Apollo Global Management (APO) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 04, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		565,816,456
Amended Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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	Sep. 30, 2024	Dec. 31, 2023
Assets
Deferred acquisition costs, deferred sales inducements and value of business acquired	$ 6,971	$ 5,979
Total Assets	368,689	313,488
Liabilities
Debt	9,807	8,092
Interest sensitive contract liabilities	245,436
Future policy benefits	52,962
Market risk benefits	4,402
Total Liabilities	337,148	288,243
Commitments and Contingencies (note 16)
Redeemable non-controlling interests
Redeemable non-controlling interests	15	12
Equity
Mandatory Convertible Preferred Stock, 28,749,765 and 28,750,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	1,398	1,398
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 565,816,456 and 567,762,932 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	0	0
Additional paid in capital	15,073	15,249
Retained earnings (accumulated deficit)	4,865	2,972
Accumulated other comprehensive income (loss)	(3,473)	(5,575)
Total Apollo Global Management, Inc. Stockholders’ Equity	17,863	14,044
Non-controlling interests	13,663	11,189
Total Equity	31,526	25,233
Total Liabilities, Redeemable non-controlling interests and Equity	368,689	313,488
VIE, Primary Beneficiary
Assets
Cash and cash equivalents	407
Asset Management
Assets
Restricted cash and cash equivalents	3	2
Due from related parties	572	449
Goodwill	264	264
Total Assets	14,456	13,175
Liabilities
Accounts payable, accrued expenses, and other liabilities	3,908	3,338
Due to related parties	709	870
Debt	4,082	3,883
Other liabilities	1,021	1,145
Total Liabilities	9,720	9,236
Asset Management | Consolidated Entity, Excluding Consolidated VIE
Assets
Cash and cash equivalents	2,666	2,748
Other assets	2,512	2,331
Asset Management | VIE, Primary Beneficiary
Assets
Cash and cash equivalents	102	62
Other assets	124	177
Asset Management | Nonrelated Party | Consolidated Entity, Excluding Consolidated VIE
Assets
Investments	5,860	5,502
Asset Management | Nonrelated Party | VIE, Primary Beneficiary
Assets
Investments	2,353	1,640
Retirement Services
Assets
Restricted cash and cash equivalents	964	1,761
Goodwill	4,071	4,065
Reinsurance recoverable	7,454	4,154
Deferred acquisition costs, deferred sales inducements and value of business acquired	6,971	5,979
Total Assets	354,233	300,313
Liabilities
Debt	5,725	4,209
Interest sensitive contract liabilities	245,436	204,670
Future policy benefits	52,962	53,287
Market risk benefits	4,402	3,751
Payables for collateral on derivatives and securities to repurchase	7,952	7,536
Total Liabilities	327,428	279,007
Retirement Services | Consolidated Entity, Excluding Consolidated VIE
Assets
Cash and cash equivalents	13,587	13,020
Other assets	13,130	11,953
Liabilities
Other liabilities	9,597	4,456
Retirement Services | VIE, Primary Beneficiary
Assets
Cash and cash equivalents	305	98
Other assets	192	110
Liabilities
Other liabilities	1,354	1,098
Retirement Services | Nonrelated Party | Consolidated Entity, Excluding Consolidated VIE
Assets
Investments	257,776	213,099
Retirement Services | Nonrelated Party | VIE, Primary Beneficiary
Assets
Investments	21,792	20,232
Retirement Services | Related Party | Consolidated Entity, Excluding Consolidated VIE
Assets
Investments	$ 27,991	$ 25,842

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 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)	565,816,456	567,762,932
Common stock, shares outstanding (in shares)	565,816,456	567,762,932

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Premiums			$ 1,163	$ 9,163
Total Revenues	$ 7,773	$ 2,595	20,831	21,598
Expenses
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired			678	502
Total Expenses	5,816	1,751	15,291	18,156
Other income (loss) – Asset Management
Income (loss) before income tax (provision) benefit	2,086	883	5,711	3,625
Income tax (provision) benefit	(317)	(243)	(1,000)	(697)
Net income (loss)	1,769	640	4,711	2,928
Net (income) loss attributable to non-controlling interests	(958)	42	(1,620)	(637)
Net income (loss) attributable to Apollo Global Management, Inc.	811	682	3,091	2,291
Preferred stock dividends	(24)	(22)	(73)	(22)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders, basic	787	660	3,018	2,269
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders, diluted	$ 787	$ 660	$ 3,018	$ 2,269
Earnings (loss) per share
Net income (loss) attributable to common stockholders - Basic (in dollars per share)	$ 1.30	$ 1.10	$ 4.96	$ 3.77
Net income (loss) attributable to common stockholders - Diluted (in dollars per share)	$ 1.29	$ 1.10	$ 4.94	$ 3.75
Weighted average shares outstanding
Weighted average shares outstanding – Basic (in shares)	585,382,685	578,797,225	586,921,189	580,610,127
Weighted average shares outstanding – Diluted (in shares)	588,541,814	578,797,225	589,907,752	581,613,279
Management fees
Revenues
Revenues	$ 476	$ 462	$ 1,376	$ 1,328
Advisory and transaction fees, net
Revenues
Revenues	181	157	617	482
Incentive fees
Revenues
Revenues	35	18	108	59
Asset Management
Revenues
Investment income (loss)	230	292	910	882
Total Revenues	922	929	3,011	2,751
Expenses
Compensation and benefits	605	557	1,876	1,743
Interest expense	55	36	159	98
General, administrative and other	326	220	885	643
Total Expenses	986	813	2,920	2,484
Other income (loss) – Asset Management
Other income (loss), net	70	22	68	102
Total Other income (loss)	129	39	171	183
Asset Management | Consolidated Entity, Excluding VIE
Revenues
Investment related gains (losses)	15	(32)	33	(14)
Other income (loss) – Asset Management
Net gains (losses) from investment activities	15	(32)	33	(14)
Asset Management | VIE, Primary Beneficiary
Revenues
Investment related gains (losses)	44	49	70	95
Other income (loss) – Asset Management
Net gains (losses) from investment activities	44	49	70	95
Retirement Services
Revenues
Investment income (loss)	4,101	3,166	11,481	8,726
Premiums	389	26	1,163	9,163
Product charges	267	217	756	622
Investment related gains (losses)	1,539	(2,624)	3,082	(1,193)
Revenues of consolidated variable interest entities	552	318	1,329	946
Other revenues	3	563	9	583
Total Revenues	6,851	1,666	17,820	18,847
Expenses
Interest sensitive contract benefits	2,599	333	7,307	3,634
Future policy and other policy benefits	793	368	2,431	10,346
Market risk benefits remeasurement (gains) losses	524	(441)	354	(166)
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	244	211	678	502
Policy and other operating expenses	670	467	1,601	1,356
Total Expenses	4,830	938	12,371	15,672
Other income (loss) – Asset Management
Net gains (losses) from investment activities	1,539	(2,624)	3,082	(1,193)
Retirement Services | VIE, Primary Beneficiary
Revenues
Investment income (loss)	82	68	225	204
Investment related gains (losses)	470	250	1,104	742
Total Revenues	552	318	1,329	946
Other income (loss) – Asset Management
Net gains (losses) from investment activities	$ 470	$ 250	$ 1,104	$ 742

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,769	$ 640	$ 4,711	$ 2,928
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities	5,477	(3,155)	3,760	(1,767)
Unrealized gains (losses) on hedging instruments	221	(213)	229	(280)
Remeasurement gains (losses) on future policy benefits related to discount rate	(2,263)	1,317	(832)	1,328
Remeasurement gains (losses) on market risk benefits related to credit risk	(93)	(254)	(87)	(220)
Foreign currency translation and other adjustments	61	(34)	22	(1)
Other comprehensive income (loss), before tax	3,403	(2,339)	3,092	(940)
Income tax expense (benefit) related to other comprehensive income (loss)	682	(476)	634	(175)
Other comprehensive income (loss)	2,721	(1,863)	2,458	(765)
Comprehensive income (loss)	4,490	(1,223)	7,169	2,163
Comprehensive (income) loss attributable to non-controlling interests	(1,332)	199	(1,976)	(635)
Comprehensive income (loss) attributable to Apollo Global Management, Inc.	$ 3,158	$ (1,024)	$ 5,193	$ 1,528

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 (in shares) at Dec. 31, 2022				0
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	(250)							(250)
Issuance of common stock related to equity transactions (in shares)				1,397,000,000
Issuance of common stock related to equity transactions	1,397	1,397
Accretion of redeemable non-controlling interests	(18)	(18)			(17)	(1)
Capital increase related to equity-based compensation	364	364			364
Capital contributions	1,766							1,766
Dividends/distributions (in shares)				(22,000,000)
Dividends/distributions	(1,391)	(775)			(239)	(514)		(616)
Payments related to issuances of common stock for equity-based awards (in shares)			6,000,000
Payments related to issuances of common stock for equity-based awards	(180)	(180)			32	(212)
Repurchase of common stock (in shares)			(8,000,000)
Repurchase of common stock	(538)	(538)			(538)
Stock option exercises	16	16			16
Redemption of subsidiary equity interests	(580)	(5)			(5)			(575)
Subsidiary issuance of equity interests	598	13			10		3	585
Net income (loss) (in shares)				22,000,000
Net income (loss)	2,890	2,291				2,269		599
Other comprehensive income (loss)	(765)	(763)					(763)	(2)
Ending balance (in shares) at Sep. 30, 2023			568,000,000
Ending balance (in shares) at Sep. 30, 2023				1,397,000,000
Ending balance at Sep. 30, 2023	17,675	8,442			14,605	535	(8,095)	9,233
Beginning balance (in shares) at Jun. 30, 2023			567,000,000
Beginning balance (in shares) at Jun. 30, 2023				0
Beginning balance at Jun. 30, 2023	17,042	8,229			14,468	153	(6,392)	8,813
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other changes in equity of non-controlling interests	(95)							(95)
Issuance of common stock related to equity transactions (in shares)				1,397,000,000
Issuance of common stock related to equity transactions	1,397	1,397
Accretion of redeemable non-controlling interests	(2)	(2)			(2)
Capital increase related to equity-based compensation	119	119			119
Capital contributions	1,037							1,037
Dividends/distributions (in shares)				(22,000,000)
Dividends/distributions	(608)	(278)				(256)		(330)
Payments related to issuances of common stock for equity-based awards (in shares)			1,000,000
Payments related to issuances of common stock for equity-based awards	(13)	(13)			9	(22)
Stock option exercises	6	6			6
Redemption of subsidiary equity interests	(580)	(5)			(5)			(575)
Subsidiary issuance of equity interests	598	13			10		3	585
Net income (loss) (in shares)				22,000,000
Net income (loss)	637	682				660		(45)
Other comprehensive income (loss)	(1,863)	(1,706)					(1,706)	(157)
Ending balance (in shares) at Sep. 30, 2023			568,000,000
Ending balance (in shares) at Sep. 30, 2023				1,397,000,000
Ending balance at Sep. 30, 2023	$ 17,675	8,442			14,605	535	(8,095)	9,233
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]
Consolidation/deconsolidation of VIEs	(40)							(40)
Other changes in equity of non-controlling interests	5							5
Issuance of common stock related to equity transactions (in shares)			1,000,000
Issuance of common stock related to equity transactions	84	84			84
Accretion of redeemable non-controlling interests	(2)	(2)			(2)
Capital increase related to equity-based compensation	425	425			425
Capital contributions	2,481							2,481
Dividends/distributions (in shares)				(73,000,000)
Dividends/distributions	(2,842)	(888)				(815)		(1,954)
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	(286)	(286)			24	(310)
Repurchase of common stock (in shares)			(7,000,000)
Repurchase of common stock	(792)	(792)			(792)
Stock option exercises	13	13			13
Subsidiary issuance of equity interests	78	72			72			6
Net income (loss) (in shares)				73,000,000
Net income (loss)	4,711	3,091				3,018		1,620
Other comprehensive income (loss)	$ 2,458	2,102					2,102	356
Ending balance (in shares) at Sep. 30, 2024	565,816,456		566,000,000
Ending balance (in shares) at Sep. 30, 2024	28,749,765			1,398,000,000
Ending balance at Sep. 30, 2024	$ 31,526	17,863			15,073	4,865	(3,473)	13,663
Beginning balance (in shares) at Jun. 30, 2024			570,000,000
Beginning balance (in shares) at Jun. 30, 2024				1,398,000,000
Beginning balance at Jun. 30, 2024	28,400	15,273			15,319	4,376	(5,820)	13,127
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidation/deconsolidation of VIEs	10							10
Other changes in equity of non-controlling interests	2							2
Accretion of redeemable non-controlling interests	(1)	(1)			(1)
Capital increase related to equity-based compensation	126	126			126
Capital contributions	479							479
Dividends/distributions (in shares)				(24,000,000)
Dividends/distributions	(1,594)	(301)				(277)		(1,293)
Payments related to issuances of common stock for equity-based awards	(8)	(8)			13	(21)
Repurchase of common stock (in shares)			(4,000,000)
Repurchase of common stock	(457)	(457)			(457)
Stock option exercises	1	1			1
Subsidiary issuance of equity interests	78	72			72			6
Net income (loss) (in shares)				24,000,000
Net income (loss)	1,769	811				787		958
Other comprehensive income (loss)	$ 2,721	2,347					2,347	374
Ending balance (in shares) at Sep. 30, 2024	565,816,456		566,000,000
Ending balance (in shares) at Sep. 30, 2024	28,749,765			1,398,000,000
Ending balance at Sep. 30, 2024	$ 31,526	$ 17,863			$ 15,073	$ 4,865	$ (3,473)	$ 13,663

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities
Net Income (Loss)	$ 4,711	$ 2,928
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Equity-based compensation	478	422
Net investment income	(1,010)	(958)
Net recognized (gains) losses on investments and derivatives	(3,607)	318
Depreciation and amortization	779	586
Net amortization (accretion) of net investment premiums, discount and other	(47)	70
Policy acquisition costs deferred	(1,191)	(1,040)
Other non-cash amounts included in net income (loss), net	210	(349)
Changes in consolidation	248	(53)
Changes in operating assets and liabilities:
Purchases of investments by Funds and VIEs	(4,836)	(4,761)
Proceeds from sale of investments by Funds and VIEs	4,738	3,781
Interest sensitive contract liabilities	4,948	1,485
Future policy benefits, market risk benefits and reinsurance recoverable	(1,135)	2,917
Other assets and liabilities, net	(1,029)	(1,088)
Net cash provided by operating activities	3,257	4,258
Cash Flows from Investing Activities
Purchases of investments and contributions to equity method investments	(3,402)	(2,719)
Purchases of available-for-sale securities	(63,058)	(24,568)
Purchases of mortgage loans	(19,319)	(14,398)
Purchases of investment funds	(1,895)	(2,221)
Purchases of U.S. Treasury securities	0	(490)
Purchases of derivatives instruments and other investments	(2,845)	(5,242)
Sales, maturities and repayments of investments and distributions from equity method investments	45,089	21,565
Other investing activities, net	(121)	354
Net cash used in investing activities	(45,551)	(27,719)
Cash Flows from Financing Activities
Issuance of debt	6,124	3,821
Repayment of debt	(4,494)	(2,769)
Redemption of subsidiary equity interests	0	(575)
Repurchase of common stock	(788)	(535)
Common stock dividends	(815)	(753)
Preferred stock dividends	(73)	0
Distributions paid to non-controlling interests	(859)	(596)
Contributions from non-controlling interests	2,476	1,766
Distributions to redeemable non-controlling interests	0	(798)
Issuance of Mandatory Convertible Preferred Stock, net of issuance costs	0	1,397
Deposits on investment-type policies and contracts	57,013	35,168
Withdrawals on investment-type policies and contracts	(16,054)	(10,229)
Subsidiary issuance of equity interests to non-controlling interests	0	632
Net change in cash collateral posted for derivative transactions and securities to repurchase	416	945
Other financing activities, net	(719)	(716)
Net cash provided by financing activities	42,227	26,758
Effect of exchange rate changes on cash and cash equivalents	3	2
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Cash Held at Consolidated Variable Interest Entities	(64)	3,299
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	17,627	14,427
Supplemental Disclosure of Cash Flow Information
Cash paid for taxes	639	162
Cash paid for interest	611	533
Noncash Investing and Financing Activities
Issuance of common stock related to equity transactions	12	0
Distribution of investments to non-controlling interests of consolidated variable interest entities	1,107	0
Issuance of debt	6,124	3,821
Distributions paid to non-controlling interests	(859)	(596)
Contributions from non-controlling interests	2,476	1,766
Distributions to redeemable non-controlling interests	0	(798)
Investments, at fair value	148	(1,136)
Other assets	19	(1)
Debt, at fair value	(223)	0
Notes payable	20	1,068
Other liabilities	(169)	22
Non-controlling interest	41	5
Equity	(84)	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	967	1,492
Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities	17,627	14,427
VIE, Primary Beneficiary
Cash Flows from Financing Activities
Issuance of debt	4,035	3,183
Distributions paid to non-controlling interests	(73)	(58)
Contributions from non-controlling interests	1,646	1,437
Distributions to redeemable non-controlling interests	0	(798)
Noncash Investing and Financing Activities
Issuance of debt	4,035	3,183
Principal repayment of debt	(3,922)	(2,768)
Distributions paid to non-controlling interests	(73)	(58)
Contributions from non-controlling interests	1,646	1,437
Distributions to redeemable non-controlling interests	0	(798)
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	407	589
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	16,253	12,346
Asset Management
Noncash Investing and Financing Activities
Distributions from principal investments	8	1
Purchases of other investments, at fair value	11	5
Capital increases related to equity-based compensation	393	328
Issuance of restricted shares	24	32
Subsidiary issuance of equity interest	72	0
Asset Management | VIE, Primary Beneficiary
Noncash Investing and Financing Activities
Purchases of investments	(4,836)	(4,760)
Proceeds from sale of investments	4,738	3,781
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	102
Retirement Services
Noncash Investing and Financing Activities
Investments received from settlements on reinsurance agreements	48	164
Investments received from pension group annuity premiums	521	4,776
Reduction in investments relating to recapture of reinsurance agreement	0	482
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)	(3,152)	78
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)	6,092	10,212
Retirement Services | VIE, Primary Beneficiary
Noncash Investing and Financing Activities
Purchases of investments	(2,346)	(2,023)
Proceeds from sale of investments	334	$ 352
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	$ 305

Organization

Organization	9 Months Ended
	Sep. 30, 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 two investing strategies: credit 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	9 Months Ended
	Sep. 30, 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 $154 million of revenue recognized during the nine months ended September 30, 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 will adopt the new standard in its annual report for the year ended December 31, 2024, and expects the impact on the consolidated financial statements to be immaterial. 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	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Investments	3. Investments The following table outlines the Company’s investments: (In millions) September 30, 2024 December 31, 2023 Asset Management Investments, at fair value $ 1,388 $ 1,489 Equity method investments 1,109 1,072 Performance allocations 3,005 2,941 Other investments 358 — Total Investments – Asset Management 5,860 5,502 Retirement Services AFS securities, at fair value $ 182,247 $ 148,347 Trading securities, at fair value 2,303 2,544 Equity securities 1,549 1,611 Mortgage loans, at fair value 59,932 45,396 Investment funds 1,711 1,741 Policy loans 320 334 Funds withheld at interest 26,675 30,833 Derivative assets 7,529 5,298 Short-term investments 1,426 1,288 Other investments 2,075 1,549 Total Investments, including related parties – Retirement Services 285,767 238,941 Total Investments $ 291,627 $ 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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Realized gains (losses) on sales of investments, net $ 1 $ (3) $ 1 $ (4) Net change in unrealized gains (losses) due to changes in fair value 14 (29) 32 (10) Net gains (losses) from investment activities $ 15 $ (32) $ 33 $ (14) 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 880 Fund distributions to the Company (816) Performance allocations, September 30, 2024 $ 3,005 The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the condensed consolidated statements of financial condition. The timing of the payment of performance allocations due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, performance allocations with respect to the private equity funds and certain credit and real assets funds are payable and are distributed to the fund’s general partner upon realization of an investment if the fund’s cumulative returns are in excess of the preferred return. Retirement Services AFS Securities The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type: September 30, 2024 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 7,501 $ — $ 84 $ (824) $ 6,761 U.S. state, municipal and political subdivisions 1,175 — 2 (200) 977 Foreign governments 2,088 — 44 (374) 1,758 Corporate 95,432 (168) 1,309 (8,963) 87,610 CLO 27,362 (1) 437 (188) 27,610 ABS 22,488 (74) 500 (444) 22,470 CMBS 9,704 (57) 112 (395) 9,364 RMBS 8,502 (377) 338 (328) 8,135 Total AFS securities 174,252 (677) 2,826 (11,716) 164,685 AFS securities – related parties Corporate 1,295 — 7 (23) 1,279 CLO 5,763 — 41 (24) 5,780 ABS 10,725 (1) 40 (261) 10,503 Total AFS securities – related parties 17,783 (1) 88 (308) 17,562 Total AFS securities, including related parties $ 192,035 $ (678) $ 2,914 $ (12,024) $ 182,247 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: September 30, 2024 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 2,407 $ 2,394 Due after one year through five years 19,358 19,138 Due after five years through ten years 27,393 26,016 Due after ten years 57,038 49,558 CLO, ABS, CMBS and RMBS 68,056 67,579 Total AFS securities 174,252 164,685 AFS securities – related parties Due after one year through five years 1,028 1,024 Due after five years through ten years 43 45 Due after ten years 224 210 CLO and ABS 16,488 16,283 Total AFS securities – related parties 17,783 17,562 Total AFS securities, including related parties $ 192,035 $ 182,247 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: September 30, 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 $ 1,031 $ (6) $ 3,795 $ (818) $ 4,826 $ (824) U.S. state, municipal and political subdivisions 22 (1) 893 (198) 915 (199) Foreign governments 886 (134) 737 (239) 1,623 (373) Corporate 7,810 (314) 45,086 (8,624) 52,896 (8,938) CLO 3,742 (7) 3,146 (131) 6,888 (138) ABS 435 (93) 4,319 (258) 4,754 (351) CMBS 918 (5) 2,074 (341) 2,992 (346) RMBS 270 (4) 1,201 (102) 1,471 (106) Total AFS securities 15,114 (564) 61,251 (10,711) 76,365 (11,275) AFS securities – related parties Corporate 109 — 368 (23) 477 (23) CLO 680 (1) 690 (20) 1,370 (21) ABS 2,403 (34) 3,398 (213) 5,801 (247) Total AFS securities – related parties 3,192 (35) 4,456 (256) 7,648 (291) Total AFS securities, including related parties $ 18,306 $ (599) $ 65,707 $ (10,967) $ 84,013 $ (11,566) 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: September 30, 2024 Unrealized Loss Position Unrealized Loss Position 12 Months or More AFS securities 7,058 6,167 AFS securities – related parties 139 62 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 September 30, 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 $ 168 $ — $ — $ — $ — $ 168 CLO — 1 — — — 1 ABS 67 13 — (14) 8 74 CMBS 57 1 — — (1) 57 RMBS 378 5 — (4) (2) 377 Total AFS securities 670 20 — (18) 5 677 AFS securities – related parties, ABS 1 — — — — 1 Total AFS securities, including related parties $ 671 $ 20 $ — $ (18) $ 5 $ 678 Three months ended September 30, 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 73 67 — (2) 2 140 CLO 3 — — — — 3 ABS 35 1 — (4) (2) 30 CMBS 6 1 — — — 7 RMBS 377 4 1 (5) (6) 371 Total AFS securities 521 73 1 (11) (6) 578 AFS securities – related parties, ABS 1 — — — — 1 Total AFS securities, including related parties $ 522 $ 73 $ 1 $ (11) $ (6) $ 579 Nine months ended September 30, 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 $ 48 $ — $ (8) $ (1) $ 168 CLO 2 1 — — (2) 1 ABS 49 25 — (15) 15 74 CMBS 29 27 — — 1 57 RMBS 381 10 — (14) — 377 Total AFS securities 590 111 — (37) 13 677 AFS securities – related parties, ABS 1 — — — — 1 Total AFS securities, including related parties $ 591 $ 111 $ — $ (37) $ 13 $ 678 Nine months ended September 30, 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 88 — (8) (1) 140 CLO 7 1 — — (5) 3 ABS 29 2 — (4) 3 30 CMBS 5 4 — — (2) 7 RMBS 329 15 40 (13) — 371 Total AFS securities 458 110 40 (25) (5) 578 AFS securities – related parties CLO 1 — — — (1) — ABS — 1 — — — 1 Total AFS securities – related parties 1 1 — — (1) 1 Total AFS securities, including related parties $ 459 $ 111 $ 40 $ (25) $ (6) $ 579 Net Investment Income Net investment income by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 AFS securities $ 2,519 $ 1,822 $ 6,996 $ 4,940 Trading securities 40 44 125 130 Equity securities 19 14 65 54 Mortgage loans 1,007 642 2,711 1,632 Investment funds 45 (15) 35 46 Funds withheld at interest 279 486 1,001 1,368 Other 217 213 617 620 Investment revenue 4,126 3,206 11,550 8,790 Investment expenses (25) (40) (69) (64) Net investment income $ 4,101 $ 3,166 $ 11,481 $ 8,726 Investment Related Gains (Losses) Investment related gains (losses) by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 AFS securities 1 Gross realized gains on investment activity $ 744 $ 55 $ 936 $ 379 Gross realized losses on investment activity (237) (431) (802) (647) Net realized investment gains (losses) on AFS securities 507 (376) 134 (268) Net recognized investment gains (losses) on trading securities 119 (137) 21 (105) Net recognized investment gains (losses) on equity securities 38 (3) 65 (34) Net recognized investment gains (losses) on mortgage loans 1,139 (911) 874 (838) Derivative gains (losses) 1,608 (1,480) 2,486 (66) Provision for credit losses (14) (60) (114) (237) Other gains (losses) (1,858) 343 (384) 355 Investment related gains (losses) $ 1,539 $ (2,624) $ 3,082 $ (1,193) 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges. Proceeds from sales of AFS securities were $8,539 million and $724 million for the three months ended September 30, 2024 and 2023, respectively, and $19,305 million and $3,918 million for the nine months ended September 30, 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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Trading securities $ 83 $ (75) $ 42 $ (35) Trading securities – related parties (1) 3 (2) 3 Equity securities 28 6 56 9 Equity securities – related parties 10 (9) 2 (16) 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) September 30, 2024 December 31, 2023 Less than 30 days $ — $ 686 91 days to 1 year 1,097 — Greater than 1 year 1,569 3,167 Payables for repurchase agreements $ 2,666 $ 3,853 The following table summarizes the securities pledged as collateral for repurchase agreements: September 30, 2024 December 31, 2023 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities Foreign governments $ 155 $ 113 $ 137 $ 99 Corporate 1,770 1,549 2,735 2,307 CLO 587 589 580 579 ABS 597 559 1,207 1,086 Total securities pledged under repurchase agreements $ 3,109 $ 2,810 $ 4,659 $ 4,071 Reverse Repurchase Agreements As of September 30, 2024 and December 31, 2023, amounts loaned under reverse repurchase agreements were $1,017 million and $947 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities and commercial mortgage loans, was $2,347 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) September 30, 2024 December 31, 2023 Commercial mortgage loans $ 32,066 $ 27,630 Commercial mortgage loans under development 1,722 1,228 Total commercial mortgage loans 33,788 28,858 Mark to fair value (1,926) (2,246) Commercial mortgage loans 31,862 26,612 Residential mortgage loans 30,616 21,894 Mark to fair value (320) (937) Residential mortgage loans 30,296 20,957 Mortgage loans $ 62,158 $ 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: September 30, 2024 December 31, 2023 (In millions, except percentages) Fair Value Percentage of Total Fair Value Percentage of Total Property type Apartment $ 11,556 36.3 % $ 9,591 36.0 % Office building 4,140 13.0 % 4,455 16.7 % Industrial 6,144 19.3 % 4,143 15.6 % Hotels 2,941 9.2 % 2,913 11.0 % Retail 2,447 7.7 % 2,158 8.1 % Other commercial 4,634 14.5 % 3,352 12.6 % Total commercial mortgage loans $ 31,862 100.0 % $ 26,612 100.0 % U.S. region East North Central $ 1,494 4.7 % $ 1,517 5.7 % East South Central 443 1.3 % 523 2.0 % Middle Atlantic 8,497 26.7 % 7,147 26.9 % Mountain 1,335 4.2 % 1,196 4.5 % New England 1,126 3.5 % 1,295 4.9 % Pacific 5,788 18.2 % 4,860 18.3 % South Atlantic 5,504 17.3 % 4,583 17.2 % West North Central 228 0.7 % 249 0.9 % West South Central 1,965 6.2 % 1,228 4.6 % Total U.S. region 26,380 82.8 % 22,598 85.0 % International region United Kingdom 2,638 8.3 % 2,343 8.7 % Other international 1 2,844 8.9 % 1,671 6.3 % Total international region 5,482 17.2 % 4,014 15.0 % Total commercial mortgage loans $ 31,862 100.0 % $ 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: September 30, 2024 December 31, 2023 U.S. States California 26.2 % 27.6 % Florida 12.6 % 12.0 % Texas 7.0 % 6.1 % New York 5.1 % 5.9 % Other 1 40.2 % 39.4 % Total U.S. residential mortgage loan percentage 91.1 % 91.0 % International United Kingdom 5.1 % 4.0 % Other 1 3.8 % 5.0 % Total international residential mortgage loan percentage 8.9 % 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 strategy primarily focuses on core holdings of strategic origination and retirement services platforms, equity and credit funds, and other funds. Strategic origination platforms include investments sourced by affiliated platforms that originate loans to third parties and in which Athene gains exposure directly to the loan or indirectly through its ownership of the origination platform and/or securitizations of assets originated by the origination platform. Retirement services platforms include investments in equity of financial services companies. The credit strategy is comprised of direct origination, asset-backed, multi credit and opportunistic credit funds focused on generating returns through high-quality credit underwriting and origination. The equity strategy is comprised of private equity, hybrid value, secondaries equity, real estate equity, impact investing platform, infrastructure and clean transition equity funds that raise capital from investors to pursue control-oriented investments across the universe of private assets. 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: September 30, 2024 December 31, 2023 1 (In millions, except percentages) Carrying Value Percentage of Total Carrying Value Percentage of Total Investment funds Equity $ 107 0.6 % $ 109 0.6 % Investment funds – related parties Strategic origination platforms 28 0.1 % 32 0.2 % Retirement services platforms 1,287 6.9 % 1,300 7.4 % Equity 264 1.4 % 267 1.5 % Credit 16 0.1 % 20 0.1 % Other 9 — % 13 0.1 % Total investment funds – related parties 1,604 8.5 % 1,632 9.3 % Investment funds – consolidated VIEs Strategic origination platforms 5,519 29.5 % 4,987 28.4 % Retirement services platforms — — % 483 2.8 % Equity 7,730 41.3 % 6,925 39.4 % Credit 3,077 16.4 % 2,852 16.2 % Other 702 3.7 % 573 3.3 % Total investment funds – consolidated VIEs 17,028 90.9 % 15,820 90.1 % Total investment funds, including related parties and consolidated VIEs $ 18,739 100.0 % $ 17,561 100.0 % 1 Prior period amounts have been reclassified to conform with the current year presentation as a result of aligning the investment fund categories to reflect the Company’s updated investment strategies. Concentrations —The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity: (In millions) September 30, 2024 AP Grange Holdings, LLC $ 4,626 Atlas 1 3,240 Fox Hedge L.P. 3,050 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	9 Months Ended
	Sep. 30, 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: September 30, 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 15,119 $ 503 $ 345 9,034 $ 477 $ 230 Forwards 3,691 195 36 6,294 275 102 Interest rate swaps 4,506 56 418 4,468 — 521 Forwards on net investments 218 — 3 219 — 6 Interest rate swaps 21,079 131 40 10,031 29 95 Total derivatives designated as hedges 885 842 781 954 Derivatives not designated as hedges Equity options 82,762 5,820 127 73,881 3,809 102 Futures 44 119 — 35 72 — Foreign currency swaps 13,706 223 354 8,072 230 244 Interest rate swaps 1,870 76 1 3,499 81 9 Other swaps 2,591 12 1 2,588 39 1 Foreign currency forwards 40,174 394 1,433 28,236 286 685 Embedded derivatives Funds withheld, including related parties (3,111) 80 (4,100) (64) Interest sensitive contract liabilities — 11,996 — 9,059 Total derivatives not designated as hedges 3,533 13,992 417 10,036 Total derivatives $ 4,418 $ 14,834 $ 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 2031. During the three months ended September 30, 2024 and 2023, Athene recognized gains of $152 million and $91 million, respectively, in other comprehensive income (“OCI”) associated with these hedges. During the nine months ended September 30, 2024 and 2023, Athene recognized gains of $149 million and losses of $35 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three and nine months ended September 30, 2024 and 2023. As of September 30, 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: September 30, 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 $ 3,851 $ (13) $ 4,883 $ (15) Foreign currency swaps 11,588 71 6,820 (141) Interest sensitive contract liabilities Foreign currency swaps 2,507 (44) 1,438 19 Foreign currency interest rate swaps 4,220 205 4,010 363 Interest rate swaps 17,483 (121) 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 September 30, 2024 Investment related gains (losses) Foreign currency forwards $ (180) $ 184 $ 4 $ 4 $ 8 Foreign currency swaps (313) 282 (31) — — Foreign currency interest rate swaps 255 (258) (3) — — Interest rate swaps 382 (386) (4) — — Interest sensitive contract benefits Foreign currency interest rate swaps 26 (25) 1 — — Three months ended September 30, 2023 Investment related gains (losses) Foreign currency forwards $ 179 $ (187) $ (8) $ 21 $ 5 Foreign currency swaps 161 (166) (5) — — Foreign currency interest rate swaps (90) 95 5 — — Interest rate swaps (74) 63 (11) — — Interest sensitive contract benefits Foreign currency interest rate swaps 16 (14) 2 — — Amounts excluded (In millions) Derivatives Hedged items Net Recognized in income through amortization approach Recognized in income through changes in fair value Nine months ended September 30, 2024 Investment related gains (losses) Foreign currency forwards $ (1) $ 1 $ — $ 35 $ 14 Foreign currency swaps (158) 144 (14) — — Foreign currency interest rate swaps 132 (135) (3) — — Interest rate swaps 267 (310) (43) — — Interest sensitive contract benefits Foreign currency interest rate swaps 66 (64) 2 — — Nine months ended September 30, 2023 Investment related gains (losses) Foreign currency forwards $ 74 $ (77) $ (3) $ 66 $ 12 Foreign currency swaps 59 (57) 2 — — Foreign currency interest rate swaps (5) 15 10 — — Interest rate swaps (92) 79 (13) — — Interest sensitive contract benefits Foreign currency interest rate swaps 44 (44) — — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI : Three months ended September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Foreign currency forwards $ 13 $ (65) $ (2) $ (63) Foreign currency swaps 56 (239) 82 (182) 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 September 30, 2024 and 2023, these derivatives had losses of $14 million and gains of $13 million, respectively. During the nine months ended September 30, 2024 and 2023, these derivatives had losses of $11 million and gains of $5 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of September 30, 2024 and December 31, 2023, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $15 million and $26 million, respectively. During the three and nine months ended September 30, 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 Athene to gain credit exposure to an issuer or traded index. Athene uses credit default swaps coupled with a bond to synthetically create the characteristics of a reference bond. Swaptions provide an 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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Equity options $ 596 $ (951) $ 2,298 $ 390 Futures 26 (73) 152 22 Swaps (126) (24) (156) 38 Foreign currency forwards 209 146 (657) (191) Embedded derivatives on funds withheld 747 (780) 560 (439) Amounts recognized in investment related gains (losses) 1,452 (1,682) 2,197 (180) Embedded derivatives in indexed annuity products 1 (275) 1,251 (1,270) (277) Total gains (losses) on derivatives not designated as hedges $ 1,177 $ (431) $ 927 $ (457) 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 Athene’s net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated statements of financial condition (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral September 30, 2024 Derivative assets $ 7,529 $ (1,739) $ (5,272) $ 518 $ — $ 518 Derivative liabilities (2,758) 1,739 1,091 72 1 73 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 September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, (In millions) 2024 1 2023 1 2024 1 2023 1 Net gains (losses) from investment activities $ 32 $ 18 $ 25 $ 42 Net gains (losses) from other liabilities (7) — (7) — Interest and other income 46 59 140 133 Interest and other expenses (27) (28) (88) (80) Net gains (losses) from investment activities of consolidated variable interest entities $ 44 $ 49 $ 70 $ 95 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 and nine months ended September 30, 2024, the Company recorded $9 million and $27 million, respectively, of revenues and $74 million and $75 million, respectively, of expenses related to the activities of these VIEs. For the three and nine months ended September 30, 2023, the Company recorded $9 million and $12 million, respectively, of revenues 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: September 30, 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 $ 942 7.07 % 0.07 $ 1,072 7.16 % 0.09 Total – Asset Management $ 942 $ 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 September 30, 2024, the Company was not aware of any instances of non-compliance with any of these covenants. Reverse Repurchase Agreements As of December 31, 2023, fair value of collateral received under reverse repurchase agreements was $453 million. There was no rehypothecation of the collateral received under reverse repurchase agreements as of 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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Trading securities $ 39 $ 17 $ 104 $ 65 Mortgage loans 30 29 91 83 Investment funds 22 20 43 55 Other (9) 2 (13) 1 Net investment income 82 68 225 204 Net recognized investment gains (losses) on trading securities 29 (16) 21 (15) Net recognized investment gains (losses) on mortgage loans 24 (25) (4) (45) Net recognized investment gains on investment funds 415 292 1,094 831 Other gains (losses) 2 (1) (7) (29) Investment related gains (losses) 470 250 1,104 742 Revenues of consolidated variable interest entities $ 552 $ 318 $ 1,329 $ 946 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) September 30, 2024 December 31, 2023 Maximum Loss Exposure 1,2 $ 795 $ 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: September 30, 2024 December 31, 2023 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 107 $ 862 $ 109 $ 876 Investment in related parties – investment funds 1,604 2,659 1,632 2,377 Assets of consolidated VIEs – investment funds 17,028 23,587 15,820 22,129 Investment in fixed maturity securities 67,990 69,290 48,155 50,623 Investment in related parties – fixed maturity securities 16,902 20,764 13,495 15,608 Investment in related parties – equity securities 257 257 318 318 Total non-consolidated investments $ 103,888 $ 117,419 $ 79,529 $ 91,931

