) |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Option Mortgage Loans (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Mortgage loans | $ (33) | $ (3) | |
Mortgage Loans | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Unpaid principal balance | 55,757 | $ 50,752 | |
Mark to fair value | (4,140) | (3,183) | |
Fair value | 51,617 | 47,569 | |
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 | 571 | 221 | |
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | (211) | (74) | |
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | 360 | 147 | |
Fair value of commercial mortgage loans 90 days or more past due | 183 | 64 | |
Fair value of commercial mortgage loans in non-accrual status | 360 | 147 | |
Residential Mortgage Loan | |||
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 | 606 | 528 | |
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | (39) | (49) | |
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | 567 | 479 | |
Fair value of commercial mortgage loans 90 days or more past due | 567 | 479 | |
Fair value of commercial mortgage loans in non-accrual status | 460 | 355 | |
Residential Mortgage Loan | Government-Guaranteed Collateral | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value of commercial mortgage loans 90 days or more past due | $ 107 | $ 124 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Disclosures [Abstract] | ||
Equity securities without readily determinable fair value, amount | $ 358 | $ 358 |
Impairment loss | $ 42 | $ 42 |
Fair Value - Schedule of Fina_2
Fair Value - Schedule of Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 9,092 | $ 7,536 |
Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 5,249 | 3,660 |
Carrying Value | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 110 | 109 |
Policy loans | 330 | 334 |
Funds withheld at interest | 26,592 | 27,738 |
Other investments | 35 | 46 |
Total Assets – Asset Management | 34,933 | 36,919 |
Interest sensitive contract liabilities | 167,360 | 154,095 |
Debt | 5,740 | 4,209 |
Securities to repurchase | 2,666 | 3,853 |
Funds withheld liability | 1,365 | 350 |
Total financial liabilities not carried at fair value | 177,131 | 162,507 |
Carrying Value | Related Party | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 559 | 550 |
Funds withheld at interest | 6,751 | 7,195 |
Short-term investments | 556 | 947 |
Fair Value | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 110 | 109 |
Policy loans | 330 | 334 |
Funds withheld at interest | 26,592 | 27,738 |
Other investments | 42 | 52 |
Total Assets – Asset Management | 34,940 | 36,925 |
Interest sensitive contract liabilities | 158,042 | 146,038 |
Debt | 5,249 | 3,660 |
Securities to repurchase | 2,666 | 3,853 |
Funds withheld liability | 1,365 | 350 |
Total financial liabilities not carried at fair value | 167,322 | 153,901 |
Fair Value | Related Party | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 559 | 550 |
Funds withheld at interest | 6,751 | 7,195 |
Short-term investments | 556 | 947 |
Fair Value | NAV | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 110 | 109 |
Policy loans | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | 0 |
Total Assets – Asset Management | 669 | 659 |
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 | Related Party | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 559 | 550 |
Funds withheld at interest | 0 | 0 |
Short-term investments | 0 | 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 | 0 | 0 |
Other investments | 0 | 0 |
Total Assets – Asset Management | 0 | 0 |
Interest sensitive contract liabilities | 0 | 0 |
Debt | 587 | 0 |
Securities to repurchase | 0 | 0 |
Funds withheld liability | 0 | 0 |
Total financial liabilities not carried at fair value | 587 | 0 |
Fair Value | Level 1 | Related Party | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Short-term investments | 0 | 0 |
Fair Value | Level 2 | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | 0 |
Policy loans | 330 | 334 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | 0 |
Total Assets – Asset Management | 886 | 1,281 |
Interest sensitive contract liabilities | 0 | 0 |
Debt | 4,662 | 3,660 |
Securities to repurchase | 2,666 | 3,853 |
Funds withheld liability | 0 | 350 |
Total financial liabilities not carried at fair value | 7,328 | 7,863 |
Fair Value | Level 2 | Related Party | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Short-term investments | 556 | 947 |
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 | 26,592 | 27,738 |
Other investments | 42 | 52 |
Total Assets – Asset Management | 33,385 | 34,985 |
Interest sensitive contract liabilities | 158,042 | 146,038 |
Debt | 0 | 0 |
Securities to repurchase | 0 | 0 |
Funds withheld liability | 1,365 | 0 |
Total financial liabilities not carried at fair value | 159,407 | 146,038 |
Fair Value | Level 3 | Related Party | Retirement Services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | 0 | 0 |
Funds withheld at interest | 6,751 | 7,195 |
Short-term investments | $ 0 | $ 0 |
Deferred Acquisition Costs, D_3
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired - Schedule of Rollforward of DAC, DSI, VOBA (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
VOBA | ||
VOBA, beginning balance | $ 2,581 | $ 2,988 |
Additions | 0 | 0 |
Amortization | (89) | (93) |
VOBA, ending balance | 2,492 | 2,895 |
Total DAC, DSI and VOBA | ||
DAC, DSI and VOBA, beginning balance | 5,979 | 4,466 |
Additions | 636 | 508 |
Amortization | (207) | (138) |
DAC, DSI and VOBA, ending balance | 6,408 | 4,836 |
Traditional Deferred Annuities | ||
DAC | ||
DAC, beginning balance | 890 | 304 |
Additions | 147 | 171 |
Amortization | (51) | (16) |
DAC, ending balance | 986 | 459 |
Indexed Annuities | ||
DAC | ||
DAC, beginning balance | 1,517 | 755 |
Additions | 294 | 203 |
Amortization | (39) | (18) |
DAC, ending balance | 1,772 | 940 |
DSI | ||
DSI, beginning balance | 970 | 399 |
Additions | 177 | 133 |
Amortization | (26) | (10) |
DSI, ending balance | 1,121 | 522 |
Funding Agreements | ||
DAC | ||
DAC, beginning balance | 10 | 11 |
Additions | 18 | 0 |
Amortization | (2) | (1) |
DAC, ending balance | 26 | 10 |
Other Investment-type | ||
DAC | ||
DAC, beginning balance | 11 | 9 |
Additions | 0 | 1 |
Amortization | 0 | 0 |
DAC, ending balance | $ 11 | $ 10 |
Long-duration Contracts - Sched
Long-duration Contracts - Schedule of Policyholder Account Balance (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | $ 197,889 | $ 168,339 |
Deposits | 21,006 | 12,162 |
Policy charges | (169) | (159) |
Surrenders and withdrawals | (4,498) | (4,603) |
Benefit payments | (2,613) | (1,266) |
Interest credited | 1,686 | 724 |
Foreign exchange | (684) | 38 |
Other | (102) | 56 |
Ending balance | 212,515 | 175,291 |
Traditional Deferred Annuities | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 64,763 | 43,518 |
Deposits | 7,165 | 6,700 |
Policy charges | (1) | (1) |
Surrenders and withdrawals | (1,328) | (1,818) |
Benefit payments | (283) | (264) |
Interest credited | 697 | 369 |
Foreign exchange | (183) | 0 |
Other | 0 | (54) |
Ending balance | $ 70,830 | $ 48,450 |
Weighted average crediting rate | 4.10% | 3.40% |
Net amount at risk | $ 425 | $ 423 |
Cash surrender value | 66,597 | 45,994 |
Indexed Annuities | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 93,147 | 92,660 |
Deposits | 4,814 | 2,929 |
Policy charges | (168) | (158) |
Surrenders and withdrawals | (3,150) | (2,712) |
Benefit payments | (433) | (422) |
Interest credited | 641 | 117 |
Foreign exchange | (3) | 0 |
Other | 0 | 0 |
Ending balance | $ 94,848 | $ 92,414 |
Weighted average crediting rate | 2.40% | 2.30% |
Net amount at risk | $ 14,995 | $ 13,903 |
Cash surrender value | 86,747 | 84,047 |
