Apollo Global Management (APO) 10-K 24 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 19, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 48,057,705,400
Entity Common Stock, Shares Outstanding		570,480,465
Documents Incorporated by Reference	Portions of the registrant’s proxy statement for the 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this report to the extent described therein.
Amended Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001858681
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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, NY

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets
Goodwill	$ 4,327	$ 4,329
Reinsurance recoverable	8,194	4,154
Deferred acquisition costs, deferred sales inducements and value of business acquired	7,173	5,979
Total Assets	377,895	313,488
Liabilities
Debt	10,588	8,092
Interest sensitive contract liabilities	253,637	204,670
Future policy benefits	49,902	53,287
Market risk benefits	4,028	3,751
Total Liabilities	346,915	288,243
Commitments and Contingencies (note 19)
Redeemable non-controlling interests
Redeemable non-controlling interests	16	12
Equity
Mandatory Convertible Preferred Stock, 28,749,765 and 28,750,000 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	1,398	1,398
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 565,738,933 and 567,762,932 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	0	0
Additional paid in capital	15,327	15,249
Retained earnings (accumulated deficit)	6,022	2,972
Accumulated other comprehensive income (loss)	(5,494)	(5,575)
Total Apollo Global Management, Inc. Stockholders’ Equity	17,253	14,044
Non-controlling interests	13,711	11,189
Total Equity	30,964	25,233
Total Liabilities, Redeemable non-controlling interests and Equity	377,895	313,488
VIE, Primary Beneficiary
Assets
Cash and cash equivalents	741	160
Asset Management
Assets
Restricted cash and cash equivalents	3	2
Due from related parties	584	449
Goodwill	264	264
Total Assets	15,256	13,175
Liabilities
Accounts payable, accrued expenses, and other liabilities	3,616	3,338
Due to related parties	710	870
Debt	4,279	3,883
Other liabilities	1,363	1,145
Total Liabilities	9,968	9,236
Asset Management | Consolidated Entity, Excluding Consolidated VIE
Assets
Cash and cash equivalents	2,692	2,748
Other assets	2,579	2,331
Asset Management | VIE, Primary Beneficiary
Assets
Cash and cash equivalents	158	62
Other assets	84	177
Asset Management | Nonrelated Party | Consolidated Entity, Excluding Consolidated VIE
Assets
Investments	6,086	5,502
Asset Management | Nonrelated Party | VIE, Primary Beneficiary
Assets
Investments	2,806	1,640
Retirement Services
Assets
Restricted cash and cash equivalents	943	1,761
Goodwill	4,063	4,065
Reinsurance recoverable	8,194	4,154
Deferred acquisition costs, deferred sales inducements and value of business acquired	7,173	5,979
Total Assets	362,639	300,313
Liabilities
Debt	6,309	4,209
Interest sensitive contract liabilities	253,637	204,670
Future policy benefits	49,902	53,287
Market risk benefits	4,028	3,751
Payables for collateral on derivatives and securities to repurchase	11,652	7,536
Total Liabilities	336,947	279,007
Retirement Services | Consolidated Entity, Excluding Consolidated VIE
Assets
Cash and cash equivalents	12,733	13,020
Other assets	13,794	11,953
Liabilities
Other liabilities	9,784	4,456
Retirement Services | VIE, Primary Beneficiary
Assets
Cash and cash equivalents	583	98
Other assets	565	110
Liabilities
Other liabilities	1,635	1,098
Retirement Services | Nonrelated Party | Consolidated Entity, Excluding Consolidated VIE
Assets
Investments	262,283	213,099
Retirement Services | Nonrelated Party | VIE, Primary Beneficiary
Assets
Investments	23,424	20,232
Retirement Services | Related Party | Consolidated Entity, Excluding Consolidated VIE
Assets
Investments	$ 28,884	$ 25,842

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, shares issued (in shares)	28,749,765	28,750,000
Preferred stock, shares outstanding (in shares)	28,749,765	28,750,000
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	90,000,000,000	90,000,000,000
Common stock, shares issued (in shares)	565,738,933	567,762,932
Common stock, shares outstanding (in shares)	565,738,933	567,762,932

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Premiums	$ 1,318	$ 12,749	$ 11,638
Total Revenues	26,114	32,644	10,968
Expenses
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	941	688	444
Total Expenses	18,982	27,331	15,911
Other income (loss) – Asset Management
Income (loss) before income tax (provision) benefit	7,435	5,586	(4,246)
Income tax (provision) benefit	(1,062)	923	739
Net income (loss)	6,373	6,509	(3,507)
Net (income) loss attributable to non-controlling interests	(1,796)	(1,462)	1,546
Net income (loss) attributable to Apollo Global Management, Inc.	4,577	5,047	(1,961)
Preferred stock dividends	(97)	(46)	0
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders, basic	4,480	5,001	(1,961)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders, diluted	$ 4,480	$ 5,001	$ (1,961)
Earnings (loss) per share
Net income (loss) attributable to common stockholders - Basic (in dollars per share)	$ 7.39	$ 8.32	$ (3.43)
Net income (loss) attributable to common stockholders - Diluted (in dollars per share)	$ 7.33	$ 8.28	$ (3.43)
Weighted average shares outstanding
Weighted average shares outstanding – Basic (in shares)	586,069,166	581,380,268	584,691,775
Weighted average shares outstanding – Diluted (in shares)	604,035,992	588,846,447	584,691,775
Management fees
Revenues
Revenues	$ 1,899	$ 1,772	$ 1,503
Advisory and transaction fees, net
Revenues
Revenues	822	623	443
Incentive fees
Revenues
Revenues	150	80	27
Asset Management
Revenues
Investment income (loss)	1,305	1,032	796
Total Revenues	4,176	3,507	2,769
Expenses
Compensation and benefits	2,608	2,722	1,943
Interest expense	226	145	124
General, administrative and other	1,170	872	682
Total Expenses	4,004	3,739	2,749
Other income (loss) – Asset Management
Net gains (losses) from investment activities	58	7	165
Net gains (losses) from investment activities of consolidated variable interest entities	90	130	494
Other income (loss), net	155	136	38
Total Other income (loss)	303	273	697
Retirement Services
Revenues
Investment income (loss)	15,718	12,080	8,148
Premiums	1,318	12,749	11,638
Product charges	1,016	848	718
Investment related gains (losses)	2,045	1,428	(12,717)
Revenues of consolidated variable interest entities	1,822	1,441	440
Other revenues	19	591	(28)
Total Revenues	21,938	29,137	8,199
Expenses
Interest sensitive contract benefits	8,949	6,229	538
Future policy and other policy benefits	3,054	14,434	12,465
Market risk benefits remeasurement (gains) losses	(102)	404	(1,657)
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	941	688	444
Policy and other operating expenses	2,136	1,837	1,372
Total Expenses	14,978	23,592	13,162
Other income (loss) – Asset Management
Net gains (losses) from investment activities	$ 2,045	$ 1,428	$ (12,717)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 6,373	$ 6,509	$ (3,507)
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities	(1,121)	5,284	(18,158)
Unrealized gains (losses) on hedging instruments	(51)	(199)	4
Remeasurement gains (losses) on future policy benefits related to discount rate	1,425	(2,236)	8,425
Remeasurement gains (losses) on market risk benefits related to credit risk	(149)	(374)	366
Foreign currency translation and other adjustments	(101)	65	(58)
Other comprehensive income (loss), before tax	3	2,540	(9,421)
Income tax expense (benefit) related to other comprehensive income (loss)	21	513	(1,933)
Other comprehensive income (loss)	(18)	2,027	(7,488)
Comprehensive income (loss)	6,355	8,536	(10,995)
Comprehensive (income) loss attributable to non-controlling interests	(1,697)	(1,732)	1,704
Comprehensive income (loss) attributable to Apollo Global Management, Inc.	$ 4,658	$ 6,804	$ (9,291)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - 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	Series A Preferred Stock Series A Mandatory Convertible Preferred Stock	Series A Mandatory Convertible Preferred Stock Series A Mandatory Convertible Preferred Stock
Beginning balance (in shares) at Dec. 31, 2021			249,000,000
Beginning balance at Dec. 31, 2021	$ 10,194	$ 3,789			$ 2,096	$ 1,144	$ (5)	$ 6,405	$ 264	$ 290
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Merger with Athene (in shares)			166,000,000
Merger with Athene	17,992	13,050			13,050			4,942
Reclassification of preferred stock to non-controlling interests	0	(554)						554	(264)	(290)
Issuance of warrants	142	142			142
Consolidation/deconsolidation of VIEs	(3,648)	1			8	(7)		(3,649)
Issuance of common stock related to equity transactions (in shares)			4,000,000
Issuance of common stock related to equity transactions	252	252			252
Accretion of redeemable non-controlling interests	(67)	(67)			(67)
Capital increase related to equity-based compensation	462	462			462
Capital contributions	4,816							4,816
Dividends/distributions	(2,009)	(962)			(962)			(1,047)	0
Transactions between entities under common control	20	20			20
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	(147)	(147)			36	(183)
Repurchase of common stock (in shares)			(11,000,000)
Repurchase of common stock	(635)	(635)			(635)
Exchange of AOG Units for common stock (in shares)			156,000,000
Exchange of AOG Units for common stock	(2,011)	580			580			(2,591)
Net income (loss)	(3,507)	(1,961)				(1,961)		(1,546)	0
Other comprehensive income (loss)	(7,488)	(7,330)					(7,330)	(158)
Ending balance (in shares) at Dec. 31, 2022			570,000,000
Ending balance (in shares) at Dec. 31, 2022				0
Ending balance at Dec. 31, 2022	14,366	6,640			14,982	(1,007)	(7,335)	7,726	$ 0	$ 0
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)				1,398,000,000
Issuance of common stock related to equity transactions	1,398	1,398
Accretion of redeemable non-controlling interests	(15)	(15)			(15)
Liquidation of SPACs	80	80			71	9
Capital increase related to equity-based compensation	947	947			947
Capital contributions	2,863							2,863
Dividends/distributions (in shares)				(46,000,000)
Dividends/distributions	(1,894)	(1,058)			(241)	(771)		(836)
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	(219)	(219)			41	(260)
Repurchase of common stock (in shares)			(8,000,000)
Repurchase of common stock	(563)	(563)			(563)
Stock option exercises	21	21			21
Redemption of subsidiary equity interests	(580)	(5)			(5)			(575)
Subsidiary issuance of equity interests	584	14			11		3	570
Net income (loss) (in shares)				46,000,000
Net income (loss)	6,468	5,047				5,001		1,421
Other comprehensive income (loss)	$ 2,027	1,757					1,757	270
Ending balance (in shares) at Dec. 31, 2023	567,762,932		568,000,000
Ending balance (in shares) at Dec. 31, 2023	28,750,000			1,398,000,000
Ending 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	53							53
Issuance of warrants	109	109			109
Other changes in equity of non-controlling interests	13							13
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	(3)	(3)			(3)
Capital increase related to equity-based compensation	649	649			649
Capital contributions	3,136							3,136
Dividends/distributions (in shares)				(97,000,000)
Dividends/distributions	(3,578)	(1,189)				(1,092)		(2,389)
Payments related to issuances of common stock for equity-based awards (in shares)			5,000,000
Payments related to issuances of common stock for equity-based awards	(286)	(286)			52	(338)
Repurchase of common stock (in shares)			(8,000,000)
Repurchase of common stock	(894)	(894)			(894)
Stock option exercises	15	15			15
Subsidiary issuance of equity interests	78	66			66			12
Net income (loss) (in shares)				97,000,000
Net income (loss)	6,373	4,577				4,480		1,796
Other comprehensive income (loss)	$ (18)	81					81	(99)
Ending balance (in shares) at Dec. 31, 2024	565,738,933		566,000,000
Ending balance (in shares) at Dec. 31, 2024	28,749,765			1,398,000,000
Ending balance at Dec. 31, 2024	$ 30,964	$ 17,253			$ 15,327	$ 6,022	$ (5,494)	$ 13,711

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities
Net Income (Loss)	$ 6,373	$ 6,509	$ (3,507)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Equity-based compensation	721	1,026	540
Net investment income	(1,359)	(1,140)	(1,306)
Net recognized (gains) losses on investments and derivatives	(3,526)	(2,073)	5,735
Depreciation and amortization	1,075	803	529
Net amortization (accretion) of net investment premiums, discount and other	(123)	81	285
Policy acquisition costs deferred	(1,507)	(1,570)	(1,127)
Other non-cash amounts included in net income (loss), net	92	(415)	321
Changes in consolidation	248	(54)	(482)
Changes in operating assets and liabilities:
Purchases of investments by Funds and VIEs	(5,591)	(5,744)	(7,139)
Proceeds from sale of investments by Funds and VIEs	4,714	5,464	3,995
Interest sensitive contract liabilities	5,677	3,917	(1,337)
Future policy benefits, market risk benefits and reinsurance recoverable	(1,969)	4,333	3,901
Other assets and liabilities, net	(1,572)	(4,815)	3,381
Net cash provided by operating activities	3,253	6,322	3,789
Cash Flows from Investing Activities
Purchases of investments and contributions to equity method investments	(3,835)	(4,650)	(3,992)
Purchases of available-for-sale securities	(80,168)	(37,263)	(36,684)
Purchases of mortgage loans	(28,168)	(20,972)	(12,951)
Purchases of investment funds	(2,833)	(2,678)	(6,308)
Purchases of U.S. Treasury securities	0	(490)	(4,939)
Purchases of derivatives instruments and other investments	(5,032)	(5,637)	(3,008)
Sales, maturities and repayments of investments and distributions from equity method investments	59,426	29,052	34,295
Cash acquired through merger	0	0	10,420
Other investing activities, net	(1,191)	231	(277)
Net cash used in investing activities	(61,801)	(42,407)	(23,444)
Cash Flows from Financing Activities
Issuance of debt	7,945	4,912	5,745
Repayment of debt	(5,259)	(3,780)	(4,033)
Redemption of subsidiary equity interests	0	(575)	0
Repurchase of common stock	(890)	(561)	(635)
Common stock dividends	(1,092)	(1,012)	(962)
Preferred stock dividends	(97)	(22)	0
Distributions paid to non-controlling interests	(1,299)	(766)	(1,050)
Contributions from non-controlling interests	3,132	2,863	4,816
Distributions to redeemable non-controlling interests	0	(1,072)	(776)
Issuance of Mandatory Convertible Preferred Stock, net of issuance costs	0	1,398	0
Deposits on investment-type policies and contracts	71,323	53,660	33,920
Withdrawals on investment-type policies and contracts	(19,119)	(14,125)	(10,209)
Subsidiary issuance of equity interests to non-controlling interests	0	632	0
Net change in cash collateral posted for derivative transactions and securities to repurchase	4,116	829	(330)
Other financing activities, net	(788)	257	2,224
Net cash provided by financing activities	57,972	42,638	28,710
Effect of exchange rate changes on cash and cash equivalents	(3)	10	(15)
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Cash Held at Consolidated Variable Interest Entities	(579)	6,563	9,040
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	2,088
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period	17,112	17,691	11,128
Supplemental Disclosure of Cash Flow Information
Cash paid for taxes	1,048	358	1,007
Cash paid for interest	805	720	566
Noncash Investing and Financing Activities
Issuance of warrants	109		142
Issuance of debt	7,945	4,912	5,745
Distributions paid to non-controlling interests	(1,299)	(766)	(1,050)
Contributions from non-controlling interests	3,132	2,863	4,816
Distributions to redeemable non-controlling interests	0	(1,072)	(776)
Investments, at fair value	417	(2,784)	(16,570)
Other assets	108	(7)	(216)
Debt, at fair value	(457)	0	7,919
Notes payable	20	2,717	2,611
Other liabilities	(201)	28	610
Non-controlling interest	(53)	5	6,128
Equity	(82)	95	0
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Consolidated Statements of Financial Condition:
Restricted cash and cash equivalents	946	1,763	1,676
Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities	17,112	17,691	11,128
VIE, Primary Beneficiary
Cash Flows from Financing Activities
Issuance of debt	4,931	3,944	5,757
Distributions paid to non-controlling interests	(150)	(86)	(1,180)
Contributions from non-controlling interests	2,178	1,861	5,077
Distributions to redeemable non-controlling interests	0	(1,072)	0
Noncash Investing and Financing Activities
Issuance of debt	4,931	3,944	5,757
Principal repayment of debt	(4,530)	(3,834)	(4,032)
Distributions paid to non-controlling interests	(150)	(86)	(1,180)
Contributions from non-controlling interests	2,178	1,861	5,077
Distributions to redeemable non-controlling interests	0	(1,072)	0
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Consolidated Statements of Financial Condition:
Cash and cash equivalents	741	160	472
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 Consolidated Statements of Financial Condition:
Cash and cash equivalents	15,425	15,768	8,980
Asset Management
Noncash Investing and Financing Activities
Distributions from principal investments	5	1	7
Purchases of other investments, at fair value	14	10	9
Acquisition of goodwill and intangibles	0	0	335
Capital increases related to equity-based compensation	606	867	413
Issuance of warrants	109	0	142
Issuance of restricted shares	52	41	36
Subsidiary issuance of equity interest	72	0	0
Issuance of common stock related to equity transactions	12	0	252
Asset Management | VIE, Primary Beneficiary
Cash Flows from Investing Activities
Purchases of U.S. Treasury securities	0	0	(1,509)
Noncash Investing and Financing Activities
Purchases of investments	(5,591)	(5,743)	(7,190)
Proceeds from sale of investments	4,714	5,464	4,192
Proceeds from maturities of U.S. Treasury Securities - Asset Management	0	0	2,673
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Consolidated Statements of Financial Condition:
Cash and cash equivalents	158	62
Retirement Services
Noncash Investing and Financing Activities
Investments received from settlements on reinsurance agreements	48	1,129	36
Investments received at inception of reinsurance agreements	0	2,158	0
Investments received from pension group annuity premiums	521	4,776	4,185
Reduction in investments relating to recapture of reinsurance agreement	0	482	0
Assets contributed to consolidated VIEs	0	0	8,007
Investments exchanged with third-party cedants	0	145	612
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)	(4,057)	99	878
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)	8,479	12,430	9,131
Distribution of investments to non-controlling interests of consolidated VIEs	1,107	0
Borrowings of VIEs settled with investments	0	52	0
Retirement Services | VIE, Primary Beneficiary
Noncash Investing and Financing Activities
Purchases of investments	(3,646)	(4,224)	(4,495)
Proceeds from sale of investments	1,244	468	$ 1,763
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Consolidated Statements of Financial Condition:
Cash and cash equivalents	$ 583	$ 98

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Apollo Global Management, Inc. together with its consolidated subsidiaries (collectively, “Apollo” or the “Company”) is a high-growth, global alternative asset manager and a retirement services provider. Its asset management business focuses on 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. Merger with Athene On January 1, 2022, Apollo and Athene completed the previously announced merger transactions pursuant to the Merger Agreement (the “Mergers”). As a result of the Mergers, AAM and AHL became consolidated subsidiaries of AGM. References herein to “Apollo” and the “Company” refer to AGM and its subsidiaries, including Athene, unless the context requires otherwise such as in sections where it refers to the asset management business only. See note 3 for additional information. Corporate Recapitalization In connection with the closing of the Mergers, the Company completed a corporate recapitalization (the “Corporate Recapitalization”) which resulted in the recapitalization of the Company from an umbrella partnership C corporation (“Up-C”) structure to a corporation with a single class of common stock with one vote per share. Griffin Capital Acquisitions

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying consolidated financial statements are prepared in accordance with U.S. GAAP. 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 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. Following the Mergers, the Company’s principal subsidiaries, AAM and AHL, together with their subsidiaries, operate an asset management business and a retirement services business, respectively, which possess distinct characteristics. As a result, the Company’s financial statement presentation is organized into two tiers: asset management and retirement services. The Company believes that separate presentation provides a more informative view of the Company’s consolidated financial condition and results of operations than an aggregated presentation. The following summary of significant accounting policies first includes those most significant to the overall Company and then specific accounting policies for each of the asset management and retirement services businesses, respectively. Significant Accounting Policies – Overall Consolidation The Company consolidates entities where it has a controlling financial interest unless there is a specific scope exception that prevents consolidation. The types of entities with which the Company is involved generally include, but are not limited to: • subsidiaries, which includes AAM and its subsidiaries, including management companies and general partners of funds that the Company manages, and AHL and its subsidiaries • funds, including entities that have attributes of an investment company • CLOs Each of these entities is assessed for consolidation based on its specific facts and circumstances. In determining whether to consolidate an entity, the Company first evaluates whether the entity is a VIE or a VOE and applies the appropriate consolidation model as discussed below. If an entity is not consolidated, then the Company’s investment is generally accounted for under the equity method of accounting or as a financial instrument as discussed in the related policy discussions below. Investment Companies Judgment is required to evaluate whether an entity has the necessary characteristics to be accounted for as an investment company under U.S. GAAP. The funds managed by the Company that meet the investment company criteria reflect their investments at fair value. The Company has retained this specialized accounting for investment companies in consolidation. Variable Interest Entities All entities are first considered under the VIE model. VIEs are entities that 1) do not have sufficient equity at risk to finance their activities without additional subordinated financial support or 2) have equity investors at risk that do not have the ability to make significant decisions related to the entity’s operations, absorb expected losses, or receive expected residual returns. The Company consolidates a VIE if it is the primary beneficiary of the entity. The Company is deemed the primary beneficiary when it has a controlling financial interest in the VIE, which is defined as possessing both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance (“primary beneficiary power”) and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant (“significant variable interest”). The Company performs the VIE and primary beneficiary assessment at inception of its involvement with a VIE and on an ongoing basis if facts and circumstances change. To assess whether the Company has the primary beneficiary power under the VIE consolidation model, it considers the design of the entity as well as ongoing rights and responsibilities. In general, the parties that can make the most significant decisions regarding asset management have control over servicing, liquidation rights or the unilateral right to remove the decision-makers. To assess whether the Company has a significant variable interest, the Company considers all its economic interests that are considered variable interests in the entity, including interests held through related parties. This assessment requires judgment in considering whether those interests are significant. Assets and liabilities of the consolidated VIEs are primarily shown in separate sections within the consolidated statements of financial condition. Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses are primarily presented within net gains from investment activities of consolidated variable interest entities in the consolidated statements of operations. The portion attributable to non-controlling interests is reported within net income attributable to non-controlling interests in the consolidated statements of operations. For additional disclosures regarding VIEs, see notes 6 and 18. Voting Interest Entities Entities that are not determined to be VIEs are generally considered VOEs. Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest. The Company does not consolidate those VOEs in which substantive kick-out rights have been granted to the unrelated investors to either dissolve the fund or remove the general partner. Non-controlling Interests For entities that are consolidated, but not wholly owned, a portion of the income or loss and corresponding equity is allocated to owners other than the Company. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the consolidated financial statements. Non-controlling interests also include ownership interests in certain consolidated funds and VIEs. Non-controlling interests are presented as a separate component of equity on the Company’s consolidated statements of financial condition. Net income (loss) includes the net income (loss) attributable to the holders of non-controlling interests on the Company’s consolidated statements of operations. Profits and losses are allocated to non-controlling interests in proportion to their relative ownership interests regardless of their basis. Use of Estimates The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts in the financial statements and related footnotes. The Company’s most significant estimates include goodwill and intangible assets, income taxes, performance allocations, incentive fees, non-cash compensation, fair value of investments (including derivatives) and debt, impairment of investments and allowances for expected credit losses, and future policy benefit reserves. While such impact may change considerably over time, the estimates and assumptions affecting the Company’s consolidated financial statements are based on the best available information as of December 31, 2024. Actual results could differ materially from those estimates. Cash and Cash Equivalents The Company considers all highly liquid short-term investments, including money market funds and U.S. Treasury securities, with original maturities of three months or less when purchased to be cash equivalents. Interest income from cash and cash equivalents is recorded in other income for asset management and net investment income for retirement services in the consolidated statements of operations. The carrying values of the money market funds and U.S. Treasury securities represent their fair values due to their short-term nature. Substantially all of the Company’s cash on deposit is in interest bearing accounts with major financial institutions and exceed insured limits. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents represent balances that are restricted as to withdrawal or usage. Restricted cash consists of cash and cash equivalents held in funds in trust as part of certain coinsurance agreements to secure statutory reserves and liabilities of the coinsured parties. Restricted cash also includes cash deposited at a bank that is pledged as collateral in connection with leased premises. Foreign Currency The Company holds foreign currency denominated assets and liabilities. Non-monetary assets and liabilities of the Company’s international subsidiaries are remeasured into the functional currency using historical exchange rates specific to each asset and liability, the exchange rates prevailing at the end of each reporting period are used for all others. The results of the Company’s foreign operations are remeasured using an average exchange rate for the respective reporting period. Currency remeasurement adjustments and gains and losses on the settlement of foreign currency translations are included within other income (loss), net for asset management or investment related gains (losses) for retirement services in the consolidated statements of operations. Foreign currency denominated assets and liabilities are translated into the reporting currency using the exchange rates prevailing at the end of each reporting period. Currency translation adjustments are included within other comprehensive income (loss), before tax within the consolidated statements of comprehensive income (loss). The change in unrealized foreign currency exchange of any non-U.S. dollar denominated AFS securities are included in other comprehensive income (“OCI”) unless they are designated as part of a fair value hedge. Investments Equity Method Investments For investments in entities over which the Company exercises significant influence but does not meet the requirements for consolidation and has not elected the fair value option, the Company uses the equity method of accounting. Under the equity method of accounting, the Company records its share of the underlying income or loss of such entities adjusted for distributions. The Company’s share of the underlying net income or loss of such entities is recorded in investment income (loss) for asset management and net investment income for retirement services in the consolidated statements of operations. The carrying amounts of equity method investments are recorded in investments or investments in related parties in the consolidated statements of financial condition. Generally, the underlying entities that the Company manages and invests in are primarily investment companies, and the carrying value of the Company’s equity method investments approximates fair value. Other Investments The Company elected to account for certain equity securities without readily determinable fair values that did not qualify for the practical expedient to estimate fair values based on NAV per share (or its equivalent) at cost less impairment, subject to adjustments based on observable price changes in orderly transactions for identical or similar investments of the same issuer. Reverse Repurchase Agreements and Repurchase Agreements A reverse repurchase agreement is a transaction in which the Company purchases financial instruments from a seller and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a fixed and determinable price at a future date. A repurchase agreement is a transaction in which the Company sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substant ially the same financial instruments from the buyer at a fixed and determinable price at a future date. Although reverse repurchase and repurchase agreements generally involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be resold or repurchased before or at the maturity of the agreement. As a result, the collateral received under reverse repurchase agreements are not recognized and the collateral pledged under repurchase agreements are not derecognized in the consolidated statements of financial condition. Within asset management, reverse repurchase and repurchase agreements generally sit within consolidated VIEs and as such, those reverse repurchase and repurchase agreements are reflected as investments and other liabilities, respectively, within the consolidated VIE section of the statements of financial condition. Additionally, the income (loss) related to those reverse repurchase and repurchase agreements from consolidated VIEs are included in net gains (losses) from investment activities of consolidated variable interest entities on the consolidated statements of operations. Reverse repurchase agreements within asset management are generally accounted for by electing the fair value option. For retirement services, the receivable under the reverse repurchase agreement is recorded as investment for the principal amount loan ed under the agreement and the payable under a repurchase agreement is recognized as payables for collateral on derivatives and securities to repurchase on the consolidated statements of financial condition. Earnings from reverse repurchase agreements are included in net investment income for retirement services on the consolidated statements of operations. For reverse repurchase agreements, the Company generally requires collateral with a fair value at least equal to the carrying value of the loaned amount, monitors the market value of the collateral on a periodic basis, and delivers or obtains additional collateral due to changes in the fair value of the collateral, as appropriate, in order to mitigate credit exposure. Financial Instruments held by Consolidated VIEs The consolidated VIEs managed by the Company are primarily investment companies and CLOs. Their investments include debt and equity securities held at fair value and reverse repurchase agreements. Financial instruments are generally accounted for on a trade date basis. Under a measurement alternative permissible for consolidated collateralized financing entities, the Company measures both the financial assets and financial liabilities of consolidated CLOs in its consolidated financial statements in both cases using the fair value of the financial assets or financial liabilities, whichever are more observable. Where financial assets are more observable, the financial assets of the consolidated CLOs are measured at fair value and the financial liabilities are measured in consolidation as: (i) the sum of the fair value of the financial assets and the carrying value of any non-financial assets that are incidental to the operations of the CLOs less (ii) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. Where financial liabilities are more observable, the financial liabilities of the consolidated CLOs are measured at fair value and the financial assets are measured in consolidation as: (i) the sum of the fair value of the financial liabilities, and the carrying value of any non-financial liabilities that are incidental to the operations of the CLOs less (ii) the carrying value of any non-financial assets that are incidental to the operations of the CLOs. The resulting amount is allocated to the individual financial assets using a reasonable and consistent methodology. Net income (loss) attributable to Apollo Global Management, Inc. reflects the Company’s own economic interests in the consolidated CLOs, including (i) changes in the fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services. Certain consolidated VIEs have applied the fair value option for certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses in net income. Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date under current market conditions. The actual realized gains or losses will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may ultimately differ significantly from the assumptions on which the valuations were based. Fair Value Option Entities are permitted to elect the fair value option (“FVO”) to carry at fair value certain financial assets and financial liabilities, including investments otherwise accounted for under the equity method of accounting. The FVO election is irrevocable and is applied to financial instruments on an individual basis at initial recognition or at eligible remeasurement events. Please refer to note 7 for additional information and other instances of when the Company has elected the FVO. Fair Value Hierarchy U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: Level 1 – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The Company does not adjust the quoted price for these financial instruments, even in situations where the Company holds a large position and the sale of such position would likely deviate from the quoted price. Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. These financial instruments exhibit higher levels of liquid market observability as compared to Level 3 financial instruments. Level 3 – Pricing inputs are unobservable for the financial instrument and includes situations where there is little observable market activity for the financial instrument. The inputs into the determination of fair value may require significant management judgment or estimation. Financial instruments that are included in this category generally include investments where the fair value is based on observable inputs as well as unobservable inputs. When a security is valued based on broker quotes, the Company subjects those quotes to various criteria in making the determination as to whether a particular financial instrument would qualify for classification as Level 2 or Level 3. These criteria include, but are not limited to, the number and quality of the broker quotes, the standard deviations of the observed broker quotes, and the percentage deviation from external pricing services. Investments in securities that are traded on a securities exchange or comparable over-the-counter quotation systems are valued based on Apollo’s pricing procedures, which utilize third party pricing vendors, broker dealers and closing prices from exchanges. If no sales of such investments are reported on such date, and in the case of over-the-counter securities or other investments for which the last sale date is not available, valuations are based on independent market quotations obtained from market participants, recognized pricing services or other sources deemed relevant, and the prices are based on the average of the “bid” and “ask” prices, or at ascertainable prices at the close of business on such day. Market quotations are generally based on valuation pricing models or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks, among other factors. When market quotations are not available, a model-based approach is used to determine fair value. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument when the fair value is based on unobservable inputs. Business Combinations The Company accounts for business combinations using the acquisition method of accounting where the consideration transferred for the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of the consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. Goodwill Goodwill represents the excess of cost over the fair value of identifiable net assets of an acquired business. Goodwill is recorded in separate line items for both the Asset Management and Retirement Services segments. See note 3 for disclosure regarding the goodwill recorded related to the Mergers. Goodwill is tested annually for impairment or more frequently if circumstances indicate impairment may have occurred. The impairment test is performed at the reporting unit level, which is generally at the level of the Company’s reportable segments. The Company performed its annual goodwill impairment test as of October 1, 2024 and 2023 and did not identify any impairment. Other Assets Other assets are primarily comprised of deferred tax assets, leases and fixed assets. Fixed assets consist primarily of leasehold improvements, furniture, fixtures, equipment, and computer hardware and are recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the assets’ estimated useful lives and in the case of leasehold improvements the lesser of the useful life or the term of the lease. Expenditures for repairs and maintenance are charged to expense when incurred. The Company evaluates long-lived assets for impairment periodically and whenever events or changes in circumstances indicate the carrying amounts of the assets may be impaired. Compensation and Benefits Compensation consists of (i) salary, bonus, and benefits, which includes base salaries, discretionary and non-discretionary bonuses, severance and employee benefits, (ii) equity-based awards granted to employees and non-employees that are measured based on the grant date fair value of the award and (iii) profit sharing expense, which primarily consists of a portion of performance revenues earned from certain funds that are allocated to employees and former employees. Compensation costs are recorded in compensation and benefits for asset management and policy and other operating expense for retirement services in the consolidated statements of operations. Employees and non-employees who provide services to the Company are granted equity-based awards as compensation that are measured based on the grant date fair value of the award. Equity-based awards that do not require future service ( i.e. , vested awards) are expensed immediately. Equity-based employee awards that require future service are expensed over the relevant period of service. Equity-based awards that require performance metrics to be met are expensed only when the performance metric is met or deemed probable. Profit sharing amounts are recognized as the related performance revenues are earned. Accordingly, profit sharing amounts can be reversed during periods when there is a decline in performance revenues that were previously recognized. Profit sharing amounts are generally not paid until the related performance revenue is distributed to the general partner upon realization of the fund’s investments (which may be distributed in cash or in-kind). Earnings Per Share As the Company has issued participating securities, the two-class method of computing earnings per share is used for all periods presented for common stock and participating securities as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for distributions declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for distributions declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. Participating securities include vested and unvested RSUs that participate in distributions, as well as unvested restricted shares. Whether during a period of net income or net loss, under the two-class method the remaining earnings are allocated to common stock and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Earnings or losses allocated to each class of security are then divided by the applicable weighted average outstanding shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and includes the number of additional shares of common stock that would have been outstanding if the dilutive potential shares of common stock had been issued. The numerator is adjusted for any changes in income or loss that would result from the issuance of these potential shares of common stock. Share Repurchase When shares are repurchased, the Company can choose to record treasury shares or account for the repurchase as a constructive retirement. The Company accounted for share repurchases as constructive retirement, whereby it reduced common stock and additional paid-in capital by the amount of the original issuance, with any excess purchase price recorded as a reduction to retained earnings. Under this method, issued and outstanding shares are reduced by the shares repurchased, and no treasury stock is recognized on the consolidated statements of financial condition. Income Taxes AGM is a Delaware corporation and generally all of its income is subject to U.S. corporate income taxes. Certain subsidiaries of the Company operate as partnerships for U.S. income tax purposes and are subject to NYC UBT. Certain non-U.S. entities are also subject to non-U.S. corporate income taxes. In conjunction with the Mergers, Apollo underwent a reorganization from an Up-C structure to a C-corporation with a single class of common stock. Prior to the Mergers, Athene, and certain of its non-U.S. subsidiaries were not subject to U.S. corporate income taxes on their earnings. Due to the Mergers, Athene’s non-U.S. earnings will generally be subject to U.S. corporate income taxes. Significant judgment is required in determining tax expense and in evaluating certain and uncertain tax positions. The Company recognizes the tax benefit of uncertain tax positions only where the position is “more likely than not” to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit is measured as the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. If a tax position is not considered more likely than not to be sustained, then no benefits of the position are recognized. The Company’s tax positions are reviewed and evaluated quarterly to determine whether the Company has uncertain tax positions that require financial statement recognition. Deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amount of assets and liabilities and their respective tax bases using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period during which the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that all or a portion of the deferred tax assets will not be realized. Significant judgment and estimates are required in determining whether valuation allowances should be established as well as the amount of such allowances. When making such determination, consideration is given to, among other things, the following: • whether sufficient taxable income exists within the allowed carryback or carryforward periods; • whether future reversals of existing taxable temporary differences will occur, including any tax planning strategies that could be used; • the nature or character ( e.g. , ordinary vs. capital) of the deferred tax assets and liabilities; and • whether future taxable income exclusive of reversing temporary differences and carryforwards exists. Debt Issuance Costs Debt issuance costs consist of costs incurred in obtaining financing and are amortized over the term of the financing using the effective interest method. These costs are generally recorded as a direct deduction from the carrying amount of the related debt liability on the consolidated statements of financial condition. Recently Issued Accounting Pronouncements 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. The Company expects the impact of the new standard on its consolidated financial statements to be immaterial. 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,

Merger with Athene

Merger with Athene	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Merger with Athene	3. Merger with Athene On January 1, 2022, Apollo and Athene completed the previously announced merger transactions pursuant to the Merger Agreement. As a result of the Mergers, AAM and AHL became subsidiaries of AGM. Under the Merger Agreement, each issued and outstanding Athene common share was converted automatically into 1.149 shares of common stock of AGM and any cash paid in lieu of fractional shares. The purchase price was as follows: (In millions, except share price data and exchange ratio) AHL common shares purchased 138 Exchange ratio 1.149 Shares of common stock issued in exchange 158 AGM Class A shares closing price $ 72.43 Total merger consideration at closing $ 11,455 Fair value of estimated RSUs, options and warrants assumed and other equity consideration 1,2 699 Effective settlement of pre-existing relationships 3 896 Total merger consideration 13,050 Fair value of AHL common shares previously held (55 million shares) and other adjustments 4,5 4,554 Total AHL equity value held by AGM 17,604 Non-controlling interest 6 4,942 Total AHL equity value $ 22,546 1 AGM issued one-time grants of fully vested RSUs and options to certain executives and stockholders of Athene vesting upon consummation of the Mergers. Additionally, all issued and outstanding warrants of Athene prior to the Merger Date were exchanged for shares of AGM common stock at the time of the Mergers. The fair value of these awards is $600 million and is treated as part of consideration transferred. 2 AGM issued replacement awards for all outstanding Athene equity awards. $99 million was included as part of consideration for the portion that was attributable to pre-combination services and $53 million will be treated as post-combination compensation expense. 3 The pre-existing relationship related to receivables, payables, and dividends between Apollo and Athene. Total fees payable to AGM by Athene for asset management and advisory services were approximately $146 million. A cash dividend of $750 million was declared by Athene to its common stockholders with Apollo owning 100% of the common shares as of the dividend record date. 4 Based on the December 31, 2021 closing price of AHL common shares on the NYSE. 5 Other adjustments includes pushdown of goodwill arising out of deferred tax liabilities associated with identifiable net assets of Athene. 6 Non-controlling interest in Athene includes holders of Athene’s preferred shares and third-party investors in ACRA 1 and in consolidated VIEs of Athene. The fair value of Athene’s preferred shares was based on the closing stock price of Athene’s preferred shares immediately prior to the consummation of the Athene merger and the fair value of the non-controlling interest in ACRA 1 was determined using the discounted distribution model approach. The Mergers were accounted for as a business combination. The consideration was allocated to Athene's assets acquired and liabilities assumed based on estimates of their fair values as of the Merger Date. The business combination was achieved in steps. The Company previously held its equity interests in the acquiree at fair value. Goodwill of $4.1 billion was recorded based on the amount that the Athene equity value exceeded the fair value of the net assets acquired less the amounts attributable to non-controlling interests. Goodwill is primarily attributable to the scale, skill sets, operations, and synergies that can be achieved subsequent to the Mergers. The goodwill recorded is not expected to be deductible for tax purposes. Goodwill on the consolidated statements of financial position includes the impacts of foreign currency translation. The financial statements were not retrospectively adjusted for the changes to the provisional values of assets acquired and liabilities assumed that occurred in subsequent periods. Adjustments were recognized as information related to the preliminary fair value calculation was obtained. The effect on earnings of changes in depreciation, amortization, or other income effects, as a result of changes to the provisional amounts, were recorded in the same period as the financial statements, calculated as if the accounting had been completed at the Merger Date. The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the Merger Date: (In millions) Fair Value and Goodwill Calculation Merger consideration $ 13,050 Fair value of previously held equity interest 4,554 Total Athene Value to be Held by the Company 17,604 Total Value to Allocate Investments 176,015 Cash and cash equivalents 9,479 Restricted cash and cash equivalents 796 Investment in related parties 33,863 Reinsurance recoverable 4,977 VOBA 3,372 Assets of consolidated variable interest entities 3,635 Other assets 6,115 Estimated fair value of total assets acquired (excluding goodwill) 238,252 Interest sensitive contract liabilities 160,241 Future policy benefits 41,482 Market risk benefits 4,813 Debt 3,295 Payables for collateral on derivatives and securities to repurchase 7,044 Liabilities of consolidated variable interest entities 461 Other liabilities 2,443 Estimated fair value of total liabilities assumed 219,779 Non-controlling interest 4,942 Estimated fair value of net assets acquired, excluding goodwill 13,531 Goodwill attributable to Athene $ 4,073 The Company finalized purchase accounting during the fourth quarter of 2022. During the year ended December 31, 2022, the Company recorded adjustments which decreased provisional goodwill by $108 million. The adjustments were comprised of $25 million for measurement period adjustments and $83 million to adjust the valuation of an investment. The measurement period adjustments were primarily related to decreases in interest sensitive contract liabilities and future policy benefits and the effects to the consolidated statements of operations were immaterial to those periods. The Company performed a valuation of the acquired investments, policy liabilities, VOBA, other identifiable intangibles, and funds withheld at interest payables and receivables using methodologies consistent with those described in note 2 and note 7. Value of business acquired and Other identifiable intangible assets VOBA represents the difference between the fair value of liabilities acquired and reserves established using best estimate assumptions at the Merger Date. Other identifiable intangible assets are included in other assets on the consolidated statements of financial condition and summarized as follows: Distribution Channels Trade Name Insurance Licenses These assets are valued using the excess earnings method, which derives value based on the present value of the cash flow attributable to the distribution channels, less returns for contributory assets. Amortization of these assets is on a straight-line basis. This represents the Athene trade name and was valued using the relief-from-royalty method considering publicly available third-party trade name royalty rates as well as expected premiums generated by the use of the trade name over its anticipated life. Amortization of this asset is on a straight-line basis. Licenses are protected through registration and were valued using the market approach based on third-party market transactions from which the prices paid for state insurance licenses could be derived. These assets are not amortized. The fair value and weighted average estimated useful lives of VOBA and other identifiable intangible assets acquired in the Mergers consist of the following: Fair value (in millions) Average useful life (in years) VOBA Asset $ 3,372 7 Distribution Channels 1,870 18 Trade Name 160 20 State Insurance Licenses 26 Indefinite Total $ 5,428 As of the Merger Date, Athene’s financial results are reflected in these consolidated financial statements. Athene’s revenues of $8,199 million and net income (loss) of $(2,166) million are included in the consolidated statement of operations for the year ended December 31, 2022.