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 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: September 30, 2024 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 2,666 $ — $ — $ — $ 2,666 Restricted cash and cash equivalents 3 — — — 3 Cash and cash equivalents of VIEs 102 — — — 102 Investments, at fair value 226 2 1,089 1 71 1,388 Investments of consolidated VIEs 222 29 1,908 184 2,343 Due from related parties 2 — — 26 — 26 Derivative assets 3 — — 16 — 16 Total Assets – Asset Management 3,219 31 3,039 255 6,544 Retirement Services AFS Securities U.S. government and agencies 6,759 2 — — 6,761 U.S. state, municipal and political subdivisions — 977 — — 977 Foreign governments 756 967 35 — 1,758 Corporate 12 83,423 4,175 — 87,610 CLO — 27,610 — — 27,610 ABS — 6,855 15,615 — 22,470 CMBS — 9,347 17 — 9,364 RMBS — 7,792 343 — 8,135 Total AFS securities 7,527 136,973 20,185 — 164,685 Trading securities 24 1,623 37 — 1,684 Equity securities 207 1,059 26 — 1,292 Mortgage loans — — 58,587 — 58,587 (Continued) September 30, 2024 (In millions) Level 1 Level 2 Level 3 NAV Total Funds withheld at interest – embedded derivative — — (2,581) — (2,581) Derivative assets 143 7,385 1 — 7,529 Short-term investments 202 39 168 — 409 Other investments — 603 904 — 1,507 Cash and cash equivalents 13,587 — — — 13,587 Restricted cash and cash equivalents 964 — — — 964 Investments in related parties AFS securities Corporate — 233 1,046 — 1,279 CLO — 5,215 565 — 5,780 ABS — 694 9,809 — 10,503 Total AFS securities – related parties — 6,142 11,420 — 17,562 Trading securities — — 619 — 619 Equity securities — — 257 — 257 Mortgage loans — — 1,345 — 1,345 Investment funds — — 1,106 — 1,106 Funds withheld at interest – embedded derivative — — (530) — (530) Other investments — — 348 — 348 Reinsurance recoverable — — 1,710 — 1,710 Other assets 5 — — 313 — 313 Assets of consolidated VIEs Trading securities — 441 1,938 — 2,379 Mortgage loans — — 2,226 — 2,226 Investment funds — — 818 16,210 17,028 Other investments 5 — 154 — 159 Cash and cash equivalents 305 — — — 305 Total Assets – Retirement Services 22,964 154,265 99,051 16,210 292,490 Total Assets $ 26,183 $ 154,296 $ 102,090 $ 16,465 $ 299,034 Liabilities Asset Management Contingent consideration obligations 4 $ — $ — $ 56 $ — $ 56 Derivative liabilities 3 — 33 — — 33 Total Liabilities – Asset Management — 33 56 — 89 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 11,996 — 11,996 Universal life benefits — — 820 — 820 Future policy benefits AmerUs Closed Block — — 1,166 — 1,166 ILICO Closed Block and life benefits — — 545 — 545 Market risk benefits 5 — — 4,402 — 4,402 Derivative liabilities 1 2,756 1 — 2,758 Other liabilities — — 337 — 337 Total Liabilities – Retirement Services 1 2,756 19,267 — 22,024 Total Liabilities $ 1 $ 2,789 $ 19,323 $ — $ 22,113 (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 consolidated 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 consolidated 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 September 30, 2024 and December 31, 2023 excludes $223 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 September 30, 2024 and December 31, 2023, Other liabilities includes $1 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 $55 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: September 30, 2024 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 803 Discounted cash flow Discount rate 13.5% – 52.8% 17.6% 1 126 Direct capitalization Capitalization rate 6.7% 6.7% 160 Adjusted transaction value N/A N/A N/A Due from related parties 26 Discounted cash flow Discount rate 14.0% 14.0% Derivative assets 16 Option model Volatility rate 47.5% 47.5% Investments of consolidated VIEs Bank loans 80 Discounted cash flow Discount rate 6.6% – 35.5% 8.9% 1 256 Adjusted transaction value N/A N/A N/A Equity securities 504 Dividend discount model Discount rate 14.1% 14.1% 432 Discounted cash flow Discount rate 12.7% 12.7% 39 Adjusted transaction value N/A N/A N/A 18 Option Model Volatility rate 85.0% – 105.0% 95.3% 1 Bonds 579 Discounted cash flow Discount rate 6.0% – 10.4% 6.4% 1 Retirement Services AFS, trading and equity securities 27,208 Discounted cash flow Discount rate 4.3% – 17.7% 6.9% 1 Mortgage loans 2 62,158 Discounted cash flow Discount rate 1.0% – 36.5% 7.4% 1 Investment funds 2 1,623 Discounted cash flow Discount rate 6.3% – 13.5% 11.3% 1 Financial Liabilities Asset Management Contingent consideration obligations 56 Discounted cash flow Discount rate 20.0% – 25.0% 23.7% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 11,996 Discounted cash flow Nonperformance risk 0.5% – 1.2% 0.8% 3 Option budget 0.5% – 6.0% 2.7% 4 Surrender rate 6.2% – 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 Asset Management 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 September 30, 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 $ 1,170 $ 42 $ — $ (39) $ (68) $ 1,105 $ 7 $ — Investments of consolidated VIEs 1,507 48 — (99) 452 1,908 8 — Total Level 3 assets – Asset Management $ 2,677 $ 90 $ — $ (138) $ 384 $ 3,013 $ 15 $ — Assets – Retirement Services AFS securities Foreign governments $ 34 $ — $ 1 $ — $ — $ 35 $ — $ — Corporate 8,114 6 80 775 (4,800) 4,175 2 98 ABS 8,420 1 313 2,202 4,679 15,615 — 301 CMBS 20 2 (5) — — 17 — (3) RMBS 261 2 2 78 — 343 — 2 Trading securities 37 1 — (1) — 37 1 — Equity securities 36 (1) — — (9) 26 — — Mortgage loans 52,645 1,096 — 4,846 — 58,587 1,236 — Funds withheld at interest – embedded derivative (3,283) 702 — — — (2,581) — — Derivative assets 1 — — — — 1 — — Short-term investments 80 — — 166 (78) 168 — — Other investments 904 — — — — 904 (1) — Investments in related parties AFS securities Corporate 1,194 (3) 12 (3) (154) 1,046 — (4) CLO 521 — 2 42 — 565 — 2 ABS 10,580 28 75 (874) — 9,809 7 73 Trading securities 719 — — (100) — 619 (1) — Equity securities 247 10 — — — 257 10 — Mortgage loans 1,320 39 — (14) — 1,345 (43) — Investment funds 1,066 40 — — — 1,106 40 — Funds withheld at interest – embedded derivative (717) 187 — — — (530) — — Other investments 335 13 — — — 348 13 — Reinsurance recoverable 1,518 99 — 93 — 1,710 — — Assets of consolidated VIEs Trading securities 1,876 82 — 34 (54) 1,938 82 — Mortgage loans 2,120 51 — 55 — 2,226 51 — Investment funds 913 (1) — 338 (432) 818 (1) — Other investments 113 4 — 37 — 154 4 — Total Level 3 assets – Retirement Services $ 89,074 $ 2,358 $ 480 $ 7,674 $ (848) $ 98,738 $ 1,400 $ 469 (Continued) Liabilities – Asset Management Contingent consideration obligations $ 59 $ 3 $ — $ (6) $ — $ 56 $ — $ — Total Level 3 liabilities – Asset Management $ 59 $ 3 $ — $ (6) $ — $ 56 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (11,234) $ (275) $ — $ (487) $ — $ (11,996) $ — $ — Universal life benefits (769) (51) — — — (820) — — Future policy benefits AmerUs Closed Block (1,120) (46) — — — (1,166) — — ILICO Closed Block and life benefits (529) (16) — — — (545) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (253) (86) — 2 — (337) — — Total Level 3 liabilities – Retirement Services $ (13,906) $ (474) $ — $ (485) $ — $ (14,865) $ — $ — (Concluded) 1 Related to instruments held at end of period. Three months ended September 30, 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 $ 1,165 $ (25) $ — $ 6 $ — $ 1,146 $ (1) $ — Investments of consolidated VIEs 2,608 (9) — (619) — 1,980 4 — Total Level 3 assets – Asset Management $ 3,773 $ (34) $ — $ (613) $ — $ 3,126 $ 3 $ — Assets – Retirement Services AFS securities Foreign governments $ 48 $ — $ (2) $ — $ — $ 46 $ — $ (2) Corporate 2,460 (8) (25) (26) (20) 2,381 — (27) ABS 5,305 — 14 (255) (438) 4,626 — 4 CMBS 12 — — — — 12 — — RMBS 6 — — 261 (4) 263 — — Trading securities 38 (1) — (5) — 32 (1) — Equity securities 67 7 — — — 74 7 — Mortgage loans 34,668 (850) — 4,160 — 37,978 (850) — Funds withheld at interest – embedded derivative (4,356) (625) — — — (4,981) — — Short-term investments 30 — (1) 100 — 129 — (1) Other investments 337 (5) — 145 — 477 (5) — Investments in related parties AFS securities Corporate 1,171 1 (10) 24 — 1,186 — (10) CLO 495 — 8 — — 503 — 8 ABS 7,742 (2) (11) 110 — 7,839 (6) (14) Trading securities 867 4 — — — 871 3 — Equity securities 252 (7) — — — 245 (7) — Mortgage loans 1,296 (61) — (1) — 1,234 (61) — Investment funds 1,061 (18) — — — 1,043 (18) — (Continued) Funds withheld at interest – embedded derivative (1,297) 325 — — — (972) — — Other investments 343 (16) — — — 327 (16) — Reinsurance recoverable 1,436 (135) — — — 1,301 — — Assets of consolidated VIEs Trading securities 717 (26) — (13) 1,180 1,858 (48) — Mortgage loans 2,113 (73) — 2 — 2,042 (73) — Investment funds 1,351 (30) — 81 — 1,402 (30) — Other investments 99 5 — (12) — 92 5 — Total Level 3 assets – Retirement Services $ 56,261 $ (1,515) $ (27) $ 4,571 $ 718 $ 60,008 $ (1,100) $ (42) Liabilities – Asset Management Contingent consideration obligations $ 69 $ 20 $ — $ (4) $ — $ 85 $ — $ — Total Level 3 liabilities – Asset Management $ 69 $ 20 $ — $ (4) $ — $ 85 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (8,198) $ 1,251 $ — $ (398) $ — $ (7,345) $ — $ — Universal life benefits (854) 115 — — — (739) — — Future policy benefits AmerUs Closed Block (1,159) 59 — — — (1,100) — — ILICO Closed Block and life benefits (571) 20 — — — (551) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (209) (4) — — — (213) — — Total Level 3 liabilities – Retirement Services $ (10,992) $ 1,441 $ — $ (398) $ — $ (9,949) $ — $ — (Concluded) 1 Related to instruments held at end of period. Nine months ended September 30, 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 $ 6 $ — $ (34) $ (68) $ 1,105 $ 7 $ — Investments of consolidated VIEs 1,492 19 — 15 382 1,908 5 — Total Level 3 assets – Asset Management $ 2,693 $ 25 $ — $ (19) $ 314 $ 3,013 $ 12 $ — Assets – Retirement Services AFS securities Foreign governments $ 40 $ — $ 1 $ (6) $ — $ 35 $ — $ 1 Corporate 2,525 3 87 2,387 (827) 4,175 — 110 ABS 6,943 (14) 314 8,371 1 15,615 — 298 CMBS 21 1 (5) — — 17 — (3) RMBS 265 5 3 72 (2) 343 — 2 Trading securities 28 1 — (6) 14 37 — — Equity securities 26 (1) — 1 — 26 — — Mortgage loans 44,115 825 — 13,647 — 58,587 965 — Funds withheld at interest – embedded derivative (3,379) 798 — — — (2,581) — — Derivative assets — — — — 1 1 — — Short-term investments 105 — — 142 (79) 168 — — Other investments 630 (6) — 280 — 904 (7) — Investments in related parties AFS securities Corporate 1,171 (2) 33 (2) (154) 1,046 — 18 CLO 506 — 17 42 — 565 — 18 ABS 7,826 46 22 1,915 — 9,809 2 20 Trading securities 838 (1) — (218) — 619 (2) — Equity securities 255 2 — — — 257 2 — Mortgage loans 1,281 41 — 23 — 1,345 (41) — Investment funds 1,082 24 — — — 1,106 24 — Funds withheld at interest – embedded derivative (721) 191 — — — (530) — — Other investments 343 5 — — — 348 5 — Reinsurance recoverable 1,367 51 — 292 — 1,710 — — Assets of consolidated VIEs Trading securities 1,852 31 — 103 (48) 1,938 30 — Mortgage loans 2,173 2 — 51 — 2,226 2 — Investment funds 977 (66) — 339 (432) 818 (66) — Other investments 101 — — 53 — 154 1 — Total Level 3 assets – Retirement Services $ 70,370 $ 1,936 $ 472 $ 27,486 $ (1,526) $ 98,738 $ 915 $ 464 (Continued) Nine months ended September 30, 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 – Asset Management Contingent consideration obligations $ 93 $ 68 $ — $ (105) $ — $ 56 $ — $ — Total Level 3 liabilities – Asset Management $ 93 $ 68 $ — $ (105) $ — $ 56 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (9,059) $ (1,270) $ — $ (1,667) $ — $ (11,996) $ — $ — Universal life benefits (834) 14 — — — (820) — — Future policy benefits AmerUs Closed Block (1,178) 12 — — — (1,166) — — ILICO Closed Block and life benefits (522) (23) — — — (545) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (330) (123) — 52 64 (337) — — Total Level 3 liabilities – Retirement Services $ (11,924) $ (1,390) $ — $ (1,615) $ 64 $ (14,865) $ — $ — (Concluded) 1 Related to instruments held at end of period. Nine months ended September 30, 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 $ 18 $ — $ 30 $ — $ 1,146 $ 45 $ — Investments of consolidated VIEs 727 23 — 1,232 (2) 1,980 16 — Total Level 3 assets – Asset Management $ 1,825 $ 41 $ — $ 1,262 $ (2) $ 3,126 $ 61 $ — Assets – Retirement Services AFS securities Foreign governments $ 1 $ — $ (2) $ 47 $ — $ 46 $ — $ (2) Corporate 1,665 (9) (1) 1,170 (444) 2,381 — (7) ABS 4,867 — (36) 794 (999) 4,626 — (49) CMBS — — — — 12 12 — (1) RMBS 232 6 2 258 (235) 263 — — Trading securities 53 2 — (12) (11) 32 — — Equity securities 92 (5) — — (13) 74 (5) — Mortgage loans 27,454 (794) — 11,318 — 37,978 (792) — Funds withheld at interest – embedded derivative (4,847) (134) — — — (4,981) — — Short-term investments 36 — (3) 70 26 129 — (1) Other investments 441 (5) — 41 — 477 (7) — Investments in related parties AFS securities Corporate 812 2 (18) 175 215 1,186 — (18) CLO 303 — 15 185 — 503 — 15 ABS 5,542 7 38 1,968 284 7,839 (2) 32 Trading securities 878 6 — (13) — 871 3 — Equity securities 279 (2) — (32) — 245 (3) — Mortgage loans 1,302 (44) — (24) — 1,234 (44) — Investment funds 959 52 — 32 — 1,043 53 — Funds withheld at interest – embedded derivative (1,425) 453 — — — (972) — — Other investments 303 (18) — 42 — 327 (19) — Reinsurance recoverable 1,388 (87) — — — 1,301 — — Assets of consolidated VIEs Trading securities 622 (18) — (23) 1,277 1,858 (40) — Mortgage loans 2,055 (71) — 58 — 2,042 (71) — Investment funds 2,471 (7) — 73 (1,135) 1,402 (7) — Other investments 99 7 — (14) — 92 7 — Total Level 3 assets – Retirement Services $ 45,582 $ (659) $ (5) $ 16,113 $ (1,023) $ 60,008 $ (927) $ (31) Liabilities – Asset Management Contingent consideration obligations $ 86 $ 3 $ — $ (4) $ — $ 85 $ — $ — Total Level 3 liabilities – Asset Management $ 86 $ 3 $ — $ (4) $ — $ 85 $ — $ — (Continued) Nine months ended September 30, 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 Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (277) $ — $ (1,227) $ — $ (7,345) $ — $ — Universal life benefits (829) 90 — — — (739) — — Future policy benefits AmerUs Closed Block (1,164) 64 — — — (1,100) — — ILICO Closed Block and life benefits (548) (3) — — — (551) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (71) — — — (213) — — Total Level 3 liabilities – Retirement Services $ (8,525) $ (197) $ — $ (1,227) $ — $ (9,949) $ — $ — (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 September 30, 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 $ 7 $ — $ (46) $ — $ (39) $ — $ (68) $ (68) Investments of consolidated VIEs 1,033 — (1,132) — (99) 452 — 452 Total Level 3 assets – Asset Management $ 1,040 $ — $ (1,178) $ — $ (138) $ 452 $ (68) $ 384 Assets – Retirement Services AFS securities Corporate $ 912 $ — $ (16) $ (121) $ 775 $ 68 $ (4,868) $ (4,800) ABS 3,004 — (351) (451) 2,202 4,897 (218) 4,679 RMBS 81 — — (3) 78 — — — Trading securities — — — (1) (1) — — — Equity securities — — — — — — (9) (9) Mortgage loans 7,518 — — (2,672) 4,846 — — — Short-term investments 168 — — (2) 166 — (78) (78) Investments in related parties AFS securities Corporate — — — (3) (3) — (154) (154) CLO 42 — — — 42 — — — ABS 1,193 — — (2,067) (874) — — — Trading securities — — — (100) (100) — — — Mortgage loans — — — (14) (14) — — — Reinsurance recoverable — 94 — (1) 93 — — — Assets of consolidated VIEs Trading securities 38 — (4) — 34 34 (88) (54) Mortgage loans 70 — — (15) 55 — — — Investment funds 338 — — — 338 — (432) (432) Other investments 37 — — — 37 — — — Total Level 3 assets – Retirement Services $ 13,401 $ 94 $ (371) $ (5,450) $ 7,674 $ 4,999 $ (5,847) $ (848) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (6) $ (6) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (6) $ (6) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities – Embedded derivative $ — $ (750) $ — $ 263 $ (487) $ — $ — $ — Other liabilities — — — 2 2 — — — Total Level 3 liabilities – Retirement Services $ — $ (750) $ — $ 265 $ (485) $ — $ — $ — Three months ended September 30, 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 $ — $ (2) $ — $ 6 $ — $ — $ — Investments of consolidated VIEs 1,459 — (2,078) — (619) — — — Total Level 3 assets – Asset Management $ 1,467 $ — $ (2,080) $ — $ (613) $ — $ — $ — Assets – Retirement Services AFS securities Corporate $ 26 $ — $ — $ (52) $ (26) $ — $ (20) $ (20) ABS 221 — (13) (463) (255) 357 (795) (438) RMBS 261 — — — 261 — (4) (4) Trading securities — — — (5) (5) — — — Mortgage loans 5,696 — (285) (1,251) 4,160 — — — Short-term investments 100 — — — 100 — — — Other investments 145 — — — 145 — — — Investments in related parties AFS securities Corporate 27 — — (3) 24 — — — ABS 426 — — (316) 110 — — — Trading securities 1 — (1) — — — — — Mortgage loans — — — (1) (1) — — — Assets of consolidated VIEs Trading securities 6 — (19) — (13) 1,180 — 1,180 Mortgage loans 4 — — (2) 2 — — — Investment funds 113 — (32) — 81 — — — Other investments 2 — (14) — (12) — — — Total Level 3 assets – Retirement Services $ 7,028 $ — $ (364) $ (2,093) $ 4,571 $ 1,537 $ (819) $ 718 Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (4) $ (4) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (4) $ (4) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities – Embedded derivative $ — $ (573) $ — $ 175 $ (398) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (573) $ — $ 175 $ (398) $ — $ — $ — Nine months ended September 30, 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 $ 27 $ — $ (61) $ — $ (34) $ — $ (68) $ (68) Investments of consolidated VIEs 3,122 — (3,107) — 15 452 (70) 382 Total Level 3 assets – Asset Management $ 3,149 $ — $ (3,168) $ — $ (19) $ 452 $ (138) $ 314 Assets – Retirement Services AFS securities Foreign governments $ — $ — $ — $ (6) $ (6) $ — $ — $ — Corporate 2,623 — (18) (218) 2,387 166 (993) (827) ABS 9,635 — (423) (841) 8,371 748 (747) 1 RMBS 81 — — (9) 72 — (2) (2) Trading securities — — — (6) (6) 14 — 14 Equity securities 2 — (1) — 1 9 (9) — Mortgage loans 19,226 — (26) (5,553) 13,647 — — — Derivative assets — — — — — 1 — 1 Short-term investments 171 — (6) (23) 142 — (79) (79) Other investments 280 — — — 280 — — — Investments in related parties AFS securities Corporate 6 — (1) (7) (2) — (154) (154) CLO 42 — — — 42 — — — ABS 5,780 — (504) (3,361) 1,915 — — — Trading securities 4 — — (222) (218) — — — Mortgage loans 87 — — (64) 23 — — — Reinsurance recoverable — 294 — (2) 292 — — — Assets of consolidated VIEs Trading securities 201 — (91) (7) 103 40 (88) (48) Mortgage loans 125 — — (74) 51 — — — Investment funds 339 — — — 339 — (432) (432) Other investments 56 — (3) — 53 — — — Total Level 3 assets – Retirement Services $ 38,658 $ 294 $ (1,073) $ (10,393) $ 27,486 $ 978 $ (2,504) $ (1,526) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (105) $ (105) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (105) $ (105) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities – embedded derivative $ — $ (2,408) $ — $ 741 $ (1,667) $ — $ — $ — Other liabilities — — — 52 52 64 — 64 Total Level 3 liabilities – Retirement Services $ — $ (2,408) $ — $ 793 $ (1,615) $ 64 $ — $ 64 Nine months ended September 30, 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 $ 34 $ — $ (4) $ — $ 30 $ — $ — $ — Investments of consolidated VIEs 4,058 — (2,826) — 1,232 — (2) (2) Total Level 3 assets – Asset Management $ 4,092 $ — $ (2,830) $ — $ 1,262 $ — $ (2) $ (2) Assets – Retirement Services AFS securities Foreign governments $ 53 $ — $ — $ (6) $ 47 $ — $ — $ — Corporate 1,338 — — (168) 1,170 29 (473) (444) ABS 1,552 — (33) (725) 794 695 (1,694) (999) CMBS — — — — — 12 — 12 RMBS 262 — — (4) 258 5 (240) (235) Trading securities 8 — — (20) (12) 5 (16) (11) Equity securities — — — — — — (13) (13) Mortgage loans 14,361 — (348) (2,695) 11,318 — — — Short-term investments 100 — — (30) 70 26 — 26 Other investments 472 — — (431) 41 — — — Investments in related parties AFS securities Corporate 184 — — (9) 175 215 — 215 CLO 185 — — — 185 — — — ABS 3,132 — (162) (1,002) 1,968 284 — 284 Trading securities 28 — (38) (3) (13) — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (24) (24) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 26 — (49) — (23) 1,308 (31) 1,277 Mortgage loans 63 — — (5) 58 — — — Investment funds 113 — (40) — 73 475 (1,610) (1,135) Other investments 7 — (21) — (14) — — — Total Level 3 assets – Retirement Services $ 21,958 $ — $ (691) $ (5,154) $ 16,113 $ 3,054 $ (4,077) $ (1,023) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (4) $ (4) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (4) $ (4) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities – Embedded derivative $ — $ (1,708) $ — $ 481 $ (1,227) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (1,708) $ — $ 481 $ (1,227) $ — $ — $ — Financial Instruments Without Readily Determinable Fair Values The Company 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 September 30, 2024 and December 31, 2023. 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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Trading securities $ 131 $ (116) $ 31 $ (84) Mortgage loans 1,186 (984) 868 (909) Investment funds 38 (66) 13 23 Future policy benefits (46) 59 12 64 Other 5 (4) 9 (71) Total gains (losses) $ 1,314 $ (1,111) $ 933 $ (977) 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) September 30, 2024 December 31, 2023 Unpaid principal balance $ 64,404 $ 50,752 Mark to fair value (2,246) (3,183) Fair value $ 62,158 $ 47,569 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) September 30, 2024 December 31, 2023 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual st

Deferred Acquisition Costs, Def

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	9 Months Ended
	Sep. 30, 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. Nine months ended September 30, 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 404 751 36 — 479 — 1,670 Amortization (176) (131) (8) (1) (88) (274) (678) Balance at September 30, 2024 $ 1,118 $ 2,137 $ 38 $ 10 $ 1,361 $ 2,307 $ 6,971 Nine months ended September 30, 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 426 609 2 3 447 — 1,487 Amortization (74) (69) (3) (1) (40) (315) (502) Other — — — — — (3) (3) Balance at September 30, 2023 $ 656 $ 1,295 $ 10 $ 11 $ 806 $ 2,670 $ 5,448 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	9 Months Ended
	Sep. 30, 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. Nine months ended September 30, 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 19,786 12,761 24,083 933 57,563 Policy charges (2) (522) — — (524) Surrenders and withdrawals (3,691) (9,724) — (63) (13,478) Benefit payments (830) (1,204) (7,746) (173) (9,953) Interest credited 2,323 2,313 1,173 152 5,961 Foreign exchange (1) 1 116 (56) 60 Other — — 421 (74) 347 Balance at September 30, 2024 $ 82,348 $ 96,772 $ 50,397 $ 8,348 $ 237,865 Weighted average crediting rate 4.3 % 2.6 % 4.5 % 2.6 % Net amount at risk $ 427 $ 15,221 $ — $ 65 Cash surrender value 78,049 89,378 — 7,112 Nine months ended September 30, 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 18,011 8,960 4,893 3,760 35,624 Policy charges (2) (481) — — (483) Surrenders and withdrawals (8,207) (8,292) (110) (25) (16,634) Benefit payments (738) (1,216) (2,264) (223) (4,441) Interest credited 1,284 802 628 110 2,824 Foreign exchange (77) (1) (26) (344) (448) Other 1 63 77 (46) (1,419) (1,325) Balance at September 30, 2023 $ 53,852 $ 92,509 $ 30,514 $ 6,581 $ 183,456 Weighted average crediting rate 3.7 % 2.3 % 3.1 % 2.7 % Net amount at risk $ 425 $ 14,438 $ — $ 104 Cash surrender value 50,352 84,052 — 5,335 1 Other includes $1,371 million reduction of reserves related to the VIAC recapture agreement. See note 15 for further information. The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated statements of financial condition: September 30, (In millions) 2024 2023 Traditional deferred annuities $ 82,348 $ 53,852 Indexed annuities 96,772 92,509 Funding agreements 50,397 30,514 Other investment-type 8,348 6,581 Reconciling items 1 7,571 5,609 Interest sensitive contract liabilities $ 245,436 $ 189,065 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: September 30, 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% $ 28,488 $ 15,531 $ 126,352 $ 170,371 2.0% – < 4.0% 23,576 1,787 1,927 27,290 4.0% – < 6.0% 28,764 75 1 28,840 6.0% and greater 11,364 — — 11,364 Total $ 92,192 $ 17,393 $ 128,280 $ 237,865 September 30, 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% $ 28,564 $ 19,709 $ 90,121 $ 138,394 2.0% – < 4.0% 28,838 1,128 541 30,507 4.0% – < 6.0% 11,433 9 1 11,443 6.0% and greater 3,112 — — 3,112 Total $ 71,947 $ 20,846 $ 90,663 $ 183,456 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: Nine months ended September 30, 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 Effect of actual to expected experience — (4) (4) Adjusted balance — 1,131 1,131 Interest accrual — 17 17 Net premium collected — (144) (144) Foreign exchange — (28) (28) Ending balance at original discount rate — 976 976 Effect of changes in discount rate assumptions — 41 41 Effect of foreign exchange on the change in discount rate assumptions — 1 1 Ending balance $ — $ 1,018 $ 1,018 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 changes in cash flow assumptions (104) — (104) Effect of actual to expected experience (89) (4) (93) Adjusted balance 51,042 3,272 54,314 Issuances 1,010 — 1,010 Interest accrual 1,353 52 1,405 Benefit payments (3,355) (66) (3,421) Foreign exchange 33 (64) (31) Ending balance at original discount rate 50,083 3,194 53,277 Effect of changes in discount rate assumptions (5,362) 46 (5,316) Effect of foreign exchange on the change in discount rate assumptions (16) (3) (19) Ending balance $ 44,705 $ 3,237 $ 47,942 Net future policy benefits $ 44,705 $ 2,219 $ 46,924 Weighted-average liability duration (in years) 9.4 31.3 Weighted-average interest accretion rate 3.7 % 4.8 % Weighted-average current discount rate 5.0 % 4.0 % Expected future gross premiums, undiscounted $ — $ 1,255 Expected future gross premiums, discounted 1 — 1,064 Expected future benefit payments, undiscounted 73,523 10,235 1 Discounted at the original discount rate. Nine months ended September 30, 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 changes in cash flow assumptions (297) — (297) Effect of actual to expected experience (36) — (36) Adjusted balance 44,501 — 44,501 Issuances 9,120 — 9,120 Interest accrual 1,194 — 1,194 Benefit payments (2,731) — (2,731) Foreign exchange 6 — 6 Other 1 (1,509) — (1,509) Ending balance at original discount rate 50,581 — 50,581 Effect of changes in discount rate assumptions (9,753) — (9,753) Effect of foreign exchange on the change in discount rate assumptions 12 — 12 Ending balance $ 40,840 $ — $ 40,840 Net future policy benefits $ 40,840 $ — $ 40,840 Weighted-average liability duration (in years) 9.6 0.0 Weighted-average interest accretion rate 3.6 % — % Weighted-average current discount rate 6.1 % — % Expected future benefit payments, undiscounted $ 73,933 $ — 1 Other includes $1,509 million reduction of reserves related to the VIAC recapture agreement. See note 15 for further information. The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition: September 30, (In millions) 2024 2023 Payout annuities with life contingencies $ 44,705 $ 40,840 Whole life 2,219 — Reconciling items 1 6,038 5,832 Future policy benefits $ 52,962 $ 46,672 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 Nine months ended September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Payout annuities with life contingencies $ 985 $ 9,142 $ 1,353 $ 1,194 Whole life 154 — 35 — Reconciling items 1 24 21 — — Total $ 1,163 $ 9,163 $ 1,388 $ 1,194 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 nine months ended September 30, 2024, the present value of expected future policy benefits decreased by $430 million, which was driven by $3,421 million of benefit payments and $104 million of favorable unlocking of assumptions, offset by $1,405 million of interest accruals, $1,010 million of issuances, primarily pension group annuities, and an $832 million change in discount rate assumptions related to a decrease in market observable rates. During the nine months ended September 30, 2023, the present value of expected future policy benefits increased by $4,418 million, which was driven by $9,120 million of issuances, primarily pension group annuities, and $1,194 million of interest accrual, partially offset by $2,731 million of benefit payments, a $1,509 million reduction in reserve related to recapture, a $1,328 million change in discount rate assumptions related to an increase in rates, and $297 million resulting from favorable unlocking of assumptions, primarily related to higher interest rates and favorable mortality experience lowering future 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: Nine months ended September 30, (In millions) 2024 2023 Reserves $ 193 $ 333 Deferred profit liability (37) (243) Negative VOBA (52) (54) Total remeasurement gains (losses) $ 104 $ 36 During the nine months ended September 30, 2024 and 2023, Athene recorded reserve increases of $15 million and $110 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: Nine months ended September 30, 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 — 270 270 Interest accrual 8 143 151 Attributed fees collected 1 265 266 Benefit payments (3) (39) (42) Effect of changes in interest rates (2) (34) (36) Effect of changes in equity — (115) (115) Effect of actual policyholder behavior compared to expected behavior 5 64 69 Effect of changes in future expected policyholder behavior (3) 88 85 Effect of changes in other future expected assumptions — (19) (19) Balance, end of period, before changes in instrument-specific credit risk 200 3,794 3,994 Effect of changes in instrument-specific credit risk 1 94 95 Balance at September 30, 2024 201 3,888 4,089 Less: Reinsurance recoverable — (40) (40) Balance at September 30, 2024, net of reinsurance $ 201 $ 3,848 $ 4,049 Net amount at risk $ 427 $ 15,221 Weighted-average attained age of contract holders (in years) 76 69 Nine months ended September 30, 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 — 47 47 Interest accrual 7 108 115 Attributed fees collected 2 250 252 Benefit payments (1) (24) (25) Effect of changes in interest rates (18) (591) (609) Effect of changes in equity — (26) (26) Effect of actual policyholder behavior compared to expected behavior 4 42 46 Effect of changes in future expected policyholder behavior (3) 78 75 Effect of changes in other future expected assumptions — 6 6 Balance, end of period, before changes in instrument-specific credit risk 174 2,562 2,736 Effect of changes in instrument-specific credit risk (7) (139) (146) Balance at September 30, 2023 $ 167 $ 2,423 $ 2,590 Net amount at risk $ 425 $ 14,438 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. September 30, 2024 September 30, 2023 (In millions) Asset Liability Net Liability Asset Liability Net Liability Traditional deferred annuities $ — $ 201 $ 201 $ — $ 167 $ 167 Indexed annuities 313 4,201 3,888 431 2,854 2,423 Total $ 313 $ 4,402 $ 4,089 $ 431 $ 3,021 $ 2,590 During the nine months ended September 30, 2024, net market risk benefit liabilities increased by $716 million, which was primarily driven by $270 million of issuances, $266 million in fees collected from policyholders, and $151 million of interest accrual. During the nine months ended September 30, 2023, net market risk benefit liabilities increased by $101 million, which was primarily driven by $252 million in fees collected from policyholders, a $220 million change in instrument-specific credit risk related to tightening of credit spreads and $115 million of interest accrual, partially offset by a decrease of $609 million related to changes in the risk-free discount rate across the curve. 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 nonperformance risk, which is considered an unobservable input. Athene uses its public credit rating relative to the U.S. Treasury curve as of the valuation date to reflect its nonperformance risk in the fair value estimate of market risk benefits. The following summarizes the unobservable inputs for market risk benefits: September 30, 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 $ 4,089 Discounted cash flow Nonperformance risk 0.5 % 1.2 % 1.1 % 1 Decrease Option budget 0.5 % 6.0 % 2.2 % 2 Decrease Surrender rate 3.3 % 7.0 % 4.5 % 2 Decrease Utilization rate 28.6 % 95.0 % 84.7 % 3 Increase September 30, 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 $ 2,590 Discounted cash flow Nonperformance risk 0.6 % 1.6 % 1.4 % 1 Decrease Option budget 0.5 % 5.9 % 1.9 % 2 Decrease Surrender rate 3.4 % 6.5 % 4.6 % 2 Decrease Utilization rate 28.6 % 95.0 % 83.2 % 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	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Profit Sharing Payable	9. Profit Sharing Payable Profit sharing payable was $1.9 billion and $1.7 billion as of September 30, 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 570 Payments/other (373) Profit sharing payable, September 30, 2024 $ 1,866 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	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The Company’s income tax provision totaled $317 million and $243 million for the three months ended September 30, 2024 and 2023, respectively, and totaled $1,000 million and $697 million for the nine months ended September 30, 2024 and 2023, respectively. The Company’s effective income tax rate was approximately 15.2% and 27.5% for the three months ended September 30, 2024 and 2023, respectively, and 17.5% and 19.2% for the nine months ended September 30, 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 September 30, 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 September 30, 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 September 30, 2024, the Company recorded $10 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 September 30, 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 2014 to 2021. The United Kingdom tax authorities are currently examining certain subsidiaries’ tax returns for tax years 2015 to 2022. 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	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	11. Debt Company debt consisted of the following: September 30, 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 $ — $ — $ 499 $ 496 4 4.40% 2026 Senior Notes 1,2 May 27, 2026 499 500 4 498 490 4 4.87% 2029 Senior Notes 1,2 February 15, 2029 675 687 4 675 664 4 2.65% 2030 Senior Notes 1,2 June 5, 2030 497 454 4 496 432 4 6.38% 2033 Senior Notes 1,2 November 15, 2033 492 558 4 492 539 4 5.00% 2048 Senior Notes 1,2 March 15, 2048 297 296 4 297 275 4 5.80% 2054 Senior Notes 1,2 May 21, 2054 741 800 4 — — 4.95% 2050 Subordinated Notes 1,2 January 14, 2050 297 299 4 297 283 4 7.63% 2053 Subordinated Notes 1,2 September 15, 2053 584 656 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 — — 19 19 3 2.00% 2016 AMI Term Facility II October 18, 2024 — — 12 12 3 4,082 4,250 3,883 3,876 Retirement Services 4.13% 2028 AHL Senior Notes 1 January 12, 2028 1,054 986 4 1,066 956 4 6.15% 2030 AHL Senior Notes 1 April 3, 2030 582 538 4 593 516 4 3.50% 2031 AHL Senior Notes 1 January 15, 2031 521 466 4 523 442 4 6.65% 2033 AHL Senior Notes 1 February 1, 2033 395 441 4 395 427 4 5.88% 2034 AHL Senior Notes 1 January 15, 2034 584 629 4 583 607 4 3.95% 2051 AHL Senior Notes 1 May 25, 2051 545 385 4 545 375 4 3.45% 2052 AHL Senior Notes 1 May 15, 2052 504 344 4 504 337 4 6.25% 2054 AHL Senior Notes 1 April 1, 2054 982 1,068 4 — — 7.25% 2064 AHL Subordinated Notes 1 March 30, 2064 558 591 5 — — 5,725 5,448 4,209 3,660 Total Debt $ 9,807 $ 9,698 $ 8,092 $ 7,536 1 Interest rate is calculated as weighted average annualized. 2 Includes amortization of note discount, as applicable, totaling $41 million and $34 million as of September 30, 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 and Repayments On May 21, 2024, AGM issued $750 million aggregate principal amount of its 5.800% Senior Notes due 2054 (the “2054 Senior Notes”), at par value. The 2054 Senior Notes bear interest at a rate of 5.800% per annum and interest is payable semi-annually in arrears on May 21 and November 21 of each year, commencing on November 21, 2024. The 2054 Senior Notes will mature on May 21, 2054. The underwriting discount and related expenses are amortized into interest expense on the condensed consolidated statements of operations over the term of the 2054 Senior Notes. On May 30, 2024, AMH repaid in full the principal and accrued interest of the $500 million aggregate principal amount of its 4.00% 2024 Senior Notes. During the fourth quarter of 2024, AGM issued $500 million aggregate principal amount of its 6.000% Fixed-Rate Resettable Junior Subordinated Notes due 2054 (the “2054 Subordinated Notes”), at par value. Subject to the Company’s right to defer the payment of interest for up to five years, interest on the 2054 Subordinated Notes is payable on a semi-annual basis in arrears on June 15 and December 15 of each year, commencing on June 15, 2025. The 2054 Subordinated Notes bear interest at a fixed rate of 6.000% per annum until December 15, 2034 (the “First Reset Date”). On and after the First Reset Date, on the five-year anniversary of the First Reset Date and every five years thereafter, the interest rate on the 2054 Subordinated Notes will be reset equal to the Five-Year U.S. Treasury Rate (as defined in the indenture for the 2054 Subordinated Notes (the “Indenture”)) as of the most recent Reset Interest Determination Date (as defined in the Indenture) plus a spread of 2.168%. The 2054 Subordinated Notes will mature on December 15, 2054. The underwriting discount and related expenses will be amortized into interest expense on the condensed consolidated statements of operations over the term of the 2054 Subordinated Notes, commencing in the fourth quarter of 2024. The indentures governing the 2026 Senior Notes, the 2029 Senior Notes, the 2030 Senior Notes, the 2033 Senior Notes, the 2048 Senior Notes, the 2054 Senior Notes, the 2050 Subordinated Notes, the 2053 Subordinated Notes and the 2054 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 AHL 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 at the 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 AHL Senior Notes”). Athene will pay interest on the 2054 AHL Senior Notes semi-annually, commencing on October 1, 2024. AHL 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 AHL Subordinated Notes”). Athene will pay interest at an annual fixed rate of 7.250% on the 2064 AHL 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 will reset 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 During the fourth quarter of 2024, Athene issued $600 million of 6.625% Fixed-Rate Reset Junior Subordinated Debentures due October 15, 2054 (the “2054 AHL Subordinated Notes”). Athene will pay interest semi-annually at an annual fixed rate of 6.625% on the 2054 AHL Subordinated Notes, commencing on April 15, 2025 until October 15, 2034. On October 15, 2034, and every fifth annual anniversary thereafter, the interest rate will reset to the Five-Year U.S. Treasury Rate (as defined in the applicable prospectus supplement) plus 2.607%. Athene may defer interest payments for up to five Credit and Liquidity Facilities The following table represents the Company’s credit and liquidity facilities as of September 30, 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 September 30, 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 27, 2025 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 September 30, 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 September 30, 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 and Liquidity Facilities AHL Credit Facility —On June 30, 2023, AHL, ALRe, AUSA and AARe entered into a five-year revolving credit agreement with a syndicate of banks and Citibank, N.A. as administrative agent (“AHL credit facility”). 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 September 30, 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 28, 2024, 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 June 30, 2023. The previous credit agreement, and the commitments under it, expired on June 28, 2024. The AHL liquidity facility is unsecured and has a commitment termination date of June 27, 2025, 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 $10.2 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 September 30, 2024 and December 31, 2023, there were no amounts outstanding under the current or previous AHL liquidity facilities and Athene was in compliance with all financial covenants under the facilities. Interest Expense The following table presents the interest expense incurred related to the Company’s debt: Three months ended September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Asset Management $ 55 $ 36 $ 159 $ 98 Retirement Services 1 65 30 174 91 Total Interest Expense $ 120 $ 66 $ 333 $ 189 Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable. 1 Interest expense for Retirement Services is included in policy and other operating expenses on the condensed consolidated statements of operations.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 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 September 30, 2024 and 2023, the Company recorded equity-based compensation expense of $136 million and $142 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense of $478 million and $422 million, respectively. As of September 30, 2024, there was $691 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.1 years. Service-Based Awards During the nine months ended September 30, 2024 and 2023, the Company awarded 3.5 million and 4.8 million of service-based RSUs, respectively, with a grant date fair value of $378 million and $326 million, respectively. During the three months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense on service-based RSUs of $95 million and $80 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense on service-based RSUs of $296 million and $227 million, respectively. Performance-Based Awards During the nine months ended September 30, 2024 and 2023, the Company awarded 0.9 million and 1.4 million of performance-based RSUs, respectively, with a grant date fair value of $89 million and $94 million, respectively, which primarily vest subject to continued employment and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated equity-based compensation expense. During the three months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense on performance-based awards of $31 million and $41 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense on performance-based awards of $138 million and $137 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 September 30, 2024 and 2023, the Company recorded equity-based compensation expense for service-based awards related to these one-time grants of $14 million and $14 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense for service-based awards related to these one-time grants of $42 million and $42 million, respectively. During the three months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense for performance-based awards related to these one-time grants of $6 million and $6 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense for performance-based awards related to these one-time grants of $18 million and $18 million, respectively. 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 4,359,947 106.78 21,957 4,381,904 Forfeited (235,093) 71.52 (172,960) (408,053) Vested (3,320,092) 66.30 3,320,092 — Issued — — (7,034,702) (7,034,702) Balance at September 30, 2024 17,497,665 $ 68.10 18,201,439 35,699,104 Restricted Stock Awards During the nine months ended September 30, 2024 and 2023, the Company awarded 0.2 million and 0.5 million restricted stock awards, respectively, from profit sharing arrangements with a grant date fair value of $25 million and $32 million, respectively.