Funding Agreements | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 32,350 | 27,439 |
Deposits | 8,542 | 1,500 |
Policy charges | 0 | 0 |
Surrenders and withdrawals | 0 | (70) |
Benefit payments | (1,840) | (490) |
Interest credited | 299 | 206 |
Foreign exchange | (184) | 54 |
Other | (78) | 143 |
Ending balance | $ 39,089 | $ 28,782 |
Weighted average crediting rate | 4% | 2.70% |
Net amount at risk | $ 0 | $ 0 |
Cash surrender value | 0 | 0 |
Other Investment-type | ||
Policyholder Account Balance [Roll Forward] | ||
Beginning balance | 7,629 | 4,722 |
Deposits | 485 | 1,033 |
Policy charges | 0 | 0 |
Surrenders and withdrawals | (20) | (3) |
Benefit payments | (57) | (90) |
Interest credited | 49 | 32 |
Foreign exchange | (314) | (16) |
Other | (24) | (33) |
Ending balance | $ 7,748 | $ 5,645 |
Weighted average crediting rate | 2.70% | 2.90% |
Net amount at risk | $ 88 | $ 66 |
Cash surrender value | $ 6,542 | $ 2,710 |
Long-duration Contracts - Sch_2
Long-duration Contracts - Schedule of Interest Sensitive Contract Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Mar. 31, 2023 |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest sensitive contract liabilities | $ 220,234 | $ 181,100 |
Traditional Deferred Annuities | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest sensitive contract liabilities | 70,830 | 48,450 |
Indexed Annuities | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest sensitive contract liabilities | 94,848 | 92,414 |
Funding Agreements | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest sensitive contract liabilities | 39,089 | 28,782 |
Other Investment-type | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest sensitive contract liabilities | 7,748 | 5,645 |
Reconciling items | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest sensitive contract liabilities | $ 7,719 | $ 5,809 |
Long-duration Contracts - Sch_3
Long-duration Contracts - Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate (Details) $ in Millions | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Policyholder Account Balance [Line Items] | ||||
Total | $ 212,515 | $ 197,889 | $ 175,291 | $ 168,339 |
Less than 2.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 157,038 | $ 129,906 | ||
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 | $ 30,120 | $ 34,280 | ||
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 | $ 17,160 | $ 9,883 | ||
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 | $ 8,197 | $ 1,222 | ||
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 | $ 81,775 | $ 68,211 | ||
At Guaranteed Minimum | Less than 2.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 29,717 | 25,571 | ||
At Guaranteed Minimum | 2.0% to less than 4.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 26,736 | 31,793 | ||
At Guaranteed Minimum | 4.0% to less than 6.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 17,125 | 9,625 | ||
At Guaranteed Minimum | 6.0% and greater | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 8,197 | 1,222 | ||
1 Basis Point – 100 Basis Points Above Guaranteed Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 18,933 | $ 25,628 | ||
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 | $ 17,187 | $ 23,867 | ||
1 Basis Point – 100 Basis Points Above Guaranteed Minimum | 2.0% to less than 4.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 1,712 | 1,709 | ||
1 Basis Point – 100 Basis Points Above Guaranteed Minimum | 4.0% to less than 6.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 34 | 52 | ||
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 | $ 111,807 | $ 81,452 | ||
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 | $ 110,134 | $ 80,468 | ||
Greater than 100 Basis Points Above Guaranteed Minimum | 2.0% to less than 4.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 1,672 | 778 | ||
Greater than 100 Basis Points Above Guaranteed Minimum | 4.0% to less than 6.0% | ||||
Policyholder Account Balance [Line Items] | ||||
Total | 1 | 206 | ||
Greater than 100 Basis Points Above Guaranteed Minimum | 6.0% and greater | ||||
Policyholder Account Balance [Line Items] | ||||
Total | $ 0 | $ 0 |
Long-duration Contracts - Sch_4
Long-duration Contracts - Schedule of Expected Value for Expected Net Premiums and Future Policy Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Present value of expected future policy benefits | ||||
Interest accrual | $ 471 | $ 346 | ||
Benefit payments | (1,145) | (885) | ||
Net future policy benefits | 51,672 | 42,490 | ||
Total | ||||
Present value of expected net premiums | ||||
Beginning balance | 1,182 | |||
Effect of changes in discount rate assumptions, beginning balance | (45) | |||
Liability For Future Policy Benefit, Expected Net Premium, Foreign Exchange Discount Rate Assumption | (2) | |||
Ending balance at original discount rate | 1,011 | $ 1,135 | ||
Interest accrual | 6 | |||
Net premium collected | (53) | |||
Foreign exchange | (77) | |||
Liability For Future Policy Benefit, Expected Net Premium, Foreign Exchange Discount Rate Assumption | (1) | |||
Effect of changes in discount rate assumptions, ending balance | 43 | |||
Ending balance | 1,053 | |||
Present value of expected future policy benefits | ||||
Beginning balance | 48,372 | 36,422 | ||
Effect of changes in discount rate assumptions | 6,144 | 8,425 | ||
Effect of foreign exchange on the change in discount rate assumptions | (5) | (13) | ||
Beginning balance at original discount rate | 54,511 | 44,834 | ||
Effect of actual to expected experience | (8) | $ (29) | ||
Adjusted balance | 54,503 | 44,805 | ||
Issuances | 42 | 88 | ||
Interest accrual | 471 | 346 | ||
Benefit payments | (1,145) | (885) | ||
Foreign exchange | (232) | 14 | ||
Ending balance at original discount rate | 53,639 | |||
Ending balance at original discount rate | 44,368 | |||
Effect of changes in discount rate assumptions | (6,949) | 7,623 | ||
Effect of foreign exchange on the change in discount rate assumptions | 1 | (7) | ||
Ending balance | 46,691 | 36,752 | ||
Net future policy benefits | 45,638 | 36,752 | ||
Payout Annuities with Life Contingencies | ||||
Present value of expected net premiums | ||||
Beginning balance | 0 | |||
Effect of changes in discount rate assumptions, beginning balance | 0 | |||
Liability For Future Policy Benefit, Expected Net Premium, Foreign Exchange Discount Rate Assumption | 0 | |||
Ending balance at original discount rate | 0 | 0 | ||
Interest accrual | 0 | |||
Net premium collected | 0 | |||
Foreign exchange | 0 | |||
Liability For Future Policy Benefit, Expected Net Premium, Foreign Exchange Discount Rate Assumption | 0 | |||
Effect of changes in discount rate assumptions, ending balance | 0 | |||
Ending balance | 0 | |||
Present value of expected future policy benefits | ||||
Beginning balance | 45,001 | 36,422 | ||
Effect of changes in discount rate assumptions | 6,233 | 8,425 | ||
Effect of foreign exchange on the change in discount rate assumptions | 1 | (13) | ||
Beginning balance at original discount rate | 51,235 | 44,834 | ||
Effect of actual to expected experience | (4) | (29) | ||
Adjusted balance | 51,231 | 44,805 | ||
Issuances | 42 | 88 | ||
Interest accrual | 453 | |||
Benefit payments | (1,126) | (885) | ||
Foreign exchange | (7) | 14 | ||
Ending balance at original discount rate | 50,593 | |||
Ending balance at original discount rate | 44,368 | |||
Effect of changes in discount rate assumptions | (6,999) | 7,623 | ||
Effect of foreign exchange on the change in discount rate assumptions | 2 | (7) | ||
Ending balance | 43,596 | 36,752 | ||
Net future policy benefits | $ 43,596 | $ 36,752 | ||
Liability for Future Policy Benefit, after Reinsurance [Abstract] | ||||
Weighted-average liability duration (in years) | 9 years 6 months | 10 years 1 month 6 days | ||