Investments

Investments	12 Months Ended
	Dec. 31, 2024
Investments, All Other Investments [Abstract]
Investments	4. Investments The following table outlines the Company’s investments: (In millions) December 31, 2024 December 31, 2023 Asset Management Investments, at fair value $ 1,384 $ 1,489 Equity method investments 1,082 1,072 Performance allocations 3,262 2,941 Other investments 358 — Total Investments – Asset Management 6,086 5,502 Retirement Services AFS securities, at fair value $ 184,167 $ 148,347 Trading securities, at fair value 2,156 2,544 Equity securities 1,524 1,611 Mortgage loans, at fair value 64,536 45,396 Investment funds 1,960 1,741 Policy loans 318 334 Funds withheld at interest 23,916 30,833 Derivative assets 8,154 5,298 Short-term investments 1,190 1,288 Other investments 3,246 1,549 Total Investments, including related parties – Retirement Services 291,167 238,941 Total Investments $ 297,253 $ 244,443 Equity Method Investments — Overall The tables below present summarized financial information of the Company’s equity method investments in the aggregate. Statement of Financial Condition (In millions) December 31, 2024 1 2023 1 Investments $ 227,112 $ 212,892 Assets 263,535 238,550 Liabilities 126,363 122,659 Equity 137,172 115,891 Statement of Operations (In millions) Years ended December 31, 2024 1 2023 1 2022 1 Revenues/Investment Income $ 10,918 $ 9,709 $ 7,681 Expenses 13,613 9,242 7,644 Net Investment Income (Loss) (2,695) 467 37 Net Realized and Unrealized Gain (Loss) 14,722 7,349 3,012 Net Income (Loss) $ 12,027 $ 7,816 $ 3,049 1 Certain fund amounts are as of and for the twelve months ended September 30, 2024, 2023 and 2022. 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: Years ended December 31, (In millions) 2024 2023 2022 Realized gains (losses) on sales of investments, net $ (1) $ (9) $ (14) Net change in unrealized gains (losses) due to changes in fair value 59 16 179 Net gains (losses) from investment activities $ 58 $ 7 $ 165 Performance Allocations Performance allocations receivable is recorded within investments in the consolidated statements of financial condition. The table below provides a roll forward of the performance allocations balance: (In millions) Total Performance allocations, January 1, 2023 $ 2,574 Change in fair value of funds 1,048 Fund distributions to the Company (681) Performance allocations, December 31, 2023 $ 2,941 Change in fair value of funds 1,249 Fund distributions to the Company (928) Performance allocations, December 31, 2024 $ 3,262 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 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: December 31, 2024 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 8,413 $ — $ 8 $ (1,270) $ 7,151 U.S. state, municipal and political subdivisions 1,167 — — (246) 921 Foreign governments 2,082 — — (514) 1,568 Corporate 95,006 (175) 485 (11,731) 83,585 CLO 29,524 — 266 (608) 29,182 ABS 24,779 (76) 138 (640) 24,201 CMBS 11,158 (60) 75 (432) 10,741 RMBS 8,587 (397) 228 (403) 8,015 Total AFS securities 180,716 (708) 1,200 (15,844) 165,364 AFS securities – related parties Corporate 2,150 — 18 (31) 2,137 CLO 6,130 — 18 (113) 6,035 ABS 10,899 (1) 21 (288) 10,631 Total AFS securities – related parties 19,179 (1) 57 (432) 18,803 Total AFS securities, including related parties $ 199,895 $ (709) $ 1,257 $ (16,276) $ 184,167 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: December 31, 2024 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 2,576 $ 2,544 Due after one year through five years 19,949 19,418 Due after five years through ten years 27,734 25,442 Due after ten years 56,409 45,821 CLO, ABS, CMBS and RMBS 74,048 72,139 Total AFS securities 180,716 165,364 AFS securities – related parties Due after one year through five years 1,080 1,071 Due after five years through ten years 847 861 Due after ten years 223 205 CLO and ABS 17,029 16,666 Total AFS securities – related parties 19,179 18,803 Total AFS securities, including related parties $ 199,895 $ 184,167 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: December 31, 2024 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities U.S. government and agencies $ 3,010 $ (114) $ 3,462 $ (1,156) $ 6,472 $ (1,270) U.S. state, municipal and political subdivisions 67 (3) 842 (243) 909 (246) Foreign governments 830 (205) 738 (309) 1,568 (514) Corporate 19,530 (673) 44,051 (10,997) 63,581 (11,670) CLO 2,675 (48) 2,325 (215) 5,000 (263) ABS 9,361 (155) 4,070 (309) 13,431 (464) CMBS 1,868 (56) 1,773 (315) 3,641 (371) RMBS 825 (13) 1,261 (157) 2,086 (170) Total AFS securities 38,166 (1,267) 58,522 (13,701) 96,688 (14,968) AFS securities – related parties Corporate 471 (4) 365 (26) 836 (30) CLO 586 (10) 544 (56) 1,130 (66) ABS 2,533 (43) 3,355 (235) 5,888 (278) Total AFS securities – related parties 3,590 (57) 4,264 (317) 7,854 (374) Total AFS securities, including related parties $ 41,756 $ (1,324) $ 62,786 $ (14,018) $ 104,542 $ (15,342) 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: December 31, 2024 Unrealized Loss Position Unrealized Loss Position 12 Months or More AFS securities 7,745 6,087 AFS securities – related parties 143 59 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: Year ended December 31, 2024 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending balance AFS securities Corporate $ 129 $ 48 $ — $ (8) $ — $ 6 $ 175 CLO 2 1 — — — (3) — ABS 49 25 — (16) — 18 76 CMBS 29 27 — — — 4 60 RMBS 381 17 — (17) — 16 397 Total AFS securities 590 118 — (41) — 41 708 AFS securities – related parties, ABS 1 — — — — — 1 Total AFS securities, including related parties $ 591 $ 118 $ — $ (41) $ — $ 41 $ 709 Year ended December 31, 2023 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending balance AFS securities Foreign governments $ 27 $ — $ — $ (27) $ — $ — $ — Corporate 61 88 — (8) (15) 3 129 CLO 7 1 — — — (6) 2 ABS 29 23 — (4) — 1 49 CMBS 5 26 — — — (2) 29 RMBS 329 16 53 (16) — (1) 381 Total AFS securities 458 154 53 (55) (15) (5) 590 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 $ 155 $ 53 $ (55) $ (15) $ (6) $ 591 Net Investment Income Net investment income by asset class consists of the following: Years ended December 31, (In millions) 2024 2023 2022 AFS securities $ 9,691 $ 6,901 $ 4,165 Trading securities 161 177 174 Equity securities 90 76 64 Mortgage loans 3,767 2,360 1,261 Investment funds (38) 90 408 Funds withheld at interest 1,318 1,752 1,844 Other 828 815 270 Investment revenue 15,817 12,171 8,186 Investment expenses (99) (91) (38) Net investment income $ 15,718 $ 12,080 $ 8,148 Investment Related Gains (Losses) Investment related gains (losses) by asset class consists of the following: Years ended December 31, (In millions) 2024 2023 2022 AFS securities 1 Gross realized gains on investment activity $ 977 $ 926 $ 1,337 Gross realized losses on investment activity (1,979) (779) (2,151) Net realized investment gains (losses) on AFS securities (1,002) 147 (814) Net recognized investment gains (losses) on trading securities (170) 66 (432) Net recognized investment gains (losses) on equity securities 22 13 (153) Net recognized investment gains (losses) on mortgage loans (132) 207 (2,974) Derivative gains (losses) 2,205 2,135 (9,173) Provision for credit losses (181) (335) (227) Other gains (losses) 1,303 (805) 1,056 Investment related gains (losses) $ 2,045 $ 1,428 $ (12,717) 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges. Proceeds from sales of AFS securities were $21,623 million, $6,464 million and $9,421 million for the years ended December 31, 2024, 2023 and 2022, respectively. The following table summarizes the change in unrealized gains (losses) on trading and equity securities held as of the respective period end: Years ended December 31, (In millions) 2024 2023 2022 Trading securities $ (42) $ 93 $ (414) Equity securities 12 49 (146) Repurchase Agreements The following table summarizes the remaining contractual maturities of repurchase agreements: (In millions) December 31, 2024 December 31, 2023 Less than 30 days $ 2,752 $ 686 30 – 90 days 300 — 91 days to 1 year 1,095 — Greater than 1 year 1,569 3,167 Payables for repurchase agreements $ 5,716 $ 3,853 The following table summarizes the securities pledged as collateral for repurchase agreements: December 31, 2024 December 31, 2023 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities U.S. government and agencies $ 3,253 $ 2,693 $ — $ — Foreign governments 159 107 137 99 Corporate 1,877 1,573 2,735 2,307 CLO 587 588 580 579 ABS 596 552 1,207 1,086 RMBS 369 365 — — Total securities pledged under repurchase agreements $ 6,841 $ 5,878 $ 4,659 $ 4,071 Reverse Repurchase Agreements As of December 31, 2024 and December 31, 2023, amounts loaned under reverse repurchase agreements were $935 million and $947 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities and commercial mortgage loans, was $2,208 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 7 for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: (In millions) December 31, 2024 December 31, 2023 Commercial mortgage loans $ 32,544 $ 27,630 Commercial mortgage loans under development 1,987 1,228 Total commercial mortgage loans 34,531 28,858 Mark to fair value (2,099) (2,246) Commercial mortgage loans 32,432 26,612 Residential mortgage loans 35,223 21,894 Mark to fair value (540) (937) Residential mortgage loans 34,683 20,957 Mortgage loans $ 67,115 $ 47,569 Athene invests in commercial mortgage loans, primarily 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 whether 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: December 31, 2024 December 31, 2023 (In millions, except percentages) Fair Value Percentage of Total Fair Value Percentage of Total Property type Apartment $ 11,746 36.2 % $ 9,591 36.0 % Industrial 6,793 21.0 % 4,143 15.6 % Office building 4,162 12.8 % 4,455 16.7 % Hotels 2,786 8.6 % 2,913 11.0 % Retail 2,269 7.0 % 2,158 8.1 % Other commercial 4,676 14.4 % 3,352 12.6 % Total commercial mortgage loans $ 32,432 100.0 % $ 26,612 100.0 % U.S. region East North Central $ 1,546 4.8 % $ 1,517 5.7 % East South Central 438 1.3 % 523 2.0 % Middle Atlantic 8,386 25.9 % 7,147 26.9 % Mountain 1,322 4.1 % 1,196 4.5 % New England 1,118 3.4 % 1,295 4.9 % Pacific 5,768 17.8 % 4,860 18.3 % South Atlantic 6,198 19.1 % 4,583 17.2 % West North Central 221 0.7 % 249 0.9 % West South Central 1,971 6.1 % 1,228 4.6 % Total U.S. region 26,968 83.2 % 22,598 85.0 % International region United Kingdom 2,281 7.0 % 2,343 8.7 % Other international 1 3,183 9.8 % 1,671 6.3 % Total international region 5,464 16.8 % 4,014 15.0 % Total commercial mortgage loans $ 32,432 100.0 % $ 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: December 31, 2024 December 31, 2023 U.S. States California 25.6 % 27.6 % Florida 12.4 % 12.0 % Texas 7.4 % 6.1 % New York 4.7 % 5.9 % Other 1 40.8 % 39.4 % Total U.S. residential mortgage loan percentage 90.9 % 91.0 % International United Kingdom 4.4 % 4.0 % Other 1 4.7 % 5.0 % Total international residential mortgage loan percentage 9.1 % 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, 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 excess 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, 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: December 31, 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 29 0.2 % 32 0.2 % Retirement services platforms 1,317 6.7 % 1,300 7.4 % Equity 244 1.2 % 267 1.5 % Credit 253 1.3 % 20 0.1 % Other 10 0.1 % 13 0.1 % Total investment funds – related parties 1,853 9.5 % 1,632 9.3 % Investment funds – consolidated VIEs Strategic origination platforms 6,347 32.3 % 4,987 28.4 % Retirement services platforms — — % 483 2.8 % Equity 7,597 38.7 % 6,925 39.4 % Credit 3,062 15.6 % 2,852 16.2 % Other 654 3.3 % 573 3.3 % Total investment funds – consolidated VIEs 17,660 89.9 % 15,820 90.1 % Total investment funds, including related parties and consolidated VIEs $ 19,620 100.0 % $ 17,561 100.0 % 1 Prior year 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) December 31, 2024 AP Grange Holdings, LLC $ 4,661 Atlas 1 3,172 Fox Hedge L.P. 2,924 December 31, 2023 Wheels, Inc. (“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 18.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	5. Derivatives Athene uses a variety of derivative instruments to manage risks, primarily equity, interest rate, foreign currency and market volatility. See note 2 for a description of our accounting policies for derivatives and note 7 for information about the fair value hierarchy for derivatives. The following table presents the notional amount and fair value of derivative instruments: December 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 15,669 $ 938 $ 211 9,034 $ 477 $ 230 Forwards 3,139 331 5 6,294 275 102 Interest rate swaps 4,506 — 654 4,468 — 521 Forwards on net investments 218 11 — 219 — 6 Interest rate swaps 24,885 55 138 10,031 29 95 Total derivatives designated as hedges 1,335 1,008 781 954 Derivatives not designated as hedges Equity options 85,452 5,002 126 73,881 3,809 102 Futures 37 93 11 35 72 — Foreign currency swaps 14,908 600 199 8,072 230 244 Interest rate swaps and forwards 3,255 67 124 3,499 81 9 Other swaps 2,644 3 5 2,588 39 1 Foreign currency forwards 39,598 1,054 2,083 28,236 286 685 Embedded derivatives Funds withheld, including related parties (3,650) 4 (4,100) (64) Interest sensitive contract liabilities — 11,242 — 9,059 Total derivatives not designated as hedges 3,169 13,794 417 10,036 Total derivatives $ 4,504 $ 14,802 $ 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 years ended December 31, 2024, 2023 and 2022, Athene recognized gains of $1 million and $33 million, and losses of $106 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the years ended December 31, 2024, 2023 and 2022. As of December 31, 2024, no amounts were expected to be reclassified to income within the next 12 months. Fair Value Hedges Athene uses foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date. The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: December 31, 2024 December 31, 2023 (In millions) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) AFS securities Foreign currency forwards $ 3,790 $ (258) $ 4,883 $ (15) Foreign currency swaps 12,517 (842) 6,820 (141) Interest sensitive contract liabilities Foreign currency swaps 2,426 130 1,438 19 Foreign currency interest rate swaps 3,946 488 4,010 363 Interest rate swaps 17,873 130 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 Year ended December 31, 2024 Investment related gains (losses) Foreign currency forwards $ 220 $ (238) $ (18) $ 43 $ 19 Foreign currency swaps 513 (520) (7) — — Foreign currency interest rate swaps (160) 148 (12) — — Interest rate swaps 6 (58) (52) — — Interest sensitive contract benefits Foreign currency interest rate swaps 87 (85) 2 — — Year ended December 31, 2023 Investment related gains (losses) Foreign currency forwards (169) 167 (2) 82 20 Foreign currency swaps (159) 169 10 — — Foreign currency interest rate swaps 282 (269) 13 — — Interest rate swaps 111 (118) (7) — — Interest sensitive contract benefits Foreign currency interest rate swaps 57 (60) (3) — — Year ended December 31, 2022 Investment related gains (losses) Foreign currency forwards 183 (190) (7) 67 9 Foreign currency swaps 286 (310) (24) — — Foreign currency interest rate swaps (622) 632 10 — — Interest rate swaps (332) 323 (9) — — Interest sensitive contract benefits Foreign currency interest rate swaps 52 (53) (1) — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI : Years ended December 31, (In millions) 2024 2023 2022 Foreign currency forwards $ (23) $ (45) $ 20 Foreign currency swaps (29) (187) 88 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 years ended December 31, 2024, 2023 and 2022, these derivatives had gains of $3 million, losses of $4 million, and gains of $30 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the consolidated statements of comprehensive income (loss). As of December 31, 2024 and 2023, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $29 million and $26 million, respectively. During the years ended December 31, 2024, 2023 and 2022, there were no amounts deemed ineffective. Derivatives Not Designated as Hedges Equity options Athene uses equity indexed options to economically hedge fixed indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index, including the S&P 500 and other bespoke indices. 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 and forwards Athene uses interest rate swaps and forwards 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: Years ended December 31, (In millions) 2024 2023 2022 Equity options $ 1,921 $ 1,564 $ (2,647) Futures 72 73 (144) Interest rate swaps and forwards and other swaps 344 (108) 56 Foreign currency forwards (775) (495) 505 Embedded derivatives on funds withheld 2 934 (6,534) Amounts recognized in investment related gains (losses) 1,564 1,968 (8,764) Embedded derivatives in indexed annuity products 1 (174) (1,443) 2,768 Total gains (losses) on derivatives not designated as hedges $ 1,390 $ 525 $ (5,996) 1 Included in interest sensitive contract benefits on the consolidated statements of operations. Credit Risk Athene 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 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 December 31, 2024 Derivative assets $ 8,154 $ (2,209) $ (5,922) $ 23 $ — $ 23 Derivative liabilities (3,556) 2,209 1,333 (14) 2 (12) 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 consolidated statements of financial condition. As of December 31, 2024 and December 31, 2023, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the consolidated statements of financial condition. 3 For non-cash collateral received, Athene does not recognize the collateral on the 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	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	6. Variable Interest Entities A variable interest in a VIE is an investment or other interest that will absorb portions of the VIE’s expected losses and/or receive expected residual returns. 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 and 2022, consolidated VIEs also included SPACs which were liquidated during the fourth quarter of 2023. See note 18 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: Years ended December 31, (In millions) 2024 1 2023 1 2022 1 Net gains (losses) from investment activities $ 39 $ 67 $ 93 Net gains (losses) from debt (8) — 144 Interest and other income 172 176 354 Interest and other expenses (113) (113) (97) Net gains (losses) from investment activities of consolidated variable interest entities $ 90 $ 130 $ 494 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 year ended December 31, 2024, the Company recorded $51 million of revenues and $77 million of expenses related to the activities of these VIEs. For the year ended December 31, 2023, the Company recorded $22 million of revenues and $5 million of expenses related to the activities of these VIEs. Subscription Lines Included within other liabilities are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of those amounts: December 31, 2024 December 31, 2023 (In millions, except percentages) Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Asset Management Subscription lines 1 $ 1,198 6.84 % 0.06 $ 1,072 7.16 % 0.09 Total – Asset Management $ 1,198 $ 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 December 31, 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: Years ended December 31, (In millions) 2024 2023 2022 Trading securities $ 152 $ 102 $ 34 Mortgage loans 128 110 88 Investment funds 46 41 9 Other (22) 1 (10) Net investment income 304 254 121 Net recognized investment gains (losses) on trading securities 17 10 (66) Net recognized investment losses on mortgage loans (35) (22) (250) Net recognized investment gains on investment funds 1,542 1,228 552 Other gains (losses) (6) (29) 83 Investment related gains (losses) 1,518 1,187 319 Revenues of consolidated variable interest entities $ 1,822 $ 1,441 $ 440 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) December 31, 2024 December 31, 2023 Maximum Loss Exposure 1,2 $ 614 $ 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 Athene 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 structure 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. 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: December 31, 2024 December 31, 2023 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 107 $ 987 $ 109 $ 876 Investment in related parties – investment funds 1,853 3,226 1,632 2,377 Assets of consolidated VIEs – investment funds 17,660 23,488 15,820 22,129 Investment in fixed maturity securities 72,523 74,797 48,155 50,623 Investment in related parties – fixed maturity securities 17,239 21,793 13,495 15,608 Investment in related parties – equity securities 234 234 318 318 Total non-consolidated investments $ 109,616 $ 124,525 $ 79,529 $ 91,931

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value	7. Fair Value Fair Value Measurements of Financial Instruments The following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level: December 31, 2024 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 2,692 $ — $ — $ — $ 2,692 Restricted cash and cash equivalents 3 — — — 3 Cash and cash equivalents of VIEs 158 — — — 158 Investments, at fair value 238 22 1,052 1 72 1,384 Investments of consolidated VIEs 191 111 2,258 234 2,794 Due from related parties 2 — — 27 — 27 Derivative assets 3 — 40 29 — 69 Total Assets – Asset Management 3,282 173 3,366 306 7,127 Retirement Services AFS Securities U.S. government and agencies 7,149 2 — — 7,151 U.S. state, municipal and political subdivisions — 921 — — 921 Foreign governments 658 881 29 — 1,568 Corporate 11 79,253 4,321 — 83,585 CLO — 29,182 — — 29,182 ABS — 7,672 16,529 — 24,201 CMBS — 10,741 — — 10,741 RMBS — 7,759 256 — 8,015 Total AFS securities 7,818 136,411 21,135 — 165,364 Trading securities 22 1,539 22 — 1,583 Equity securities 190 1,073 27 — 1,290 Mortgage loans — — 63,239 — 63,239 Funds withheld at interest – embedded derivative — — (3,035) — (3,035) Derivative assets 121 8,032 1 — 8,154 Short-term investments — 86 169 — 255 Other investments — 711 895 — 1,606 Cash and cash equivalents 12,733 — — — 12,733 Restricted cash and cash equivalents 943 — — — 943 Investments in related parties AFS securities Corporate — 1,029 1,108 — 2,137 CLO — 5,339 696 — 6,035 ABS — 890 9,741 — 10,631 Total AFS securities – related parties — 7,258 11,545 — 18,803 Trading securities — — 573 — 573 Equity securities — — 234 — 234 Mortgage loans — — 1,297 — 1,297 Investment funds — — 1,139 — 1,139 Funds withheld at interest – embedded derivative — — (615) — (615) Other investments — — 331 — 331 Reinsurance recoverable — — 1,661 — 1,661 Other assets 5 — — 313 — 313 (Continued) December 31, 2024 (In millions) Level 1 Level 2 Level 3 NAV Total Assets of consolidated VIEs Trading securities — 347 1,954 — 2,301 Mortgage loans — — 2,579 — 2,579 Investment funds — — 770 16,890 17,660 Other investments 4 — 103 — 107 Cash and cash equivalents 583 — — — 583 Total Assets – Retirement Services 22,414 155,457 104,337 16,890 299,098 Total Assets $ 25,696 $ 155,630 $ 107,703 $ 17,196 $ 306,225 Liabilities Asset Management Contingent consideration obligations 4 $ — $ — $ 67 $ — $ 67 Total Liabilities – Asset Management — — 67 — 67 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 11,242 — 11,242 Universal life benefits — — 742 — 742 Future policy benefits AmerUs Life Insurance Company (“AmerUs”) Closed Block — — 1,102 — 1,102 Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits — — 538 — 538 Market risk benefits 5 — — 4,028 — 4,028 Derivative liabilities 19 3,536 1 — 3,556 Other liabilities — — 225 — 225 Total Liabilities – Retirement Services 19 3,536 17,878 — 21,433 Total Liabilities $ 19 $ 3,536 $ 17,945 $ — $ 21,500 (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 December 31, 2024 and December 31, 2023 excludes $248 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 consolidated statements of financial condition. 4 Other liabilities as of December 31, 2024 includes profit sharing payable of $67 million related to contingent obligations classified as Level 3. Other liabilities as of December 31, 2023 includes $26 million of contingent obligations related to the Griffin Capital acquisition classified as Level 3 and profit sharing payable of $67 million related to other contingent obligations classified as Level 3. 5 Other assets consist of market risk benefits assets. See note 11 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 consolidated statements of operations. Refer to note 19 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: December 31, 2024 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 765 Discounted cash flow Discount rate 13.5% – 52.8% 17.8% 1 128 Direct capitalization Capitalization rate 6.7% 6.7% 159 Adjusted transaction value N/A N/A N/A Due from related parties 27 Discounted cash flow Discount rate 14.0% 14.0% Derivative assets 29 Option model Volatility rate 52.5% 52.5% Investments of consolidated VIEs Bank loans 168 Discounted cash flow Discount rate 5.6% – 23.4% 9.0% 1 179 Adjusted transaction value N/A N/A N/A Equity securities 495 Dividend discount model Discount rate 14.1% 14.1% 417 Discounted cash flow Discount rate 8.3% – 13.3% 13.3% 1 69 Adjusted transaction value N/A N/A N/A 27 Option Model Volatility rate 84.8% – 117.5% 110.7% 1 Bonds 412 Discounted cash flow Discount rate 6.6% – 11.7% 7.0% 1 491 Adjusted transaction value N/A N/A N/A Retirement Services AFS, trading and equity securities 28,655 Discounted cash flow Discount rate 4.7% – 20.0% 7.1% 1 Mortgage loans 2 67,115 Discounted cash flow Discount rate 1.8% – 43.1% 6.7% 1 Investment funds 2 1,909 Discounted cash flow Discount rate 6.6% – 14.0% 10.8% 1 Financial Liabilities Asset Management Contingent consideration obligations 67 Discounted cash flow Discount rate 20.0% – 25.0% 23.6% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 11,242 Discounted cash flow Nonperformance risk 0.4% – 1.1% 0.7% 3 Option budget 0.5% – 6.0% 2.8% 4 Surrender rate 6.0% – 14.2% 9.0% 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: Year ended December 31, 2024 Total realized and unrealized gains (losses) (In millions) Beginning Balance Included in Income Included in OCI Net Purchases, Issuances, Sales and Settlements Net Transfers In (Out) Ending Balance Total Gains (Losses) Included in Earnings 1 Total Gains (Losses) Included in OCI 1 Assets – Asset Management Investments and derivative assets $ 1,201 $ (24) $ — $ (28) $ (68) $ 1,081 $ 26 $ — Investments of consolidated VIEs 1,492 (15) — 579 202 2,258 (17) — Total Level 3 assets – Asset Management $ 2,693 $ (39) $ — $ 551 $ 134 $ 3,339 $ 9 $ — Assets – Retirement Services AFS securities Foreign governments $ 40 $ — $ 1 $ (12) $ — $ 29 $ — $ 1 Corporate 2,525 (20) 36 2,815 (1,035) 4,321 (18) 38 ABS 6,943 47 (128) 9,812 (145) 16,529 (3) (130) CMBS 21 3 (5) — (19) — — — RMBS 265 8 — 83 (100) 256 — (1) Trading securities 28 1 — (21) 14 22 (1) — Equity securities 26 — — 1 — 27 — — Mortgage loans 44,115 (192) — 19,316 — 63,239 (145) — Funds withheld at interest – embedded derivative (3,379) 344 — — — (3,035) — — Derivative assets — — — — 1 1 — — Short-term investments 105 (1) (1) 145 (79) 169 — (1) Other investments 630 (24) — 289 — 895 (6) — Investments in related parties AFS securities Corporate 1,171 (2) 40 53 (154) 1,108 — 24 CLO 506 — 13 177 — 696 — 14 ABS 7,826 48 (12) 1,879 — 9,741 — (14) Trading securities 838 (1) — (264) — 573 (3) — Equity securities 255 (16) — (5) — 234 (15) — Mortgage loans 1,281 17 — (1) — 1,297 17 — Investment funds 1,082 (49) — 106 — 1,139 (49) — Funds withheld at interest – embedded derivative (721) 106 — — — (615) — — Other investments 343 (12) — — — 331 (12) — Reinsurance recoverable 1,367 (61) — 355 — 1,661 — — Assets of consolidated VIEs Trading securities 1,852 (80) — 50 132 1,954 (87) — Mortgage loans 2,173 (62) — 447 21 2,579 (64) — Investment funds 977 (68) — 331 (470) 770 (16) — Other investments 101 (10) — 32 (20) 103 (9) — Total Level 3 assets – Retirement Services $ 70,370 $ (24) $ (56) $ 35,588 $ (1,854) $ 104,024 $ (411) $ (69) (Continued) Year ended December 31, 2024 Total realized and unrealized gains (losses) (In millions) Beginning Balance Included in Income Included in OCI Net Purchases, Issuances, Sales and Settlements Net Transfers In (Out) Ending Balance Total Gains (Losses) Included in Earnings 1 Total Gains (Losses) Included in OCI 1 Liabilities – Asset Management Contingent consideration obligations $ 93 $ 79 $ — $ (105) $ — $ 67 $ — $ — Total Level 3 liabilities – Asset Management $ 93 $ 79 $ — $ (105) $ — $ 67 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (9,059) $ (174) $ — $ (2,009) $ — $ (11,242) $ — $ — Universal life benefits (834) 92 — — — (742) — — Future policy benefits AmerUs Closed Block (1,178) 76 — — — (1,102) — — ILICO Closed Block and life benefits (522) (16) — — — (538) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (330) (13) — 54 64 (225) — — Total Level 3 liabilities – Retirement Services $ (11,924) $ (35) $ — $ (1,955) $ 64 $ (13,850) $ — $ — (Concluded) 1 Related to instruments held at end of period. Year ended December 31, 2023 Total realized and unrealized gains (losses) (In millions) Beginning Balance Included in Income Included in OCI Net Purchases, Issuances, Sales and Settlements Net Transfers In (Out) Ending Balance Total Gains (Losses) Included in Earnings 1 Total Gains (Losses) Included in OCI 1 Assets – Asset Management Investments and derivative assets $ 1,098 $ 63 $ — $ 40 $ — $ 1,201 $ 68 $ — Investments of consolidated VIEs 727 69 — 698 (2) 1,492 13 — Total Level 3 assets – Asset Management $ 1,825 $ 132 $ — $ 738 $ (2) $ 2,693 $ 81 $ — Assets – Retirement Services AFS securities Foreign governments $ 1 $ — $ (2) $ 41 $ — $ 40 $ — $ (2) Corporate 1,665 (21) 45 1,298 (462) 2,525 — 21 ABS 4,867 (9) 61 3,241 (1,217) 6,943 — 45 CMBS — — 1 — 20 21 — 3 RMBS 232 8 4 256 (235) 265 — 2 Trading securities 53 2 — (16) (11) 28 — — Equity securities 92 (8) — (45) (13) 26 — — Mortgage loans 27,454 183 — 16,478 — 44,115 184 — Funds withheld at interest – embedded derivative (4,847) 1,468 — — — (3,379) — — Short-term investments 36 — (3) 69 3 105 — — Other investments 441 — — 189 — 630 (3) — Investments in related parties AFS securities Corporate 812 3 (32) 173 215 1,171 — (32) CLO 303 — 18 185 — 506 — 18 ABS 5,542 19 103 1,878 284 7,826 6 96 Trading securities 878 12 — (52) — 838 8 — Equity securities 279 8 — (32) — 255 7 — Mortgage loans 1,302 9 — (30) — 1,281 8 — Investment funds 959 91 — 32 — 1,082 91 — Funds withheld at interest – embedded derivative (1,425) 704 — — — (721) — — Other investments 303 (2) — 42 — 343 (3) — Reinsurance recoverable 1,388 (21) — — — 1,367 — — Assets of consolidated VIEs Trading securities 622 69 — (116) 1,277 1,852 69 — Mortgage loans 2,055 (9) — 127 — 2,173 (9) — Investment funds 2,471 (30) — 73 (1,537) 977 (31) — Other investments 99 9 — (7) — 101 9 — Total Level 3 assets – Retirement Services $ 45,582 $ 2,485 $ 195 $ 23,784 $ (1,676) $ 70,370 $ 336 $ 151 Liabilities – Asset Management Contingent consideration obligations $ 86 $ 11 $ — $ (4) $ — $ 93 $ — $ — Total Level 3 liabilities – Asset Management $ 86 $ 11 $ — $ (4) $ — $ 93 $ — $ — (Continued) Year ended December 31, 2023 Total realized and unrealized gains (losses) (In millions) Beginning Balance Included in Income Included in OCI Net Purchases, Issuances, Sales and Settlements Net Transfers In (Out) Ending Balance Total Gains (Losses) Included in Earnings 1 Total Gains (Losses) Included in OCI 1 Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (1,443) $ — $ (1,775) $ — $ (9,059) $ — $ — Universal life benefits (829) (5) — — — (834) — — Future policy benefits AmerUs Closed Block (1,164) (14) — — — (1,178) — — ILICO Closed Block and life benefits (548) 26 — — — (522) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (113) — (75) — (330) — — Total Level 3 liabilities – Retirement Services $ (8,525) $ (1,549) $ — $ (1,850) $ — $ (11,924) $ — $ — (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: Year ended December 31, 2024 (In millions) Purchases Issuances Sales Settlements Net Purchases, Issuances, Sales and Settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments and derivative assets $ 36 $ — $ (64) $ — $ (28) $ — $ (68) $ (68) Investments of consolidated VIEs 4,009 — (3,430) — 579 452 (250) 202 Total Level 3 assets – Asset Management $ 4,045 $ — $ (3,494) $ — $ 551 $ 452 $ (318) $ 134 Assets – Retirement Services AFS securities Foreign governments $ — $ — $ — $ (12) $ (12) $ — $ — $ — Corporate 3,146 — (41) (290) 2,815 166 (1,201) (1,035) ABS 11,886 — (423) (1,651) 9,812 769 (914) (145) CMBS — — — — — — (19) (19) RMBS 99 — — (16) 83 — (100) (100) Trading securities — — — (21) (21) 14 — 14 Equity securities 2 — (1) — 1 9 (9) — Mortgage loans 27,596 — (106) (8,174) 19,316 — — — Derivative assets — — — — — 1 — 1 Short-term investments 172 — (6) (21) 145 — (79) (79) Other investments 289 — — — 289 — — — Investments in related parties AFS securities Corporate 63 — (1) (9) 53 — (154) (154) CLO 177 — — — 177 — — — ABS 7,197 — (504) (4,814) 1,879 — — — Trading securities 4 — — (268) (264) — — — Equity securities — — (5) — (5) — — — Mortgage loans 87 — — (88) (1) — — — Investment funds 106 — — — 106 — — — Reinsurance recoverable — 359 — (4) 355 — — — Assets of consolidated VIEs Trading securities 235 — (178) (7) 50 220 (88) 132 Mortgage loans 558 — — (111) 447 21 — 21 Investment funds 341 — (10) — 331 — (470) (470) Other investments 56 — (24) — 32 — (20) (20) Total Level 3 assets – Retirement Services $ 52,014 $ 359 $ (1,299) $ (15,486) $ 35,588 $ 1,200 $ (3,054) $ (1,854) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (105) $ (105) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (105) $ (105) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (3,010) $ — $ 1,001 $ (2,009) $ — $ — $ — Other liabilities — — — 54 54 64 — 64 Total Level 3 liabilities – Retirement Services $ — $ (3,010) $ — $ 1,055 $ (1,955) $ 64 $ — $ 64 Year ended December 31, 2023 (In millions) Purchases Issuances Sales Settlements Net Purchases, Issuances, Sales and Settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments and derivative assets $ 45 $ — $ (5) $ — $ 40 $ — $ — $ — Investments of consolidated VIEs 5,019 — (4,321) — 698 — (2) (2) Total Level 3 assets – Asset Management $ 5,064 $ — $ (4,326) $ — $ 738 $ — $ (2) $ (2) Assets – Retirement Services AFS securities Foreign governments $ 53 $ — $ — $ (12) $ 41 $ — $ — $ — Corporate 1,704 — (177) (229) 1,298 29 (491) (462) ABS 4,221 — (33) (947) 3,241 828 (2,045) (1,217) CMBS — — — — — 20 — 20 RMBS 262 — — (6) 256 5 (240) (235) Trading securities 8 — — (24) (16) 5 (16) (11) Equity securities — — (45) — (45) — (13) (13) Mortgage loans 21,018 — (529) (4,011) 16,478 — — — Short-term investments 100 — — (31) 69 26 (23) 3 Other investments 620 — — (431) 189 — — — Investments in related parties AFS securities Corporate 184 — — (11) 173 215 — 215 CLO 185 — — — 185 — — — ABS 3,751 — (162) (1,711) 1,878 284 — 284 Trading securities 66 — (38) (80) (52) — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (30) (30) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 40 — (156) — (116) 1,308 (31) 1,277 Mortgage loans 203 — — (76) 127 — — — Investment funds 113 — (40) — 73 475 (2,012) (1,537) Other investments 14 — (21) — (7) — — — Total Level 3 assets – Retirement Services $ 32,616 $ — $ (1,201) $ (7,631) $ 23,784 $ 3,195 $ (4,871) $ (1,676) 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 $ — $ (2,431) $ — $ 656 $ (1,775) $ — $ — $ — Other liabilities — — — (75) (75) — — — Total Level 3 liabilities – Retirement Services $ — $ (2,431) $ — $ 581 $ (1,850) $ — $ — $ — 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 December 31, 2024 and December 31, 2023. As a result of slower than expected growth of the investee, Athene recorded an impairment of $42 million in the fourth quarter of 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: Years ended December 31, (In millions) 2024 2023 2022 Trading securities $ (156) $ 66 $ (424) Mortgage loans (237) 183 (3,213) Investment funds (59) 77 114 Future policy benefits 76 (14) 356 Other 28 (113) (37) Total gains (losses) $ (348) $ 199 $ (3,204) Gains and losses on trading securities, mortgage loans, and other are recorded in investment related gains (losses) on the consolidated statements of operations. Gains and losses related to investment funds are recorded in net investment income on the consolidated statements of operations. Gains and losses related to investments of consolidated VIEs are recorded in revenues of consolidated VIEs on the consolidated statements of operations. The change in fair value of future policy benefits is recorded to future policy and other policy benefits on the consolidated statements of operations. The following summarizes information for fair value option mortgage loans, including related parties and VIEs: (In millions) December 31, 2024 December 31, 2023 Unpaid principal balance $ 69,754 $ 50,752 Mark to fair value (2,639) (3,183) Fair value $ 67,115 $ 47,569 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) December 31, 2024 December 31, 2023 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 195 $ 221 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (102) (74) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 93 $ 147 Fair value of commercial mortgage loans 90 days or more past due $ 31 $ 64 Fair value of commercial mortgage loans in non-accrual status 93 147 The following represents the residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) December 31, 2024 December 31, 2023 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 898 $ 528 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (51) (49) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 847 $ 479 Fair value of residential mortgage loans 90 days or more past due 1 $ 847 $ 479 Fair value of residential mortgage loans in non-accrual status 765 355 1 As of December 31, 2024 and December 31, 2023, includes $82 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: Years ended December 31, (In millions) 2024 2023 2022 Mortgage loans $ (58) $ (53) $ (41) The portion of gains and losses attributable to changes in instrument-specific credit risk is estimated by identifying commercial mortgage loans with loan-to-value ratios meeting credit quality criteria, and residential mortgage loans with delinquency status meeting credit quality criteria. Fair Value of Financial Instruments Not Carried at Fair Value – Retirement Services The following represents Athene’s financial instruments not carried at fair value on the consolidated statements of financial condition: December 31, 2024 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 107 $ 107 $ 107 $ — $ — $ — Policy loans 318 318 — — 318 — Funds withheld at interest 21,901 21,901 — — — 21,901 Short-term investments 192 192 — — — 192 Other investments 93 101 — — — 101 Investments in related parties Investment funds 714 714 714 — — — Funds withheld at interest 5,665 5,665 — — — 5,665 Short-term investments 743 743 — — 743 — Total financial assets not carried at fair value $ 29,733 $ 29,741 $ 821 $ — $ 1,061 $ 27,859 Financial liabilities Interest sensitive contract liabilities $ 200,278 $ 192,025 $ — $ — $ — $ 192,025 Debt 6,309 5,844 — 581 5,263 — Securities to repurchase 5,716 5,716 — — 5,716 — Funds withheld liability 4,331 4,331 — — — 4,331 Total financial liabilities not carried at fair value $ 216,634 $ 207,916 $ — $ 581 $ 10,979 $ 196,356 December 31, 2023 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 109 $ 109 $ 109 $ — $ — $ — Policy loans 334 334 — — 334 — Funds withheld at interest 27,738 27,738 — — — 27,738 Other investments 46 52 — — — 52 Investments in related parties Investment funds 550 550 550 — — — Funds withheld at interest 7,195 7,195 — — — 7,195 Short-term investments 947 947 — — 947 — Total financial assets not carried at fair value $ 36,919 $ 36,925 $ 659 $ — $ 1,281 $ 34,985 Financial liabilities Interest sensitive contract liabilities $ 154,095 $ 146,038 $ — $ — $ — $ 146,038 Debt 4,209 3,660 — — 3,660 — Securities to repurchase 3,853 3,853 — — 3,853 — Funds withheld liability 350 350 — — 350 — Total financial liabilities not carried at fair value $ 162,507 $ 153,901 $ — $ — $ 7,863 $ 146,038 The fair value for financial instruments not carried at fair value are estimated using the same methods and assumptions as those carried at fair value. The financial instruments presented above are reported at carrying value on the consolidated statements of financial condition; however, in the case of policy loans, funds withheld at interest and liability, short-term investments, and securities to repurchase, the carrying amount approximates fair value. Interest sensitive contract liabilities – The carrying and fair value of interest sensitive contract liabilities above includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of these investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using current market risk-free interest rates, adding a spread to reflect nonperformance risk and subtracting a risk margin to reflect uncertainty inherent in the projected cash flows. Debt – The fair value of debt is obtained from commercial pricing services. See note 14 for further information on debt. Significant Unobservable Inputs Asset Management Discounted Cash Flow and Direct Capitalization Model When a discounted cash flow or direct capitalization model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows or the capitalization rate, respectively. Increases in the discount or capitalization rate can significantly lower the fair value of an investment and the contingent consideration obligations; conversely decreases in the discount or capitalization rate can significantly increase the fair value of an investment and the contingent consideration obligations. See note 19 for further discussion of the contingent consideration obligations. Option Model When an option model is used to determine fair value, the significant input used in the valuation model is the volatility rate applied to present value the projected cash flows. Increases in the volatility rate can significantly lower the fair value of an investment and the contingent consideration obligations; conversely decreases in the discount or capitalization rate can significantly increase the fair value of an investment and the contingent consideration obligations. Consolidated VIEs’ Investments The significant unobservable input used in the fair value measurement of the equity securities, bank loans and bonds is the discount rate applied in the valuation models. This input in isolation can cause significant increases or decreases in fair value, which would result in a significantly lower or higher fair value measurement. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. NAV Certain investments and investments of VIEs are valued using the NAV per share equivalent calculated by the investment manager as a practical expedient to determine an independent fair value. Retirement Services AFS, trading and equity securities Athene uses discounted cash flow models to calculate the fair value for certain fixed maturity and equity securities. The discount rate is a significant unobservable input because the credit spread includes adjustments made to the base rate. The base rate represents a market comparable rate for securities with similar characteristics. This excludes assets for which fair value is provided by independent broker quotes. Mortgage loans Athene uses discounted cash flow models from independent commercial pricing services to calculate the fair value of its mortgage loan portfolio. The discount rate is a significant unobservable input. This approach uses market transaction information and client portfolio-oriented information, such as prepayments or defaults, to support the valuations. Interest sensitive contract liabilities – embedded derivative Significant unobservable inputs used in the fixed indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include: 1. Nonperformance risk – For contracts Athene issues, it uses the credit spread, relative to the U.S. Treasury curve based on Athene’s public credit rating as of the valuation date. This represents Athene’s credit risk for use in the estimate of the fair value of embedded derivatives. 2. Option budget – Athene assumes future hedge costs in the derivative’s fair value estimate. The

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Reinsurance	8. Reinsurance The following summarizes the effect of reinsurance on premiums and future policy and other policy benefits on the consolidated statements of operations: Years ended December 31, (In millions) 2024 2023 2022 Premiums Direct $ 1,089 $ 10,525 $ 11,373 Reinsurance assumed 313 2,313 377 Reinsurance ceded (84) (89) (112) Total premiums $ 1,318 $ 12,749 $ 11,638 Future policy and other policy benefits Direct $ 2,779 $ 12,321 $ 12,142 Reinsurance assumed 550 2,389 416 Reinsurance ceded (275) (276) (93) Total future policy and other policy benefits $ 3,054 $ 14,434 $ 12,465 Reinsurance typically provides for recapture rights on the part of the ceding company for certain events of default. Additionally, some agreements require placement of assets in trust accounts for the benefit of the ceding entity. The required minimum assets are equal to or greater than statutory reserves, as defined by the agreement, and were $26.1 billion and $21.6 billion as of December 31, 2024 and 2023, respectively. Although Athene owns assets placed in trust, their use is restricted based on the trust agreement terms. If the statutory book value of the assets, or in certain cases fair value, in a trust declines because of impairments or other reasons, Athene may be required to contribute additional assets to the trust. In addition, the assets within a trust may be subject to a pledge in favor of the applicable reinsurance company. Reinsurance transactions Athene entered into a coinsurance agreement to reinsure a block of whole life policies during the fourth quarter of 2023. There were no block reinsurance transactions during the years ended December 31, 2024 and 2022. The following summarizes the block reinsurance agreement at inception: (In millions) Year ended December 31, 2023 Liabilities assumed $ 1,975 Less: Assets received 2,158 Deferred profit liability 1 $ (183) 1 Included within future policy benefits on the consolidated statements of financial condition. Catalina Athene has reinsurance agreements with certain affiliates of Catalina Holdings (Bermuda) Ltd. (together with its subsidiaries, “Catalina”). See note 18 for further information on these reinsurance agreements. Global Atlantic Athene has a coinsurance and assumption agreement with Global Atlantic. The agreement ceded all existing open block life insurance business issued by AAIA, with the exception of enhanced guarantee universal life insurance products. Athene also entered into a coinsurance agreement with Global Atlantic to cede all policy liabilities of the ILICO Closed Block. The ILICO Closed Block consists primarily of participating whole life insurance policies. Athene also has an excess of loss arrangement with Global Atlantic to be reimbursed for any payments required from Athene’s general assets to meet the contractual obligations of the AmerUs Closed Block not covered by existing reinsurance through Athene Re USA IV. The AmerUs Closed Block consists primarily of participating whole life insurance policies. Since all liabilities were covered by the existing reinsurance at close, no reinsurance premiums were ceded. The assets backing the AmerUs Closed Block are managed, on AAIA’s behalf, by Goldman Sachs Asset Management. As of December 31, 2024 and 2023, Global Atlantic maintained a series of trust and custody accounts under the terms of these agreements with assets equal to or greater than a required aggregate statutory balance of $2.5 billion and $2.5 billion, respectively. Protective Life Insurance Company (“Protective”) Athene reinsured certain of its life and health business to Protective under a coinsurance agreement. As of December 31, 2024 and 2023, Protective maintained a trust for Athene’s benefit with assets having a fair value of $1.1 billion and $1.2 billion, respectively. Reinsurance Recoverables The following summarizes reinsurance recoverable balances: December 31, (In millions) 2024 2023 Catalina $ 4,309 $ — Global Atlantic 2,328 2,435 Protective 1,435 1,559 Other 1 122 160 Reinsurance recoverable $ 8,194 $ 4,154 1 Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of the total recoverable.