Equity

Equity	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 nine months ended September 30, 2024 and 2023: Nine months ended September 30, 2024 2023 Shares of common stock issued in settlement of vested RSUs and options exercised 1 7,352,428 7,736,756 Reduction of shares of common stock issued 2 (2,404,677) (2,997,427) Shares of common stock purchased related to share issuances and forfeitures 3 (149,002) (161,530) Issuance of shares of common stock for equity-based awards 4,798,749 4,577,799 1 The gross value of shares issued was $789 million and $553 million for the nine months ended September 30, 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 $310 million and $215 million for the nine months ended September 30, 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 nine months ended September 30, 2024, and 2023, Apollo issued 228,392 and 452,640 of such restricted shares and 149,002 and 161,530 of such RSUs under the Equity Plan, respectively. During the nine months ended September 30, 2023, Apollo repurchased 499,430 shares of common stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program. During the nine months ended September 30, 2024 and 2023, 7,267,000 and 7,386,570 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 $788 million and $501 million for these open market share repurchases during the nine months ended September 30, 2024 and 2023, respectively. During the second quarter of 2024, the Company issued 742,742 shares of common stock in settlement of a share-based contingent consideration. See note 16 for further information on the contingent consideration. 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 0.5055 shares and 0.6066 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 nine months ended September 30, 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 September 30, 2024. Warrants In 2022, the Company issued warrants 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 September 30, 2024, warrants exercisable for 7.5 million shares of common stock were vested and exercisable. Additional warrants exercisable for 2.5 million shares of common stock each 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. On November 6, 2024, the Company issued warrants in a private placement exercisable for up to 2.9 million shares of common stock at an exercise price of $173.51 per share. The warrants are exercisable on the issuance date and each of the first, second, third, fourth, fifth and sixth anniversaries thereof. Each warrant, to the extent exercised, will be settled on a “cashless net exercise basis.” The warrants will expire on the seventh anniversary of the issuance date, 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 May 2, 2024 0.46 May 31, 2024 263 16 August 1, 2024 0.46 August 30, 2024 262 15 Nine months ended September 30, 2024 $ 1.35 $ 770 $ 45 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 June 30, 2024 $ (9,674) $ (277) $ (82) $ 4,218 $ 5 $ (10) $ (5,820) Other comprehensive income (loss) before reclassifications 5,143 (22) 225 (2,263) (93) 61 3,051 Less: Reclassification adjustments for gains (losses) realized 1 (348) (8) 4 — — — (352) Less: Income tax expense (benefit) 1,122 (3) 47 (472) (20) 8 682 Less: Other comprehensive loss attributable to non-controlling interests, net of tax 886 7 60 (596) (9) 26 374 Balance at September 30, 2024 $ (6,191) $ (295) $ 32 $ 3,023 $ (59) $ 17 $ (3,473) 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 June 30, 2023 $ (11,052) $ (378) $ 27 $ 4,708 $ 312 $ (9) $ (6,392) Other comprehensive income (loss) before reclassifications (3,199) 33 (192) 1,317 (254) (34) (2,329) Less: Reclassification adjustments for gains (losses) realized 1 (11) — 21 — — — 10 Less: Income tax expense (benefit) (654) 6 (46) 273 (52) (3) (476) Less: Other comprehensive income (loss) attributable to non-controlling interests, net of subsidiary issuance of equity interest and tax (577) (3) (26) 471 (8) (17) (160) Balance at September 30, 2023 $ (13,009) $ (348) $ (114) $ 5,281 $ 118 $ (23) $ (8,095) 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, 2023 $ (8,675) $ (289) $ (81) $ 3,458 $ 3 $ 9 $ (5,575) Other comprehensive income (loss) before reclassifications 3,528 (19) 264 (832) (87) 22 2,876 Less: Reclassification adjustments for gains (losses) realized 1 (237) (14) 35 — — — (216) Less: Income tax expense (benefit) 776 (1) 49 (176) (18) 4 634 Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax 505 2 67 (221) (7) 10 356 Balance at September 30, 2024 $ (6,191) $ (295) $ 32 $ 3,023 $ (59) $ 17 $ (3,473) 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 (1,841) (31) (214) 1,328 (220) (1) (979) Less: Reclassification adjustments for gains (losses) realized 1 (105) — 66 — — — (39) Less: Income tax expense (benefit) (828) (12) (68) 777 (46) 2 (175) Less: Other comprehensive income (loss) attributable to non-controlling interests, net of subsidiary issuance of equity interest and tax (467) (5) (50) 526 (7) (2) (5) Balance at September 30, 2023 $ (13,009) $ (348) $ (114) $ 5,281 $ 118 $ (23) $ (8,095) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, (In millions, except share and per share amounts) 2024 2023 2024 2023 Numerator: Net income (loss) attributable to common stockholders $ 787 $ 660 $ 3,018 $ 2,269 Dividends declared on common stock 1 (262) (244) (770) (717) Dividends on participating securities 2 (15) (12) (45) (36) Earnings allocable to participating securities (14) (12) (59) (44) Undistributed income (loss) attributable to common stockholders: Basic 496 392 2,144 1,472 Dilution effect on distributable income attributable to contingent shares — — — (5) Undistributed income (loss) attributable to common stockholders: Diluted $ 496 $ 392 $ 2,144 $ 1,467 Denominator: Weighted average number of shares of common stock outstanding: Basic 585,382,685 578,797,225 586,921,189 580,610,127 Dilution effect of options 1,029,658 — 1,057,400 960,937 Dilution effect of warrants 2,129,471 — 1,929,163 — Dilution effect of contingent shares — — — 42,215 Weighted average number of shares of common stock outstanding: Diluted 588,541,814 578,797,225 589,907,752 581,613,279 Net income (loss) per share of common stock: Basic Distributed income $ 0.46 $ 0.43 $ 1.35 $ 1.26 Undistributed income (loss) 0.84 0.67 3.61 2.51 Net income (loss) per share of common stock: Basic $ 1.30 $ 1.10 $ 4.96 $ 3.77 Net income (loss) per share of common stock: Diluted Distributed income $ 0.46 $ 0.43 $ 1.35 $ 1.26 Undistributed income (loss) 0.83 0.67 3.59 2.49 Net income (loss) per share of common stock: Diluted $ 1.29 $ 1.10 $ 4.94 $ 3.75 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Weighted average unvested RSUs 14,405,628 15,755,026 14,282,686 15,238,581 Weighted average unexercised options — 2,096,655 — — Weighted average unexercised warrants — 5,065,938 — 4,659,465 Weighted average Mandatory Convertible Preferred Stock 14,531,793 9,480,194 14,528,276 3,194,791 Weighted average unvested restricted shares 1,249,388 1,706,003 1,371,113 1,730,341

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023: (In millions) September 30, 2024 December 31, 2023 Due from Related Parties: Due from funds 1 $ 416 $ 299 Due from portfolio companies 50 40 Due from employees and former employees 106 110 Total Due from Related Parties $ 572 $ 449 Due to Related Parties: Due to Former Managing Partners and Contributing Partners 2 $ 458 $ 661 Due to funds 219 194 Due to portfolio companies 32 15 Total Due to Related Parties $ 709 $ 870 1 Includes $26 million and $37 million as of September 30, 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 $44 million and $175 million as of September 30, 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 September 30, 2024, the outstanding payable amount due to Former Managing Partners and Contributing Partners was $44 million, which is payable in equal quarterly installments through December 31, 2024. Due from Employees and Former Employees As of September 30, 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 September 30, 2024 and December 31, 2023, the balance includes interest-bearing employee loans receivable of $5 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 $95 million and $99 million at September 30, 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 $0.4 million and $0.3 million as of September 30, 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 $202 million and $174 million as of September 30, 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 $356 million as of September 30, 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 September 30, 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 September 30, 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. During the third quarter of 2024, AAA underwent a restructuring which resulted in a change in consolidation that reduced Athene’s non-controlling interests by $1.1 billion and does not represent a withdrawal from AAA. 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 September 30, 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) September 30, 2024 December 31, 2023 Investment fund $ 1,106 $ 1,082 Non-redeemable preferred equity and corporate debt securities 296 249 Total investment in Athora $ 1,402 $ 1,331 Additionally, as of September 30, 2024 and December 31, 2023, Athene had $61 million and $61 million, respectively, of funding agreements outstanding to Athora . Athene also has commitments to make additional investments in Athora of $540 million as of September 30, 2024. Atlas Athene has an equity investment in Atlas, an asset-backed specialty lender, through its investment in AAA and, as of September 30, 2024 and December 31, 2023, Athene held $2.4 billion and $1.0 billion, respectively, of AFS securities issued by Atlas. Athene also held $792 million and $921 million of reverse repurchase agreements issued by Atlas as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024, Athene has commitments to make additional investments in Atlas of $3.0 billion. Additionally, 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”). Apollo Rose holds equity interests in Catalina Holdings (Bermuda) Ltd. (together with its subsidiaries, “Catalina”). During the third quarter of 2024, Athene distributed $141 million of its investment in Apollo Rose representing Catalina common equity interest to an asset management subsidiary of AGM. 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 $257 million and $330 million as of September 30, 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 September 30, 2024, Athene had a reinsurance recoverable balance of $3.4 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 September 30, 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 $40 million as of September 30, 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 $180 million and $181 million as of September 30, 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 $348 million and $343 million as of September 30, 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 September 30, 2024 and December 31, 2023, Athene also owned $928 million and $981 million, 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 $81 million as of September 30, 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. Effective October 1, 2024, ACRA 2 repurchased a portion of its shares held by ALRe, which increased ADIP II’s ownership of economic interests in ACRA 2 to 63%, with ALRe owning the remaining 37%. ALRe holds all of ACRA 2’s voting interests. Athene received capital contributions and paid distributions relating to ACRA of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Contributions from ADIP $ 126 $ 325 $ 831 $ 325 Distributions to ADIP (95) (254) (603) (381)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies Investment Commitments The Company has unfunded capital commitments of $606 million as of September 30, 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 $27.2 billion as of September 30, 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 September 30, 2024 and that could be reversed approximates $5.4 billion. Performance allocations are affected by changes in the fair values of the underlying investments in the funds that Apollo manages. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, bond yields and industry trading multiples. Movements in these items can affect valuations quarter to quarter even if the underlying business fundamentals remain stable. Management views the possibility of all of the investments becoming worthless as remote. Additionally, at the end of the life of certain funds, Apollo may be obligated as general partner, to repay the funds’ performance allocations received in excess of what was ultimately earned. This obligation amount, if any, will depend on final realized values of investments at the end of the life of each fund or as otherwise set forth in the partnership agreement of the fund. Certain funds may not generate performance allocations as a result of unrealized and realized losses that are recognized in the current and prior reporting periods. In certain cases, performance allocations will not be generated until additional unrealized and realized gains occur. Any appreciation would first cover the deductions for invested capital, unreturned organizational expenses, operating expenses, management fees and priority returns based on the terms of the respective fund agreements. One of Apollo’s subsidiaries, AGS, provides underwriting commitments in connection with securities offerings of related parties of Apollo, including portfolio companies of the funds Apollo manages, as well as third parties. As of September 30, 2024, AGS had unfunded contingent commitments of $175 million outstanding related to such offerings. The commitments expired on October 1, 2024 with no funding on the part of Apollo. The Company, along with a third-party institutional investor, has committed to provide financing to a consolidated VIE that invests across Apollo’s capital markets platform (such VIE, the “Apollo Capital Markets Partnership”). Pursuant to these arrangements, the Company has committed equity financing to the Apollo Capital Markets Partnership. The Apollo Capital Markets Partnership also has a revolving credit facility with Sumitomo Mitsui Banking Corporation, as lead arranger, administrative agent and letter of credit issuer, Mizuho Bank Ltd., and other lenders party thereto, pursuant to which it may borrow up to $2.25 billion. The revolving credit facility, which has a final maturity date of April 1, 2025, is non-recourse to the Company, except that the Company provided customary comfort letters with respect to its capital contributions to the Apollo Capital Markets Partnership. As of September 30, 2024, the Apollo Capital Markets Partnership had funded commitments of $877 million, 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 $55 million and $67 million as of September 30, 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 within compensation and benefits 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. During the second quarter of 2024, the specified capital raise thresholds were achieved and the Company issued 742,742 shares of common stock to settle the share-based consideration obligation to Griffin Capital’s former owners. The fair value of the remaining contingent obligation was $1 million and $26 million as of September 30, 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 period to satisfy such contingencies is valid until the end of 2024. The changes in the fair value of the Griffin Capital contingent consideration obligation are reflected in other income (loss) in the condensed consolidated statements of income. Funding Agreements Athene is a member of the Federal Home Loan Bank of Des Moines (“ FHLB”) and, through its membership, has issued funding agreements to the FHLB in exchange for cash advances. As of September 30, 2024 and December 31, 2023, Athene had $13.0 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 September 30, 2024 and December 31, 2023, Athene had $23.0 billion and $19.9 billion, respectively, of FABN funding agreements outstanding. Athene had $11.9 billion of board-authorized FABN capacity remaining as of September 30, 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 September 30, 2024 and December 31, 2023, Athene had $14.1 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) September 30, 2024 December 31, 2023 AFS securities $ 42,446 $ 32,458 Trading securities 1,777 139 Equity securities 304 80 Mortgage loans 23,171 14,257 Investment funds 777 409 Derivative assets 68 73 Short-term investments 14 153 Other investments 623 313 Restricted cash and cash equivalents 974 1,761 Total restricted assets $ 70,154 $ 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 September 30, 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, which is now fully briefed. 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, the defendants moved to dismiss the Amended Complaint. On September 20, 2024, the Court of Chancery denied the defendants’ motion to dismiss. The deadline for the defendants to answer the Amended Complaint is November 25, 2024. 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 in the Court of Chancery of the State of Delaware 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. On July 11, 2024, defendants moved to dismiss. On August 7, 2024, the court entered an order staying the motion to dismiss pending the resolution of the appeal of the decision in West Palm Beach Firefighters’ Pension Fund v. Moelis & Co. , 311 A.3d 809 (Del. Ch. 2024). 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. The Company is in discussions with the SEC regarding a potential resolution of this investigation. As of June 30, 2024, Apollo recorded an accrual for the estimated liability associated with this matter. There can be no assurances that these discussions will lead to resolution of the investigation, and it is possible that the ultimate amount of any potential liability could be different from the amount accrued. Guaranty Association Assessments Guaranty associations may subject member insurers, including Athene, to assessments that require the insurers to pay funds to cover contractual obligations under insurance policies issued by insurance companies that become impaired or insolvent. The assessments are based on an insurer’s proportionate share of premiums written in that state during a specified one-year or three-year period for lines of business in which the impaired or insolvent insurer engaged, subject to prescribed limits. On December 30, 2022, the North Carolina Wake County Superior Court entered an Order of Liquidation (the “Liquidation Order”) against Bankers Life Insurance Company (“BLIC”) and Colorado Bankers Life Insurance Company (“CBLIC”), which was affirmed by the North Carolina Court of Appeals on March 5, 2024. On April 9, 2024, GBIG Holdings, LLC (“GBIG”), the sole shareholder of BLIC and CBLIC, filed a Petition for Discretionary Review requesting the North Carolina Supreme Court review the decision by the North Carolina Court of Appeals to affirm the Liquidation Order. On July 11, 2024, GBIG filed a Motion to Withdraw its Petition for Discretionary Review. Athene is not a party to this litigation. The North Carolina Supreme Court granted the Motion to Withdraw on August 23, 2024, which makes the Liquidation Order effective on November 30, 2024. Shortly thereafter, guaranty associations began levying assessments and we expect those assessments to continue for the foreseeable future. As of September 30, 2024, Athene has recorded a liability of $177 million, based on the current best estimate of these assessments. The actual amount of assessments levied against Athene during the year ended December 31, 2024 or in future years in connection with the BLIC and CBLIC insolvencies may vary from this estimate. Athene expects to recover $5 million of assessments paid through future premium tax credits.

Segments

Segments	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Asset Management Management fees 1 $ 710 $ 648 $ 2,034 $ 1,845 Capital solutions fees and other, net 159 146 508 422 Fee-related performance fee 57 40 155 102 Fee-related compensation (238) (212) (698) (635) Other operating expenses (157) (150) (490) (423) Fee Related Earnings 531 472 1,509 1,311 Retirement Services Fixed income and other net investment income 2,806 2,235 7,893 6,399 Alternative net investment income 236 230 670 674 Strategic capital management fees 27 19 76 49 Cost of funds (1,983) (1,384) (5,586) (4,056) Other operating expenses (112) (121) (342) (362) Interest and other financing costs (118) (106) (328) (344) Spread Related Earnings 856 873 2,383 2,360 Principal Investing Realized performance fees 331 132 600 473 Realized investment income 17 5 42 35 Principal investing compensation (253) (119) (464) (434) Other operating expenses (17) (14) (46) (42) Principal Investing Income 78 4 132 32 Segment Income $ 1,465 $ 1,349 $ 4,024 $ 3,703 Segment Assets: September 30, 2024 December 31, 2023 Asset Management $ 2,314 $ 1,938 Retirement Services 348,604 294,730 Principal Investing 10,205 9,573 Total Assets 2 $ 361,123 $ 306,241 1 Includes intersegment management fees from Retirement Services of $320 million and $890 million for the three and nine months ended September 30, 2024, respectively, and $247 million and $695 million for the three and nine months ended September 30, 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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Income (loss) before income tax provision (benefit) $ 2,086 $ 883 $ 5,711 $ 3,625 Asset Management Adjustments: Equity-based profit sharing expense and other 1 41 62 180 186 Equity-based compensation 72 57 230 167 Transaction-related charges 2 79 25 156 18 Merger-related transaction and integration costs 3 9 5 24 17 (Gains) losses from change in tax receivable agreement liability (35) — (34) — Net (income) loss attributable to non-controlling interests in consolidated entities (975) 28 (1,675) (687) Unrealized performance fees 141 (91) (213) (244) Unrealized profit sharing expense (65) 55 129 191 HoldCo interest and other financing costs 4 21 36 51 77 Unrealized principal investment income (loss) (4) (27) (14) (66) Unrealized net (gains) losses from investment activities and other 5 (6) 30 23 50 Retirement Services Adjustments: Investment (gains) losses, net of offsets (628) 663 (482) 829 Non-operating change in insurance liabilities and related derivatives 6 513 (431) (363) (600) Integration, restructuring and other non-operating expenses 204 41 265 98 Equity-based compensation 12 13 36 42 Segment Income $ 1,465 $ 1,349 $ 4,024 $ 3,703 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 Nine months ended September 30, 2024 includes an accrual related to an estimated liability associated with a regulatory matter. 6 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) September 30, 2024 December 31, 2023 Total reportable segment assets $ 361,123 $ 306,241 Adjustments 1 7,566 7,247 Total assets $ 368,689 $ 313,488 1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events Dividends On November 5, 2024, the Company declared a cash dividend of $0.4625 per share of common stock, which will be paid on November 29, 2024 to holders of record at the close of business on November 18, 2024. On November 5, 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 January 31, 2025 to holders of record at the close of business on January 15, 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 811	$ 682	$ 3,091	$ 2,291