Weighted-average interest accretion rate | 3.70% | 3.20% | ||
Weighted-average current discount rate | 5.40% | 5.30% | ||
Expected future gross premiums, undiscounted | $ 0 | |||
Expected future gross premiums, discounted | 0 | |||
Expected future benefit payments, undiscounted | 74,239 | $ 63,995 | ||
Whole Life | ||||
Present value of expected net premiums | ||||
Beginning balance | 1,182 | |||
Effect of changes in discount rate assumptions, beginning balance | (45) | |||
Liability For Future Policy Benefit, Expected Net Premium, Foreign Exchange Discount Rate Assumption | (2) | |||
Ending balance at original discount rate | 1,011 | 1,135 | ||
Interest accrual | 6 | |||
Net premium collected | (53) | |||
Foreign exchange | (77) | |||
Liability For Future Policy Benefit, Expected Net Premium, Foreign Exchange Discount Rate Assumption | (1) | |||
Effect of changes in discount rate assumptions, ending balance | 43 | |||
Ending balance | 1,053 | |||
Present value of expected future policy benefits | ||||
Beginning balance | 3,371 | 0 | ||
Effect of changes in discount rate assumptions | (89) | 0 | ||
Effect of foreign exchange on the change in discount rate assumptions | (6) | 0 | ||
Beginning balance at original discount rate | 3,276 | 0 | ||
Effect of actual to expected experience | (4) | 0 | ||
Adjusted balance | $ 3,272 | $ 0 | ||
Issuances | 0 | 0 | ||
Interest accrual | 18 | 0 | ||
Benefit payments | (19) | 0 | ||
Foreign exchange | (225) | 0 | ||
Ending balance at original discount rate | 3,046 | |||
Ending balance at original discount rate | 0 | |||
Effect of changes in discount rate assumptions | 50 | 0 | ||
Effect of foreign exchange on the change in discount rate assumptions | (1) | 0 | ||
Ending balance | 3,095 | 0 | ||
Net future policy benefits | $ 2,042 | $ 0 | ||
Liability for Future Policy Benefit, after Reinsurance [Abstract] | ||||
Weighted-average liability duration (in years) | 32 years 8 months 12 days | 0 years | ||
Weighted-average interest accretion rate | 4.80% | 0% | ||
Weighted-average current discount rate | 4.40% | 0% | ||
Expected future gross premiums, undiscounted | $ 1,344 | |||
Expected future gross premiums, discounted | 1,103 | |||
Expected future benefit payments, undiscounted | $ 11,449 | $ 0 |
Long-duration Contracts - Sch_5
Long-duration Contracts - Schedule of Reconciliation of Future Policy Benefit and Premiums (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future policy benefits | $ 51,672 | $ 42,490 |
Premiums | 101 | 96 |
Interest expense | 465 | 346 |
Payout Annuities with Life Contingencies | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future policy benefits | 43,596 | 36,752 |
Premiums | 38 | 88 |
Interest expense | 453 | 346 |
Whole Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future policy benefits | 2,042 | 0 |
Premiums | 55 | 0 |
Interest expense | 12 | 0 |
Reconciling items | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future policy benefits | 6,034 | 5,738 |
Premiums | 8 | 8 |
Interest expense | $ 0 | $ 0 |
Long-duration Contracts - Narra
Long-duration Contracts - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Decrease and increase future policy benefits for payout annuities with life contingencies | $ (1,681) | $ 330 |
Benefit payments | 1,145 | 885 |
Change in discount rate assumptions | (803) | (802) |
Interest accrual | 471 | 346 |
Increase in reserves | 25 | 0 |
Traditional Deferred Annuities and Indexed Annuities | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
(Decrease) increase in market risk benefit liabilities | (33) | 274 |
Effect of changes in interest rates | 228 | (226) |
Issuances | 93 | 17 |
Attributed fees collected | $ 87 | $ 85 |
Long-duration Contracts - Sch_6
Long-duration Contracts - Schedule of Remeasurement of Gain (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Insurance [Abstract] | ||
Reserves | $ 8 | $ 29 |
Deferred profit liability | (20) | (27) |
Negative VOBA | 0 | (4) |
Total remeasurement gains (losses) | $ (12) | $ (2) |
Long-duration Contracts - Sch_7
Long-duration Contracts - Schedule of Net Liability Position of Market Risk Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Market Risk Benefit [Roll Forward] | ||||
Ending balance | $ 3,340 | $ 2,763 | ||
Less: Reinsurance recoverable | (10) | |||
Balance, at March 31, 2023, net of reinsurance | 3,330 | |||
Traditional Deferred Annuities and Indexed Annuities | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning balance | 3,373 | 2,489 | ||
Effect of changes in instrument-specific credit risk, beginning balance | (8) | 366 | ||
Balance, beginning of period, before changes in instrument-specific credit risk | 3,304 | 3,218 | $ 3,365 | $ 2,855 |
Issuances | 93 | 17 | ||
Interest accrual | 50 | 34 | ||
Attributed fees collected | 87 | 85 | ||
Benefit payments | (17) | (6) | ||
Effect of changes in interest rates | (228) | 226 | ||
Effect of changes in equity | (73) | (18) | ||
Effect of actual policyholder behavior compared to expected behavior | 27 | 25 | ||
Balance, end of period, before changes in instrument-specific credit risk | 3,304 | 3,218 | ||
Effect of changes in instrument-specific credit risk, ending balance | (36) | 455 | ||
Ending balance | 3,340 | 2,763 | ||
Traditional Deferred Annuities | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning balance | 192 | 170 | ||
Effect of changes in instrument-specific credit risk, beginning balance | 2 | 13 | ||
Balance, beginning of period, before changes in instrument-specific credit risk | 190 | 196 | 194 | 183 |
Issuances | 0 | 0 | ||
Interest accrual | 3 | 2 | ||
Attributed fees collected | 1 | 1 | ||
Benefit payments | (2) | 0 | ||
Effect of changes in interest rates | (8) | 8 | ||
Effect of changes in equity | 0 | 0 | ||
Effect of actual policyholder behavior compared to expected behavior | 2 | 2 | ||
Balance, end of period, before changes in instrument-specific credit risk | 190 | 196 | ||
Effect of changes in instrument-specific credit risk, ending balance | 1 | 16 | ||
Ending balance | 189 | 180 | ||
Less: Reinsurance recoverable | 0 | |||
Balance, at March 31, 2023, net of reinsurance | 189 | |||
Reconciliation of the gross balances in an asset or liability position: | ||||
Net amount at risk | $ 425 | $ 423 | ||
Weighted-average attained age of contract holders (in years) | 76 years | 75 years | ||
Indexed Annuities | ||||
Market Risk Benefit [Roll Forward] | ||||
Beginning balance | $ 3,181 | $ 2,319 | ||
Effect of changes in instrument-specific credit risk, beginning balance | (10) | 353 | ||
Balance, beginning of period, before changes in instrument-specific credit risk | 3,114 | 3,022 | $ 3,171 | $ 2,672 |
Issuances | 93 | 17 | ||
Interest accrual | 47 | 32 | ||
Attributed fees collected | 86 | 84 | ||
Benefit payments | (15) | (6) | ||
Effect of changes in interest rates | (220) | 218 | ||
Effect of changes in equity | (73) | (18) | ||
Effect of actual policyholder behavior compared to expected behavior | 25 | 23 | ||
Balance, end of period, before changes in instrument-specific credit risk | 3,114 | 3,022 | ||
Effect of changes in instrument-specific credit risk, ending balance | (37) | 439 | ||
Ending balance | 3,151 | 2,583 | ||
Less: Reinsurance recoverable | (10) | |||
Balance, at March 31, 2023, net of reinsurance | 3,141 | |||
Reconciliation of the gross balances in an asset or liability position: | ||||
Net amount at risk | $ 14,995 | $ 13,903 | ||
Weighted-average attained age of contract holders (in years) | 69 years | 69 years |
Long-duration Contracts - Sch_8
Long-duration Contracts - Schedule of Market Risk Benefits by Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Market Risk Benefit [Line Items] | ||||
Asset | $ 383 | $ 440 | ||
Liability | 3,723 | 3,203 | ||