Deferred Acquisition Costs, Def

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	9. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 11 for more information on Athene’s products. DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional Deferred Annuities Indexed Annuities Funding Agreements Other Investment-Type Indexed Annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 320 784 14 9 411 — 1,538 Amortization (16) (29) (3) — (12) (384) (444) Balance at December 31, 2022 304 755 11 9 399 2,988 4,466 Additions 701 863 3 3 634 — 2,204 Amortization (115) (101) (4) (1) (63) (404) (688) Other — — — — — (3) (3) Balance at December 31, 2023 890 1,517 10 11 970 2,581 5,979 Additions 519 945 42 1 630 — 2,137 Amortization (249) (184) (12) (1) (124) (371) (941) Other (2) — — — — — (2) Balance at December 31, 2024 $ 1,158 $ 2,278 $ 40 $ 11 $ 1,476 $ 2,210 $ 7,173 Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds, including traditional deferred annuities and indexed annuities, are amortized on a constant-level basis for a cohort of contracts using initial premium or deposit. Significant inputs and assumptions are required for determining the expected duration of the cohort and involves using accepted actuarial methods to determine decrement rates related to policyholder behavior for lapses, withdrawals (surrenders) and mortality. The assumptions used to determine the amortization of DAC and DSI are consistent with those used to estimate the related liability balance. Deferred costs related to investment contracts without significant revenue streams from sources other than investment of policyholder funds are amortized using the effective interest method, which primarily includes funding agreements. The effective interest method requires inputs to project future cash flows, which for funding agreements includes contractual terms of notional value, periodic interest payments based on either fixed or floating interest rates, and duration. For other investment-type contracts which include immediate annuities and assumed endowments without significant mortality risks, assumptions are required related to policyholder behavior for lapses and withdrawals (surrenders). The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2025 $ 295 2026 261 2027 227 2028 194 2029 167 20. Statutory Requirements Athene’s insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate, including Bermuda and the U.S. Certain regulations include restrictions that limit the dividends or other distributions, such as loans or cash advances, available to stockholders without prior approval of the insurance regulatory authorities. The differences between financial statements prepared for insurance regulatory authorities and U.S. GAAP financial statements vary by jurisdiction. Bermuda Statutory Requirements ALRe, AARe, Athene Co-Invest Reinsurance Affiliate 1A Ltd. (“ACRA 1A”) and Athene Co-Invest Reinsurance Affiliate 2A Ltd. (“ACRA 2A”) are each licensed by the Bermuda Monetary Authority (the “BMA”) as long-term insurers and are subject to the Insurance Act 1978, as amended (the “Bermuda Insurance Act”) and regulations promulgated thereunder. The BMA implemented the Economic Balance Sheet (the “EBS”) framework into the Bermuda Solvency Capital Requirement (“BSCR”), which was granted equivalence to the European Union’s Directive (2009/138/EC) (“Solvency II”). Amounts reported for Bermuda entities within these statutory disclosures exclude the impact of any deferred taxes on the EBS or statutory bases resulting from the enactment of Bermuda CIT. Under the Bermuda Insurance Act, long-term insurers are required to maintain minimum statutory capital and surplus to meet the minimum margin of solvency (“MMS”) and minimum economic statutory capital and surplus (EBS capital and surplus) to meet the Enhanced Capital Requirement (“ECR”). For Athene’s Class C reinsurers, ACRA 1A and ACRA 2A, MMS is equal to the greater of $500,000, 1.5% of the total statutory assets or 25% of ECR. For Athene’s Class E reinsurers, ALRe and AARe, MMS is equal to the greater of $8 million, 2% of the first $500 million of statutory assets plus 1.5% of statutory assets above $500 million or 25% of ECR. For each class, the ECR is calculated based on a risk-based capital model where risk factor charges are applied to the EBS. The ECR is floored at the MMS. As of December 31, 2024, Athene’s Bermuda subsidiaries were in excess of the minimum levels required. For Athene’s Bermuda reinsurance subsidiaries, the ECR is the binding regulatory constraint. The following represents the EBS capital and surplus and BSCR ratios: December 31, 2024 2023 (In millions, except percentages) EBS capital & surplus BSCR ratio EBS capital & surplus BSCR ratio ALRe $ 23,547 420 % $ 18,245 233 % AARe 27,693 238 % 26,647 291 % ACRA 1A 3,866 165 % 5,296 219 % ACRA 2A 4,277 176 % 3,717 353 % Under the Bermuda statutory framework, statutory financial statements are generally equivalent to U.S. GAAP financial statements, with the exception of prudential filters and permitted practices granted by the BMA. Athene’s Bermuda subsidiaries have permission in the statutory financial statements to use amortized cost instead of fair value as the basis for certain investments. Additionally, Athene’s Bermuda subsidiaries use U.S. statutory reserving principles for the calculation of insurance reserves instead of U.S. GAAP, subject to the reserves being proved adequate based on cash flow testing. The following represents the effect of the permitted practices to the statutory financial statements: December 31, 2024 (In millions) ALRe AARe ACRA 1A ACRA 2A Increase (decrease) to capital and surplus due to permitted practices $ (5) $ 6,119 $ 3,768 $ 51 Increase (decrease) to statutory net income due to permitted practices 973 (2,695) 54 515 Under the Bermuda Insurance Act, Athene’s Bermuda subsidiaries are prohibited from paying a dividend in an amount exceeding 25% of the prior year’s statutory capital and surplus, unless at least two members of the companies’ respective board of directors and its principal representative in Bermuda sign and submit to the BMA an affidavit attesting that a dividend in excess of this amount would not cause the subsidiary to fail to meet its relevant margins. In certain instances, the Bermuda subsidiary would also be required to provide prior notice to the BMA in advance of the payment of dividends. In the event that such an affidavit is submitted to the BMA, and further subject to meeting the MMS and ECR requirements, a Bermuda subsidiary is permitted to distribute up to the sum of 100% of statutory surplus and an amount less than 15% of statutory capital. Distributions in excess of this amount require the approval of the BMA. The following represents the maximum distribution Athene’s Bermuda subsidiaries would be permitted to remit to its parent without the need for prior approval: December 31, (In millions) 2024 2023 ALRe $ 10,112 $ 7,023 AARe 10,207 8,012 ACRA 1A 1,044 1,614 ACRA 2A 877 30 U.S. Statutory Requirements Athene’s primary regulated U.S. subsidiaries and the corresponding insurance regulatory authorities are as follows: Subsidiary Regulatory Authority AAIA Iowa Insurance Division AANY New York Department of Financial Services Athene Re USA IV State of Vermont Department of Financial Regulation On October 11, 2024, Athene Annuity & Life Assurance Company (“AADE”) merged with and into AAIA, with AAIA as the surviving entity following the receipt of all required regulatory approvals. Prior year amounts relating to AAIA below have been restated to reflect the effect of the merger. Each entity’s statutory statements are presented on the basis of accounting practices determined by the respective regulatory authority. The regulatory authority recognizes only statutory accounting practices prescribed or permitted by the corresponding state for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under insurance law. The maximum dividend these subsidiaries can pay to stockholders, without prior approval of the respective state insurance department, is subject to restrictions relating to statutory surplus or net gain from operations. The maximum dividend payment over a twelve-month period may not, without prior approval, be paid from a source other than earned surplus and may not exceed the greater of (1) the prior year’s net gain from operations or (2) 10% of prior year’s policyholders’ surplus. Based on these restrictions, the maximum dividend AAIA, and its predecessor by merger AADE, could pay to its parent absent regulatory approval was $0 million as of each of December 31, 2024 and December 31, 2023. Any dividends from AHL’s other U.S. statutory entities in excess of the amounts allowed for AAIA would not be able to be remitted to its parent without regulatory approval from the Iowa Insurance Division. As of December 31, 2024, Athene’s U.S. subsidiaries’ solvency, liquidity and risk-based capital amounts were significantly in excess of the minimum levels required. In some instances, the states of domicile of U.S. subsidiaries have adopted prescribed accounting practices that differ from the required accounting outlined in NAIC Statutory Accounting Principles (“SAP”). These subsidiaries also have certain accounting practices permitted by the states of domicile that differ from those found in NAIC SAP. These prescribed and permitted practices are described as follows: AAIA Among the products issued by AAIA are indexed universal life insurance and fixed indexed annuities. These products allow a portion of the premium to earn interest based on certain indices, including the S&P 500 and other bespoke indices. Athene purchases call options, futures and variance swaps to hedge the growth in interest credited to the customer as a direct result of increases in the related index. The Iowa Insurance Division allows an insurer to elect (1) to use an amortized cost method to account for certain derivative instruments, such as call options, purchased to hedge the growth in interest credited to the customer on indexed insurance products and (2) to use an indexed annuity reserve calculation methodology under which call options associated with the current index interest crediting term are valued at zero. AAIA has elected to apply this option to its over-the-counter call options and reserve liabilities. As a result, AAIA’s statutory surplus increased by $38 million and decreased by $2 million as of December 31, 2024 and December 31, 2023, respectively. Athene Re USA IV AAIA has ceded the AmerUs Closed Block to Athene Re USA IV on a 100% funds withheld basis. A permitted practice in the State of Vermont allows Athene Re USA IV to include as admitted assets the face amount of all issued and outstanding letters of credit used to fund its reinsurance obligations to AAIA in its statutory financial statements. If Athene Re USA IV had not followed this permitted practice, then it would not have exceeded authorized control level risk-based capital requirements. As of December 31, 2024 and December 31, 2023, Athene Re USA IV included as admitted assets $86 million and $96 million, respectively, related to the outstanding letters of credit. Statutory capital and surplus and net income (loss) The following table presents, for each of Athene’s primary insurance subsidiaries, the statutory capital and surplus and the statutory net income (loss), based on the most recent statutory financial statements to be filed with insurance regulators: Statutory capital & surplus Statutory net income (loss) December 31, Years ended December 31, (In millions) 2024 2023 2024 2023 2022 ALRe $ 17,623 $ 14,474 $ 3,140 $ 832 $ 937 AARe 21,049 17,773 2,910 408 1,329 ACRA 1A 4,521 5,092 841 297 (87) ACRA 2A 4,569 1,952 877 (759) (2) AAIA 3,899 3,306 949 (79) (486) AANY 318 290 25 (3) (23)

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	10. Goodwill The following table presents Apollo’s goodwill by segment: (In millions) December 31, 2024 December 31, 2023 Asset Management $ 232 $ 232 Retirement Services 1 4,063 4,065 Principal Investing 32 32 Total Goodwill $ 4,327 $ 4,329 1 Includes the impacts of foreign currency translation. On January 1, 2022, the Company completed the previously announced merger transactions with Athene. In connection with the completion of the Mergers, the Company recognized goodwill of $4.1 billion as of the Merger Date. See note 3 for further disclosure regarding the goodwill recorded as a result of the Mergers. In connection with the completion of the Mergers, the Company undertook a strategic review of its operating structure and business segments to assess the performance of its businesses and the allocation of resources. As a result, the Company reorganized into three reportable segments: Asset Management, Retirement Services, and Principal Investing. The Company conducted interim impairment testing immediately prior to and subsequent to the reorganization and determined there to be no impairment of historical goodwill. Apollo acquired Griffin Capital’s U.S. wealth distribution business and U.S. asset management business in two separate closings on March 1, 2022 and May 3, 2022 and recorded goodwill of $13 million and $134 million, respectively, on each acquisition date. All of the goodwill associated with the Griffin Capital acquisitions is included within the Asset Management segment.

Long-duration Contracts

Long-duration Contracts	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Long-duration Contracts	11. Long-duration Contracts Interest sensitive contract liabilities – Interest sensitive contract liabilities primarily include: ▪ traditional deferred annuities, ▪ indexed annuities consisting of fixed indexed, index-linked variable annuities, and assumed indexed universal life without significant mortality risk, ▪ 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. Year ended December 31, 2024 (In millions, except percentages) Traditional Deferred Annuities Indexed Annuities Funding Agreements Other Investment-type Total Balance at December 31, 2023 $ 64,763 $ 93,147 $ 32,350 $ 7,629 $ 197,889 Deposits 25,459 16,230 29,249 1,088 72,026 Policy charges (2) (709) — — (711) Surrenders and withdrawals (5,389) (12,744) — (84) (18,217) Benefit payments (1,108) (1,580) (8,304) (212) (11,204) Interest credited 3,256 3,524 1,707 205 8,692 Foreign exchange (318) (7) (414) (498) (1,237) Other — — 180 (98) 82 Balance at December 31, 2024 $ 86,661 $ 97,861 $ 54,768 $ 8,030 $ 247,320 Weighted average crediting rate 4.3 % 2.7 % 4.4 % 2.7 % Net amount at risk $ 425 $ 15,441 $ — $ 51 Cash surrender value 81,243 89,511 — 6,784 Year ended December 31, 2023 (In millions, except percentages) Traditional Deferred Annuities Indexed Annuities Funding Agreements Other Investment-type Total Balance at December 31, 2022 $ 43,518 $ 92,660 $ 27,439 $ 4,722 $ 168,339 Deposits 30,175 12,639 6,893 4,597 54,304 Policy charges (2) (651) — — (653) Surrenders and withdrawals (9,929) (11,253) (110) (40) (21,332) Benefit payments (984) (1,609) (3,273) (275) (6,141) Interest credited 1,858 1,279 883 155 4,175 Foreign exchange 52 1 260 (95) 218 Other 1 75 81 258 (1,435) (1,021) Balance at December 31, 2023 $ 64,763 $ 93,147 $ 32,350 $ 7,629 $ 197,889 Weighted average crediting rate 4.0 % 2.4 % 3.4 % 2.7 % Net amount at risk $ 425 $ 14,716 $ — $ 103 Cash surrender value 61,345 85,381 — 6,375 1 Other includes a $1,371 million reduction of reserves related to the VIAC recapture agreement. See note 18 for further information. Year ended December 31, 2022 (In millions, except percentages) Traditional Deferred Annuities Indexed Annuities Funding Agreements Other Investment-type Total Balance at January 1, 2022 $ 35,599 $ 89,755 $ 23,623 $ 2,413 $ 151,390 Deposits 13,246 11,544 7,970 2,581 35,341 Policy charges (3) (600) — — (603) Surrenders and withdrawals (5,419) (8,057) (880) (17) (14,373) Benefit payments (937) (1,620) (2,819) (322) (5,698) Interest credited 1,032 1,638 677 95 3,442 Foreign exchange — — (440) (6) (446) Other — — (692) (22) (714) Balance at December 31, 2022 $ 43,518 $ 92,660 $ 27,439 $ 4,722 $ 168,339 Weighted average crediting rate 3.2 % 2.2 % 2.5 % 3.1 % Net amount at risk $ 422 $ 13,581 $ — $ 47 Cash surrender value 41,273 84,724 — 2,213 The following is a reconciliation of interest sensitive contract liabilities to the consolidated statements of financial condition: December 31, (In millions) 2024 2023 2022 Traditional deferred annuities $ 86,661 $ 64,763 $ 43,518 Indexed annuities 97,861 93,147 92,660 Funding agreements 54,768 32,350 27,439 Other investment-type 8,030 7,629 4,722 Reconciling items 1 6,317 6,781 5,277 Interest sensitive contract liabilities $ 253,637 $ 204,670 $ 173,616 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: December 31, 2024 (In millions) At Guaranteed Minimum 1 Basis Point – 100 Basis Points Above Guaranteed Minimum Greater than 100 Basis Points Above Guaranteed Minimum Total < 2.0% $ 26,818 $ 14,141 $ 134,121 $ 175,080 2.0% – < 4.0% 24,356 1,529 2,067 27,952 4.0% – < 6.0% 37,626 58 1 37,685 6.0% and greater 6,603 — — 6,603 Total $ 95,403 $ 15,728 $ 136,189 $ 247,320 December 31, 2023 (In millions) At Guaranteed Minimum 1 Basis Point – 100 Basis Points Above Guaranteed Minimum Greater than 100 Basis Points Above Guaranteed Minimum Total < 2.0% $ 30,339 $ 18,954 $ 100,609 $ 149,902 2.0% – < 4.0% 27,792 2,074 1,389 31,255 4.0% – < 6.0% 11,532 17 1 11,550 6.0% and greater 5,182 — — 5,182 Total $ 74,845 $ 21,045 $ 101,999 $ 197,889 December 31, 2022 (In millions) At Guaranteed Minimum 1 Basis Point – 100 Basis Points Above Guaranteed Minimum Greater than 100 Basis Points Above Guaranteed Minimum Total < 2.0% $ 25,031 $ 26,020 $ 72,776 $ 123,827 2.0% – < 4.0% 33,325 1,408 284 35,017 4.0% – < 6.0% 8,277 10 6 8,293 6.0% and greater 1,202 — — 1,202 Total $ 67,835 $ 27,438 $ 73,066 $ 168,339 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: Year ended December 31, 2024 (In millions, except percentages and years) Payout Annuities with Life Contingencies Whole Life Total Present value of expected net premiums Beginning balance $ — $ 1,182 $ 1,182 Effect of changes in discount rate assumptions — (45) (45) Effect of foreign exchange on the change in discount rate assumptions — (2) (2) Beginning balance at original discount rate — 1,135 1,135 Effect of actual to expected experience — (4) (4) Adjusted balance — 1,131 1,131 Interest accrual — 22 22 Net premium collected — (190) (190) Foreign exchange — (111) (111) Ending balance at original discount rate — 852 852 Effect of changes in discount rate assumptions — 30 30 Effect of foreign exchange on the change in discount rate assumptions — (2) (2) Ending balance, present value of expected net premiums $ — $ 880 $ 880 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 78 (4) 74 Adjusted balance 51,209 3,272 54,481 Issuances 1,115 — 1,115 Interest accrual 1,802 69 1,871 Benefit payments (4,476) (85) (4,561) Foreign exchange (16) (340) (356) Ending balance at original discount rate 49,634 2,916 52,550 Effect of changes in discount rate assumptions (7,378) (206) (7,584) Effect of foreign exchange on the change in discount rate assumptions 5 1 6 Ending balance, present value of expected future policy benefits 42,261 2,711 44,972 Less: Present value of expected net premiums — 880 880 Net future policy benefits $ 42,261 $ 1,831 $ 44,092 Weighted-average liability duration (in years) 9.4 30.7 Weighted-average interest accretion rate 3.7 % 4.8 % Weighted-average current discount rate 5.6 % 4.8 % Expected future gross premiums, undiscounted $ — $ 1,107 Expected future gross premiums, discounted 1 — 929 Expected future benefit payments, undiscounted 72,793 10,618 1 Discounted at the original discount rate. Year ended December 31, 2023 (In millions, except percentages and years) Payout Annuities with Life Contingencies Whole Life Total Present value of expected net premiums Beginning balance $ — $ — $ — Issuances — 3,091 3,091 Interest accrual — 6 6 Net premium collected — (2,027) (2,027) Foreign exchange — 65 65 Ending balance at original discount rate — 1,135 1,135 Effect of changes in discount rate assumptions — 45 45 Effect of foreign exchange on the change in discount rate assumptions — 2 2 Ending balance, present value of expected net premiums $ — $ 1,182 $ 1,182 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 (67) — (67) Adjusted balance 44,470 — 44,470 Issuances 10,427 3,091 13,518 Interest accrual 1,646 18 1,664 Benefit payments (3,834) (18) (3,852) Foreign exchange 35 185 220 Other 1 (1,509) — (1,509) Ending balance at original discount rate 51,235 3,276 54,511 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 Ending balance, present value of expected future policy benefits 45,001 3,371 48,372 Less: Present value of expected net premiums — 1,182 1,182 Net future policy benefits $ 45,001 $ 2,189 $ 47,190 Weighted-average liability duration (in years) 9.5 33.5 Weighted-average interest accretion rate 3.6 % 4.8 % Weighted-average current discount rate 5.1 % 4.1 % Expected future gross premiums, undiscounted $ — $ 1,497 Expected future gross premiums, discounted 2 — 1,239 Expected future benefit payments, undiscounted 75,261 11,344 1 Other includes a $1,509 million reduction of reserves related to the VIAC recapture agreement. See note 18 for further information. 2 Discounted at the original discount rate. Year ended December 31, 2022 (In millions, except percentages and years) Payout Annuities with Life Contingencies Whole Life Total Present value of expected future policy benefits Beginning balance $ 35,278 $ — $ 35,278 Effect of changes in discount rate assumptions — — — Beginning balance at original discount rate 35,278 — 35,278 Effect of actual to expected experience (120) — (120) Adjusted balance 35,158 — 35,158 Issuances 11,528 — 11,528 Interest accrual 1,146 — 1,146 Benefit payments (2,921) — (2,921) Foreign exchange (77) — (77) Ending balance at original discount rate 44,834 — 44,834 Effect of changes in discount rate assumptions (8,425) — (8,425) Effect of foreign exchange on the change in discount rate assumptions 13 — 13 Ending balance, present value of expected future policy benefits $ 36,422 $ — $ 36,422 Weighted-average liability duration (in years) 10.2 0.0 Weighted-average interest accretion rate 3.2 % — % Weighted-average current discount rate 5.5 % — % Expected future benefit payments, undiscounted $ 64,754 $ — The following is a reconciliation of future policy benefits to the consolidated statements of financial condition: December 31, (In millions) 2024 2023 2022 Payout annuities with life contingencies $ 42,261 $ 45,001 $ 36,422 Whole life 1,831 2,189 — Reconciling items 1 5,810 6,097 5,688 Future policy benefits $ 49,902 $ 53,287 $ 42,110 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 consolidated statements of operations: Premiums Years ended December 31, (In millions) 2024 2023 2022 Payout annuities with life contingencies $ 1,085 $ 10,504 $ 11,606 Whole life 204 2,214 — Reconciling items 1 29 31 32 Total premiums $ 1,318 $ 12,749 $ 11,638 Interest expense Years ended December 31, (In millions) 2024 2023 2022 Payout annuities with life contingencies $ 1,802 $ 1,646 $ 1,146 Whole life 47 12 — Total interest expense $ 1,849 $ 1,658 $ 1,146 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 year ended December 31, 2024, the present value of expected future policy benefits decreased by $3,400 million, which was driven by $4,561 million of benefit payments, a $1,440 million change in discount rate assumptions due to an increase in rates, and a $356 million change in foreign exchange, partially offset by $1,871 million of interest accrual and $1,115 million of issuances, primarily pension group annuities. During the year ended December 31, 2023, the present value of expected future policy benefits increased by $11,950 million, which was driven by $13,518 million of issuances, primarily pension group annuities, a $2,236 million change in discount rate assumptions related to a decrease in rates, and $1,664 million of interest accrual, partially offset by $3,852 million of benefit payments, a $1,509 million reduction in reserve related to recapture, and $297 million resulting from favorable unlocking of assumptions, primarily related to higher interest rates and favorable mortality experience lowering future benefit payments. During the year ended December 31, 2022, the present value of expected future policy benefits increased by $1,144 million, which was driven by $11,528 million of issuances, primarily pension group annuities, and $1,146 million of interest accrual, partially offset by an $8,425 million change in discount rate assumptions related to an increase in rates, and $2,921 million of benefit payments. The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the consolidated statements of operations: Years ended December 31, (In millions) 2024 2023 2022 Reserves $ 25 $ 364 $ 120 Deferred profit liability (48) (246) (126) Negative VOBA 39 (65) 21 Total remeasurement gains (losses) $ 16 $ 53 $ 15 During the years ended December 31, 2024, 2023, and 2022. Athene recorded reserve increases of $15 million, $136 million, and $50 million, respectively, on the 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 rollforward of net market risk benefit liabilities by product: Year ended December 31, 2024 (In millions, except years) Traditional Deferred Annuities Indexed Annuities Total Balance at December 31, 2023 $ 192 $ 3,181 $ 3,373 Effect of changes in instrument-specific credit risk 2 (10) (8) Balance, beginning of period, before changes in instrument-specific credit risk 194 3,171 3,365 Issuances — 295 295 Interest accrual 10 191 201 Attributed fees collected 2 358 360 Benefit payments (4) (52) (56) Effect of changes in interest rates (18) (640) (658) Effect of changes in equity — (94) (94) Effect of actual policyholder behavior compared to expected behavior 6 73 79 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 187 3,371 3,558 Effect of changes in instrument-specific credit risk 3 154 157 Balance at December 31, 2024 190 3,525 3,715 Less: Reinsurance recoverable — 37 37 Balance at December 31, 2024, net of reinsurance $ 190 $ 3,488 $ 3,678 Net amount at risk $ 425 $ 15,441 Weighted-average attained age of contract holders (in years) 76 69 Year ended December 31, 2023 (In millions, except years) Traditional Deferred Annuities Indexed Annuities Total Balance at December 31, 2022 $ 170 $ 2,319 $ 2,489 Effect of changes in instrument-specific credit risk 13 353 366 Balance, beginning of period, before changes in instrument-specific credit risk 183 2,672 2,855 Issuances — 106 106 Interest accrual 10 147 157 Attributed fees collected 2 336 338 Benefit payments (2) (32) (34) Effect of changes in interest rates (1) (90) (91) Effect of changes in equity — (119) (119) Effect of actual policyholder behavior compared to expected behavior 5 67 72 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 194 3,171 3,365 Effect of changes in instrument-specific credit risk (2) 10 8 Balance at December 31, 2023 $ 192 $ 3,181 $ 3,373 Net amount at risk $ 425 $ 14,716 Weighted-average attained age of contract holders (in years) 75 69 Year ended December 31, 2022 (In millions, except years) Traditional Deferred Annuities Indexed Annuities Total Balance at January 1, 2022 $ 253 $ 4,194 $ 4,447 Issuances — 60 60 Interest accrual 4 52 56 Attributed fees collected 3 330 333 Benefit payments (4) (49) (53) Effect of changes in interest rates (77) (2,092) (2,169) Effect of changes in equity — 176 176 Effect of actual policyholder behavior compared to expected behavior 6 42 48 Effect of changes in other future expected assumptions (2) (41) (43) Balance, end of period, before changes in instrument-specific credit risk 183 2,672 2,855 Effect of changes in instrument-specific credit risk (13) (353) (366) Balance at December 31, 2022 $ 170 $ 2,319 $ 2,489 Net amount at risk $ 422 $ 13,581 Weighted-average attained age of contract holders (in years) 74 68 The following is a reconciliation of market risk benefits to the consolidated statements of financial condition. Market risk benefit assets are included in other assets on the consolidated statements of financial condition. December 31, 2024 (In millions) Asset Liability Net Liability Traditional deferred annuities $ — $ 190 $ 190 Indexed annuities 313 3,838 3,525 Total $ 313 $ 4,028 $ 3,715 December 31, 2023 (In millions) Asset Liability Net Liability Traditional deferred annuities $ — $ 192 $ 192 Indexed annuities 378 3,559 3,181 Total $ 378 $ 3,751 $ 3,373 December 31, 2022 (In millions) Asset Liability Net Liability Traditional deferred annuities $ — $ 170 170 Indexed annuities 481 2,800 2,319 Total $ 481 $ 2,970 $ 2,489 During the year ended December 31, 2024, net market risk benefit liabilities increased by $342 million, which was primarily driven by $360 million in fees collected from policyholders, issuances of $295 million, $201 million of interest accrual, and a $149 million change in instrument-specific credit risk related to tightening of credit spreads, partially offset by a decrease of $658 million related to changes in the risk-free discount rate across the curve. During the year ended December 31, 2023, net market risk benefit liabilities increased by $884 million, which was primarily driven by $338 million in fees collected from policyholders, a $374 million change in instrument-specific credit risk related to tightening of credit spreads, $157 million of interest accrual, and issuances of $106 million, partially offset by $119 million of changes related to equity market performance and a decrease of $91 million related to changes in the risk-free discount rate across the curve. During the year ended December 31, 2022, net market risk benefit liabilities decreased by $1,958 million, which was primarily driven by a decrease of $2,169 million related to changes in the risk-free discount rate across the curve and a $366 million change in instrument-specific credit risk related to widening of credit spreads, partially offset by $333 million of fees collected from policyholders and $176 million of changes related to equity market performance. The determination of the fair value of market risk benefits requires the use of inputs related to fees and assessments and assumptions in determining the projected benefits in excess of the projected account balance. Judgment is required for both economic and actuarial assumptions, which can be either observable or unobservable, that impact future policyholder account growth. Economic assumptions include interest rates and implied volatilities throughout the duration of the liability. For indexed annuities, assumptions also include projected equity returns which impact cash flows attributable to indexed strategies, implied equity volatilities, expected index credits on the next policy anniversary date and future equity option costs. Assumptions related to the level of option budgets used for determining the future equity option costs and the impact on future policyholder account value growth are considered unobservable inputs. Policyholder behavior assumptions are unobservable inputs and are established using accepted actuarial valuation methods to estimate withdrawals (surrender rate) 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: December 31, 2024 (In millions, except percentages) Fair Value Valuation Technique Unobservable Inputs Minimum Maximum Weighted Average Impact of an Increase in the Input on Fair Value Market risk benefits, net $ 3,715 Discounted cash flow Nonperformance risk 0.4 % 1.1 % 1.0 % 1 Decrease Option budget 0.5 % 6.0 % 2.3 % 2 Decrease Surrender rate 3.3 % 7.2 % 4.6 % 2 Decrease Utilization rate 28.6 % 95.0 % 84.9 % 3 Increase December 31, 2023 (In millions, except percentages) Fair Value Valuation Technique Unobservable Inputs Minimum Maximum Weighted Average Impact of an Increase in the Input on Fair Value Market risk benefits, net $ 3,373 Discounted cash flow Nonperformance risk 0.4 % 1.4 % 1.2 % 1 Decrease Option budget 0.5 % 6.0 % 1.9 % 2 Decrease Surrender rate 3.2 % 6.4 % 4.5 % 2 Decrease Utilization rate 28.6 % 95.0 % 83.6 % 3 Increase December 31, 2022 (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 $ 2,489 Discounted cash flow Nonperformance risk 0.2 % 1.6 % 1.4 % 1 Decrease Option budget 0.5 % 5.3 % 1.7 % 2 Decrease Surrender rate 3.3 % 6.7 % 4.4 % 2 Decrease Utilization rate 28.6 % 95.0 % 82.3 % 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	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Profit Sharing Payable	12. Profit Sharing Payable Profit sharing payable was $1.9 billion and $1.7 billion as of December 31, 2024 and December 31, 2023, respectively. The below is a roll-forward of the profit-sharing payable balance: (In millions) Total Profit sharing payable, January 1, 2023 $ 1,392 Profit sharing expense 777 Payments/other (500) Profit sharing payable, December 31, 2023 $ 1,669 Profit sharing expense 783 Payments/other (564) Profit sharing payable, December 31, 2024 $ 1,888 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 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	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes The Company’s income tax (provision) benefit totaled $(1,062) million, $923 million and $739 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company’s effective income tax rate was approximately 14.3%, (16.5)% and 17.4% for the years ended December 31, 2024, 2023 and 2022, respectively. The provision (benefit) for income taxes is presented in the following table: Years ended December 31, (In millions) 2024 2023 2022 Current: Federal income tax 1 $ 1,083 $ 809 $ 402 Foreign income tax 2 23 104 54 State and local income tax 55 64 59 $ 1,161 $ 977 $ 515 Deferred: Federal income tax (77) 331 (1,209) Foreign income tax 2 (30) (2,239) 6 State and local income tax 8 8 (51) (99) (1,900) (1,254) Total Income Tax Provision (Benefit) $ 1,062 $ (923) $ (739) 1 For the years ended December 31, 2024, 2023 and 2022, current includes proportional amortization of $56 million, $49 million and $0 million, respectively; tax credits of $(367) million, $(186) million and $(16) million, respectively; and transaction costs relating to low-income housing and transferable energy tax credits of $248 million, $103 million and $0 million, respectively. 2 The foreign income tax provision (benefit) was calculated on $2,393 million, $2,600 million and $(3,359) million of pre-tax income (loss) generated in foreign jurisdictions for the years ended December 31, 2024, 2023 and 2022, respectively. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “IRA”). The IRA contains a number of tax-related provisions, including a 15% minimum corporate income tax on certain large corporations (“CAMT”) as well as an excise tax on stock repurchases. Based on interpretations and assumptions the Company has made regarding the CAMT provisions of the IRA, the Company recorded a deferred tax asset and offsetting increase to current taxes owed but CAMT does not have a material impact to the effective tax rate. The excise tax has no material impact to the consolidated financial statements. 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 is 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 imposes 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’s results as of December 31, 2024 include material deferred tax assets resulting from the passage of the Bermuda CIT, primarily related to an opening tax loss carryforward. 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 applies 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 took effect for accounting periods beginning on or after December 31, 2024. 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 consolidated financial statements for the year ended December 31, 2024. 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 material unremitted earnings with respect to the United Kingdom or other foreign jurisdictions. The Company has accumulated undistributed earnings generated by certain foreign subsidiaries, which are intended to be indefinitely reinvested. As such, no deferred taxes have been recorded related to the accumulated undistributed earnings. The Company determined that estimating the unrecognized tax liability is not practicable. The following table reconciles the U.S. Federal statutory tax rate to the effective income tax rate: Years ended December 31, (In millions, except percentages) 2024 2023 2022 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Income passed through to non-controlling interests (3.5) (4.6) (9.0) State and local income taxes (net of federal benefit) 0.5 1.2 (0.1) Impact of Mergers — — 7.3 Impact of foreign taxes (net of foreign tax credit) (2.6) (31.0) — Impact of equity-based compensation (1.0) 1.0 0.1 Impact of valuation allowance 0.6 (1.3) — Tax Credits (0.5) (0.6) — Redomicile 0.1 (1.2) — Other (0.3) (1.0) (1.9) Effective income tax rate 14.3 % (16.5) % 17.4 % The income tax provision (benefit) is presented in the following table: Years ended December 31, (In millions) 2024 2023 2022 Income tax provision (benefit) $ 1,062 $ (923) $ (739) Income tax provision (benefit) from other comprehensive income (loss) 21 513 (1,933) Total income tax provision (benefit) $ 1,083 $ (410) $ (2,672) Deferred income taxes are recorded due to temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated statements of financial condition. These temporary differences result in taxable or deductible amounts in future years. The net operating losses and tax credit carryforwards consist of the following: December 31, 2024 Amount Expiration Year 1 U.S. Federal net operating losses $ 580 2026 U.S. foreign tax credit 66 2033 U.S. corporate alternative minimum tax credit 115 No expiration U.S. State net operating losses 281 2031 U.K. net operating losses 194 No expiration Bermuda net operating losses 7,797 No expiration 1 Represents year operating losses begin to expire. The Company’s deferred tax assets and liabilities in the consolidated statements of financial condition consist of the following: December 31, (In millions) 2024 2023 Asset Management Deferred Tax Assets: Depreciation and amortization $ 303 $ 395 Tax Credits 167 68 Deferred revenue 9 11 Equity-based compensation 166 170 Net operating loss carryforwards 23 — Other 47 74 Total Deferred Tax Assets 715 718 Valuation Allowance (27) (8) Deferred Tax Assets, Net of Valuation Allowance 688 710 Deferred Tax Liabilities: Basis difference in investments 252 163 Other — 8 Total Deferred Tax Liabilities 252 171 Total Deferred Tax Assets, Net - Asset Management $ 436 $ 539 Retirement Services Deferred Tax Assets: Insurance liabilities $ 2,383 $ 1,742 Net operating and capital loss carryforwards 193 284 Investments, including derivatives 2,331 1,904 Employee benefits 10 8 Bermuda tax 1,959 1,764 Investment in foreign subsidiaries 552 1,176 Tax credits 13 — Other — 280 Total Deferred Tax Assets 7,441 7,158 Valuation allowance (48) (25) Deferred Tax Assets, Net of Valuation Allowance 7,393 7,133 Deferred Tax Liabilities: Intangible assets 362 386 DAC, DSI and VOBA 1,120 954 Other 10 49 Total Deferred Tax Liabilities 1,492 1,389 Total Deferred Tax Assets, Net - Retirement Services $ 5,901 $ 5,744 The valuation allowance consists of the following: December 31, (In millions) 2024 2023 U.S. federal and state net operating losses and other deferred tax assets $ 30 $ 8 U.K. net operating losses and other deferred tax assets 45 25 Total Valuation Allowance $ 75 $ 33 In the normal course of business, the Company is subject to examination by federal, state, local and foreign tax authorities. As of December 31, 2024, the Company’s U.S. federal, state, local and foreign income tax returns for the years 2021 through 2023 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 below. The following table presents a roll-forward of the beginning and ending aggregate unrecognized tax benefits for the periods presented: Years ended December 31, (In millions) 2024 2023 2022 Balance at beginning of period $ 19 $ 15 $ — Increases based on tax positions taken in the prior years 8 4 15 Decreases due to settlements with tax authorities (17) — — Balance at end of period $ 10 $ 19 $ 15

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	14. Debt Company debt consisted of the following: December 31, 2024 December 31, 2023 (In millions, except percentages) Maturity Date Outstanding Balance Fair Value Outstanding Balance Fair Value Asset Management 4.00% 2024 Senior Notes 1,2 May 30, 2024 $ — $ — $ 499 $ 496 4 4.40% 2026 Senior Notes 1,2 May 27, 2026 499 496 4 498 490 4 4.87% 2029 Senior Notes 1,2 February 15, 2029 675 670 4 675 664 4 2.65% 2030 Senior Notes 1,2 June 5, 2030 497 439 4 496 432 4 6.38% 2033 Senior Notes 1,2 November 15, 2033 492 542 4 492 539 4 5.00% 2048 Senior Notes 1,2 March 15, 2048 297 271 4 297 275 4 5.80% 2054 Senior Notes 1,2 May 21, 2054 741 753 4 — — 4.95% 2050 Subordinated Notes 1,2 January 14, 2050 — — 297 283 4 7.63% 2053 Subordinated Notes 1,2 September 15, 2053 584 642 5 584 652 5 6.00% 2054 Subordinated Notes 1,2 December 15, 2054 494 494 4 — — 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 4,279 4,307 3,883 3,876 Retirement Services 4.13% 2028 AHL Senior Notes 1 January 12, 2028 1,050 976 4 1,066 956 4 6.15% 2030 AHL Senior Notes 1 April 3, 2030 579 519 4 593 516 4 3.50% 2031 AHL Senior Notes 1 January 15, 2031 520 452 4 523 442 4 6.65% 2033 AHL Senior Notes 1 February 1, 2033 395 425 4 395 427 4 5.88% 2034 AHL Senior Notes 1 January 15, 2034 584 608 4 583 607 4 3.95% 2051 AHL Senior Notes 1 May 25, 2051 544 360 4 545 375 4 3.45% 2052 AHL Senior Notes 1 May 15, 2052 504 322 4 504 337 4 6.25% 2054 AHL Senior Notes 1 April 1, 2054 983 1,003 4 — — 6.63% 2054 AHL Subordinated Notes 1 October 15, 2054 592 598 4 — — 7.25% 2064 AHL Subordinated Notes 1 March 30, 2064 558 581 5 — — 6,309 5,844 4,209 3,660 Total Debt $ 10,588 $ 10,151 $ 8,092 $ 7,536 1 Interest rate is calculated as weighted average annualized. 2 Includes amortization of note discount, as applicable, totaling $44 million and $34 million as of December 31, 2024 and December 31, 2023, respectively. Outstanding balance is presented net of unamortized debt issuance costs. 3 Fair value is based on a discounted cash flow method. These notes are classified as a Level 3 liability within the fair value hierarchy. 4 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services. 5 Fair value is based on quoted market prices. These notes are classified as a Level 1 liability within the fair value hierarchy. Asset Management – Notes Issued 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 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. On October 10, 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 are amortized into interest expense on the consolidated statements of operations over the term of the 2054 Subordinated Notes. On December 16, 2024, AMH repaid in full the principal and accrued interest of the $300 million aggregate principal amount of its 4.95% 2050 Subordinated Notes. 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 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 December 31, 2024: Instrument/Facility Borrowing Date Maturity Date Administrative Agent Key terms Asset Management - AGM credit facility N/A November 21, 2029 Citibank The borrowing capacity under the AGM credit facility is $1.25 billion, subject to being increased up to $1.5 billion in total. 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 November 21, 2024, AGM and AMH, as parent borrower and subsidiary borrower, respectively, entered into a new $1.25 billion revolving credit facility with Citibank, N.A., as administrative agent, which matures on November 21, 2029 (“AGM credit facility”). The AGM credit facility replaced the previous AMH credit facility dated as of October 12, 2022. The previous agreement, and the obligations and commitments under it, terminated as of November 21, 2024. As of December 31, 2024, AGM and AMH, as borrowers under the facility, could incur incremental facilities in an aggregate amount not to exceed $250 million plus additional amounts so long as AGM and AMH were in compliance with a net leverage ratio not to exceed 4.00 to 1.00. As of December 31, 2024 and December 31, 2023, there were no amounts outstanding under the AGM credit facility or the previous AMH credit facility and the Company was in compliance with all financial covenants under the facilities. 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 December 31, 2024 and December 31, 2023, there were no amounts outstanding under the AHL credit facility and Athene was in compliance with all financial covenants under the facility. AHL Liquidity Facility —On June 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 December 31, 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: Years ended December 31, (In millions) 2024 2023 2022 Asset Management $ 226 $ 145 $ 124 Retirement Services 1 248 123 98 Total Interest Expense $ 474 $ 268 $ 222 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 consolidated statements of operations. Contractual Maturities The table below presents the contractual maturities for the Company’s debt arrangements as of December 31, 2024: (In millions) 2025 2026 - 2027 2028 - 2029 2030 and Thereafter Total Asset Management Debt obligations $ — $ 500 $ 675 $ 3,150 $ 4,325 Retirement Services Debt obligations — — 1,000 5,175 6,175 Total Obligations as of December 31, 2024 $ — $ 500 $ 1,675 $ 8,325 $ 10,500

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	15. 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 years ended December 31, 2024, 2023 and 2022, the Company recorded equity-based compensation expense of $721 million, $1.0 billion and $540 million, respectively. As of December 31, 2024, there was $588 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.0 years. The following table summarizes the weighted average discounts for plan grants, bonus grants and performance grants: Years ended December 31, 2024 2023 2022 Plan grants: Discount for the lack of distributions until vested 1 — % — % 0.2 % Marketability discount for transfer restrictions 2 4.4 % 15.4 % 10.0 % Bonus grants: Marketability discount for transfer restrictions 2 2.5 % 4.0 % 3.5 % Performance grants: Discount for the lack of distributions until vested 1 — % 0.2 % 1.3 % Marketability discount for transfer restrictions 2 11.0 % 9.7 % 7.6 % 1 Based on the present value of a growing annuity calculation. 2 Based on the Finnerty Model calculation. Service-Based Awards During the years ended December 31, 2024, 2023 and 2022, the Company awarded 3.7 million, 5.0 million and 5.1 million of service-based RSUs, respectively, with a grant date fair value of $405 million, $339 million and $310 million, respectively. During the years ended December 31, 2024, 2023 and 2022, the Company recorded equity-based compensation expense on service-based RSUs of $398 million, $313 million and $245 million, respectively. Performance-Based Awards During the years ended December 31, 2024, 2023 and 2022, the Company awarded 1.5 million, 1.5 million and 3.9 million of performance-based RSUs, respectively, with a grant date fair value of $181 million, $97 million and $228 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 years ended December 31, 2024, 2023 and 2022, the Company recorded equity-based compensation expense on performance-based awards of $260 million, $175 million and $205 million, respectively. During the years ended December 31, 2024, 2023 and 2022, the Company issued equity awards where the number of shares to be issued is variable based on the achievement of specified performance targets. Compensation expense is recognized over the performance period based upon the probable outcome of the performance condition and the performance-based compensation is classified as a liability, and therefore, the fair value of these awards is remeasured each reporting period. Given the number of shares to be issued in settlement of these awards is not yet known, the tables below exclude the impact of these awards. 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 year ended December 31, 2024, the Company recorded equity-based compensation expense of $80 million for these one-time grants of which $56 million is related to service-based awards and $24 million is related to performance-based awards. The following table summarizes all RSU activity for the current period: Unvested Weighted Average Grant Date Fair Value Vested Total Number of RSUs Outstanding Balance at January 1, 2024 16,692,903 $ 62.92 22,067,052 38,759,955 Granted 5,173,971 112.54 23,084 5,197,055 Forfeited (341,573) 81.10 (172,960) (514,533) Vested (6,890,273) 72.58 6,890,273 — Issued — — (7,470,317) (7,470,317) Balance at December 31, 2024 14,635,028 $ 70.03 21,337,132 35,972,160 Restricted Stock Awards During the years ended December 31, 2024, 2023 and 2022, the Company awarded 0.4 million, 0.6 million and 0.5 million restricted stock awards, respectively, from profit sharing arrangements with a grant date fair value of $52 million, $41 million and $36 million, respectively. During the years ended December 31, 2024, 2023 and 2022, the Company recorded equity-based compensation expense related to restricted stock awards from profit sharing arrangements of $46 million, $46 million and $56 million, respectively. As of December 31, 2024, there was $52 million of total unrecognized equity-based compensation expense related to unvested restricted stock awards, which is expected to be recognized over a weighted-average term of 2.1 years. The following table summarizes the restricted stock award activity: Unvested Weighted Average Grant Date Fair Value Vested Total Shares of Restricted Stock Outstanding Balance at January 1, 2024 1,008,498 $ 66.34 474,922 1,483,420 Granted 401,111 128.70 — 401,111 Forfeited (1,085) 75.08 — (1,085) Vested (700,723) 69.94 700,723 — Issued 1 — 69.94 (700,723) (700,723) Balance at December 31, 2024 707,801 $ 85.48 474,922 1,182,723 1 Refers to issued shares that became freely transferable in 2024.