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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 will adopt the new standard in its annual report for the year ended December 31, 2024, and expects the impact on the consolidated financial statements to be immaterial. 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)	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Investments	The following table outlines the Company’s investments: (In millions) September 30, 2024 December 31, 2023 Asset Management Investments, at fair value $ 1,388 $ 1,489 Equity method investments 1,109 1,072 Performance allocations 3,005 2,941 Other investments 358 — Total Investments – Asset Management 5,860 5,502 Retirement Services AFS securities, at fair value $ 182,247 $ 148,347 Trading securities, at fair value 2,303 2,544 Equity securities 1,549 1,611 Mortgage loans, at fair value 59,932 45,396 Investment funds 1,711 1,741 Policy loans 320 334 Funds withheld at interest 26,675 30,833 Derivative assets 7,529 5,298 Short-term investments 1,426 1,288 Other investments 2,075 1,549 Total Investments, including related parties – Retirement Services 285,767 238,941 Total Investments $ 291,627 $ 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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Realized gains (losses) on sales of investments, net $ 1 $ (3) $ 1 $ (4) Net change in unrealized gains (losses) due to changes in fair value 14 (29) 32 (10) Net gains (losses) from investment activities $ 15 $ (32) $ 33 $ (14) Investment related gains (losses) by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 AFS securities 1 Gross realized gains on investment activity $ 744 $ 55 $ 936 $ 379 Gross realized losses on investment activity (237) (431) (802) (647) Net realized investment gains (losses) on AFS securities 507 (376) 134 (268) Net recognized investment gains (losses) on trading securities 119 (137) 21 (105) Net recognized investment gains (losses) on equity securities 38 (3) 65 (34) Net recognized investment gains (losses) on mortgage loans 1,139 (911) 874 (838) Derivative gains (losses) 1,608 (1,480) 2,486 (66) Provision for credit losses (14) (60) (114) (237) Other gains (losses) (1,858) 343 (384) 355 Investment related gains (losses) $ 1,539 $ (2,624) $ 3,082 $ (1,193) 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 880 Fund distributions to the Company (816) Performance allocations, September 30, 2024 $ 3,005
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: September 30, 2024 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 7,501 $ — $ 84 $ (824) $ 6,761 U.S. state, municipal and political subdivisions 1,175 — 2 (200) 977 Foreign governments 2,088 — 44 (374) 1,758 Corporate 95,432 (168) 1,309 (8,963) 87,610 CLO 27,362 (1) 437 (188) 27,610 ABS 22,488 (74) 500 (444) 22,470 CMBS 9,704 (57) 112 (395) 9,364 RMBS 8,502 (377) 338 (328) 8,135 Total AFS securities 174,252 (677) 2,826 (11,716) 164,685 AFS securities – related parties Corporate 1,295 — 7 (23) 1,279 CLO 5,763 — 41 (24) 5,780 ABS 10,725 (1) 40 (261) 10,503 Total AFS securities – related parties 17,783 (1) 88 (308) 17,562 Total AFS securities, including related parties $ 192,035 $ (678) $ 2,914 $ (12,024) $ 182,247 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: September 30, 2024 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 2,407 $ 2,394 Due after one year through five years 19,358 19,138 Due after five years through ten years 27,393 26,016 Due after ten years 57,038 49,558 CLO, ABS, CMBS and RMBS 68,056 67,579 Total AFS securities 174,252 164,685 AFS securities – related parties Due after one year through five years 1,028 1,024 Due after five years through ten years 43 45 Due after ten years 224 210 CLO and ABS 16,488 16,283 Total AFS securities – related parties 17,783 17,562 Total AFS securities, including related parties $ 192,035 $ 182,247
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: September 30, 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 $ 1,031 $ (6) $ 3,795 $ (818) $ 4,826 $ (824) U.S. state, municipal and political subdivisions 22 (1) 893 (198) 915 (199) Foreign governments 886 (134) 737 (239) 1,623 (373) Corporate 7,810 (314) 45,086 (8,624) 52,896 (8,938) CLO 3,742 (7) 3,146 (131) 6,888 (138) ABS 435 (93) 4,319 (258) 4,754 (351) CMBS 918 (5) 2,074 (341) 2,992 (346) RMBS 270 (4) 1,201 (102) 1,471 (106) Total AFS securities 15,114 (564) 61,251 (10,711) 76,365 (11,275) AFS securities – related parties Corporate 109 — 368 (23) 477 (23) CLO 680 (1) 690 (20) 1,370 (21) ABS 2,403 (34) 3,398 (213) 5,801 (247) Total AFS securities – related parties 3,192 (35) 4,456 (256) 7,648 (291) Total AFS securities, including related parties $ 18,306 $ (599) $ 65,707 $ (10,967) $ 84,013 $ (11,566) 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: September 30, 2024 Unrealized Loss Position Unrealized Loss Position 12 Months or More AFS securities 7,058 6,167 AFS securities – related parties 139 62
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 September 30, 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 $ 168 $ — $ — $ — $ — $ 168 CLO — 1 — — — 1 ABS 67 13 — (14) 8 74 CMBS 57 1 — — (1) 57 RMBS 378 5 — (4) (2) 377 Total AFS securities 670 20 — (18) 5 677 AFS securities – related parties, ABS 1 — — — — 1 Total AFS securities, including related parties $ 671 $ 20 $ — $ (18) $ 5 $ 678 Three months ended September 30, 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 73 67 — (2) 2 140 CLO 3 — — — — 3 ABS 35 1 — (4) (2) 30 CMBS 6 1 — — — 7 RMBS 377 4 1 (5) (6) 371 Total AFS securities 521 73 1 (11) (6) 578 AFS securities – related parties, ABS 1 — — — — 1 Total AFS securities, including related parties $ 522 $ 73 $ 1 $ (11) $ (6) $ 579 Nine months ended September 30, 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 $ 48 $ — $ (8) $ (1) $ 168 CLO 2 1 — — (2) 1 ABS 49 25 — (15) 15 74 CMBS 29 27 — — 1 57 RMBS 381 10 — (14) — 377 Total AFS securities 590 111 — (37) 13 677 AFS securities – related parties, ABS 1 — — — — 1 Total AFS securities, including related parties $ 591 $ 111 $ — $ (37) $ 13 $ 678 Nine months ended September 30, 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 88 — (8) (1) 140 CLO 7 1 — — (5) 3 ABS 29 2 — (4) 3 30 CMBS 5 4 — — (2) 7 RMBS 329 15 40 (13) — 371 Total AFS securities 458 110 40 (25) (5) 578 AFS securities – related parties CLO 1 — — — (1) — ABS — 1 — — — 1 Total AFS securities – related parties 1 1 — — (1) 1 Total AFS securities, including related parties $ 459 $ 111 $ 40 $ (25) $ (6) $ 579
Schedule of Net Investment Income	Net investment income by asset class consists of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 AFS securities $ 2,519 $ 1,822 $ 6,996 $ 4,940 Trading securities 40 44 125 130 Equity securities 19 14 65 54 Mortgage loans 1,007 642 2,711 1,632 Investment funds 45 (15) 35 46 Funds withheld at interest 279 486 1,001 1,368 Other 217 213 617 620 Investment revenue 4,126 3,206 11,550 8,790 Investment expenses (25) (40) (69) (64) Net investment income $ 4,101 $ 3,166 $ 11,481 $ 8,726
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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Trading securities $ 83 $ (75) $ 42 $ (35) Trading securities – related parties (1) 3 (2) 3 Equity securities 28 6 56 9 Equity securities – related parties 10 (9) 2 (16)
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) September 30, 2024 December 31, 2023 Less than 30 days $ — $ 686 91 days to 1 year 1,097 — Greater than 1 year 1,569 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: September 30, 2024 December 31, 2023 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities Foreign governments $ 155 $ 113 $ 137 $ 99 Corporate 1,770 1,549 2,735 2,307 CLO 587 589 580 579 ABS 597 559 1,207 1,086 Total securities pledged under repurchase agreements $ 3,109 $ 2,810 $ 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) September 30, 2024 December 31, 2023 Commercial mortgage loans $ 32,066 $ 27,630 Commercial mortgage loans under development 1,722 1,228 Total commercial mortgage loans 33,788 28,858 Mark to fair value (1,926) (2,246) Commercial mortgage loans 31,862 26,612 Residential mortgage loans 30,616 21,894 Mark to fair value (320) (937) Residential mortgage loans 30,296 20,957 Mortgage loans $ 62,158 $ 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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Trading securities $ 131 $ (116) $ 31 $ (84) Mortgage loans 1,186 (984) 868 (909) Investment funds 38 (66) 13 23 Future policy benefits (46) 59 12 64 Other 5 (4) 9 (71) Total gains (losses) $ 1,314 $ (1,111) $ 933 $ (977) The following summarizes information for fair value option mortgage loans, including related parties and VIEs: (In millions) September 30, 2024 December 31, 2023 Unpaid principal balance $ 64,404 $ 50,752 Mark to fair value (2,246) (3,183) Fair value $ 62,158 $ 47,569 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) September 30, 2024 December 31, 2023 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 507 $ 221 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (191) (74) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 316 $ 147 Fair value of commercial mortgage loans 90 days or more past due $ 254 $ 64 Fair value of commercial mortgage loans in non-accrual status 316 147 The following represents the residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) September 30, 2024 December 31, 2023 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 850 $ 528 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (74) (49) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 776 $ 479 Fair value of residential mortgage loans 90 days or more past due 1 $ 776 $ 479 Fair value of residential mortgage loans in non-accrual status 679 355 1 As of September 30, 2024 and December 31, 2023, includes $97 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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Mortgage loans $ (19) $ (20) $ (49) $ (31)
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: September 30, 2024 December 31, 2023 (In millions, except percentages) Fair Value Percentage of Total Fair Value Percentage of Total Property type Apartment $ 11,556 36.3 % $ 9,591 36.0 % Office building 4,140 13.0 % 4,455 16.7 % Industrial 6,144 19.3 % 4,143 15.6 % Hotels 2,941 9.2 % 2,913 11.0 % Retail 2,447 7.7 % 2,158 8.1 % Other commercial 4,634 14.5 % 3,352 12.6 % Total commercial mortgage loans $ 31,862 100.0 % $ 26,612 100.0 % U.S. region East North Central $ 1,494 4.7 % $ 1,517 5.7 % East South Central 443 1.3 % 523 2.0 % Middle Atlantic 8,497 26.7 % 7,147 26.9 % Mountain 1,335 4.2 % 1,196 4.5 % New England 1,126 3.5 % 1,295 4.9 % Pacific 5,788 18.2 % 4,860 18.3 % South Atlantic 5,504 17.3 % 4,583 17.2 % West North Central 228 0.7 % 249 0.9 % West South Central 1,965 6.2 % 1,228 4.6 % Total U.S. region 26,380 82.8 % 22,598 85.0 % International region United Kingdom 2,638 8.3 % 2,343 8.7 % Other international 1 2,844 8.9 % 1,671 6.3 % Total international region 5,482 17.2 % 4,014 15.0 % Total commercial mortgage loans $ 31,862 100.0 % $ 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: September 30, 2024 December 31, 2023 U.S. States California 26.2 % 27.6 % Florida 12.6 % 12.0 % Texas 7.0 % 6.1 % New York 5.1 % 5.9 % Other 1 40.2 % 39.4 % Total U.S. residential mortgage loan percentage 91.1 % 91.0 % International United Kingdom 5.1 % 4.0 % Other 1 3.8 % 5.0 % Total international residential mortgage loan percentage 8.9 % 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: September 30, 2024 December 31, 2023 1 (In millions, except percentages) Carrying Value Percentage of Total Carrying Value Percentage of Total Investment funds Equity $ 107 0.6 % $ 109 0.6 % Investment funds – related parties Strategic origination platforms 28 0.1 % 32 0.2 % Retirement services platforms 1,287 6.9 % 1,300 7.4 % Equity 264 1.4 % 267 1.5 % Credit 16 0.1 % 20 0.1 % Other 9 — % 13 0.1 % Total investment funds – related parties 1,604 8.5 % 1,632 9.3 % Investment funds – consolidated VIEs Strategic origination platforms 5,519 29.5 % 4,987 28.4 % Retirement services platforms — — % 483 2.8 % Equity 7,730 41.3 % 6,925 39.4 % Credit 3,077 16.4 % 2,852 16.2 % Other 702 3.7 % 573 3.3 % Total investment funds – consolidated VIEs 17,028 90.9 % 15,820 90.1 % Total investment funds, including related parties and consolidated VIEs $ 18,739 100.0 % $ 17,561 100.0 % 1 Prior period amounts have been reclassified to conform with the current year presentation as a result of aligning the investment fund categories to reflect the Company’s updated investment strategies.
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) September 30, 2024 AP Grange Holdings, LLC $ 4,626 Atlas 1 3,240 Fox Hedge L.P. 3,050 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)	9 Months Ended
	Sep. 30, 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: September 30, 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 15,119 $ 503 $ 345 9,034 $ 477 $ 230 Forwards 3,691 195 36 6,294 275 102 Interest rate swaps 4,506 56 418 4,468 — 521 Forwards on net investments 218 — 3 219 — 6 Interest rate swaps 21,079 131 40 10,031 29 95 Total derivatives designated as hedges 885 842 781 954 Derivatives not designated as hedges Equity options 82,762 5,820 127 73,881 3,809 102 Futures 44 119 — 35 72 — Foreign currency swaps 13,706 223 354 8,072 230 244 Interest rate swaps 1,870 76 1 3,499 81 9 Other swaps 2,591 12 1 2,588 39 1 Foreign currency forwards 40,174 394 1,433 28,236 286 685 Embedded derivatives Funds withheld, including related parties (3,111) 80 (4,100) (64) Interest sensitive contract liabilities — 11,996 — 9,059 Total derivatives not designated as hedges 3,533 13,992 417 10,036 Total derivatives $ 4,418 $ 14,834 $ 1,198 $ 10,990 The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: September 30, 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 $ 3,851 $ (13) $ 4,883 $ (15) Foreign currency swaps 11,588 71 6,820 (141) Interest sensitive contract liabilities Foreign currency swaps 2,507 (44) 1,438 19 Foreign currency interest rate swaps 4,220 205 4,010 363 Interest rate swaps 17,483 (121) 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 September 30, 2024 Investment related gains (losses) Foreign currency forwards $ (180) $ 184 $ 4 $ 4 $ 8 Foreign currency swaps (313) 282 (31) — — Foreign currency interest rate swaps 255 (258) (3) — — Interest rate swaps 382 (386) (4) — — Interest sensitive contract benefits Foreign currency interest rate swaps 26 (25) 1 — — Three months ended September 30, 2023 Investment related gains (losses) Foreign currency forwards $ 179 $ (187) $ (8) $ 21 $ 5 Foreign currency swaps 161 (166) (5) — — Foreign currency interest rate swaps (90) 95 5 — — Interest rate swaps (74) 63 (11) — — Interest sensitive contract benefits Foreign currency interest rate swaps 16 (14) 2 — — Amounts excluded (In millions) Derivatives Hedged items Net Recognized in income through amortization approach Recognized in income through changes in fair value Nine months ended September 30, 2024 Investment related gains (losses) Foreign currency forwards $ (1) $ 1 $ — $ 35 $ 14 Foreign currency swaps (158) 144 (14) — — Foreign currency interest rate swaps 132 (135) (3) — — Interest rate swaps 267 (310) (43) — — Interest sensitive contract benefits Foreign currency interest rate swaps 66 (64) 2 — — Nine months ended September 30, 2023 Investment related gains (losses) Foreign currency forwards $ 74 $ (77) $ (3) $ 66 $ 12 Foreign currency swaps 59 (57) 2 — — Foreign currency interest rate swaps (5) 15 10 — — Interest rate swaps (92) 79 (13) — — Interest sensitive contract benefits Foreign currency interest rate swaps 44 (44) — — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI : Three months ended September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Foreign currency forwards $ 13 $ (65) $ (2) $ (63) Foreign currency swaps 56 (239) 82 (182)
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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Equity options $ 596 $ (951) $ 2,298 $ 390 Futures 26 (73) 152 22 Swaps (126) (24) (156) 38 Foreign currency forwards 209 146 (657) (191) Embedded derivatives on funds withheld 747 (780) 560 (439) Amounts recognized in investment related gains (losses) 1,452 (1,682) 2,197 (180) Embedded derivatives in indexed annuity products 1 (275) 1,251 (1,270) (277) Total gains (losses) on derivatives not designated as hedges $ 1,177 $ (431) $ 927 $ (457) 1 Included in interest sensitive contract benefits on the condensed consolidated statements of operations.
Schedule of Offsetting Derivative Assets	The estimated fair value of Athene’s net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated statements of financial condition (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral September 30, 2024 Derivative assets $ 7,529 $ (1,739) $ (5,272) $ 518 $ — $ 518 Derivative liabilities (2,758) 1,739 1,091 72 1 73 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 September 30, 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 Athene’s net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated statements of financial condition (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral September 30, 2024 Derivative assets $ 7,529 $ (1,739) $ (5,272) $ 518 $ — $ 518 Derivative liabilities (2,758) 1,739 1,091 72 1 73 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 September 30, 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, (In millions) 2024 1 2023 1 2024 1 2023 1 Net gains (losses) from investment activities $ 32 $ 18 $ 25 $ 42 Net gains (losses) from other liabilities (7) — (7) — Interest and other income 46 59 140 133 Interest and other expenses (27) (28) (88) (80) Net gains (losses) from investment activities of consolidated variable interest entities $ 44 $ 49 $ 70 $ 95 1 Amounts reflect consolidation eliminations. The following summarizes the statements of operations activity of the consolidated VIEs: Three months ended September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Trading securities $ 39 $ 17 $ 104 $ 65 Mortgage loans 30 29 91 83 Investment funds 22 20 43 55 Other (9) 2 (13) 1 Net investment income 82 68 225 204 Net recognized investment gains (losses) on trading securities 29 (16) 21 (15) Net recognized investment gains (losses) on mortgage loans 24 (25) (4) (45) Net recognized investment gains on investment funds 415 292 1,094 831 Other gains (losses) 2 (1) (7) (29) Investment related gains (losses) 470 250 1,104 742 Revenues of consolidated variable interest entities $ 552 $ 318 $ 1,329 $ 946 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) September 30, 2024 December 31, 2023 Maximum Loss Exposure 1,2 $ 795 $ 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: September 30, 2024 December 31, 2023 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 107 $ 862 $ 109 $ 876 Investment in related parties – investment funds 1,604 2,659 1,632 2,377 Assets of consolidated VIEs – investment funds 17,028 23,587 15,820 22,129 Investment in fixed maturity securities 67,990 69,290 48,155 50,623 Investment in related parties – fixed maturity securities 16,902 20,764 13,495 15,608 Investment in related parties – equity securities 257 257 318 318 Total non-consolidated investments $ 103,888 $ 117,419 $ 79,529 $ 91,931
Schedule of Principal Provisions Debt	The following table summarizes the principal provisions of those amounts: September 30, 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 $ 942 7.07 % 0.07 $ 1,072 7.16 % 0.09 Total – Asset Management $ 942 $ 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)	9 Months Ended
	Sep. 30, 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: September 30, 2024 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 2,666 $ — $ — $ — $ 2,666 Restricted cash and cash equivalents 3 — — — 3 Cash and cash equivalents of VIEs 102 — — — 102 Investments, at fair value 226 2 1,089 1 71 1,388 Investments of consolidated VIEs 222 29 1,908 184 2,343 Due from related parties 2 — — 26 — 26 Derivative assets 3 — — 16 — 16 Total Assets – Asset Management 3,219 31 3,039 255 6,544 Retirement Services AFS Securities U.S. government and agencies 6,759 2 — — 6,761 U.S. state, municipal and political subdivisions — 977 — — 977 Foreign governments 756 967 35 — 1,758 Corporate 12 83,423 4,175 — 87,610 CLO — 27,610 — — 27,610 ABS — 6,855 15,615 — 22,470 CMBS — 9,347 17 — 9,364 RMBS — 7,792 343 — 8,135 Total AFS securities 7,527 136,973 20,185 — 164,685 Trading securities 24 1,623 37 — 1,684 Equity securities 207 1,059 26 — 1,292 Mortgage loans — — 58,587 — 58,587 (Continued) September 30, 2024 (In millions) Level 1 Level 2 Level 3 NAV Total Funds withheld at interest – embedded derivative — — (2,581) — (2,581) Derivative assets 143 7,385 1 — 7,529 Short-term investments 202 39 168 — 409 Other investments — 603 904 — 1,507 Cash and cash equivalents 13,587 — — — 13,587 Restricted cash and cash equivalents 964 — — — 964 Investments in related parties AFS securities Corporate — 233 1,046 — 1,279 CLO — 5,215 565 — 5,780 ABS — 694 9,809 — 10,503 Total AFS securities – related parties — 6,142 11,420 — 17,562 Trading securities — — 619 — 619 Equity securities — — 257 — 257 Mortgage loans — — 1,345 — 1,345 Investment funds — — 1,106 — 1,106 Funds withheld at interest – embedded derivative — — (530) — (530) Other investments — — 348 — 348 Reinsurance recoverable — — 1,710 — 1,710 Other assets 5 — — 313 — 313 Assets of consolidated VIEs Trading securities — 441 1,938 — 2,379 Mortgage loans — — 2,226 — 2,226 Investment funds — — 818 16,210 17,028 Other investments 5 — 154 — 159 Cash and cash equivalents 305 — — — 305 Total Assets – Retirement Services 22,964 154,265 99,051 16,210 292,490 Total Assets $ 26,183 $ 154,296 $ 102,090 $ 16,465 $ 299,034 Liabilities Asset Management Contingent consideration obligations 4 $ — $ — $ 56 $ — $ 56 Derivative liabilities 3 — 33 — — 33 Total Liabilities – Asset Management — 33 56 — 89 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 11,996 — 11,996 Universal life benefits — — 820 — 820 Future policy benefits AmerUs Closed Block — — 1,166 — 1,166 ILICO Closed Block and life benefits — — 545 — 545 Market risk benefits 5 — — 4,402 — 4,402 Derivative liabilities 1 2,756 1 — 2,758 Other liabilities — — 337 — 337 Total Liabilities – Retirement Services 1 2,756 19,267 — 22,024 Total Liabilities $ 1 $ 2,789 $ 19,323 $ — $ 22,113 (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 consolidated 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 consolidated 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 September 30, 2024 and December 31, 2023 excludes $223 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 September 30, 2024 and December 31, 2023, Other liabilities includes $1 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 $55 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: September 30, 2024 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 803 Discounted cash flow Discount rate 13.5% – 52.8% 17.6% 1 126 Direct capitalization Capitalization rate 6.7% 6.7% 160 Adjusted transaction value N/A N/A N/A Due from related parties 26 Discounted cash flow Discount rate 14.0% 14.0% Derivative assets 16 Option model Volatility rate 47.5% 47.5% Investments of consolidated VIEs Bank loans 80 Discounted cash flow Discount rate 6.6% – 35.5% 8.9% 1 256 Adjusted transaction value N/A N/A N/A Equity securities 504 Dividend discount model Discount rate 14.1% 14.1% 432 Discounted cash flow Discount rate 12.7% 12.7% 39 Adjusted transaction value N/A N/A N/A 18 Option Model Volatility rate 85.0% – 105.0% 95.3% 1 Bonds 579 Discounted cash flow Discount rate 6.0% – 10.4% 6.4% 1 Retirement Services AFS, trading and equity securities 27,208 Discounted cash flow Discount rate 4.3% – 17.7% 6.9% 1 Mortgage loans 2 62,158 Discounted cash flow Discount rate 1.0% – 36.5% 7.4% 1 Investment funds 2 1,623 Discounted cash flow Discount rate 6.3% – 13.5% 11.3% 1 Financial Liabilities Asset Management Contingent consideration obligations 56 Discounted cash flow Discount rate 20.0% – 25.0% 23.7% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 11,996 Discounted cash flow Nonperformance risk 0.5% – 1.2% 0.8% 3 Option budget 0.5% – 6.0% 2.7% 4 Surrender rate 6.2% – 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 Asset Management 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: September 30, 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 $ 4,089 Discounted cash flow Nonperformance risk 0.5 % 1.2 % 1.1 % 1 Decrease Option budget 0.5 % 6.0 % 2.2 % 2 Decrease Surrender rate 3.3 % 7.0 % 4.5 % 2 Decrease Utilization rate 28.6 % 95.0 % 84.7 % 3 Increase September 30, 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 $ 2,590 Discounted cash flow Nonperformance risk 0.6 % 1.6 % 1.4 % 1 Decrease Option budget 0.5 % 5.9 % 1.9 % 2 Decrease Surrender rate 3.4 % 6.5 % 4.6 % 2 Decrease Utilization rate 28.6 % 95.0 % 83.2 % 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 September 30, 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 $ 1,170 $ 42 $ — $ (39) $ (68) $ 1,105 $ 7 $ — Investments of consolidated VIEs 1,507 48 — (99) 452 1,908 8 — Total Level 3 assets – Asset Management $ 2,677 $ 90 $ — $ (138) $ 384 $ 3,013 $ 15 $ — Assets – Retirement Services AFS securities Foreign governments $ 34 $ — $ 1 $ — $ — $ 35 $ — $ — Corporate 8,114 6 80 775 (4,800) 4,175 2 98 ABS 8,420 1 313 2,202 4,679 15,615 — 301 CMBS 20 2 (5) — — 17 — (3) RMBS 261 2 2 78 — 343 — 2 Trading securities 37 1 — (1) — 37 1 — Equity securities 36 (1) — — (9) 26 — — Mortgage loans 52,645 1,096 — 4,846 — 58,587 1,236 — Funds withheld at interest – embedded derivative (3,283) 702 — — — (2,581) — — Derivative assets 1 — — — — 1 — — Short-term investments 80 — — 166 (78) 168 — — Other investments 904 — — — — 904 (1) — Investments in related parties AFS securities Corporate 1,194 (3) 12 (3) (154) 1,046 — (4) CLO 521 — 2 42 — 565 — 2 ABS 10,580 28 75 (874) — 9,809 7 73 Trading securities 719 — — (100) — 619 (1) — Equity securities 247 10 — — — 257 10 — Mortgage loans 1,320 39 — (14) — 1,345 (43) — Investment funds 1,066 40 — — — 1,106 40 — Funds withheld at interest – embedded derivative (717) 187 — — — (530) — — Other investments 335 13 — — — 348 13 — Reinsurance recoverable 1,518 99 — 93 — 1,710 — — Assets of consolidated VIEs Trading securities 1,876 82 — 34 (54) 1,938 82 — Mortgage loans 2,120 51 — 55 — 2,226 51 — Investment funds 913 (1) — 338 (432) 818 (1) — Other investments 113 4 — 37 — 154 4 — Total Level 3 assets – Retirement Services $ 89,074 $ 2,358 $ 480 $ 7,674 $ (848) $ 98,738 $ 1,400 $ 469 (Continued) Liabilities – Asset Management Contingent consideration obligations $ 59 $ 3 $ — $ (6) $ — $ 56 $ — $ — Total Level 3 liabilities – Asset Management $ 59 $ 3 $ — $ (6) $ — $ 56 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (11,234) $ (275) $ — $ (487) $ — $ (11,996) $ — $ — Universal life benefits (769) (51) — — — (820) — — Future policy benefits AmerUs Closed Block (1,120) (46) — — — (1,166) — — ILICO Closed Block and life benefits (529) (16) — — — (545) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (253) (86) — 2 — (337) — — Total Level 3 liabilities – Retirement Services $ (13,906) $ (474) $ — $ (485) $ — $ (14,865) $ — $ — (Concluded) 1 Related to instruments held at end of period. Three months ended September 30, 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 $ 1,165 $ (25) $ — $ 6 $ — $ 1,146 $ (1) $ — Investments of consolidated VIEs 2,608 (9) — (619) — 1,980 4 — Total Level 3 assets – Asset Management $ 3,773 $ (34) $ — $ (613) $ — $ 3,126 $ 3 $ — Assets – Retirement Services AFS securities Foreign governments $ 48 $ — $ (2) $ — $ — $ 46 $ — $ (2) Corporate 2,460 (8) (25) (26) (20) 2,381 — (27) ABS 5,305 — 14 (255) (438) 4,626 — 4 CMBS 12 — — — — 12 — — RMBS 6 — — 261 (4) 263 — — Trading securities 38 (1) — (5) — 32 (1) — Equity securities 67 7 — — — 74 7 — Mortgage loans 34,668 (850) — 4,160 — 37,978 (850) — Funds withheld at interest – embedded derivative (4,356) (625) — — — (4,981) — — Short-term investments 30 — (1) 100 — 129 — (1) Other investments 337 (5) — 145 — 477 (5) — Investments in related parties AFS securities Corporate 1,171 1 (10) 24 — 1,186 — (10) CLO 495 — 8 — — 503 — 8 ABS 7,742 (2) (11) 110 — 7,839 (6) (14) Trading securities 867 4 — — — 871 3 — Equity securities 252 (7) — — — 245 (7) — Mortgage loans 1,296 (61) — (1) — 1,234 (61) — Investment funds 1,061 (18) — — — 1,043 (18) — (Continued) Funds withheld at interest – embedded derivative (1,297) 325 — — — (972) — — Other investments 343 (16) — — — 327 (16) — Reinsurance recoverable 1,436 (135) — — — 1,301 — — Assets of consolidated VIEs Trading securities 717 (26) — (13) 1,180 1,858 (48) — Mortgage loans 2,113 (73) — 2 — 2,042 (73) — Investment funds 1,351 (30) — 81 — 1,402 (30) — Other investments 99 5 — (12) — 92 5 — Total Level 3 assets – Retirement Services $ 56,261 $ (1,515) $ (27) $ 4,571 $ 718 $ 60,008 $ (1,100) $ (42) Liabilities – Asset Management Contingent consideration obligations $ 69 $ 20 $ — $ (4) $ — $ 85 $ — $ — Total Level 3 liabilities – Asset Management $ 69 $ 20 $ — $ (4) $ — $ 85 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (8,198) $ 1,251 $ — $ (398) $ — $ (7,345) $ — $ — Universal life benefits (854) 115 — — — (739) — — Future policy benefits AmerUs Closed Block (1,159) 59 — — — (1,100) — — ILICO Closed Block and life benefits (571) 20 — — — (551) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (209) (4) — — — (213) — — Total Level 3 liabilities – Retirement Services $ (10,992) $ 1,441 $ — $ (398) $ — $ (9,949) $ — $ — (Concluded) 1 Related to instruments held at end of period. Nine months ended September 30, 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 $ 6 $ — $ (34) $ (68) $ 1,105 $ 7 $ — Investments of consolidated VIEs 1,492 19 — 15 382 1,908 5 — Total Level 3 assets – Asset Management $ 2,693 $ 25 $ — $ (19) $ 314 $ 3,013 $ 12 $ — Assets – Retirement Services AFS securities Foreign governments $ 40 $ — $ 1 $ (6) $ — $ 35 $ — $ 1 Corporate 2,525 3 87 2,387 (827) 4,175 — 110 ABS 6,943 (14) 314 8,371 1 15,615 — 298 CMBS 21 1 (5) — — 17 — (3) RMBS 265 5 3 72 (2) 343 — 2 Trading securities 28 1 — (6) 14 37 — — Equity securities 26 (1) — 1 — 26 — — Mortgage loans 44,115 825 — 13,647 — 58,587 965 — Funds withheld at interest – embedded derivative (3,379) 798 — — — (2,581) — — Derivative assets — — — — 1 1 — — Short-term investments 105 — — 142 (79) 168 — — Other investments 630 (6) — 280 — 904 (7) — Investments in related parties AFS securities Corporate 1,171 (2) 33 (2) (154) 1,046 — 18 CLO 506 — 17 42 — 565 — 18 ABS 7,826 46 22 1,915 — 9,809 2 20 Trading securities 838 (1) — (218) — 619 (2) — Equity securities 255 2 — — — 257 2 — Mortgage loans 1,281 41 — 23 — 1,345 (41) — Investment funds 1,082 24 — — — 1,106 24 — Funds withheld at interest – embedded derivative (721) 191 — — — (530) — — Other investments 343 5 — — — 348 5 — Reinsurance recoverable 1,367 51 — 292 — 1,710 — — Assets of consolidated VIEs Trading securities 1,852 31 — 103 (48) 1,938 30 — Mortgage loans 2,173 2 — 51 — 2,226 2 — Investment funds 977 (66) — 339 (432) 818 (66) — Other investments 101 — — 53 — 154 1 — Total Level 3 assets – Retirement Services $ 70,370 $ 1,936 $ 472 $ 27,486 $ (1,526) $ 98,738 $ 915 $ 464 (Continued) Nine months ended September 30, 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 – Asset Management Contingent consideration obligations $ 93 $ 68 $ — $ (105) $ — $ 56 $ — $ — Total Level 3 liabilities – Asset Management $ 93 $ 68 $ — $ (105) $ — $ 56 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (9,059) $ (1,270) $ — $ (1,667) $ — $ (11,996) $ — $ — Universal life benefits (834) 14 — — — (820) — — Future policy benefits AmerUs Closed Block (1,178) 12 — — — (1,166) — — ILICO Closed Block and life benefits (522) (23) — — — (545) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (330) (123) — 52 64 (337) — — Total Level 3 liabilities – Retirement Services $ (11,924) $ (1,390) $ — $ (1,615) $ 64 $ (14,865) $ — $ — (Concluded) 1 Related to instruments held at end of period. Nine months ended September 30, 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 $ 18 $ — $ 30 $ — $ 1,146 $ 45 $ — Investments of consolidated VIEs 727 23 — 1,232 (2) 1,980 16 — Total Level 3 assets – Asset Management $ 1,825 $ 41 $ — $ 1,262 $ (2) $ 3,126 $ 61 $ — Assets – Retirement Services AFS securities Foreign governments $ 1 $ — $ (2) $ 47 $ — $ 46 $ — $ (2) Corporate 1,665 (9) (1) 1,170 (444) 2,381 — (7) ABS 4,867 — (36) 794 (999) 4,626 — (49) CMBS — — — — 12 12 — (1) RMBS 232 6 2 258 (235) 263 — — Trading securities 53 2 — (12) (11) 32 — — Equity securities 92 (5) — — (13) 74 (5) — Mortgage loans 27,454 (794) — 11,318 — 37,978 (792) — Funds withheld at interest – embedded derivative (4,847) (134) — — — (4,981) — — Short-term investments 36 — (3) 70 26 129 — (1) Other investments 441 (5) — 41 — 477 (7) — Investments in related parties AFS securities Corporate 812 2 (18) 175 215 1,186 — (18) CLO 303 — 15 185 — 503 — 15 ABS 5,542 7 38 1,968 284 7,839 (2) 32 Trading securities 878 6 — (13) — 871 3 — Equity securities 279 (2) — (32) — 245 (3) — Mortgage loans 1,302 (44) — (24) — 1,234 (44) — Investment funds 959 52 — 32 — 1,043 53 — Funds withheld at interest – embedded derivative (1,425) 453 — — — (972) — — Other investments 303 (18) — 42 — 327 (19) — Reinsurance recoverable 1,388 (87) — — — 1,301 — — Assets of consolidated VIEs Trading securities 622 (18) — (23) 1,277 1,858 (40) — Mortgage loans 2,055 (71) — 58 — 2,042 (71) — Investment funds 2,471 (7) — 73 (1,135) 1,402 (7) — Other investments 99 7 — (14) — 92 7 — Total Level 3 assets – Retirement Services $ 45,582 $ (659) $ (5) $ 16,113 $ (1,023) $ 60,008 $ (927) $ (31) Liabilities – Asset Management Contingent consideration obligations $ 86 $ 3 $ — $ (4) $ — $ 85 $ — $ — Total Level 3 liabilities – Asset Management $ 86 $ 3 $ — $ (4) $ — $ 85 $ — $ — (Continued) Nine months ended September 30, 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 Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (277) $ — $ (1,227) $ — $ (7,345) $ — $ — Universal life benefits (829) 90 — — — (739) — — Future policy benefits AmerUs Closed Block (1,164) 64 — — — (1,100) — — ILICO Closed Block and life benefits (548) (3) — — — (551) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (71) — — — (213) — — Total Level 3 liabilities – Retirement Services $ (8,525) $ (197) $ — $ (1,227) $ — $ (9,949) $ — $ — (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 September 30, 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 $ 7 $ — $ (46) $ — $ (39) $ — $ (68) $ (68) Investments of consolidated VIEs 1,033 — (1,132) — (99) 452 — 452 Total Level 3 assets – Asset Management $ 1,040 $ — $ (1,178) $ — $ (138) $ 452 $ (68) $ 384 Assets – Retirement Services AFS securities Corporate $ 912 $ — $ (16) $ (121) $ 775 $ 68 $ (4,868) $ (4,800) ABS 3,004 — (351) (451) 2,202 4,897 (218) 4,679 RMBS 81 — — (3) 78 — — — Trading securities — — — (1) (1) — — — Equity securities — — — — — — (9) (9) Mortgage loans 7,518 — — (2,672) 4,846 — — — Short-term investments 168 — — (2) 166 — (78) (78) Investments in related parties AFS securities Corporate — — — (3) (3) — (154) (154) CLO 42 — — — 42 — — — ABS 1,193 — — (2,067) (874) — — — Trading securities — — — (100) (100) — — — Mortgage loans — — — (14) (14) — — — Reinsurance recoverable — 94 — (1) 93 — — — Assets of consolidated VIEs Trading securities 38 — (4) — 34 34 (88) (54) Mortgage loans 70 — — (15) 55 — — — Investment funds 338 — — — 338 — (432) (432) Other investments 37 — — — 37 — — — Total Level 3 assets – Retirement Services $ 13,401 $ 94 $ (371) $ (5,450) $ 7,674 $ 4,999 $ (5,847) $ (848) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (6) $ (6) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (6) $ (6) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities – Embedded derivative $ — $ (750) $ — $ 263 $ (487) $ — $ — $ — Other liabilities — — — 2 2 — — — Total Level 3 liabilities – Retirement Services $ — $ (750) $ — $ 265 $ (485) $ — $ — $ — Three months ended September 30, 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 $ — $ (2) $ — $ 6 $ — $ — $ — Investments of consolidated VIEs 1,459 — (2,078) — (619) — — — Total Level 3 assets – Asset Management $ 1,467 $ — $ (2,080) $ — $ (613) $ — $ — $ — Assets – Retirement Services AFS securities Corporate $ 26 $ — $ — $ (52) $ (26) $ — $ (20) $ (20) ABS 221 — (13) (463) (255) 357 (795) (438) RMBS 261 — — — 261 — (4) (4) Trading securities — — — (5) (5) — — — Mortgage loans 5,696 — (285) (1,251) 4,160 — — — Short-term investments 100 — — — 100 — — — Other investments 145 — — — 145 — — — Investments in related parties AFS securities Corporate 27 — — (3) 24 — — — ABS 426 — — (316) 110 — — — Trading securities 1 — (1) — — — — — Mortgage loans — — — (1) (1) — — — Assets of consolidated VIEs Trading securities 6 — (19) — (13) 1,180 — 1,180 Mortgage loans 4 — — (2) 2 — — — Investment funds 113 — (32) — 81 — — — Other investments 2 — (14) — (12) — — — Total Level 3 assets – Retirement Services $ 7,028 $ — $ (364) $ (2,093) $ 4,571 $ 1,537 $ (819) $ 718 Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (4) $ (4) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (4) $ (4) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities – Embedded derivative $ — $ (573) $ — $ 175 $ (398) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (573) $ — $ 175 $ (398) $ — $ — $ — Nine months ended September 30, 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 $ 27 $ — $ (61) $ — $ (34) $ — $ (68) $ (68) Investments of consolidated VIEs 3,122 — (3,107) — 15 452 (70) 382 Total Level 3 assets – Asset Management $ 3,149 $ — $ (3,168) $ — $ (19) $ 452 $ (138) $ 314 Assets – Retirement Services AFS securities Foreign governments $ — $ — $ — $ (6) $ (6) $ — $ — $ — Corporate 2,623 — (18) (218) 2,387 166 (993) (827) ABS 9,635 — (423) (841) 8,371 748 (747) 1 RMBS 81 — — (9) 72 — (2) (2) Trading securities — — — (6) (6) 14 — 14 Equity securities 2 — (1) — 1 9 (9) — Mortgage loans 19,226 — (26) (5,553) 13,647 — — — Derivative assets — — — — — 1 — 1 Short-term investments 171 — (6) (23) 142 — (79) (79) Other investments 280 — — — 280 — — — Investments in related parties AFS securities Corporate 6 — (1) (7) (2) — (154) (154) CLO 42 — — — 42 — — — ABS 5,780 — (504) (3,361) 1,915 — — — Trading securities 4 — — (222) (218) — — — Mortgage loans 87 — — (64) 23 — — — Reinsurance recoverable — 294 — (2) 292 — — — Assets of consolidated VIEs Trading securities 201 — (91) (7) 103 40 (88) (48) Mortgage loans 125 — — (74) 51 — — — Investment funds 339 — — — 339 — (432) (432) Other investments 56 — (3) — 53 — — — Total Level 3 assets – Retirement Services $ 38,658 $ 294 $ (1,073) $ (10,393) $ 27,486 $ 978 $ (2,504) $ (1,526) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (105) $ (105) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (105) $ (105) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities – embedded derivative $ — $ (2,408) $ — $ 741 $ (1,667) $ — $ — $ — Other liabilities — — — 52 52 64 — 64 Total Level 3 liabilities – Retirement Services $ — $ (2,408) $ — $ 793 $ (1,615) $ 64 $ — $ 64 Nine months ended September 30, 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 $ 34 $ — $ (4) $ — $ 30 $ — $ — $ — Investments of consolidated VIEs 4,058 — (2,826) — 1,232 — (2) (2) Total Level 3 assets – Asset Management $ 4,092 $ — $ (2,830) $ — $ 1,262 $ — $ (2) $ (2) Assets – Retirement Services AFS securities Foreign governments $ 53 $ — $ — $ (6) $ 47 $ — $ — $ — Corporate 1,338 — — (168) 1,170 29 (473) (444) ABS 1,552 — (33) (725) 794 695 (1,694) (999) CMBS — — — — — 12 — 12 RMBS 262 — — (4) 258 5 (240) (235) Trading securities 8 — — (20) (12) 5 (16) (11) Equity securities — — — — — — (13) (13) Mortgage loans 14,361 — (348) (2,695) 11,318 — — — Short-term investments 100 — — (30) 70 26 — 26 Other investments 472 — — (431) 41 — — — Investments in related parties AFS securities Corporate 184 — — (9) 175 215 — 215 CLO 185 — — — 185 — — — ABS 3,132 — (162) (1,002) 1,968 284 — 284 Trading securities 28 — (38) (3) (13) — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (24) (24) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 26 — (49) — (23) 1,308 (31) 1,277 Mortgage loans 63 — — (5) 58 — — — Investment funds 113 — (40) — 73 475 (1,610) (1,135) Other investments 7 — (21) — (14) — — — Total Level 3 assets – Retirement Services $ 21,958 $ — $ (691) $ (5,154) $ 16,113 $ 3,054 $ (4,077) $ (1,023) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (4) $ (4) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (4) $ (4) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities – Embedded derivative $ — $ (1,708) $ — $ 481 $ (1,227) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (1,708) $ — $ 481 $ (1,227) $ — $ — $ —
Schedule of Level 3 Liabilities 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 September 30, 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 $ 1,170 $ 42 $ — $ (39) $ (68) $ 1,105 $ 7 $ — Investments of consolidated VIEs 1,507 48 — (99) 452 1,908 8 — Total Level 3 assets – Asset Management $ 2,677 $ 90 $ — $ (138) $ 384 $ 3,013 $ 15 $ — Assets – Retirement Services AFS securities Foreign governments $ 34 $ — $ 1 $ — $ — $ 35 $ — $ — Corporate 8,114 6 80 775 (4,800) 4,175 2 98 ABS 8,420 1 313 2,202 4,679 15,615 — 301 CMBS 20 2 (5) — — 17 — (3) RMBS 261 2 2 78 — 343 — 2 Trading securities 37 1 — (1) — 37 1 — Equity securities 36 (1) — — (9) 26 — — Mortgage loans 52,645 1,096 — 4,846 — 58,587 1,236 — Funds withheld at interest – embedded derivative (3,283) 702 — — — (2,581) — — Derivative assets 1 — — — — 1 — — Short-term investments 80 — — 166 (78) 168 — — Other investments 904 — — — — 904 (1) — Investments in related parties AFS securities Corporate 1,194 (3) 12 (3) (154) 1,046 — (4) CLO 521 — 2 42 — 565 — 2 ABS 10,580 28 75 (874) — 9,809 7 73 Trading securities 719 — — (100) — 619 (1) — Equity securities 247 10 — — — 257 10 — Mortgage loans 1,320 39 — (14) — 1,345 (43) — Investment funds 1,066 40 — — — 1,106 40 — Funds withheld at interest – embedded derivative (717) 187 — — — (530) — — Other investments 335 13 — — — 348 13 — Reinsurance recoverable 1,518 99 — 93 — 1,710 — — Assets of consolidated VIEs Trading securities 1,876 82 — 34 (54) 1,938 82 — Mortgage loans 2,120 51 — 55 — 2,226 51 — Investment funds 913 (1) — 338 (432) 818 (1) — Other investments 113 4 — 37 — 154 4 — Total Level 3 assets – Retirement Services $ 89,074 $ 2,358 $ 480 $ 7,674 $ (848) $ 98,738 $ 1,400 $ 469 (Continued) Liabilities – Asset Management Contingent consideration obligations $ 59 $ 3 $ — $ (6) $ — $ 56 $ — $ — Total Level 3 liabilities – Asset Management $ 59 $ 3 $ — $ (6) $ — $ 56 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (11,234) $ (275) $ — $ (487) $ — $ (11,996) $ — $ — Universal life benefits (769) (51) — — — (820) — — Future policy benefits AmerUs Closed Block (1,120) (46) — — — (1,166) — — ILICO Closed Block and life benefits (529) (16) — — — (545) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (253) (86) — 2 — (337) — — Total Level 3 liabilities – Retirement Services $ (13,906) $ (474) $ — $ (485) $ — $ (14,865) $ — $ — (Concluded) 1 Related to instruments held at end of period. Three months ended September 30, 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 $ 1,165 $ (25) $ — $ 6 $ — $ 1,146 $ (1) $ — Investments of consolidated VIEs 2,608 (9) — (619) — 1,980 4 — Total Level 3 assets – Asset Management $ 3,773 $ (34) $ — $ (613) $ — $ 3,126 $ 3 $ — Assets – Retirement Services AFS securities Foreign governments $ 48 $ — $ (2) $ — $ — $ 46 $ — $ (2) Corporate 2,460 (8) (25) (26) (20) 2,381 — (27) ABS 5,305 — 14 (255) (438) 4,626 — 4 CMBS 12 — — — — 12 — — RMBS 6 — — 261 (4) 263 — — Trading securities 38 (1) — (5) — 32 (1) — Equity securities 67 7 — — — 74 7 — Mortgage loans 34,668 (850) — 4,160 — 37,978 (850) — Funds withheld at interest – embedded derivative (4,356) (625) — — — (4,981) — — Short-term investments 30 — (1) 100 — 129 — (1) Other investments 337 (5) — 145 — 477 (5) — Investments in related parties AFS securities Corporate 1,171 1 (10) 24 — 1,186 — (10) CLO 495 — 8 — — 503 — 8 ABS 7,742 (2) (11) 110 — 7,839 (6) (14) Trading securities 867 4 — — — 871 3 — Equity securities 252 (7) — — — 245 (7) — Mortgage loans 1,296 (61) — (1) — 1,234 (61) — Investment funds 1,061 (18) — — — 1,043 (18) — (Continued) Funds withheld at interest – embedded derivative (1,297) 325 — — — (972) — — Other investments 343 (16) — — — 327 (16) — Reinsurance recoverable 1,436 (135) — — — 1,301 — — Assets of consolidated VIEs Trading securities 717 (26) — (13) 1,180 1,858 (48) — Mortgage loans 2,113 (73) — 2 — 2,042 (73) — Investment funds 1,351 (30) — 81 — 1,402 (30) — Other investments 99 5 — (12) — 92 5 — Total Level 3 assets – Retirement Services $ 56,261 $ (1,515) $ (27) $ 4,571 $ 718 $ 60,008 $ (1,100) $ (42) Liabilities – Asset Management Contingent consideration obligations $ 69 $ 20 $ — $ (4) $ — $ 85 $ — $ — Total Level 3 liabilities – Asset Management $ 69 $ 20 $ — $ (4) $ — $ 85 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (8,198) $ 1,251 $ — $ (398) $ — $ (7,345) $ — $ — Universal life benefits (854) 115 — — — (739) — — Future policy benefits AmerUs Closed Block (1,159) 59 — — — (1,100) — — ILICO Closed Block and life benefits (571) 20 — — — (551) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (209) (4) — — — (213) — — Total Level 3 liabilities – Retirement Services $ (10,992) $ 1,441 $ — $ (398) $ — $ (9,949) $ — $ — (Concluded) 1 Related to instruments held at end of period. Nine months ended September 30, 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 $ 6 $ — $ (34) $ (68) $ 1,105 $ 7 $ — Investments of consolidated VIEs 1,492 19 — 15 382 1,908 5 — Total Level 3 assets – Asset Management $ 2,693 $ 25 $ — $ (19) $ 314 $ 3,013 $ 12 $ — Assets – Retirement Services AFS securities Foreign governments $ 40 $ — $ 1 $ (6) $ — $ 35 $ — $ 1 Corporate 2,525 3 87 2,387 (827) 4,175 — 110 ABS 6,943 (14) 314 8,371 1 15,615 — 298 CMBS 21 1 (5) — — 17 — (3) RMBS 265 5 3 72 (2) 343 — 2 Trading securities 28 1 — (6) 14 37 — — Equity securities 26 (1) — 1 — 26 — — Mortgage loans 44,115 825 — 13,647 — 58,587 965 — Funds withheld at interest – embedded derivative (3,379) 798 — — — (2,581) — — Derivative assets — — — — 1 1 — — Short-term investments 105 — — 142 (79) 168 — — Other investments 630 (6) — 280 — 904 (7) — Investments in related parties AFS securities Corporate 1,171 (2) 33 (2) (154) 1,046 — 18 CLO 506 — 17 42 — 565 — 18 ABS 7,826 46 22 1,915 — 9,809 2 20 Trading securities 838 (1) — (218) — 619 (2) — Equity securities 255 2 — — — 257 2 — Mortgage loans 1,281 41 — 23 — 1,345 (41) — Investment funds 1,082 24 — — — 1,106 24 — Funds withheld at interest – embedded derivative (721) 191 — — — (530) — — Other investments 343 5 — — — 348 5 — Reinsurance recoverable 1,367 51 — 292 — 1,710 — — Assets of consolidated VIEs Trading securities 1,852 31 — 103 (48) 1,938 30 — Mortgage loans 2,173 2 — 51 — 2,226 2 — Investment funds 977 (66) — 339 (432) 818 (66) — Other investments 101 — — 53 — 154 1 — Total Level 3 assets – Retirement Services $ 70,370 $ 1,936 $ 472 $ 27,486 $ (1,526) $ 98,738 $ 915 $ 464 (Continued) Nine months ended September 30, 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 – Asset Management Contingent consideration obligations $ 93 $ 68 $ — $ (105) $ — $ 56 $ — $ — Total Level 3 liabilities – Asset Management $ 93 $ 68 $ — $ (105) $ — $ 56 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (9,059) $ (1,270) $ — $ (1,667) $ — $ (11,996) $ — $ — Universal life benefits (834) 14 — — — (820) — — Future policy benefits AmerUs Closed Block (1,178) 12 — — — (1,166) — — ILICO Closed Block and life benefits (522) (23) — — — (545) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (330) (123) — 52 64 (337) — — Total Level 3 liabilities – Retirement Services $ (11,924) $ (1,390) $ — $ (1,615) $ 64 $ (14,865) $ — $ — (Concluded) 1 Related to instruments held at end of period. Nine months ended September 30, 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 $ 18 $ — $ 30 $ — $ 1,146 $ 45 $ — Investments of consolidated VIEs 727 23 — 1,232 (2) 1,980 16 — Total Level 3 assets – Asset Management $ 1,825 $ 41 $ — $ 1,262 $ (2) $ 3,126 $ 61 $ — Assets – Retirement Services AFS securities Foreign governments $ 1 $ — $ (2) $ 47 $ — $ 46 $ — $ (2) Corporate 1,665 (9) (1) 1,170 (444) 2,381 — (7) ABS 4,867 — (36) 794 (999) 4,626 — (49) CMBS — — — — 12 12 — (1) RMBS 232 6 2 258 (235) 263 — — Trading securities 53 2 — (12) (11) 32 — — Equity securities 92 (5) — — (13) 74 (5) — Mortgage loans 27,454 (794) — 11,318 — 37,978 (792) — Funds withheld at interest – embedded derivative (4,847) (134) — — — (4,981) — — Short-term investments 36 — (3) 70 26 129 — (1) Other investments 441 (5) — 41 — 477 (7) — Investments in related parties AFS securities Corporate 812 2 (18) 175 215 1,186 — (18) CLO 303 — 15 185 — 503 — 15 ABS 5,542 7 38 1,968 284 7,839 (2) 32 Trading securities 878 6 — (13) — 871 3 — Equity securities 279 (2) — (32) — 245 (3) — Mortgage loans 1,302 (44) — (24) — 1,234 (44) — Investment funds 959 52 — 32 — 1,043 53 — Funds withheld at interest – embedded derivative (1,425) 453 — — — (972) — — Other investments 303 (18) — 42 — 327 (19) — Reinsurance recoverable 1,388 (87) — — — 1,301 — — Assets of consolidated VIEs Trading securities 622 (18) — (23) 1,277 1,858 (40) — Mortgage loans 2,055 (71) — 58 — 2,042 (71) — Investment funds 2,471 (7) — 73 (1,135) 1,402 (7) — Other investments 99 7 — (14) — 92 7 — Total Level 3 assets – Retirement Services $ 45,582 $ (659) $ (5) $ 16,113 $ (1,023) $ 60,008 $ (927) $ (31) Liabilities – Asset Management Contingent consideration obligations $ 86 $ 3 $ — $ (4) $ — $ 85 $ — $ — Total Level 3 liabilities – Asset Management $ 86 $ 3 $ — $ (4) $ — $ 85 $ — $ — (Continued) Nine months ended September 30, 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 Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (277) $ — $ (1,227) $ — $ (7,345) $ — $ — Universal life benefits (829) 90 — — — (739) — — Future policy benefits AmerUs Closed Block (1,164) 64 — — — (1,100) — — ILICO Closed Block and life benefits (548) (3) — — — (551) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (71) — — — (213) — — Total Level 3 liabilities – Retirement Services $ (8,525) $ (197) $ — $ (1,227) $ — $ (9,949) $ — $ — (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 September 30, 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 $ 7 $ — $ (46) $ — $ (39) $ — $ (68) $ (68) Investments of consolidated VIEs 1,033 — (1,132) — (99) 452 — 452 Total Level 3 assets – Asset Management $ 1,040 $ — $ (1,178) $ — $ (138) $ 452 $ (68) $ 384 Assets – Retirement Services AFS securities Corporate $ 912 $ — $ (16) $ (121) $ 775 $ 68 $ (4,868) $ (4,800) ABS 3,004 — (351) (451) 2,202 4,897 (218) 4,679 RMBS 81 — — (3) 78 — — — Trading securities — — — (1) (1) — — — Equity securities — — — — — — (9) (9) Mortgage loans 7,518 — — (2,672) 4,846 — — — Short-term investments 168 — — (2) 166 — (78) (78) Investments in related parties AFS securities Corporate — — — (3) (3) — (154) (154) CLO 42 — — — 42 — — — ABS 1,193 — — (2,067) (874) — — — Trading securities — — — (100) (100) — — — Mortgage loans — — — (14) (14) — — — Reinsurance recoverable — 94 — (1) 93 — — — Assets of consolidated VIEs Trading securities 38 — (4) — 34 34 (88) (54) Mortgage loans 70 — — (15) 55 — — — Investment funds 338 — — — 338 — (432) (432) Other investments 37 — — — 37 — — — Total Level 3 assets – Retirement Services $ 13,401 $ 94 $ (371) $ (5,450) $ 7,674 $ 4,999 $ (5,847) $ (848) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (6) $ (6) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (6) $ (6) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities – Embedded derivative $ — $ (750) $ — $ 263 $ (487) $ — $ — $ — Other liabilities — — — 2 2 — — — Total Level 3 liabilities – Retirement Services $ — $ (750) $ — $ 265 $ (485) $ — $ — $ — Three months ended September 30, 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 $ — $ (2) $ — $ 6 $ — $ — $ — Investments of consolidated VIEs 1,459 — (2,078) — (619) — — — Total Level 3 assets – Asset Management $ 1,467 $ — $ (2,080) $ — $ (613) $ — $ — $ — Assets – Retirement Services AFS securities Corporate $ 26 $ — $ — $ (52) $ (26) $ — $ (20) $ (20) ABS 221 — (13) (463) (255) 357 (795) (438) RMBS 261 — — — 261 — (4) (4) Trading securities — — — (5) (5) — — — Mortgage loans 5,696 — (285) (1,251) 4,160 — — — Short-term investments 100 — — — 100 — — — Other investments 145 — — — 145 — — — Investments in related parties AFS securities Corporate 27 — — (3) 24 — — — ABS 426 — — (316) 110 — — — Trading securities 1 — (1) — — — — — Mortgage loans — — — (1) (1) — — — Assets of consolidated VIEs Trading securities 6 — (19) — (13) 1,180 — 1,180 Mortgage loans 4 — — (2) 2 — — — Investment funds 113 — (32) — 81 — — — Other investments 2 — (14) — (12) — — — Total Level 3 assets – Retirement Services $ 7,028 $ — $ (364) $ (2,093) $ 4,571 $ 1,537 $ (819) $ 718 Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (4) $ (4) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (4) $ (4) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities – Embedded derivative $ — $ (573) $ — $ 175 $ (398) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (573) $ — $ 175 $ (398) $ — $ — $ — Nine months ended September 30, 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 $ 27 $ — $ (61) $ — $ (34) $ — $ (68) $ (68) Investments of consolidated VIEs 3,122 — (3,107) — 15 452 (70) 382 Total Level 3 assets – Asset Management $ 3,149 $ — $ (3,168) $ — $ (19) $ 452 $ (138) $ 314 Assets – Retirement Services AFS securities Foreign governments $ — $ — $ — $ (6) $ (6) $ — $ — $ — Corporate 2,623 — (18) (218) 2,387 166 (993) (827) ABS 9,635 — (423) (841) 8,371 748 (747) 1 RMBS 81 — — (9) 72 — (2) (2) Trading securities — — — (6) (6) 14 — 14 Equity securities 2 — (1) — 1 9 (9) — Mortgage loans 19,226 — (26) (5,553) 13,647 — — — Derivative assets — — — — — 1 — 1 Short-term investments 171 — (6) (23) 142 — (79) (79) Other investments 280 — — — 280 — — — Investments in related parties AFS securities Corporate 6 — (1) (7) (2) — (154) (154) CLO 42 — — — 42 — — — ABS 5,780 — (504) (3,361) 1,915 — — — Trading securities 4 — — (222) (218) — — — Mortgage loans 87 — — (64) 23 — — — Reinsurance recoverable — 294 — (2) 292 — — — Assets of consolidated VIEs Trading securities 201 — (91) (7) 103 40 (88) (48) Mortgage loans 125 — — (74) 51 — — — Investment funds 339 — — — 339 — (432) (432) Other investments 56 — (3) — 53 — — — Total Level 3 assets – Retirement Services $ 38,658 $ 294 $ (1,073) $ (10,393) $ 27,486 $ 978 $ (2,504) $ (1,526) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (105) $ (105) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (105) $ (105) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities – embedded derivative $ — $ (2,408) $ — $ 741 $ (1,667) $ — $ — $ — Other liabilities — — — 52 52 64 — 64 Total Level 3 liabilities – Retirement Services $ — $ (2,408) $ — $ 793 $ (1,615) $ 64 $ — $ 64 Nine months ended September 30, 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 $ 34 $ — $ (4) $ — $ 30 $ — $ — $ — Investments of consolidated VIEs 4,058 — (2,826) — 1,232 — (2) (2) Total Level 3 assets – Asset Management $ 4,092 $ — $ (2,830) $ — $ 1,262 $ — $ (2) $ (2) Assets – Retirement Services AFS securities Foreign governments $ 53 $ — $ — $ (6) $ 47 $ — $ — $ — Corporate 1,338 — — (168) 1,170 29 (473) (444) ABS 1,552 — (33) (725) 794 695 (1,694) (999) CMBS — — — — — 12 — 12 RMBS 262 — — (4) 258 5 (240) (235) Trading securities 8 — — (20) (12) 5 (16) (11) Equity securities — — — — — — (13) (13) Mortgage loans 14,361 — (348) (2,695) 11,318 — — — Short-term investments 100 — — (30) 70 26 — 26 Other investments 472 — — (431) 41 — — — Investments in related parties AFS securities Corporate 184 — — (9) 175 215 — 215 CLO 185 — — — 185 — — — ABS 3,132 — (162) (1,002) 1,968 284 — 284 Trading securities 28 — (38) (3) (13) — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (24) (24) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 26 — (49) — (23) 1,308 (31) 1,277 Mortgage loans 63 — — (5) 58 — — — Investment funds 113 — (40) — 73 475 (1,610) (1,135) Other investments 7 — (21) — (14) — — — Total Level 3 assets – Retirement Services $ 21,958 $ — $ (691) $ (5,154) $ 16,113 $ 3,054 $ (4,077) $ (1,023) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (4) $ (4) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (4) $ (4) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities – Embedded derivative $ — $ (1,708) $ — $ 481 $ (1,227) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (1,708) $ — $ 481 $ (1,227) $ — $ — $ —
Schedule of Gain (Losses) Recorded for Financial Instruments Elected the Fair Value Option	The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: (In millions) September 30, 2024 December 31, 2023 Commercial mortgage loans $ 32,066 $ 27,630 Commercial mortgage loans under development 1,722 1,228 Total commercial mortgage loans 33,788 28,858 Mark to fair value (1,926) (2,246) Commercial mortgage loans 31,862 26,612 Residential mortgage loans 30,616 21,894 Mark to fair value (320) (937) Residential mortgage loans 30,296 20,957 Mortgage loans $ 62,158 $ 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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Trading securities $ 131 $ (116) $ 31 $ (84) Mortgage loans 1,186 (984) 868 (909) Investment funds 38 (66) 13 23 Future policy benefits (46) 59 12 64 Other 5 (4) 9 (71) Total gains (losses) $ 1,314 $ (1,111) $ 933 $ (977) The following summarizes information for fair value option mortgage loans, including related parties and VIEs: (In millions) September 30, 2024 December 31, 2023 Unpaid principal balance $ 64,404 $ 50,752 Mark to fair value (2,246) (3,183) Fair value $ 62,158 $ 47,569 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) September 30, 2024 December 31, 2023 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 507 $ 221 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (191) (74) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 316 $ 147 Fair value of commercial mortgage loans 90 days or more past due $ 254 $ 64 Fair value of commercial mortgage loans in non-accrual status 316 147 The following represents the residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) September 30, 2024 December 31, 2023 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 850 $ 528 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (74) (49) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 776 $ 479 Fair value of residential mortgage loans 90 days or more past due 1 $ 776 $ 479 Fair value of residential mortgage loans in non-accrual status 679 355 1 As of September 30, 2024 and December 31, 2023, includes $97 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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Mortgage loans $ (19) $ (20) $ (49) $ (31)
Schedule of Financial Instruments not Measured at Fair Value	The following represents Athene’s financial instruments not carried at fair value on the condensed consolidated statements of financial condition: September 30, 2024 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 107 $ 107 $ 107 $ — $ — $ — Policy loans 320 320 — — 320 — Funds withheld at interest 23,812 23,812 — — — 23,812 Short-term investments 205 205 — — — 205 Other investments 17 28 — — — 28 Investments in related parties Investment funds 498 498 498 — — — Funds withheld at interest 5,974 5,974 — — — 5,974 Short-term investments 812 812 — — 812 — Total financial assets not carried at fair value $ 31,745 $ 31,756 $ 605 $ — $ 1,132 $ 30,019 Financial liabilities Interest sensitive contract liabilities $ 191,137 $ 187,554 $ — $ — $ — $ 187,554 Debt 5,725 5,448 — 591 4,857 — Securities to repurchase 2,666 2,666 — — 2,666 — Funds withheld liability 3,416 3,416 — — — 3,416 Total financial liabilities not carried at fair value $ 202,944 $ 199,084 $ — $ 591 $ 7,523 $ 190,970 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)	9 Months Ended
	Sep. 30, 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. Nine months ended September 30, 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 404 751 36 — 479 — 1,670 Amortization (176) (131) (8) (1) (88) (274) (678) Balance at September 30, 2024 $ 1,118 $ 2,137 $ 38 $ 10 $ 1,361 $ 2,307 $ 6,971 Nine months ended September 30, 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 426 609 2 3 447 — 1,487 Amortization (74) (69) (3) (1) (40) (315) (502) Other — — — — — (3) (3) Balance at September 30, 2023 $ 656 $ 1,295 $ 10 $ 11 $ 806 $ 2,670 $ 5,448
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. Nine months ended September 30, 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 404 751 36 — 479 — 1,670 Amortization (176) (131) (8) (1) (88) (274) (678) Balance at September 30, 2024 $ 1,118 $ 2,137 $ 38 $ 10 $ 1,361 $ 2,307 $ 6,971 Nine months ended September 30, 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 426 609 2 3 447 — 1,487 Amortization (74) (69) (3) (1) (40) (315) (502) Other — — — — — (3) (3) Balance at September 30, 2023 $ 656 $ 1,295 $ 10 $ 11 $ 806 $ 2,670 $ 5,448
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. Nine months ended September 30, 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 404 751 36 — 479 — 1,670 Amortization (176) (131) (8) (1) (88) (274) (678) Balance at September 30, 2024 $ 1,118 $ 2,137 $ 38 $ 10 $ 1,361 $ 2,307 $ 6,971 Nine months ended September 30, 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 426 609 2 3 447 — 1,487 Amortization (74) (69) (3) (1) (40) (315) (502) Other — — — — — (3) (3) Balance at September 30, 2023 $ 656 $ 1,295 $ 10 $ 11 $ 806 $ 2,670 $ 5,448