Net Liability | 3,340 | 2,763 | ||
Traditional Deferred Annuities | ||||
Market Risk Benefit [Line Items] | ||||
Asset | 0 | 0 | ||
Liability | 189 | 180 | ||
Net Liability | 189 | $ 192 | 180 | $ 170 |
Indexed Annuities | ||||
Market Risk Benefit [Line Items] | ||||
Asset | 383 | 440 | ||
Liability | 3,534 | 3,023 | ||
Net Liability | $ 3,151 | $ 2,583 |
Long-duration Contracts - Sch_9
Long-duration Contracts - Schedule of Unobservable Inputs for Market Risk Benefits (Details) $ in Millions | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) |
Market Risk Benefit [Line Items] | ||
Market risk benefits, net | $ 3,340 | $ 2,763 |
Minimum | Discounted cash flow | Nonperformance risk | ||
Market Risk Benefit [Line Items] | ||
Market risk benefits, measurement input | 0.004 | 0.003 |
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 | 0.031 | 0.033 |
Minimum | Discounted cash flow | Utilization rate | ||
Market Risk Benefit [Line Items] | ||
Market risk benefits, measurement input | 0.286 | 0.286 |
Maximum | Discounted cash flow | Nonperformance risk | ||
Market Risk Benefit [Line Items] | ||
Market risk benefits, measurement input | 0.012 | 0.017 |
Maximum | Discounted cash flow | Option budget | ||
Market Risk Benefit [Line Items] | ||
Market risk benefits, measurement input | 0.060 | 0.056 |
Maximum | Discounted cash flow | Surrender rate | ||
Market Risk Benefit [Line Items] | ||
Market risk benefits, measurement input | 0.066 | 0.069 |
Maximum | Discounted cash flow | Utilization rate | ||
Market Risk Benefit [Line Items] | ||
Market risk benefits, measurement input | 0.950 | 0.950 |
Weighted Average | Discounted cash flow | Nonperformance risk | ||
Market Risk Benefit [Line Items] | ||
Market risk benefits, measurement input | 0.011 | 0.016 |
Weighted Average | Discounted cash flow | Option budget | ||
Market Risk Benefit [Line Items] | ||
Market risk benefits, measurement input | 0.020 | 0.017 |
Weighted Average | Discounted cash flow | Surrender rate | ||
Market Risk Benefit [Line Items] | ||
Market risk benefits, measurement input | 0.044 | 0.045 |
Weighted Average | Discounted cash flow | Utilization rate | ||
Market Risk Benefit [Line Items] | ||
Market risk benefits, measurement input | 0.841 | 0.827 |
Profit Sharing Payable (Details
Profit Sharing Payable (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Profit Sharing Payable Activity [Roll Forward] | |
Profit sharing payable, beginning balance | $ 1,669 |
Profit sharing expense | 196 |
Payments/other | (162) |
Profit sharing payable, ending balance | $ 1,703 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision | $ 422 | $ 253 |
Effective income tax rate | 19.30% | 14.10% |
Unrecognized tax benefits that would impact effective tax rate | $ 23 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 9,596 | $ 8,092 |
Fair Value | 9,092 | 7,536 |
Asset Management | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 3,856 | 3,883 |
Fair Value | 3,843 | 3,876 |
Amortization of note discount | 33 | 34 |
Asset Management | Senior Notes | 4.00%, 2024 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 500 | 499 |
Fair Value | $ 499 | $ 496 |
Interest rate | 4% | 4% |
Asset Management | Senior Notes | 4.40%, 2026 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 499 | $ 498 |
Fair Value | $ 489 | $ 490 |
Interest rate | 4.40% | 4.40% |
Asset Management | Senior Notes | 4.87%, 2029 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 675 | $ 675 |
Fair Value | $ 670 | $ 664 |
Interest rate | 4.87% | 4.87% |
Asset Management | Senior Notes | 2.65% 2030 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 496 | $ 496 |
Fair Value | $ 429 | $ 432 |
Interest rate | 2.65% | 2.65% |
Asset Management | Senior Notes | 6.38% 2033 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 492 | $ 492 |
Fair Value | $ 539 | $ 539 |
Interest rate | 6.38% | 6.38% |
Asset Management | Senior Notes | 5.00%, 2048 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 297 | $ 297 |
Fair Value | $ 278 | $ 275 |
Interest rate | 5% | 5% |
Asset Management | Subordinated Notes | 4.95%, 2050 Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 297 | $ 297 |
Fair Value | $ 285 | $ 283 |
Interest rate | 4.95% | 4.95% |
Asset Management | Subordinated Notes | 7.63% 2053 Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 584 | $ 584 |
Fair Value | $ 638 | $ 652 |
Interest rate | 7.63% | 7.63% |
Asset Management | Secured Debt | 1.70% Secured Borrowing II | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 0 | $ 14 |
Fair Value | $ 0 | $ 14 |
Interest rate | 1.70% | 1.70% |
Asset Management | Line of Credit | 1.30% 2016 AMI Term Facility I | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 16 | $ 19 |
Fair Value | $ 16 | $ 19 |
Interest rate | 1.30% | 1.30% |
Asset Management | Line of Credit | 2.00% 2016 AMI Term Facility II | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 0 | $ 12 |
Fair Value | $ 0 | $ 12 |
Interest rate | 2% | 2% |
Retirement Services | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 5,740 | $ 4,209 |
Fair Value | 5,249 | 3,660 |
Retirement Services | Senior Notes | 4.13% 2028 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 1,062 | 1,066 |
Fair Value | $ 964 | $ 956 |
Interest rate | 4.13% | 4.13% |
Retirement Services | Senior Notes | 6.15% 2030 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 589 | $ 593 |
Fair Value | $ 519 | $ 516 |
Interest rate | 6.15% | 6.15% |
Retirement Services | Senior Notes | 3.50% 2031 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 522 | $ 523 |
Fair Value | $ 440 | $ 442 |
Interest rate | 3.50% | 3.50% |
Retirement Services | Senior Notes | 6.65% 2033 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 395 | $ 395 |
Fair Value | $ 424 | $ 427 |
Interest rate | 6.65% | 6.65% |
Retirement Services | Senior Notes | 5.88% 2034 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 584 | $ 583 |
Fair Value | $ 602 | $ 607 |
Interest rate | 5.88% | 5.88% |
Retirement Services | Senior Notes | 3.95% 2051 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 545 | $ 545 |
Fair Value | $ 368 | $ 375 |
Interest rate | 3.95% | 3.95% |
Retirement Services | Senior Notes | 3.45% 2052 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 504 | $ 504 |
Fair Value | $ 329 | $ 337 |
Interest rate | 3.45% | 3.45% |
Retirement Services | Senior Notes | 6.25% 2054 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 982 | $ 0 |
Fair Value | $ 1,016 | $ 0 |
Interest rate | 6.25% | 6.25% |
Retirement Services | Senior Notes | 7.25% 2064 Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 557 | $ 0 |
Fair Value | $ 587 | $ 0 |
Retirement Services | Subordinated Notes | 7.25% 2064 Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.25% | 7.25% |
Debt - Narrative (Details)
Debt - Narrative (Details) | 3 Months Ended | |||
Jun. 30, 2023 USD ($) extension | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Oct. 12, 2022 USD ($) | |
Senior Notes | Retirement Services | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, redemption price, percentage | 100% | |||
Senior Notes | Retirement Services | 6.25% 2054 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 1,000,000,000 | |||
Interest rate | 6.25% | 6.25% | ||
Subordinated Notes | Retirement Services | 7.25% 2064 Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, redemption price, percentage | 100% | |||
Aggregate principal amount | $ 575,000,000 | |||
Interest rate | 7.25% | 7.25% | ||
Partial redemption, minimum principal amount required to remain outstanding | $ 25,000,000 | |||
Subordinated Notes | Retirement Services | 7.25% 2064 Subordinated Notes | US Treasury (UST) Interest Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.986% | |||
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 | $ 1,250,000,000 | ||