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Equity	16. Equity Common Stock Holders of common stock are entitled to participate in dividends from the Company on a pro rata basis. During the years ended December 31, 2024, 2023 and 2022, the Company issued shares of common stock in settlement of vested RSUs. The Company has generally allowed holders of vested RSUs and exercised share options to settle their tax liabilities by reducing the number of shares of common stock issued to them, which the Company refers to as “net share settlement.” Additionally, the Company has generally allowed holders of share options to settle their exercise price by reducing the number of shares of common stock issued to them at the time of exercise by an amount sufficient to cover the exercise price. The net share settlement results in a liability for the Company and a corresponding 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 years ended December 31, 2024, 2023 and 2022 : Years ended December 31, 2024 2023 2022 Shares of common stock issued in settlement of vested RSUs and options exercised 1 7,852,512 8,643,520 6,663,694 Shares issued to Apollo Opportunity Foundation 2 — — 1,724,137 Reduction of shares of common stock issued 3 (2,998,607) (3,185,680) (2,896,130) Shares of common stock purchased related to share issuances and forfeitures 4 (150,676) (162,123) (219,960) Issuance of shares of common stock for equity-based awards 4,703,229 5,295,717 5,271,741 1 The gross value of shares issued was $868 million, $626 million and $420 million for the years ended December 31, 2024, 2023 and 2022, respectively, based on the closing price of the shares of common stock at the time of issuance. 2 Shares issued to Apollo Opportunity Foundation in connection with an irrevocable pledge to contribute 1.7 million shares of common stock. The gross value of shares issued for the year ended December 31, 2022 totaled $103 million. 3 Cash paid for tax liabilities associated with net share settlement was $338 million, $259 million and $185 million for the years ended December 31, 2024, 2023 and 2022, respectively. 4 Certain Apollo employees receive a portion of the profit sharing proceeds of certain funds in the form of (a) restricted shares of common stock that they are required to purchase with such proceeds or (b) RSUs, in each case which equity-based awards generally vest over three years. These equity-based awards are granted under the Company's Equity Plan. To prevent dilution on account of these awards, Apollo may, in its discretion, repurchase shares of common stock on the open market and retire them. During the years ended December 31, 2024, 2023 and 2022, Apollo issued 401,111, 551,333 and 546,766 of such restricted shares and 150,676, 162,123 and 219,960 of such RSUs under the Equity Plan, respectively. During the years ended December 31, 2023 and 2022, Apollo repurchased 713,456 and 766,726 shares of common stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program, respectively. In addition, there were 1,085, 10,880 and 12,883 restricted shares forfeited during the years ended December 31, 2024, 2023 and 2022, respectively. During the years ended December 31, 2024, 2023 and 2022, 7,845,000, 7,469,544 and 9,974,909 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 $890 million, $508 million and $588 million for these open market share repurchases during the years ended December 31, 2024, 2023 and 2022, respectively. During the second quarter of 2024, the Company issued 742,742 shares of common stock in settlement of share-based contingent consideration. See note 19 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 0.5056 shares and 0.6067 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 year ended December 31, 2024, 235 shares of the Mandatory Convertible Preferred Stock were converted at the option of the respective holders. As of December 31, 2024 and December 31, 2023, there were 28,749,765 and 28,750,000 shares of Mandatory Convertible Preferred Stock issued and outstanding, respectively. 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 December 31, 2024, warrants exercisable for 7.5 million shares of common stock were vested and exercisable. The remaining warrants exercisable for 2.5 million shares of common stock each become exercisable in the first quarter of 2025 and 2026, respectively. In November 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. As of December 31, 2024, warrants exercisable for 0.4 million shares of common stock were vested and exercisable. 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. Donor-Advised Fund In February 2025, the Company disclosed that it is establishing a new donor-advised fund (the “Apollo DAF”) as part of its ongoing commitment to philanthropy. The Company issued 1,213,003 shares of common stock in February 2025 to fund the Apollo DAF. Dividends and Distributions Outlined below is information regarding quarterly dividends and distributions (in millions, except per share data). Dividend Declaration Date Dividend per Share of Common Stock Payment Date Dividend to Common Stockholders Distribution Equivalents on Participating Securities February 11, 2022 $ 0.40 February 28, 2022 $ 229 $ 12 May 5, 2022 0.40 May 31, 2022 229 12 August 4, 2022 0.40 August 31, 2022 229 11 November 2, 2022 0.40 November 30, 2022 229 11 Year ended December 31, 2022 $ 1.60 $ 916 $ 46 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 November 5, 2024 0.46 November 29, 2024 262 15 Year ended December 31, 2024 $ 1.81 $ 1,032 $ 60 Accumulated Other Comprehensive Income (Loss) (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2023 $ (8,675) $ (289) $ (81) $ 3,458 $ 3 $ 9 $ (5,575) Other comprehensive income (loss) before reclassifications (1,354) (5) (8) 1,425 (149) (101) (192) Less: Reclassification adjustments for gains (losses) realized 1 (223) (15) 43 — — — (195) Less: Income tax expense (benefit) (219) 3 (8) 287 (31) (11) 21 Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax (413) 2 (5) 361 (12) (32) (99) Balance at December 31, 2024 $ (9,174) $ (284) $ (119) $ 4,235 $ (103) $ (49) $ (5,494) 1 Recognized in investment related gains (losses) on the 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 5,067 51 (117) (2,236) (374) 65 2,456 Less: Reclassification adjustments for gains (losses) realized 1 (163) (3) 82 — — — (84) Less: Income tax expense (benefit) 588 6 (51) 38 (78) 10 513 Less: Other comprehensive income (loss) attributable to non-controlling interests, net of subsidiary issuance of equity interest and tax 749 3 (19) (476) (14) 24 267 Balance at December 31, 2023 $ (8,675) $ (289) $ (81) $ 3,458 $ 3 $ 9 $ (5,575) 1 Recognized in investment related gains (losses) on the consolidated statements of operations. (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2021 $ (1) $ — $ (1) $ — $ — $ (3) $ (5) Other comprehensive income (loss) before reclassifications (17,931) (463) 71 8,425 366 (58) (9,590) Less: Reclassification adjustments for gains (losses) realized 1 (218) (18) 67 — — — (169) Less: Income tax expense (benefit) (3,154) (86) 12 1,223 77 (5) (1,933) Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax (1,992) (25) (57) 1,946 4 (34) (158) Balance at December 31, 2022 $ (12,568) $ (334) $ 48 $ 5,256 $ 285 $ (22) $ (7,335) 1 Recognized in investment related gains (losses) on the consolidated statements of operations.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share	17. 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 Years ended December 31, (In millions, except share and per share amounts) 2024 2023 2022 Numerator: Net income (loss) attributable to common stockholders $ 4,480 $ 5,001 $ (1,961) Dividends declared on common stock 1 (1,032) (961) (916) Dividends on participating securities 2 (60) (51) (46) Earnings allocable to participating securities 3 (91) (115) — Undistributed income (loss) attributable to common stockholders: Basic 3,297 3,874 (2,923) Dilution effect on distributable income attributable to Mandatory Convertible Preferred Stock 97 46 — Dilution effect on distributable income attributable to contingent shares — (5) — Undistributed income (loss) attributable to common stockholders: Diluted $ 3,394 $ 3,915 $ (2,923) Denominator: Weighted average number of shares of common stock outstanding: Basic 586,069,166 581,380,268 584,691,775 Dilution effect of Mandatory Convertible Preferred Stock 14,530,212 6,440,346 — Dilution effect of options 1,090,151 994,172 — Dilution effect of warrants 2,346,463 — — Dilution effect of contingent shares — 31,661 — Weighted average number of shares of common stock outstanding: Diluted 604,035,992 588,846,447 584,691,775 Net income (loss) per share of common stock: Basic 4 Distributed income $ 1.82 $ 1.69 $ 1.60 Undistributed income (loss) 5.57 6.63 (5.03) Net income (loss) per share of common stock: Basic $ 7.39 $ 8.32 $ (3.43) Net income (loss) per share of common stock: Diluted Distributed income $ 1.82 $ 1.69 $ 1.60 Undistributed income (loss) 5.51 6.59 (5.03) Net income (loss) per share of common stock: Diluted $ 7.33 $ 8.28 $ (3.43) 1 See note 16 for information regarding quarterly dividends. 2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares. 3 No allocation of undistributed losses was made to the participating securities in 2022 as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders. 4 For the year ended December 31, 2022, all of the classes of securities were determined to be anti-dilutive. The Company has granted RSUs that provide the right to receive, subject to vesting during continued employment, shares of common stock pursuant to the Equity Plan. Any dividend equivalent paid to an employee on RSUs will not be returned to the Company upon forfeiture of the award by the employee. Vested and unvested RSUs that are entitled to non-forfeitable dividend equivalents qualify as participating securities and are included in the Company’s basic and diluted earnings per share computations using the two-class method. The holder of an RSU participating security would have a contractual obligation to share in the losses of the entity if the holder is obligated to fund the losses of the issuing entity or if the contractual principal or mandatory redemption amount of the participating security is reduced as a result of losses incurred by the issuing entity. The RSU participating securities do not have a mandatory redemption amount and the holders of the participating securities are not obligated to fund losses; therefore, neither the vested RSUs nor the unvested RSUs are subject to any contractual obligation to share in losses of the Company. The following table summarizes the anti-dilutive securities: Years ended December 31, 2024 2023 2022 Weighted average unvested RSUs 14,273,743 15,316,350 13,664,334 Weighted average unexercised options — — 2,422,343 Weighted average unexercised warrants 63,388 4,761,918 2,279,452 Weighted average unvested restricted shares 1,327,484 1,688,421 2,114,622 Weighted average contingent shares outstanding — — 190,468

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Parties	18. 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 December 31, 2024 and December 31, 2023: (In millions) December 31, 2024 December 31, 2023 Due from Related Parties: Due from funds 1 $ 430 $ 299 Due from portfolio companies 48 40 Due from employees and former employees 106 110 Total Due from Related Parties $ 584 $ 449 Due to Related Parties: Due to Former Managing Partners and Contributing Partners 2 $ 406 $ 661 Due to funds 229 194 Due to portfolio companies 75 15 Total Due to Related Parties $ 710 $ 870 1 Includes $27 million and $37 million as of December 31, 2024 and December 31, 2023, respectively, related to a receivable from a fund in connection with the Company’s sale of a platform investment to such fund. The amount is payable to the Company over five years and is held at fair value. 2 Includes $175 million as of December 31, 2023 related to the AOG Unit Payment, which was payable in equal quarterly installments through December 31, 2024. Tax Receivable Agreement All Apollo Operating Group entities have made, or will make, an election under Section 754 of the U.S. Internal Revenue Code (“IRC”). 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 December 31, 2024, the outstanding payable amount due to Former Managing Partners and Contributing Partners was fully paid with no remaining amounts outstanding. Due from Employees and Former Employees As of December 31, 2024 and December 31, 2023, due from related parties includes various amounts due to Apollo, including employee loans and return of profit-sharing distributions. As of December 31, 2024 and December 31, 2023, the balance includes interest-bearing employee loans receivable of $4 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 on a specified date, either during the relevant employee’s tenure or at the date of the relevant employee’s resignation, in accordance with the contractual terms of each respective loan arrangement. 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 $94 million and $99 million at December 31, 2024 and December 31, 2023, respectively. Indemnity Certain of the performance revenues Apollo earns from funds may be subject to repayment by its subsidiaries that are general partners of the funds in the event that certain specified return thresholds are not ultimately achieved. The Former Managing Partners, Contributing Partners and certain other investment professionals have personally guaranteed, subject to certain limitations, the obligations of these subsidiaries in respect of this obligation. Such guarantees are several and not joint and are limited to a particular individual’s distributions. Apollo has agreed to indemnify each of the Former Managing Partners and certain Contributing Partners against all amounts that they pay pursuant to any of these personal guarantees in favor of certain funds that it manages (including costs and expenses related to investigating the basis for or objecting to any claims made in respect of the guarantees) for all interests that the Former Managing Partners and Contributing Partners contributed or sold to the Apollo Operating Group. Apollo recorded an indemnification liability of $0.4 million and $0.3 million as of December 31, 2024 and December 31, 2023, respectively. Due to Related Parties Based upon an assumed liquidation of certain of the funds Apollo manages, it has recorded a general partner obligation to return previously distributed performance allocations, which represents amounts due to certain funds. The obligation is recognized based upon an assumed liquidation of a fund’s net assets as of the reporting date. The actual determination and any required payment would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective governing document of the fund. Apollo recorded general partner obligations to return previously distributed performance allocations related to certain funds of $213 million and $174 million as of December 31, 2024 and December 31, 2023, respectively. Athora Apollo, through ISGI, provides investment advisory services to certain portfolio companies of funds managed by Apollo and Athora, a strategic liabilities platform that acquires or reinsures blocks of insurance business in the German and broader European life insurance market (collectively, the “Athora Accounts”). AAM and its subsidiaries had equity commitments outstanding to Athora of up to $331 million as of December 31, 2024, subject to certain conditions. Athora Sub-Advised Apollo provides sub-advisory services with respect to a portion of the assets in certain portfolio companies of funds managed by Apollo and the Athora Accounts. Apollo broadly refers to “Athora Sub-Advised” assets as those assets in the Athora Accounts which Apollo explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages. Apollo earns a base management fee on the aggregate market value of substantially all of the investment accounts of or relating to Athora and also a sub-advisory fee on the Athora Sub-Advised assets, which varies depending on the specific asset class. See “—Athora” in the Retirement Services section below for further details on Athene’s relationship with Athora. Regulated Entities and Affiliated Service Providers Apollo Global Securities, LLC (“AGS”) is a registered broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. AGS was in compliance with these requirements as of December 31, 2024. From time to time AGS, as well as other Apollo affiliates, provide services to related parties of Apollo, including Apollo funds and their portfolio companies, whereby the Company or its affiliates earn fees for providing such services. Griffin Capital Securities, LLC (“GCS”) is a registered broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. GCS was in compliance with these requirements as of December 31, 2024. MidCap Financial During the second quarter of 2023, the Company modified a performance allocation arrangement with MidCap Financial which included a reversal of unrealized performance allocations of $124 million. This resulted in a modification to the calculation of performance allocations beginning in June 2023 to be based solely on net income. Investment in SPACs Apollo previously sponsored and consolidated SPACs, as described below. In October 2020, APSG I, a SPAC sponsored by Apollo, completed an IPO, ultimately raising total gross proceeds of $817 million. APSG Sponsor, L.P., a subsidiary of Apollo, held Class B ordinary shares of APSG I, and consolidated it as a VIE. In May 2022, APSG I completed a business combination with American Express Global Business Travel. As a result of the business combination, Apollo no longer consolidates APSG I as a VIE. The deconsolidation resulted in an unrealized gain of $162 million, which includes $82 million of unrealized gains related to previously held Class B ordinary shares, which converted to Class A ordinary shares of the newly merged entity, presented in net gains from investment activities within Other income (loss) - Asset Management in the consolidated statements of operations for the year ended December 31, 2022. Apollo continues to hold a non-controlling interest in the merged entity at fair value, elected under the fair value option, which is primarily presented within Investments (Asset Management) in the consolidated statements of financial condition. On February 12, 2021, APSG II, a SPAC sponsored by Apollo, completed an IPO, raising total gross proceeds of $690 million. APSG Sponsor II, L.P., a subsidiary of Apollo, held Class B ordinary shares of APSG II, and consolidated APSG II as a VIE. In May 2023, APSG II amended its articles of association to extend the completion window for an initial business combination until February 12, 2024. Also in May 2023, shareholders holding an aggregate of 51,089,882 of APSG II’s Class A ordinary shares exercised their right to redeem their shares. The remaining 17,910,118 Class A ordinary shares were liquidated in November 2023. As a result, in the fourth quarter of 2023, the Company recognized a loss of $31 million. On July 13, 2021, Acropolis Infrastructure Acquisition Corp. (“Acropolis”), a SPAC sponsored by Apollo, completed an IPO, ultimately raising total gross proceeds of $345 million. Acropolis Infrastructure Acquisition Sponsor, L.P., a subsidiary of Apollo, held Class B common stock of Acropolis, and consolidated Acropolis as a VIE. In June 2023, Acropolis amended its certificate of incorporation to extend the completion window for an initial business combination until July 13, 2024. Also in June 2023, shareholders holding an aggregate of 26,499,201 shares of Acropolis’ Class A common stock exercised their right to redeem their shares. The remaining 8,000,799 shares of Class A common stock were liquidated in December 2023. As a result, in the fourth quarter of 2023, the Company recognized a loss of $9 million. The tables below present the financial information of these previously consolidated SPACs in the aggregate. Years ended December 31, (In millions) 2023 2022 Expenses: General, administrative and other $ 3 $ 8 Total Expenses 3 8 Other Income (Loss): Net gains (losses) from investment activities (15) 20 Interest income 27 13 Total Other Income (Loss) 12 33 Income (loss) before income tax provision 9 25 Income tax provision (2) (1) Net Income (Loss) 7 24 Net income attributable to non-controlling interests (41) — Net Income (Loss) Attributable to Apollo Global Management, Inc. (34) 24 Retirement Services AAA Athene consolidates AAA as a VIE and AAA holds the majority of Athene’s alternative investment portfolio. Apollo established AAA to provide a single vehicle through which investors may 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, and (3) Athene provides Athora with a right of first refusal to pursue acquisition and reinsurance transactions in Europe (other than 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 December 31, 2024, Athene had not exercised its right of first refusal to reinsure liabilities ceded to Athora’s insurance or reinsurance subsidiaries. The following table summarizes Athene’s investments in Athora: (In millions) December 31, 2024 December 31, 2023 Investment fund $ 1,033 $ 1,082 Non-redeemable preferred equity and corporate debt securities 277 249 Total investment in Athora $ 1,310 $ 1,331 Additionally, as of December 31, 2024 and 2023, Athene had $57 million and $61 million, respectively, of funding agreements outstanding to Athora. Athene also has commitments to make additional investments in Athora of $502 million as of December 31, 2024. Atlas Athene has an equity investment in Atlas, an asset-backed specialty lender, through its investment in AAA and, as of December 31, 2024 and 2023, Athene held $3.2 billion and $1.0 billion, respectively, of AFS securities issued by Atlas. Athene also held $724 million and $921 million of reverse repurchase agreements issued by Atlas as of December 31, 2024 and December 31, 2023, respectively. As of December 31, 2024, Athene has commitments to make additional investments in Atlas of $3.0 billion. Additionally, see note 19 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 common and preferred equity interests in Catalina. During the third quarter of 2024, Athene distributed $141 million of its investment in Apollo Rose representing Catalina common equity interests, which is subsequently held by 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 $221 million and $330 million as of December 31, 2024 and 2023, respectively, which is included in other liabilities on the 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 December 31, 2024, Athene had a reinsurance recoverable balance of $4.3 billion related to this agreement. Skylign Athene has investments in Skylign Aviation Holdings, LP (“Skylign”), a leading aviation finance group focused on aviation lending and leasing, both directly through notes issued by PK AirFinance, a subsidiary of Skylign, and indirectly through AAA, as Athene contributed certain of its investments in PK AirFinance to AAA during the second quarter of 2022. As of December 31, 2024 and 2023, Athene held $1.6 billion and $1.6 billion, respectively, of Skylign senior notes, which are included in investments in related parties on the consolidated statements of financial condition. Athene has commitments to make additional investments in Skylign of $40 million as of December 31, 2024. Venerable VA Capital Company LLC (“VA Capital”) is owned by a consortium of investors, led by affiliates of Apollo, Crestview Partners III Management, LLC and Reverence Capital Partners L.P., and is the parent of Venerable. Athene has a minority equity investment in VA Capital, which was $178 million and $181 million as of December 31, 2024 and 2023, respectively, that is included in investments in related parties on the consolidated statements of financial condition and accounted for as an equity method investment. Additionally, during the year ended December 31, 2024, Athene purchased an interest in AP Violet ATH Holdings, LP from Athora. Athene consolidated AP Violet ATH Holdings, L.P. as of December 31, 2024 and its investment of $106 million primarily represents an interest in VA Capital. 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 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 consolidated statements of financial condition. The loans are held at fair value and were $331 million and $343 million as of December 31, 2024 and 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 indirectly through its investment in AAA. As of December 31, 2024 and 2023, Athene also owned $1.0 billion and $1.0 billion, respectively, of AFS securities issued by Wheels, which are included in investments in related parties on the consolidated statements of financial condition. Athene also has commitments to make additional investments in Wheels of $100 million as of December 31, 2024. Apollo/Athene Dedicated Investment Programs Athene’s subsidiary, ACRA 1 is partially owned by ADIP I, a series of funds managed by Apollo. Athene’s subsidiary, ALRe, currently directly holds 37% of the economic interests in ACRA 1 and all of ACRA 1’s voting interests, with ADIP I holding the remaining 63% of the economic interests. ACRA 2 is partially owned by ADIP II, a fund managed by Apollo. ADIP II owns 63% of the economic interests in ACRA 2, with ALRe directly owning the remaining 37% of the economic interests. ALRe holds all of ACRA 2’s voting interests. Athene received capital contributions and paid distributions relating to ACRA of the following: Years ended December 31, (In millions) 2024 2023 2022 Contributions from ADIP $ 954 $ 996 $ 1,047 Distributions to ADIP (920) (539) (63) During the fourth quarter of 2024, Athene purchased investments in ADIP I and ADIP II. As of December 31, 2024 , Athene held investments in ADIP of $238 million, which are accounted for as equity method investments and included investments in related parties on the consolidated statements of financial condition. As of December 31, 2024 , Athene has commitments to make additional investments in ADIP of $324 million.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	19. Commitments and Contingencies Investment Commitments The Company has unfunded capital commitments of $564 million as of December 31, 2024 related to the funds it manages. Separately, Athene had commitments to make investments, inclusive of related party commitments discussed previously and those of its consolidated VIEs, of $24.0 billion as of December 31, 2024. Athene’s commitments primarily include capital contributions to investment funds and mortgage loan commitments. 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 December 31, 2024 and that could be reversed approximates $5.5 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 December 31, 2024, there were no open underwriting commitments. The Company, along with a third-party institutional investor, has committed to provide financing to a consolidated VIE that invests across Apollo’s capital markets platform (such VIE, the “Apollo Capital Markets Partnership”). Pursuant to these arrangements, the Company has committed equity financing to the Apollo Capital Markets Partnership. The Apollo Capital Markets Partnership also has a revolving credit facility with Sumitomo Mitsui Banking Corporation, as lead arranger, administrative agent and letter of credit issuer, Mizuho Bank Ltd., and other lenders party thereto, pursuant to which it may borrow up to $2.5 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 December 31, 2024, the Apollo Capital Markets Partnership had funded commitments of $1.2 billion, on a net basis, to transactions across Apollo’s capital markets platform, all of which were funded through the revolving credit facility and other asset-based financing. No capital had been funded by the Company to the Apollo Capital Markets Partnership pursuant to its commitment. Whether the commitments of the Apollo Capital Markets Partnership are actually funded, in whole or in part, depends on the contractual terms of such commitments, including the satisfaction or waiver of any conditions to closing or funding. It is expected that between the time the Apollo Capital Markets Partnership makes a commitment and funding of such commitment, efforts will be made to syndicate such commitment to, among others, third parties, which should reduce its risk when committing to certain transactions. The Apollo Capital Markets Partnership may also, with respect to a particular transaction, enter into other arrangements with third parties which reduce its commitment risk. In connection with the acquisition of Stone Tower in 2012, Apollo agreed to pay its former owners a specified percentage of future performance revenues earned from certain of its funds, CLOs, and strategic investment accounts. This obligation was determined based on the present value of estimated future performance revenue payments and is recorded in other liabilities. The fair value of the remaining contingent obligation was $67 million and $67 million as of December 31, 2024 and December 31, 2023, respectively. This contingent consideration obligation is remeasured to fair value at each reporting period until the obligations are satisfied. The changes in the fair value of the Stone Tower contingent consideration obligation is reflected in profit sharing expense within compensation and benefits in the 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. As of December 31, 2023, the fair value of the remaining contingent obligation was $26 million. 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. As of December 31, 2024, the remaining contingent obligation based on the specified AUM threshold was not met and the contingent obligation expired without satisfaction, therefore, there is no remaining contingent obligation outstanding. The Company recorded a loss of $58 million related to these contingent obligations in 2024. The changes in the fair value of the Griffin Capital contingent consideration obligation were reflected in other income (loss) in the consolidated statements of income through December 31, 2024. 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 December 31, 2024 and 2023, Athene had $15.6 billion and $6.5 billion, respectively, of FHLB funding agreements outstanding. Athene is required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties. Athene has a funding agreement backed notes (“FABN”) program, which allows Athene Global Funding, a special purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes. Athene Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from Athene. As of December 31, 2024 and 2023, Athene had $24.1 billion and $19.9 billion, respectively, of FABN funding agreements outstanding. Athene had $10.2 billion of board-authorized FABN capacity remaining as of December 31, 2024. Athene also issues secured and other funding agreements. Secured funding agreements involve special-purpose, unaffiliated entities entering into repurchase agreements with a third party, the proceeds of which are used by the special-purpose entities to purchase funding agreements from Athene. As of December 31, 2024 and 2023, Athene had $14.8 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 consolidated statements of financial condition are as follows: (In millions) December 31, 2024 December 31, 2023 AFS securities $ 46,337 $ 32,458 Trading securities 1,665 139 Equity securities 286 80 Mortgage loans 27,883 14,257 Investment funds 777 409 Derivative assets 91 73 Short-term investments 2 153 Other investments 1,507 313 Restricted cash and cash equivalents 953 1,761 Total restricted assets $ 79,501 $ 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 December 31, 2024. These letters of credit were issued for Athene’s reinsurance program and have expirations through May 22, 2028. Atlas In connection with the Company and CS’s previously announced transaction, whereby Atlas acquired certain assets of the CS Securitized Products Group, two subsidiaries of the Company have each issued an assurance letter to CS to guarantee the full five year deferred purchase obligation of Atlas in the amount of $3.3 billion. In March 2024, in connection with Atlas concluding its investment management agreement with CS, the deferred purchase obligation amount was reduced to $2.5 billion. In addition, certain strategic investors have made equity commitments to Atlas which therefore obligates these investors for a portion of the deferred purchase obligation. The Company’s guarantee is not probable of payment, therefore, there is no liability on the Company’s 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. AGM and the defendants filed answers to the Amended Complaint on November 25, 2024.  On October 28, 2024, the AGM board of directors adopted resolutions forming a Special Litigation Committee (the “SLC”) comprising directors whom the board determined to be independent and disinterested. The AGM board of directors delegated to the SLC, among other things, the full and exclusive power and authority of the board to investigate, review and evaluate the facts and circumstances asserted in the litigation and determine whether pursuing the litigation is in the best interests of AGM and its stockholders. Pursuant to an order of the court, all proceedings in the litigation are stayed until May 8, 2025, to allow the SLC to complete its investigation. 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. As previously disclosed, certain of Apollo’s investment adviser subsidiaries received a request for information and documents from the SEC in connection with an industry sweep concerning compliance with record retention requirements relating to business communications sent or received via electronic messaging channels. Apollo reached a settlement with the SEC in January 2025 to resolve this matter, paying a civil monetary penalty of $8.5 million, reflected in general, administrative and other in the consolidated statement of operations for the year ended December 31, 2024. As the SEC acknowledged, before the investigation started, Apollo pursued and began implementing technological solutions to permit its personnel to send and receive text messages and chats in a compliant manner. 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 made the Liquidation Order effective on November 30, 2024. Guaranty associations began levying assessments and we expect those assessments to continue for the foreseeable future. During the year ended December 31, 2024, Athene recorded guaranty association expenses related to the BLIC and CBLIC insolvencies of $152 million, which is net of $11 million that Athene expects to recover through future premium tax credits. As of December 31, 2024, the consolidated statements of financial condition include a liability of $18 million based on the current best estimate of assessments Athene expects to receive related to these insolvencies. The actual amount of assessments levied against Athene in connection with the BLIC and CBLIC insolvencies may vary from this estimate.

Statutory Requirements

Statutory Requirements	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Statutory Requirements	9. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 11 for more information on Athene’s products. DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional Deferred Annuities Indexed Annuities Funding Agreements Other Investment-Type Indexed Annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 320 784 14 9 411 — 1,538 Amortization (16) (29) (3) — (12) (384) (444) Balance at December 31, 2022 304 755 11 9 399 2,988 4,466 Additions 701 863 3 3 634 — 2,204 Amortization (115) (101) (4) (1) (63) (404) (688) Other — — — — — (3) (3) Balance at December 31, 2023 890 1,517 10 11 970 2,581 5,979 Additions 519 945 42 1 630 — 2,137 Amortization (249) (184) (12) (1) (124) (371) (941) Other (2) — — — — — (2) Balance at December 31, 2024 $ 1,158 $ 2,278 $ 40 $ 11 $ 1,476 $ 2,210 $ 7,173 Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds, including traditional deferred annuities and indexed annuities, are amortized on a constant-level basis for a cohort of contracts using initial premium or deposit. Significant inputs and assumptions are required for determining the expected duration of the cohort and involves using accepted actuarial methods to determine decrement rates related to policyholder behavior for lapses, withdrawals (surrenders) and mortality. The assumptions used to determine the amortization of DAC and DSI are consistent with those used to estimate the related liability balance. Deferred costs related to investment contracts without significant revenue streams from sources other than investment of policyholder funds are amortized using the effective interest method, which primarily includes funding agreements. The effective interest method requires inputs to project future cash flows, which for funding agreements includes contractual terms of notional value, periodic interest payments based on either fixed or floating interest rates, and duration. For other investment-type contracts which include immediate annuities and assumed endowments without significant mortality risks, assumptions are required related to policyholder behavior for lapses and withdrawals (surrenders). The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2025 $ 295 2026 261 2027 227 2028 194 2029 167 20. Statutory Requirements Athene’s insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate, including Bermuda and the U.S. Certain regulations include restrictions that limit the dividends or other distributions, such as loans or cash advances, available to stockholders without prior approval of the insurance regulatory authorities. The differences between financial statements prepared for insurance regulatory authorities and U.S. GAAP financial statements vary by jurisdiction. Bermuda Statutory Requirements ALRe, AARe, Athene Co-Invest Reinsurance Affiliate 1A Ltd. (“ACRA 1A”) and Athene Co-Invest Reinsurance Affiliate 2A Ltd. (“ACRA 2A”) are each licensed by the Bermuda Monetary Authority (the “BMA”) as long-term insurers and are subject to the Insurance Act 1978, as amended (the “Bermuda Insurance Act”) and regulations promulgated thereunder. The BMA implemented the Economic Balance Sheet (the “EBS”) framework into the Bermuda Solvency Capital Requirement (“BSCR”), which was granted equivalence to the European Union’s Directive (2009/138/EC) (“Solvency II”). Amounts reported for Bermuda entities within these statutory disclosures exclude the impact of any deferred taxes on the EBS or statutory bases resulting from the enactment of Bermuda CIT. Under the Bermuda Insurance Act, long-term insurers are required to maintain minimum statutory capital and surplus to meet the minimum margin of solvency (“MMS”) and minimum economic statutory capital and surplus (EBS capital and surplus) to meet the Enhanced Capital Requirement (“ECR”). For Athene’s Class C reinsurers, ACRA 1A and ACRA 2A, MMS is equal to the greater of $500,000, 1.5% of the total statutory assets or 25% of ECR. For Athene’s Class E reinsurers, ALRe and AARe, MMS is equal to the greater of $8 million, 2% of the first $500 million of statutory assets plus 1.5% of statutory assets above $500 million or 25% of ECR. For each class, the ECR is calculated based on a risk-based capital model where risk factor charges are applied to the EBS. The ECR is floored at the MMS. As of December 31, 2024, Athene’s Bermuda subsidiaries were in excess of the minimum levels required. For Athene’s Bermuda reinsurance subsidiaries, the ECR is the binding regulatory constraint. The following represents the EBS capital and surplus and BSCR ratios: December 31, 2024 2023 (In millions, except percentages) EBS capital & surplus BSCR ratio EBS capital & surplus BSCR ratio ALRe $ 23,547 420 % $ 18,245 233 % AARe 27,693 238 % 26,647 291 % ACRA 1A 3,866 165 % 5,296 219 % ACRA 2A 4,277 176 % 3,717 353 % Under the Bermuda statutory framework, statutory financial statements are generally equivalent to U.S. GAAP financial statements, with the exception of prudential filters and permitted practices granted by the BMA. Athene’s Bermuda subsidiaries have permission in the statutory financial statements to use amortized cost instead of fair value as the basis for certain investments. Additionally, Athene’s Bermuda subsidiaries use U.S. statutory reserving principles for the calculation of insurance reserves instead of U.S. GAAP, subject to the reserves being proved adequate based on cash flow testing. The following represents the effect of the permitted practices to the statutory financial statements: December 31, 2024 (In millions) ALRe AARe ACRA 1A ACRA 2A Increase (decrease) to capital and surplus due to permitted practices $ (5) $ 6,119 $ 3,768 $ 51 Increase (decrease) to statutory net income due to permitted practices 973 (2,695) 54 515 Under the Bermuda Insurance Act, Athene’s Bermuda subsidiaries are prohibited from paying a dividend in an amount exceeding 25% of the prior year’s statutory capital and surplus, unless at least two members of the companies’ respective board of directors and its principal representative in Bermuda sign and submit to the BMA an affidavit attesting that a dividend in excess of this amount would not cause the subsidiary to fail to meet its relevant margins. In certain instances, the Bermuda subsidiary would also be required to provide prior notice to the BMA in advance of the payment of dividends. In the event that such an affidavit is submitted to the BMA, and further subject to meeting the MMS and ECR requirements, a Bermuda subsidiary is permitted to distribute up to the sum of 100% of statutory surplus and an amount less than 15% of statutory capital. Distributions in excess of this amount require the approval of the BMA. The following represents the maximum distribution Athene’s Bermuda subsidiaries would be permitted to remit to its parent without the need for prior approval: December 31, (In millions) 2024 2023 ALRe $ 10,112 $ 7,023 AARe 10,207 8,012 ACRA 1A 1,044 1,614 ACRA 2A 877 30 U.S. Statutory Requirements Athene’s primary regulated U.S. subsidiaries and the corresponding insurance regulatory authorities are as follows: Subsidiary Regulatory Authority AAIA Iowa Insurance Division AANY New York Department of Financial Services Athene Re USA IV State of Vermont Department of Financial Regulation On October 11, 2024, Athene Annuity & Life Assurance Company (“AADE”) merged with and into AAIA, with AAIA as the surviving entity following the receipt of all required regulatory approvals. Prior year amounts relating to AAIA below have been restated to reflect the effect of the merger. Each entity’s statutory statements are presented on the basis of accounting practices determined by the respective regulatory authority. The regulatory authority recognizes only statutory accounting practices prescribed or permitted by the corresponding state for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under insurance law. The maximum dividend these subsidiaries can pay to stockholders, without prior approval of the respective state insurance department, is subject to restrictions relating to statutory surplus or net gain from operations. The maximum dividend payment over a twelve-month period may not, without prior approval, be paid from a source other than earned surplus and may not exceed the greater of (1) the prior year’s net gain from operations or (2) 10% of prior year’s policyholders’ surplus. Based on these restrictions, the maximum dividend AAIA, and its predecessor by merger AADE, could pay to its parent absent regulatory approval was $0 million as of each of December 31, 2024 and December 31, 2023. Any dividends from AHL’s other U.S. statutory entities in excess of the amounts allowed for AAIA would not be able to be remitted to its parent without regulatory approval from the Iowa Insurance Division. As of December 31, 2024, Athene’s U.S. subsidiaries’ solvency, liquidity and risk-based capital amounts were significantly in excess of the minimum levels required. In some instances, the states of domicile of U.S. subsidiaries have adopted prescribed accounting practices that differ from the required accounting outlined in NAIC Statutory Accounting Principles (“SAP”). These subsidiaries also have certain accounting practices permitted by the states of domicile that differ from those found in NAIC SAP. These prescribed and permitted practices are described as follows: AAIA Among the products issued by AAIA are indexed universal life insurance and fixed indexed annuities. These products allow a portion of the premium to earn interest based on certain indices, including the S&P 500 and other bespoke indices. Athene purchases call options, futures and variance swaps to hedge the growth in interest credited to the customer as a direct result of increases in the related index. The Iowa Insurance Division allows an insurer to elect (1) to use an amortized cost method to account for certain derivative instruments, such as call options, purchased to hedge the growth in interest credited to the customer on indexed insurance products and (2) to use an indexed annuity reserve calculation methodology under which call options associated with the current index interest crediting term are valued at zero. AAIA has elected to apply this option to its over-the-counter call options and reserve liabilities. As a result, AAIA’s statutory surplus increased by $38 million and decreased by $2 million as of December 31, 2024 and December 31, 2023, respectively. Athene Re USA IV AAIA has ceded the AmerUs Closed Block to Athene Re USA IV on a 100% funds withheld basis. A permitted practice in the State of Vermont allows Athene Re USA IV to include as admitted assets the face amount of all issued and outstanding letters of credit used to fund its reinsurance obligations to AAIA in its statutory financial statements. If Athene Re USA IV had not followed this permitted practice, then it would not have exceeded authorized control level risk-based capital requirements. As of December 31, 2024 and December 31, 2023, Athene Re USA IV included as admitted assets $86 million and $96 million, respectively, related to the outstanding letters of credit. Statutory capital and surplus and net income (loss) The following table presents, for each of Athene’s primary insurance subsidiaries, the statutory capital and surplus and the statutory net income (loss), based on the most recent statutory financial statements to be filed with insurance regulators: Statutory capital & surplus Statutory net income (loss) December 31, Years ended December 31, (In millions) 2024 2023 2024 2023 2022 ALRe $ 17,623 $ 14,474 $ 3,140 $ 832 $ 937 AARe 21,049 17,773 2,910 408 1,329 ACRA 1A 4,521 5,092 841 297 (87) ACRA 2A 4,569 1,952 877 (759) (2) AAIA 3,899 3,306 949 (79) (486) AANY 318 290 25 (3) (23)

Segments

Segments	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segments	21. 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 (“CODM”) to assess performance and to allocate resources. AGM’s CEO is the CODM, who is also solely responsible for decisions related to the allocation of resources on a company-wide basis. For each segment, the CODM uses the key measure of Segment Income to allocate resources (including employees, financial or capital resources) to that segment in the annual budget and forecasting process. 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 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. Years ended December 31, (In millions) 2024 2023 2022 Asset Management Management fees 1 $ 2,776 $ 2,480 $ 2,134 Capital solutions fees and other, net 668 538 414 Fee-related performance fee 208 146 72 Fee-related compensation (925) (835) (754) Other operating expenses (664) (561) (456) Fee Related Earnings 2,063 1,768 1,410 Retirement Services Fixed income and other net investment income 10,805 8,739 5,706 Alternative net investment income 939 864 1,206 Strategic capital management fees 105 72 53 Cost of funds (7,702) (5,650) (3,755) Other operating expenses (458) (481) (462) Interest and other financing costs (465) (436) (279) Spread Related Earnings 3,224 3,108 2,469 Principal Investing Realized performance fees 2 921 742 595 Realized investment income 74 (2) 330 Principal investing compensation (664) (601) (585) Other operating expenses (60) (56) (56) Principal Investing Income 271 83 284 Segment Income $ 5,558 $ 4,959 $ 4,163 Years ended December 31, (In millions) 2024 2023 2022 Segment Revenue Asset Management 1 $ 3,652 $ 3,164 $ 2,620 Retirement Services 11,849 9,675 6,965 Principal Investing 2 995 740 925 Total Segment Revenue $ 16,496 $ 13,579 $ 10,510 Segment Assets December 31, 2024 December 31, 2023 Asset Management $ 2,286 $ 1,938 Retirement Services 355,683 294,730 Principal Investing 10,473 9,573 Total Assets $ 368,442 $ 306,241 1 Includes intersegment management fees from Retirement Services of $1,223 million, $955 million and $764 million for the years ended December 31, 2024, 2023 and 2022, respectively. 2 Includes intersegment realized performance fees from Retirement Services of $30 million and $20 million for the years ended December 31, 2024 and 2023, respectively. The following presents the reconciliation of Segment Income and Segment Revenue to income (loss) before income tax (provision) benefit and total revenues reported in the consolidated statements of operations: Years ended December 31, (In millions) 2024 2023 2022 Segment Income $ 5,558 $ 4,959 $ 4,163 Asset Management Adjustments: Equity-based profit sharing expense and other 1,6 (321) (239) (276) Equity-based compensation (308) (236) (185) Special equity-based compensation and other charges — (438) — Transaction-related charges 2 (180) (32) 42 Merger-related transaction and integration costs 3 (30) (27) (70) Gains (losses) from change in tax receivable agreement liability 42 (13) (26) Net income (loss) attributable to non-controlling interests in consolidated entities 1,840 1,556 (1,499) Unrealized performance fees 6 264 127 2 Unrealized profit sharing expense 6 (145) (179) (20) HoldCo interest and other financing costs 4 (80) (88) (122) Unrealized principal investment (income) loss 6 (9) 88 (176) Unrealized net gains (losses) from investment activities and other 6 30 (26) 144 Retirement Services Adjustments: Investment gains (losses), net of offsets 217 170 (7,467) Non-operating change in insurance liabilities and related derivatives 5 846 182 1,433 Integration, restructuring and other non-operating expenses (239) (130) (133) Equity-based compensation (50) (88) (56) Income (loss) before income tax (provision) benefit $ 7,435 $ 5,586 $ (4,246) 1 Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are required to be used by employees of Apollo to purchase restricted shares of common stock or is delivered in the form of RSUs, which are granted under the Equity Plan. Equity-based profit sharing expense and other also includes performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense. 2 Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges. 3 Merger-related transaction and integration costs includes advisory services, technology integration, equity-based compensation charges and other costs associated with the Mergers. 4 Represents interest and other financing costs related to AGM not attributable to any specific segment. 5 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits. 6 Represents adjustments that primarily impact the Principal Investing segment. Years ended December 31, (In millions) 2024 2023 2022 Segment Revenues $ 16,496 $ 13,579 $ 10,510 Asset Management Adjustments: Adjustments related to consolidated funds and VIEs 1 525 362 (364) Performance fees 2 273 126 (2) Principal investment income (loss) 2 7 102 (136) Equity awards granted by unconsolidated related parties, reimbursable expenses and other 1 479 331 199 Retirement Services Adjustments: Premiums, product charges, investment related gains (losses) and other retirement services revenue 3 4,398 15,616 (378) Change in fair value of reinsurance assets 129 (86) (333) Forward points adjustment on FX derivative hedges (133) (187) (125) Held-for-trading amortization 108 191 228 Reinsurance impacts 223 264 41 ACRA non-controlling interests on net investment earnings 3,864 2,377 1,505 Other retirement services adjustments (255) (31) (177) Total Revenues $ 26,114 $ 32,644 $ 10,968 1 Represents advisory fees, management fees and performance fees earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements. 2 Represents adjustments that primarily impact the Principal Investing segment. 3 Refer to the consolidated statement of operations for breakout of individual items. The following table presents the reconciliation of the Company’s total reportable segment assets to total assets: (In millions) December 31, 2024 December 31, 2023 Total reportable segment assets $ 368,442 $ 306,241 Adjustments 1 9,453 7,247 Total assets $ 377,895 $ 313,488 1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments. Geographic Information The Company conducts its asset management business primarily in the United States with domestically generated revenues making up 58%, 66% and 57% of total asset management GAAP revenues for the years ended December 31, 2024, 2023 and 2022, respectively. The table below presents the percentage of total asset management GAAP revenues generated from external customers attributed to the Company’s region of domicile and attributed to all foreign regions which the public entity derives its revenues. Revenues attributed to a geographic region are generally based on the country of domicile of the Apollo funds. Years ended December 31, 2024 2023 2022 Asset Management Americas 88 % 91 % 86 % Europe, Middle East and Africa 11 8 12 Asia-Pacific 1 1 2 100 % 100 % 100 %

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	22. Subsequent Events Dividends On February 4, 2025, the Company declared a cash dividend of $0.4625 per share of common stock, which will be paid on February 28, 2025 to holders of record at the close of business on February 18, 2025. On February 4, 2025, 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 April 30, 2025 to holders of record at the close of business on April 15, 2025. Bridge Acquisition On February 23, 2025, the Company entered into a definitive agreement for Apollo to acquire Bridge Investment Group Holdings Inc. (“Bridge”) in an all-stock transaction. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions, including approval by a majority of Bridge shareholders, and the receipt of regulatory approvals.

Schedule I_Condensed Financial

Schedule I—Condensed Financial Information of Registrant (Parent Company Only)	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Schedule I—Condensed Financial Information of Registrant (Parent Company Only)	(In millions, except share data) As of As of Assets Cash $ 657 $ 987 Investments 19,124 13,736 Due from subsidiaries 148 431 Goodwill 1 1 Other assets 355 398 Total Assets $ 20,285 $ 15,553 Liabilities and Equity Liabilities Accounts payable, accrued expenses, and other liabilities $ 234 $ 84 Due to subsidiaries 487 350 Debt 2,311 1,075 Total Liabilities $ 3,032 $ 1,509 Equity Mandatory Convertible Preferred Stock, 28,749,765 and 28,750,000 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 1,398 1,398 Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 565,738,933 and 567,762,932 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively — — Additional paid in capital 15,327 15,249 Retained earnings (accumulated deficit) 6,022 2,972 Accumulated other comprehensive income (loss) (5,494) (5,575) Total Equity 17,253 14,044 Total Liabilities and Equity $ 20,285 $ 15,553 See accompanying notes to condensed financial information of registrant (parent company only) Years ended December 31, (In millions) 2024 2023 2022 Revenues Investment income (loss) $ 4,932 $ 4,646 $ (2,250) Total Revenues 4,932 4,646 (2,250) Expenses Interest expense 128 27 2 General, administrative and other 32 26 33 Total Expenses 160 53 35 Other income (loss) Other income (loss), net 13 41 11 Total Other income (loss) 13 41 11 Income (loss) before income tax (provision) benefit 4,785 4,634 (2,274) Income tax (provision) benefit (208) 413 313 Net income (loss) attributable to Apollo Global Management, Inc. 4,577 5,047 (1,961) Preferred stock dividends (97) (46) — Net income (loss) attributable to Apollo Global Management, Inc. common stockholders $ 4,480 $ 5,001 $ (1,961) See accompanying notes to condensed financial information of registrant (parent company only) Years ended December 31, (In millions) 2024 2023 2022 Cash Flows from Operating Activities Net cash provided by (used in) operating activities $ (23) $ (63) $ 36 Cash Flows from Investing Activities Contributions to subsidiaries $ (71) $ (1,250) $ — Distributions from subsidiaries 453 1,166 2,016 Due from subsidiaries, net 209 147 (579) Net cash provided by investing activities $ 591 $ 63 $ 1,437 Cash Flows from Financing Activities Preferred stock dividends $ (97) $ (22) $ — Common stock dividends (1,092) (1,012) (916) Issuance of debt 1,250 1,100 — Payment of debt issuance cost (17) (25) — Issuance of Mandatory Convertible Preferred stock, net of issuance costs — 1,398 — Repurchase of common stock (890) (561) (635) Due to subsidiaries, net (52) 109 78 Net cash provided by (used in) financing activities $ (898) $ 987 $ (1,473) Net Increase (Decrease) in Cash and Cash Equivalents (330) 987 — Cash and Cash Equivalents, Beginning of Period 987 — — Cash and Cash Equivalents, End of Period $ 657 $ 987 $ — Supplemental Disclosure of Cash Flow Information Cash paid for taxes $ 37 $ 37 $ 55 Cash paid for interest 100 14 — See accompanying notes to condensed financial information of registrant (parent company only) 1. Basis of Presentation The accompanying condensed financial statements of Apollo Global Management Inc. (“AGM”) should be read in conjunction with the consolidated financial statements and notes of AGM and its subsidiaries (“consolidated financial statements”). For purposes of these condensed financial statements, AGM’s wholly owned and majority owned subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated. The investments in subsidiaries are recorded on the condensed statements of financial condition. The income from subsidiaries is reported on a net basis as equity earnings of subsidiaries on the condensed statements of operations. 2. Intercompany Transactions Unsecured Revolving Notes Receivable – AGM has unsecured revolving notes receivable from its subsidiaries Apollo Asset Management (“AAM”) and Athene Holding Ltd. (“AHL”). The note from AAM accrues interest at a rate per annum equal to the U.S. short-term federal rate applicable at the time the proceeds are loaned and the balance is due at AGM’s request. The note from AAM had an outstanding net receivable balance of $121 million and $431 million as of December 31, 2024 and 2023, respectively. The note from AHL has a borrowing capacity of $500 million. Interest accrues at a rate per annum, equal to the U.S. mid-term applicable federal rate, and the balance is due on December 13, 2025, or earlier at AGM’s request. There was no outstanding balance on the note from AHL as of December 31, 2024 and 2023. Unsecured Revolving Note Payable – In addition to the unsecured revolving notes receivable described above, AGM has an unsecured revolving note payable to its subsidiary AHL. The note to AHL has a borrowing capacity of $500 million. Interest accrues at a rate per annum, equal to the U.S. mid-term applicable federal rate, and the balance is due on December 13, 2025, or earlier at AHL’s request. The note had an outstanding balance of $142 million and $109 million as of December 31, 2024 and 2023, respectively. 3. Dividends During the years ended December 31, 2024, 2023 and 2022, AGM received $452 million, $1,082 million and $1,897 million, respectively, of dividends from its subsidiaries. See note 20 – “Statutory Requirements” to the consolidated financial statements for additional information on subsidiary dividend restrictions. 4. Debt and Guarantees See note 14 – “Debt” and note 19 – “Commitments and Contingencies” to the consolidated financial statements for additional information on the Company’s debt and guarantees. 5. Equity See note 16 – “Equity” to the consolidated financial statements for additional information on the Company’s 6.75% Series A Mandatory Convertible Preferred Stock.