Long-duration Contracts (Tables

Long-duration Contracts (Tables)	9 Months Ended
	Sep. 30, 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. Nine months ended September 30, 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 19,786 12,761 24,083 933 57,563 Policy charges (2) (522) — — (524) Surrenders and withdrawals (3,691) (9,724) — (63) (13,478) Benefit payments (830) (1,204) (7,746) (173) (9,953) Interest credited 2,323 2,313 1,173 152 5,961 Foreign exchange (1) 1 116 (56) 60 Other — — 421 (74) 347 Balance at September 30, 2024 $ 82,348 $ 96,772 $ 50,397 $ 8,348 $ 237,865 Weighted average crediting rate 4.3 % 2.6 % 4.5 % 2.6 % Net amount at risk $ 427 $ 15,221 $ — $ 65 Cash surrender value 78,049 89,378 — 7,112 Nine months ended September 30, 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 18,011 8,960 4,893 3,760 35,624 Policy charges (2) (481) — — (483) Surrenders and withdrawals (8,207) (8,292) (110) (25) (16,634) Benefit payments (738) (1,216) (2,264) (223) (4,441) Interest credited 1,284 802 628 110 2,824 Foreign exchange (77) (1) (26) (344) (448) Other 1 63 77 (46) (1,419) (1,325) Balance at September 30, 2023 $ 53,852 $ 92,509 $ 30,514 $ 6,581 $ 183,456 Weighted average crediting rate 3.7 % 2.3 % 3.1 % 2.7 % Net amount at risk $ 425 $ 14,438 $ — $ 104 Cash surrender value 50,352 84,052 — 5,335 1 Other includes $1,371 million reduction of reserves related to the VIAC recapture agreement. See note 15 for further information.
Schedule of Interest Sensitive Contract Liabilities	The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated statements of financial condition: September 30, (In millions) 2024 2023 Traditional deferred annuities $ 82,348 $ 53,852 Indexed annuities 96,772 92,509 Funding agreements 50,397 30,514 Other investment-type 8,348 6,581 Reconciling items 1 7,571 5,609 Interest sensitive contract liabilities $ 245,436 $ 189,065 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: September 30, 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% $ 28,488 $ 15,531 $ 126,352 $ 170,371 2.0% – < 4.0% 23,576 1,787 1,927 27,290 4.0% – < 6.0% 28,764 75 1 28,840 6.0% and greater 11,364 — — 11,364 Total $ 92,192 $ 17,393 $ 128,280 $ 237,865 September 30, 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% $ 28,564 $ 19,709 $ 90,121 $ 138,394 2.0% – < 4.0% 28,838 1,128 541 30,507 4.0% – < 6.0% 11,433 9 1 11,443 6.0% and greater 3,112 — — 3,112 Total $ 71,947 $ 20,846 $ 90,663 $ 183,456
Schedule of Expected Value for Future Policy Benefits	The following is a rollforward by product within future policy benefits: Nine months ended September 30, 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 Effect of actual to expected experience — (4) (4) Adjusted balance — 1,131 1,131 Interest accrual — 17 17 Net premium collected — (144) (144) Foreign exchange — (28) (28) Ending balance at original discount rate — 976 976 Effect of changes in discount rate assumptions — 41 41 Effect of foreign exchange on the change in discount rate assumptions — 1 1 Ending balance $ — $ 1,018 $ 1,018 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 changes in cash flow assumptions (104) — (104) Effect of actual to expected experience (89) (4) (93) Adjusted balance 51,042 3,272 54,314 Issuances 1,010 — 1,010 Interest accrual 1,353 52 1,405 Benefit payments (3,355) (66) (3,421) Foreign exchange 33 (64) (31) Ending balance at original discount rate 50,083 3,194 53,277 Effect of changes in discount rate assumptions (5,362) 46 (5,316) Effect of foreign exchange on the change in discount rate assumptions (16) (3) (19) Ending balance $ 44,705 $ 3,237 $ 47,942 Net future policy benefits $ 44,705 $ 2,219 $ 46,924 Weighted-average liability duration (in years) 9.4 31.3 Weighted-average interest accretion rate 3.7 % 4.8 % Weighted-average current discount rate 5.0 % 4.0 % Expected future gross premiums, undiscounted $ — $ 1,255 Expected future gross premiums, discounted 1 — 1,064 Expected future benefit payments, undiscounted 73,523 10,235 1 Discounted at the original discount rate. Nine months ended September 30, 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 changes in cash flow assumptions (297) — (297) Effect of actual to expected experience (36) — (36) Adjusted balance 44,501 — 44,501 Issuances 9,120 — 9,120 Interest accrual 1,194 — 1,194 Benefit payments (2,731) — (2,731) Foreign exchange 6 — 6 Other 1 (1,509) — (1,509) Ending balance at original discount rate 50,581 — 50,581 Effect of changes in discount rate assumptions (9,753) — (9,753) Effect of foreign exchange on the change in discount rate assumptions 12 — 12 Ending balance $ 40,840 $ — $ 40,840 Net future policy benefits $ 40,840 $ — $ 40,840 Weighted-average liability duration (in years) 9.6 0.0 Weighted-average interest accretion rate 3.6 % — % Weighted-average current discount rate 6.1 % — % Expected future benefit payments, undiscounted $ 73,933 $ — 1 Other includes $1,509 million reduction of reserves related to the VIAC recapture agreement. See note 15 for further information. The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition: September 30, (In millions) 2024 2023 Payout annuities with life contingencies $ 44,705 $ 40,840 Whole life 2,219 — Reconciling items 1 6,038 5,832 Future policy benefits $ 52,962 $ 46,672 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 Nine months ended September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Payout annuities with life contingencies $ 985 $ 9,142 $ 1,353 $ 1,194 Whole life 154 — 35 — Reconciling items 1 24 21 — — Total $ 1,163 $ 9,163 $ 1,388 $ 1,194 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: Nine months ended September 30, (In millions) 2024 2023 Reserves $ 193 $ 333 Deferred profit liability (37) (243) Negative VOBA (52) (54) Total remeasurement gains (losses) $ 104 $ 36
Schedule of Net Liability Position of Market Risk Benefits	The following is a rollfoward of net market risk benefit liabilities by product: Nine months ended September 30, 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 — 270 270 Interest accrual 8 143 151 Attributed fees collected 1 265 266 Benefit payments (3) (39) (42) Effect of changes in interest rates (2) (34) (36) Effect of changes in equity — (115) (115) Effect of actual policyholder behavior compared to expected behavior 5 64 69 Effect of changes in future expected policyholder behavior (3) 88 85 Effect of changes in other future expected assumptions — (19) (19) Balance, end of period, before changes in instrument-specific credit risk 200 3,794 3,994 Effect of changes in instrument-specific credit risk 1 94 95 Balance at September 30, 2024 201 3,888 4,089 Less: Reinsurance recoverable — (40) (40) Balance at September 30, 2024, net of reinsurance $ 201 $ 3,848 $ 4,049 Net amount at risk $ 427 $ 15,221 Weighted-average attained age of contract holders (in years) 76 69 Nine months ended September 30, 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 — 47 47 Interest accrual 7 108 115 Attributed fees collected 2 250 252 Benefit payments (1) (24) (25) Effect of changes in interest rates (18) (591) (609) Effect of changes in equity — (26) (26) Effect of actual policyholder behavior compared to expected behavior 4 42 46 Effect of changes in future expected policyholder behavior (3) 78 75 Effect of changes in other future expected assumptions — 6 6 Balance, end of period, before changes in instrument-specific credit risk 174 2,562 2,736 Effect of changes in instrument-specific credit risk (7) (139) (146) Balance at September 30, 2023 $ 167 $ 2,423 $ 2,590 Net amount at risk $ 425 $ 14,438 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. September 30, 2024 September 30, 2023 (In millions) Asset Liability Net Liability Asset Liability Net Liability Traditional deferred annuities $ — $ 201 $ 201 $ — $ 167 $ 167 Indexed annuities 313 4,201 3,888 431 2,854 2,423 Total $ 313 $ 4,402 $ 4,089 $ 431 $ 3,021 $ 2,590
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: September 30, 2024 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 803 Discounted cash flow Discount rate 13.5% – 52.8% 17.6% 1 126 Direct capitalization Capitalization rate 6.7% 6.7% 160 Adjusted transaction value N/A N/A N/A Due from related parties 26 Discounted cash flow Discount rate 14.0% 14.0% Derivative assets 16 Option model Volatility rate 47.5% 47.5% Investments of consolidated VIEs Bank loans 80 Discounted cash flow Discount rate 6.6% – 35.5% 8.9% 1 256 Adjusted transaction value N/A N/A N/A Equity securities 504 Dividend discount model Discount rate 14.1% 14.1% 432 Discounted cash flow Discount rate 12.7% 12.7% 39 Adjusted transaction value N/A N/A N/A 18 Option Model Volatility rate 85.0% – 105.0% 95.3% 1 Bonds 579 Discounted cash flow Discount rate 6.0% – 10.4% 6.4% 1 Retirement Services AFS, trading and equity securities 27,208 Discounted cash flow Discount rate 4.3% – 17.7% 6.9% 1 Mortgage loans 2 62,158 Discounted cash flow Discount rate 1.0% – 36.5% 7.4% 1 Investment funds 2 1,623 Discounted cash flow Discount rate 6.3% – 13.5% 11.3% 1 Financial Liabilities Asset Management Contingent consideration obligations 56 Discounted cash flow Discount rate 20.0% – 25.0% 23.7% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 11,996 Discounted cash flow Nonperformance risk 0.5% – 1.2% 0.8% 3 Option budget 0.5% – 6.0% 2.7% 4 Surrender rate 6.2% – 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 Asset Management 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: September 30, 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 $ 4,089 Discounted cash flow Nonperformance risk 0.5 % 1.2 % 1.1 % 1 Decrease Option budget 0.5 % 6.0 % 2.2 % 2 Decrease Surrender rate 3.3 % 7.0 % 4.5 % 2 Decrease Utilization rate 28.6 % 95.0 % 84.7 % 3 Increase September 30, 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 $ 2,590 Discounted cash flow Nonperformance risk 0.6 % 1.6 % 1.4 % 1 Decrease Option budget 0.5 % 5.9 % 1.9 % 2 Decrease Surrender rate 3.4 % 6.5 % 4.6 % 2 Decrease Utilization rate 28.6 % 95.0 % 83.2 % 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)	9 Months Ended
	Sep. 30, 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 570 Payments/other (373) Profit sharing payable, September 30, 2024 $ 1,866

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Company debt consisted of the following: September 30, 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 $ — $ — $ 499 $ 496 4 4.40% 2026 Senior Notes 1,2 May 27, 2026 499 500 4 498 490 4 4.87% 2029 Senior Notes 1,2 February 15, 2029 675 687 4 675 664 4 2.65% 2030 Senior Notes 1,2 June 5, 2030 497 454 4 496 432 4 6.38% 2033 Senior Notes 1,2 November 15, 2033 492 558 4 492 539 4 5.00% 2048 Senior Notes 1,2 March 15, 2048 297 296 4 297 275 4 5.80% 2054 Senior Notes 1,2 May 21, 2054 741 800 4 — — 4.95% 2050 Subordinated Notes 1,2 January 14, 2050 297 299 4 297 283 4 7.63% 2053 Subordinated Notes 1,2 September 15, 2053 584 656 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 — — 19 19 3 2.00% 2016 AMI Term Facility II October 18, 2024 — — 12 12 3 4,082 4,250 3,883 3,876 Retirement Services 4.13% 2028 AHL Senior Notes 1 January 12, 2028 1,054 986 4 1,066 956 4 6.15% 2030 AHL Senior Notes 1 April 3, 2030 582 538 4 593 516 4 3.50% 2031 AHL Senior Notes 1 January 15, 2031 521 466 4 523 442 4 6.65% 2033 AHL Senior Notes 1 February 1, 2033 395 441 4 395 427 4 5.88% 2034 AHL Senior Notes 1 January 15, 2034 584 629 4 583 607 4 3.95% 2051 AHL Senior Notes 1 May 25, 2051 545 385 4 545 375 4 3.45% 2052 AHL Senior Notes 1 May 15, 2052 504 344 4 504 337 4 6.25% 2054 AHL Senior Notes 1 April 1, 2054 982 1,068 4 — — 7.25% 2064 AHL Subordinated Notes 1 March 30, 2064 558 591 5 — — 5,725 5,448 4,209 3,660 Total Debt $ 9,807 $ 9,698 $ 8,092 $ 7,536 1 Interest rate is calculated as weighted average annualized. 2 Includes amortization of note discount, as applicable, totaling $41 million and $34 million as of September 30, 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 September 30, 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 September 30, 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 27, 2025 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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Asset Management $ 55 $ 36 $ 159 $ 98 Retirement Services 1 65 30 174 91 Total Interest Expense $ 120 $ 66 $ 333 $ 189 Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable. 1 Interest expense for Retirement Services is included in policy and other operating expenses on the condensed consolidated statements of operations.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 4,359,947 106.78 21,957 4,381,904 Forfeited (235,093) 71.52 (172,960) (408,053) Vested (3,320,092) 66.30 3,320,092 — Issued — — (7,034,702) (7,034,702) Balance at September 30, 2024 17,497,665 $ 68.10 18,201,439 35,699,104

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Share Activity	The table below outlines the share activity for the nine months ended September 30, 2024 and 2023: Nine months ended September 30, 2024 2023 Shares of common stock issued in settlement of vested RSUs and options exercised 1 7,352,428 7,736,756 Reduction of shares of common stock issued 2 (2,404,677) (2,997,427) Shares of common stock purchased related to share issuances and forfeitures 3 (149,002) (161,530) Issuance of shares of common stock for equity-based awards 4,798,749 4,577,799 1 The gross value of shares issued was $789 million and $553 million for the nine months ended September 30, 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 $310 million and $215 million for the nine months ended September 30, 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 nine months ended September 30, 2024, and 2023, Apollo issued 228,392 and 452,640 of such restricted shares and 149,002 and 161,530 of such RSUs under the Equity Plan, respectively. During the nine months ended September 30, 2023, Apollo repurchased 499,430 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 May 2, 2024 0.46 May 31, 2024 263 16 August 1, 2024 0.46 August 30, 2024 262 15 Nine months ended September 30, 2024 $ 1.35 $ 770 $ 45
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 June 30, 2024 $ (9,674) $ (277) $ (82) $ 4,218 $ 5 $ (10) $ (5,820) Other comprehensive income (loss) before reclassifications 5,143 (22) 225 (2,263) (93) 61 3,051 Less: Reclassification adjustments for gains (losses) realized 1 (348) (8) 4 — — — (352) Less: Income tax expense (benefit) 1,122 (3) 47 (472) (20) 8 682 Less: Other comprehensive loss attributable to non-controlling interests, net of tax 886 7 60 (596) (9) 26 374 Balance at September 30, 2024 $ (6,191) $ (295) $ 32 $ 3,023 $ (59) $ 17 $ (3,473) 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 June 30, 2023 $ (11,052) $ (378) $ 27 $ 4,708 $ 312 $ (9) $ (6,392) Other comprehensive income (loss) before reclassifications (3,199) 33 (192) 1,317 (254) (34) (2,329) Less: Reclassification adjustments for gains (losses) realized 1 (11) — 21 — — — 10 Less: Income tax expense (benefit) (654) 6 (46) 273 (52) (3) (476) Less: Other comprehensive income (loss) attributable to non-controlling interests, net of subsidiary issuance of equity interest and tax (577) (3) (26) 471 (8) (17) (160) Balance at September 30, 2023 $ (13,009) $ (348) $ (114) $ 5,281 $ 118 $ (23) $ (8,095) 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, 2023 $ (8,675) $ (289) $ (81) $ 3,458 $ 3 $ 9 $ (5,575) Other comprehensive income (loss) before reclassifications 3,528 (19) 264 (832) (87) 22 2,876 Less: Reclassification adjustments for gains (losses) realized 1 (237) (14) 35 — — — (216) Less: Income tax expense (benefit) 776 (1) 49 (176) (18) 4 634 Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax 505 2 67 (221) (7) 10 356 Balance at September 30, 2024 $ (6,191) $ (295) $ 32 $ 3,023 $ (59) $ 17 $ (3,473) 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 (1,841) (31) (214) 1,328 (220) (1) (979) Less: Reclassification adjustments for gains (losses) realized 1 (105) — 66 — — — (39) Less: Income tax expense (benefit) (828) (12) (68) 777 (46) 2 (175) Less: Other comprehensive income (loss) attributable to non-controlling interests, net of subsidiary issuance of equity interest and tax (467) (5) (50) 526 (7) (2) (5) Balance at September 30, 2023 $ (13,009) $ (348) $ (114) $ 5,281 $ 118 $ (23) $ (8,095) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, (In millions, except share and per share amounts) 2024 2023 2024 2023 Numerator: Net income (loss) attributable to common stockholders $ 787 $ 660 $ 3,018 $ 2,269 Dividends declared on common stock 1 (262) (244) (770) (717) Dividends on participating securities 2 (15) (12) (45) (36) Earnings allocable to participating securities (14) (12) (59) (44) Undistributed income (loss) attributable to common stockholders: Basic 496 392 2,144 1,472 Dilution effect on distributable income attributable to contingent shares — — — (5) Undistributed income (loss) attributable to common stockholders: Diluted $ 496 $ 392 $ 2,144 $ 1,467 Denominator: Weighted average number of shares of common stock outstanding: Basic 585,382,685 578,797,225 586,921,189 580,610,127 Dilution effect of options 1,029,658 — 1,057,400 960,937 Dilution effect of warrants 2,129,471 — 1,929,163 — Dilution effect of contingent shares — — — 42,215 Weighted average number of shares of common stock outstanding: Diluted 588,541,814 578,797,225 589,907,752 581,613,279 Net income (loss) per share of common stock: Basic Distributed income $ 0.46 $ 0.43 $ 1.35 $ 1.26 Undistributed income (loss) 0.84 0.67 3.61 2.51 Net income (loss) per share of common stock: Basic $ 1.30 $ 1.10 $ 4.96 $ 3.77 Net income (loss) per share of common stock: Diluted Distributed income $ 0.46 $ 0.43 $ 1.35 $ 1.26 Undistributed income (loss) 0.83 0.67 3.59 2.49 Net income (loss) per share of common stock: Diluted $ 1.29 $ 1.10 $ 4.94 $ 3.75 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Weighted average unvested RSUs 14,405,628 15,755,026 14,282,686 15,238,581 Weighted average unexercised options — 2,096,655 — — Weighted average unexercised warrants — 5,065,938 — 4,659,465 Weighted average Mandatory Convertible Preferred Stock 14,531,793 9,480,194 14,528,276 3,194,791 Weighted average unvested restricted shares 1,249,388 1,706,003 1,371,113 1,730,341

Related Parties (Tables)

Related Parties (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023: (In millions) September 30, 2024 December 31, 2023 Due from Related Parties: Due from funds 1 $ 416 $ 299 Due from portfolio companies 50 40 Due from employees and former employees 106 110 Total Due from Related Parties $ 572 $ 449 Due to Related Parties: Due to Former Managing Partners and Contributing Partners 2 $ 458 $ 661 Due to funds 219 194 Due to portfolio companies 32 15 Total Due to Related Parties $ 709 $ 870 1 Includes $26 million and $37 million as of September 30, 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 $44 million and $175 million as of September 30, 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) September 30, 2024 December 31, 2023 Investment fund $ 1,106 $ 1,082 Non-redeemable preferred equity and corporate debt securities 296 249 Total investment in Athora $ 1,402 $ 1,331 Athene received capital contributions and paid distributions relating to ACRA of the following: Three months ended September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Contributions from ADIP $ 126 $ 325 $ 831 $ 325 Distributions to ADIP (95) (254) (603) (381)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2024 December 31, 2023 AFS securities $ 42,446 $ 32,458 Trading securities 1,777 139 Equity securities 304 80 Mortgage loans 23,171 14,257 Investment funds 777 409 Derivative assets 68 73 Short-term investments 14 153 Other investments 623 313 Restricted cash and cash equivalents 974 1,761 Total restricted assets $ 70,154 $ 49,643

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Asset Management Management fees 1 $ 710 $ 648 $ 2,034 $ 1,845 Capital solutions fees and other, net 159 146 508 422 Fee-related performance fee 57 40 155 102 Fee-related compensation (238) (212) (698) (635) Other operating expenses (157) (150) (490) (423) Fee Related Earnings 531 472 1,509 1,311 Retirement Services Fixed income and other net investment income 2,806 2,235 7,893 6,399 Alternative net investment income 236 230 670 674 Strategic capital management fees 27 19 76 49 Cost of funds (1,983) (1,384) (5,586) (4,056) Other operating expenses (112) (121) (342) (362) Interest and other financing costs (118) (106) (328) (344) Spread Related Earnings 856 873 2,383 2,360 Principal Investing Realized performance fees 331 132 600 473 Realized investment income 17 5 42 35 Principal investing compensation (253) (119) (464) (434) Other operating expenses (17) (14) (46) (42) Principal Investing Income 78 4 132 32 Segment Income $ 1,465 $ 1,349 $ 4,024 $ 3,703 Segment Assets: September 30, 2024 December 31, 2023 Asset Management $ 2,314 $ 1,938 Retirement Services 348,604 294,730 Principal Investing 10,205 9,573 Total Assets 2 $ 361,123 $ 306,241 1 Includes intersegment management fees from Retirement Services of $320 million and $890 million for the three and nine months ended September 30, 2024, respectively, and $247 million and $695 million for the three and nine months ended September 30, 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 September 30, Nine months ended September 30, (In millions) 2024 2023 2024 2023 Income (loss) before income tax provision (benefit) $ 2,086 $ 883 $ 5,711 $ 3,625 Asset Management Adjustments: Equity-based profit sharing expense and other 1 41 62 180 186 Equity-based compensation 72 57 230 167 Transaction-related charges 2 79 25 156 18 Merger-related transaction and integration costs 3 9 5 24 17 (Gains) losses from change in tax receivable agreement liability (35) — (34) — Net (income) loss attributable to non-controlling interests in consolidated entities (975) 28 (1,675) (687) Unrealized performance fees 141 (91) (213) (244) Unrealized profit sharing expense (65) 55 129 191 HoldCo interest and other financing costs 4 21 36 51 77 Unrealized principal investment income (loss) (4) (27) (14) (66) Unrealized net (gains) losses from investment activities and other 5 (6) 30 23 50 Retirement Services Adjustments: Investment (gains) losses, net of offsets (628) 663 (482) 829 Non-operating change in insurance liabilities and related derivatives 6 513 (431) (363) (600) Integration, restructuring and other non-operating expenses 204 41 265 98 Equity-based compensation 12 13 36 42 Segment Income $ 1,465 $ 1,349 $ 4,024 $ 3,703 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 Nine months ended September 30, 2024 includes an accrual related to an estimated liability associated with a regulatory matter. 6 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) September 30, 2024 December 31, 2023 Total reportable segment assets $ 361,123 $ 306,241 Adjustments 1 7,566 7,247 Total assets $ 368,689 $ 313,488 1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.

Organization (Details)

Organization (Details)	Sep. 30, 2024 investing_strategy
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of investing strategies	2

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) tier
Accounting Policies [Abstract]
Number of tiers | tier	2
Deferred revenue recognized | $	$ 154

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
AFS securities, at fair value	$ 182,247	$ 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	$ 291,627	$ 244,443
Asset Management | Consolidated Entity, Excluding VIE
Schedule of Equity Method Investments [Line Items]
Investments, at fair value	1,388	1,489
Equity method investments	1,109	1,072
Performance allocations	3,005	2,941
Other investments	358	0
Total Investments – Asset Management	5,860	5,502
Retirement Services | Consolidated Entity, Excluding VIE
Schedule of Equity Method Investments [Line Items]
Other investments	2,075	1,549
AFS securities, at fair value	182,247	148,347
Trading securities, at fair value	2,303	2,544
Equity securities	1,549	1,611
Mortgage loans, at fair value	59,932	45,396
Investment funds	1,711	1,741
Policy loans	320	334
Funds withheld at interest	26,675	30,833
Derivative assets	7,529	5,298
Short-term investments	1,426	1,288
Total Investments, including related parties – Retirement Services	$ 285,767	$ 238,941

Investments - Schedule of Net G

Investments - Schedule of Net Gains (Losses) from Investment Activities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Gain (Loss) on Securities [Line Items]
Realized gains (losses) on sales of investments, net	$ 1,539	$ (2,624)	$ 3,082	$ (1,193)
Asset Management | Consolidated Entity, Excluding VIE
Gain (Loss) on Securities [Line Items]
Realized gains (losses) on sales of investments, net	1	(3)	1	(4)
Net change in unrealized gains (losses) due to changes in fair value	14	(29)	32	(10)
Net gains (losses) from investment activities	$ 15	$ (32)	$ 33	$ (14)

Investments - Schedule of Perfo

Investments - Schedule of Performance Allocations (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Performance Allocation [Roll Forward]
Performance allocations, beginning balance	$ 2,941
Change in fair value of funds	880
Fund distributions to the Company	(816)
Performance allocations, ending balance	$ 3,005

Investments - Schedule of AFS S

Investments - Schedule of AFS Securities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 192,035		$ 162,016
Allowance for Credit Losses	(678)	$ (671)	(591)	$ (579)	$ (522)	$ (459)
Gross Unrealized Gains	2,914		1,709
Gross Unrealized Losses	(12,024)		(14,787)
Fair Value	182,247		148,347
Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	174,252		147,561
Allowance for Credit Losses	(677)	(670)	(590)	(578)	(521)	(458)
Gross Unrealized Gains	2,826		1,653
Gross Unrealized Losses	(11,716)		(14,286)
Fair Value	164,685		134,338
Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	17,783		14,455
Allowance for Credit Losses	(1)		(1)	(1)		(1)
Gross Unrealized Gains	88		56
Gross Unrealized Losses	(308)		(501)
Fair Value	17,562		14,009
U.S. government and agencies | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,501		6,161
Allowance for Credit Losses	0		0
Gross Unrealized Gains	84		67
Gross Unrealized Losses	(824)		(829)
Fair Value	6,761		5,399
U.S. state, municipal and political subdivisions | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,175		1,296
Allowance for Credit Losses	0		0
Gross Unrealized Gains	2		0
Gross Unrealized Losses	(200)		(250)
Fair Value	977		1,046
Foreign governments | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,088		2,083
Allowance for Credit Losses	0		0	(27)	(27)	(27)
Gross Unrealized Gains	44		71
Gross Unrealized Losses	(374)		(255)
Fair Value	1,758		1,899
Corporate | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	95,432		88,343
Allowance for Credit Losses	(168)	(168)	(129)	(140)	(73)	(61)
Gross Unrealized Gains	1,309		830
Gross Unrealized Losses	(8,963)		(10,798)
Fair Value	87,610		78,246
Corporate | Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,295		1,423
Allowance for Credit Losses	0		0
Gross Unrealized Gains	7		1
Gross Unrealized Losses	(23)		(72)
Fair Value	1,279		1,352
CLO | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	27,362		20,506
Allowance for Credit Losses	(1)	0	(2)	(3)	(3)	(7)
Gross Unrealized Gains	437		261
Gross Unrealized Losses	(188)		(558)
Fair Value	27,610		20,207
CLO | Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,763		4,367
Allowance for Credit Losses	0		0	0		(1)
Gross Unrealized Gains	41		21
Gross Unrealized Losses	(24)		(120)
Fair Value	5,780		4,268
ABS | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22,488		13,942
Allowance for Credit Losses	(74)	(67)	(49)	(30)	(35)	(29)
Gross Unrealized Gains	500		120
Gross Unrealized Losses	(444)		(630)
Fair Value	22,470		13,383
ABS | Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,725		8,665
Allowance for Credit Losses	(1)	(1)	(1)	(1)	(1)	0
Gross Unrealized Gains	40		34
Gross Unrealized Losses	(261)		(309)
Fair Value	10,503		8,389
CMBS | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,704		7,070
Allowance for Credit Losses	(57)	(57)	(29)	(7)	(6)	(5)
Gross Unrealized Gains	112		52
Gross Unrealized Losses	(395)		(502)
Fair Value	9,364		6,591
RMBS | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,502		8,160
Allowance for Credit Losses	(377)	$ (378)	(381)	$ (371)	$ (377)	$ (329)
Gross Unrealized Gains	338		252
Gross Unrealized Losses	(328)		(464)
Fair Value	$ 8,135		$ 7,567

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost and Fair Value of AFS Securities, Including Related Parties (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Total AFS securities	$ 192,035	$ 162,016
Fair Value
Total AFS securities	182,247	148,347
Nonrelated Party
Amortized Cost
Due in one year or less	2,407
Due after one year through five years	19,358
Due after five years through ten years	27,393
Due after ten years	57,038
CLO, ABS, CMBS and RMBS	68,056
Total AFS securities	174,252	147,561
Fair Value
Due in one year or less	2,394
Due after one year through five years	19,138
Due after five years through ten years	26,016
Due after ten years	49,558
CLO, ABS, CMBS and RMBS	67,579
Total AFS securities	164,685	134,338
Related Party
Amortized Cost
Due after one year through five years	1,028
Due after five years through ten years	43
Due after ten years	224
CLO, ABS, CMBS and RMBS	16,488
Total AFS securities	17,783	14,455
Fair Value
Due after one year through five years	1,024
Due after five years through ten years	45
Due after ten years	210
CLO, ABS, CMBS and RMBS	16,283
Total AFS securities	$ 17,562	$ 14,009

Investments - Schedule of Unrea

Investments - Schedule of Unrealized Losses on AFS Securities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	$ 18,306	$ 17,675
Less than 12 months, Gross Unrealized Losses	(599)	(801)
12 months or longer, Fair Value	65,707	79,813
12 months or longer, Gross Unrealized Losses	(10,967)	(13,567)
Total Fair Value	84,013	97,488
Total Gross Unrealized Losses	(11,566)	(14,368)
Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	15,114	14,722
Less than 12 months, Gross Unrealized Losses	(564)	(684)
12 months or longer, Fair Value	61,251	74,046
12 months or longer, Gross Unrealized Losses	(10,711)	(13,203)
Total Fair Value	76,365	88,768
Total Gross Unrealized Losses	(11,275)	(13,887)
Related Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	3,192	2,953
Less than 12 months, Gross Unrealized Losses	(35)	(117)
12 months or longer, Fair Value	4,456	5,767
12 months or longer, Gross Unrealized Losses	(256)	(364)
Total Fair Value	7,648	8,720
Total Gross Unrealized Losses	(291)	(481)
U.S. government and agencies | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	1,031	2,013
Less than 12 months, Gross Unrealized Losses	(6)	(94)
12 months or longer, Fair Value	3,795	2,389
12 months or longer, Gross Unrealized Losses	(818)	(735)
Total Fair Value	4,826	4,402
Total Gross Unrealized Losses	(824)	(829)
U.S. state, municipal and political subdivisions | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	22	123
Less than 12 months, Gross Unrealized Losses	(1)	(5)
12 months or longer, Fair Value	893	888
12 months or longer, Gross Unrealized Losses	(198)	(245)
Total Fair Value	915	1,011
Total Gross Unrealized Losses	(199)	(250)
Foreign governments | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	886	690
Less than 12 months, Gross Unrealized Losses	(134)	(13)
12 months or longer, Fair Value	737	760
12 months or longer, Gross Unrealized Losses	(239)	(242)
Total Fair Value	1,623	1,450
Total Gross Unrealized Losses	(373)	(255)
Corporate | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	7,810	7,752
Less than 12 months, Gross Unrealized Losses	(314)	(474)
12 months or longer, Fair Value	45,086	50,028
12 months or longer, Gross Unrealized Losses	(8,624)	(10,311)
Total Fair Value	52,896	57,780
Total Gross Unrealized Losses	(8,938)	(10,785)
Corporate | Related Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	109	548
Less than 12 months, Gross Unrealized Losses	0	(35)
12 months or longer, Fair Value	368	382
12 months or longer, Gross Unrealized Losses	(23)	(37)
Total Fair Value	477	930
Total Gross Unrealized Losses	(23)	(72)
CLO | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	3,742	689
Less than 12 months, Gross Unrealized Losses	(7)	(2)
12 months or longer, Fair Value	3,146	11,579
12 months or longer, Gross Unrealized Losses	(131)	(543)
Total Fair Value	6,888	12,268
Total Gross Unrealized Losses	(138)	(545)
CLO | Related Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	680	397
Less than 12 months, Gross Unrealized Losses	(1)	(16)
12 months or longer, Fair Value	690	2,592
12 months or longer, Gross Unrealized Losses	(20)	(102)
Total Fair Value	1,370	2,989
Total Gross Unrealized Losses	(21)	(118)
ABS | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	435	2,129
Less than 12 months, Gross Unrealized Losses	(93)	(75)
12 months or longer, Fair Value	4,319	4,378
12 months or longer, Gross Unrealized Losses	(258)	(458)
Total Fair Value	4,754	6,507
Total Gross Unrealized Losses	(351)	(533)
ABS | Related Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	2,403	2,008
Less than 12 months, Gross Unrealized Losses	(34)	(66)
12 months or longer, Fair Value	3,398	2,793
12 months or longer, Gross Unrealized Losses	(213)	(225)
Total Fair Value	5,801	4,801
Total Gross Unrealized Losses	(247)	(291)
CMBS | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	918	859
Less than 12 months, Gross Unrealized Losses	(5)	(12)
12 months or longer, Fair Value	2,074	1,967
12 months or longer, Gross Unrealized Losses	(341)	(406)
Total Fair Value	2,992	2,826
Total Gross Unrealized Losses	(346)	(418)
RMBS | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	270	467
Less than 12 months, Gross Unrealized Losses	(4)	(9)
12 months or longer, Fair Value	1,201	2,057
12 months or longer, Gross Unrealized Losses	(102)	(263)
Total Fair Value	1,471	2,524
Total Gross Unrealized Losses	$ (106)	$ (272)

Investments - Schedule of Unr_2

Investments - Schedule of Unrealized Losses on AFS Securities Including Related Parties (Details)	Sep. 30, 2024 position
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Loss Position	7,058
Unrealized Loss Position 12 Months or More	6,167
Related Party
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Loss Position	139
Unrealized Loss Position 12 Months or More	62