Debt maturities term | 5 years | |||
Number of extensions | extension | 2 | |||
Renewal term of credit facility | 1 year | |||
Line of credit facility, maximum borrowing capacity including potential increases | $ 1,750,000,000 | 1,750,000,000 | ||
Capitalization ratio | 35% | |||
Minimum consolidated net worth | $ 14,800,000,000 | |||
Line of Credit | Retirement Services | Revolving Credit Facility | AHL Liquidity Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 2,600,000,000 | |||
Amount outstanding | $ 0 | $ 0 | ||
Renewal term of credit facility | 364 days | |||
Line of credit facility, maximum borrowing capacity including potential increases | $ 3,100,000,000 | |||
Minimum consolidated net worth | 8,800,000,000 | |||
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, 2024 | Jun. 30, 2023 | Oct. 12, 2022 | |
AMH Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 1,000,000,000 | ||
AMH Credit Facility | Asset Management | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 1,000,000,000 | ||
Commitment fee (as a percent) | 0.08% | ||
AHL Credit Facility | Retirement Services | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 1,250,000,000 | $ 1,250,000,000 | |
Line of credit facility, maximum borrowing capacity including potential increases | 1,750,000,000 | $ 1,750,000,000 | |
AHL Liquidity Facility | Retirement Services | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 2,600,000,000 | ||
Line of credit facility, maximum borrowing capacity including potential increases | $ 3,100,000,000 |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Instrument [Line Items] | ||
Total Interest Expense | $ 94 | $ 61 |
Asset Management | ||
Debt Instrument [Line Items] | ||
Total Interest Expense | 51 | 31 |
Retirement Services | ||
Debt Instrument [Line Items] | ||
Total Interest Expense | $ 43 | $ 30 |
Equity-Based Compensation - Nar
Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 189 | $ 140 | |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Unrecognized equity-based compensation expense | $ 934 | ||
Period of recognition | 2 years 4 months 24 days | ||
Granted (in shares) | 4,104,304 | ||
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 | $ 92 | $ 67 | |
Granted (in shares) | 3,300,000 | 4,600,000 | |
Grant date fair value | $ 353 | $ 313 | |
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 | $ 74 | $ 55 | |
Granted (in shares) | 800,000 | 1,200,000 | |
Grant date fair value | $ 85 | $ 79 | |
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 | $ 12 | $ 9 | |
Granted (in shares) | 100,000 | 200,000 | |
Grant date fair value | $ 9 | $ 14 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of RSU Activity (Details) - RSUs | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested, beginning balance (in shares) | 16,692,903 |
Granted (in shares) | 4,104,304 |
Forfeited (in shares) | (92,016) |
Vested (in shares) | (2,144,628) |
Unvested, ending balance (in shares) | 18,560,563 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning balance (in dollars per share) | $ / shares | $ 62.92 |
Granted (in dollars per share) | $ / shares | 106.12 |
Forfeited (in dollars per share) | $ / shares | 69.09 |
Vested (in dollars per share) | $ / shares | 58.41 |
Ending balance (in dollars per share) | $ / shares | $ 67.96 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Vested [Roll Forward] | |
Vested, beginning balance (in shares) | 22,067,052 |
Granted (in shares) | 16,735 |
Forfeited (in shares) | (86,754) |
Vested (in shares) | 2,144,628 |
Issued (in shares) | (5,691,676) |
Vested, ending balance (in shares) | 18,449,985 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Nonvested And Vested [Roll Forward] | |
Beginning balance (in shares) | 38,759,955 |
Granted (in shares) | 4,121,039 |
Forfeited (in shares) | (178,770) |
Vested (in shares) | 0 |
Issued (in shares) | (5,691,676) |
Ending balance (in shares) | 37,010,548 |
Equity - Narrative (Details)
Equity - Narrative (Details) $ / shares in Units, $ in Millions | 3 Months Ended | |||||||||||
May 07, 2024 $ / shares | Oct. 31, 2023 $ / shares | Aug. 11, 2023 USD ($) day $ / shares shares | Mar. 31, 2026 shares | Mar. 31, 2025 shares | Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 USD ($) shares | Feb. 08, 2024 USD ($) | Dec. 31, 2023 shares | Feb. 21, 2023 USD ($) | Dec. 31, 2022 $ / shares shares | Jan. 03, 2022 USD ($) | |
Class of Stock [Line Items] | ||||||||||||
Share repurchase program, authorized amount | $ | $ 3,000 | $ 1,000 | $ 1,500 | |||||||||
Share repurchase program, additional amount | $ | 1,500 | $ 1,000 | ||||||||||
Stock repurchase program, decrease in authorized amount | $ | 500 | |||||||||||
Stock repurchase program, increase in authorized amount | $ | $ 500 | |||||||||||
Shares issued upon conversion (in shares) | 235 | |||||||||||
Preferred stock, shares issued (in shares) | 28,749,765 | 28,750,000 | ||||||||||
Preferred stock, shares outstanding (in shares) | 28,749,765 | 28,750,000 | ||||||||||
Warrants exercisable (in shares) | 12,500,000 | |||||||||||
Exercise price of warrants per share (in dollars per share) | $ / shares | $ 82.80 | |||||||||||
Warrants exercisable (in shares) | 7,500,000 | |||||||||||
Forecast | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Increase in warrants exercisable (in shares) | 2,500,000 | 2,500,000 | ||||||||||
AAM Series A Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Issuance of common stock related to equity transactions (in shares) | 28,750,000 | |||||||||||
Preferred stock, aggregate liquidation value | $ | $ 1,400 | |||||||||||
Preferred stock, dividend rate | 6.75% | |||||||||||
Preferred stock, liquidation preference (in dollars per share) | $ / shares | $ 50 | |||||||||||
Dividends paid preferred stock (in dollars per share) | $ / shares | $ 0.7500 | |||||||||||
Number of consecutive trading days | day | 20 | |||||||||||
AAM Series A Preferred Stock | Subsequent Event | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Dividend per share of preferred stock (in dollars per share) | $ / shares | $ 0.8438 | |||||||||||
AAM Series A Preferred Stock | Minimum | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares issued upon conversion (in shares) | 0.5052 | |||||||||||
AAM Series A Preferred Stock | Maximum | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares issued upon conversion (in shares) | 0.6062 | |||||||||||
Common Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Repurchase of class A common stock (in shares) | 2,337,000 | 6,376,021 | ||||||||||
Repurchase of common stock | $ | $ 260 | $ 433 |
Equity - Schedule of Share Acti
Equity - Schedule of Share Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Class of Stock [Line Items] | ||
Cash paid for tax liabilities | $ 314 | $ 147 |
Common Stock | ||
Class of Stock [Line Items] | ||
Shares of common stock purchased related to share issuances and forfeitures (in shares) | (147,111) | (160,239) |
Issuance of shares of common stock for equity-based awards (in shares) | 3,523,693 | 2,706,576 |
Common stock shares repurchased (in shares) | 353,979 | |
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) | 5,963,140 | 4,930,963 |
Reduction of shares of common stock issued (in shares) | (2,292,336) | (2,064,148) |
Shares issued in settlement of vested RSUs and options exercised | Common Stock | ||
Class of Stock [Line Items] | ||
Share-based payment arrangement, before forfeiture | $ 642 | $ 348 |
RSUs | ||
Class of Stock [Line Items] | ||
Vesting period | 3 years | |
Granted (in shares) | 147,111 | 160,239 |
Restricted Stock | ||
Class of Stock [Line Items] | ||
Granted (in shares) | 82,858 | 193,740 |
Equity - Schedule of Dividends