Schedule II_Valuation and Quali

Schedule II—Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II—Valuation and Qualifying Accounts	(In millions) Additions Description Balance at beginning of year Charged to costs and expenses Assumed through acquisitions Deductions Balance at end of year Reserves deducted from assets to which they apply Year ended December 31, 2024 Valuation allowance on deferred tax assets 33 42 — — 75 Year ended December 31, 2023 Valuation allowance on deferred tax assets 105 156 — (228) 33 Year ended December 31, 2022 Valuation allowance on deferred tax assets — 53 66 (14) 105

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,577	$ 5,047	$ (1,961)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	AGM’s board of directors is involved in overseeing the Company’s risk management program, including with respect to cybersecurity, which is a critical component of the Company’s overall approach to enterprise risk management (“ERM”). For additional information about our risk management framework, see “Part II—Item 7A. Quantitative and Qualitative Disclosures About Market Risk—Risk Management Framework.” Our cybersecurity policies and practices are fully integrated into our ERM framework through our reporting, risk management and oversight channels and are based, in part, on recognized frameworks established by the National Institute of Standards and Technology, the International Organization for Standardization and other applicable industry standards. As one of the critical elements of the Company’s overall ERM approach, the Company’s cybersecurity program is focused on the following key areas: • Governance. As discussed further under the heading “Cybersecurity Governance”, our board of directors has an oversight role, as a whole and also at the committee level, in overseeing management of AGM’s risks, including our cybersecurity risks. AGM’s Chief Information Security Officer (“CISO”) and AHL’s CISO, with support from the broader Technology team, are responsible for information security strategy, policies and practices. • Collaborative Approach. The Company utilizes a cross-functional approach involving stakeholders across multiple departments, including Compliance, Legal, Technology, Operations, Risk and others, aimed at identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of potentially material cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner. • Technical Safeguards. The Company deploys technical safeguards that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved on an ongoing basis using vulnerability assessments and cybersecurity threat intelligence. • Incident Response and Recovery Planning . The Company has established and maintains incident response and recovery plans that address the Company’s response to a cybersecurity incident, and such plans are tested and evaluated on a regular basis. • Third-Party Risk Management. The Company maintains a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of the Company’s systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. • Education and Awareness. The Company provides regular, mandatory training for personnel regarding cybersecurity threats to equip the Company’s personnel with effective tools to help mitigate cybersecurity threats, and to communicate the Company’s evolving information security policies, standards, processes and practices. The Company engages in the periodic assessment and testing of the Company’s policies and practices that are designed to address cybersecurity threats and incidents. These efforts include a wide range of activities, including audits, assessments, tabletop exercises, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures. The Company regularly engages third parties, including auditors and consultants, to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits and reviews are reported to the Company’s risk management function, and the Company adjusts its cybersecurity policies and practices as necessary based on the information provided by these assessments, audits and reviews. Cybersecurity threat risks have not materially affected the Company, including our business strategy, results of operations or financial condition. For further discussion of the risks we face from cybersecurity threats, including those that could materially affect the Company, see “Item 1A. Risk Factors—Operating Risks—
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	AGM’s board of directors is involved in overseeing the Company’s risk management program, including with respect to cybersecurity, which is a critical component of the Company’s overall approach to enterprise risk management (“ERM”). For additional information about our risk management framework, see “Part II—Item 7A. Quantitative and Qualitative Disclosures About Market Risk—Risk Management Framework.” Our cybersecurity policies and practices are fully integrated into our ERM framework through our reporting, risk management and oversight channels and are based, in part, on recognized frameworks established by the National Institute of Standards and Technology, the International Organization for Standardization and other applicable industry standards.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	In our asset management business, our board of directors’ oversight of cybersecurity risk management is supported by the audit committee of the AGM Board of Directors (the “AGM Audit Committee”), the AAM Global Risk Committee (“AGRC”), the Operational Risk Forum (the “ORF”), the Cybersecurity Working Group and management. Our board of directors, the AGM Audit Committee, the AGRC, the ORF and the Cyber Security Working Group receive regular updates on Apollo’s information technology, cybersecurity risk profile and strategy, and risk mitigation plans from the Company’s risk management professionals, the Company’s Chief Security Officer (“CSO”), CISO, other members of management and relevant management committees and working groups. The Cyber Security Working Group is chaired by the CISO and has representation from Technology, Legal, Compliance, and ERM. The group meets at least once a quarter to discuss cybersecurity and risk mitigation activities, among other topics. The CISO regularly reports to the ORF regarding cyber risk, and the ORF in turn reports to the AGRC on a quarterly basis, noting any cyber updates when necessary or appropriate. In turn, the AGM board and/or the AGM Audit Committee receive quarterly risk updates from our risk management professionals, as well as at least annual updates on cyber risk specifically. The full AGM board or the AGM Audit Committee receives presentations and reports on cybersecurity risks from AGM’s CSO or CISO, as well as from AHL’s CISO, at least annually, and they address a wide range of topics including recent developments, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties. In our retirement services business, our board of directors’ oversight of cybersecurity risk management is supported by the AHL board of directors, the AHL board’s audit, risk, and legal and regulatory committees, the AHL management risk committee, the AHL management operational risk committee and AHL management. AHL’s Chief Information Officer (“CIO”), CISO, General Counsel and certain other members of AHL’s senior management meet periodically with the audit, risk, and legal and regulatory committees of AHL’s board of directors to review AHL’s information technology and cybersecurity risk profile and to discuss risk mitigation plans. Apollo and Athene Cyber teams coordinate with and leverage one another across a number of areas. The CISOs meet regularly to discuss cyber-related risks, programs and projects. Other members of Apollo and Athene’s Cyber teams meet as needed on a variety of topics and open lines of communications are present to allow for the information sharing across the retirement services and asset management businesses.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	In our asset management business, our board of directors’ oversight of cybersecurity risk management is supported by the audit committee of the AGM Board of Directors (the “AGM Audit Committee”), the AAM Global Risk Committee (“AGRC”), the Operational Risk Forum (the “ORF”), the Cybersecurity Working Group and management.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	In our asset management business, our board of directors’ oversight of cybersecurity risk management is supported by the audit committee of the AGM Board of Directors (the “AGM Audit Committee”), the AAM Global Risk Committee (“AGRC”), the Operational Risk Forum (the “ORF”), the Cybersecurity Working Group and management. Our board of directors, the AGM Audit Committee, the AGRC, the ORF and the Cyber Security Working Group receive regular updates on Apollo’s information technology, cybersecurity risk profile and strategy, and risk mitigation plans from the Company’s risk management professionals, the Company’s Chief Security Officer (“CSO”), CISO, other members of management and relevant management committees and working groups. The Cyber Security Working Group is chaired by the CISO and has representation from Technology, Legal, Compliance, and ERM. The group meets at least once a quarter to discuss cybersecurity and risk mitigation activities, among other topics. The CISO regularly reports to the ORF regarding cyber risk, and the ORF in turn reports to the AGRC on a quarterly basis, noting any cyber updates when necessary or appropriate. In turn, the AGM board and/or the AGM Audit Committee receive quarterly risk updates from our risk management professionals, as well as at least annual updates on
Cybersecurity Risk Role of Management [Text Block]	In our asset management business, our board of directors’ oversight of cybersecurity risk management is supported by the audit committee of the AGM Board of Directors (the “AGM Audit Committee”), the AAM Global Risk Committee (“AGRC”), the Operational Risk Forum (the “ORF”), the Cybersecurity Working Group and management. Our board of directors, the AGM Audit Committee, the AGRC, the ORF and the Cyber Security Working Group receive regular updates on Apollo’s information technology, cybersecurity risk profile and strategy, and risk mitigation plans from the Company’s risk management professionals, the Company’s Chief Security Officer (“CSO”), CISO, other members of management and relevant management committees and working groups. The Cyber Security Working Group is chaired by the CISO and has representation from Technology, Legal, Compliance, and ERM. The group meets at least once a quarter to discuss cybersecurity and risk mitigation activities, among other topics. The CISO regularly reports to the ORF regarding cyber risk, and the ORF in turn reports to the AGRC on a quarterly basis, noting any cyber updates when necessary or appropriate. In turn, the AGM board and/or the AGM Audit Committee receive quarterly risk updates from our risk management professionals, as well as at least annual updates on cyber risk specifically. The full AGM board or the AGM Audit Committee receives presentations and reports on cybersecurity risks from AGM’s CSO or CISO, as well as from AHL’s CISO, at least annually, and they address a wide range of topics including recent developments, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties. In our retirement services business, our board of directors’ oversight of cybersecurity risk management is supported by the AHL board of directors, the AHL board’s audit, risk, and legal and regulatory committees, the AHL management risk committee, the AHL management operational risk committee and AHL management. AHL’s Chief Information Officer (“CIO”), CISO, General Counsel and certain other members of AHL’s senior management meet periodically with the audit, risk, and legal and regulatory committees of AHL’s board of directors to review AHL’s information technology and cybersecurity risk profile and to discuss risk mitigation plans. Apollo and Athene Cyber teams coordinate with and leverage one another across a number of areas. The CISOs meet regularly to discuss cyber-related risks, programs and projects. Other members of Apollo and Athene’s Cyber teams meet as needed on a variety of topics and open lines of communications are present to allow for the information sharing across the retirement services and asset management businesses. Asset Management The AGM CISO, in coordination with Technology and ERM, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company’s incident response and recovery plans. To facilitate the success of the Company’s cybersecurity risk management program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams, the CISO monitors the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time and reports such threats and incidents to the AGM Audit Committee or AGM board, as appropriate. AGM’s CSO holds an undergraduate degree in Management Information Systems and Business Administration, which he received magna cum laude. He has over 25 years of cyber-related experience, having served in various roles in technology and cybersecurity, including as Head of IT Risk Management, Executive Director of IT & Risk Compliance, and Global IT Risk Evaluation Lead at large financial institutions and consulting firms. He was also previously AGM’s CISO for nearly eight years. AGM’s CISO holds a master’s degree in Business Information Systems and has served in various roles in information technology and information security for over 25 years across a number of large financial institutions, including as Director, Cybersecurity and Risk. Retirement Services AHL’s information security program is managed by its CISO with collaboration across lines of businesses and corporate functions. AHL’s CISO is a senior-level executive responsible for establishing and executing AHL’s information security strategy, including cybersecurity oversight. AHL’s information security program implements a detailed cyber incident response plan that provides controls and procedures for handling cyber incidents and incorporates a cross-functional approach to addressing cyber risk, with engagement among internal working groups. AHL’s CIO and CISO are members of AHL’s management operational risk committee, which reports to AHL’s management risk committee, which reports to AHL’s board risk committee.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	In our asset management business, our board of directors’ oversight of cybersecurity risk management is supported by the audit committee of the AGM Board of Directors (the “AGM Audit Committee”), the AAM Global Risk Committee (“AGRC”), the Operational Risk Forum (the “ORF”), the Cybersecurity Working Group and management
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	AGM’s CSO holds an undergraduate degree in Management Information Systems and Business Administration, which he received magna cum laude. He has over 25 years of cyber-related experience, having served in various roles in technology and cybersecurity, including as Head of IT Risk Management, Executive Director of IT & Risk Compliance, and Global IT Risk Evaluation Lead at large financial institutions and consulting firms. He was also previously AGM’s CISO for nearly eight years. AGM’s CISO holds a master’s degree in Business Information Systems and has served in various roles in information technology and information security for over 25 years across a number of large financial institutions, including as Director, Cybersecurity and Risk.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	In our asset management business, our board of directors’ oversight of cybersecurity risk management is supported by the audit committee of the AGM Board of Directors (the “AGM Audit Committee”), the AAM Global Risk Committee (“AGRC”), the Operational Risk Forum (the “ORF”), the Cybersecurity Working Group and management. Our board of directors, the AGM Audit Committee, the AGRC, the ORF and the Cyber Security Working Group receive regular updates on Apollo’s information technology, cybersecurity risk profile and strategy, and risk mitigation plans from the Company’s risk management professionals, the Company’s Chief Security Officer (“CSO”), CISO, other members of management and relevant management committees and working groups. The Cyber Security Working Group is chaired by the CISO and has representation from Technology, Legal, Compliance, and ERM. The group meets at least once a quarter to discuss cybersecurity and risk mitigation activities, among other topics. The CISO regularly reports to the ORF regarding cyber risk, and the ORF in turn reports to the AGRC on a quarterly basis, noting any cyber updates when necessary or appropriate. In turn, the AGM board and/or the AGM Audit Committee receive quarterly risk updates from our risk management professionals, as well as at least annual updates on cyber risk specifically. The full AGM board or the AGM Audit Committee receives presentations and reports on cybersecurity risks from AGM’s CSO or CISO, as well as from AHL’s CISO, at least annually, and they address a wide range of topics including recent developments, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties. In our retirement services business, our board of directors’ oversight of cybersecurity risk management is supported by the AHL board of directors, the AHL board’s audit, risk, and legal and regulatory committees, the AHL management risk committee, the AHL management operational risk committee and AHL management. AHL’s Chief Information Officer (“CIO”), CISO, General Counsel and certain other members of AHL’s senior management meet periodically with the audit, risk, and legal and regulatory committees of AHL’s board of directors to review AHL’s information technology and cybersecurity risk profile and to discuss risk mitigation plans. Apollo and Athene Cyber teams coordinate with and leverage one another across a number of areas. The CISOs meet regularly to discuss cyber-related risks, programs and projects. Other members of Apollo and Athene’s Cyber teams meet as needed on a variety of topics and open lines of communications are present to allow for the information sharing across the retirement services and asset management businesses.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation The accompanying consolidated financial statements are prepared in accordance with U.S. GAAP. 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 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. Following the Mergers, the Company’s principal subsidiaries, AAM and AHL, together with their subsidiaries, operate an asset management business and a retirement services business, respectively, which possess distinct characteristics. As a result, the Company’s financial statement presentation is organized into two tiers: asset management and retirement services. The Company believes that separate presentation provides a more informative view of the Company’s consolidated financial condition and results of operations than an aggregated presentation. The following summary of significant accounting policies first includes those most significant to the overall Company and then specific accounting policies for each of the asset management and retirement services businesses, respectively.
Consolidation	Consolidation The Company consolidates entities where it has a controlling financial interest unless there is a specific scope exception that prevents consolidation. The types of entities with which the Company is involved generally include, but are not limited to: • subsidiaries, which includes AAM and its subsidiaries, including management companies and general partners of funds that the Company manages, and AHL and its subsidiaries • funds, including entities that have attributes of an investment company • CLOs
Investment Companies and Other Investments	Investment Companies Judgment is required to evaluate whether an entity has the necessary characteristics to be accounted for as an investment company under U.S. GAAP. The funds managed by the Company that meet the investment company criteria reflect their investments at fair value. The Company has retained this specialized accounting for investment companies in consolidation. Other Investments The Company elected to account for certain equity securities without readily determinable fair values that did not qualify for the practical expedient to estimate fair values based on NAV per share (or its equivalent) at cost less impairment, subject to adjustments based on observable price changes in orderly transactions for identical or similar investments of the same issuer. Investments Fixed Maturity Securities Fixed maturity securities include bonds, CLOs, ABS, RMBS, CMBS and redeemable preferred stock. Athene classifies fixed maturity securities as AFS or trading at the time of purchase and subsequently carries them at fair value. Classification is dependent on a variety of factors, including expected holding period, election of the fair value option and asset and liability matching. AFS Securities AFS securities are held at fair value on the consolidated statements of financial condition, with unrealized gains and losses, exclusive of allowances for expected credit losses, generally reflected in AOCI on the consolidated statements of financial condition. Unrealized gains or losses relating to identified risks within AFS securities in fair value hedging relationships are reflected in investment related gains (losses) on the consolidated statements of operations. Trading Securities The fair value option is elected for certain fixed maturity securities. These fixed maturity securities are classified as trading, with changes to fair value included in investment related gains (losses) on the consolidated statements of operations. Although the securities are classified as trading, the trading activity related to these investments is primarily focused on asset and liability matching activities and is not intended to be an income strategy based on active trading. As such, the activity related to these investments on the consolidated statements of cash flows is classified as investing activities. Transactions in securities are generally recorded on a trade date basis, with any unsettled trades recorded in other assets or other liabilities on the consolidated statements of financial condition. Bank loans, private placements and investment funds are recorded on a settlement date basis. Equity Securities Equity securities include common stock, mutual funds and non-redeemable preferred stock. Equity securities with readily determinable fair values are carried at fair value with subsequent changes in fair value recognized in net income. Purchased Credit Deteriorated Investments Athene purchases certain structured securities, primarily RMBS, which upon assessment have been determined to meet the definition of PCD investments. Additionally, structured securities classified as beneficial interests follow the initial measurement guidance for PCD investments if there is a significant difference between contractual cash flows adjusted for expected prepayments and expected cash flows at the date of recognition. The initial allowance for credit losses for PCD investments is recorded through a gross-up adjustment to the initial amortized cost. For structured securities classified as beneficial interests, the initial allowance is calculated as the present value of the difference between contractual cash flows adjusted for expected prepayments and expected cash flows at the date of recognition. The non-credit purchase discount or premium is amortized into investment income using the effective interest method. The credit discount, represented by the allowance for expected credit losses, is remeasured each period following the policies for measuring credit losses described in the “Credit Losses – Available-for-Sale Securities” section below. Mortgage Loans Athene elected the fair value option on its mortgage loan portfolio. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. Interest is accrued on loans until it is probable it will not be received, or the loan is 90 days past due, unless guaranteed by U.S. government-sponsored agencies. Interest income and prepayment fees are reported in net investment income on the consolidated statements of operations. Changes in the fair value of the mortgage loan portfolio are reported in investment related gains (losses) on the consolidated statements of operations. Investment Funds Athene invests in certain non-fixed income, alternative investments in the form of limited partnerships or similar legal structures (investment funds). For investment funds in which it does not hold a controlling financial interest, Athene typically accounts for such investments using the equity method, where the cost is recorded as an investment in the fund, or it has elected the fair value option. Adjustments to the carrying amount reflect pro rata ownership percentage of the operating results as indicated by NAV in the investment fund financial statements, which can be on a lag of up to three months when investee information is not received in a timely manner. Athene’s proportionate share of investment fund income is recorded within net investment income, or, for consolidated VIEs, revenues of consolidated VIEs, on the consolidated statements of operations. Contributions paid or distributions received by Athene are recorded directly to the investment fund balance as an increase to carrying value or as a return of capital, respectively. Policy Loans Policy loans are funds provided to policyholders in return for a claim on the policyholder’s account balance. The funds provided are limited to a specified percentage of the account balance. The majority of policy loans do not have a stated maturity and the balances and accrued interest are repaid with proceeds from the policyholder’s account balance. Policy loans are reported at the unpaid principal balance. Interest income is recorded as earned using the contract interest rate and is reported in net investment income on the consolidated statements of operations. Funds Withheld at Interest Funds withheld at interest represents a receivable for amounts contractually withheld by ceding companies in accordance with funds withheld coinsurance (“funds withheld”) and modified coinsurance (“modco”) reinsurance agreements in which Athene is the reinsurer. Generally, assets equal to statutory reserves are withheld and legally owned by the ceding company, and any excess or shortfall is settled periodically. The underlying agreements contain embedded derivatives as discussed below. Short-term Investments Short-term investments consist of financial instruments with maturities of greater than three months but less than twelve months when purchased. Short-term debt securities are accounted for as trading or AFS consistent with the policies for those investments. Short-term loans are carried at amortized cost. Fair values are determined consistently with methodologies described in note 7 for the respective investment type. Other Investments Other investments include, but are not limited to, term loans collateralized by mortgages on residential and commercial real estate, other uncollateralized loans, investments in real estate and corporate owned life insurance. Athene elected the fair value option on the term loans and other uncollateralized loans. Investments in real estate are held at cost less accumulated depreciation and impairments. Corporate owned life insurance is held at cash surrender value. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. Interest on loans is accrued until it is probable it will not be received or the loan is 90 days past due. Changes in the cash surrender value of corporate owned life insurance, interest income, amortization of premiums and discounts, and prepayment and other fees are reported in net investment income on the consolidated statements of operations. Changes in fair value are reported in investment related gains (losses) on the consolidated statements of operations.
Variable Interest Entities	Variable Interest Entities All entities are first considered under the VIE model. VIEs are entities that 1) do not have sufficient equity at risk to finance their activities without additional subordinated financial support or 2) have equity investors at risk that do not have the ability to make significant decisions related to the entity’s operations, absorb expected losses, or receive expected residual returns. The Company consolidates a VIE if it is the primary beneficiary of the entity. The Company is deemed the primary beneficiary when it has a controlling financial interest in the VIE, which is defined as possessing both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance (“primary beneficiary power”) and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant (“significant variable interest”). The Company performs the VIE and primary beneficiary assessment at inception of its involvement with a VIE and on an ongoing basis if facts and circumstances change. To assess whether the Company has the primary beneficiary power under the VIE consolidation model, it considers the design of the entity as well as ongoing rights and responsibilities. In general, the parties that can make the most significant decisions regarding asset management have control over servicing, liquidation rights or the unilateral right to remove the decision-makers. To assess whether the Company has a significant variable interest, the Company considers all its economic interests that are considered variable interests in the entity, including interests held through related parties. This assessment requires judgment in considering whether those interests are significant. Assets and liabilities of the consolidated VIEs are primarily shown in separate sections within the consolidated statements of financial condition. Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses are primarily presented within net gains from investment activities of consolidated variable interest entities in the consolidated statements of operations. The portion attributable to non-controlling interests is reported within net income attributable to non-controlling interests in the consolidated statements of operations. For additional disclosures regarding VIEs, see notes 6 and 18. Voting Interest Entities Entities that are not determined to be VIEs are generally considered VOEs. Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest. The Company does not consolidate those VOEs in which substantive kick-out rights have been granted to the unrelated investors to either dissolve the fund or remove the general partner.
Non-controlling Interests	Non-controlling Interests For entities that are consolidated, but not wholly owned, a portion of the income or loss and corresponding equity is allocated to owners other than the Company. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the consolidated financial statements. Non-controlling interests also include ownership interests in certain consolidated funds and VIEs. Non-controlling interests are presented as a separate component of equity on the Company’s consolidated statements of financial condition. Net income (loss) includes the net income (loss) attributable to the holders of non-controlling interests on the Company’s consolidated statements of operations. Profits and losses are allocated to non-controlling interests in proportion to their relative ownership interests regardless of their basis.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts in the financial statements and related footnotes. The Company’s most significant estimates include goodwill and intangible assets, income taxes, performance allocations, incentive fees, non-cash compensation, fair value of investments (including derivatives) and debt, impairment of investments and allowances for expected credit losses, and future policy benefit reserves. While such impact may change considerably over time, the estimates and assumptions affecting the Company’s consolidated financial statements are based on the best available information as of December 31, 2024. Actual results could differ materially from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid short-term investments, including money market funds and U.S. Treasury securities, with original maturities of three months or less when purchased to be cash equivalents. Interest income from cash and cash equivalents is recorded in other income for asset management and net investment income for retirement services in the consolidated statements of operations. The carrying values of the money market funds and U.S. Treasury securities represent their fair values due to their short-term nature. Substantially all of the Company’s cash on deposit is in interest bearing accounts with major financial institutions and exceed insured limits.
Restricted Cash and Cash Equivalents	Restricted Cash and Cash Equivalents Restricted cash and cash equivalents represent balances that are restricted as to withdrawal or usage. Restricted cash consists of cash and cash equivalents held in funds in trust as part of certain coinsurance agreements to secure statutory reserves and liabilities of the coinsured parties. Restricted cash also includes cash deposited at a bank that is pledged as collateral in connection with leased premises.
Foreign Currency	Foreign Currency The Company holds foreign currency denominated assets and liabilities. Non-monetary assets and liabilities of the Company’s international subsidiaries are remeasured into the functional currency using historical exchange rates specific to each asset and liability, the exchange rates prevailing at the end of each reporting period are used for all others. The results of the Company’s foreign operations are remeasured using an average exchange rate for the respective reporting period. Currency remeasurement adjustments and gains and losses on the settlement of foreign currency translations are included within other income (loss), net for asset management or investment related gains (losses) for retirement services in the consolidated statements of operations. Foreign currency denominated assets and liabilities are translated into the reporting currency using the exchange rates prevailing at the end of each reporting period. Currency translation adjustments are included within other comprehensive income (loss), before tax within the consolidated statements of comprehensive income (loss). The change in unrealized foreign currency exchange of any non-U.S. dollar denominated AFS securities are included in other comprehensive income (“OCI”) unless they are designated as part of a fair value hedge.
Equity Method Investments	Equity Method Investments For investments in entities over which the Company exercises significant influence but does not meet the requirements for consolidation and has not elected the fair value option, the Company uses the equity method of accounting. Under the equity method of accounting, the Company records its share of the underlying income or loss of such entities adjusted for distributions. The Company’s share of the underlying net income or loss of such entities is recorded in investment income (loss) for asset management and net investment income for retirement services in the consolidated statements of operations. The carrying amounts of equity method investments are recorded in investments or investments in related parties in the consolidated statements of financial condition. Generally, the underlying entities that the Company manages and invests in are primarily investment companies, and the carrying value of the Company’s equity method investments approximates fair value.
Reverse Repurchase Agreements and Repurchase Agreements	Reverse Repurchase Agreements and Repurchase Agreements A reverse repurchase agreement is a transaction in which the Company purchases financial instruments from a seller and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a fixed and determinable price at a future date. A repurchase agreement is a transaction in which the Company sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substant ially the same financial instruments from the buyer at a fixed and determinable price at a future date. Although reverse repurchase and repurchase agreements generally involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be resold or repurchased before or at the maturity of the agreement. As a result, the collateral received under reverse repurchase agreements are not recognized and the collateral pledged under repurchase agreements are not derecognized in the consolidated statements of financial condition. Within asset management, reverse repurchase and repurchase agreements generally sit within consolidated VIEs and as such, those reverse repurchase and repurchase agreements are reflected as investments and other liabilities, respectively, within the consolidated VIE section of the statements of financial condition. Additionally, the income (loss) related to those reverse repurchase and repurchase agreements from consolidated VIEs are included in net gains (losses) from investment activities of consolidated variable interest entities on the consolidated statements of operations. Reverse repurchase agreements within asset management are generally accounted for by electing the fair value option. For retirement services, the receivable under the reverse repurchase agreement is recorded as investment for the principal amount loan ed under the agreement and the payable under a repurchase agreement is recognized as payables for collateral on derivatives and securities to repurchase on the consolidated statements of financial condition. Earnings from reverse repurchase agreements are included in net investment income for retirement services on the consolidated statements of operations.
Financial Instruments held by Consolidated VIEs	Financial Instruments held by Consolidated VIEs The consolidated VIEs managed by the Company are primarily investment companies and CLOs. Their investments include debt and equity securities held at fair value and reverse repurchase agreements. Financial instruments are generally accounted for on a trade date basis. Under a measurement alternative permissible for consolidated collateralized financing entities, the Company measures both the financial assets and financial liabilities of consolidated CLOs in its consolidated financial statements in both cases using the fair value of the financial assets or financial liabilities, whichever are more observable. Where financial assets are more observable, the financial assets of the consolidated CLOs are measured at fair value and the financial liabilities are measured in consolidation as: (i) the sum of the fair value of the financial assets and the carrying value of any non-financial assets that are incidental to the operations of the CLOs less (ii) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. Where financial liabilities are more observable, the financial liabilities of the consolidated CLOs are measured at fair value and the financial assets are measured in consolidation as: (i) the sum of the fair value of the financial liabilities, and the carrying value of any non-financial liabilities that are incidental to the operations of the CLOs less (ii) the carrying value of any non-financial assets that are incidental to the operations of the CLOs. The resulting amount is allocated to the individual financial assets using a reasonable and consistent methodology. Net income (loss) attributable to Apollo Global Management, Inc. reflects the Company’s own economic interests in the consolidated CLOs, including (i) changes in the fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services. Certain consolidated VIEs have applied the fair value option for certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses in net income.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date under current market conditions. The actual realized gains or losses will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may ultimately differ significantly from the assumptions on which the valuations were based. Fair Value Option
Fair Value Hierarchy	Fair Value Hierarchy U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: Level 1 – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The Company does not adjust the quoted price for these financial instruments, even in situations where the Company holds a large position and the sale of such position would likely deviate from the quoted price. Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. These financial instruments exhibit higher levels of liquid market observability as compared to Level 3 financial instruments. Level 3 – Pricing inputs are unobservable for the financial instrument and includes situations where there is little observable market activity for the financial instrument. The inputs into the determination of fair value may require significant management judgment or estimation. Financial instruments that are included in this category generally include investments where the fair value is based on observable inputs as well as unobservable inputs. When a security is valued based on broker quotes, the Company subjects those quotes to various criteria in making the determination as to whether a particular financial instrument would qualify for classification as Level 2 or Level 3. These criteria include, but are not limited to, the number and quality of the broker quotes, the standard deviations of the observed broker quotes, and the percentage deviation from external pricing services. Investments in securities that are traded on a securities exchange or comparable over-the-counter quotation systems are valued based on Apollo’s pricing procedures, which utilize third party pricing vendors, broker dealers and closing prices from exchanges. If no sales of such investments are reported on such date, and in the case of over-the-counter securities or other investments for which the last sale date is not available, valuations are based on independent market quotations obtained from market participants, recognized pricing services or other sources deemed relevant, and the prices are based on the average of the “bid” and “ask” prices, or at ascertainable prices at the close of business on such day. Market quotations are generally based on valuation pricing models or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks, among other factors. When market quotations are not available, a model-based approach is used to determine fair value. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument when the fair value is based on unobservable inputs.
Business Combinations	Business Combinations The Company accounts for business combinations using the acquisition method of accounting where the consideration transferred for the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of the consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred.
Goodwill	Goodwill Goodwill represents the excess of cost over the fair value of identifiable net assets of an acquired business. Goodwill is recorded in separate line items for both the Asset Management and Retirement Services segments. See note 3 for disclosure regarding the goodwill recorded related to the Mergers.
Other Assets	Other Assets Other assets are primarily comprised of deferred tax assets, leases and fixed assets. Fixed assets consist primarily of leasehold improvements, furniture, fixtures, equipment, and computer hardware and are recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the assets’ estimated useful lives and in the case of leasehold improvements the lesser of the useful life or the term of the lease. Expenditures for repairs and maintenance are charged to expense when incurred. The Company evaluates long-lived assets for impairment periodically and whenever events or changes in circumstances indicate the carrying amounts of the assets may be impaired.
Compensation and Benefits	Compensation and Benefits Compensation consists of (i) salary, bonus, and benefits, which includes base salaries, discretionary and non-discretionary bonuses, severance and employee benefits, (ii) equity-based awards granted to employees and non-employees that are measured based on the grant date fair value of the award and (iii) profit sharing expense, which primarily consists of a portion of performance revenues earned from certain funds that are allocated to employees and former employees. Compensation costs are recorded in compensation and benefits for asset management and policy and other operating expense for retirement services in the consolidated statements of operations.
Equity-Based Compensation	Employees and non-employees who provide services to the Company are granted equity-based awards as compensation that are measured based on the grant date fair value of the award. Equity-based awards that do not require future service ( i.e. , vested awards) are expensed immediately. Equity-based employee awards that require future service are expensed over the relevant period of service. Equity-based awards that require performance metrics to be met are expensed only when the performance metric is met or deemed probable. Profit sharing amounts are recognized as the related performance revenues are earned. Accordingly, profit sharing amounts can be reversed during periods when there is a decline in performance revenues that were previously recognized. Profit sharing amounts are generally not paid until the related performance revenue is distributed to the general partner upon realization of the fund’s investments (which may be distributed in cash or in-kind).
Earnings Per Share	Earnings Per Share As the Company has issued participating securities, the two-class method of computing earnings per share is used for all periods presented for common stock and participating securities as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for distributions declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for distributions declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. Participating securities include vested and unvested RSUs that participate in distributions, as well as unvested restricted shares. Whether during a period of net income or net loss, under the two-class method the remaining earnings are allocated to common stock and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Earnings or losses allocated to each class of security are then divided by the applicable weighted average outstanding shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and includes the number of additional shares of common stock that would have been outstanding if the dilutive potential shares of common stock had been issued. The numerator is adjusted for any changes in income or loss that would result from the issuance of these potential shares of common stock.
Share Repurchase	Share Repurchase When shares are repurchased, the Company can choose to record treasury shares or account for the repurchase as a constructive retirement. The Company accounted for share repurchases as constructive retirement, whereby it reduced common stock and additional paid-in capital by the amount of the original issuance, with any excess purchase price recorded as a reduction to retained earnings. Under this method, issued and outstanding shares are reduced by the shares repurchased, and no treasury stock is recognized on the consolidated statements of financial condition.
Income Taxes	Income Taxes AGM is a Delaware corporation and generally all of its income is subject to U.S. corporate income taxes. Certain subsidiaries of the Company operate as partnerships for U.S. income tax purposes and are subject to NYC UBT. Certain non-U.S. entities are also subject to non-U.S. corporate income taxes. In conjunction with the Mergers, Apollo underwent a reorganization from an Up-C structure to a C-corporation with a single class of common stock. Prior to the Mergers, Athene, and certain of its non-U.S. subsidiaries were not subject to U.S. corporate income taxes on their earnings. Due to the Mergers, Athene’s non-U.S. earnings will generally be subject to U.S. corporate income taxes. Significant judgment is required in determining tax expense and in evaluating certain and uncertain tax positions. The Company recognizes the tax benefit of uncertain tax positions only where the position is “more likely than not” to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit is measured as the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. If a tax position is not considered more likely than not to be sustained, then no benefits of the position are recognized. The Company’s tax positions are reviewed and evaluated quarterly to determine whether the Company has uncertain tax positions that require financial statement recognition. Deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amount of assets and liabilities and their respective tax bases using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period during which the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that all or a portion of the deferred tax assets will not be realized. Significant judgment and estimates are required in determining whether valuation allowances should be established as well as the amount of such allowances. When making such determination, consideration is given to, among other things, the following: • whether sufficient taxable income exists within the allowed carryback or carryforward periods; • whether future reversals of existing taxable temporary differences will occur, including any tax planning strategies that could be used; • the nature or character ( e.g. , ordinary vs. capital) of the deferred tax assets and liabilities; and • whether future taxable income exclusive of reversing temporary differences and carryforwards exists.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs consist of costs incurred in obtaining financing and are amortized over the term of the financing using the effective interest method. These costs are generally recorded as a direct deduction from the carrying amount of the related debt liability on the consolidated statements of financial condition.
Recently Issued Accounting Pronouncements and Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements 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. The Company expects the impact of the new standard on its consolidated financial statements to be immaterial. 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. The Company expects the impact of the new standard on its consolidated financial statements to be immaterial. 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. The Company expects the impact of the new standard on its consolidated financial statements to be immaterial. Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (ASU 2024-03) In November 2024, the FASB issued guidance that requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The ASU requires tabular presentation of each relevant expense caption on the face of the income statement including employee compensation, depreciation, intangible asset amortization, and certain other expenses, when applicable. The guidance is mandatorily effective for the Company in its 2027 annual report and in interim periods in 2028; early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement on its consolidated financial statements. Recently Adopted 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 Company adopted the guidance for the annual reporting period ended December 31, 2024. Refer to Note 21, Segments , for the expanded disclosures. 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 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 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 a material impact on the consolidated financial statements. ASU 2022-06 amended and deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which the Company will no longer be permitted to apply the expedients provided in Topic 848.
U.S. Treasury Securities, at fair value	U.S. Treasury Securities, at fair value
Due from/to Related Parties	Due from/to Related Parties Due from/to related parties includes amounts due from and due to existing employees, certain former employees, portfolio companies of the funds and non-consolidated funds.
Deferred Revenue and Revenues	Deferred Revenue Apollo records deferred revenue, which is a type of contract liability, when consideration is received in advance of management services provided. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. It is included in accounts payable, accrued expenses, and other liabilities in the consolidated statements of financial condition. Apollo also earns management fees which are subject to an offset. When Apollo receives cash for advisory and transaction fees, a certain percentage of such advisory and/or transaction fees, as applicable, is allocated as a credit to reduce future management fees, otherwise payable by the relevant fund. Such credit is recorded as deferred revenue in the consolidated statements of financial condition within the accounts payable, accrued expenses and other liabilities line item. A portion of any excess advisory and transaction fees may be required to be returned to the limited partners of certain funds upon such fund’s liquidation. As the management fees earned by Apollo are presented on a gross basis, any management fee offsets calculated are presented as a reduction to advisory and transaction fees in the consolidated statements of operations. Additionally, Apollo earns advisory fees pursuant to the terms of the advisory agreements with certain of the portfolio companies that are owned by the funds Apollo manages. When Apollo receives a payment from a portfolio company that exceeds the advisory fees earned at that point in time, the excess payment is recorded as deferred revenue in the consolidated statements of financial condition. The advisory agreements with the portfolio companies vary in duration and the associated fees are received monthly, quarterly, or annually. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. There was $155 million of revenue recognized during the year ended December 31, 2024 that was previously deferred as of January 1, 2024. Under the terms of the funds’ partnership agreements, Apollo is normally required to bear organizational expenses over a set dollar amount and placement fees or costs in connection with the offering and sale of interests in the funds it manages to investors. In cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract and amortized over the life of the customer contract. Capitalized placement fees are recorded within other assets in the consolidated statements of financial condition, while amortization is recorded within general, administrative and other in the consolidated statements of operations. In certain instances, the placement fees are paid over a period of time. Based on the management agreements with the funds, Apollo considers placement fees and organizational costs paid in determining if cash has been received in excess of the management fees earned. Placement fees and organizational costs are normally the obligation of Apollo but can be paid for by the funds. When these costs are paid by the fund, the resulting obligations are included within deferred revenue. The deferred revenue balance will also be reduced during future periods when management fees are earned but not paid. Revenues The revenues of the asset management business include (i) management fees; (ii) advisory and transaction fees, net; (iii) investment income, which is comprised of performance allocations and principal investment income; and (iv) incentive fees. The revenue guidance requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services ( i.e. , the transaction price). When determining the transaction price under the revenue guidance, an entity may recognize variable consideration only to the extent that it is probable to not be significantly reversed. The revenue guidance also requires disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. Performance allocations are accounted for under guidance applicable to equity method investments, and therefore not within the scope of the revenue guidance. Apollo recognizes performance allocations within investment income along with the related principal investment income (as further described below) in the consolidated statements of operations and within the investments line in the consolidated statements of financial condition. Revenues Revenues for universal life-type policies and investment contracts, including surrender and market value adjustments, costs of insurance, policy administration, GMDB, GLWB and no-lapse guarantee charges, are earned when assessed against policyholder account balances during the period. Interest credited to policyholder account balances and the change in fair value of embedded derivatives within fixed indexed annuity contracts is included in interest sensitive contract benefits on the consolidated statements of operations. Premiums for long-duration contracts, including products with fixed and guaranteed premiums and benefits, are recognized as revenue when due from policyholders. When premiums are due over a significantly shorter period than the period over which benefits are provided, a deferred profit liability is established equal to the excess of the gross premium over the net premium. The deferred profit liability is recognized in future policy benefits on the consolidated statements of financial condition and amortized into income in relation to either applicable policyholder liabilities for immediate annuities with life contingencies (which includes pension group annuities) or insurance in-force for whole life products through future policy and other policy benefits on the consolidated statements of operations. When the net premium ratio for the corresponding future policy benefit is updated for actual experience and changes to projected cash flow assumptions, the deferred profit liability is retrospectively recalculated from the contract issuance date through the beginning of the current reporting period. The revised deferred profit liability is compared to the beginning of the period carrying amount to determine the change to be recognized as a remeasurement gain or loss within future policy and other policy benefits on the consolidated statements of operations. Unlike the related future policy benefit, the deferred profit liability will not be remeasured for changes in discount rates each reporting period. Negative VOBA balances associated with payout contracts involving life contingencies, including pension group annuities, are accounted for in a manner similar to the deferred profit liability.
Redeemable non-controlling interests	Redeemable non-controlling interests
Management Fees / Advisory and Transaction Fees, Net	Management Fees Management fees are recognized over time during the periods in which the related services are performed in accordance with the contractual terms of the related agreement. Management fees are generally based on (1) a percentage of the capital committed during the commitment period, and thereafter based on the remaining invested capital of unrealized investments, or (2) net asset value, gross assets or as otherwise provided in the respective agreements. Included in management fees are certain expense reimbursements where Apollo is considered the principal under the agreements and is required to record the expense and related reimbursement revenue on a gross basis. Advisory and Transaction Fees, Net Advisory and transaction fees generally include arranging fees and structuring fees related to Apollo’s funds, portfolio companies of Apollo funds and third parties, including management consulting fees and directors’ fees. The Company evaluates its contractual obligations in accordance with the terms of the related legal agreements when determining whether there is an identifiably distinct performance obligation. Depending on the identifiably distinct service, advisory and transaction fees may be recognized at a point in time or over time. Advisory and transaction fees associated with deal completion are generally recognized at the point in time of completion. Certain other advisory fees that are associated with an identifiably distinct structuring service are recognized over time as the underlying structuring services are provided. The amounts due from fund portfolio companies are recorded in due from related parties on the consolidated statements of financial condition. Under the terms of the limited partnership agreements for certain funds, the management fee payable by the funds may be subject to a reduction based on a certain percentage of such advisory and transaction fees, net of applicable broken deal costs. Advisory and transaction fees are reduced by these management fee offsets in the consolidated statements of operations. Underwriting fees, which are also included within advisory and transaction fees, net, include gains, losses and fees, arising from securities offerings in which one of the Company’s subsidiaries participates in the underwriter syndicate. Underwriting fees are recognized at a point in time when the underwriting is completed. Underwriting fees recognized but not received are recorded in other assets on the consolidated statements of financial condition. During the normal course of business, Apollo incurs certain costs related to certain transactions that are not consummated, or “broken deal costs”. These costs ( e.g. , research costs, due diligence costs, professional fees, legal fees and other related items) are determined to be broken deal costs upon management’s decision to no longer pursue the transaction. In accordance with the related fund agreement, in the event the deal is deemed broken, all of the costs are reimbursed by the funds and then included as a component of the calculation of the management fee offset. If a deal is successfully completed, Apollo is reimbursed by the fund or fund’s portfolio company for all costs incurred and no offset is generated. As Apollo acts as an agent for the funds it manages, any transaction costs incurred and paid by Apollo on behalf of the respective funds relating to successful or broken deals are recorded net on the Company’s consolidated statements of operations, and any receivable from the respective funds is recorded in due from related parties on the consolidated statements of financial condition.
Investment Income / Performance Allocations / Principal Investment Income / Incentive Fees	Investment Income Investment income is comprised of performance allocations and principal investment income. Performance Allocations. Performance allocations are a type of performance revenue ( i.e. , income earned based on the extent to which an entity’s performance exceeds predetermined thresholds). Performance allocations are generally structured from a legal standpoint as an allocation of capital in which Apollo’s capital account receives allocations of the returns of an entity when those returns exceed predetermined thresholds. The determination of which performance revenues are considered performance allocations is primarily based on the terms of an agreement with the entity. Apollo recognizes performance allocations within investment income along with the related principal investment income (as described further below) in the consolidated statements of operations and within the investments line in the consolidated statements of financial condition. When applicable, Apollo may record a general partner obligation to return previously distributed performance allocations. The general partner obligation is based upon an assumed liquidation of a fund’s net assets as of the reporting date and is reported within due to related parties on the consolidated statements of financial condition. The actual determination and any required payment of any such general partner obligation would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective governing document of the fund. Principal Investment Income. Principal investment income includes Apollo’s income or loss from equity method investments and certain other investments in entities in which Apollo is generally eligible to receive performance allocations. Income from equity method investments includes Apollo’s share of net income or loss generated from its investments, which are not consolidated, but in which it exerts significant influence. Incentive Fees
Profit Sharing	Profit Sharing Profit sharing expense and profit sharing payable primarily consist of a portion of performance revenues earned from certain funds that are allocated to employees and former employees. Profit sharing amounts are recognized as the related performance revenues are earned. Accordingly, profit sharing amounts can be reversed during periods when there is a decline in performance revenues that were previously recognized. Profit sharing expense is recorded in compensation and benefits for asset management in the consolidated statements of operations. Profit sharing payable is recorded in accounts payable, accrued expenses and other liabilities for Asset Management in the consolidated statements of financial condition. Profit sharing amounts are generally not paid until the related performance revenue is distributed to the general partner upon realization of the fund’s investments. Under certain profit-sharing arrangements, Apollo requires that a portion of certain of the performance revenues distributed to its employees be used to purchase restricted common stock issued under the Equity Plan. Prior to distribution of the performance revenue, the Company records the value of the equity-based awards expected to be granted in other assets and other liabilities within the consolidated statements of financial condition. Such equity-based awards are recorded as equity-based compensation expense over the relevant service period once granted. Additionally, profit sharing amounts previously distributed may be subject to clawback from employees and former employees. When applicable, the accrual for potential clawback of previously distributed profit sharing amounts, which is a component of due from related parties on the consolidated statements of financial condition, represents all amounts previously distributed to employees and former employees that would need to be returned to the general partner if the funds were to be liquidated based on the fair value of the underlying fund’s investments as of the reporting date. The actual general partner receivable, however, would not become realized until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective governing document of the fund. Profit sharing payable also includes contingent consideration obligations that were recognized in connection with certain acquisitions. Changes in the fair value of the contingent consideration obligations are reflected in the consolidated statements of operations as compensation and benefits for asset management. Apollo has performance-based incentive arrangements for certain employees designed to more closely align compensation on an annual basis with the overall realized performance of the Company’s asset management business. These arrangements enable certain employees to earn discretionary compensation based on performance revenue earned by Apollo’s asset management business in a given year, which amounts are reflected in compensation and benefits in the accompanying consolidated financial statements for asset management. Apollo may also use dividends it receives from investments in certain perpetual capital vehicles to compensate employees. These amounts are recorded as compensation and benefits in the consolidated statements of operations for asset management.
Other Income (Loss)	Other Income (Loss) Net Gains (Losses) from Investment Activities Net gains (losses) from investment activities include both realized gains and losses and the change in unrealized gains and losses in Apollo’s investments, at fair value between the opening reporting date and the closing reporting date. Net Gains (Losses) from Investment Activities of Consolidated Variable Interest Entities Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses are presented within net gains (losses) from investment activities of consolidated variable interest entities and are attributable to non-controlling interests in the consolidated statements of operations. Other Income (Loss), Net Other income (loss), net includes the recognition of gains (losses) arising from the remeasurement of foreign currency denominated assets and liabilities, gains arising from the remeasurement of the tax receivable agreement liability (see note 18), and other miscellaneous non-operating income and expenses.
Investment Income	Investment Income
Derivative Instruments	Derivative Instruments Athene invests in derivatives to hedge the risks experienced from ongoing operations, such as equity, interest rate, foreign currency and market volatility , or for other risk management purposes, which primarily involve managing liability risks associated with indexed annuity products and reinsurance agreements. Derivatives are financial instruments with values that are derived from interest rates, foreign exchange rates, financial indices or other combinations of an underlying and notional. Derivative assets and liabilities are carried at fair value on the consolidated statements of financial condition. Athene elects to present any derivatives subject to master netting provisions as a gross asset or liability and gross of collateral. Disclosures regarding balance sheet presentation of derivatives subject to master netting agreements are discussed in note 5. Athene may designate derivatives as cash flow, fair value or net investment hedges. Hedge Documentation and Hedge Effectiveness To qualify for hedge accounting, at the inception of the hedging relationship, Athene formally documents its designation of the hedge as a cash flow, fair value or net investment hedge and risk management objective and strategy for undertaking the hedging transaction. This documentation identifies how the hedging instrument is expected to hedge the designated risks related to the hedged item and the method that will be used to retrospectively and prospectively assess the hedge effectiveness and the method which will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the hedge accounting relationship. For a cash flow hedge, all changes in the fair value of the hedging derivative are reported within AOCI and the related gains or losses on the derivative are reclassified into the consolidated statements of operations when the cash flows of the hedged item affect earnings. For a fair value hedge, changes in the fair value of the hedging derivative and changes in the fair value of the hedged item related to the designated risk being hedged are reported on the consolidated statements of operations according to the nature of the risk being hedged. Additionally, changes in the fair value of amounts excluded from the assessment of effectiveness are recorded in AOCI and amortized into income over the life of the hedge accounting relationship. For a net investment hedge, changes in the fair value of the hedging derivative are reported within AOCI to offset the translation adjustments for subsidiaries with functional currencies other than the U.S. dollar. Athene discontinues hedge accounting prospectively when: (1) it determines the derivative is no longer highly effective in offsetting changes in the estimated cash flows or fair value of a hedged item; (2) the derivative expires, is sold, terminated, or exercised; or (3) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued, the derivative continues to be carried on the consolidated statements of financial condition at fair value, with changes in fair value recognized in investment related gains (losses) on the consolidated statements of operations.
Embedded Derivatives	Embedded Derivatives Athene issues and reinsures products, primarily indexed annuity products, or purchases investments that contain embedded derivatives. If it determines the embedded derivative has economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for separately, unless the fair value option is elected on the host contract. Under the fair value option, bifurcation of the embedded derivative is not necessary as the entire contract is carried at fair value with all related gains and losses recognized in investment related gains (losses) on the consolidated statements of operations. Embedded derivatives are carried on the consolidated statements of financial condition at fair value in the same line item as the host contract. Fixed indexed annuity, index-linked variable annuity and indexed universal life insurance contracts allow the policyholder to elect a fixed interest rate return or an equity market component for which interest credited is based on the performance of certain equity market indices. The equity market option is an embedded derivative. The benefit reserve is equal to the sum of the fair value of the embedded derivative and the host (or guaranteed) component of the contracts. The fair value of the embedded derivatives represents the present value of cash flows attributable to the indexed strategies. The embedded derivative cash flows are based on assumptions for future policy growth, which include assumptions for expected index credits on the next policy anniversary date, future equity option costs, volatility, interest rates and policyholder behavior assumptions, including lapses and the use of benefit riders. The embedded derivative cash flows are discounted using a rate that reflects Athene’s own credit rating. The host contract is established at contract inception as the initial account value less the initial fair value of the embedded derivative and accreted over the policy’s life. Contracts acquired through a business combination which contain an embedded derivative are re-bifurcated as of the acquisition date. Changes in the fair value of embedded derivatives associated with fixed indexed annuities, index-linked variable annuities and indexed universal life insurance contracts are included in interest sensitive contract benefits on the consolidated statements of operations.
Reinsurance	Reinsurance Athene assumes and cedes insurance and investment contracts under coinsurance, funds withheld, modco, and yearly renewable term bases. Reinsurance accounting is applied for transactions that provide indemnification against loss or liability relating to insurance risk (risk transfer). To meet risk transfer requirements, a reinsurance agreement must transfer insurance risk arising from uncertainties about both underwriting and timing risks. Cessions under reinsurance do not discharge obligations as the primary insurer, unless the requirements of assumption reinsurance have been met. Athene generally has the right of offset on reinsurance transactions, but has elected to present reinsurance settlement amounts due to and from Athene on a gross basis. For assets and liabilities ceded under reinsurance agreements, Athene generally applies the same measurement guidance for Athene’s directly issued or assumed contracts. Ceded amounts are recorded within reinsurance recoverable on the consolidated statements of financial condition. For reinsurance of in-force contracts that pass risk transfer, the issue year used for the purpose of measuring the reinsurance recoverable is dependent on the effective date of the reinsurance agreement, which may differ from the issue year for the direct or assumed contract. The issue year informs the locked-in discount rate used for the purposes of interest accretion. This may result in different discount rates used for the direct or assumed reserves and ceded reserves when reinsuring an in-force block of insurance contracts. For flow reinsurance of insurance contracts that pass risk transfer, the contracts have the same cash flow assumptions as the direct or assumed contracts when the terms are consistent between those respective contracts and the ceded reinsurance agreement. When Athene recognizes an immediate loss due to the present value of future benefits and expenses exceeding the present value of future gross premiums, a gain is recognized on the corresponding reinsurance recoverable to the extent it does not result in gain recognition at treaty inception. Likewise, where the direct or assumed reserve has been floored to zero, the corresponding reinsurance recoverable will be consistently set to zero. See “Future Policy Benefits” below for further information. Accounting for reinsurance requires the use of assumptions, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. Athene attempts to minimize its counterparty credit risk through the structuring of the terms of its reinsurance agreements, including the use of trusts, and monitors credit ratings of counterparties for signs of declining credit quality. When a ceding company does not report information on a timely basis, Athene records accruals based on the best available information at the time, which includes the reinsurance agreement terms and historical experience. Athene periodically compares actual and anticipated experience to the assumptions used to establish reinsurance assets and liabilities. See note 8 for more information. Assets and liabilities assumed or ceded under coinsurance, funds withheld, modco, or yearly renewable term are presented gross on the consolidated statements of financial condition. For investment contracts, the change in the direct or assumed and ceded reserves are presented net in interest sensitive contract benefits on the consolidated statements of operations. For insurance contracts, the change in the direct or assumed and ceded reserves and benefits are presented net in future policy and other policy benefits on the consolidated statements of operations, except any changes related to the discount rate are presented net in OCI on the consolidated statements of comprehensive income (loss). For market risk benefits, the change in the direct or assumed and ceded reserves are presented net in market risk benefits remeasurement (gains) losses on the consolidated statements of operations, except for changes related to instrument-specific credit risk on direct and assumed contracts which are presented net in OCI on the consolidated statements of comprehensive income (loss). For the reinsurance of existing in-force blocks that transfer significant insurance risk, the difference between the assets received or paid and the liabilities assumed or ceded represents the net cost of reinsurance at the inception of the reinsurance agreement. The net cost of reinsurance is amortized on a basis consistent with the methodologies and assumptions used to amortize DAC and deferred sales inducements (“DSI”), or on a consistent basis with deferred profit liability dependent upon the nature of the underlying contract.
Deferred Acquisition Costs	Deferred Acquisition Costs and Deferred Sales Inducements Costs related directly to the successful acquisition of new, or the renewal of existing, insurance or investment contracts are deferred. These costs consist of commissions and policy issuance costs, as well as sales inducements credited to policyholder account balances, and are included in deferred acquisition costs, deferred sales inducements and value of business acquired on the consolidated statements of financial condition. These costs are not capitalized until they are incurred. Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds are grouped into cohorts based on issue year and contract type and amortized on a constant level basis over the expected term of the related contracts. The cohorts and assumptions used for the amortization of deferred costs are consistent with those used in estimating the related liabilities for these contracts. The constant level basis generally is the initial premium or deposit and is projected based on assumptions related to policyholder behavior, including lapses and mortality, over the expected term of the contracts. Each reporting period, Athene replaces expected experience with actual experience to determine the related amortization expense. Changes to projected experience are recognized in amortization expense prospectively over the remaining contract term. Amortization of DAC and DSI is included in amortization of deferred acquisition costs, deferred sales inducements and value of business acquired on the consolidated statements of operations.
Deferred Sales Inducements	Deferred costs related to investment contracts without significant revenue streams from sources other than investment of the policyholder funds are amortized using the effective interest method. The effective interest method amortizes the deferred costs by discounting the future liability cash flows at a break-even rate. The break-even rate is solved for such that the present value of future liability cash flows is equal to the net liability at the inception of the contract. The deferred costs represent the difference between the net and gross liability and the change relates to amortization for the period.
Value of Business Acquired	Value of Business Acquired Athene establishes VOBA for blocks of insurance contracts acquired through the acquisition of insurance entities. It records the fair value of the liabilities assumed in two components: reserves and VOBA. Reserves are established using Athene’s best estimate assumptions as of the business combination date. VOBA is the difference between the fair value of the liabilities and the reserves. VOBA can be either positive or negative and is amortized in relation to respective policyholder liabilities. Significant assumptions that impact VOBA amortization are consistent with those that impact the measurement of policyholder liabilities. Athene performs periodic tests to determine if positive VOBA remains recoverable. If Athene determines that positive VOBA is not recoverable, Athene records a cumulative charge to the current period. Any negative VOBA is recorded to the same financial statement line on the consolidated statements of financial condition as the associated reserves. Positive VOBA is recorded in deferred acquisition costs, deferred sales inducements and value of business acquired on the consolidated statements of financial condition. See note 9 for further information.
Interest Sensitive Contract Liabilities	Interest Sensitive Contract Liabilities Universal life-type policies and investment contracts include traditional deferred annuities; indexed annuities consisting of fixed indexed, index-linked variable annuities in the accumulation phase, and assumed indexed universal life without significant mortality risk; funding agreements; immediate annuities without significant mortality risk (which include pension group annuities without life contingencies); universal life insurance; and other investment contracts inclusive of assumed endowments without significant mortality risk. Athene carries liabilities for traditional deferred annuities, indexed annuities, funding agreements and universal life insurance at the account balances without reduction for potential surrender or withdrawal charges, except for a block of universal life business ceded to Global Atlantic Financial Group Limited (together with its subsidiaries, “Global Atlantic”), which it carries at fair value. Liabilities for immediate annuities without significant mortality risk are calculated as the present value of future liability cash flows and policy maintenance expenses discounted at contractual interest rates. Certain of Athene’s universal life-type policies and investment contracts are offered with additional contract features that meet the definition of a market risk benefit. See “Market Risk Benefits” below for further information. Unearned revenue liabilities are established when amounts are assessed against the policyholder for services to be provided in future periods. These balances are amortized consistent with the methodologies and assumptions used to amortize DAC and DSI.
Future Policy Benefits	Future Policy Benefits Athene issues or reinsures contracts classified as long-duration, which include term and whole life, accident and health, disability, and deferred and immediate annuities with life contingencies (which include pension group annuities with life contingencies). Liabilities for nonparticipating long-duration contracts are established as the estimated present value of benefits we expect to pay to or on behalf of the policyholder and related expenses less the present value of the net premiums to be collected, referred to as the net premium ratio. The contracts are grouped into cohorts based on issue year and contract type, with an exception for pension group annuities, which are generally assessed at the group annuity contract level. Contracts with different issuance years are not combined. Contracts acquired in a business combination are grouped into a single cohort by contract type, except for pension group annuities, which follow the group annuity contract level. Liabilities for nonparticipating long-duration contracts are established using accepted actuarial valuation methods which require the use of assumptions related to discount rate, expenses, longevity, mortality, morbidity, persistency and other policyholder behavior. Athene bases certain key assumptions, such as longevity, mortality and morbidity, on industry standard data adjusted to align with actual company experience, if needed. Athene has elected to use expense assumptions that are locked in at issuance for each cohort. All other cash flow assumptions are established at contract issuance and reviewed annually or more frequently if actual experience suggests a revision is necessary. The effects of changes in cash flow assumptions impacting the net premium ratio are recorded as remeasurement changes in the period in which they are made. As cash flow assumptions are reviewed at least annually, there is no provision for adverse deviation included within the liability. Actual experience is recognized in the period in which the experience arises. Actual experience is then incorporated into the net premium ratio for all products and cohorts on a quarterly basis. When the net premium ratio is revised, whether to incorporate actual experience each reporting period or for the review of cash flow assumptions, the liability is recalculated as of the beginning of the period, discounted at the original contract issuance discount rate, and compared with the carrying amount of the liability as of the same date to determine the current period change. The current period change in the liability is recognized as remeasurement gain or loss. To the extent the present value of future benefits and expenses exceeds the present value of gross premiums, Athene will cap the net premium ratio at one hundred percent by increasing the corresponding liability and recognizing an immediate loss through the consolidated statements of operations. The liability is never recorded at an amount less than zero for the cohort. The liability for nonparticipating long-duration contracts is discounted using an upper-medium grade fixed income instrument yield aligned to the characteristics of the liability, including the duration and currency of the underlying cash flows. In determining reference portfolio of instruments, Athene has used a single A equivalent level rate and maximized the use of observable data to the extent possible for the duration of its liabilities. The discount rate is required to be updated at the end of each reporting period for the remeasurement of the liability but is locked-in for each cohort for the purpose of interest accretion expense. Changes in the value of the liability for nonparticipating long-duration contracts due to changes in the discount rate are recognized as a component of OCI on the consolidated statements of comprehensive income (loss). Changes in the liability for remeasurement gains or losses and all other changes in the liability are recorded in future policy and other policy benefits on the consolidated statements of operations. Future policy benefits include liabilities for no-lapse guarantees on universal life insurance and fixed indexed universal life insurance. Athene establishes future policy benefits for no-lapse guarantees by estimating the expected value of death benefits paid after policyholder account balances have been exhausted. Athene recognizes these benefits proportionally over the life of the contracts based on total actual and expected assessments. The methods Athene uses to estimate the liabilities have assumptions about policyholder behavior, mortality, expected yield on investments supporting the liability and market conditions affecting policyholder account balance growth. For the liabilities associated with no-lapse guarantees, each reporting period Athene updates expected excess benefits and assessments with actual excess benefits and assessments. Athene also periodically revises the key assumptions used in the calculation of the liabilities that result in revisions to the expected excess benefits and assessments. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made. Changes in the liabilities associated with no-lapse guarantees are recorded in future policy and other policy benefits on the consolidated statements of operations. Future policy benefits are not reduced for amounts ceded under reinsurance agreements, which are reported as reinsurance recoverable on the consolidated statements of financial condition.
Market Risk Benefit	Market Risk Benefits Market risk benefits represent contracts or contract features that both provide protection to the contract holder from, and expose the insurance entity to, other-than-nominal capital market risk. Athene’s deferred annuity contracts which contain GLWB and GMDB riders that meet the criteria for, and are classified as, market risk benefits. Market risk benefits are measured at fair value at the contract level and may be recorded as a liability or an asset, which are recorded on the consolidated statements of financial condition in market risk benefits or other assets, respectively. Multiple market risk benefits on a contract are treated as a single, compound market risk benefit. At contract inception, Athene assesses the fees and assessments that are collectible from the policyholder and allocates them to the extent they are attributable to the market risk benefit. These attributed fees are used in the valuation of the market risk benefits and are never negative or exceed total explicit fees collectible from the policyholder. If the fees are sufficient to cover the projected benefits, a non-option based valuation model is used. If the fees are insufficient to cover the projected benefits, an option-based valuation model is used to compute the market risk benefit liability at contract inception, with an equal and offsetting adjustment recognized in interest sensitive contract liabilities. Changes in fair value of market risk benefits are recorded in market risk benefits remeasurement (gains) losses on the consolidated statements of operations, excluding portions attributed to changes in instrument-specific credit risk, which are recorded in OCI on the consolidated statements of comprehensive income (loss). Market risk benefits are not reduced for market risk benefits ceded under reinsurance agreements. Ceded market risk benefits are measured at fair value and recorded within reinsurance recoverable on the consolidated statements of financial condition. Upon annuitization of the contract or the extinguishment of the account balance, the market risk benefit, related annuity contract and unamortized deferred costs are derecognized, including amounts within AOCI. A payout annuity is then established for GLWBs.