Investments - Schedule of Allow

Investments - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 671	$ 522	$ 591	$ 459
Initial credit losses	20	73	111	111
Initial credit losses on PCD securities	0	1	0	40
Securities sold during the period	(18)	(11)	(37)	(25)
Additions (reductions) to previously impaired securities	5	(6)	13	(6)
Ending balance	678	579	678	579
Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	670	521	590	458
Initial credit losses	20	73	111	110
Initial credit losses on PCD securities	0	1	0	40
Securities sold during the period	(18)	(11)	(37)	(25)
Additions (reductions) to previously impaired securities	5	(6)	13	(5)
Ending balance	677	578	677	578
Related Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance			1	1
Initial credit losses				1
Initial credit losses on PCD securities				0
Securities sold during the period				0
Additions (reductions) to previously impaired securities				(1)
Ending balance	1	1	1	1
Foreign governments | Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance		27	0	27
Initial credit losses		0		0
Initial credit losses on PCD securities		0		0
Securities sold during the period		0		0
Additions (reductions) to previously impaired securities		0		0
Ending balance	0	27	0	27
Corporate | Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	168	73	129	61
Initial credit losses	0	67	48	88
Initial credit losses on PCD securities	0	0	0	0
Securities sold during the period	0	(2)	(8)	(8)
Additions (reductions) to previously impaired securities	0	2	(1)	(1)
Ending balance	168	140	168	140
Corporate | Related Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance			0
Ending balance	0		0
CLO | Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	3	2	7
Initial credit losses	1	0	1	1
Initial credit losses on PCD securities	0	0	0	0
Securities sold during the period	0	0	0	0
Additions (reductions) to previously impaired securities	0	0	(2)	(5)
Ending balance	1	3	1	3
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				(1)
Ending balance	0	0	0	0
ABS | Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	67	35	49	29
Initial credit losses	13	1	25	2
Initial credit losses on PCD securities	0	0	0	0
Securities sold during the period	(14)	(4)	(15)	(4)
Additions (reductions) to previously impaired securities	8	(2)	15	3
Ending balance	74	30	74	30
ABS | Related Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	1	1	1	0
Initial credit losses	0	0	0	1
Initial credit losses on PCD securities	0	0	0	0
Securities sold during the period	0	0	0	0
Additions (reductions) to previously impaired securities	0	0	0	0
Ending balance	1	1	1	1
CMBS | Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	57	6	29	5
Initial credit losses	1	1	27	4
Initial credit losses on PCD securities	0	0	0	0
Securities sold during the period	0	0	0	0
Additions (reductions) to previously impaired securities	(1)	0	1	(2)
Ending balance	57	7	57	7
RMBS | Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	378	377	381	329
Initial credit losses	5	4	10	15
Initial credit losses on PCD securities	0	1	0	40
Securities sold during the period	(4)	(5)	(14)	(13)
Additions (reductions) to previously impaired securities	(2)	(6)	0	0
Ending balance	$ 377	$ 371	$ 377	$ 371

Investments - Schedule of Net I

Investments - Schedule of Net Investment Income (Details) - Retirement Services - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Income [Line Items]
Investment revenue	$ 4,126	$ 3,206	$ 11,550	$ 8,790
Investment expenses	(25)	(40)	(69)	(64)
Net investment income	4,101	3,166	11,481	8,726
AFS securities
Net Investment Income [Line Items]
Investment revenue	2,519	1,822	6,996	4,940
Trading securities
Net Investment Income [Line Items]
Investment revenue	40	44	125	130
Equity securities
Net Investment Income [Line Items]
Investment revenue	19	14	65	54
Mortgage loans
Net Investment Income [Line Items]
Investment revenue	1,007	642	2,711	1,632
Investment funds
Net Investment Income [Line Items]
Investment revenue	45	(15)	35	46
Funds withheld at interest
Net Investment Income [Line Items]
Investment revenue	279	486	1,001	1,368
Other
Net Investment Income [Line Items]
Investment revenue	$ 217	$ 213	$ 617	$ 620

Investments - Schedule of Inv_2

Investments - Schedule of Investment Related Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, All Other Investments [Abstract]
Gross realized gains on investment activity	$ 744	$ 55	$ 936	$ 379
Gross realized losses on investment activity	(237)	(431)	(802)	(647)
Net realized investment gains (losses) on AFS securities	507	(376)	134	(268)
Net recognized investment gains (losses) on trading securities	119	(137)	21	(105)
Net recognized investment gains (losses) on equity securities	38	(3)	65	(34)
Net recognized investment gains (losses) on mortgage loans	1,139	(911)	874	(838)
Derivative gains (losses)	1,608	(1,480)	2,486	(66)
Provision for credit losses	(14)	(60)	(114)	(237)
Other gains (losses)	(1,858)	343	(384)	355
Investment related gains (losses)	$ 1,539	$ (2,624)	$ 3,082	$ (1,193)
Derivative, gain (loss), statement of income or comprehensive income	Net gains (losses) from investment activities	Net gains (losses) from investment activities	Net gains (losses) from investment activities	Net gains (losses) from investment activities

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Proceeds from sales of AFS securities	$ 8,539	$ 724	$ 19,305	$ 3,918
Securities sold under agreements to repurchase	1,017		1,017		$ 947
Securities received as collateral	$ 2,347		$ 2,347		$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt and Equity Securities, FV-NI [Line Items]
Trading securities	$ 83	$ (75)	$ 42	$ (35)
Equity securities	28	6	56	9
Related Party
Debt and Equity Securities, FV-NI [Line Items]
Trading securities	(1)	3	(2)	3
Equity securities	$ 10	$ (9)	$ 2	$ (16)

Investments - Schedule of Repur

Investments - Schedule of Repurchase Agreements (Details) - USD ($) $ in Millions	Sep. 30, 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
91 days to 1 year
Assets Sold under Agreements to Repurchase [Line Items]
Payables for repurchase agreements	1,097	0
Greater than 1 year
Assets Sold under Agreements to Repurchase [Line Items]
Payables for repurchase agreements	$ 1,569	$ 3,167

Investments - Schedule of Secur

Investments - Schedule of Securities Pledged As Collateral For Repurchase Agreements (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 192,035	$ 162,016
Fair Value	182,247	148,347
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,109	4,659
Fair Value	2,810	4,071
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	155	137
Fair Value	113	99
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,770	2,735
Fair Value	1,549	2,307
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	587	580
Fair Value	589	579
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	597	1,207
Fair Value	$ 559	$ 1,086

Investments - Schedule of Mortg

Investments - Schedule of Mortgage Loan Portfolio, with Fair Value Option Loans (Details) - Mortgage Loans - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	$ 64,404	$ 50,752
Mark to fair value	(2,246)	(3,183)
Fair value	62,158	47,569
Mortgage loans	62,158	47,569
Commercial mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	33,788	28,858
Mark to fair value	(1,926)	(2,246)
Fair value	31,862	26,612
Residential mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	30,616	21,894
Mark to fair value	(320)	(937)
Fair value	30,296	20,957
Real Estate Loan | Commercial mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	32,066	27,630
Under-development | Commercial mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	$ 1,722	$ 1,228

Investments - Schedule of Distr

Investments - Schedule of Distribution of Commercial and Residential Mortgage Loans, Percentage by Geographical Location (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 31,862	$ 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	$ 26,380	$ 22,598
Percentage of Total	82.80%	85%
Total U.S. residential mortgage loan percentage | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	91.10%	91%
East North Central | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 1,494	$ 1,517
Percentage of Total	4.70%	5.70%
East South Central | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 443	$ 523
Percentage of Total	1.30%	2%
Middle Atlantic | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 8,497	$ 7,147
Percentage of Total	26.70%	26.90%
Mountain | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 1,335	$ 1,196
Percentage of Total	4.20%	4.50%
New England | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 1,126	$ 1,295
Percentage of Total	3.50%	4.90%
Pacific | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 5,788	$ 4,860
Percentage of Total	18.20%	18.30%
South Atlantic | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 5,504	$ 4,583
Percentage of Total	17.30%	17.20%
West North Central | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 228	$ 249
Percentage of Total	0.70%	0.90%
West South Central | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 1,965	$ 1,228
Percentage of Total	6.20%	4.60%
California | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	26.20%	27.60%
Florida | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	12.60%	12%
Texas | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	7%	6.10%
New York | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	5.10%	5.90%
Other | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	40.20%	39.40%
Total international region | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 5,482	$ 4,014
Percentage of Total	17.20%	15%
Total international region | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	8.90%	9%
United Kingdom | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 2,638	$ 2,343
Percentage of Total	8.30%	8.70%
United Kingdom | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	5.10%	4%
Other international | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 2,844	$ 1,671
Percentage of Total	8.90%	6.30%
Other international | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	3.80%	5%
Apartment | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 11,556	$ 9,591
Percentage of Total	36.30%	36%
Office building | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 4,140	$ 4,455
Percentage of Total	13%	16.70%
Industrial | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 6,144	$ 4,143
Percentage of Total	19.30%	15.60%
Hotels | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 2,941	$ 2,913
Percentage of Total	9.20%	11%
Retail | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 2,447	$ 2,158
Percentage of Total	7.70%	8.10%
Other commercial | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 4,634	$ 3,352
Percentage of Total	14.50%	12.60%

Investments - Schedule of Inv_3

Investments - Schedule of Investment Funds (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Total investment funds, including related parties and consolidated VIEs	$ 18,739	$ 17,561
Percentage of Total	100%	100%
Nonrelated Party | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Carrying Value	$ 17,028	$ 15,820
Percentage of Total	90.90%	90.10%
Related Party
Net Investment Income [Line Items]
Carrying Value	$ 1,604	$ 1,632
Percentage of Total	8.50%	9.30%
Equity | Nonrelated Party
Net Investment Income [Line Items]
Carrying Value	$ 107	$ 109
Percentage of Total	0.60%	0.60%
Equity | Nonrelated Party | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Carrying Value	$ 7,730	$ 6,925
Percentage of Total	41.30%	39.40%
Equity | Related Party
Net Investment Income [Line Items]
Carrying Value	$ 264	$ 267
Percentage of Total	1.40%	1.50%
Strategic origination platforms | Nonrelated Party | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Carrying Value	$ 5,519	$ 4,987
Percentage of Total	29.50%	28.40%
Strategic origination platforms | Related Party
Net Investment Income [Line Items]
Carrying Value	$ 28	$ 32
Percentage of Total	0.10%	0.20%
Retirement services platforms | Nonrelated Party | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Carrying Value	$ 0	$ 483
Percentage of Total	0%	2.80%
Retirement services platforms | Related Party
Net Investment Income [Line Items]
Carrying Value	$ 1,287	$ 1,300
Percentage of Total	6.90%	7.40%
Credit | Nonrelated Party | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Carrying Value	$ 3,077	$ 2,852
Percentage of Total	16.40%	16.20%
Credit | Related Party
Net Investment Income [Line Items]
Carrying Value	$ 16	$ 20
Percentage of Total	0.10%	0.10%
Other | Nonrelated Party | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Carrying Value	$ 702	$ 573
Percentage of Total	3.70%	3.30%
Other | Related Party
Net Investment Income [Line Items]
Carrying Value	$ 9	$ 13
Percentage of Total	0%	0.10%

Investments - Schedule of Conce

Investments - Schedule of Concentration of Risk, by Risk Factor (Details) - Shareholders' Equity - Investment Concentration Risk - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
AP Grange Holdings, LLC
Concentration Risk [Line Items]
Investment concentration risk, amount	$ 4,626
Atlas
Concentration Risk [Line Items]
Investment concentration risk, amount	3,240
Fox Hedge L.P.
Concentration Risk [Line Items]
Investment concentration risk, amount	$ 3,050
Wheels
Concentration Risk [Line Items]
Investment concentration risk, amount		$ 1,591
AT&T Inc.
Concentration Risk [Line Items]
Investment concentration risk, amount		$ 1,526

Derivatives - Schedule of Notio

Derivatives - Schedule of Notional Amount and Fair Value of Derivative Instruments (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Assets, gross	$ 7,529,000,000	$ 5,298,000,000
Assets	4,418,000,000	1,198,000,000
Liabilities, gross	2,758,000,000	1,995,000,000
Liabilities	$ 14,834,000,000	$ 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	$ 885,000,000	$ 781,000,000
Liabilities, gross	842,000,000	954,000,000
Derivatives designated as hedges | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Notional Amount	15,119,000,000	9,034,000,000
Assets, gross	503,000,000	477,000,000
Liabilities, gross	345,000,000	230,000,000
Derivatives designated as hedges | Foreign currency forwards
Derivatives, Fair Value [Line Items]
Notional Amount	3,691,000,000	6,294,000,000
Assets, gross	195,000,000	275,000,000
Liabilities, gross	36,000,000	102,000,000
Derivatives designated as hedges | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	4,506,000,000	4,468,000,000
Assets, gross	56,000,000	0
Liabilities, gross	418,000,000	521,000,000
Derivatives designated as hedges | Forwards on net investments
Derivatives, Fair Value [Line Items]
Notional Amount	218,000,000	219,000,000
Assets, gross	0	0
Liabilities, gross	3,000,000	6,000,000
Derivatives designated as hedges | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	21,079,000,000	10,031,000,000
Assets, gross	131,000,000	29,000,000
Liabilities, gross	40,000,000	95,000,000
Derivatives not designated as hedges
Derivatives, Fair Value [Line Items]
Assets, subtotal	3,533,000,000	417,000,000
Liabilities	13,992,000,000	10,036,000,000
Derivatives not designated as hedges | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Notional Amount	13,706,000,000	8,072,000,000
Assets, gross	223,000,000	230,000,000
Liabilities, gross	354,000,000	244,000,000
Derivatives not designated as hedges | Foreign currency forwards
Derivatives, Fair Value [Line Items]
Notional Amount	40,174,000,000	28,236,000,000
Assets, gross	394,000,000	286,000,000
Liabilities, gross	1,433,000,000	685,000,000
Derivatives not designated as hedges | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	1,870,000,000	3,499,000,000
Assets, gross	76,000,000	81,000,000
Liabilities, gross	1,000,000	9,000,000
Derivatives not designated as hedges | Equity options
Derivatives, Fair Value [Line Items]
Notional Amount	82,762,000,000	73,881,000,000
Assets, gross	5,820,000,000	3,809,000,000
Liabilities, gross	127,000,000	102,000,000
Derivatives not designated as hedges | Futures
Derivatives, Fair Value [Line Items]
Notional Amount	44,000,000	35,000,000
Assets, gross	119,000,000	72,000,000
Liabilities, gross	0	0
Derivatives not designated as hedges | Other swaps
Derivatives, Fair Value [Line Items]
Notional Amount	2,591,000,000	2,588,000,000
Assets, gross	12,000,000	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	(3,111,000,000)	(4,100,000,000)
Liabilities, netting	80,000,000	(64,000,000)
Derivatives not designated as hedges | Interest sensitive contract liabilities
Derivatives, Fair Value [Line Items]
Assets, netting	0	0
Liabilities, netting	$ 11,996,000,000	$ 9,059,000,000

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative (loss) gain	$ (14,000,000)	$ 13,000,000	$ (11,000,000)	$ 5,000,000
Accumulated other comprehensive income			15,000,000		$ 26,000,000
Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount expected to reclassified into income within the next 12 months			0
Interest Rate Swaps | Athene Holding Limited
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedge, gain (loss) after reclassification, before tax, parent	$ 152,000,000	$ 91,000,000	$ 149,000,000	$ (35,000,000)

Derivatives - Schedule of Carry

Derivatives - Schedule of Carrying Amount and the Cumulative Fair Value Hedging Adjustments (Details) - Fair Value Hedging - USD ($) $ in Millions	Sep. 30, 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	$ 2,507	$ 1,438
Cumulative amount of fair value hedging gains (losses) on liabilities	(44)	19
Foreign currency interest rate swaps | Interest sensitive contract liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of the hedged liabilities	4,220	4,010
Cumulative amount of fair value hedging gains (losses) on liabilities	205	363
Interest rate swaps | Interest sensitive contract liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of the hedged liabilities	17,483	6,910
Cumulative amount of fair value hedging gains (losses) on liabilities	(121)	189
AFS securities | Foreign currency forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of the hedged assets	3,851	4,883
Cumulative amount of fair value hedging gains (losses) on assets	(13)	(15)
AFS securities | Foreign currency swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of the hedged assets	11,588	6,820
Cumulative amount of fair value hedging gains (losses) on assets	$ 71	$ (141)

Derivatives - Schedule of Gains

Derivatives - Schedule of Gains (Losses) Related to Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Foreign currency forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives	$ (180)	$ 179	$ (1)	$ 74
Hedged items	184	(187)	1	(77)
Net	4	(8)	0	(3)
Foreign currency forwards | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized in income through amortization approach	4	21	35	66
Recognized in income through changes in fair value	8	5	14	12
Gains (losses) excluded from the assessment of hedge effectiveness recognized in OCI	13	(65)	(2)	(63)
Foreign currency swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives	(313)	161	(158)	59
Hedged items	282	(166)	144	(57)
Net	(31)	(5)	(14)	2
Foreign currency swaps | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized in income through amortization approach	0	0	0	0
Recognized in income through changes in fair value	0	0	0	0
Gains (losses) excluded from the assessment of hedge effectiveness recognized in OCI	56	(239)	82	(182)
Foreign currency interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives	255	(90)	132	(5)
Hedged items	(258)	95	(135)	15
Net	(3)	5	(3)	10
Foreign currency interest rate swaps | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized in income through amortization approach	0	0	0	0
Recognized in income through changes in fair value	0	0	0	0
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives	382	(74)	267	(92)
Hedged items	(386)	63	(310)	79
Net	(4)	(11)	(43)	(13)
Interest rate swaps | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized in income through amortization approach	0	0	0	0
Recognized in income through changes in fair value	0	0	0	0
Foreign currency interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives	26	16	66	44
Hedged items	(25)	(14)	(64)	(44)
Net	1	2	2	0
Foreign currency interest rate swaps | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized in income through amortization approach	0	0	0	0
Recognized in income through changes in fair value	$ 0	$ 0	$ 0	$ 0

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivatives Not Designated as Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	$ 1,177	$ (431)	$ 927	$ (457)
Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	1,452	(1,682)	2,197	(180)
Equity options | Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	596	(951)	2,298	390
Futures | Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	26	(73)	152	22
Swaps | Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	(126)	(24)	(156)	38
Foreign currency forwards | Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	209	146	(657)	(191)
Embedded derivatives on funds withheld | Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	747	(780)	560	(439)
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	$ (275)	$ 1,251	$ (1,270)	$ (277)

Derivatives - Schedule of Offse

Derivatives - Schedule of Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative assets
Gross amounts of recognized	$ 7,529	$ 5,298
Financial instruments	(1,739)	(1,497)
Collateral (received)/pledged	(5,272)	(3,676)
Net amount	518	125
Off-balance sheet securities collateral	0	0
Net amount after securities collateral	518	125
Derivative liabilities
Gross amounts of recognized	(2,758)	(1,995)
Financial instruments	1,739	1,497
Collateral (received)/pledged	1,091	848
Net amount	72	350
Off-balance sheet securities collateral	1	0
Net amount after securities collateral	$ 73	$ 350

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Net Gains (Losses) from Investment Activities of the Consolidated VIEs - Asset Management (Details) - VIE, Primary Beneficiary - Asset Management - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Variable Interest Entity [Line Items]
Net gains (losses) from investment activities	$ 32	$ 18	$ 25	$ 42
Net gains (losses) from other liabilities	(7)	0	(7)	0
Interest and other income	46	59	140	133
Interest and other expenses	(27)	(28)	(88)	(80)
Net gains (losses) from investment activities	$ 44	$ 49	$ 70	$ 95

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Fair value of collateral received					$ 453
VIE, Primary Beneficiary
Variable Interest Entity [Line Items]
Revenues	$ 9	$ 9	$ 27	$ 12
Expenses	$ 74		$ 75

Variable Interest Entities - _2

Variable Interest Entities - Schedule of Principal Provisions Debt (Details) - VIE, Primary Beneficiary - Asset Management - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Outstanding	$ 942	$ 1,072
Subscription lines
Debt Instrument [Line Items]
Principal Outstanding	$ 942	$ 1,072
Weighted Average Interest Rate	7.07%	7.16%
Weighted Average Remaining Maturity in Years	25 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Income [Line Items]
Net recognized investment gains (losses) on trading securities	$ 83	$ (75)	$ 42	$ (35)
Net recognized investment gains (losses) on mortgage loans	1,139	(911)	874	(838)
Other gains (losses)	(1,858)	343	(384)	355
Total Revenues	7,773	2,595	20,831	21,598
Retirement Services
Net Investment Income [Line Items]
Net investment income	4,101	3,166	11,481	8,726
Net gains (losses) from investment activities	1,539	(2,624)	3,082	(1,193)
Total Revenues	6,851	1,666	17,820	18,847
Retirement Services | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Net investment income	82	68	225	204
Net recognized investment gains (losses) on trading securities	29	(16)	21	(15)
Net recognized investment gains (losses) on mortgage loans	24	(25)	(4)	(45)
Net recognized investment gains on investment funds	415	292	1,094	831
Other gains (losses)	2	(1)	(7)	(29)
Net gains (losses) from investment activities	470	250	1,104	742
Total Revenues	552	318	1,329	946
Trading securities | Retirement Services | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Net investment income	39	17	104	65
Mortgage loans | Retirement Services | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Net investment income	30	29	91	83
Investment funds | Retirement Services | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Net investment income	22	20	43	55
Other | Retirement Services | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Net investment income	$ (9)	$ 2	$ (13)	$ 1

Variable Interest Entities - _4

Variable Interest Entities - Schedule of Unconsolidated Variable Interest Entities - Asset Management and Retirement Services (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Maximum Loss Exposure	$ 117,419	$ 91,931
Carrying Value	103,888	79,529
Investment funds
Variable Interest Entity [Line Items]
Maximum Loss Exposure	862	876
Carrying Value	107	109
Investment funds | Related Party
Variable Interest Entity [Line Items]
Maximum Loss Exposure	2,659	2,377
Carrying Value	1,604	1,632
AFS securities
Variable Interest Entity [Line Items]
Maximum Loss Exposure	69,290	50,623
Carrying Value	67,990	48,155
AFS securities | Related Party
Variable Interest Entity [Line Items]
Maximum Loss Exposure	20,764	15,608
Carrying Value	16,902	13,495
Equity securities | Related Party
Variable Interest Entity [Line Items]
Maximum Loss Exposure	257	318
Carrying Value	257	318
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum Loss Exposure	795	325
VIE, Primary Beneficiary | Investment funds
Variable Interest Entity [Line Items]
Maximum Loss Exposure	23,587	22,129
Carrying Value	$ 17,028	$ 15,820

Fair Value - Schedule of Financ

Fair Value - Schedule of Financial Assets and Liabilities Recorded at Fair value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Assets
AFS securities	$ 182,247	$ 148,347
Liabilities
Derivative liabilities	14,834	10,990
Market risk benefits	4,402		$ 3,021
Fair Value, Recurring
Assets
Total Assets – Asset Management	299,034	244,289
Liabilities
Total Liabilities – Asset Management	22,113	17,743
Asset Management
Assets
Restricted cash and cash equivalents	3	2
Asset Management | Fair Value, Recurring
Assets
Cash and cash equivalents	2,666	2,748
Restricted cash and cash equivalents	3	2
Investments, at fair value	1,388	1,489
Due from related parties	26	37
Derivative assets	16	13
Other assets	313
Total Assets – Asset Management	6,544	5,986
Liabilities
Contingent consideration obligations	56	93
Derivative liabilities	33	42
Total Liabilities – Asset Management	89	138
Retirement Services
Assets
Restricted cash and cash equivalents	964	1,761
Liabilities
Market risk benefits	4,402	3,751
Retirement Services | Fair Value, Recurring
Assets
Restricted cash and cash equivalents	964	1,761
Derivative assets	7,529	5,298
AFS securities	164,685	134,338
Trading securities	1,684	1,706
Equity securities	1,292	935
Mortgage loans	58,587	44,115
Funds withheld at interest – embedded derivative	(2,581)	(3,379)
Short-term investments	409	341
Other investments	1,507	943
Cash and cash equivalents	13,587	13,020
Reinsurance recoverable	1,710	1,367
Other assets		378
Total Assets – Asset Management	292,490	238,303
Liabilities
Derivative liabilities	2,758	1,995
Embedded derivative	11,996	9,059
Universal life benefits	820	834
Market risk benefits	4,402	3,751
Other liabilities	337	266
Total Liabilities – Asset Management	22,024	17,605
Retirement Services | Fair Value, Recurring | U.S. government and agencies
Assets
AFS securities	6,761	5,399
Retirement Services | Fair Value, Recurring | U.S. state, municipal and political subdivisions
Assets
AFS securities	977	1,046
Retirement Services | Fair Value, Recurring | Foreign governments
Assets
AFS securities	1,758	1,899
Retirement Services | Fair Value, Recurring | Corporate
Assets
AFS securities	87,610	78,246
Retirement Services | Fair Value, Recurring | CLO
Assets
AFS securities	27,610	20,207
Retirement Services | Fair Value, Recurring | ABS
Assets
AFS securities	22,470	13,383
Retirement Services | Fair Value, Recurring | CMBS
Assets
AFS securities	9,364	6,591
Retirement Services | Fair Value, Recurring | RMBS
Assets
AFS securities	8,135	7,567
Retirement Services | Fair Value, Recurring | AmerUs Closed Block
Liabilities
Closed block liabilities	1,166	1,178
Retirement Services | Fair Value, Recurring | ILICO Closed Block and life benefits
Liabilities
Closed block liabilities	545	522
Related Party
Assets
AFS securities	17,562	14,009
Liabilities
Performance allocations	202	174
Related Party | Corporate
Assets
AFS securities	1,279	1,352
Related Party | CLO
Assets
AFS securities	5,780	4,268
Related Party | ABS
Assets
AFS securities	10,503	8,389
Related Party | Retirement Services | Fair Value, Recurring
Assets
AFS securities	17,562	14,009
Trading securities	619	838
Equity securities	257	318
Mortgage loans	1,345
Mortgage loans		1,281
Funds withheld at interest – embedded derivative	(530)	(721)
Other investments	348	343
Investment funds	1,106	1,082
Related Party | Retirement Services | Fair Value, Recurring | Corporate
Assets
AFS securities	1,279	1,352
Related Party | Retirement Services | Fair Value, Recurring | CLO
Assets
AFS securities	5,780	4,268
Related Party | Retirement Services | Fair Value, Recurring | ABS
Assets
AFS securities	10,503	8,389
VIE, Primary Beneficiary
Assets
Cash and cash equivalents	407		$ 589
VIE, Primary Beneficiary | Fair Value, Recurring
Liabilities
Other liabilities		0
VIE, Primary Beneficiary | Asset Management
Assets
Cash and cash equivalents	102	62
VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring
Assets
Cash and cash equivalents	102	62
Investments, at fair value	2,343	1,635
VIE, Primary Beneficiary | Retirement Services
Assets
Cash and cash equivalents	305	98
VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring
Assets
Trading securities	2,379	2,136
Mortgage loans	2,226
Mortgage loans		2,173
Other investments	159	103
Cash and cash equivalents	305	98
Investment funds	17,028	15,820
Level 1 | Fair Value, Recurring
Assets
Total Assets – Asset Management	26,183	24,595
Liabilities
Total Liabilities – Asset Management	1	17
Level 1 | Asset Management | Fair Value, Recurring
Assets
Cash and cash equivalents	2,666	2,748
Restricted cash and cash equivalents	3	2
Investments, at fair value	226	202
Due from related parties	0	0
Derivative assets	0	0
Other assets	0
Total Assets – Asset Management	3,219	3,014
Liabilities
Contingent consideration obligations	0	0
Derivative liabilities	0	0
Total Liabilities – Asset Management	0	0
Level 1 | Retirement Services | Fair Value, Recurring
Assets
Restricted cash and cash equivalents	964	1,761
Derivative assets	143	108
AFS securities	7,527	6,297
Trading securities	24	24
Equity securities	207	210
Mortgage loans	0	0
Funds withheld at interest – embedded derivative	0	0
Short-term investments	202	0
Other investments	0	0
Cash and cash equivalents	13,587	13,020
Reinsurance recoverable	0	0
Other assets		0
Total Assets – Asset Management	22,964	21,581
Liabilities
Derivative liabilities	1	17
Embedded derivative	0	0
Universal life benefits	0	0
Market risk benefits	0	0
Other liabilities	0	0
Total Liabilities – Asset Management	1	17
Level 1 | Retirement Services | Fair Value, Recurring | U.S. government and agencies
Assets
AFS securities	6,759	5,392
Level 1 | Retirement Services | Fair Value, Recurring | U.S. state, municipal and political subdivisions
Assets
AFS securities	0	0
Level 1 | Retirement Services | Fair Value, Recurring | Foreign governments
Assets
AFS securities	756	895
Level 1 | Retirement Services | Fair Value, Recurring | Corporate
Assets
AFS securities	12	10
Level 1 | Retirement Services | Fair Value, Recurring | CLO
Assets
AFS securities	0	0
Level 1 | Retirement Services | Fair Value, Recurring | ABS
Assets
AFS securities	0	0
Level 1 | Retirement Services | Fair Value, Recurring | CMBS
Assets
AFS securities	0	0
Level 1 | Retirement Services | Fair Value, Recurring | RMBS
Assets
AFS securities	0	0
Level 1 | Retirement Services | Fair Value, Recurring | AmerUs Closed Block
Liabilities
Closed block liabilities	0	0
Level 1 | Retirement Services | Fair Value, Recurring | ILICO Closed Block and life benefits
Liabilities
Closed block liabilities	0	0
Level 1 | Related Party | Retirement Services | Fair Value, Recurring
Assets
AFS securities	0	0
Trading securities	0	0
Equity securities	0	63
Mortgage loans	0
Mortgage loans		0
Funds withheld at interest – embedded derivative	0	0
Other investments	0	0
Investment funds	0	0
Level 1 | Related Party | Retirement Services | Fair Value, Recurring | Corporate
Assets
AFS securities	0	0
Level 1 | Related Party | Retirement Services | Fair Value, Recurring | CLO
Assets
AFS securities	0	0
Level 1 | Related Party | Retirement Services | Fair Value, Recurring | ABS
Assets
AFS securities	0	0
Level 1 | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring
Assets
Cash and cash equivalents	102	62
Investments, at fair value	222	0
Liabilities
Other liabilities		0
Level 1 | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring
Assets
Trading securities	0	0
Mortgage loans	0
Mortgage loans		0
Other investments	5	0
Cash and cash equivalents	305	98
Investment funds	0	0
Level 2 | Fair Value, Recurring
Assets
Total Assets – Asset Management	154,296	131,185
Liabilities
Total Liabilities – Asset Management	2,789	1,958
Level 2 | Asset Management | Fair Value, Recurring
Assets
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
Investments, at fair value	2	38
Due from related parties	0	0
Derivative assets	0	0
Other assets	0
Total Assets – Asset Management	31	54
Liabilities
Contingent consideration obligations	0	0
Derivative liabilities	33	42
Total Liabilities – Asset Management	33	45
Level 2 | Retirement Services | Fair Value, Recurring
Assets
Restricted cash and cash equivalents	0	0
Derivative assets	7,385	5,190
AFS securities	136,973	118,247
Trading securities	1,623	1,654
Equity securities	1,059	699
Mortgage loans	0	0
Funds withheld at interest – embedded derivative	0	0
Short-term investments	39	236
Other investments	603	313
Cash and cash equivalents	0	0
Reinsurance recoverable	0	0
Other assets		0
Total Assets – Asset Management	154,265	131,131
Liabilities
Derivative liabilities	2,756	1,977
Embedded derivative	0	0
Universal life benefits	0	0
Market risk benefits	0	0
Other liabilities	0	(64)
Total Liabilities – Asset Management	2,756	1,913
Level 2 | Retirement Services | Fair Value, Recurring | U.S. government and agencies
Assets
AFS securities	2	7
Level 2 | Retirement Services | Fair Value, Recurring | U.S. state, municipal and political subdivisions
Assets
AFS securities	977	1,046
Level 2 | Retirement Services | Fair Value, Recurring | Foreign governments
Assets
AFS securities	967	964
Level 2 | Retirement Services | Fair Value, Recurring | Corporate
Assets
AFS securities	83,423	75,711
Level 2 | Retirement Services | Fair Value, Recurring | CLO
Assets
AFS securities	27,610	20,207
Level 2 | Retirement Services | Fair Value, Recurring | ABS
Assets
AFS securities	6,855	6,440
Level 2 | Retirement Services | Fair Value, Recurring | CMBS
Assets
AFS securities	9,347	6,570
Level 2 | Retirement Services | Fair Value, Recurring | RMBS
Assets
AFS securities	7,792	7,302
Level 2 | Retirement Services | Fair Value, Recurring | AmerUs Closed Block
Liabilities
Closed block liabilities	0	0
Level 2 | Retirement Services | Fair Value, Recurring | ILICO Closed Block and life benefits
Liabilities
Closed block liabilities	0	0
Level 2 | Related Party | Retirement Services | Fair Value, Recurring
Assets
AFS securities	6,142	4,506
Trading securities	0	0
Equity securities	0	0
Mortgage loans	0
Mortgage loans		0
Funds withheld at interest – embedded derivative	0	0
Other investments	0	0
Investment funds	0	0
Level 2 | Related Party | Retirement Services | Fair Value, Recurring | Corporate
Assets
AFS securities	233	181
Level 2 | Related Party | Retirement Services | Fair Value, Recurring | CLO
Assets
AFS securities	5,215	3,762
Level 2 | Related Party | Retirement Services | Fair Value, Recurring | ABS
Assets
AFS securities	694	563
Level 2 | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring
Assets
Cash and cash equivalents	0	0
Investments, at fair value	29	16
Liabilities
Other liabilities		3
Level 2 | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring
Assets
Trading securities	441	284
Mortgage loans	0
Mortgage loans		0
Other investments	0	2
Cash and cash equivalents	0	0
Investment funds	0	0
Level 3 | Fair Value, Recurring
Assets
Total Assets – Asset Management	102,090	73,478
Liabilities
Total Liabilities – Asset Management	19,323	15,768
Level 3 | Asset Management
Liabilities
Performance allocations	223	218
Level 3 | Asset Management | Fair Value, Recurring
Assets
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
Investments, at fair value	1,089	1,188
Due from related parties	26	37
Derivative assets	16	13
Other assets	313
Total Assets – Asset Management	3,039	2,730
Liabilities
Contingent consideration obligations	56	93
Derivative liabilities	0	0
Total Liabilities – Asset Management	56	93
Contingent consideration included in profit sharing payable	55	67
Level 3 | Asset Management | Fair Value, Recurring | Griffin Capital, Asset Management Business
Liabilities
Contingent consideration obligations	1	26
Level 3 | Retirement Services | Fair Value, Recurring
Assets
Restricted cash and cash equivalents	0	0
Derivative assets	1	0
AFS securities	20,185	9,794
Trading securities	37	28
Equity securities	26	26
Mortgage loans	58,587	44,115
Funds withheld at interest – embedded derivative	(2,581)	(3,379)
Short-term investments	168	105
Other investments	904	630
Cash and cash equivalents	0	0
Reinsurance recoverable	1,710	1,367
Other assets		378
Total Assets – Asset Management	99,051	70,748
Liabilities
Derivative liabilities	1	1
Embedded derivative	11,996	9,059
Universal life benefits	820	834
Market risk benefits	4,402	3,751
Other liabilities	337	330
Total Liabilities – Asset Management	19,267	15,675
Level 3 | Retirement Services | Fair Value, Recurring | U.S. government and agencies
Assets
AFS securities	0	0
Level 3 | Retirement Services | Fair Value, Recurring | U.S. state, municipal and political subdivisions
Assets
AFS securities	0	0
Level 3 | Retirement Services | Fair Value, Recurring | Foreign governments
Assets
AFS securities	35	40
Level 3 | Retirement Services | Fair Value, Recurring | Corporate
Assets
AFS securities	4,175	2,525
Level 3 | Retirement Services | Fair Value, Recurring | CLO
Assets
AFS securities	0	0
Level 3 | Retirement Services | Fair Value, Recurring | ABS
Assets
AFS securities	15,615	6,943
Level 3 | Retirement Services | Fair Value, Recurring | CMBS
Assets
AFS securities	17	21
Level 3 | Retirement Services | Fair Value, Recurring | RMBS
Assets
AFS securities	343	265
Level 3 | Retirement Services | Fair Value, Recurring | AmerUs Closed Block
Liabilities
Closed block liabilities	1,166	1,178
Level 3 | Retirement Services | Fair Value, Recurring | ILICO Closed Block and life benefits
Liabilities
Closed block liabilities	545	522
Level 3 | Related Party | Retirement Services | Fair Value, Recurring
Assets
AFS securities	11,420	9,503
Trading securities	619	838
Equity securities	257	255
Mortgage loans	1,345
Mortgage loans		1,281
Funds withheld at interest – embedded derivative	(530)	(721)
Other investments	348	343
Investment funds	1,106	1,082
Level 3 | Related Party | Retirement Services | Fair Value, Recurring | Corporate
Assets
AFS securities	1,046	1,171
Level 3 | Related Party | Retirement Services | Fair Value, Recurring | CLO
Assets
AFS securities	565	506
Level 3 | Related Party | Retirement Services | Fair Value, Recurring | ABS
Assets
AFS securities	9,809	7,826
Level 3 | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring
Assets
Cash and cash equivalents	0	0
Investments, at fair value	1,908	1,492
Liabilities
Other liabilities		0
Level 3 | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring
Assets
Trading securities	1,938	1,852
Mortgage loans	2,226
Mortgage loans		2,173
Other investments	154	101
Cash and cash equivalents	0	0
Investment funds	818	977
NAV | Fair Value, Recurring
Assets
Total Assets – Asset Management	16,465	15,031
NAV | Asset Management | Fair Value, Recurring
Assets
Investments, at fair value	71	61
Total Assets – Asset Management	255	188
NAV | Retirement Services | Fair Value, Recurring
Assets
Total Assets – Asset Management	16,210	14,843
NAV | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring
Assets
Investments, at fair value	184	127
Liabilities
Other liabilities		3
NAV | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring
Assets
Investment funds	$ 16,210	$ 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	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Asset Management | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration obligations	$ 56
Asset Management | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	803	$ 857
Due from related parties	$ 26	$ 37
Due from related parties, measurement input	0.140	0.140
Contingent consideration obligations		$ 93
Asset Management | Discounted cash flow | Discount rate | VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bank loans	$ 80	605
Equity securities	$ 432
Equity securities, measurement input	0.127
Asset Management | Discounted cash flow | Discount rate | VIE, Primary Beneficiary | Bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 579	35
Asset Management | Direct capitalization | Capitalization rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 126	112
Investments, measurement input	0.067
Asset Management | Adjusted transaction value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 160	219
Asset Management | Adjusted transaction value | VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bank loans	256	64
Equity securities	39	131
Asset Management | Adjusted transaction value | VIE, Primary Beneficiary | Bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value		163
Asset Management | Option model | VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities	18
Asset Management | Option model | Volatility rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets	$ 16	$ 13
Derivative assets, measurement input	0.475	0.625
Asset Management | Dividend discount model | Discount rate | VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities	$ 504	$ 494
Equity securities, measurement input	0.141	0.135
Asset Management | Minimum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.135	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	0.066	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	0.060	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		0.314
Asset Management | Minimum | Option model | Volatility rate | VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, measurement input	0.850
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	0.355	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	0.104	0.130
Asset Management | Maximum | Option model | Volatility rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration obligations, measurement input		0.334
Asset Management | Maximum | Option model | Volatility rate | VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, measurement input	1.050
Asset Management | Weighted Average | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.176	0.172
Due from related parties, measurement input	0.140	0.140
Contingent consideration obligations, measurement input	0.237	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	0.089	0.094
Equity securities, measurement input	0.127
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	0.064	0.107
Asset Management | Weighted Average | Direct capitalization | Capitalization rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.067	0.069
Asset Management | Weighted Average | Option model | Volatility rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets, measurement input	0.475	0.625
Contingent consideration obligations, measurement input		0.324
Asset Management | Weighted Average | Option model | Volatility rate | VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, measurement input	0.953
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	0.141	0.135
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	$ 1,623	1,574
AFS, trading and equity securities	27,208	14,247
Mortgage loans	62,158	47,569
Retirement Services | Discounted cash flow | Nonperformance risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative	$ 11,996
Retirement Services | Net tangible asset values | Implied multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value		$ 483
Investments, measurement input		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	0.043	0.023
Mortgage loans, measurement input	0.010	0.025
Retirement Services | Minimum | Discounted cash flow | Nonperformance risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input	0.005	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	0.062	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	0.177	0.181
Mortgage loans, measurement input	0.365	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
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	0.069	0.070
Mortgage loans, measurement input	0.074	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	0.027	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		1.14