Equity - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 29, 2024 | Feb. 08, 2024 | Nov. 30, 2023 | Nov. 01, 2023 | Aug. 31, 2023 | Aug. 03, 2023 | May 31, 2023 | May 09, 2023 | Feb. 28, 2023 | Feb. 09, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Equity [Abstract] | ||||||||||||
Dividend per Share of Common Stock (in dollars per share) | $ 0.43 | $ 0.43 | $ 0.43 | $ 0.43 | $ 0.40 | $ 0.43 | $ 1.69 | |||||
Dividend to Common Stockholders | $ 245 | $ 244 | $ 244 | $ 244 | $ 229 | $ 245 | $ 961 | |||||
Distribution Equivalents on Participating Securities | $ 14 | $ 15 | $ 12 | $ 12 | $ 12 | $ 14 | $ 51 |
Equity - Schedule of Accumulate
Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 25,233 | $ 14,366 |
Less: Income tax expense (benefit) | 4 | (290) |
Ending balance | 27,003 | 16,692 |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (5,575) | (7,335) |
Other comprehensive income (loss) before reclassifications | (6) | 1,568 |
Less: Reclassification adjustments for gains (losses) realized | 65 | 56 |
Less: Income tax expense (benefit) | (4) | 290 |
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax | (2) | 49 |
Ending balance | (5,640) | (6,162) |
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 | (8,675) | (12,568) |
Other comprehensive income (loss) before reclassifications | (546) | 2,187 |
Less: Reclassification adjustments for gains (losses) realized | 47 | (31) |
Less: Income tax expense (benefit) | (117) | 312 |
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax | (188) | 220 |
Ending balance | (8,963) | (10,882) |
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 | (289) | (334) |
Other comprehensive income (loss) before reclassifications | (145) | (119) |
Less: Reclassification adjustments for gains (losses) realized | 0 | 0 |
Less: Income tax expense (benefit) | (30) | 14 |
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax | 0 | 0 |
Ending balance | (404) | (467) |
Unrealized Gains (Losses) on Hedging Instruments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (81) | 48 |
Other comprehensive income (loss) before reclassifications | (58) | 191 |
Less: Reclassification adjustments for gains (losses) realized | 18 | 87 |
Less: Income tax expense (benefit) | (16) | 15 |
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax | (13) | 27 |
Ending balance | (128) | 110 |
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 | 3,458 | 5,256 |
Other comprehensive income (loss) before reclassifications | 803 | (802) |
Less: Reclassification adjustments for gains (losses) realized | 0 | 0 |
Less: Income tax expense (benefit) | 168 | (73) |
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax | 214 | (208) |
Ending balance | 3,879 | 4,735 |
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 | 3 | 285 |
Other comprehensive income (loss) before reclassifications | (28) | 89 |
Less: Reclassification adjustments for gains (losses) realized | 0 | 0 |
Less: Income tax expense (benefit) | (6) | 18 |
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax | (2) | 1 |
Ending balance | (17) | 355 |
Foreign Currency Translation and Other Adjustments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | 9 | (22) |
Other comprehensive income (loss) before reclassifications | (32) | 22 |
Less: Reclassification adjustments for gains (losses) realized | 0 | 0 |
Less: Income tax expense (benefit) | (3) | 4 |
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax | (13) | 9 |
Ending balance | $ (7) | $ (13) |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income (loss) attributable to common stockholders, basic | $ 1,403 | $ 1,010 |
Net income (loss) attributable to common stockholders, diluted | 1,403 | 1,010 |
Dividends declared on common stock | (245) | (229) |
Dividends on participating securities | (14) | (12) |
Earnings allocable to participating securities | (29) | (20) |
Undistributed income (loss) attributable to common stockholders: Basic | 1,115 | 749 |
Undistributed income (loss) attributable to common stockholders: Diluted | $ 1,139 | $ 744 |
Weighted average number of shares of common stock outstanding: Basic (in shares) | 588,120,328 | 584,115,927 |
Dilution effect of Mandatory Convertible Preferred Stock (in shares) | 14,524,410 | 0 |
Dilution effect of options (in shares) | 1,111,770 | 0 |
Dilution effect of warrants (in shares) | 1,622,201 | 0 |
Dilution effect of contingent shares (in shares) | 0 | 126,644 |
Weighted average number of shares of common stock outstanding: Diluted (in shares) | 605,378,709 | 584,242,571 |
Net income (loss) per share of common stock: Basic | ||
Distributed income (in dollars per share) | $ 0.43 | $ 0.40 |
Undistributed income (loss) (in dollars per share) | 1.88 | 1.27 |
Net income (loss) per share of common stock: Basic (in dollars per share) | 2.31 | 1.67 |
Net income (loss) per share of common stock: Diluted | ||
Distributed income (in dollars per share) | 0.43 | 0.40 |
Undistributed income (loss) (in dollars per share) | 1.85 | 1.26 |
Net income (loss) per share of common stock: Diluted (in dollars per share) | $ 2.28 | $ 1.66 |
Convertible Preferred Stock | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Dilution effect on distributable income attributable to contingent shares | $ 24 | $ 0 |
Contingent Stock | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Dilution effect on distributable income attributable to contingent shares | $ 0 | $ (5) |
Earnings per Share - Schedule_2
Earnings per Share - Schedule of Anti-dilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Weighted average unvested RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 13,915,071 | 14,056,347 |
Weighted average unexercised options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 0 | 2,311,985 |
Weighted average unexercised warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 0 | 3,832,969 |
Weighted average unvested restricted shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 1,482,036 | 1,719,231 |
Related Parties - Schedule of R
Related Parties - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Asset Management | ||
Related Party Transaction [Line Items] | ||
Total Due from Related Parties | $ 441 | $ 449 |
Total Due to Related Parties | 825 | 870 |
Due from funds | Asset Management | ||
Related Party Transaction [Line Items] | ||
Total Due from Related Parties | 316 | 299 |
Total Due to Related Parties | 207 | 209 |
Due from portfolio companies | Asset Management | ||
Related Party Transaction [Line Items] | ||
Total Due from Related Parties | 37 | 40 |
Due from employees and former employees | Asset Management | ||
Related Party Transaction [Line Items] | ||
Total Due from Related Parties | 88 | 110 |
Due to Former Managing Partners and Contributing Partners | Asset Management | ||
Related Party Transaction [Line Items] | ||
Total Due to Related Parties | 618 | 661 |
Sale of Investment | Due from funds | ||
Related Party Transaction [Line Items] | ||
Total Due from Related Parties | $ 33 | 37 |
Repayment period | 5 years | |
AOG Unit Payment | Due to Former Managing Partners and Contributing Partners | ||
Related Party Transaction [Line Items] | ||
Total Due to Related Parties | $ 131 | $ 175 |
Related Parties - Narrative (De
Related Parties - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Jul. 01, 2023 | Jan. 01, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||||||
AFS securities | $ 159,251,000,000 | $ 148,347,000,000 | $ 148,347,000,000 | |||||
Apollo Strategic Growth Capital II And Acropolis Infrastructure Acquisition Corp | ||||||||
Related Party Transaction [Line Items] | ||||||||
Loss on liquidation | 40,000,000 | |||||||
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% | |||||||
Atlas | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Purchases from related party | $ 536,000,000 | 921,000,000 | ||||||
Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Performance allocations | 164,000,000 | 174,000,000 | 174,000,000 | |||||
Investment fund | 1,626,000,000 | 1,632,000,000 | 1,632,000,000 | |||||
AFS securities | 16,378,000,000 | 14,009,000,000 | 14,009,000,000 | |||||
Related Party | AOG Unit Holders | ||||||||
Related Party Transaction [Line Items] | ||||||||
Tax receivable agreement, payment, multiplier by outstanding units | $ 3.66 | |||||||
Related Party | Athora Holding Ltd. (Athora) | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment fund | 1,067,000,000 | 1,082,000,000 | 1,082,000,000 | |||||
Related Party | Atlas | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other liabilities | 3,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||
Related Party | Venerable Insurance and Annuity Company | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Recaptured reserve | $ 2,700,000,000 | |||||||
Recognized gain (loss) on recapture agreement | $ 555,000,000 | $ (104,000,000) | ||||||
Related Party | Wheels, Inc. | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other liabilities | 77,000,000 | |||||||
AFS securities | $ 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||
Subsidiaries | ALRe | ACRA 1A | ||||||||
Related Party Transaction [Line Items] | ||||||||
Economic ownership | 36.55% | |||||||
Subsidiaries | Apollo/Athene Dedicated Investment Programs | ||||||||
Related Party Transaction [Line Items] | ||||||||
Economic interest, ownership percentage sold | 63.45% | |||||||
Subsidiaries | Apollo/Athene Dedicated Investment Programs | Maximum | ACRA 2 | ||||||||
Related Party Transaction [Line Items] | ||||||||
Economic ownership | 60% | |||||||
Subsidiaries | Apollo/Athene Dedicated Investment Programs | Minimum | ACRA 2 | ||||||||
Related Party Transaction [Line Items] | ||||||||
Economic ownership | 40% | |||||||
Tax Receivable Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Cash tax savings | 15% | |||||||
Tax Receivable Agreement | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Cash tax savings | 85% | |||||||
Employee Loans | Due from employees and former employees | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from related parties | $ 2,000,000 | 3,000,000 | 3,000,000 | |||||
Employee Loans, Profit Sharing Distributions | Due from employees and former employees | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from related parties | 79,000,000 | 99,000,000 | 99,000,000 | |||||
Indemnification Liability | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from related parties | 300,000 | 300,000 | 300,000 | |||||
Equity Commitments | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other liabilities | 345,000,000 | |||||||
Funding Agreements | Related Party | Athora Holding Ltd. (Athora) | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other liabilities | 59,000,000 | 61,000,000 | 61,000,000 | |||||
Additional Investments | Related Party | Athora Holding Ltd. (Athora) | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other liabilities | 523,000,000 | |||||||
Additional Investments | Related Party | PK Air | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other liabilities | 1,400,000,000 | |||||||
Reinsurance Agreement | Related Party | Catalina Holdings Ltd. (Catalina) | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other liabilities | 263,000,000 | 330,000,000 | 330,000,000 | |||||
Reinsurance recoverable | 1,100,000,000 | |||||||
PK Air Senior Notes | PK Air | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Purchases from related party | 1,600,000,000 | 1,600,000,000 | ||||||
Coinsurance And Modco Agreement | Related Party | Venerable Insurance and Annuity Company | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment fund | $ 184,000,000 | 181,000,000 | 181,000,000 | |||||
Loans Receivable From Related Party | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction, rate | 6.257% | |||||||
Loans Receivable From Related Party | Related Party | Athene | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investments in related parties | $ 336,000,000 | $ 343,000,000 | $ 343,000,000 |
Related Parties - Schedule of A
Related Parties - Schedule of Athene’s Investments in Athora (Details) - Related Party - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Related Party Transaction [Line Items] | ||
Investment fund | $ 1,626 | $ 1,632 |
Athora Holding Ltd. (Athora) | Athene | ||
Related Party Transaction [Line Items] | ||
Investment fund | 1,067 | 1,082 |
Non-redeemable preferred equity securities | 244 | 249 |
Total Investments – Asset Management | $ 1,311 | $ 1,331 |
Related Parties - Schedule of_2
Related Parties - Schedule of Athene Capital Contributions and Paid Distributions (Details) - Apollo/Athene Dedicated Investment Programs - Subsidiaries - Athene - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transaction [Line Items] | ||
Contributions from ADIP | $ 405 | $ 0 |
Distributions to ADIP | $ (254) | $ (127) |
Commitments and Contingencies -
Commitments and Contingencies - Investments Commitments (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Additional Investments | |
Loss Contingencies [Line Items] | |
Retirement services contributions to investment funds, inclusive of related party commitments | $ 24,300 |
Investment Commitment | |
Loss Contingencies [Line Items] | |
Other commitment | $ 563 |
Commitments and Contingencies_2
Commitments and Contingencies - Contingent Obligations (Details) | Apr. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) subsidiary | Dec. 31, 2023 USD ($) |
Loss Contingencies [Line Items] | |||
Cumulative revenues recognized if existing investments become worthless | $ 5,300,000,000 | ||
Stone Tower | |||
Loss Contingencies [Line Items] | |||
Fair value of contingent consideration | $ 67,000,000 | ||
Fair Value, Recurring | Asset Management | |||
Loss Contingencies [Line Items] | |||
Contingent consideration obligations | 127,000,000 | 93,000,000 | |
Level 3 | Fair Value, Recurring | Asset Management | |||
Loss Contingencies [Line Items] | |||
Contingent consideration included in profit sharing payable | 53,000,000 | 67,000,000 | |
Contingent consideration obligations | 127,000,000 | 93,000,000 | |
Level 3 | Fair Value, Recurring | Asset Management | Griffin Capital, Asset Management Business | |||
Loss Contingencies [Line Items] | |||
Contingent consideration obligations | 74,000,000 | $ 26,000,000 | |
Apollo Capital Markets Partnership | Sumitomo Mitsui Banking Corp | |||
Loss Contingencies [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 2,250,000,000 | ||
Amount outstanding | $ 1,560,000,000 | ||
Underwriting Commitments | AGS | |||
Loss Contingencies [Line Items] | |||
Number of subsidiaries | subsidiary | 1 | ||
Unfunded contingent commitments | $ 30,000,000 | ||
Commitment to Purchase Underlying Portfolio Investment | AGS | |||
Loss Contingencies [Line Items] | |||
Unfunded contingent commitments | $ 28,000,000 | ||
Commitment to Purchase Underlying Portfolio Investment | AGS | Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Unfunded contingent commitments | $ 2,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Funding Arrangements (Details) - Athene Holding Limited - USD ($) $ in Billions | Mar. 31, 2024 | Dec. 31, 2023 |
Federal Home Loan Bank | ||
Loss Contingencies [Line Items] | ||
Funding agreements outstanding | $ 7.6 | $ 6.5 |
Funding Agreement Backed Notes | ||
Loss Contingencies [Line Items] | ||
Funding agreements outstanding | 23.2 | 19.9 |
Funding agreements remaining capacity | 11.4 | |
Funding Agreement Backed Repurchase Agreement | ||
Loss Contingencies [Line Items] | ||