Merger with Athene (Tables)

Merger with Athene (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Purchase Price	The purchase price was as follows: (In millions, except share price data and exchange ratio) AHL common shares purchased 138 Exchange ratio 1.149 Shares of common stock issued in exchange 158 AGM Class A shares closing price $ 72.43 Total merger consideration at closing $ 11,455 Fair value of estimated RSUs, options and warrants assumed and other equity consideration 1,2 699 Effective settlement of pre-existing relationships 3 896 Total merger consideration 13,050 Fair value of AHL common shares previously held (55 million shares) and other adjustments 4,5 4,554 Total AHL equity value held by AGM 17,604 Non-controlling interest 6 4,942 Total AHL equity value $ 22,546 1 AGM issued one-time grants of fully vested RSUs and options to certain executives and stockholders of Athene vesting upon consummation of the Mergers. Additionally, all issued and outstanding warrants of Athene prior to the Merger Date were exchanged for shares of AGM common stock at the time of the Mergers. The fair value of these awards is $600 million and is treated as part of consideration transferred. 2 AGM issued replacement awards for all outstanding Athene equity awards. $99 million was included as part of consideration for the portion that was attributable to pre-combination services and $53 million will be treated as post-combination compensation expense. 3 The pre-existing relationship related to receivables, payables, and dividends between Apollo and Athene. Total fees payable to AGM by Athene for asset management and advisory services were approximately $146 million. A cash dividend of $750 million was declared by Athene to its common stockholders with Apollo owning 100% of the common shares as of the dividend record date. 4 Based on the December 31, 2021 closing price of AHL common shares on the NYSE. 5 Other adjustments includes pushdown of goodwill arising out of deferred tax liabilities associated with identifiable net assets of Athene. 6 Non-controlling interest in Athene includes holders of Athene’s preferred shares and third-party investors in ACRA 1 and in consolidated VIEs of Athene. The fair value of Athene’s preferred shares was based on the closing stock price of Athene’s preferred shares immediately prior to the consummation of the Athene merger and the fair value of the non-controlling interest in ACRA 1 was determined using the discounted distribution model approach.
Schedule of Recognized for the Assets Acquired and Liabilities Assumed and Resulting Goodwill	The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the Merger Date: (In millions) Fair Value and Goodwill Calculation Merger consideration $ 13,050 Fair value of previously held equity interest 4,554 Total Athene Value to be Held by the Company 17,604 Total Value to Allocate Investments 176,015 Cash and cash equivalents 9,479 Restricted cash and cash equivalents 796 Investment in related parties 33,863 Reinsurance recoverable 4,977 VOBA 3,372 Assets of consolidated variable interest entities 3,635 Other assets 6,115 Estimated fair value of total assets acquired (excluding goodwill) 238,252 Interest sensitive contract liabilities 160,241 Future policy benefits 41,482 Market risk benefits 4,813 Debt 3,295 Payables for collateral on derivatives and securities to repurchase 7,044 Liabilities of consolidated variable interest entities 461 Other liabilities 2,443 Estimated fair value of total liabilities assumed 219,779 Non-controlling interest 4,942 Estimated fair value of net assets acquired, excluding goodwill 13,531 Goodwill attributable to Athene $ 4,073
Schedule of Fair Value and Weighted Average Estimate Useful Lives of VOBA and Other Identifiable Intangible Assets Acquired	The fair value and weighted average estimated useful lives of VOBA and other identifiable intangible assets acquired in the Mergers consist of the following: Fair value (in millions) Average useful life (in years) VOBA Asset $ 3,372 7 Distribution Channels 1,870 18 Trade Name 160 20 State Insurance Licenses 26 Indefinite Total $ 5,428

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Investments, All Other Investments [Abstract]
Schedule of Investments	The following table outlines the Company’s investments: (In millions) December 31, 2024 December 31, 2023 Asset Management Investments, at fair value $ 1,384 $ 1,489 Equity method investments 1,082 1,072 Performance allocations 3,262 2,941 Other investments 358 — Total Investments – Asset Management 6,086 5,502 Retirement Services AFS securities, at fair value $ 184,167 $ 148,347 Trading securities, at fair value 2,156 2,544 Equity securities 1,524 1,611 Mortgage loans, at fair value 64,536 45,396 Investment funds 1,960 1,741 Policy loans 318 334 Funds withheld at interest 23,916 30,833 Derivative assets 8,154 5,298 Short-term investments 1,190 1,288 Other investments 3,246 1,549 Total Investments, including related parties – Retirement Services 291,167 238,941 Total Investments $ 297,253 $ 244,443
Schedule of Equity Method Investments	The tables below present summarized financial information of the Company’s equity method investments in the aggregate. Statement of Financial Condition (In millions) December 31, 2024 1 2023 1 Investments $ 227,112 $ 212,892 Assets 263,535 238,550 Liabilities 126,363 122,659 Equity 137,172 115,891 Statement of Operations (In millions) Years ended December 31, 2024 1 2023 1 2022 1 Revenues/Investment Income $ 10,918 $ 9,709 $ 7,681 Expenses 13,613 9,242 7,644 Net Investment Income (Loss) (2,695) 467 37 Net Realized and Unrealized Gain (Loss) 14,722 7,349 3,012 Net Income (Loss) $ 12,027 $ 7,816 $ 3,049 1 Certain fund amounts are as of and for the twelve months ended September 30, 2024, 2023 and 2022.
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: Years ended December 31, (In millions) 2024 2023 2022 Realized gains (losses) on sales of investments, net $ (1) $ (9) $ (14) Net change in unrealized gains (losses) due to changes in fair value 59 16 179 Net gains (losses) from investment activities $ 58 $ 7 $ 165 Investment related gains (losses) by asset class consists of the following: Years ended December 31, (In millions) 2024 2023 2022 AFS securities 1 Gross realized gains on investment activity $ 977 $ 926 $ 1,337 Gross realized losses on investment activity (1,979) (779) (2,151) Net realized investment gains (losses) on AFS securities (1,002) 147 (814) Net recognized investment gains (losses) on trading securities (170) 66 (432) Net recognized investment gains (losses) on equity securities 22 13 (153) Net recognized investment gains (losses) on mortgage loans (132) 207 (2,974) Derivative gains (losses) 2,205 2,135 (9,173) Provision for credit losses (181) (335) (227) Other gains (losses) 1,303 (805) 1,056 Investment related gains (losses) $ 2,045 $ 1,428 $ (12,717) 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, 2023 $ 2,574 Change in fair value of funds 1,048 Fund distributions to the Company (681) Performance allocations, December 31, 2023 $ 2,941 Change in fair value of funds 1,249 Fund distributions to the Company (928) Performance allocations, December 31, 2024 $ 3,262
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: December 31, 2024 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 8,413 $ — $ 8 $ (1,270) $ 7,151 U.S. state, municipal and political subdivisions 1,167 — — (246) 921 Foreign governments 2,082 — — (514) 1,568 Corporate 95,006 (175) 485 (11,731) 83,585 CLO 29,524 — 266 (608) 29,182 ABS 24,779 (76) 138 (640) 24,201 CMBS 11,158 (60) 75 (432) 10,741 RMBS 8,587 (397) 228 (403) 8,015 Total AFS securities 180,716 (708) 1,200 (15,844) 165,364 AFS securities – related parties Corporate 2,150 — 18 (31) 2,137 CLO 6,130 — 18 (113) 6,035 ABS 10,899 (1) 21 (288) 10,631 Total AFS securities – related parties 19,179 (1) 57 (432) 18,803 Total AFS securities, including related parties $ 199,895 $ (709) $ 1,257 $ (16,276) $ 184,167 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: December 31, 2024 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 2,576 $ 2,544 Due after one year through five years 19,949 19,418 Due after five years through ten years 27,734 25,442 Due after ten years 56,409 45,821 CLO, ABS, CMBS and RMBS 74,048 72,139 Total AFS securities 180,716 165,364 AFS securities – related parties Due after one year through five years 1,080 1,071 Due after five years through ten years 847 861 Due after ten years 223 205 CLO and ABS 17,029 16,666 Total AFS securities – related parties 19,179 18,803 Total AFS securities, including related parties $ 199,895 $ 184,167
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: December 31, 2024 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities U.S. government and agencies $ 3,010 $ (114) $ 3,462 $ (1,156) $ 6,472 $ (1,270) U.S. state, municipal and political subdivisions 67 (3) 842 (243) 909 (246) Foreign governments 830 (205) 738 (309) 1,568 (514) Corporate 19,530 (673) 44,051 (10,997) 63,581 (11,670) CLO 2,675 (48) 2,325 (215) 5,000 (263) ABS 9,361 (155) 4,070 (309) 13,431 (464) CMBS 1,868 (56) 1,773 (315) 3,641 (371) RMBS 825 (13) 1,261 (157) 2,086 (170) Total AFS securities 38,166 (1,267) 58,522 (13,701) 96,688 (14,968) AFS securities – related parties Corporate 471 (4) 365 (26) 836 (30) CLO 586 (10) 544 (56) 1,130 (66) ABS 2,533 (43) 3,355 (235) 5,888 (278) Total AFS securities – related parties 3,590 (57) 4,264 (317) 7,854 (374) Total AFS securities, including related parties $ 41,756 $ (1,324) $ 62,786 $ (14,018) $ 104,542 $ (15,342) 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: December 31, 2024 Unrealized Loss Position Unrealized Loss Position 12 Months or More AFS securities 7,745 6,087 AFS securities – related parties 143 59
Schedule of Allowance for Credit Losses	The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type: Year ended December 31, 2024 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending balance AFS securities Corporate $ 129 $ 48 $ — $ (8) $ — $ 6 $ 175 CLO 2 1 — — — (3) — ABS 49 25 — (16) — 18 76 CMBS 29 27 — — — 4 60 RMBS 381 17 — (17) — 16 397 Total AFS securities 590 118 — (41) — 41 708 AFS securities – related parties, ABS 1 — — — — — 1 Total AFS securities, including related parties $ 591 $ 118 $ — $ (41) $ — $ 41 $ 709 Year ended December 31, 2023 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending balance AFS securities Foreign governments $ 27 $ — $ — $ (27) $ — $ — $ — Corporate 61 88 — (8) (15) 3 129 CLO 7 1 — — — (6) 2 ABS 29 23 — (4) — 1 49 CMBS 5 26 — — — (2) 29 RMBS 329 16 53 (16) — (1) 381 Total AFS securities 458 154 53 (55) (15) (5) 590 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 $ 155 $ 53 $ (55) $ (15) $ (6) $ 591
Schedule of Net Investment Income	Net investment income by asset class consists of the following: Years ended December 31, (In millions) 2024 2023 2022 AFS securities $ 9,691 $ 6,901 $ 4,165 Trading securities 161 177 174 Equity securities 90 76 64 Mortgage loans 3,767 2,360 1,261 Investment funds (38) 90 408 Funds withheld at interest 1,318 1,752 1,844 Other 828 815 270 Investment revenue 15,817 12,171 8,186 Investment expenses (99) (91) (38) Net investment income $ 15,718 $ 12,080 $ 8,148
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: Years ended December 31, (In millions) 2024 2023 2022 Trading securities $ (42) $ 93 $ (414) Equity securities 12 49 (146)
Schedule of Repurchase Agreements	The following table summarizes the remaining contractual maturities of repurchase agreements: (In millions) December 31, 2024 December 31, 2023 Less than 30 days $ 2,752 $ 686 30 – 90 days 300 — 91 days to 1 year 1,095 — Greater than 1 year 1,569 3,167 Payables for repurchase agreements $ 5,716 $ 3,853
Schedule of Securities Pledged as Collateral for Repurchase Agreements	The following table summarizes the securities pledged as collateral for repurchase agreements: December 31, 2024 December 31, 2023 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities U.S. government and agencies $ 3,253 $ 2,693 $ — $ — Foreign governments 159 107 137 99 Corporate 1,877 1,573 2,735 2,307 CLO 587 588 580 579 ABS 596 552 1,207 1,086 RMBS 369 365 — — Total securities pledged under repurchase agreements $ 6,841 $ 5,878 $ 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) December 31, 2024 December 31, 2023 Commercial mortgage loans $ 32,544 $ 27,630 Commercial mortgage loans under development 1,987 1,228 Total commercial mortgage loans 34,531 28,858 Mark to fair value (2,099) (2,246) Commercial mortgage loans 32,432 26,612 Residential mortgage loans 35,223 21,894 Mark to fair value (540) (937) Residential mortgage loans 34,683 20,957 Mortgage loans $ 67,115 $ 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: Years ended December 31, (In millions) 2024 2023 2022 Trading securities $ (156) $ 66 $ (424) Mortgage loans (237) 183 (3,213) Investment funds (59) 77 114 Future policy benefits 76 (14) 356 Other 28 (113) (37) Total gains (losses) $ (348) $ 199 $ (3,204) The following summarizes information for fair value option mortgage loans, including related parties and VIEs: (In millions) December 31, 2024 December 31, 2023 Unpaid principal balance $ 69,754 $ 50,752 Mark to fair value (2,639) (3,183) Fair value $ 67,115 $ 47,569 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) December 31, 2024 December 31, 2023 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 195 $ 221 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (102) (74) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 93 $ 147 Fair value of commercial mortgage loans 90 days or more past due $ 31 $ 64 Fair value of commercial mortgage loans in non-accrual status 93 147 The following represents the residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) December 31, 2024 December 31, 2023 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 898 $ 528 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (51) (49) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 847 $ 479 Fair value of residential mortgage loans 90 days or more past due 1 $ 847 $ 479 Fair value of residential mortgage loans in non-accrual status 765 355 1 As of December 31, 2024 and December 31, 2023, includes $82 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: Years ended December 31, (In millions) 2024 2023 2022 Mortgage loans $ (58) $ (53) $ (41)
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: December 31, 2024 December 31, 2023 (In millions, except percentages) Fair Value Percentage of Total Fair Value Percentage of Total Property type Apartment $ 11,746 36.2 % $ 9,591 36.0 % Industrial 6,793 21.0 % 4,143 15.6 % Office building 4,162 12.8 % 4,455 16.7 % Hotels 2,786 8.6 % 2,913 11.0 % Retail 2,269 7.0 % 2,158 8.1 % Other commercial 4,676 14.4 % 3,352 12.6 % Total commercial mortgage loans $ 32,432 100.0 % $ 26,612 100.0 % U.S. region East North Central $ 1,546 4.8 % $ 1,517 5.7 % East South Central 438 1.3 % 523 2.0 % Middle Atlantic 8,386 25.9 % 7,147 26.9 % Mountain 1,322 4.1 % 1,196 4.5 % New England 1,118 3.4 % 1,295 4.9 % Pacific 5,768 17.8 % 4,860 18.3 % South Atlantic 6,198 19.1 % 4,583 17.2 % West North Central 221 0.7 % 249 0.9 % West South Central 1,971 6.1 % 1,228 4.6 % Total U.S. region 26,968 83.2 % 22,598 85.0 % International region United Kingdom 2,281 7.0 % 2,343 8.7 % Other international 1 3,183 9.8 % 1,671 6.3 % Total international region 5,464 16.8 % 4,014 15.0 % Total commercial mortgage loans $ 32,432 100.0 % $ 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: December 31, 2024 December 31, 2023 U.S. States California 25.6 % 27.6 % Florida 12.4 % 12.0 % Texas 7.4 % 6.1 % New York 4.7 % 5.9 % Other 1 40.8 % 39.4 % Total U.S. residential mortgage loan percentage 90.9 % 91.0 % International United Kingdom 4.4 % 4.0 % Other 1 4.7 % 5.0 % Total international residential mortgage loan percentage 9.1 % 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: December 31, 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 29 0.2 % 32 0.2 % Retirement services platforms 1,317 6.7 % 1,300 7.4 % Equity 244 1.2 % 267 1.5 % Credit 253 1.3 % 20 0.1 % Other 10 0.1 % 13 0.1 % Total investment funds – related parties 1,853 9.5 % 1,632 9.3 % Investment funds – consolidated VIEs Strategic origination platforms 6,347 32.3 % 4,987 28.4 % Retirement services platforms — — % 483 2.8 % Equity 7,597 38.7 % 6,925 39.4 % Credit 3,062 15.6 % 2,852 16.2 % Other 654 3.3 % 573 3.3 % Total investment funds – consolidated VIEs 17,660 89.9 % 15,820 90.1 % Total investment funds, including related parties and consolidated VIEs $ 19,620 100.0 % $ 17,561 100.0 % 1 Prior year 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) December 31, 2024 AP Grange Holdings, LLC $ 4,661 Atlas 1 3,172 Fox Hedge L.P. 2,924 December 31, 2023 Wheels, Inc. (“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 18.