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 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	Included in income	Included in Income	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	Included in OCI	Included in OCI	Included in OCI
Fair value, recurring basis, unobservable input reconciliation, liability, gain (loss) statement of income, extensible list, not disclosed flag	Included in income	Included in income	Included in Income	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	Total gains (losses) included in earnings1	Total Gains (Losses) Included in Earnings1	Total Gains (Losses) Included in Earnings1
Asset Management
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 2,677	$ 3,773	$ 2,693	$ 1,825
Total realized and unrealized gains (losses) included in income	90	(34)	25	41
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	(138)	(613)	(19)	1,262
Net Transfers In (Out)	384	0	314	(2)
Ending Balance	3,013	3,126	3,013	3,126
Total Gains (Losses) Included in Earnings	15	3	12	61
Total Gains (Losses) Included in OCI	0	0	0	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	59	69	93	86
Total realized and unrealized gains (losses) included in income	3	20	68	3
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	(6)	(4)	(105)	(4)
Net Transfers In (Out)	0	0	0	0
Ending Balance	56	85	56	85
Total gains (losses) included in earnings	0	0	0	0
Total gains (losses) included in OCI	0	0	0	0
Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	89,074	56,261	70,370	45,582
Total realized and unrealized gains (losses) included in income	2,358	(1,515)	1,936	(659)
Total realized and unrealized gains (losses) included in OCI	480	(27)	472	(5)
Net Purchases, Issuances, Sales and Settlements	7,674	4,571	27,486	16,113
Net Transfers In (Out)	(848)	718	(1,526)	(1,023)
Ending Balance	98,738	60,008	98,738	60,008
Total Gains (Losses) Included in Earnings	1,400	(1,100)	915	(927)
Total Gains (Losses) Included in OCI	469	(42)	464	(31)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(13,906)	(10,992)	(11,924)	(8,525)
Total realized and unrealized gains (losses) included in income	(474)	1,441	(1,390)	(197)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	(485)	(398)	(1,615)	(1,227)
Net Transfers In (Out)	0	0	64	0
Ending Balance	(14,865)	(9,949)	(14,865)	(9,949)
Total gains (losses) included in earnings	0	0	0	0
Total gains (losses) included in OCI	0	0	0	0
Contingent consideration obligations | Asset Management
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	59		93	86
Total realized and unrealized gains (losses) included in income	3		68	3
Total realized and unrealized gains (losses) included in OCI	0		0	0
Net Purchases, Issuances, Sales and Settlements	(6)	(4)	(105)	(4)
Net Transfers In (Out)	0	0	0	0
Ending Balance	56	85	56	85
Total gains (losses) included in earnings	0		0	0
Total gains (losses) included in OCI	0		0	0
Embedded derivatives | Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(11,234)	(8,198)	(9,059)	(5,841)
Total realized and unrealized gains (losses) included in income	(275)	1,251	(1,270)	(277)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	(487)	(398)	(1,667)	(1,227)
Net Transfers In (Out)	0	0	0	0
Ending Balance	(11,996)	(7,345)	(11,996)	(7,345)
Total gains (losses) included in earnings	0	0	0	0
Total gains (losses) included in OCI	0	0	0	0
Universal life benefits | Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(769)	(854)	(834)	(829)
Total realized and unrealized gains (losses) included in income	(51)	115	14	90
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	0	0	0	0
Net Transfers In (Out)	0	0	0	0
Ending Balance	(820)	(739)	(820)	(739)
Total gains (losses) included in earnings	0	0	0	0
Total gains (losses) included in OCI	0	0	0	0
AmerUs Closed Block | Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(1,120)	(1,159)	(1,178)	(1,164)
Total realized and unrealized gains (losses) included in income	(46)	59	12	64
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	0	0	0	0
Net Transfers In (Out)	0	0	0	0
Ending Balance	(1,166)	(1,100)	(1,166)	(1,100)
Total gains (losses) included in earnings	0	0	0	0
Total gains (losses) included in OCI	0	0	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	(529)	(571)	(522)	(548)
Total realized and unrealized gains (losses) included in income	(16)	20	(23)	(3)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	0	0	0	0
Net Transfers In (Out)	0	0	0	0
Ending Balance	(545)	(551)	(545)	(551)
Total gains (losses) included in earnings	0	0	0	0
Total gains (losses) included in OCI	0	0	0	0
Derivative liabilities | Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(1)		(1)	(1)
Total realized and unrealized gains (losses) included in income	0		0	0
Total realized and unrealized gains (losses) included in OCI	0		0	0
Net Purchases, Issuances, Sales and Settlements	0		0	0
Net Transfers In (Out)	0		0	0
Ending Balance	(1)	(1)	(1)	(1)
Total gains (losses) included in earnings	0		0	0
Total gains (losses) included in OCI	0		0	0
Other liabilities | Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(253)		(330)	(142)
Total realized and unrealized gains (losses) included in income	(86)		(123)	(71)
Total realized and unrealized gains (losses) included in OCI	0		0	0
Net Purchases, Issuances, Sales and Settlements	2		52	0
Net Transfers In (Out)	0		64	0
Ending Balance	(337)	(213)	(337)	(213)
Total gains (losses) included in earnings	0		0	0
Total gains (losses) included in OCI	0		0	0
Funds withheld at interest – embedded derivative | Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		(1)
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		(1)		(1)
Total gains (losses) included in earnings		0
Total gains (losses) included in OCI		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			(1,667)	(1,227)
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	1,170	1,165
Total realized and unrealized gains (losses) included in income	42	(25)
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	(39)	6	(34)
Net Transfers In (Out)	(68)	0	(68)
Ending Balance		1,146		1,146
Total Gains (Losses) Included in Earnings	7	(1)
Total Gains (Losses) Included in OCI	0	0
Investments, at fair value | Asset Management
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance			1,201	1,098
Total realized and unrealized gains (losses) included in income			6	18
Total realized and unrealized gains (losses) included in OCI			0	0
Net Purchases, Issuances, Sales and Settlements			(34)	30
Net Transfers In (Out)			(68)	0
Ending Balance	1,105	1,146	1,105	1,146
Total Gains (Losses) Included in Earnings			7	45
Total Gains (Losses) Included in OCI			0	0
Investments, at fair value | VIE, Primary Beneficiary | Asset Management
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,507	2,608	1,492	727
Total realized and unrealized gains (losses) included in income	48	(9)	19	23
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	(99)	(619)	15	1,232
Net Transfers In (Out)	452	0	382	(2)
Ending Balance	1,908	1,980	1,908	1,980
Total Gains (Losses) Included in Earnings	8	4	5	16
Total Gains (Losses) Included in OCI	0	0	0	0
Foreign governments | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	34	48	40	1
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	1	(2)	1	(2)
Net Purchases, Issuances, Sales and Settlements	0	0	(6)	47
Net Transfers In (Out)	0	0	0	0
Ending Balance	35	46	35	46
Total Gains (Losses) Included in Earnings	0	0	0	0
Total Gains (Losses) Included in OCI	0	(2)	1	(2)
Corporate | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	8,114	2,460	2,525	1,665
Total realized and unrealized gains (losses) included in income	6	(8)	3	(9)
Total realized and unrealized gains (losses) included in OCI	80	(25)	87	(1)
Net Purchases, Issuances, Sales and Settlements	775	(26)	2,387	1,170
Net Transfers In (Out)	(4,800)	(20)	(827)	(444)
Ending Balance	4,175	2,381	4,175	2,381
Total Gains (Losses) Included in Earnings	2	0	0	0
Total Gains (Losses) Included in OCI	98	(27)	110	(7)
Corporate | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,194	1,171	1,171	812
Total realized and unrealized gains (losses) included in income	(3)	1	(2)	2
Total realized and unrealized gains (losses) included in OCI	12	(10)	33	(18)
Net Purchases, Issuances, Sales and Settlements	(3)	24	(2)	175
Net Transfers In (Out)	(154)	0	(154)	215
Ending Balance	1,046	1,186	1,046	1,186
Total Gains (Losses) Included in Earnings	0	0	0	0
Total Gains (Losses) Included in OCI	(4)	(10)	18	(18)
CLO | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	521	495	506	303
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	2	8	17	15
Net Purchases, Issuances, Sales and Settlements	42	0	42	185
Net Transfers In (Out)	0	0	0	0
Ending Balance	565	503	565	503
Total Gains (Losses) Included in Earnings	0	0	0	0
Total Gains (Losses) Included in OCI	2	8	18	15
ABS | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	8,420	5,305	6,943	4,867
Total realized and unrealized gains (losses) included in income	1	0	(14)	0
Total realized and unrealized gains (losses) included in OCI	313	14	314	(36)
Net Purchases, Issuances, Sales and Settlements	2,202	(255)	8,371	794
Net Transfers In (Out)	4,679	(438)	1	(999)
Ending Balance	15,615	4,626	15,615	4,626
Total Gains (Losses) Included in Earnings	0	0	0	0
Total Gains (Losses) Included in OCI	301	4	298	(49)
ABS | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	10,580	7,742	7,826	5,542
Total realized and unrealized gains (losses) included in income	28	(2)	46	7
Total realized and unrealized gains (losses) included in OCI	75	(11)	22	38
Net Purchases, Issuances, Sales and Settlements	(874)	110	1,915	1,968
Net Transfers In (Out)	0	0	0	284
Ending Balance	9,809	7,839	9,809	7,839
Total Gains (Losses) Included in Earnings	7	(6)	2	(2)
Total Gains (Losses) Included in OCI	73	(14)	20	32
CMBS | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	20	12	21	0
Total realized and unrealized gains (losses) included in income	2	0	1	0
Total realized and unrealized gains (losses) included in OCI	(5)	0	(5)	0
Net Purchases, Issuances, Sales and Settlements	0	0	0	0
Net Transfers In (Out)	0	0	0	12
Ending Balance	17	12	17	12
Total Gains (Losses) Included in Earnings	0	0	0	0
Total Gains (Losses) Included in OCI	(3)	0	(3)	(1)
RMBS | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	261	6	265	232
Total realized and unrealized gains (losses) included in income	2	0	5	6
Total realized and unrealized gains (losses) included in OCI	2	0	3	2
Net Purchases, Issuances, Sales and Settlements	78	261	72	258
Net Transfers In (Out)	0	(4)	(2)	(235)
Ending Balance	343	263	343	263
Total Gains (Losses) Included in Earnings	0	0	0	0
Total Gains (Losses) Included in OCI	2	0	2	0
Trading securities | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	37	38	28	53
Total realized and unrealized gains (losses) included in income	1	(1)	1	2
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	(1)	(5)	(6)	(12)
Net Transfers In (Out)	0	0	14	(11)
Ending Balance	37	32	37	32
Total Gains (Losses) Included in Earnings	1	(1)	0	0
Total Gains (Losses) Included in OCI	0	0	0	0
Trading securities | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	719	867	838	878
Total realized and unrealized gains (losses) included in income	0	4	(1)	6
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	(100)	0	(218)	(13)
Net Transfers In (Out)	0	0	0	0
Ending Balance	619	871	619	871
Total Gains (Losses) Included in Earnings	(1)	3	(2)	3
Total Gains (Losses) Included in OCI	0	0	0	0
Trading securities | VIE, Primary Beneficiary | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,876	717	1,852	622
Total realized and unrealized gains (losses) included in income	82	(26)	31	(18)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	34	(13)	103	(23)
Net Transfers In (Out)	(54)	1,180	(48)	1,277
Ending Balance	1,938	1,858	1,938	1,858
Total Gains (Losses) Included in Earnings	82	(48)	30	(40)
Total Gains (Losses) Included in OCI	0	0	0	0
Equity securities | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	36	67	26	92
Total realized and unrealized gains (losses) included in income	(1)	7	(1)	(5)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	0	0	1	0
Net Transfers In (Out)	(9)	0	0	(13)
Ending Balance	26	74	26	74
Total Gains (Losses) Included in Earnings	0	7	0	(5)
Total Gains (Losses) Included in OCI	0	0	0	0
Equity securities | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	247	252	255	279
Total realized and unrealized gains (losses) included in income	10	(7)	2	(2)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	0	0	0	(32)
Net Transfers In (Out)	0	0	0	0
Ending Balance	257	245	257	245
Total Gains (Losses) Included in Earnings	10	(7)	2	(3)
Total Gains (Losses) Included in OCI	0	0	0	0
Mortgage loans | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	52,645	34,668	44,115	27,454
Total realized and unrealized gains (losses) included in income	1,096	(850)	825	(794)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	4,846	4,160	13,647	11,318
Net Transfers In (Out)	0	0	0	0
Ending Balance	58,587	37,978	58,587	37,978
Total Gains (Losses) Included in Earnings	1,236	(850)	965	(792)
Total Gains (Losses) Included in OCI	0	0	0	0
Mortgage loans | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,320	1,296	1,281	1,302
Total realized and unrealized gains (losses) included in income	39	(61)	41	(44)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	(14)	(1)	23	(24)
Net Transfers In (Out)	0	0	0	0
Ending Balance	1,345	1,234	1,345	1,234
Total Gains (Losses) Included in Earnings	(43)	(61)	(41)	(44)
Total Gains (Losses) Included in OCI	0	0	0	0
Mortgage loans | VIE, Primary Beneficiary | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	2,120	2,113	2,173	2,055
Total realized and unrealized gains (losses) included in income	51	(73)	2	(71)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	55	2	51	58
Net Transfers In (Out)	0	0	0	0
Ending Balance	2,226	2,042	2,226	2,042
Total Gains (Losses) Included in Earnings	51	(73)	2	(71)
Total Gains (Losses) Included in OCI	0	0	0	0
Investment funds | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,066	1,061	1,082	959
Total realized and unrealized gains (losses) included in income	40	(18)	24	52
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	0	0	0	32
Net Transfers In (Out)	0	0	0	0
Ending Balance	1,106	1,043	1,106	1,043
Total Gains (Losses) Included in Earnings	40	(18)	24	53
Total Gains (Losses) Included in OCI	0	0	0	0
Investment funds | VIE, Primary Beneficiary | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	913	1,351	977	2,471
Total realized and unrealized gains (losses) included in income	(1)	(30)	(66)	(7)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	338	81	339	73
Net Transfers In (Out)	(432)	0	(432)	(1,135)
Ending Balance	818	1,402	818	1,402
Total Gains (Losses) Included in Earnings	(1)	(30)	(66)	(7)
Total Gains (Losses) Included in OCI	0	0	0	0
Embedded derivatives | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(3,283)	(4,356)	(3,379)
Total realized and unrealized gains (losses) included in income	702	(625)	798
Total realized and unrealized gains (losses) included in OCI	0	0	0
Net Purchases, Issuances, Sales and Settlements	0	0	0
Net Transfers In (Out)	0	0	0
Ending Balance	(2,581)	(4,981)	(2,581)	(4,981)
Total Gains (Losses) Included in Earnings	0	0	0
Total Gains (Losses) Included in OCI	0	0	0
Embedded derivatives | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		(1,297)	(721)	(1,425)
Total realized and unrealized gains (losses) included in income		325	191	453
Total realized and unrealized gains (losses) included in OCI		0	0	0
Net Purchases, Issuances, Sales and Settlements		0	0	0
Net Transfers In (Out)		0	0	0
Ending Balance	(530)	(972)	(530)	(972)
Total Gains (Losses) Included in Earnings		0	0	0
Total Gains (Losses) Included in OCI		0	0	0
Funds withheld at interest – embedded derivative | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1		0	(4,847)
Total realized and unrealized gains (losses) included in income	0		0	(134)
Total realized and unrealized gains (losses) included in OCI	0		0	0
Net Purchases, Issuances, Sales and Settlements	0		0	0
Net Transfers In (Out)	0		1	0
Ending Balance	1	(4,981)	1	(4,981)
Total Gains (Losses) Included in Earnings	0		0	0
Total Gains (Losses) Included in OCI	0		0	0
Funds withheld at interest – embedded derivative | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(717)
Total realized and unrealized gains (losses) included in income	187
Total realized and unrealized gains (losses) included in OCI	0
Net Purchases, Issuances, Sales and Settlements	0
Net Transfers In (Out)	0
Ending Balance	(530)		(530)
Total Gains (Losses) Included in Earnings	0
Total Gains (Losses) Included in OCI	0
Short-term investments | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	80	30	105	36
Total realized and unrealized gains (losses) included in income	0	0	0	0
Total realized and unrealized gains (losses) included in OCI	0	(1)	0	(3)
Net Purchases, Issuances, Sales and Settlements	166	100	142	70
Net Transfers In (Out)	(78)	0	(79)	26
Ending Balance	168	129	168	129
Total Gains (Losses) Included in Earnings	0	0	0	0
Total Gains (Losses) Included in OCI	0	(1)	0	(1)
Other investments | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	904	337	630	441
Total realized and unrealized gains (losses) included in income	0	(5)	(6)	(5)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	0	145	280	41
Net Transfers In (Out)	0	0	0	0
Ending Balance	904	477	904	477
Total Gains (Losses) Included in Earnings	(1)	(5)	(7)	(7)
Total Gains (Losses) Included in OCI	0	0	0	0
Other investments | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	335	343	343	303
Total realized and unrealized gains (losses) included in income	13	(16)	5	(18)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	0	0	0	42
Net Transfers In (Out)	0	0	0	0
Ending Balance	348	327	348	327
Total Gains (Losses) Included in Earnings	13	(16)	5	(19)
Total Gains (Losses) Included in OCI	0	0	0	0
Other investments | VIE, Primary Beneficiary | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	113	99	101	99
Total realized and unrealized gains (losses) included in income	4	5	0	7
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	37	(12)	53	(14)
Net Transfers In (Out)	0	0	0	0
Ending Balance	154	92	154	92
Total Gains (Losses) Included in Earnings	4	5	1	7
Total Gains (Losses) Included in OCI	0	0	0	0
Other liabilities | Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		(209)
Total realized and unrealized gains (losses) included in income		(4)
Total realized and unrealized gains (losses) included in OCI		0
Net Purchases, Issuances, Sales and Settlements		0
Net Transfers In (Out)		0
Ending Balance		(213)		(213)
Total gains (losses) included in earnings		0
Total gains (losses) included in OCI		0
Reinsurance recoverable | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,518	1,436	1,367	1,388
Total realized and unrealized gains (losses) included in income	99	(135)	51	(87)
Total realized and unrealized gains (losses) included in OCI	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	93	0	292	0
Net Transfers In (Out)	0	0	0	0
Ending Balance	1,710	1,301	1,710	1,301
Total Gains (Losses) Included in Earnings	0	0	0	0
Total Gains (Losses) Included in OCI	$ 0	$ 0	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Asset Management
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	$ 1,040	$ 1,467	$ 3,149	$ 4,092
Issuances	0	0	0	0
Sales	(1,178)	(2,080)	(3,168)	(2,830)
Settlements	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	(138)	(613)	(19)	1,262
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	452	0	452	0
Transfers Out	(68)	0	(138)	(2)
Net Transfers In (Out)	384	0	314	(2)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0	0	0
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	(6)	(4)	(105)	(4)
Net Purchases, Issuances, Sales and Settlements	(6)	(4)	(105)	(4)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Transfers In	0	0	0	0
Transfers Out	0	0	0	0
Net Transfers In (Out)	0	0	0	0
Asset Management | Contingent consideration obligations
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0	0	0
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	(6)	(4)	(105)	(4)
Net Purchases, Issuances, Sales and Settlements	(6)	(4)	(105)	(4)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Transfers In	0	0	0	0
Transfers Out	0	0	0	0
Net Transfers In (Out)	0	0	0	0
Asset Management | Investments and derivative assets
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	7	8	27
Issuances	0	0	0
Sales	(46)	(2)	(61)
Settlements	0	0	0
Net Purchases, Issuances, Sales and Settlements	(39)	6	(34)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0	0
Transfers Out	(68)	0	(68)
Net Transfers In (Out)	(68)	0	(68)
Asset Management | Investments, at fair value
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases				34
Issuances				0
Sales				(4)
Settlements				0
Net Purchases, Issuances, Sales and Settlements			(34)	30
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In				0
Transfers Out				0
Net Transfers In (Out)			(68)	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	1,033	1,459	3,122	4,058
Issuances	0	0	0	0
Sales	(1,132)	(2,078)	(3,107)	(2,826)
Settlements	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	(99)	(619)	15	1,232
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	452	0	452	0
Transfers Out	0	0	(70)	(2)
Net Transfers In (Out)	452	0	382	(2)
Retirement Services
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	13,401	7,028	38,658	21,958
Issuances	94	0	294	0
Sales	(371)	(364)	(1,073)	(691)
Settlements	(5,450)	(2,093)	(10,393)	(5,154)
Net Purchases, Issuances, Sales and Settlements	7,674	4,571	27,486	16,113
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	4,999	1,537	978	3,054
Transfers Out	(5,847)	(819)	(2,504)	(4,077)
Net Transfers In (Out)	(848)	718	(1,526)	(1,023)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0	0	0
Issuances	(750)	(573)	(2,408)	(1,708)
Sales	0	0	0	0
Settlements	265	175	793	481
Net Purchases, Issuances, Sales and Settlements	(485)	(398)	(1,615)	(1,227)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Transfers In	0	0	64	0
Transfers Out	0	0	0	0
Net Transfers In (Out)	0	0	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			(2,408)	(1,708)
Sales			0	0
Settlements			741	481
Net Purchases, Issuances, Sales and Settlements			(1,667)	(1,227)
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	(487)	(398)	(1,667)	(1,227)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Net Transfers In (Out)	0	0	0	0
Retirement Services | Other liabilities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0		0
Issuances	0		0
Sales	0		0
Settlements	2		52
Net Purchases, Issuances, Sales and Settlements	2		52	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Transfers In	0		64
Transfers Out	0		0
Net Transfers In (Out)	0		64	0
Retirement Services | Embedded derivatives | Interest sensitive contract liabilities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0
Issuances	(750)	(573)
Sales	0	0
Settlements	263	175
Net Purchases, Issuances, Sales and Settlements	(487)	(398)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Transfers In	0	0
Transfers Out	0	0
Net Transfers In (Out)	0	0
Retirement Services | AFS securities | Foreign governments
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases			0	53
Issuances			0	0
Sales			0	0
Settlements			(6)	(6)
Net Purchases, Issuances, Sales and Settlements			(6)	47
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 | AFS securities | Corporate
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	912	26	2,623	1,338
Issuances	0	0	0	0
Sales	(16)	0	(18)	0
Settlements	(121)	(52)	(218)	(168)
Net Purchases, Issuances, Sales and Settlements	775	(26)	2,387	1,170
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	68	0	166	29
Transfers Out	(4,868)	(20)	(993)	(473)
Net Transfers In (Out)	(4,800)	(20)	(827)	(444)
Retirement Services | AFS securities | ABS
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	3,004	221	9,635	1,552
Issuances	0	0	0	0
Sales	(351)	(13)	(423)	(33)
Settlements	(451)	(463)	(841)	(725)
Net Purchases, Issuances, Sales and Settlements	2,202	(255)	8,371	794
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	4,897	357	748	695
Transfers Out	(218)	(795)	(747)	(1,694)
Net Transfers In (Out)	4,679	(438)	1	(999)
Retirement Services | AFS securities | CMBS
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases				0
Issuances				0
Sales				0
Settlements				0
Net Purchases, Issuances, Sales and Settlements				0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In				12
Transfers Out				0
Net Transfers In (Out)				12
Retirement Services | AFS securities | RMBS
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	81	261	81	262
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	(3)	0	(9)	(4)
Net Purchases, Issuances, Sales and Settlements	78	261	72	258
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0	0	5
Transfers Out	0	(4)	(2)	(240)
Net Transfers In (Out)	0	(4)	(2)	(235)
Retirement Services | Reinsurance recoverable
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0		0
Issuances	94		294
Sales	0		0
Settlements	(1)		(2)
Net Purchases, Issuances, Sales and Settlements	93	0	292	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	0	0
Retirement Services | Trading securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0	0	8
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	(1)	(5)	(6)	(20)
Net Purchases, Issuances, Sales and Settlements	(1)	(5)	(6)	(12)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0	14	5
Transfers Out	0	0	0	(16)
Net Transfers In (Out)	0	0	14	(11)
Retirement Services | Equity securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0		2	0
Issuances	0		0	0
Sales	0		(1)	0
Settlements	0		0	0
Net Purchases, Issuances, Sales and Settlements	0	0	1	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0		9	0
Transfers Out	(9)		(9)	(13)
Net Transfers In (Out)	(9)	0	0	(13)
Retirement Services | Mortgage loans
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	7,518	5,696	19,226	14,361
Issuances	0	0	0	0
Sales	0	(285)	(26)	(348)
Settlements	(2,672)	(1,251)	(5,553)	(2,695)
Net Purchases, Issuances, Sales and Settlements	4,846	4,160	13,647	11,318
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0	0	0
Transfers Out	0	0	0	0
Net Transfers In (Out)	0	0	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	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In			1
Transfers Out			0
Net Transfers In (Out)	0		1	0
Retirement Services | Short-term investments
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	168	100	171	100
Issuances	0	0	0	0
Sales	0	0	(6)	0
Settlements	(2)	0	(23)	(30)
Net Purchases, Issuances, Sales and Settlements	166	100	142	70
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0	0	26
Transfers Out	(78)	0	(79)	0
Net Transfers In (Out)	(78)	0	(79)	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	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Net Transfers In (Out)	0	0	0
Retirement Services | Other
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases		145	280	472
Issuances		0	0	0
Sales		0	0	0
Settlements		0	0	(431)
Net Purchases, Issuances, Sales and Settlements	0	145	280	41
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In		0	0	0
Transfers Out		0	0	0
Net Transfers In (Out)	0	0	0	0
Retirement Services | Related Party | AFS securities | Corporate
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	27	6	184
Issuances	0	0	0	0
Sales	0	0	(1)	0
Settlements	(3)	(3)	(7)	(9)
Net Purchases, Issuances, Sales and Settlements	(3)	24	(2)	175
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0	0	215
Transfers Out	(154)	0	(154)	0
Net Transfers In (Out)	(154)	0	(154)	215
Retirement Services | Related Party | AFS securities | CLO
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	42		42	185
Issuances	0		0	0
Sales	0		0	0
Settlements	0		0	0
Net Purchases, Issuances, Sales and Settlements	42		42	185
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0		0	0
Transfers Out	0		0	0
Net Transfers In (Out)	0		0	0
Retirement Services | Related Party | AFS securities | ABS
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	1,193	426	5,780	3,132
Issuances	0	0	0	0
Sales	0	0	(504)	(162)
Settlements	(2,067)	(316)	(3,361)	(1,002)
Net Purchases, Issuances, Sales and Settlements	(874)	110	1,915	1,968
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0	0	284
Transfers Out	0	0	0	0
Net Transfers In (Out)	0	0	0	284
Retirement Services | Related Party | Trading securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	1	4	28
Issuances	0	0	0	0
Sales	0	(1)	0	(38)
Settlements	(100)	0	(222)	(3)
Net Purchases, Issuances, Sales and Settlements	(100)	0	(218)	(13)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0	0	0
Transfers Out	0	0	0	0
Net Transfers In (Out)	0	0	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	0	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	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	87	0
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	(14)	(1)	(64)	(24)
Net Purchases, Issuances, Sales and Settlements	(14)	(1)	23	(24)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0	0	0
Transfers Out	0	0	0	0
Net Transfers In (Out)	0	0	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	0	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	0	0
Retirement Services | Related Party | Derivative assets
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 | 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	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Net Transfers In (Out)		0	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	0	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	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	38	6	201	26
Issuances	0	0	0	0
Sales	(4)	(19)	(91)	(49)
Settlements	0	0	(7)	0
Net Purchases, Issuances, Sales and Settlements	34	(13)	103	(23)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	34	1,180	40	1,308
Transfers Out	(88)	0	(88)	(31)
Net Transfers In (Out)	(54)	1,180	(48)	1,277
Retirement Services | VIE, Primary Beneficiary | Mortgage loans
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	70	4	125	63
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	(15)	(2)	(74)	(5)
Net Purchases, Issuances, Sales and Settlements	55	2	51	58
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0	0	0
Transfers Out	0	0	0	0
Net Transfers In (Out)	0	0	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	338	113	339	113
Issuances	0	0	0	0
Sales	0	(32)	0	(40)
Settlements	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	338	81	339	73
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0	0	475
Transfers Out	(432)	0	(432)	(1,610)
Net Transfers In (Out)	(432)	0	(432)	(1,135)
Retirement Services | VIE, Primary Beneficiary | Other
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	37	2	56	7
Issuances	0	0	0	0
Sales	0	(14)	(3)	(21)
Settlements	0	0	0	0
Net Purchases, Issuances, Sales and Settlements	37	(12)	53	(14)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0	0	0
Transfers Out	0	0	0	0
Net Transfers In (Out)	$ 0	$ 0	$ 0	$ 0

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 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 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ 1,314	$ (1,111)	$ 933	$ (977)
Trading securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	131	(116)	31	(84)
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	1,186	(984)	868	(909)
Investment funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	38	(66)	13	23
Future policy benefits
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	(46)	59	12	64
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ 5	$ (4)	$ 9	$ (71)

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value Option Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans	$ (19)	$ (20)	$ (49)	$ (31)
Mortgage Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	64,404		64,404		$ 50,752
Mark to fair value	(2,246)		(2,246)		(3,183)
Fair value	62,158		62,158		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	507		507		221
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	(191)		(191)		(74)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	316		316		147
Fair value of commercial mortgage loans 90 days or more past due	254		254		64
Fair value of commercial mortgage loans in non-accrual status	316		316		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	850		850		528
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	(74)		(74)		(49)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	776		776		479
Fair value of commercial mortgage loans 90 days or more past due	776		776		479
Fair value of commercial mortgage loans in non-accrual status	679		679		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	$ 97		$ 97		$ 124

Fair Value - Schedule of Fina_2

Fair Value - Schedule of Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 9,698	$ 7,536
Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	5,448	3,660
Carrying Value | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Policy loans	320	334
Short-term investments	205
Other investments	17	46
Total Assets – Asset Management	31,745	36,919
Interest sensitive contract liabilities	191,137	154,095
Debt	5,725	4,209
Securities to repurchase	2,666	3,853
Funds withheld liability	3,416	350
Total financial liabilities not carried at fair value	202,944	162,507
Carrying Value | Nonrelated Party | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	107	109
Funds withheld at interest	23,812	27,738
Carrying Value | Related Party | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	498	550
Funds withheld at interest	5,974	7,195
Short-term investments	812	947
Fair Value | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Policy loans	320	334
Short-term investments	205
Other investments	28	52
Total Assets – Asset Management	31,756	36,925
Interest sensitive contract liabilities	187,554	146,038
Debt	5,448	3,660
Securities to repurchase	2,666	3,853
Funds withheld liability	3,416	350
Total financial liabilities not carried at fair value	199,084	153,901
Fair Value | Nonrelated Party | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	107	109
Funds withheld at interest	23,812	27,738
Fair Value | Related Party | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	498	550
Funds withheld at interest	5,974	7,195
Short-term investments	812	947
Fair Value | NAV | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Policy loans	0	0
Short-term investments	0
Other investments	0	0
Total Assets – Asset Management	605	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 | Nonrelated Party | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	107	109
Funds withheld at interest	0	0
Fair Value | NAV | Related Party | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	498	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]
Policy loans	0	0
Short-term investments	0
Other investments	0	0
Total Assets – Asset Management	0	0
Interest sensitive contract liabilities	0	0
Debt	591	0
Securities to repurchase	0	0
Funds withheld liability	0	0
Total financial liabilities not carried at fair value	591	0
Fair Value | Level 1 | Nonrelated Party | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	0	0
Funds withheld at interest	0	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]
Policy loans	320	334
Short-term investments	0
Other investments	0	0
Total Assets – Asset Management	1,132	1,281
Interest sensitive contract liabilities	0	0
Debt	4,857	3,660
Securities to repurchase	2,666	3,853
Funds withheld liability	0	350
Total financial liabilities not carried at fair value	7,523	7,863
Fair Value | Level 2 | Nonrelated Party | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	0	0
Funds withheld at interest	0	0
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	812	947
Fair Value | Level 3 | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Policy loans	0	0
Short-term investments	205
Other investments	28	52
Total Assets – Asset Management	30,019	34,985
Interest sensitive contract liabilities	187,554	146,038
Debt	0	0
Securities to repurchase	0	0
Funds withheld liability	3,416	0
Total financial liabilities not carried at fair value	190,970	146,038
Fair Value | Level 3 | Nonrelated Party | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	0	0
Funds withheld at interest	23,812	27,738
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	5,974	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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
VOBA
VOBA, beginning balance	$ 2,581	$ 2,988
Additions	0	0
Amortization	(274)	(315)
Other		(3)
VOBA, ending balance	2,307	2,670
Total DAC, DSI and VOBA
DAC, DSI and VOBA, beginning balance	5,979	4,466
Additions	1,670	1,487
Amortization	(678)	(502)
Other		(3)
DAC, DSI and VOBA, ending balance	6,971	5,448
Traditional Deferred Annuities
DAC
DAC, beginning balance	890	304
Additions	404	426
Amortization	(176)	(74)
Other		0
DAC, ending balance	1,118	656
Indexed Annuities
DAC
DAC, beginning balance	1,517	755
Additions	751	609
Amortization	(131)	(69)
Other		0
DAC, ending balance	2,137	1,295
DSI
DSI, beginning balance	970	399
Additions	479	447
Amortization	(88)	(40)
Other		0
DSI, ending balance	1,361	806
Funding Agreements
DAC
DAC, beginning balance	10	11
Additions	36	2
Amortization	(8)	(3)
Other		0
DAC, ending balance	38	10
Other Investment-type
DAC
DAC, beginning balance	11	9
Additions	0	3
Amortization	(1)	(1)
Other		0
DAC, ending balance	$ 10	$ 11

Long-duration Contracts - Sched

Long-duration Contracts - Schedule of Policyholder Account Balance (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Policyholder Account Balance [Roll Forward]
Beginning balance	$ 197,889	$ 168,339
Deposits	57,563	35,624
Policy charges	(524)	(483)
Surrenders and withdrawals	(13,478)	(16,634)
Benefit payments	(9,953)	(4,441)
Interest credited	5,961	2,824
Foreign exchange	60	(448)
Other	347	(1,325)
Ending balance	237,865	183,456
Related Party
Policyholder Account Balance [Roll Forward]
Other		(1,371)
Traditional Deferred Annuities
Policyholder Account Balance [Roll Forward]
Beginning balance	64,763	43,518
Deposits	19,786	18,011
Policy charges	(2)	(2)
Surrenders and withdrawals	(3,691)	(8,207)
Benefit payments	(830)	(738)
Interest credited	2,323	1,284
Foreign exchange	(1)	(77)
Other	0	63
Ending balance	$ 82,348	$ 53,852
Weighted average crediting rate	4.30%	3.70%
Net amount at risk	$ 427	$ 425
Cash surrender value	78,049	50,352
Indexed Annuities
Policyholder Account Balance [Roll Forward]
Beginning balance	93,147	92,660
Deposits	12,761	8,960
Policy charges	(522)	(481)
Surrenders and withdrawals	(9,724)	(8,292)
Benefit payments	(1,204)	(1,216)
Interest credited	2,313	802
Foreign exchange	1	(1)
Other	0	77
Ending balance	$ 96,772	$ 92,509
Weighted average crediting rate	2.60%	2.30%
Net amount at risk	$ 15,221	$ 14,438
Cash surrender value	89,378	84,052
Funding Agreements
Policyholder Account Balance [Roll Forward]
Beginning balance	32,350	27,439
Deposits	24,083	4,893
Policy charges	0	0
Surrenders and withdrawals	0	(110)
Benefit payments	(7,746)	(2,264)
Interest credited	1,173	628
Foreign exchange	116	(26)
Other	421	(46)
Ending balance	$ 50,397	$ 30,514
Weighted average crediting rate	4.50%	3.10%
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	933	3,760
Policy charges	0	0
Surrenders and withdrawals	(63)	(25)
Benefit payments	(173)	(223)
Interest credited	152	110
Foreign exchange	(56)	(344)
Other	(74)	(1,419)
Ending balance	$ 8,348	$ 6,581
Weighted average crediting rate	2.60%	2.70%
Net amount at risk	$ 65	$ 104
Cash surrender value	$ 7,112	$ 5,335

Long-duration Contracts - Sch_2

Long-duration Contracts - Schedule of Interest Sensitive Contract Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	$ 245,436	$ 189,065
Traditional Deferred Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	82,348	53,852
Indexed Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	96,772	92,509
Funding Agreements
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	50,397	30,514
Other Investment-type
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	8,348	6,581
Reconciling items
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	$ 7,571	$ 5,609

Long-duration Contracts - Sch_3

Long-duration Contracts - Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate (Details) $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Policyholder Account Balance [Line Items]
Total	$ 237,865	$ 197,889	$ 183,456	$ 168,339
Less than 2.0%
Policyholder Account Balance [Line Items]
Total	$ 170,371		$ 138,394
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	$ 27,290		$ 30,507
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	$ 28,840		$ 11,443
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	$ 11,364		$ 3,112
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	$ 92,192		$ 71,947
At Guaranteed Minimum | Less than 2.0%
Policyholder Account Balance [Line Items]
Total	28,488		28,564
At Guaranteed Minimum | 2.0% to less than 4.0%
Policyholder Account Balance [Line Items]
Total	23,576		28,838
At Guaranteed Minimum | 4.0% to less than 6.0%
Policyholder Account Balance [Line Items]
Total	28,764		11,433
At Guaranteed Minimum | 6.0% and greater
Policyholder Account Balance [Line Items]
Total	11,364		3,112
1 Basis Point – 100 Basis Points Above Guaranteed Minimum
Policyholder Account Balance [Line Items]
Total	$ 17,393		$ 20,846
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	$ 15,531		$ 19,709
1 Basis Point – 100 Basis Points Above Guaranteed Minimum | 2.0% to less than 4.0%
Policyholder Account Balance [Line Items]
Total	1,787		1,128
1 Basis Point – 100 Basis Points Above Guaranteed Minimum | 4.0% to less than 6.0%
Policyholder Account Balance [Line Items]
Total	75		9
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	$ 128,280		$ 90,663
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	$ 126,352		$ 90,121
Greater than 100 Basis Points Above Guaranteed Minimum | 2.0% to less than 4.0%
Policyholder Account Balance [Line Items]
Total	1,927		541
Greater than 100 Basis Points Above Guaranteed Minimum | 4.0% to less than 6.0%
Policyholder Account Balance [Line Items]
Total	1		1
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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Present value of expected future policy benefits
Net future policy benefits	$ 52,962	$ 46,672
Total
Present value of expected net premiums
Beginning balance	1,182
Effect of changes in discount rate assumptions, beginning balance	(45)
Effect of foreign exchange on the change in discount rate assumptions	(2)
Ending balance at original discount rate	976		$ 1,135
Effect of actual to expected experience			(4)
Adjusted balance			1,131
Interest accrual	17
Net premium collected	(144)
Foreign exchange	(28)
Effect of changes in discount rate assumptions, ending balance	41
Effect of foreign exchange on the change in discount rate assumptions	1
Ending balance	1,018
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 changes in cash flow assumptions	104	297	(104)	$ (297)
Effect of actual to expected experience			(93)	(36)
Adjusted balance			54,314	44,501
Issuances	1,010	9,120
Interest accrual	1,405	1,194
Benefit payments	(3,421)	(2,731)
Foreign exchange	(31)	6
Other		(1,509)
Ending balance at original discount rate	53,277	50,581
Effect of changes in discount rate assumptions	(5,316)	9,753
Effect of foreign exchange on the change in discount rate assumptions	(19)	(12)
Ending balance	47,942	40,840
Net future policy benefits	46,924	40,840
Payout Annuities with Life Contingencies
Present value of expected net premiums
Beginning balance	0
Effect of changes in discount rate assumptions, beginning balance	0
Effect of foreign exchange on the change in discount rate assumptions	0
Ending balance at original discount rate	0		0
Effect of actual to expected experience			0
Adjusted balance			0
Interest accrual	0
Net premium collected	0
Foreign exchange	0
Effect of changes in discount rate assumptions, ending balance	0
Effect of foreign exchange on the change in discount rate assumptions	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 changes in cash flow assumptions			(104)	(297)
Effect of actual to expected experience			(89)	(36)
Adjusted balance			51,042	44,501
Issuances	1,010	9,120
Interest accrual	1,353	1,194
Benefit payments	(3,355)	(2,731)
Foreign exchange	33	6
Ending balance at original discount rate	50,083	50,581
Effect of changes in discount rate assumptions	(5,362)	9,753
Effect of foreign exchange on the change in discount rate assumptions	(16)	(12)
Ending balance	44,705	40,840
Net future policy benefits	$ 44,705	$ 40,840
Liability for Future Policy Benefit, after Reinsurance [Abstract]
Weighted-average liability duration (in years)	9 years 4 months 24 days	9 years 7 months 6 days
Weighted-average interest accretion rate	3.70%	3.60%
Weighted-average current discount rate	5%	6.10%
Expected future gross premiums, undiscounted	$ 0
Expected future gross premiums, discounted	0
Expected future benefit payments, undiscounted	73,523	$ 73,933
Payout Annuities with Life Contingencies | AOCI, Liability for Future Policy Benefit, Parent
Present value of expected future policy benefits
Other		(1,509)
Whole Life
Present value of expected net premiums
Beginning balance	1,182
Effect of changes in discount rate assumptions, beginning balance	(45)
Effect of foreign exchange on the change in discount rate assumptions	(2)
Ending balance at original discount rate	976		1,135
Effect of actual to expected experience			(4)
Adjusted balance			1,131
Interest accrual	17
Net premium collected	(144)
Foreign exchange	(28)
Effect of changes in discount rate assumptions, ending balance	41
Effect of foreign exchange on the change in discount rate assumptions	1
Ending balance	1,018
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 changes in cash flow assumptions			0	0
Effect of actual to expected experience			(4)	0
Adjusted balance			$ 3,272	$ 0
Issuances	0	0
Interest accrual	52	0
Benefit payments	(66)	0
Foreign exchange	(64)	0
Other		0
Ending balance at original discount rate	3,194	0
Effect of changes in discount rate assumptions	46	0
Effect of foreign exchange on the change in discount rate assumptions	(3)	0
Ending balance	3,237	0
Net future policy benefits	$ 2,219	$ 0
Liability for Future Policy Benefit, after Reinsurance [Abstract]
Weighted-average liability duration (in years)	31 years 3 months 18 days	0 years
Weighted-average interest accretion rate	4.80%	0%
Weighted-average current discount rate	4%	0%
Expected future gross premiums, undiscounted	$ 1,255
Expected future gross premiums, discounted	1,064
Expected future benefit payments, undiscounted	$ 10,235	$ 0