Funding agreements outstanding | $ 8.5 | $ 6 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Restricted Assets (Details) - Athene Holding Limited - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
AFS securities | $ 40,467 | $ 32,458 |
Trading securities | 142 | 139 |
Equity securities | 146 | 80 |
Mortgage loans | 16,482 | 14,257 |
Investment funds | 419 | 409 |
Derivative assets | 83 | 73 |
Short-term investments | 45 | 153 |
Other investments | 362 | 313 |
Restricted cash and cash equivalents | 1,575 | 1,761 |
Total restricted assets | $ 59,721 | $ 49,643 |
Commitments and Contingencies_5
Commitments and Contingencies - Letters of Credit (Details) $ in Billions | Mar. 31, 2024 USD ($) |
Letter of Credit | Athene Holding Limited | |
Loss Contingencies [Line Items] | |
Undrawn letter of credit | $ 1.3 |
Commitments and Contingencies_6
Commitments and Contingencies - Atlas (Details) - Atlas $ in Billions | Mar. 31, 2024 USD ($) transaction |
Loss Contingencies [Line Items] | |
Number of transaction acquired | transaction | 2 |
Maximum commitment | $ 3.3 |
Guarantee | $ 2.5 |
Commitments and Contingencies_7
Commitments and Contingencies - Litigation and Regulatory Matters (Details) $ in Millions | 1 Months Ended | ||||
Aug. 17, 2023 USD ($) | Jun. 08, 2020 defendant claim | Dec. 21, 2017 USD ($) | Mar. 31, 2020 defendant | Dec. 02, 2022 claim | |
Harbinger Capital Partners II LP et al .v. Apollo Global Management LLC | |||||
Loss Contingencies [Line Items] | |||||
Loss of contingency, damages | $ | $ 1,900 | ||||
Harbinger Capital Partners II LP et al .v. Apollo Global Management LLC | Sky Terra | Consultant | |||||
Loss Contingencies [Line Items] | |||||
Number of defendants | defendant | 8 | ||||
Harbinger Capital Partners II LP et al .v. Apollo Global Management LLC | Sky Terra | Executive Officer | |||||
Loss Contingencies [Line Items] | |||||
Number of defendants | claim | 3 | ||||
Frank Funds V. Apollo Global Management | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of pending claims | claim | 2 | ||||
Frank Funds V. Apollo Global Management | Officers and Employees | |||||
Loss Contingencies [Line Items] | |||||
Number of defendants | defendant | 3 | ||||
Anguilla Social Security Board vs. Black et al. | |||||
Loss Contingencies [Line Items] | |||||
Payments being challenged | $ | $ 570 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segments - Schedule of Financia
Segments - Schedule of Financial Data for Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||
Less: Assets received | $ 334,051 | $ 313,488 | |
Asset Management | |||
Segment Reporting Information [Line Items] | |||
Less: Assets received | 13,803 | 13,175 | |
Retirement Services | |||
Segment Reporting Information [Line Items] | |||
Less: Assets received | 320,248 | 300,313 | |
Management fees | |||
Segment Reporting Information [Line Items] | |||
Revenues | 438 | $ 414 | |
Advisory and transaction fees, net | |||
Segment Reporting Information [Line Items] | |||
Revenues | 169 | 155 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Segment Income | 1,300 | 1,093 | |
Less: Assets received | 325,446 | 306,241 | |
Operating Segments | Asset Management | |||
Segment Reporting Information [Line Items] | |||
Fee-related performance fee | 46 | 27 | |
Fee-related compensation | (220) | (211) | |
Other operating expenses | (157) | (134) | |
Segment Income | 462 | 397 | |
Less: Assets received | 2,057 | 1,938 | |
Operating Segments | Retirement Services | |||
Segment Reporting Information [Line Items] | |||
Other operating expenses | (114) | (124) | |
Fixed income and other net investment income | 2,454 | 1,957 | |
Alternative net investment income | 266 | 185 | |
Strategic capital management fees | 25 | 14 | |
Cost of funds | (1,723) | (1,235) | |
Interest and other financing costs | (91) | (109) | |
Segment Income | 817 | 688 | |
Less: Assets received | 9,348 | 9,573 | |
Operating Segments | Principal Investing | |||
Segment Reporting Information [Line Items] | |||
Other operating expenses | (14) | (14) | |
Realized performance fees | 94 | 164 | |
Realized investment income | 14 | 28 | |
Principal investing compensation | (73) | (170) | |
Segment Income | 21 | 8 | |
Less: Assets received | 314,041 | 294,730 | |
Operating Segments | Management fees | Asset Management | |||
Segment Reporting Information [Line Items] | |||
Revenues | 652 | 577 | |
Operating Segments | Advisory and transaction fees, net | Asset Management | |||
Segment Reporting Information [Line Items] | |||
Revenues | 141 | 138 | |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Less: Assets received | 8,605 | $ 7,247 | |
Segment Reconciling Items | Asset Management | |||
Segment Reporting Information [Line Items] | |||
Interest and other financing costs | (15) | (21) | |
Segment Reconciling Items | Management fees | Retirement Services | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 279 | $ 216 |
Segments - Schedule of Reconcil
Segments - Schedule of Reconciliation of Income Before Income Tax Provision to Segments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (loss) before income tax provision (benefit) | $ 2,187 | $ 1,791 |
Equity-based compensation | 189 | 140 |
Net (income) loss attributable to non-controlling interests in consolidated entities | 338 | 528 |
Retirement Services | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Investment (gains) losses, net of offsets | (1,677) | (1,065) |
Segment Reconciling Items | Asset Management | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Equity-based profit sharing expense and other | 94 | 67 |
Equity-based compensation | 74 | 52 |
Transaction-related charges | 55 | (3) |
Merger-related transaction and integration costs | 8 | 7 |
Net (income) loss attributable to non-controlling interests in consolidated entities | (377) | (523) |
Unrealized performance fees | (268) | (239) |
Unrealized profit sharing expense | 159 | 135 |
HoldCo interest and other financing costs | 15 | 21 |
Unrealized principal investment income (loss) | (11) | (10) |
Unrealized net (gains) losses from investment activities and other | (28) | 12 |
Segment Reconciling Items | Retirement Services | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Equity-based compensation | 13 | 16 |
Investment (gains) losses, net of offsets | 22 | (397) |
Non-operating change in insurance liabilities and related derivatives | (673) | 135 |
Integration, restructuring and other non-operating expenses | 30 | 29 |
Operating Segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment Income | 1,300 | 1,093 |
Operating Segments | Retirement Services | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
HoldCo interest and other financing costs | $ 91 | $ 109 |
Segments - Schedule of Reconc_2
Segments - Schedule of Reconciliation of Total Reportable Segment Assets to Total Assets (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total Assets | $ 334,051 | $ 313,488 |
Operating Segments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total Assets | 325,446 | 306,241 |
Adjustments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total Assets | $ 8,605 | $ 7,247 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||
May 07, 2024 | May 02, 2024 | Feb. 08, 2024 | Nov. 01, 2023 | Aug. 03, 2023 | May 09, 2023 | Feb. 09, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Subsequent Event [Line Items] | |||||||||
Dividends per share of common stock (in dollars per share) | $ 0.43 | $ 0.43 | $ 0.43 | $ 0.43 | $ 0.40 | $ 0.43 | $ 1.69 | ||
Subsequent Event | Common Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividends per share of common stock (in dollars per share) | $ 0.4625 | ||||||||
Subsequent Event | AAM Series A Preferred Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividend per share of preferred stock (in dollars per share) | $ 0.8438 |