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amount and Fair Value of Derivative Instruments	The following table presents the notional amount and fair value of derivative instruments: December 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 15,669 $ 938 $ 211 9,034 $ 477 $ 230 Forwards 3,139 331 5 6,294 275 102 Interest rate swaps 4,506 — 654 4,468 — 521 Forwards on net investments 218 11 — 219 — 6 Interest rate swaps 24,885 55 138 10,031 29 95 Total derivatives designated as hedges 1,335 1,008 781 954 Derivatives not designated as hedges Equity options 85,452 5,002 126 73,881 3,809 102 Futures 37 93 11 35 72 — Foreign currency swaps 14,908 600 199 8,072 230 244 Interest rate swaps and forwards 3,255 67 124 3,499 81 9 Other swaps 2,644 3 5 2,588 39 1 Foreign currency forwards 39,598 1,054 2,083 28,236 286 685 Embedded derivatives Funds withheld, including related parties (3,650) 4 (4,100) (64) Interest sensitive contract liabilities — 11,242 — 9,059 Total derivatives not designated as hedges 3,169 13,794 417 10,036 Total derivatives $ 4,504 $ 14,802 $ 1,198 $ 10,990 The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: December 31, 2024 December 31, 2023 (In millions) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) AFS securities Foreign currency forwards $ 3,790 $ (258) $ 4,883 $ (15) Foreign currency swaps 12,517 (842) 6,820 (141) Interest sensitive contract liabilities Foreign currency swaps 2,426 130 1,438 19 Foreign currency interest rate swaps 3,946 488 4,010 363 Interest rate swaps 17,873 130 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 Year ended December 31, 2024 Investment related gains (losses) Foreign currency forwards $ 220 $ (238) $ (18) $ 43 $ 19 Foreign currency swaps 513 (520) (7) — — Foreign currency interest rate swaps (160) 148 (12) — — Interest rate swaps 6 (58) (52) — — Interest sensitive contract benefits Foreign currency interest rate swaps 87 (85) 2 — — Year ended December 31, 2023 Investment related gains (losses) Foreign currency forwards (169) 167 (2) 82 20 Foreign currency swaps (159) 169 10 — — Foreign currency interest rate swaps 282 (269) 13 — — Interest rate swaps 111 (118) (7) — — Interest sensitive contract benefits Foreign currency interest rate swaps 57 (60) (3) — — Year ended December 31, 2022 Investment related gains (losses) Foreign currency forwards 183 (190) (7) 67 9 Foreign currency swaps 286 (310) (24) — — Foreign currency interest rate swaps (622) 632 10 — — Interest rate swaps (332) 323 (9) — — Interest sensitive contract benefits Foreign currency interest rate swaps 52 (53) (1) — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI : Years ended December 31, (In millions) 2024 2023 2022 Foreign currency forwards $ (23) $ (45) $ 20 Foreign currency swaps (29) (187) 88
Schedule of Derivatives Not Designated as Hedges	The following is a summary of the gains (losses) related to derivatives not designated as hedges: Years ended December 31, (In millions) 2024 2023 2022 Equity options $ 1,921 $ 1,564 $ (2,647) Futures 72 73 (144) Interest rate swaps and forwards and other swaps 344 (108) 56 Foreign currency forwards (775) (495) 505 Embedded derivatives on funds withheld 2 934 (6,534) Amounts recognized in investment related gains (losses) 1,564 1,968 (8,764) Embedded derivatives in indexed annuity products 1 (174) (1,443) 2,768 Total gains (losses) on derivatives not designated as hedges $ 1,390 $ 525 $ (5,996) 1 Included in interest sensitive contract benefits on the 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 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 December 31, 2024 Derivative assets $ 8,154 $ (2,209) $ (5,922) $ 23 $ — $ 23 Derivative liabilities (3,556) 2,209 1,333 (14) 2 (12) 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 consolidated statements of financial condition. As of December 31, 2024 and December 31, 2023, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the consolidated statements of financial condition. 3 For non-cash collateral received, Athene does not recognize the collateral on the 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 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 December 31, 2024 Derivative assets $ 8,154 $ (2,209) $ (5,922) $ 23 $ — $ 23 Derivative liabilities (3,556) 2,209 1,333 (14) 2 (12) 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 consolidated statements of financial condition. As of December 31, 2024 and December 31, 2023, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the consolidated statements of financial condition. 3 For non-cash collateral received, Athene does not recognize the collateral on the 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)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of VIE Financial Information	The following table presents net gains (losses) from investment activities of the consolidated VIEs: Years ended December 31, (In millions) 2024 1 2023 1 2022 1 Net gains (losses) from investment activities $ 39 $ 67 $ 93 Net gains (losses) from debt (8) — 144 Interest and other income 172 176 354 Interest and other expenses (113) (113) (97) Net gains (losses) from investment activities of consolidated variable interest entities $ 90 $ 130 $ 494 1 Amounts reflect consolidation eliminations. The following summarizes the statements of operations activity of the consolidated VIEs: Years ended December 31, (In millions) 2024 2023 2022 Trading securities $ 152 $ 102 $ 34 Mortgage loans 128 110 88 Investment funds 46 41 9 Other (22) 1 (10) Net investment income 304 254 121 Net recognized investment gains (losses) on trading securities 17 10 (66) Net recognized investment losses on mortgage loans (35) (22) (250) Net recognized investment gains on investment funds 1,542 1,228 552 Other gains (losses) (6) (29) 83 Investment related gains (losses) 1,518 1,187 319 Revenues of consolidated variable interest entities $ 1,822 $ 1,441 $ 440 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) December 31, 2024 December 31, 2023 Maximum Loss Exposure 1,2 $ 614 $ 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: December 31, 2024 December 31, 2023 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 107 $ 987 $ 109 $ 876 Investment in related parties – investment funds 1,853 3,226 1,632 2,377 Assets of consolidated VIEs – investment funds 17,660 23,488 15,820 22,129 Investment in fixed maturity securities 72,523 74,797 48,155 50,623 Investment in related parties – fixed maturity securities 17,239 21,793 13,495 15,608 Investment in related parties – equity securities 234 234 318 318 Total non-consolidated investments $ 109,616 $ 124,525 $ 79,529 $ 91,931 The tables below present the financial information of these previously consolidated SPACs in the aggregate. Years ended December 31, (In millions) 2023 2022 Expenses: General, administrative and other $ 3 $ 8 Total Expenses 3 8 Other Income (Loss): Net gains (losses) from investment activities (15) 20 Interest income 27 13 Total Other Income (Loss) 12 33 Income (loss) before income tax provision 9 25 Income tax provision (2) (1) Net Income (Loss) 7 24 Net income attributable to non-controlling interests (41) — Net Income (Loss) Attributable to Apollo Global Management, Inc. (34) 24
Schedule of Principal Provisions Debt	The following table summarizes the principal provisions of those amounts: December 31, 2024 December 31, 2023 (In millions, except percentages) Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Asset Management Subscription lines 1 $ 1,198 6.84 % 0.06 $ 1,072 7.16 % 0.09 Total – Asset Management $ 1,198 $ 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)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Recorded at Fair Value	The following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level: December 31, 2024 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 2,692 $ — $ — $ — $ 2,692 Restricted cash and cash equivalents 3 — — — 3 Cash and cash equivalents of VIEs 158 — — — 158 Investments, at fair value 238 22 1,052 1 72 1,384 Investments of consolidated VIEs 191 111 2,258 234 2,794 Due from related parties 2 — — 27 — 27 Derivative assets 3 — 40 29 — 69 Total Assets – Asset Management 3,282 173 3,366 306 7,127 Retirement Services AFS Securities U.S. government and agencies 7,149 2 — — 7,151 U.S. state, municipal and political subdivisions — 921 — — 921 Foreign governments 658 881 29 — 1,568 Corporate 11 79,253 4,321 — 83,585 CLO — 29,182 — — 29,182 ABS — 7,672 16,529 — 24,201 CMBS — 10,741 — — 10,741 RMBS — 7,759 256 — 8,015 Total AFS securities 7,818 136,411 21,135 — 165,364 Trading securities 22 1,539 22 — 1,583 Equity securities 190 1,073 27 — 1,290 Mortgage loans — — 63,239 — 63,239 Funds withheld at interest – embedded derivative — — (3,035) — (3,035) Derivative assets 121 8,032 1 — 8,154 Short-term investments — 86 169 — 255 Other investments — 711 895 — 1,606 Cash and cash equivalents 12,733 — — — 12,733 Restricted cash and cash equivalents 943 — — — 943 Investments in related parties AFS securities Corporate — 1,029 1,108 — 2,137 CLO — 5,339 696 — 6,035 ABS — 890 9,741 — 10,631 Total AFS securities – related parties — 7,258 11,545 — 18,803 Trading securities — — 573 — 573 Equity securities — — 234 — 234 Mortgage loans — — 1,297 — 1,297 Investment funds — — 1,139 — 1,139 Funds withheld at interest – embedded derivative — — (615) — (615) Other investments — — 331 — 331 Reinsurance recoverable — — 1,661 — 1,661 Other assets 5 — — 313 — 313 (Continued) December 31, 2024 (In millions) Level 1 Level 2 Level 3 NAV Total Assets of consolidated VIEs Trading securities — 347 1,954 — 2,301 Mortgage loans — — 2,579 — 2,579 Investment funds — — 770 16,890 17,660 Other investments 4 — 103 — 107 Cash and cash equivalents 583 — — — 583 Total Assets – Retirement Services 22,414 155,457 104,337 16,890 299,098 Total Assets $ 25,696 $ 155,630 $ 107,703 $ 17,196 $ 306,225 Liabilities Asset Management Contingent consideration obligations 4 $ — $ — $ 67 $ — $ 67 Total Liabilities – Asset Management — — 67 — 67 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 11,242 — 11,242 Universal life benefits — — 742 — 742 Future policy benefits AmerUs Life Insurance Company (“AmerUs”) Closed Block — — 1,102 — 1,102 Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits — — 538 — 538 Market risk benefits 5 — — 4,028 — 4,028 Derivative liabilities 19 3,536 1 — 3,556 Other liabilities — — 225 — 225 Total Liabilities – Retirement Services 19 3,536 17,878 — 21,433 Total Liabilities $ 19 $ 3,536 $ 17,945 $ — $ 21,500 (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 December 31, 2024 and December 31, 2023 excludes $248 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 consolidated statements of financial condition. 4 Other liabilities as of December 31, 2024 includes profit sharing payable of $67 million related to contingent obligations classified as Level 3. Other liabilities as of December 31, 2023 includes $26 million of contingent obligations related to the Griffin Capital acquisition classified as Level 3 and profit sharing payable of $67 million related to other contingent obligations classified as Level 3. 5 Other assets consist of market risk benefits assets. See note 11 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: December 31, 2024 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 765 Discounted cash flow Discount rate 13.5% – 52.8% 17.8% 1 128 Direct capitalization Capitalization rate 6.7% 6.7% 159 Adjusted transaction value N/A N/A N/A Due from related parties 27 Discounted cash flow Discount rate 14.0% 14.0% Derivative assets 29 Option model Volatility rate 52.5% 52.5% Investments of consolidated VIEs Bank loans 168 Discounted cash flow Discount rate 5.6% – 23.4% 9.0% 1 179 Adjusted transaction value N/A N/A N/A Equity securities 495 Dividend discount model Discount rate 14.1% 14.1% 417 Discounted cash flow Discount rate 8.3% – 13.3% 13.3% 1 69 Adjusted transaction value N/A N/A N/A 27 Option Model Volatility rate 84.8% – 117.5% 110.7% 1 Bonds 412 Discounted cash flow Discount rate 6.6% – 11.7% 7.0% 1 491 Adjusted transaction value N/A N/A N/A Retirement Services AFS, trading and equity securities 28,655 Discounted cash flow Discount rate 4.7% – 20.0% 7.1% 1 Mortgage loans 2 67,115 Discounted cash flow Discount rate 1.8% – 43.1% 6.7% 1 Investment funds 2 1,909 Discounted cash flow Discount rate 6.6% – 14.0% 10.8% 1 Financial Liabilities Asset Management Contingent consideration obligations 67 Discounted cash flow Discount rate 20.0% – 25.0% 23.6% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 11,242 Discounted cash flow Nonperformance risk 0.4% – 1.1% 0.7% 3 Option budget 0.5% – 6.0% 2.8% 4 Surrender rate 6.0% – 14.2% 9.0% 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: December 31, 2024 (In millions, except percentages) Fair Value Valuation Technique Unobservable Inputs Minimum Maximum Weighted Average Impact of an Increase in the Input on Fair Value Market risk benefits, net $ 3,715 Discounted cash flow Nonperformance risk 0.4 % 1.1 % 1.0 % 1 Decrease Option budget 0.5 % 6.0 % 2.3 % 2 Decrease Surrender rate 3.3 % 7.2 % 4.6 % 2 Decrease Utilization rate 28.6 % 95.0 % 84.9 % 3 Increase December 31, 2023 (In millions, except percentages) Fair Value Valuation Technique Unobservable Inputs Minimum Maximum Weighted Average Impact of an Increase in the Input on Fair Value Market risk benefits, net $ 3,373 Discounted cash flow Nonperformance risk 0.4 % 1.4 % 1.2 % 1 Decrease Option budget 0.5 % 6.0 % 1.9 % 2 Decrease Surrender rate 3.2 % 6.4 % 4.5 % 2 Decrease Utilization rate 28.6 % 95.0 % 83.6 % 3 Increase December 31, 2022 (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 $ 2,489 Discounted cash flow Nonperformance risk 0.2 % 1.6 % 1.4 % 1 Decrease Option budget 0.5 % 5.3 % 1.7 % 2 Decrease Surrender rate 3.3 % 6.7 % 4.4 % 2 Decrease Utilization rate 28.6 % 95.0 % 82.3 % 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: Year ended December 31, 2024 Total realized and unrealized gains (losses) (In millions) Beginning Balance Included in Income Included in OCI Net Purchases, Issuances, Sales and Settlements Net Transfers In (Out) Ending Balance Total Gains (Losses) Included in Earnings 1 Total Gains (Losses) Included in OCI 1 Assets – Asset Management Investments and derivative assets $ 1,201 $ (24) $ — $ (28) $ (68) $ 1,081 $ 26 $ — Investments of consolidated VIEs 1,492 (15) — 579 202 2,258 (17) — Total Level 3 assets – Asset Management $ 2,693 $ (39) $ — $ 551 $ 134 $ 3,339 $ 9 $ — Assets – Retirement Services AFS securities Foreign governments $ 40 $ — $ 1 $ (12) $ — $ 29 $ — $ 1 Corporate 2,525 (20) 36 2,815 (1,035) 4,321 (18) 38 ABS 6,943 47 (128) 9,812 (145) 16,529 (3) (130) CMBS 21 3 (5) — (19) — — — RMBS 265 8 — 83 (100) 256 — (1) Trading securities 28 1 — (21) 14 22 (1) — Equity securities 26 — — 1 — 27 — — Mortgage loans 44,115 (192) — 19,316 — 63,239 (145) — Funds withheld at interest – embedded derivative (3,379) 344 — — — (3,035) — — Derivative assets — — — — 1 1 — — Short-term investments 105 (1) (1) 145 (79) 169 — (1) Other investments 630 (24) — 289 — 895 (6) — Investments in related parties AFS securities Corporate 1,171 (2) 40 53 (154) 1,108 — 24 CLO 506 — 13 177 — 696 — 14 ABS 7,826 48 (12) 1,879 — 9,741 — (14) Trading securities 838 (1) — (264) — 573 (3) — Equity securities 255 (16) — (5) — 234 (15) — Mortgage loans 1,281 17 — (1) — 1,297 17 — Investment funds 1,082 (49) — 106 — 1,139 (49) — Funds withheld at interest – embedded derivative (721) 106 — — — (615) — — Other investments 343 (12) — — — 331 (12) — Reinsurance recoverable 1,367 (61) — 355 — 1,661 — — Assets of consolidated VIEs Trading securities 1,852 (80) — 50 132 1,954 (87) — Mortgage loans 2,173 (62) — 447 21 2,579 (64) — Investment funds 977 (68) — 331 (470) 770 (16) — Other investments 101 (10) — 32 (20) 103 (9) — Total Level 3 assets – Retirement Services $ 70,370 $ (24) $ (56) $ 35,588 $ (1,854) $ 104,024 $ (411) $ (69) (Continued) Year ended December 31, 2024 Total realized and unrealized gains (losses) (In millions) Beginning Balance Included in Income Included in OCI Net Purchases, Issuances, Sales and Settlements Net Transfers In (Out) Ending Balance Total Gains (Losses) Included in Earnings 1 Total Gains (Losses) Included in OCI 1 Liabilities – Asset Management Contingent consideration obligations $ 93 $ 79 $ — $ (105) $ — $ 67 $ — $ — Total Level 3 liabilities – Asset Management $ 93 $ 79 $ — $ (105) $ — $ 67 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (9,059) $ (174) $ — $ (2,009) $ — $ (11,242) $ — $ — Universal life benefits (834) 92 — — — (742) — — Future policy benefits AmerUs Closed Block (1,178) 76 — — — (1,102) — — ILICO Closed Block and life benefits (522) (16) — — — (538) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (330) (13) — 54 64 (225) — — Total Level 3 liabilities – Retirement Services $ (11,924) $ (35) $ — $ (1,955) $ 64 $ (13,850) $ — $ — (Concluded) 1 Related to instruments held at end of period. Year ended December 31, 2023 Total realized and unrealized gains (losses) (In millions) Beginning Balance Included in Income Included in OCI Net Purchases, Issuances, Sales and Settlements Net Transfers In (Out) Ending Balance Total Gains (Losses) Included in Earnings 1 Total Gains (Losses) Included in OCI 1 Assets – Asset Management Investments and derivative assets $ 1,098 $ 63 $ — $ 40 $ — $ 1,201 $ 68 $ — Investments of consolidated VIEs 727 69 — 698 (2) 1,492 13 — Total Level 3 assets – Asset Management $ 1,825 $ 132 $ — $ 738 $ (2) $ 2,693 $ 81 $ — Assets – Retirement Services AFS securities Foreign governments $ 1 $ — $ (2) $ 41 $ — $ 40 $ — $ (2) Corporate 1,665 (21) 45 1,298 (462) 2,525 — 21 ABS 4,867 (9) 61 3,241 (1,217) 6,943 — 45 CMBS — — 1 — 20 21 — 3 RMBS 232 8 4 256 (235) 265 — 2 Trading securities 53 2 — (16) (11) 28 — — Equity securities 92 (8) — (45) (13) 26 — — Mortgage loans 27,454 183 — 16,478 — 44,115 184 — Funds withheld at interest – embedded derivative (4,847) 1,468 — — — (3,379) — — Short-term investments 36 — (3) 69 3 105 — — Other investments 441 — — 189 — 630 (3) — Investments in related parties AFS securities Corporate 812 3 (32) 173 215 1,171 — (32) CLO 303 — 18 185 — 506 — 18 ABS 5,542 19 103 1,878 284 7,826 6 96 Trading securities 878 12 — (52) — 838 8 — Equity securities 279 8 — (32) — 255 7 — Mortgage loans 1,302 9 — (30) — 1,281 8 — Investment funds 959 91 — 32 — 1,082 91 — Funds withheld at interest – embedded derivative (1,425) 704 — — — (721) — — Other investments 303 (2) — 42 — 343 (3) — Reinsurance recoverable 1,388 (21) — — — 1,367 — — Assets of consolidated VIEs Trading securities 622 69 — (116) 1,277 1,852 69 — Mortgage loans 2,055 (9) — 127 — 2,173 (9) — Investment funds 2,471 (30) — 73 (1,537) 977 (31) — Other investments 99 9 — (7) — 101 9 — Total Level 3 assets – Retirement Services $ 45,582 $ 2,485 $ 195 $ 23,784 $ (1,676) $ 70,370 $ 336 $ 151 Liabilities – Asset Management Contingent consideration obligations $ 86 $ 11 $ — $ (4) $ — $ 93 $ — $ — Total Level 3 liabilities – Asset Management $ 86 $ 11 $ — $ (4) $ — $ 93 $ — $ — (Continued) Year ended December 31, 2023 Total realized and unrealized gains (losses) (In millions) Beginning Balance Included in Income Included in OCI Net Purchases, Issuances, Sales and Settlements Net Transfers In (Out) Ending Balance Total Gains (Losses) Included in Earnings 1 Total Gains (Losses) Included in OCI 1 Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (1,443) $ — $ (1,775) $ — $ (9,059) $ — $ — Universal life benefits (829) (5) — — — (834) — — Future policy benefits AmerUs Closed Block (1,164) (14) — — — (1,178) — — ILICO Closed Block and life benefits (548) 26 — — — (522) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (113) — (75) — (330) — — Total Level 3 liabilities – Retirement Services $ (8,525) $ (1,549) $ — $ (1,850) $ — $ (11,924) $ — $ — (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: Year ended December 31, 2024 (In millions) Purchases Issuances Sales Settlements Net Purchases, Issuances, Sales and Settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments and derivative assets $ 36 $ — $ (64) $ — $ (28) $ — $ (68) $ (68) Investments of consolidated VIEs 4,009 — (3,430) — 579 452 (250) 202 Total Level 3 assets – Asset Management $ 4,045 $ — $ (3,494) $ — $ 551 $ 452 $ (318) $ 134 Assets – Retirement Services AFS securities Foreign governments $ — $ — $ — $ (12) $ (12) $ — $ — $ — Corporate 3,146 — (41) (290) 2,815 166 (1,201) (1,035) ABS 11,886 — (423) (1,651) 9,812 769 (914) (145) CMBS — — — — — — (19) (19) RMBS 99 — — (16) 83 — (100) (100) Trading securities — — — (21) (21) 14 — 14 Equity securities 2 — (1) — 1 9 (9) — Mortgage loans 27,596 — (106) (8,174) 19,316 — — — Derivative assets — — — — — 1 — 1 Short-term investments 172 — (6) (21) 145 — (79) (79) Other investments 289 — — — 289 — — — Investments in related parties AFS securities Corporate 63 — (1) (9) 53 — (154) (154) CLO 177 — — — 177 — — — ABS 7,197 — (504) (4,814) 1,879 — — — Trading securities 4 — — (268) (264) — — — Equity securities — — (5) — (5) — — — Mortgage loans 87 — — (88) (1) — — — Investment funds 106 — — — 106 — — — Reinsurance recoverable — 359 — (4) 355 — — — Assets of consolidated VIEs Trading securities 235 — (178) (7) 50 220 (88) 132 Mortgage loans 558 — — (111) 447 21 — 21 Investment funds 341 — (10) — 331 — (470) (470) Other investments 56 — (24) — 32 — (20) (20) Total Level 3 assets – Retirement Services $ 52,014 $ 359 $ (1,299) $ (15,486) $ 35,588 $ 1,200 $ (3,054) $ (1,854) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (105) $ (105) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (105) $ (105) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (3,010) $ — $ 1,001 $ (2,009) $ — $ — $ — Other liabilities — — — 54 54 64 — 64 Total Level 3 liabilities – Retirement Services $ — $ (3,010) $ — $ 1,055 $ (1,955) $ 64 $ — $ 64 Year ended December 31, 2023 (In millions) Purchases Issuances Sales Settlements Net Purchases, Issuances, Sales and Settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments and derivative assets $ 45 $ — $ (5) $ — $ 40 $ — $ — $ — Investments of consolidated VIEs 5,019 — (4,321) — 698 — (2) (2) Total Level 3 assets – Asset Management $ 5,064 $ — $ (4,326) $ — $ 738 $ — $ (2) $ (2) Assets – Retirement Services AFS securities Foreign governments $ 53 $ — $ — $ (12) $ 41 $ — $ — $ — Corporate 1,704 — (177) (229) 1,298 29 (491) (462) ABS 4,221 — (33) (947) 3,241 828 (2,045) (1,217) CMBS — — — — — 20 — 20 RMBS 262 — — (6) 256 5 (240) (235) Trading securities 8 — — (24) (16) 5 (16) (11) Equity securities — — (45) — (45) — (13) (13) Mortgage loans 21,018 — (529) (4,011) 16,478 — — — Short-term investments 100 — — (31) 69 26 (23) 3 Other investments 620 — — (431) 189 — — — Investments in related parties AFS securities Corporate 184 — — (11) 173 215 — 215 CLO 185 — — — 185 — — — ABS 3,751 — (162) (1,711) 1,878 284 — 284 Trading securities 66 — (38) (80) (52) — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (30) (30) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 40 — (156) — (116) 1,308 (31) 1,277 Mortgage loans 203 — — (76) 127 — — — Investment funds 113 — (40) — 73 475 (2,012) (1,537) Other investments 14 — (21) — (7) — — — Total Level 3 assets – Retirement Services $ 32,616 $ — $ (1,201) $ (7,631) $ 23,784 $ 3,195 $ (4,871) $ (1,676) 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 $ — $ (2,431) $ — $ 656 $ (1,775) $ — $ — $ — Other liabilities — — — (75) (75) — — — Total Level 3 liabilities – Retirement Services $ — $ (2,431) $ — $ 581 $ (1,850) $ — $ — $ —
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: Year ended December 31, 2024 Total realized and unrealized gains (losses) (In millions) Beginning Balance Included in Income Included in OCI Net Purchases, Issuances, Sales and Settlements Net Transfers In (Out) Ending Balance Total Gains (Losses) Included in Earnings 1 Total Gains (Losses) Included in OCI 1 Assets – Asset Management Investments and derivative assets $ 1,201 $ (24) $ — $ (28) $ (68) $ 1,081 $ 26 $ — Investments of consolidated VIEs 1,492 (15) — 579 202 2,258 (17) — Total Level 3 assets – Asset Management $ 2,693 $ (39) $ — $ 551 $ 134 $ 3,339 $ 9 $ — Assets – Retirement Services AFS securities Foreign governments $ 40 $ — $ 1 $ (12) $ — $ 29 $ — $ 1 Corporate 2,525 (20) 36 2,815 (1,035) 4,321 (18) 38 ABS 6,943 47 (128) 9,812 (145) 16,529 (3) (130) CMBS 21 3 (5) — (19) — — — RMBS 265 8 — 83 (100) 256 — (1) Trading securities 28 1 — (21) 14 22 (1) — Equity securities 26 — — 1 — 27 — — Mortgage loans 44,115 (192) — 19,316 — 63,239 (145) — Funds withheld at interest – embedded derivative (3,379) 344 — — — (3,035) — — Derivative assets — — — — 1 1 — — Short-term investments 105 (1) (1) 145 (79) 169 — (1) Other investments 630 (24) — 289 — 895 (6) — Investments in related parties AFS securities Corporate 1,171 (2) 40 53 (154) 1,108 — 24 CLO 506 — 13 177 — 696 — 14 ABS 7,826 48 (12) 1,879 — 9,741 — (14) Trading securities 838 (1) — (264) — 573 (3) — Equity securities 255 (16) — (5) — 234 (15) — Mortgage loans 1,281 17 — (1) — 1,297 17 — Investment funds 1,082 (49) — 106 — 1,139 (49) — Funds withheld at interest – embedded derivative (721) 106 — — — (615) — — Other investments 343 (12) — — — 331 (12) — Reinsurance recoverable 1,367 (61) — 355 — 1,661 — — Assets of consolidated VIEs Trading securities 1,852 (80) — 50 132 1,954 (87) — Mortgage loans 2,173 (62) — 447 21 2,579 (64) — Investment funds 977 (68) — 331 (470) 770 (16) — Other investments 101 (10) — 32 (20) 103 (9) — Total Level 3 assets – Retirement Services $ 70,370 $ (24) $ (56) $ 35,588 $ (1,854) $ 104,024 $ (411) $ (69) (Continued) Year ended December 31, 2024 Total realized and unrealized gains (losses) (In millions) Beginning Balance Included in Income Included in OCI Net Purchases, Issuances, Sales and Settlements Net Transfers In (Out) Ending Balance Total Gains (Losses) Included in Earnings 1 Total Gains (Losses) Included in OCI 1 Liabilities – Asset Management Contingent consideration obligations $ 93 $ 79 $ — $ (105) $ — $ 67 $ — $ — Total Level 3 liabilities – Asset Management $ 93 $ 79 $ — $ (105) $ — $ 67 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (9,059) $ (174) $ — $ (2,009) $ — $ (11,242) $ — $ — Universal life benefits (834) 92 — — — (742) — — Future policy benefits AmerUs Closed Block (1,178) 76 — — — (1,102) — — ILICO Closed Block and life benefits (522) (16) — — — (538) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (330) (13) — 54 64 (225) — — Total Level 3 liabilities – Retirement Services $ (11,924) $ (35) $ — $ (1,955) $ 64 $ (13,850) $ — $ — (Concluded) 1 Related to instruments held at end of period. Year ended December 31, 2023 Total realized and unrealized gains (losses) (In millions) Beginning Balance Included in Income Included in OCI Net Purchases, Issuances, Sales and Settlements Net Transfers In (Out) Ending Balance Total Gains (Losses) Included in Earnings 1 Total Gains (Losses) Included in OCI 1 Assets – Asset Management Investments and derivative assets $ 1,098 $ 63 $ — $ 40 $ — $ 1,201 $ 68 $ — Investments of consolidated VIEs 727 69 — 698 (2) 1,492 13 — Total Level 3 assets – Asset Management $ 1,825 $ 132 $ — $ 738 $ (2) $ 2,693 $ 81 $ — Assets – Retirement Services AFS securities Foreign governments $ 1 $ — $ (2) $ 41 $ — $ 40 $ — $ (2) Corporate 1,665 (21) 45 1,298 (462) 2,525 — 21 ABS 4,867 (9) 61 3,241 (1,217) 6,943 — 45 CMBS — — 1 — 20 21 — 3 RMBS 232 8 4 256 (235) 265 — 2 Trading securities 53 2 — (16) (11) 28 — — Equity securities 92 (8) — (45) (13) 26 — — Mortgage loans 27,454 183 — 16,478 — 44,115 184 — Funds withheld at interest – embedded derivative (4,847) 1,468 — — — (3,379) — — Short-term investments 36 — (3) 69 3 105 — — Other investments 441 — — 189 — 630 (3) — Investments in related parties AFS securities Corporate 812 3 (32) 173 215 1,171 — (32) CLO 303 — 18 185 — 506 — 18 ABS 5,542 19 103 1,878 284 7,826 6 96 Trading securities 878 12 — (52) — 838 8 — Equity securities 279 8 — (32) — 255 7 — Mortgage loans 1,302 9 — (30) — 1,281 8 — Investment funds 959 91 — 32 — 1,082 91 — Funds withheld at interest – embedded derivative (1,425) 704 — — — (721) — — Other investments 303 (2) — 42 — 343 (3) — Reinsurance recoverable 1,388 (21) — — — 1,367 — — Assets of consolidated VIEs Trading securities 622 69 — (116) 1,277 1,852 69 — Mortgage loans 2,055 (9) — 127 — 2,173 (9) — Investment funds 2,471 (30) — 73 (1,537) 977 (31) — Other investments 99 9 — (7) — 101 9 — Total Level 3 assets – Retirement Services $ 45,582 $ 2,485 $ 195 $ 23,784 $ (1,676) $ 70,370 $ 336 $ 151 Liabilities – Asset Management Contingent consideration obligations $ 86 $ 11 $ — $ (4) $ — $ 93 $ — $ — Total Level 3 liabilities – Asset Management $ 86 $ 11 $ — $ (4) $ — $ 93 $ — $ — (Continued) Year ended December 31, 2023 Total realized and unrealized gains (losses) (In millions) Beginning Balance Included in Income Included in OCI Net Purchases, Issuances, Sales and Settlements Net Transfers In (Out) Ending Balance Total Gains (Losses) Included in Earnings 1 Total Gains (Losses) Included in OCI 1 Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (1,443) $ — $ (1,775) $ — $ (9,059) $ — $ — Universal life benefits (829) (5) — — — (834) — — Future policy benefits AmerUs Closed Block (1,164) (14) — — — (1,178) — — ILICO Closed Block and life benefits (548) 26 — — — (522) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (113) — (75) — (330) — — Total Level 3 liabilities – Retirement Services $ (8,525) $ (1,549) $ — $ (1,850) $ — $ (11,924) $ — $ — (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: Year ended December 31, 2024 (In millions) Purchases Issuances Sales Settlements Net Purchases, Issuances, Sales and Settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments and derivative assets $ 36 $ — $ (64) $ — $ (28) $ — $ (68) $ (68) Investments of consolidated VIEs 4,009 — (3,430) — 579 452 (250) 202 Total Level 3 assets – Asset Management $ 4,045 $ — $ (3,494) $ — $ 551 $ 452 $ (318) $ 134 Assets – Retirement Services AFS securities Foreign governments $ — $ — $ — $ (12) $ (12) $ — $ — $ — Corporate 3,146 — (41) (290) 2,815 166 (1,201) (1,035) ABS 11,886 — (423) (1,651) 9,812 769 (914) (145) CMBS — — — — — — (19) (19) RMBS 99 — — (16) 83 — (100) (100) Trading securities — — — (21) (21) 14 — 14 Equity securities 2 — (1) — 1 9 (9) — Mortgage loans 27,596 — (106) (8,174) 19,316 — — — Derivative assets — — — — — 1 — 1 Short-term investments 172 — (6) (21) 145 — (79) (79) Other investments 289 — — — 289 — — — Investments in related parties AFS securities Corporate 63 — (1) (9) 53 — (154) (154) CLO 177 — — — 177 — — — ABS 7,197 — (504) (4,814) 1,879 — — — Trading securities 4 — — (268) (264) — — — Equity securities — — (5) — (5) — — — Mortgage loans 87 — — (88) (1) — — — Investment funds 106 — — — 106 — — — Reinsurance recoverable — 359 — (4) 355 — — — Assets of consolidated VIEs Trading securities 235 — (178) (7) 50 220 (88) 132 Mortgage loans 558 — — (111) 447 21 — 21 Investment funds 341 — (10) — 331 — (470) (470) Other investments 56 — (24) — 32 — (20) (20) Total Level 3 assets – Retirement Services $ 52,014 $ 359 $ (1,299) $ (15,486) $ 35,588 $ 1,200 $ (3,054) $ (1,854) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (105) $ (105) $ — $ — $ — Total Level 3 liabilities – Asset Management $ — $ — $ — $ (105) $ (105) $ — $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (3,010) $ — $ 1,001 $ (2,009) $ — $ — $ — Other liabilities — — — 54 54 64 — 64 Total Level 3 liabilities – Retirement Services $ — $ (3,010) $ — $ 1,055 $ (1,955) $ 64 $ — $ 64 Year ended December 31, 2023 (In millions) Purchases Issuances Sales Settlements Net Purchases, Issuances, Sales and Settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments and derivative assets $ 45 $ — $ (5) $ — $ 40 $ — $ — $ — Investments of consolidated VIEs 5,019 — (4,321) — 698 — (2) (2) Total Level 3 assets – Asset Management $ 5,064 $ — $ (4,326) $ — $ 738 $ — $ (2) $ (2) Assets – Retirement Services AFS securities Foreign governments $ 53 $ — $ — $ (12) $ 41 $ — $ — $ — Corporate 1,704 — (177) (229) 1,298 29 (491) (462) ABS 4,221 — (33) (947) 3,241 828 (2,045) (1,217) CMBS — — — — — 20 — 20 RMBS 262 — — (6) 256 5 (240) (235) Trading securities 8 — — (24) (16) 5 (16) (11) Equity securities — — (45) — (45) — (13) (13) Mortgage loans 21,018 — (529) (4,011) 16,478 — — — Short-term investments 100 — — (31) 69 26 (23) 3 Other investments 620 — — (431) 189 — — — Investments in related parties AFS securities Corporate 184 — — (11) 173 215 — 215 CLO 185 — — — 185 — — — ABS 3,751 — (162) (1,711) 1,878 284 — 284 Trading securities 66 — (38) (80) (52) — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (30) (30) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 40 — (156) — (116) 1,308 (31) 1,277 Mortgage loans 203 — — (76) 127 — — — Investment funds 113 — (40) — 73 475 (2,012) (1,537) Other investments 14 — (21) — (7) — — — Total Level 3 assets – Retirement Services $ 32,616 $ — $ (1,201) $ (7,631) $ 23,784 $ 3,195 $ (4,871) $ (1,676) 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 $ — $ (2,431) $ — $ 656 $ (1,775) $ — $ — $ — Other liabilities — — — (75) (75) — — — Total Level 3 liabilities – Retirement Services $ — $ (2,431) $ — $ 581 $ (1,850) $ — $ — $ —
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) December 31, 2024 December 31, 2023 Commercial mortgage loans $ 32,544 $ 27,630 Commercial mortgage loans under development 1,987 1,228 Total commercial mortgage loans 34,531 28,858 Mark to fair value (2,099) (2,246) Commercial mortgage loans 32,432 26,612 Residential mortgage loans 35,223 21,894 Mark to fair value (540) (937) Residential mortgage loans 34,683 20,957 Mortgage loans $ 67,115 $ 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: Years ended December 31, (In millions) 2024 2023 2022 Trading securities $ (156) $ 66 $ (424) Mortgage loans (237) 183 (3,213) Investment funds (59) 77 114 Future policy benefits 76 (14) 356 Other 28 (113) (37) Total gains (losses) $ (348) $ 199 $ (3,204) The following summarizes information for fair value option mortgage loans, including related parties and VIEs: (In millions) December 31, 2024 December 31, 2023 Unpaid principal balance $ 69,754 $ 50,752 Mark to fair value (2,639) (3,183) Fair value $ 67,115 $ 47,569 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) December 31, 2024 December 31, 2023 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 195 $ 221 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (102) (74) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 93 $ 147 Fair value of commercial mortgage loans 90 days or more past due $ 31 $ 64 Fair value of commercial mortgage loans in non-accrual status 93 147 The following represents the residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) December 31, 2024 December 31, 2023 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 898 $ 528 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (51) (49) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 847 $ 479 Fair value of residential mortgage loans 90 days or more past due 1 $ 847 $ 479 Fair value of residential mortgage loans in non-accrual status 765 355 1 As of December 31, 2024 and December 31, 2023, includes $82 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: Years ended December 31, (In millions) 2024 2023 2022 Mortgage loans $ (58) $ (53) $ (41)
Schedule of Financial Instruments not Measured at Fair Value	The following represents Athene’s financial instruments not carried at fair value on the consolidated statements of financial condition: December 31, 2024 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 107 $ 107 $ 107 $ — $ — $ — Policy loans 318 318 — — 318 — Funds withheld at interest 21,901 21,901 — — — 21,901 Short-term investments 192 192 — — — 192 Other investments 93 101 — — — 101 Investments in related parties Investment funds 714 714 714 — — — Funds withheld at interest 5,665 5,665 — — — 5,665 Short-term investments 743 743 — — 743 — Total financial assets not carried at fair value $ 29,733 $ 29,741 $ 821 $ — $ 1,061 $ 27,859 Financial liabilities Interest sensitive contract liabilities $ 200,278 $ 192,025 $ — $ — $ — $ 192,025 Debt 6,309 5,844 — 581 5,263 — Securities to repurchase 5,716 5,716 — — 5,716 — Funds withheld liability 4,331 4,331 — — — 4,331 Total financial liabilities not carried at fair value $ 216,634 $ 207,916 $ — $ 581 $ 10,979 $ 196,356 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

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Schedule of Effects of Reinsurance	The following summarizes the effect of reinsurance on premiums and future policy and other policy benefits on the consolidated statements of operations: Years ended December 31, (In millions) 2024 2023 2022 Premiums Direct $ 1,089 $ 10,525 $ 11,373 Reinsurance assumed 313 2,313 377 Reinsurance ceded (84) (89) (112) Total premiums $ 1,318 $ 12,749 $ 11,638 Future policy and other policy benefits Direct $ 2,779 $ 12,321 $ 12,142 Reinsurance assumed 550 2,389 416 Reinsurance ceded (275) (276) (93) Total future policy and other policy benefits $ 3,054 $ 14,434 $ 12,465
Schedule of Reinsurance Transactions	The following summarizes the block reinsurance agreement at inception: (In millions) Year ended December 31, 2023 Liabilities assumed $ 1,975 Less: Assets received 2,158 Deferred profit liability 1 $ (183) 1 Included within future policy benefits on the consolidated statements of financial condition.
Schedule of Reinsurance Recoverables	The following summarizes reinsurance recoverable balances: December 31, (In millions) 2024 2023 Catalina $ 4,309 $ — Global Atlantic 2,328 2,435 Protective 1,435 1,559 Other 1 122 160 Reinsurance recoverable $ 8,194 $ 4,154 1 Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of the total recoverable.

Deferred Acquisition Costs, D_2

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables)	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Schedule of Rollforward of DAC	The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 11 for more information on Athene’s products. DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional Deferred Annuities Indexed Annuities Funding Agreements Other Investment-Type Indexed Annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 320 784 14 9 411 — 1,538 Amortization (16) (29) (3) — (12) (384) (444) Balance at December 31, 2022 304 755 11 9 399 2,988 4,466 Additions 701 863 3 3 634 — 2,204 Amortization (115) (101) (4) (1) (63) (404) (688) Other — — — — — (3) (3) Balance at December 31, 2023 890 1,517 10 11 970 2,581 5,979 Additions 519 945 42 1 630 — 2,137 Amortization (249) (184) (12) (1) (124) (371) (941) Other (2) — — — — — (2) Balance at December 31, 2024 $ 1,158 $ 2,278 $ 40 $ 11 $ 1,476 $ 2,210 $ 7,173
Schedule of Rollforward of DSI	The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 11 for more information on Athene’s products. DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional Deferred Annuities Indexed Annuities Funding Agreements Other Investment-Type Indexed Annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 320 784 14 9 411 — 1,538 Amortization (16) (29) (3) — (12) (384) (444) Balance at December 31, 2022 304 755 11 9 399 2,988 4,466 Additions 701 863 3 3 634 — 2,204 Amortization (115) (101) (4) (1) (63) (404) (688) Other — — — — — (3) (3) Balance at December 31, 2023 890 1,517 10 11 970 2,581 5,979 Additions 519 945 42 1 630 — 2,137 Amortization (249) (184) (12) (1) (124) (371) (941) Other (2) — — — — — (2) Balance at December 31, 2024 $ 1,158 $ 2,278 $ 40 $ 11 $ 1,476 $ 2,210 $ 7,173
Schedule of Rollforward of VOBA	The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 11 for more information on Athene’s products. DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional Deferred Annuities Indexed Annuities Funding Agreements Other Investment-Type Indexed Annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 320 784 14 9 411 — 1,538 Amortization (16) (29) (3) — (12) (384) (444) Balance at December 31, 2022 304 755 11 9 399 2,988 4,466 Additions 701 863 3 3 634 — 2,204 Amortization (115) (101) (4) (1) (63) (404) (688) Other — — — — — (3) (3) Balance at December 31, 2023 890 1,517 10 11 970 2,581 5,979 Additions 519 945 42 1 630 — 2,137 Amortization (249) (184) (12) (1) (124) (371) (941) Other (2) — — — — — (2) Balance at December 31, 2024 $ 1,158 $ 2,278 $ 40 $ 11 $ 1,476 $ 2,210 $ 7,173
Schedule of Expected Amortization of VOBA	The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2025 $ 295 2026 261 2027 227 2028 194 2029 167

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table presents Apollo’s goodwill by segment: (In millions) December 31, 2024 December 31, 2023 Asset Management $ 232 $ 232 Retirement Services 1 4,063 4,065 Principal Investing 32 32 Total Goodwill $ 4,327 $ 4,329 1 Includes the impacts of foreign currency translation.

Long-duration Contracts (Tables

Long-duration Contracts (Tables)	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Schedule of Policyholder Account Balance	The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve. Year ended December 31, 2024 (In millions, except percentages) Traditional Deferred Annuities Indexed Annuities Funding Agreements Other Investment-type Total Balance at December 31, 2023 $ 64,763 $ 93,147 $ 32,350 $ 7,629 $ 197,889 Deposits 25,459 16,230 29,249 1,088 72,026 Policy charges (2) (709) — — (711) Surrenders and withdrawals (5,389) (12,744) — (84) (18,217) Benefit payments (1,108) (1,580) (8,304) (212) (11,204) Interest credited 3,256 3,524 1,707 205 8,692 Foreign exchange (318) (7) (414) (498) (1,237) Other — — 180 (98) 82 Balance at December 31, 2024 $ 86,661 $ 97,861 $ 54,768 $ 8,030 $ 247,320 Weighted average crediting rate 4.3 % 2.7 % 4.4 % 2.7 % Net amount at risk $ 425 $ 15,441 $ — $ 51 Cash surrender value 81,243 89,511 — 6,784 Year ended December 31, 2023 (In millions, except percentages) Traditional Deferred Annuities Indexed Annuities Funding Agreements Other Investment-type Total Balance at December 31, 2022 $ 43,518 $ 92,660 $ 27,439 $ 4,722 $ 168,339 Deposits 30,175 12,639 6,893 4,597 54,304 Policy charges (2) (651) — — (653) Surrenders and withdrawals (9,929) (11,253) (110) (40) (21,332) Benefit payments (984) (1,609) (3,273) (275) (6,141) Interest credited 1,858 1,279 883 155 4,175 Foreign exchange 52 1 260 (95) 218 Other 1 75 81 258 (1,435) (1,021) Balance at December 31, 2023 $ 64,763 $ 93,147 $ 32,350 $ 7,629 $ 197,889 Weighted average crediting rate 4.0 % 2.4 % 3.4 % 2.7 % Net amount at risk $ 425 $ 14,716 $ — $ 103 Cash surrender value 61,345 85,381 — 6,375 1 Other includes a $1,371 million reduction of reserves related to the VIAC recapture agreement. See note 18 for further information. Year ended December 31, 2022 (In millions, except percentages) Traditional Deferred Annuities Indexed Annuities Funding Agreements Other Investment-type Total Balance at January 1, 2022 $ 35,599 $ 89,755 $ 23,623 $ 2,413 $ 151,390 Deposits 13,246 11,544 7,970 2,581 35,341 Policy charges (3) (600) — — (603) Surrenders and withdrawals (5,419) (8,057) (880) (17) (14,373) Benefit payments (937) (1,620) (2,819) (322) (5,698) Interest credited 1,032 1,638 677 95 3,442 Foreign exchange — — (440) (6) (446) Other — — (692) (22) (714) Balance at December 31, 2022 $ 43,518 $ 92,660 $ 27,439 $ 4,722 $ 168,339 Weighted average crediting rate 3.2 % 2.2 % 2.5 % 3.1 % Net amount at risk $ 422 $ 13,581 $ — $ 47 Cash surrender value 41,273 84,724 — 2,213
Schedule of Interest Sensitive Contract Liabilities	The following is a reconciliation of interest sensitive contract liabilities to the consolidated statements of financial condition: December 31, (In millions) 2024 2023 2022 Traditional deferred annuities $ 86,661 $ 64,763 $ 43,518 Indexed annuities 97,861 93,147 92,660 Funding agreements 54,768 32,350 27,439 Other investment-type 8,030 7,629 4,722 Reconciling items 1 6,317 6,781 5,277 Interest sensitive contract liabilities $ 253,637 $ 204,670 $ 173,616 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: December 31, 2024 (In millions) At Guaranteed Minimum 1 Basis Point – 100 Basis Points Above Guaranteed Minimum Greater than 100 Basis Points Above Guaranteed Minimum Total < 2.0% $ 26,818 $ 14,141 $ 134,121 $ 175,080 2.0% – < 4.0% 24,356 1,529 2,067 27,952 4.0% – < 6.0% 37,626 58 1 37,685 6.0% and greater 6,603 — — 6,603 Total $ 95,403 $ 15,728 $ 136,189 $ 247,320 December 31, 2023 (In millions) At Guaranteed Minimum 1 Basis Point – 100 Basis Points Above Guaranteed Minimum Greater than 100 Basis Points Above Guaranteed Minimum Total < 2.0% $ 30,339 $ 18,954 $ 100,609 $ 149,902 2.0% – < 4.0% 27,792 2,074 1,389 31,255 4.0% – < 6.0% 11,532 17 1 11,550 6.0% and greater 5,182 — — 5,182 Total $ 74,845 $ 21,045 $ 101,999 $ 197,889 December 31, 2022 (In millions) At Guaranteed Minimum 1 Basis Point – 100 Basis Points Above Guaranteed Minimum Greater than 100 Basis Points Above Guaranteed Minimum Total < 2.0% $ 25,031 $ 26,020 $ 72,776 $ 123,827 2.0% – < 4.0% 33,325 1,408 284 35,017 4.0% – < 6.0% 8,277 10 6 8,293 6.0% and greater 1,202 — — 1,202 Total $ 67,835 $ 27,438 $ 73,066 $ 168,339
Schedule of Expected Value for Future Policy Benefits	The following is a rollforward by product within future policy benefits: Year ended December 31, 2024 (In millions, except percentages and years) Payout Annuities with Life Contingencies Whole Life Total Present value of expected net premiums Beginning balance $ — $ 1,182 $ 1,182 Effect of changes in discount rate assumptions — (45) (45) Effect of foreign exchange on the change in discount rate assumptions — (2) (2) Beginning balance at original discount rate — 1,135 1,135 Effect of actual to expected experience — (4) (4) Adjusted balance — 1,131 1,131 Interest accrual — 22 22 Net premium collected — (190) (190) Foreign exchange — (111) (111) Ending balance at original discount rate — 852 852 Effect of changes in discount rate assumptions — 30 30 Effect of foreign exchange on the change in discount rate assumptions — (2) (2) Ending balance, present value of expected net premiums $ — $ 880 $ 880 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 78 (4) 74 Adjusted balance 51,209 3,272 54,481 Issuances 1,115 — 1,115 Interest accrual 1,802 69 1,871 Benefit payments (4,476) (85) (4,561) Foreign exchange (16) (340) (356) Ending balance at original discount rate 49,634 2,916 52,550 Effect of changes in discount rate assumptions (7,378) (206) (7,584) Effect of foreign exchange on the change in discount rate assumptions 5 1 6 Ending balance, present value of expected future policy benefits 42,261 2,711 44,972 Less: Present value of expected net premiums — 880 880 Net future policy benefits $ 42,261 $ 1,831 $ 44,092 Weighted-average liability duration (in years) 9.4 30.7 Weighted-average interest accretion rate 3.7 % 4.8 % Weighted-average current discount rate 5.6 % 4.8 % Expected future gross premiums, undiscounted $ — $ 1,107 Expected future gross premiums, discounted 1 — 929 Expected future benefit payments, undiscounted 72,793 10,618 1 Discounted at the original discount rate. Year ended December 31, 2023 (In millions, except percentages and years) Payout Annuities with Life Contingencies Whole Life Total Present value of expected net premiums Beginning balance $ — $ — $ — Issuances — 3,091 3,091 Interest accrual — 6 6 Net premium collected — (2,027) (2,027) Foreign exchange — 65 65 Ending balance at original discount rate — 1,135 1,135 Effect of changes in discount rate assumptions — 45 45 Effect of foreign exchange on the change in discount rate assumptions — 2 2 Ending balance, present value of expected net premiums $ — $ 1,182 $ 1,182 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 (67) — (67) Adjusted balance 44,470 — 44,470 Issuances 10,427 3,091 13,518 Interest accrual 1,646 18 1,664 Benefit payments (3,834) (18) (3,852) Foreign exchange 35 185 220 Other 1 (1,509) — (1,509) Ending balance at original discount rate 51,235 3,276 54,511 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 Ending balance, present value of expected future policy benefits 45,001 3,371 48,372 Less: Present value of expected net premiums — 1,182 1,182 Net future policy benefits $ 45,001 $ 2,189 $ 47,190 Weighted-average liability duration (in years) 9.5 33.5 Weighted-average interest accretion rate 3.6 % 4.8 % Weighted-average current discount rate 5.1 % 4.1 % Expected future gross premiums, undiscounted $ — $ 1,497 Expected future gross premiums, discounted 2 — 1,239 Expected future benefit payments, undiscounted 75,261 11,344 1 Other includes a $1,509 million reduction of reserves related to the VIAC recapture agreement. See note 18 for further information. 2 Discounted at the original discount rate. Year ended December 31, 2022 (In millions, except percentages and years) Payout Annuities with Life Contingencies Whole Life Total Present value of expected future policy benefits Beginning balance $ 35,278 $ — $ 35,278 Effect of changes in discount rate assumptions — — — Beginning balance at original discount rate 35,278 — 35,278 Effect of actual to expected experience (120) — (120) Adjusted balance 35,158 — 35,158 Issuances 11,528 — 11,528 Interest accrual 1,146 — 1,146 Benefit payments (2,921) — (2,921) Foreign exchange (77) — (77) Ending balance at original discount rate 44,834 — 44,834 Effect of changes in discount rate assumptions (8,425) — (8,425) Effect of foreign exchange on the change in discount rate assumptions 13 — 13 Ending balance, present value of expected future policy benefits $ 36,422 $ — $ 36,422 Weighted-average liability duration (in years) 10.2 0.0 Weighted-average interest accretion rate 3.2 % — % Weighted-average current discount rate 5.5 % — % Expected future benefit payments, undiscounted $ 64,754 $ — The following is a reconciliation of future policy benefits to the consolidated statements of financial condition: December 31, (In millions) 2024 2023 2022 Payout annuities with life contingencies $ 42,261 $ 45,001 $ 36,422 Whole life 1,831 2,189 — Reconciling items 1 5,810 6,097 5,688 Future policy benefits $ 49,902 $ 53,287 $ 42,110 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 consolidated statements of operations: Premiums Years ended December 31, (In millions) 2024 2023 2022 Payout annuities with life contingencies $ 1,085 $ 10,504 $ 11,606 Whole life 204 2,214 — Reconciling items 1 29 31 32 Total premiums $ 1,318 $ 12,749 $ 11,638 Interest expense Years ended December 31, (In millions) 2024 2023 2022 Payout annuities with life contingencies $ 1,802 $ 1,646 $ 1,146 Whole life 47 12 — Total interest expense $ 1,849 $ 1,658 $ 1,146 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 consolidated statements of operations: Years ended December 31, (In millions) 2024 2023 2022 Reserves $ 25 $ 364 $ 120 Deferred profit liability (48) (246) (126) Negative VOBA 39 (65) 21 Total remeasurement gains (losses) $ 16 $ 53 $ 15
Schedule of Net Liability Position of Market Risk Benefits	The following is a rollforward of net market risk benefit liabilities by product: Year ended December 31, 2024 (In millions, except years) Traditional Deferred Annuities Indexed Annuities Total Balance at December 31, 2023 $ 192 $ 3,181 $ 3,373 Effect of changes in instrument-specific credit risk 2 (10) (8) Balance, beginning of period, before changes in instrument-specific credit risk 194 3,171 3,365 Issuances — 295 295 Interest accrual 10 191 201 Attributed fees collected 2 358 360 Benefit payments (4) (52) (56) Effect of changes in interest rates (18) (640) (658) Effect of changes in equity — (94) (94) Effect of actual policyholder behavior compared to expected behavior 6 73 79 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 187 3,371 3,558 Effect of changes in instrument-specific credit risk 3 154 157 Balance at December 31, 2024 190 3,525 3,715 Less: Reinsurance recoverable — 37 37 Balance at December 31, 2024, net of reinsurance $ 190 $ 3,488 $ 3,678 Net amount at risk $ 425 $ 15,441 Weighted-average attained age of contract holders (in years) 76 69 Year ended December 31, 2023 (In millions, except years) Traditional Deferred Annuities Indexed Annuities Total Balance at December 31, 2022 $ 170 $ 2,319 $ 2,489 Effect of changes in instrument-specific credit risk 13 353 366 Balance, beginning of period, before changes in instrument-specific credit risk 183 2,672 2,855 Issuances — 106 106 Interest accrual 10 147 157 Attributed fees collected 2 336 338 Benefit payments (2) (32) (34) Effect of changes in interest rates (1) (90) (91) Effect of changes in equity — (119) (119) Effect of actual policyholder behavior compared to expected behavior 5 67 72 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 194 3,171 3,365 Effect of changes in instrument-specific credit risk (2) 10 8 Balance at December 31, 2023 $ 192 $ 3,181 $ 3,373 Net amount at risk $ 425 $ 14,716 Weighted-average attained age of contract holders (in years) 75 69 Year ended December 31, 2022 (In millions, except years) Traditional Deferred Annuities Indexed Annuities Total Balance at January 1, 2022 $ 253 $ 4,194 $ 4,447 Issuances — 60 60 Interest accrual 4 52 56 Attributed fees collected 3 330 333 Benefit payments (4) (49) (53) Effect of changes in interest rates (77) (2,092) (2,169) Effect of changes in equity — 176 176 Effect of actual policyholder behavior compared to expected behavior 6 42 48 Effect of changes in other future expected assumptions (2) (41) (43) Balance, end of period, before changes in instrument-specific credit risk 183 2,672 2,855 Effect of changes in instrument-specific credit risk (13) (353) (366) Balance at December 31, 2022 $ 170 $ 2,319 $ 2,489 Net amount at risk $ 422 $ 13,581 Weighted-average attained age of contract holders (in years) 74 68
Schedule of Market Risk Benefits by Fair Value	The following is a reconciliation of market risk benefits to the consolidated statements of financial condition. Market risk benefit assets are included in other assets on the consolidated statements of financial condition. December 31, 2024 (In millions) Asset Liability Net Liability Traditional deferred annuities $ — $ 190 $ 190 Indexed annuities 313 3,838 3,525 Total $ 313 $ 4,028 $ 3,715 December 31, 2023 (In millions) Asset Liability Net Liability Traditional deferred annuities $ — $ 192 $ 192 Indexed annuities 378 3,559 3,181 Total $ 378 $ 3,751 $ 3,373 December 31, 2022 (In millions) Asset Liability Net Liability Traditional deferred annuities $ — $ 170 170 Indexed annuities 481 2,800 2,319 Total $ 481 $ 2,970 $ 2,489
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: December 31, 2024 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 765 Discounted cash flow Discount rate 13.5% – 52.8% 17.8% 1 128 Direct capitalization Capitalization rate 6.7% 6.7% 159 Adjusted transaction value N/A N/A N/A Due from related parties 27 Discounted cash flow Discount rate 14.0% 14.0% Derivative assets 29 Option model Volatility rate 52.5% 52.5% Investments of consolidated VIEs Bank loans 168 Discounted cash flow Discount rate 5.6% – 23.4% 9.0% 1 179 Adjusted transaction value N/A N/A N/A Equity securities 495 Dividend discount model Discount rate 14.1% 14.1% 417 Discounted cash flow Discount rate 8.3% – 13.3% 13.3% 1 69 Adjusted transaction value N/A N/A N/A 27 Option Model Volatility rate 84.8% – 117.5% 110.7% 1 Bonds 412 Discounted cash flow Discount rate 6.6% – 11.7% 7.0% 1 491 Adjusted transaction value N/A N/A N/A Retirement Services AFS, trading and equity securities 28,655 Discounted cash flow Discount rate 4.7% – 20.0% 7.1% 1 Mortgage loans 2 67,115 Discounted cash flow Discount rate 1.8% – 43.1% 6.7% 1 Investment funds 2 1,909 Discounted cash flow Discount rate 6.6% – 14.0% 10.8% 1 Financial Liabilities Asset Management Contingent consideration obligations 67 Discounted cash flow Discount rate 20.0% – 25.0% 23.6% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 11,242 Discounted cash flow Nonperformance risk 0.4% – 1.1% 0.7% 3 Option budget 0.5% – 6.0% 2.8% 4 Surrender rate 6.0% – 14.2% 9.0% 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: December 31, 2024 (In millions, except percentages) Fair Value Valuation Technique Unobservable Inputs Minimum Maximum Weighted Average Impact of an Increase in the Input on Fair Value Market risk benefits, net $ 3,715 Discounted cash flow Nonperformance risk 0.4 % 1.1 % 1.0 % 1 Decrease Option budget 0.5 % 6.0 % 2.3 % 2 Decrease Surrender rate 3.3 % 7.2 % 4.6 % 2 Decrease Utilization rate 28.6 % 95.0 % 84.9 % 3 Increase December 31, 2023 (In millions, except percentages) Fair Value Valuation Technique Unobservable Inputs Minimum Maximum Weighted Average Impact of an Increase in the Input on Fair Value Market risk benefits, net $ 3,373 Discounted cash flow Nonperformance risk 0.4 % 1.4 % 1.2 % 1 Decrease Option budget 0.5 % 6.0 % 1.9 % 2 Decrease Surrender rate 3.2 % 6.4 % 4.5 % 2 Decrease Utilization rate 28.6 % 95.0 % 83.6 % 3 Increase December 31, 2022 (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 $ 2,489 Discounted cash flow Nonperformance risk 0.2 % 1.6 % 1.4 % 1 Decrease Option budget 0.5 % 5.3 % 1.7 % 2 Decrease Surrender rate 3.3 % 6.7 % 4.4 % 2 Decrease Utilization rate 28.6 % 95.0 % 82.3 % 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)	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Schedule of Profit Sharing Payable	The below is a roll-forward of the profit-sharing payable balance: (In millions) Total Profit sharing payable, January 1, 2023 $ 1,392 Profit sharing expense 777 Payments/other (500) Profit sharing payable, December 31, 2023 $ 1,669 Profit sharing expense 783 Payments/other (564) Profit sharing payable, December 31, 2024 $ 1,888