Long-duration Contracts - Sch_5

Long-duration Contracts - Schedule of Reconciliation of Future Policy Benefit and Premiums (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	$ 52,962	$ 46,672
Premiums	1,163	9,163
Interest expense	1,388	1,194
Payout Annuities with Life Contingencies
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	44,705	40,840
Premiums	985	9,142
Interest expense	1,353	1,194
Whole Life
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	2,219	0
Premiums	154	0
Interest expense	35	0
Reconciling items
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	6,038	5,832
Premiums	24	21
Interest expense	0	0
Total
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	$ 46,924	$ 40,840

Long-duration Contracts - Narra

Long-duration Contracts - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Increase in reserves			$ 15	$ 110
Change in instrument-specific credit risk	$ (93)	$ (254)	(87)	(220)
Total
Liability for Future Policy Benefit, Activity [Line Items]
(Decrease) increase future policy benefits for payout annuities with life contingencies			(430)	4,418
Benefit payments			3,421	2,731
Effect of changes in cash flow assumptions	$ 104	$ 297	104	297	$ (104)	$ (297)
Interest accrual			1,405	1,194
Issuances			1,010	9,120
Change in discount rate assumptions			832	1,328
Reduction in reserve related to recapture				1,509
Payout Annuities with Life Contingencies
Liability for Future Policy Benefit, Activity [Line Items]
Benefit payments			3,355	2,731
Effect of changes in cash flow assumptions					$ (104)	$ (297)
Interest accrual			1,353	1,194
Issuances			1,010	9,120
Traditional Deferred Annuities and Indexed Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Increase in market risk benefit liabilities			716	101
Issuances			270	47
Attributed fees collected			266	252
Market risk benefit, interest expense			151	115
Change in instrument-specific credit risk				(220)
Effect of changes in interest rates			$ 36	$ 609

Long-duration Contracts - Sch_6

Long-duration Contracts - Schedule of Remeasurement of Gain (Losses) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Insurance [Abstract]
Reserves	$ 193	$ 333
Deferred profit liability	(37)	(243)
Negative VOBA	(52)	(54)
Total remeasurement gains (losses)	$ 104	$ 36

Long-duration Contracts - Sch_7

Long-duration Contracts - Schedule of Net Liability Position of Market Risk Benefits (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Market Risk Benefit [Roll Forward]
Ending balance	$ 4,089	$ 2,590
Less: Reinsurance recoverable	(40)
Balance, at September 30, 2023, net of reinsurance	4,049
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	3,994	2,736	$ 3,365	$ 2,855
Issuances	270	47
Interest accrual	151	115
Attributed fees collected	266	252
Benefit payments	(42)	(25)
Effect of changes in interest rates	(36)	(609)
Effect of changes in equity	(115)	(26)
Effect of actual policyholder behavior compared to expected behavior	69	46
Effect of changes in future expected policyholder behavior	85	75
Effect of changes in other future expected assumptions	(19)	6
Balance, end of period, before changes in instrument-specific credit risk	3,994	2,736
Effect of changes in instrument-specific credit risk, ending balance	(95)	146
Ending balance	4,089	2,590
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	200	174	194	183
Issuances	0	0
Interest accrual	8	7
Attributed fees collected	1	2
Benefit payments	(3)	(1)
Effect of changes in interest rates	(2)	(18)
Effect of changes in equity	0	0
Effect of actual policyholder behavior compared to expected behavior	5	4
Effect of changes in future expected policyholder behavior	(3)	(3)
Effect of changes in other future expected assumptions	0	0
Balance, end of period, before changes in instrument-specific credit risk	200	174
Effect of changes in instrument-specific credit risk, ending balance	(1)	7
Ending balance	201	167
Less: Reinsurance recoverable	0
Balance, at September 30, 2023, net of reinsurance	201
Reconciliation of the gross balances in an asset or liability position:
Net amount at risk	$ 427	$ 425
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	3,794	2,562	$ 3,171	$ 2,672
Issuances	270	47
Interest accrual	143	108
Attributed fees collected	265	250
Benefit payments	(39)	(24)
Effect of changes in interest rates	(34)	(591)
Effect of changes in equity	(115)	(26)
Effect of actual policyholder behavior compared to expected behavior	64	42
Effect of changes in future expected policyholder behavior	88	78
Effect of changes in other future expected assumptions	(19)	6
Balance, end of period, before changes in instrument-specific credit risk	3,794	2,562
Effect of changes in instrument-specific credit risk, ending balance	(94)	139
Ending balance	3,888	2,423
Less: Reinsurance recoverable	(40)
Balance, at September 30, 2023, net of reinsurance	3,848
Reconciliation of the gross balances in an asset or liability position:
Net amount at risk	$ 15,221	$ 14,438
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	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Market Risk Benefit [Line Items]
Asset	$ 313		$ 431
Liability	4,402		3,021
Net Liability	4,089		2,590
Traditional Deferred Annuities
Market Risk Benefit [Line Items]
Asset	0		0
Liability	201		167
Net Liability	201	$ 192	167	$ 170
Indexed Annuities
Market Risk Benefit [Line Items]
Asset	313		431
Liability	4,201		2,854
Net Liability	$ 3,888		$ 2,423

Long-duration Contracts - Sch_9

Long-duration Contracts - Schedule of Unobservable Inputs for Market Risk Benefits (Details) $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Market Risk Benefit [Line Items]
Market risk benefits, net	$ 4,089	$ 2,590
Minimum | Discounted cash flow | Nonperformance risk
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.005	0.006
Minimum | Discounted cash flow | Option budget
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.005	0.005
Minimum | Discounted cash flow | Surrender rate
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.033	0.034
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	0.016
Maximum | Discounted cash flow | Option budget
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.060	0.059
Maximum | Discounted cash flow | Surrender rate
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.070	0.065
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	0.014
Weighted Average | Discounted cash flow | Option budget
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.022	0.019
Weighted Average | Discounted cash flow | Surrender rate
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.045	0.046
Weighted Average | Discounted cash flow | Utilization rate
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.847	0.832

Profit Sharing Payable - Narrat

Profit Sharing Payable - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Profit Sharing Payable	$ 1,866	$ 1,669

Profit Sharing Payable - Roll F

Profit Sharing Payable - Roll Forward (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Profit Sharing Payable Activity [Roll Forward]
Profit sharing payable, beginning balance	$ 1,669
Profit sharing expense	570
Payments/other	(373)
Profit sharing payable, ending balance	$ 1,866

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 317	$ 243	$ 1,000	$ 697
Effective income tax rate	15.20%	27.50%	17.50%	19.20%
Unrecognized tax benefits that would impact effective tax rate	$ 10		$ 10

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	May 30, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Outstanding Balance	$ 9,807	$ 8,092
Fair Value	9,698	7,536
Asset Management
Debt Instrument [Line Items]
Outstanding Balance	4,082	3,883
Fair Value	4,250	3,876
Amortization of note discount	$ 41	$ 34
Asset Management | Senior Notes | 4.00%, 2024 Senior Notes
Debt Instrument [Line Items]
Interest rate	4%	4%	4%
Outstanding Balance	$ 0	$ 499
Fair Value	$ 0	$ 496
Asset Management | Senior Notes | 4.40%, 2026 Senior Notes
Debt Instrument [Line Items]
Interest rate	4.40%	4.40%
Outstanding Balance	$ 499	$ 498
Fair Value	$ 500	$ 490
Asset Management | Senior Notes | 4.87%, 2029 Senior Notes
Debt Instrument [Line Items]
Interest rate	4.87%	4.87%
Outstanding Balance	$ 675	$ 675
Fair Value	$ 687	$ 664
Asset Management | Senior Notes | 2.65% 2030 Senior Notes
Debt Instrument [Line Items]
Interest rate	2.65%	2.65%
Outstanding Balance	$ 497	$ 496
Fair Value	$ 454	$ 432
Asset Management | Senior Notes | 6.38% 2033 Senior Notes
Debt Instrument [Line Items]
Interest rate	6.38%	6.38%
Outstanding Balance	$ 492	$ 492
Fair Value	$ 558	$ 539
Asset Management | Senior Notes | 5.00%, 2048 Senior Notes
Debt Instrument [Line Items]
Interest rate	5%	5%
Outstanding Balance	$ 297	$ 297
Fair Value	$ 296	$ 275
Asset Management | Senior Notes | 6.25% 2054 Senior Notes
Debt Instrument [Line Items]
Interest rate	5.80%	5.80%
Outstanding Balance	$ 741	$ 0
Fair Value	$ 800	$ 0
Asset Management | Subordinated notes | 4.95%, 2050 Senior Subordinated Notes
Debt Instrument [Line Items]
Interest rate	4.95%	4.95%
Outstanding Balance	$ 297	$ 297
Fair Value	$ 299	$ 283
Asset Management | Subordinated notes | 7.63% 2053 Subordinated Notes
Debt Instrument [Line Items]
Interest rate	7.63%	7.63%
Outstanding Balance	$ 584	$ 584
Fair Value	$ 656	$ 652
Asset Management | Secured Debt | 1.70% Secured Borrowing II
Debt Instrument [Line Items]
Interest rate	1.70%	1.70%
Outstanding Balance	$ 0	$ 14
Fair Value	$ 0	$ 14
Asset Management | Line of Credit | 1.30% 2016 AMI Term Facility I
Debt Instrument [Line Items]
Interest rate	1.30%	1.30%
Outstanding Balance	$ 0	$ 19
Fair Value	$ 0	$ 19
Asset Management | Line of Credit | 2.00% 2016 AMI Term Facility II
Debt Instrument [Line Items]
Interest rate	2%	2%
Outstanding Balance	$ 0	$ 12
Fair Value	0	12
Retirement Services
Debt Instrument [Line Items]
Outstanding Balance	5,725	4,209
Fair Value	$ 5,448	$ 3,660
Retirement Services | Senior Notes | 4.13% 2028 Notes
Debt Instrument [Line Items]
Interest rate	4.13%	4.13%
Outstanding Balance	$ 1,054	$ 1,066
Fair Value	$ 986	$ 956
Retirement Services | Senior Notes | 6.15% 2030 Notes
Debt Instrument [Line Items]
Interest rate	6.15%	6.15%
Outstanding Balance	$ 582	$ 593
Fair Value	$ 538	$ 516
Retirement Services | Senior Notes | 3.50% 2031 Notes
Debt Instrument [Line Items]
Interest rate	3.50%	3.50%
Outstanding Balance	$ 521	$ 523
Fair Value	$ 466	$ 442
Retirement Services | Senior Notes | 6.65% 2033 Notes
Debt Instrument [Line Items]
Interest rate	6.65%	6.65%
Outstanding Balance	$ 395	$ 395
Fair Value	$ 441	$ 427
Retirement Services | Senior Notes | 5.88% 2034 Notes
Debt Instrument [Line Items]
Interest rate	5.88%	5.88%
Outstanding Balance	$ 584	$ 583
Fair Value	$ 629	$ 607
Retirement Services | Senior Notes | 3.95% 2051 Notes
Debt Instrument [Line Items]
Interest rate	3.95%	3.95%
Outstanding Balance	$ 545	$ 545
Fair Value	$ 385	$ 375
Retirement Services | Senior Notes | 3.45% 2052 Notes
Debt Instrument [Line Items]
Interest rate	3.45%	3.45%
Outstanding Balance	$ 504	$ 504
Fair Value	$ 344	$ 337
Retirement Services | Senior Notes | 6.25% 2054 Senior Notes
Debt Instrument [Line Items]
Interest rate	6.25%	6.25%
Outstanding Balance	$ 982	$ 0
Fair Value	1,068	0
Retirement Services | Senior Notes | 7.250% 2064 Subordinated Notes
Debt Instrument [Line Items]
Outstanding Balance	558	0
Fair Value	$ 591	$ 0
Retirement Services | Subordinated notes | 7.250% 2064 Subordinated Notes
Debt Instrument [Line Items]
Interest rate	7.25%	7.25%		7.25%

Debt - Narrative (Details)

Debt - Narrative (Details)				3 Months Ended		9 Months Ended
	Jun. 28, 2024 USD ($)	May 30, 2024 USD ($)	Jun. 30, 2023 USD ($) extension	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	May 21, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 12, 2022 USD ($)
Debt Instrument [Line Items]
Principal and accrued interest						$ 4,494,000,000	$ 2,769,000,000
Senior Secured Notes | Retirement Services
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage						100%
5.800% 2054 Senior Notes | Senior Secured Notes | Asset Management
Debt Instrument [Line Items]
Aggregate principal amount								$ 750,000,000
Interest rate, stated percentage								5.80%
4.00% 2024 Senior Notes1,2 | Senior Secured Notes | Asset Management
Debt Instrument [Line Items]
Principal and accrued interest		$ 500,000,000
Interest rate		4%				4%			4%
Fixed-Rate Resettable Junior Subordinated Notes due 2054 | Subordinated Notes | Asset Management | Forecast
Debt Instrument [Line Items]
Aggregate principal amount				$ 500,000,000
Interest rate, stated percentage				6%
Deferred interest payments, period				5 years
Basis spread on variable rate				2.168%
6.25% 2054 Senior Notes | Senior Secured Notes | Asset Management
Debt Instrument [Line Items]
Interest rate						5.80%			5.80%
6.25% 2054 Senior Notes | Senior Secured Notes | Retirement Services
Debt Instrument [Line Items]
Aggregate principal amount						$ 1,000,000,000
Interest rate						6.25%			6.25%
7.250% 2064 Subordinated Notes | Subordinated Notes | Retirement Services
Debt Instrument [Line Items]
Aggregate principal amount					$ 575,000,000
Interest rate					7.25%	7.25%			7.25%
Basis spread on variable rate					2.986%
Debt instrument, deferred interest payment, period (in year)					5 years
6.625% 2054 Subordinated Notes | Subordinated Notes | Retirement Services | Forecast
Debt Instrument [Line Items]
Aggregate principal amount				$ 600,000,000
Interest rate				6.625%
Basis spread on variable rate				2.607%
Debt instrument, deferred interest payment, period (in year)				5 years
AMH Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity										$ 1,000,000,000
AMH Credit Facility | Line of Credit | Asset Management | Revolving 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
AHL Credit Facility | Line of Credit | Retirement Services | Revolving 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
AHL Liquidity Facility | Line of Credit | Retirement Services | Revolving Credit 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	$ 10,200,000,000

Debt - Schedule of Credit and L

Debt - Schedule of Credit and Liquidity Facilities (Details) - Line of Credit - Revolving Credit Facility - USD ($)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Total Interest Expense	$ 120	$ 66	$ 333	$ 189
Asset Management
Debt Instrument [Line Items]
Total Interest Expense	55	36	159	98
Retirement Services
Debt Instrument [Line Items]
Total Interest Expense	$ 65	$ 30	$ 174	$ 91

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 136	$ 142	$ 478	$ 422
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Unrecognized equity-based compensation expense		691		$ 691
Period of recognition				2 years 1 month 6 days
Granted (in shares)				4,359,947
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		95	80	$ 296	$ 227
Granted (in shares)				3,500,000	4,800,000
Grant date fair value				$ 378	$ 326
Service Grants | President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		14	14	$ 42	42
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		31	41	$ 138	$ 137
Granted (in shares)				900,000	1,400,000
Grant date fair value				$ 89	$ 94
Performance Grants | President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		6	6	18	18
Granted (in shares)	2,000,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 9	$ 15	$ 31	$ 36
Granted (in shares)				200,000	500,000
Grant date fair value				$ 25	$ 32

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of RSU Activity (Details) - RSUs	9 Months Ended
	Sep. 30, 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)	4,359,947
Forfeited (in shares)	(235,093)
Vested (in shares)	(3,320,092)
Unvested, ending balance (in shares)	17,497,665
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	106.78
Forfeited (in dollars per share) | $ / shares	71.52
Vested (in dollars per share) | $ / shares	66.30
Ending balance (in dollars per share) | $ / shares	$ 68.10
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)	21,957
Forfeited (in shares)	(172,960)
Vested (in shares)	3,320,092
Issued (in shares)	(7,034,702)
Vested, ending balance (in shares)	18,201,439
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)	4,381,904
Forfeited (in shares)	(408,053)
Vested (in shares)	0
Issued (in shares)	(7,034,702)
Ending balance (in shares)	35,699,104

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Millions

3 Months Ended

9 Months Ended

Nov. 05, 2024 $ / shares

Oct. 31, 2023 $ / shares

Aug. 11, 2023 USD ($) day $ / shares shares

Mar. 31, 2026 shares

Mar. 31, 2025 shares

Jun. 30, 2024 shares

Sep. 30, 2023 shares

Sep. 30, 2024 USD ($) shares

Sep. 30, 2023 USD ($) shares

Nov. 06, 2024 $ / shares 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

Payments related to issuances of common stock for equity-based awards (in shares)

742,742

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

Subsequent Event

Class of Stock [Line Items]

Warrants exercisable (in shares)

2,900,000

Exercise price of warrants per share (in dollars per share) | $ / shares

$ 173.51

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

Series A Preferred Stock | Subsequent Event

Class of Stock [Line Items]

Dividend per share of preferred stock (in dollars per share) | $ / shares

$ 0.8438

Series A Preferred Stock | Minimum

Class of Stock [Line Items]

Shares issued upon conversion (in shares)

0.5055

Series A Preferred Stock | Maximum

Class of Stock [Line Items]

Shares issued upon conversion (in shares)

0.6066

Common Stock

Class of Stock [Line Items]

Repurchase of class A common stock (in shares)

7,267,000

7,386,570

Repurchase of common stock | $

$ 788

$ 501

Payments related to issuances of common stock for equity-based awards (in shares)

1,000,000

4,000,000

6,000,000

Issuance of common stock related to equity transactions (in shares)

1,000,000

Equity - Schedule of Share Acti

Equity - Schedule of Share Activity (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Cash paid for tax liabilities	$ 310	$ 215
Common Stock
Class of Stock [Line Items]
Shares of common stock purchased related to share issuances and forfeitures (in shares)	(149,002)	(161,530)
Issuance of shares of common stock for equity-based awards (in shares)	4,798,749	4,577,799
Common stock shares repurchased (in shares)		499,430
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)	7,352,428	7,736,756
Reduction of shares of common stock issued (in shares)	(2,404,677)	(2,997,427)
Shares Issued in Settlement of Vested RSUs and Options Exercised | Common Stock
Class of Stock [Line Items]
Share-based payment arrangement, before forfeiture	$ 789	$ 553
RSUs
Class of Stock [Line Items]
Vesting period	3 years
Granted (in shares)	149,002	161,530
Restricted Stock
Class of Stock [Line Items]
Granted (in shares)	228,392	452,640

Equity - Schedule of Dividends

Equity - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended							9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Equity [Abstract]
Dividend per Share of Common Stock (in dollars per share)	$ 0.46	$ 0.46	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.40	$ 1.35		$ 1.69
Dividend to Common Stockholders	$ 262	$ 263	$ 245	$ 244	$ 244	$ 244	$ 229	$ 770	$ 717	$ 961
Distribution Equivalents on Participating Securities	$ 15	$ 16	$ 14	$ 15	$ 12	$ 12	$ 12	$ 45		$ 51

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 28,400	$ 17,042	$ 25,233	$ 14,366
Less: Income tax expense (benefit)	(682)	476	(634)	175
Ending balance	31,526	17,675	31,526	17,675
Accumulated other comprehensive income (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(5,820)	(6,392)	(5,575)	(7,335)
Other comprehensive income (loss) before reclassifications	3,051	(2,329)	2,876	(979)
Less: Reclassification adjustments for gains (losses) realized	(352)	10	(216)	(39)
Less: Income tax expense (benefit)	682	(476)	634	(175)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of subsidiary issuance of equity interest and tax	374	(160)	356	(5)
Ending balance	(3,473)	(8,095)	(3,473)	(8,095)
Unrealized investment gains (losses) on AFS securities without a credit allowance
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(9,674)	(11,052)	(8,675)	(12,568)
Other comprehensive income (loss) before reclassifications	5,143	(3,199)	3,528	(1,841)
Less: Reclassification adjustments for gains (losses) realized	(348)	(11)	(237)	(105)
Less: Income tax expense (benefit)	1,122	(654)	776	(828)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of subsidiary issuance of equity interest and tax	886	(577)	505	(467)
Ending balance	(6,191)	(13,009)	(6,191)	(13,009)
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	(277)	(378)	(289)	(334)
Other comprehensive income (loss) before reclassifications	(22)	33	(19)	(31)
Less: Reclassification adjustments for gains (losses) realized	(8)	0	(14)	0
Less: Income tax expense (benefit)	(3)	6	(1)	(12)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of subsidiary issuance of equity interest and tax	7	(3)	2	(5)
Ending balance	(295)	(348)	(295)	(348)
Unrealized gains (losses) on hedging instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(82)	27	(81)	48
Other comprehensive income (loss) before reclassifications	225	(192)	264	(214)
Less: Reclassification adjustments for gains (losses) realized	4	21	35	66
Less: Income tax expense (benefit)	47	(46)	49	(68)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of subsidiary issuance of equity interest and tax	60	(26)	67	(50)
Ending balance	32	(114)	32	(114)
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	4,218	4,708	3,458	5,256
Other comprehensive income (loss) before reclassifications	(2,263)	1,317	(832)	1,328
Less: Reclassification adjustments for gains (losses) realized	0	0	0	0
Less: Income tax expense (benefit)	(472)	273	(176)	777
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of subsidiary issuance of equity interest and tax	(596)	471	(221)	526
Ending balance	3,023	5,281	3,023	5,281
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	5	312	3	285
Other comprehensive income (loss) before reclassifications	(93)	(254)	(87)	(220)
Less: Reclassification adjustments for gains (losses) realized	0	0	0	0
Less: Income tax expense (benefit)	(20)	(52)	(18)	(46)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of subsidiary issuance of equity interest and tax	(9)	(8)	(7)	(7)
Ending balance	(59)	118	(59)	118
Foreign currency translation and other adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(10)	(9)	9	(22)
Other comprehensive income (loss) before reclassifications	61	(34)	22	(1)
Less: Reclassification adjustments for gains (losses) realized	0	0	0	0
Less: Income tax expense (benefit)	8	(3)	4	2
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of subsidiary issuance of equity interest and tax	26	(17)	10	(2)
Ending balance	$ 17	$ (23)	$ 17	$ (23)

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							9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders, basic	$ 787				$ 660			$ 3,018	$ 2,269
Net income (loss) attributable to common stockholders, diluted	787				660			3,018	2,269
Dividends declared on common stock	(262)	$ (263)	$ (245)	$ (244)	(244)	$ (244)	$ (229)	(770)	(717)	$ (961)
Dividends on participating securities	(15)				(12)			(45)	(36)
Earnings allocable to participating securities	(14)				(12)			(59)	(44)
Undistributed income (loss) attributable to common stockholders: Basic	496				392			2,144	1,472
Dilution effect on distributable income attributable to contingent shares	0				0			0	(5)
Undistributed income (loss) attributable to common stockholders: Diluted	$ 496				$ 392			$ 2,144	$ 1,467
Weighted average number of shares of common stock outstanding: Basic (in shares)	585,382,685				578,797,225			586,921,189	580,610,127
Dilution effect of options (in shares)	1,029,658				0			1,057,400	960,937
Dilution effect of warrants (in shares)	2,129,471				0			1,929,163	0
Dilution effect of contingent shares (in shares)	0				0			0	42,215
Weighted average number of shares of common stock outstanding: Diluted (in shares)	588,541,814				578,797,225			589,907,752	581,613,279
Net income (loss) per share of common stock: Basic
Distributed income (in dollars per share)	$ 0.46				$ 0.43			$ 1.35	$ 1.26
Undistributed income (loss) (in dollars per share)	0.84				0.67			3.61	2.51
Net income (loss) per share of common stock: Basic (in dollars per share)	1.30				1.10			4.96	3.77
Net income (loss) per share of common stock: Diluted
Distributed income (in dollars per share)	0.46				0.43			1.35	1.26
Undistributed income (loss) (in dollars per share)	0.83				0.67			3.59	2.49
Net income (loss) per share of common stock: Diluted (in dollars per share)	$ 1.29				$ 1.10			$ 4.94	$ 3.75

Earnings per Share - Schedule_2

Earnings per Share - Schedule of Anti-dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Weighted average unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	14,405,628	15,755,026	14,282,686	15,238,581
Weighted average unexercised options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	2,096,655	0	0
Weighted average unexercised warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	5,065,938	0	4,659,465
Weighted average Mandatory Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	14,531,793	9,480,194	14,528,276	3,194,791
Weighted average unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	1,249,388	1,706,003	1,371,113	1,730,341

Related Parties - Schedule of R

Related Parties - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Asset Management
Related Party Transaction [Line Items]
Total Due from Related Parties	$ 572	$ 449
Total Due to Related Parties	709	870
Due from funds | Asset Management
Related Party Transaction [Line Items]
Total Due from Related Parties	416	299
Total Due to Related Parties	219	194
Due from portfolio companies | Asset Management
Related Party Transaction [Line Items]
Total Due from Related Parties	50	40
Total Due to Related Parties	32	15
Due from employees and former employees | Asset Management
Related Party Transaction [Line Items]
Total Due from Related Parties	106	110
Due to Former Managing Partners and Contributing Partners | Asset Management
Related Party Transaction [Line Items]
Total Due to Related Parties	458	661
Sale of Investment | Due from funds
Related Party Transaction [Line Items]
Total Due from Related Parties	$ 26	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	$ 44	$ 175

Related Parties - Narrative (De

Related Parties - Narrative (Details) - USD ($)	3 Months Ended				9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Dec. 31, 2023	Oct. 01, 2024	Jul. 01, 2023	Jan. 01, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Consolidation/deconsolidation of VIEs					$ 40,000,000
AFS securities	$ 182,247,000,000	$ 148,347,000,000			$ 182,247,000,000	$ 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					$ 792,000,000	921,000,000
Related Party
Related Party Transaction [Line Items]
Performance allocations	202,000,000	174,000,000			202,000,000	174,000,000
Investment fund	1,604,000,000	1,632,000,000			1,604,000,000	1,632,000,000
AFS securities	17,562,000,000	14,009,000,000			17,562,000,000	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 | AAA | Athene
Related Party Transaction [Line Items]
Consolidation/deconsolidation of VIEs					1,100,000,000
Related Party | Athora Holding Ltd. (Athora) | Athene
Related Party Transaction [Line Items]
Investment fund	1,106,000,000	1,082,000,000			1,106,000,000	1,082,000,000
Related Party | Atlas | Athene
Related Party Transaction [Line Items]
Other liabilities	2,400,000,000	1,000,000,000			2,400,000,000	1,000,000,000
Related Party | Catalina Holdings Ltd. (Catalina) | Athene | Apollo Rose II
Related Party Transaction [Line Items]
Investment company, dividend distribution	141,000,000
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	81,000,000				81,000,000
AFS securities	$ 928,000,000	981,000,000			$ 928,000,000	981,000,000
Subsidiaries | ALRe | ACRA 1A
Related Party Transaction [Line Items]
Economic ownership	36.55%				36.55%
Subsidiaries | ALRe | ACRA 2 | Subsequent Event
Related Party Transaction [Line Items]
Economic ownership							37%
Subsidiaries | Apollo/Athene Dedicated Investment Programs
Related Party Transaction [Line Items]
Economic interest, ownership percentage sold	63.45%				63.45%
Subsidiaries | Apollo/Athene Dedicated Investment Programs | ACRA 2 | Subsequent Event
Related Party Transaction [Line Items]
Economic ownership							63%
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%
AOG Unit Payment | Due to Former Managing Partners and Contributing Partners
Related Party Transaction [Line Items]
Due to related parties	$ 44,000,000	175,000,000			$ 44,000,000	175,000,000
Employee Loans | Due from Employees and Former Employees
Related Party Transaction [Line Items]
Due from related parties	5,000,000	3,000,000			5,000,000	3,000,000
Employee Loans, Profit Sharing Distributions | Due from Employees and Former Employees
Related Party Transaction [Line Items]
Due from related parties	95,000,000	99,000,000			95,000,000	99,000,000
Indemnification Liability | Related Party
Related Party Transaction [Line Items]
Due from related parties	400,000	300,000			400,000	300,000
Equity Commitments | Related Party
Related Party Transaction [Line Items]
Other liabilities	356,000,000				356,000,000
Funding Agreements | Related Party | Athora Holding Ltd. (Athora) | Athene
Related Party Transaction [Line Items]
Other liabilities	61,000,000	61,000,000			61,000,000	61,000,000
Additional Investments | Related Party | Athora Holding Ltd. (Athora) | Athene
Related Party Transaction [Line Items]
Other liabilities	540,000,000				540,000,000
Additional Investments | Related Party | Atlas | Athene
Related Party Transaction [Line Items]
Other liabilities	3,000,000,000				3,000,000,000
Additional Investments | Related Party | PK Air | Athene
Related Party Transaction [Line Items]
Other liabilities	40,000,000				40,000,000
Reinsurance Agreement | Related Party | Catalina Holdings Ltd. (Catalina) | Athene
Related Party Transaction [Line Items]
Other liabilities	257,000,000	330,000,000			257,000,000	330,000,000
Reinsurance recoverable	3,400,000,000				3,400,000,000
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	180,000,000	181,000,000			$ 180,000,000	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	$ 348,000,000	$ 343,000,000			$ 348,000,000	$ 343,000,000

Related Parties - Schedule of A

Related Parties - Schedule of Athene’s Investments in Athora (Details) - Related Party - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Investment fund	$ 1,604	$ 1,632
Athora Holding Ltd. (Athora) | Athene
Related Party Transaction [Line Items]
Investment fund	1,106	1,082
Non-redeemable preferred equity and corporate debt securities	296	249
Total Investments – Asset Management	$ 1,402	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Contributions from ADIP	$ 126	$ 325	$ 831	$ 325
Distributions to ADIP	$ (95)	$ (254)	$ (603)	$ (381)

Commitments and Contingencies -

Commitments and Contingencies - Investments Commitments (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Additional Investments
Loss Contingencies [Line Items]
Retirement services contributions to investment funds, inclusive of related party commitments	$ 27,200
Investment Commitment
Loss Contingencies [Line Items]
Other commitment	$ 606

Commitments and Contingencies_2

Commitments and Contingencies - Contingent Obligations (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Cumulative revenues recognized if existing investments become worthless		$ 5,400,000,000
Payments related to issuances of common stock for equity-based awards (in shares)	742,742
Fair Value, Recurring | Asset Management
Loss Contingencies [Line Items]
Contingent consideration obligations		56,000,000	$ 93,000,000
Fair Value, Recurring | Asset Management | Level 3
Loss Contingencies [Line Items]
Contingent consideration obligations		56,000,000	93,000,000
Stone Tower
Loss Contingencies [Line Items]
Fair value of contingent consideration		55,000,000	67,000,000
Griffin Capital, Asset Management Business | Fair Value, Recurring | Asset Management
Loss Contingencies [Line Items]
Payments related to issuances of common stock for equity-based awards (in shares)	742,742
Griffin Capital, Asset Management Business | Fair Value, Recurring | Asset Management | Level 3
Loss Contingencies [Line Items]
Contingent consideration obligations		1,000,000	$ 26,000,000
AGS | Underwriting Commitments
Loss Contingencies [Line Items]
Unfunded contingent commitments		175,000,000
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		$ 877,000,000

Commitments and Contingencies_3

Commitments and Contingencies - Funding Arrangements (Details) - Athene Holding Limited - USD ($) $ in Billions	Sep. 30, 2024	Dec. 31, 2023
Federal Home Loan Bank
Loss Contingencies [Line Items]
Funding agreements outstanding	$ 13	$ 6.5
Funding Agreement Backed Notes
Loss Contingencies [Line Items]
Funding agreements outstanding	23	19.9
Funding agreements remaining capacity	11.9
Funding Agreement Backed Repurchase Agreement
Loss Contingencies [Line Items]
Funding agreements outstanding	$ 14.1	$ 6

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Restricted Assets (Details) - Athene Holding Limited - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]
AFS securities	$ 42,446	$ 32,458
Trading securities	1,777	139
Equity securities	304	80
Mortgage loans	23,171	14,257
Investment funds	777	409
Derivative assets	68	73
Short-term investments	14	153
Other investments	623	313
Restricted cash and cash equivalents	974	1,761
Total restricted assets	$ 70,154	$ 49,643

Commitments and Contingencies_5

Commitments and Contingencies - Letters of Credit (Details) $ in Billions	Sep. 30, 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	Sep. 30, 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)						1 Months Ended
	Aug. 17, 2023 USD ($)	Dec. 02, 2022 defendant	Aug. 04, 2020 defendant	Jun. 08, 2020 claim defendant	Dec. 21, 2017 USD ($)	Mar. 31, 2020 defendant	Sep. 30, 2024 USD ($)
Harbinger Capital Partners II LP et al .v. Apollo Global Management LLC
Loss Contingencies [Line Items]
Loss of contingency, damages					$ 1,900,000,000
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 | Officers and Employees
Loss Contingencies [Line Items]
Number of defendants | defendant						3
District Of Nevada v. PlayAGS Inc.
Loss Contingencies [Line Items]
Number of defendants | defendant		2	4
Estimate of possible loss							$ 0
District Of Nevada v. PlayAGS Inc. | Director
Loss Contingencies [Line Items]
Number of defendants | defendant			3
Anguilla Social Security Board vs. Black et al.
Loss Contingencies [Line Items]
Payments being challenged	$ 570,000,000
Estimate of possible loss							0
AGM Stockholder Agreement Complaint
Loss Contingencies [Line Items]
Estimate of possible loss							$ 0

Commitment and Contingencies -

Commitment and Contingencies - Guaranty Association Assessments (Details) - Athene Holding Limited $ in Millions	Sep. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Guaranty liability	$ 177
Expected recovery	$ 5

Segments - Narrative (Details)

Segments - Narrative (Details)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Less: Assets received	$ 368,689		$ 368,689		$ 313,488
Asset Management
Segment Reporting Information [Line Items]
Less: Assets received	14,456		14,456		13,175
Retirement Services
Segment Reporting Information [Line Items]
Less: Assets received	354,233		354,233		300,313
Management fees
Segment Reporting Information [Line Items]
Revenues	476	$ 462	1,376	$ 1,328
Capital solutions fees and other, net
Segment Reporting Information [Line Items]
Revenues	181	157	617	482
Operating Segments
Segment Reporting Information [Line Items]
Segment Income	1,465	1,349	4,024	3,703
Less: Assets received	361,123		361,123		306,241
Operating Segments | Asset Management
Segment Reporting Information [Line Items]
Fee-related performance fee	57	40	155	102
Fee-related compensation	(238)	(212)	(698)	(635)
Other operating expenses	(157)	(150)	(490)	(423)
Segment Income	531	472	1,509	1,311
Less: Assets received	2,314		2,314		1,938
Operating Segments | Retirement Services
Segment Reporting Information [Line Items]
Other operating expenses	(112)	(121)	(342)	(362)
Fixed income and other net investment income	2,806	2,235	7,893	6,399
Alternative net investment income	236	230	670	674
Strategic capital management fees	27	19	76	49
Cost of funds	(1,983)	(1,384)	(5,586)	(4,056)
Interest and other financing costs	(118)	(106)	(328)	(344)
Segment Income	856	873	2,383	2,360
Less: Assets received	348,604		348,604		294,730
Operating Segments | Principal Investing
Segment Reporting Information [Line Items]
Other operating expenses	(17)	(14)	(46)	(42)
Realized performance fees	331	132	600	473
Realized investment income	17	5	42	35
Principal investing compensation	(253)	(119)	(464)	(434)
Segment Income	78	4	132	32
Less: Assets received	10,205		10,205		9,573
Operating Segments | Management fees | Asset Management
Segment Reporting Information [Line Items]
Revenues	710	648	2,034	1,845
Operating Segments | Capital solutions fees and other, net | Asset Management
Segment Reporting Information [Line Items]
Revenues	159	146	508	422
Segment Reconciling Items
Segment Reporting Information [Line Items]
Less: Assets received	7,566		7,566		$ 7,247
Segment Reconciling Items | Asset Management
Segment Reporting Information [Line Items]
Interest and other financing costs	(21)	(36)	(51)	(77)
Segment Reconciling Items | Management fees | Retirement Services
Segment Reporting Information [Line Items]
Revenues	$ 320	$ 247	$ 890	$ 695

Segments - Schedule of Reconcil

Segments - Schedule of Reconciliation of Income Before Income Tax Provision to Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (loss) before income tax provision (benefit)	$ 2,086	$ 883	$ 5,711	$ 3,625
Equity-based compensation	136	142	478	422
Net (income) loss attributable to non-controlling interests in consolidated entities	958	(42)	1,620	637
Retirement Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Investment (gains) losses, net of offsets	(1,539)	2,624	(3,082)	1,193
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	41	62	180	186
Equity-based compensation	72	57	230	167
Transaction-related charges	79	25	156	18
Merger-related transaction and integration costs	9	5	24	17
(Gains) losses from change in tax receivable agreement liability	(35)	0	(34)	0
Net (income) loss attributable to non-controlling interests in consolidated entities	(975)	28	(1,675)	(687)
Unrealized performance fees	141	(91)	(213)	(244)
Unrealized profit sharing expense	(65)	55	129	191
HoldCo interest and other financing costs	21	36	51	77
Unrealized principal investment income (loss)	(4)	(27)	(14)	(66)
Unrealized net (gains) losses from investment activities and other	(6)	30	23	50
Segment Reconciling Items | Retirement Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Equity-based compensation	12	13	36	42
Investment (gains) losses, net of offsets	(628)	663	(482)	829
Non-operating change in insurance liabilities and related derivatives	513	(431)	(363)	(600)
Integration, restructuring and other non-operating expenses	204	41	265	98
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Income	1,465	1,349	4,024	3,703
Operating Segments | Retirement Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
HoldCo interest and other financing costs	$ 118	$ 106	$ 328	$ 344

Segments - Schedule of Reconc_2

Segments - Schedule of Reconciliation of Total Reportable Segment Assets to Total Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Assets	$ 368,689	$ 313,488
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Assets	361,123	306,241
Adjustments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Assets	$ 7,566	$ 7,247

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended							9 Months Ended	12 Months Ended
	Nov. 05, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Dividends per share of common stock (in dollars per share)		$ 0.46	$ 0.46	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.40	$ 1.35	$ 1.69
Subsequent Event
Subsequent Event [Line Items]
Dividends per share of common stock (in dollars per share)	$ 0.4625
Subsequent Event | Series A Preferred Stock
Subsequent Event [Line Items]
Dividend per share of preferred stock (in dollars per share)	$ 0.8438