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The provision (benefit) for income taxes is presented in the following table: Years ended December 31, (In millions) 2024 2023 2022 Current: Federal income tax 1 $ 1,083 $ 809 $ 402 Foreign income tax 2 23 104 54 State and local income tax 55 64 59 $ 1,161 $ 977 $ 515 Deferred: Federal income tax (77) 331 (1,209) Foreign income tax 2 (30) (2,239) 6 State and local income tax 8 8 (51) (99) (1,900) (1,254) Total Income Tax Provision (Benefit) $ 1,062 $ (923) $ (739) 1 For the years ended December 31, 2024, 2023 and 2022, current includes proportional amortization of $56 million, $49 million and $0 million, respectively; tax credits of $(367) million, $(186) million and $(16) million, respectively; and transaction costs relating to low-income housing and transferable energy tax credits of $248 million, $103 million and $0 million, respectively. 2 The foreign income tax provision (benefit) was calculated on $2,393 million, $2,600 million and $(3,359) million of pre-tax income (loss) generated in foreign jurisdictions for the years ended December 31, 2024, 2023 and 2022, respectively. The income tax provision (benefit) is presented in the following table: Years ended December 31, (In millions) 2024 2023 2022 Income tax provision (benefit) $ 1,062 $ (923) $ (739) Income tax provision (benefit) from other comprehensive income (loss) 21 513 (1,933) Total income tax provision (benefit) $ 1,083 $ (410) $ (2,672)
Schedule of Effective Income Tax Rate Reconciliation	The following table reconciles the U.S. Federal statutory tax rate to the effective income tax rate: Years ended December 31, (In millions, except percentages) 2024 2023 2022 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Income passed through to non-controlling interests (3.5) (4.6) (9.0) State and local income taxes (net of federal benefit) 0.5 1.2 (0.1) Impact of Mergers — — 7.3 Impact of foreign taxes (net of foreign tax credit) (2.6) (31.0) — Impact of equity-based compensation (1.0) 1.0 0.1 Impact of valuation allowance 0.6 (1.3) — Tax Credits (0.5) (0.6) — Redomicile 0.1 (1.2) — Other (0.3) (1.0) (1.9) Effective income tax rate 14.3 % (16.5) % 17.4 %
Summary of Operating Loss Carryforwards	The net operating losses and tax credit carryforwards consist of the following: December 31, 2024 Amount Expiration Year 1 U.S. Federal net operating losses $ 580 2026 U.S. foreign tax credit 66 2033 U.S. corporate alternative minimum tax credit 115 No expiration U.S. State net operating losses 281 2031 U.K. net operating losses 194 No expiration Bermuda net operating losses 7,797 No expiration 1 Represents year operating losses begin to expire.
Schedule of Deferred Tax Assets and Liabilities	The Company’s deferred tax assets and liabilities in the consolidated statements of financial condition consist of the following: December 31, (In millions) 2024 2023 Asset Management Deferred Tax Assets: Depreciation and amortization $ 303 $ 395 Tax Credits 167 68 Deferred revenue 9 11 Equity-based compensation 166 170 Net operating loss carryforwards 23 — Other 47 74 Total Deferred Tax Assets 715 718 Valuation Allowance (27) (8) Deferred Tax Assets, Net of Valuation Allowance 688 710 Deferred Tax Liabilities: Basis difference in investments 252 163 Other — 8 Total Deferred Tax Liabilities 252 171 Total Deferred Tax Assets, Net - Asset Management $ 436 $ 539 Retirement Services Deferred Tax Assets: Insurance liabilities $ 2,383 $ 1,742 Net operating and capital loss carryforwards 193 284 Investments, including derivatives 2,331 1,904 Employee benefits 10 8 Bermuda tax 1,959 1,764 Investment in foreign subsidiaries 552 1,176 Tax credits 13 — Other — 280 Total Deferred Tax Assets 7,441 7,158 Valuation allowance (48) (25) Deferred Tax Assets, Net of Valuation Allowance 7,393 7,133 Deferred Tax Liabilities: Intangible assets 362 386 DAC, DSI and VOBA 1,120 954 Other 10 49 Total Deferred Tax Liabilities 1,492 1,389 Total Deferred Tax Assets, Net - Retirement Services $ 5,901 $ 5,744
Schedule of Valuation Allowance	The valuation allowance consists of the following: December 31, (In millions) 2024 2023 U.S. federal and state net operating losses and other deferred tax assets $ 30 $ 8 U.K. net operating losses and other deferred tax assets 45 25 Total Valuation Allowance $ 75 $ 33
Schedule of Unrecognized Tax Benefits Roll Forward	The following table presents a roll-forward of the beginning and ending aggregate unrecognized tax benefits for the periods presented: Years ended December 31, (In millions) 2024 2023 2022 Balance at beginning of period $ 19 $ 15 $ — Increases based on tax positions taken in the prior years 8 4 15 Decreases due to settlements with tax authorities (17) — — Balance at end of period $ 10 $ 19 $ 15

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Company debt consisted of the following: December 31, 2024 December 31, 2023 (In millions, except percentages) Maturity Date Outstanding Balance Fair Value Outstanding Balance Fair Value Asset Management 4.00% 2024 Senior Notes 1,2 May 30, 2024 $ — $ — $ 499 $ 496 4 4.40% 2026 Senior Notes 1,2 May 27, 2026 499 496 4 498 490 4 4.87% 2029 Senior Notes 1,2 February 15, 2029 675 670 4 675 664 4 2.65% 2030 Senior Notes 1,2 June 5, 2030 497 439 4 496 432 4 6.38% 2033 Senior Notes 1,2 November 15, 2033 492 542 4 492 539 4 5.00% 2048 Senior Notes 1,2 March 15, 2048 297 271 4 297 275 4 5.80% 2054 Senior Notes 1,2 May 21, 2054 741 753 4 — — 4.95% 2050 Subordinated Notes 1,2 January 14, 2050 — — 297 283 4 7.63% 2053 Subordinated Notes 1,2 September 15, 2053 584 642 5 584 652 5 6.00% 2054 Subordinated Notes 1,2 December 15, 2054 494 494 4 — — 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 4,279 4,307 3,883 3,876 Retirement Services 4.13% 2028 AHL Senior Notes 1 January 12, 2028 1,050 976 4 1,066 956 4 6.15% 2030 AHL Senior Notes 1 April 3, 2030 579 519 4 593 516 4 3.50% 2031 AHL Senior Notes 1 January 15, 2031 520 452 4 523 442 4 6.65% 2033 AHL Senior Notes 1 February 1, 2033 395 425 4 395 427 4 5.88% 2034 AHL Senior Notes 1 January 15, 2034 584 608 4 583 607 4 3.95% 2051 AHL Senior Notes 1 May 25, 2051 544 360 4 545 375 4 3.45% 2052 AHL Senior Notes 1 May 15, 2052 504 322 4 504 337 4 6.25% 2054 AHL Senior Notes 1 April 1, 2054 983 1,003 4 — — 6.63% 2054 AHL Subordinated Notes 1 October 15, 2054 592 598 4 — — 7.25% 2064 AHL Subordinated Notes 1 March 30, 2064 558 581 5 — — 6,309 5,844 4,209 3,660 Total Debt $ 10,588 $ 10,151 $ 8,092 $ 7,536 1 Interest rate is calculated as weighted average annualized. 2 Includes amortization of note discount, as applicable, totaling $44 million and $34 million as of December 31, 2024 and December 31, 2023, respectively. Outstanding balance is presented net of unamortized debt issuance costs. 3 Fair value is based on a discounted cash flow method. These notes are classified as a Level 3 liability within the fair value hierarchy. 4 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services. 5 Fair value is based on quoted market prices. These notes are classified as a Level 1 liability within the fair value hierarchy.
Schedule of Credit and Liquidity Facilities	The following table represents the Company’s credit and liquidity facilities as of December 31, 2024: Instrument/Facility Borrowing Date Maturity Date Administrative Agent Key terms Asset Management - AGM credit facility N/A November 21, 2029 Citibank The borrowing capacity under the AGM credit facility is $1.25 billion, subject to being increased up to $1.5 billion in total. 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: Years ended December 31, (In millions) 2024 2023 2022 Asset Management $ 226 $ 145 $ 124 Retirement Services 1 248 123 98 Total Interest Expense $ 474 $ 268 $ 222 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 consolidated statements of operations.
Schedule of Maturities of Long-Term Debt	The table below presents the contractual maturities for the Company’s debt arrangements as of December 31, 2024: (In millions) 2025 2026 - 2027 2028 - 2029 2030 and Thereafter Total Asset Management Debt obligations $ — $ 500 $ 675 $ 3,150 $ 4,325 Retirement Services Debt obligations — — 1,000 5,175 6,175 Total Obligations as of December 31, 2024 $ — $ 500 $ 1,675 $ 8,325 $ 10,500

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Weighted Average Discounts For Plan Grants, Bonus Grants and Performance Grants	The following table summarizes the weighted average discounts for plan grants, bonus grants and performance grants: Years ended December 31, 2024 2023 2022 Plan grants: Discount for the lack of distributions until vested 1 — % — % 0.2 % Marketability discount for transfer restrictions 2 4.4 % 15.4 % 10.0 % Bonus grants: Marketability discount for transfer restrictions 2 2.5 % 4.0 % 3.5 % Performance grants: Discount for the lack of distributions until vested 1 — % 0.2 % 1.3 % Marketability discount for transfer restrictions 2 11.0 % 9.7 % 7.6 % 1 Based on the present value of a growing annuity calculation. 2 Based on the Finnerty Model calculation.
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 5,173,971 112.54 23,084 5,197,055 Forfeited (341,573) 81.10 (172,960) (514,533) Vested (6,890,273) 72.58 6,890,273 — Issued — — (7,470,317) (7,470,317) Balance at December 31, 2024 14,635,028 $ 70.03 21,337,132 35,972,160
Schedule of Restricted Stock Activity	The following table summarizes the restricted stock award activity: Unvested Weighted Average Grant Date Fair Value Vested Total Shares of Restricted Stock Outstanding Balance at January 1, 2024 1,008,498 $ 66.34 474,922 1,483,420 Granted 401,111 128.70 — 401,111 Forfeited (1,085) 75.08 — (1,085) Vested (700,723) 69.94 700,723 — Issued 1 — 69.94 (700,723) (700,723) Balance at December 31, 2024 707,801 $ 85.48 474,922 1,182,723 1 Refers to issued shares that became freely transferable in 2024.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Share Activity	The table below outlines the share activity for the years ended December 31, 2024, 2023 and 2022 : Years ended December 31, 2024 2023 2022 Shares of common stock issued in settlement of vested RSUs and options exercised 1 7,852,512 8,643,520 6,663,694 Shares issued to Apollo Opportunity Foundation 2 — — 1,724,137 Reduction of shares of common stock issued 3 (2,998,607) (3,185,680) (2,896,130) Shares of common stock purchased related to share issuances and forfeitures 4 (150,676) (162,123) (219,960) Issuance of shares of common stock for equity-based awards 4,703,229 5,295,717 5,271,741 1 The gross value of shares issued was $868 million, $626 million and $420 million for the years ended December 31, 2024, 2023 and 2022, respectively, based on the closing price of the shares of common stock at the time of issuance. 2 Shares issued to Apollo Opportunity Foundation in connection with an irrevocable pledge to contribute 1.7 million shares of common stock. The gross value of shares issued for the year ended December 31, 2022 totaled $103 million. 3 Cash paid for tax liabilities associated with net share settlement was $338 million, $259 million and $185 million for the years ended December 31, 2024, 2023 and 2022, respectively. 4 Certain Apollo employees receive a portion of the profit sharing proceeds of certain funds in the form of (a) restricted shares of common stock that they are required to purchase with such proceeds or (b) RSUs, in each case which equity-based awards generally vest over three years. These equity-based awards are granted under the Company's Equity Plan. To prevent dilution on account of these awards, Apollo may, in its discretion, repurchase shares of common stock on the open market and retire them. During the years ended December 31, 2024, 2023 and 2022, Apollo issued 401,111, 551,333 and 546,766 of such restricted shares and 150,676, 162,123 and 219,960 of such RSUs under the Equity Plan, respectively. During the years ended December 31, 2023 and 2022, Apollo repurchased 713,456 and 766,726 shares of common stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program, respectively. In addition, there were 1,085, 10,880 and 12,883 restricted shares forfeited during the years ended December 31, 2024, 2023 and 2022, respectively.
Schedule of Dividends and Distributions	Outlined below is information regarding quarterly dividends and distributions (in millions, except per share data). Dividend Declaration Date Dividend per Share of Common Stock Payment Date Dividend to Common Stockholders Distribution Equivalents on Participating Securities February 11, 2022 $ 0.40 February 28, 2022 $ 229 $ 12 May 5, 2022 0.40 May 31, 2022 229 12 August 4, 2022 0.40 August 31, 2022 229 11 November 2, 2022 0.40 November 30, 2022 229 11 Year ended December 31, 2022 $ 1.60 $ 916 $ 46 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 November 5, 2024 0.46 November 29, 2024 262 15 Year ended December 31, 2024 $ 1.81 $ 1,032 $ 60
Schedule of Accumulated Other Comprehensive Income (Loss)	(In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2023 $ (8,675) $ (289) $ (81) $ 3,458 $ 3 $ 9 $ (5,575) Other comprehensive income (loss) before reclassifications (1,354) (5) (8) 1,425 (149) (101) (192) Less: Reclassification adjustments for gains (losses) realized 1 (223) (15) 43 — — — (195) Less: Income tax expense (benefit) (219) 3 (8) 287 (31) (11) 21 Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax (413) 2 (5) 361 (12) (32) (99) Balance at December 31, 2024 $ (9,174) $ (284) $ (119) $ 4,235 $ (103) $ (49) $ (5,494) 1 Recognized in investment related gains (losses) on the 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 5,067 51 (117) (2,236) (374) 65 2,456 Less: Reclassification adjustments for gains (losses) realized 1 (163) (3) 82 — — — (84) Less: Income tax expense (benefit) 588 6 (51) 38 (78) 10 513 Less: Other comprehensive income (loss) attributable to non-controlling interests, net of subsidiary issuance of equity interest and tax 749 3 (19) (476) (14) 24 267 Balance at December 31, 2023 $ (8,675) $ (289) $ (81) $ 3,458 $ 3 $ 9 $ (5,575) 1 Recognized in investment related gains (losses) on the consolidated statements of operations. (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2021 $ (1) $ — $ (1) $ — $ — $ (3) $ (5) Other comprehensive income (loss) before reclassifications (17,931) (463) 71 8,425 366 (58) (9,590) Less: Reclassification adjustments for gains (losses) realized 1 (218) (18) 67 — — — (169) Less: Income tax expense (benefit) (3,154) (86) 12 1,223 77 (5) (1,933) Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax (1,992) (25) (57) 1,946 4 (34) (158) Balance at December 31, 2022 $ (12,568) $ (334) $ 48 $ 5,256 $ 285 $ (22) $ (7,335) 1 Recognized in investment related gains (losses) on the consolidated statements of operations.

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock	The following presents basic and diluted net income (loss) per share of common stock computed using the two-class method: Basic and Diluted Years ended December 31, (In millions, except share and per share amounts) 2024 2023 2022 Numerator: Net income (loss) attributable to common stockholders $ 4,480 $ 5,001 $ (1,961) Dividends declared on common stock 1 (1,032) (961) (916) Dividends on participating securities 2 (60) (51) (46) Earnings allocable to participating securities 3 (91) (115) — Undistributed income (loss) attributable to common stockholders: Basic 3,297 3,874 (2,923) Dilution effect on distributable income attributable to Mandatory Convertible Preferred Stock 97 46 — Dilution effect on distributable income attributable to contingent shares — (5) — Undistributed income (loss) attributable to common stockholders: Diluted $ 3,394 $ 3,915 $ (2,923) Denominator: Weighted average number of shares of common stock outstanding: Basic 586,069,166 581,380,268 584,691,775 Dilution effect of Mandatory Convertible Preferred Stock 14,530,212 6,440,346 — Dilution effect of options 1,090,151 994,172 — Dilution effect of warrants 2,346,463 — — Dilution effect of contingent shares — 31,661 — Weighted average number of shares of common stock outstanding: Diluted 604,035,992 588,846,447 584,691,775 Net income (loss) per share of common stock: Basic 4 Distributed income $ 1.82 $ 1.69 $ 1.60 Undistributed income (loss) 5.57 6.63 (5.03) Net income (loss) per share of common stock: Basic $ 7.39 $ 8.32 $ (3.43) Net income (loss) per share of common stock: Diluted Distributed income $ 1.82 $ 1.69 $ 1.60 Undistributed income (loss) 5.51 6.59 (5.03) Net income (loss) per share of common stock: Diluted $ 7.33 $ 8.28 $ (3.43) 1 See note 16 for information regarding quarterly dividends. 2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares. 3 No allocation of undistributed losses was made to the participating securities in 2022 as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders. 4 For the year ended December 31, 2022, all of the classes of securities were determined to be anti-dilutive.
Schedule of Anti-dilutive Securities	The following table summarizes the anti-dilutive securities: Years ended December 31, 2024 2023 2022 Weighted average unvested RSUs 14,273,743 15,316,350 13,664,334 Weighted average unexercised options — — 2,422,343 Weighted average unexercised warrants 63,388 4,761,918 2,279,452 Weighted average unvested restricted shares 1,327,484 1,688,421 2,114,622 Weighted average contingent shares outstanding — — 190,468

Related Parties (Tables)

Related Parties (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Due from related parties and Due to related parties consisted of the following as of December 31, 2024 and December 31, 2023: (In millions) December 31, 2024 December 31, 2023 Due from Related Parties: Due from funds 1 $ 430 $ 299 Due from portfolio companies 48 40 Due from employees and former employees 106 110 Total Due from Related Parties $ 584 $ 449 Due to Related Parties: Due to Former Managing Partners and Contributing Partners 2 $ 406 $ 661 Due to funds 229 194 Due to portfolio companies 75 15 Total Due to Related Parties $ 710 $ 870 1 Includes $27 million and $37 million as of December 31, 2024 and December 31, 2023, respectively, related to a receivable from a fund in connection with the Company’s sale of a platform investment to such fund. The amount is payable to the Company over five years and is held at fair value. 2 Includes $175 million as of December 31, 2023 related to the AOG Unit Payment, which was payable in equal quarterly installments through December 31, 2024. The following table summarizes Athene’s investments in Athora: (In millions) December 31, 2024 December 31, 2023 Investment fund $ 1,033 $ 1,082 Non-redeemable preferred equity and corporate debt securities 277 249 Total investment in Athora $ 1,310 $ 1,331 Athene received capital contributions and paid distributions relating to ACRA of the following: Years ended December 31, (In millions) 2024 2023 2022 Contributions from ADIP $ 954 $ 996 $ 1,047 Distributions to ADIP (920) (539) (63)
Schedule of VIE Financial Information	The following table presents net gains (losses) from investment activities of the consolidated VIEs: Years ended December 31, (In millions) 2024 1 2023 1 2022 1 Net gains (losses) from investment activities $ 39 $ 67 $ 93 Net gains (losses) from debt (8) — 144 Interest and other income 172 176 354 Interest and other expenses (113) (113) (97) Net gains (losses) from investment activities of consolidated variable interest entities $ 90 $ 130 $ 494 1 Amounts reflect consolidation eliminations. The following summarizes the statements of operations activity of the consolidated VIEs: Years ended December 31, (In millions) 2024 2023 2022 Trading securities $ 152 $ 102 $ 34 Mortgage loans 128 110 88 Investment funds 46 41 9 Other (22) 1 (10) Net investment income 304 254 121 Net recognized investment gains (losses) on trading securities 17 10 (66) Net recognized investment losses on mortgage loans (35) (22) (250) Net recognized investment gains on investment funds 1,542 1,228 552 Other gains (losses) (6) (29) 83 Investment related gains (losses) 1,518 1,187 319 Revenues of consolidated variable interest entities $ 1,822 $ 1,441 $ 440 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) December 31, 2024 December 31, 2023 Maximum Loss Exposure 1,2 $ 614 $ 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: December 31, 2024 December 31, 2023 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 107 $ 987 $ 109 $ 876 Investment in related parties – investment funds 1,853 3,226 1,632 2,377 Assets of consolidated VIEs – investment funds 17,660 23,488 15,820 22,129 Investment in fixed maturity securities 72,523 74,797 48,155 50,623 Investment in related parties – fixed maturity securities 17,239 21,793 13,495 15,608 Investment in related parties – equity securities 234 234 318 318 Total non-consolidated investments $ 109,616 $ 124,525 $ 79,529 $ 91,931 The tables below present the financial information of these previously consolidated SPACs in the aggregate. Years ended December 31, (In millions) 2023 2022 Expenses: General, administrative and other $ 3 $ 8 Total Expenses 3 8 Other Income (Loss): Net gains (losses) from investment activities (15) 20 Interest income 27 13 Total Other Income (Loss) 12 33 Income (loss) before income tax provision 9 25 Income tax provision (2) (1) Net Income (Loss) 7 24 Net income attributable to non-controlling interests (41) — Net Income (Loss) Attributable to Apollo Global Management, Inc. (34) 24

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Restricted Assets	Athene’s total restricted assets included on the consolidated statements of financial condition are as follows: (In millions) December 31, 2024 December 31, 2023 AFS securities $ 46,337 $ 32,458 Trading securities 1,665 139 Equity securities 286 80 Mortgage loans 27,883 14,257 Investment funds 777 409 Derivative assets 91 73 Short-term investments 2 153 Other investments 1,507 313 Restricted cash and cash equivalents 953 1,761 Total restricted assets $ 79,501 $ 49,643

Statutory Requirements (Tables)

Statutory Requirements (Tables)	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Schedule of Statutory Accounting Practices Disclosure	The following represents the EBS capital and surplus and BSCR ratios: December 31, 2024 2023 (In millions, except percentages) EBS capital & surplus BSCR ratio EBS capital & surplus BSCR ratio ALRe $ 23,547 420 % $ 18,245 233 % AARe 27,693 238 % 26,647 291 % ACRA 1A 3,866 165 % 5,296 219 % ACRA 2A 4,277 176 % 3,717 353 % The following represents the effect of the permitted practices to the statutory financial statements: December 31, 2024 (In millions) ALRe AARe ACRA 1A ACRA 2A Increase (decrease) to capital and surplus due to permitted practices $ (5) $ 6,119 $ 3,768 $ 51 Increase (decrease) to statutory net income due to permitted practices 973 (2,695) 54 515 December 31, (In millions) 2024 2023 ALRe $ 10,112 $ 7,023 AARe 10,207 8,012 ACRA 1A 1,044 1,614 ACRA 2A 877 30 Athene’s primary regulated U.S. subsidiaries and the corresponding insurance regulatory authorities are as follows: Subsidiary Regulatory Authority AAIA Iowa Insurance Division AANY New York Department of Financial Services Athene Re USA IV State of Vermont Department of Financial Regulation The following table presents, for each of Athene’s primary insurance subsidiaries, the statutory capital and surplus and the statutory net income (loss), based on the most recent statutory financial statements to be filed with insurance regulators: Statutory capital & surplus Statutory net income (loss) December 31, Years ended December 31, (In millions) 2024 2023 2024 2023 2022 ALRe $ 17,623 $ 14,474 $ 3,140 $ 832 $ 937 AARe 21,049 17,773 2,910 408 1,329 ACRA 1A 4,521 5,092 841 297 (87) ACRA 2A 4,569 1,952 877 (759) (2) AAIA 3,899 3,306 949 (79) (486) AANY 318 290 25 (3) (23)

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Financial Data for Reportable Segments	The following presents financial data for the Company’s reportable segments. Years ended December 31, (In millions) 2024 2023 2022 Asset Management Management fees 1 $ 2,776 $ 2,480 $ 2,134 Capital solutions fees and other, net 668 538 414 Fee-related performance fee 208 146 72 Fee-related compensation (925) (835) (754) Other operating expenses (664) (561) (456) Fee Related Earnings 2,063 1,768 1,410 Retirement Services Fixed income and other net investment income 10,805 8,739 5,706 Alternative net investment income 939 864 1,206 Strategic capital management fees 105 72 53 Cost of funds (7,702) (5,650) (3,755) Other operating expenses (458) (481) (462) Interest and other financing costs (465) (436) (279) Spread Related Earnings 3,224 3,108 2,469 Principal Investing Realized performance fees 2 921 742 595 Realized investment income 74 (2) 330 Principal investing compensation (664) (601) (585) Other operating expenses (60) (56) (56) Principal Investing Income 271 83 284 Segment Income $ 5,558 $ 4,959 $ 4,163 Years ended December 31, (In millions) 2024 2023 2022 Segment Revenue Asset Management 1 $ 3,652 $ 3,164 $ 2,620 Retirement Services 11,849 9,675 6,965 Principal Investing 2 995 740 925 Total Segment Revenue $ 16,496 $ 13,579 $ 10,510 Segment Assets December 31, 2024 December 31, 2023 Asset Management $ 2,286 $ 1,938 Retirement Services 355,683 294,730 Principal Investing 10,473 9,573 Total Assets $ 368,442 $ 306,241 1 Includes intersegment management fees from Retirement Services of $1,223 million, $955 million and $764 million for the years ended December 31, 2024, 2023 and 2022, respectively. 2 Includes intersegment realized performance fees from Retirement Services of $30 million and $20 million for the years ended December 31, 2024 and 2023, respectively.
Schedule of Reconciliation of Income Before Income Tax Provision to Segments	The following presents the reconciliation of Segment Income and Segment Revenue to income (loss) before income tax (provision) benefit and total revenues reported in the consolidated statements of operations: Years ended December 31, (In millions) 2024 2023 2022 Segment Income $ 5,558 $ 4,959 $ 4,163 Asset Management Adjustments: Equity-based profit sharing expense and other 1,6 (321) (239) (276) Equity-based compensation (308) (236) (185) Special equity-based compensation and other charges — (438) — Transaction-related charges 2 (180) (32) 42 Merger-related transaction and integration costs 3 (30) (27) (70) Gains (losses) from change in tax receivable agreement liability 42 (13) (26) Net income (loss) attributable to non-controlling interests in consolidated entities 1,840 1,556 (1,499) Unrealized performance fees 6 264 127 2 Unrealized profit sharing expense 6 (145) (179) (20) HoldCo interest and other financing costs 4 (80) (88) (122) Unrealized principal investment (income) loss 6 (9) 88 (176) Unrealized net gains (losses) from investment activities and other 6 30 (26) 144 Retirement Services Adjustments: Investment gains (losses), net of offsets 217 170 (7,467) Non-operating change in insurance liabilities and related derivatives 5 846 182 1,433 Integration, restructuring and other non-operating expenses (239) (130) (133) Equity-based compensation (50) (88) (56) Income (loss) before income tax (provision) benefit $ 7,435 $ 5,586 $ (4,246) 1 Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are required to be used by employees of Apollo to purchase restricted shares of common stock or is delivered in the form of RSUs, which are granted under the Equity Plan. Equity-based profit sharing expense and other also includes performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense. 2 Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges. 3 Merger-related transaction and integration costs includes advisory services, technology integration, equity-based compensation charges and other costs associated with the Mergers. 4 Represents interest and other financing costs related to AGM not attributable to any specific segment. 5 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits. 6 Represents adjustments that primarily impact the Principal Investing segment.
Schedule of Reconciliation of Consolidated Revenues to Total Asset Management Fee Related Revenues	Years ended December 31, (In millions) 2024 2023 2022 Segment Revenues $ 16,496 $ 13,579 $ 10,510 Asset Management Adjustments: Adjustments related to consolidated funds and VIEs 1 525 362 (364) Performance fees 2 273 126 (2) Principal investment income (loss) 2 7 102 (136) Equity awards granted by unconsolidated related parties, reimbursable expenses and other 1 479 331 199 Retirement Services Adjustments: Premiums, product charges, investment related gains (losses) and other retirement services revenue 3 4,398 15,616 (378) Change in fair value of reinsurance assets 129 (86) (333) Forward points adjustment on FX derivative hedges (133) (187) (125) Held-for-trading amortization 108 191 228 Reinsurance impacts 223 264 41 ACRA non-controlling interests on net investment earnings 3,864 2,377 1,505 Other retirement services adjustments (255) (31) (177) Total Revenues $ 26,114 $ 32,644 $ 10,968 1 Represents advisory fees, management fees and performance fees earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements. 2 Represents adjustments that primarily impact the Principal Investing segment. 3 Refer to the consolidated statement of operations for breakout of individual items.
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) December 31, 2024 December 31, 2023 Total reportable segment assets $ 368,442 $ 306,241 Adjustments 1 9,453 7,247 Total assets $ 377,895 $ 313,488 1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.
Schedule of Revenue from External Customers by Geographic Areas	The table below presents the percentage of total asset management GAAP revenues generated from external customers attributed to the Company’s region of domicile and attributed to all foreign regions which the public entity derives its revenues. Revenues attributed to a geographic region are generally based on the country of domicile of the Apollo funds. Years ended December 31, 2024 2023 2022 Asset Management Americas 88 % 91 % 86 % Europe, Middle East and Africa 11 8 12 Asia-Pacific 1 1 2 100 % 100 % 100 %

Organization (Details)

Organization (Details) $ in Millions		12 Months Ended
	May 03, 2022 USD ($)	Dec. 31, 2024 investing_strategy vote
EntitiesTable [Line Items]
Number of investing strategies | investing_strategy		2
Number of votes per share | vote		1
Griffin Capital, Asset Management Business
EntitiesTable [Line Items]
Payments to acquire business	$ 213
Contingent consideration obligations	$ 64

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) tier
Accounting Policies [Abstract]
Number of tiers | tier	2
Deferred revenue recognized | $	$ 155

Merger with Athene - Narrative

Merger with Athene - Narrative (Details) $ in Millions		12 Months Ended
	Jan. 01, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill attributable to Athene			$ 4,327	$ 4,329
Athene Holding Limited
Business Acquisition [Line Items]
Exchange ratio	1.149
Goodwill attributable to Athene	$ 4,073
Decrease in goodwill as a result of measurement period adjustment		$ 108
Measurement period adjustments		25
Decrease in valuation of investment		83
Revenues of acquiree since acquisition		8,199
Net income (loss) of acquiree since acquisition		$ (2,166)

Merger with Athene - Schedule o

Merger with Athene - Schedule of Purchase Price (Details) $ / shares in Units, $ in Millions	Jan. 01, 2022 USD ($) $ / shares shares	Dec. 31, 2024 shares	Dec. 31, 2023 shares
Business Acquisition [Line Items]
AHL common shares purchased (in shares) | shares		565,738,933	567,762,932
Athene
Business Acquisition [Line Items]
Cash dividends declared	$ 750
Athene Holding Limited
Business Acquisition [Line Items]
AHL common shares purchased (in shares) | shares	138,000,000
Exchange ratio	1.149
Shares of common stock issued in exchange (in shares) | shares	158,000,000
AGM Class A shares closing price (in dollars per share) | $ / shares	$ 72.43
Total merger consideration at closing	$ 11,455
Fair value of estimated RSUs, options and warrants assumed and other equity consideration	699
Effective settlement of pre-existing relationships	896
Total merger consideration	13,050
Fair value of AHL common shares previously held and other adjustments	4,554
Total AHL equity value held by AGM	17,604
Non-controlling interest	4,942
Total AHL equity value	$ 22,546
Fair value of AHL common shares previously held (in shares) | shares	55,000,000
Fair value of awards	$ 600
Pre-combination equity compensation expense	99
Post-combination equity compensation expense	53
Fees payable from Athene to AGM	$ 146
Ownership percentage	100%

Merger with Athene - Schedule_2

Merger with Athene - Schedule of Recognized for the Assets Acquired and Liabilities Assumed and Resulting Goodwill (Details) - USD ($) $ in Millions	Jan. 01, 2022	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Goodwill attributable to Athene		$ 4,327	$ 4,329
Athene Holding Limited
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination [Abstract]
Merger consideration	$ 13,050
Fair value of previously held equity interest	4,554
Total AHL equity value held by AGM	17,604
Total Value to Allocate
Investments	176,015
Cash and cash equivalents	9,479
Restricted cash and cash equivalents	796
Investment in related parties	33,863
Reinsurance recoverable	4,977
VOBA	3,372
Assets of consolidated variable interest entities	3,635
Other assets	6,115
Estimated fair value of total assets acquired (excluding goodwill)	238,252
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Interest sensitive contract liabilities	160,241
Future policy benefits	41,482
Market risk benefits	4,813
Debt	3,295
Payables for collateral on derivatives and securities to repurchase	7,044
Liabilities of consolidated variable interest entities	461
Other liabilities	2,443
Estimated fair value of total liabilities assumed	219,779
Non-controlling interest	4,942
Estimated fair value of net assets acquired, excluding goodwill	13,531
Goodwill attributable to Athene	$ 4,073

Merger with Athene - Schedule_3

Merger with Athene - Schedule of Fair Value and Weighted Average Estimate Useful Lives of VOBA and Other Identifiable Intangible Assets Acquired (Details) $ in Millions	Jan. 01, 2022 USD ($)
Acquired Indefinite-lived Intangible Assets [Line Items]
Total	$ 5,428
State Insurance Licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Fair value	26
VOBA Asset
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value (in millions)	$ 3,372
Average useful life (in years)	7 years
Distribution Channels
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value (in millions)	$ 1,870
Average useful life (in years)	18 years
Trade Name
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value (in millions)	$ 160
Average useful life (in years)	20 years

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
AFS securities, at fair value	$ 184,167	$ 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	$ 297,253	$ 244,443
Asset Management | Consolidated Entity, Excluding VIE
Schedule of Equity Method Investments [Line Items]
Investments, at fair value	1,384	1,489
Equity method investments	1,082	1,072
Performance allocations	3,262	2,941
Other investments	358	0
Total Investments – Asset Management	6,086	5,502
Retirement Services | Consolidated Entity, Excluding VIE
Schedule of Equity Method Investments [Line Items]
Other investments	3,246	1,549
AFS securities, at fair value	184,167	148,347
Trading securities, at fair value	2,156	2,544
Equity securities	1,524	1,611
Mortgage loans, at fair value	64,536	45,396
Investment funds	1,960	1,741
Policy loans	318	334
Funds withheld at interest	23,916	30,833
Derivative assets	8,154	5,298
Short-term investments	1,190	1,288
Total Investments, including related parties – Retirement Services	$ 291,167	$ 238,941

Investments - Schedule of Finan

Investments - Schedule of Financial Information of Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statements of Financial Condition
Assets	$ 377,895	$ 313,488
Liabilities	346,915	288,243
Equity	30,964	25,233	$ 14,366	$ 10,194
Statement of Operations
Net income (loss)	6,373	6,509	(3,507)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Statements of Financial Condition
Investments	227,112	212,892
Assets	263,535	238,550
Liabilities	126,363	122,659
Equity	137,172	115,891
Statement of Operations
Revenues/Investment Income	10,918	9,709	7,681
Expenses	13,613	9,242	7,644
Net Investment Income (Loss)	(2,695)	467	37
Net Realized and Unrealized Gain (Loss)	14,722	7,349	3,012
Net income (loss)	$ 12,027	$ 7,816	$ 3,049

Investments - Schedule of Net G

Investments - Schedule of Net Gains (Losses) from Investment Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Gain (Loss) on Securities [Line Items]
Realized gains (losses) on sales of investments, net	$ 2,045	$ 1,428	$ (12,717)
Asset Management
Gain (Loss) on Securities [Line Items]
Net change in unrealized gains (losses) due to changes in fair value	30	(26)	144
Asset Management | Consolidated Entity, Excluding VIE
Gain (Loss) on Securities [Line Items]
Realized gains (losses) on sales of investments, net	(1)	(9)	(14)
Net change in unrealized gains (losses) due to changes in fair value	59	16	179
Net gains (losses) from investment activities	$ 58	$ 7	$ 165

Investments - Schedule of Perfo

Investments - Schedule of Performance Allocations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Performance Allocation [Roll Forward]
Performance allocations, beginning balance	$ 2,941	$ 2,574
Change in fair value of funds	1,249	1,048
Fund distributions to the Company	(928)	(681)
Performance allocations, ending balance	$ 3,262	$ 2,941

Investments - Schedule of AFS S

Investments - Schedule of AFS Securities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 199,895	$ 162,016
Allowance for Credit Losses	(709)	(591)	$ (459)
Gross Unrealized Gains	1,257	1,709
Gross Unrealized Losses	(16,276)	(14,787)
Fair Value	184,167	148,347
Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	180,716	147,561
Allowance for Credit Losses	(708)	(590)	(458)
Gross Unrealized Gains	1,200	1,653
Gross Unrealized Losses	(15,844)	(14,286)
Fair Value	165,364	134,338
Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	19,179	14,455
Allowance for Credit Losses	(1)	(1)	(1)
Gross Unrealized Gains	57	56
Gross Unrealized Losses	(432)	(501)
Fair Value	18,803	14,009
U.S. government and agencies | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,413	6,161
Allowance for Credit Losses	0	0
Gross Unrealized Gains	8	67
Gross Unrealized Losses	(1,270)	(829)
Fair Value	7,151	5,399
U.S. state, municipal and political subdivisions | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,167	1,296
Allowance for Credit Losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(246)	(250)
Fair Value	921	1,046
Foreign governments | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,082	2,083
Allowance for Credit Losses	0	0	(27)
Gross Unrealized Gains	0	71
Gross Unrealized Losses	(514)	(255)
Fair Value	1,568	1,899
Corporate | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	95,006	88,343
Allowance for Credit Losses	(175)	(129)	(61)
Gross Unrealized Gains	485	830
Gross Unrealized Losses	(11,731)	(10,798)
Fair Value	83,585	78,246
Corporate | Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,150	1,423
Allowance for Credit Losses	0	0
Gross Unrealized Gains	18	1
Gross Unrealized Losses	(31)	(72)
Fair Value	2,137	1,352
CLO | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	29,524	20,506
Allowance for Credit Losses	0	(2)	(7)
Gross Unrealized Gains	266	261
Gross Unrealized Losses	(608)	(558)
Fair Value	29,182	20,207
CLO | Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,130	4,367
Allowance for Credit Losses	0	0	(1)
Gross Unrealized Gains	18	21
Gross Unrealized Losses	(113)	(120)
Fair Value	6,035	4,268
ABS | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	24,779	13,942
Allowance for Credit Losses	(76)	(49)	(29)
Gross Unrealized Gains	138	120
Gross Unrealized Losses	(640)	(630)
Fair Value	24,201	13,383
ABS | Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,899	8,665
Allowance for Credit Losses	(1)	(1)	0
Gross Unrealized Gains	21	34
Gross Unrealized Losses	(288)	(309)
Fair Value	10,631	8,389
CMBS | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,158	7,070
Allowance for Credit Losses	(60)	(29)	(5)
Gross Unrealized Gains	75	52
Gross Unrealized Losses	(432)	(502)
Fair Value	10,741	6,591
RMBS | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,587	8,160
Allowance for Credit Losses	(397)	(381)	$ (329)
Gross Unrealized Gains	228	252
Gross Unrealized Losses	(403)	(464)
Fair Value	$ 8,015	$ 7,567

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost and Fair Value of AFS Securities, Including Related Parties (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Amortized Cost
Total AFS securities	$ 199,895	$ 162,016
Fair Value
Total AFS securities	184,167	148,347
Nonrelated Party
Amortized Cost
Due in one year or less	2,576
Due after one year through five years	19,949
Due after five years through ten years	27,734
Due after ten years	56,409
CLO, ABS, CMBS and RMBS	74,048
Total AFS securities	180,716	147,561
Fair Value
Due in one year or less	2,544
Due after one year through five years	19,418
Due after five years through ten years	25,442
Due after ten years	45,821
CLO, ABS, CMBS and RMBS	72,139
Total AFS securities	165,364	134,338
Related Party
Amortized Cost
Due after one year through five years	1,080
Due after five years through ten years	847
Due after ten years	223
CLO, ABS, CMBS and RMBS	17,029
Total AFS securities	19,179	14,455
Fair Value
Due after one year through five years	1,071
Due after five years through ten years	861
Due after ten years	205
CLO, ABS, CMBS and RMBS	16,666
Total AFS securities	$ 18,803	$ 14,009

Investments - Schedule of Unrea

Investments - Schedule of Unrealized Losses on AFS Securities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	$ 41,756	$ 17,675
Less than 12 months, Gross Unrealized Losses	(1,324)	(801)
12 months or longer, Fair Value	62,786	79,813
12 months or longer, Gross Unrealized Losses	(14,018)	(13,567)
Total Fair Value	104,542	97,488
Total Gross Unrealized Losses	(15,342)	(14,368)
Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	38,166	14,722
Less than 12 months, Gross Unrealized Losses	(1,267)	(684)
12 months or longer, Fair Value	58,522	74,046
12 months or longer, Gross Unrealized Losses	(13,701)	(13,203)
Total Fair Value	96,688	88,768
Total Gross Unrealized Losses	(14,968)	(13,887)
Related Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	3,590	2,953
Less than 12 months, Gross Unrealized Losses	(57)	(117)
12 months or longer, Fair Value	4,264	5,767
12 months or longer, Gross Unrealized Losses	(317)	(364)
Total Fair Value	7,854	8,720
Total Gross Unrealized Losses	(374)	(481)
U.S. government and agencies | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	3,010	2,013
Less than 12 months, Gross Unrealized Losses	(114)	(94)
12 months or longer, Fair Value	3,462	2,389
12 months or longer, Gross Unrealized Losses	(1,156)	(735)
Total Fair Value	6,472	4,402
Total Gross Unrealized Losses	(1,270)	(829)
U.S. state, municipal and political subdivisions | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	67	123
Less than 12 months, Gross Unrealized Losses	(3)	(5)
12 months or longer, Fair Value	842	888
12 months or longer, Gross Unrealized Losses	(243)	(245)
Total Fair Value	909	1,011
Total Gross Unrealized Losses	(246)	(250)
Foreign governments | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	830	690
Less than 12 months, Gross Unrealized Losses	(205)	(13)
12 months or longer, Fair Value	738	760
12 months or longer, Gross Unrealized Losses	(309)	(242)
Total Fair Value	1,568	1,450
Total Gross Unrealized Losses	(514)	(255)
Corporate | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	19,530	7,752
Less than 12 months, Gross Unrealized Losses	(673)	(474)
12 months or longer, Fair Value	44,051	50,028
12 months or longer, Gross Unrealized Losses	(10,997)	(10,311)
Total Fair Value	63,581	57,780
Total Gross Unrealized Losses	(11,670)	(10,785)
Corporate | Related Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	471	548
Less than 12 months, Gross Unrealized Losses	(4)	(35)
12 months or longer, Fair Value	365	382
12 months or longer, Gross Unrealized Losses	(26)	(37)
Total Fair Value	836	930
Total Gross Unrealized Losses	(30)	(72)
CLO | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	2,675	689
Less than 12 months, Gross Unrealized Losses	(48)	(2)
12 months or longer, Fair Value	2,325	11,579
12 months or longer, Gross Unrealized Losses	(215)	(543)
Total Fair Value	5,000	12,268
Total Gross Unrealized Losses	(263)	(545)
CLO | Related Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	586	397
Less than 12 months, Gross Unrealized Losses	(10)	(16)
12 months or longer, Fair Value	544	2,592
12 months or longer, Gross Unrealized Losses	(56)	(102)
Total Fair Value	1,130	2,989
Total Gross Unrealized Losses	(66)	(118)
ABS | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	9,361	2,129
Less than 12 months, Gross Unrealized Losses	(155)	(75)
12 months or longer, Fair Value	4,070	4,378
12 months or longer, Gross Unrealized Losses	(309)	(458)
Total Fair Value	13,431	6,507
Total Gross Unrealized Losses	(464)	(533)
ABS | Related Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	2,533	2,008
Less than 12 months, Gross Unrealized Losses	(43)	(66)
12 months or longer, Fair Value	3,355	2,793
12 months or longer, Gross Unrealized Losses	(235)	(225)
Total Fair Value	5,888	4,801
Total Gross Unrealized Losses	(278)	(291)
CMBS | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	1,868	859
Less than 12 months, Gross Unrealized Losses	(56)	(12)
12 months or longer, Fair Value	1,773	1,967
12 months or longer, Gross Unrealized Losses	(315)	(406)
Total Fair Value	3,641	2,826
Total Gross Unrealized Losses	(371)	(418)
RMBS | Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	825	467
Less than 12 months, Gross Unrealized Losses	(13)	(9)
12 months or longer, Fair Value	1,261	2,057
12 months or longer, Gross Unrealized Losses	(157)	(263)
Total Fair Value	2,086	2,524
Total Gross Unrealized Losses	$ (170)	$ (272)

Investments - Schedule of Unr_2

Investments - Schedule of Unrealized Losses on AFS Securities Including Related Parties (Details)	Dec. 31, 2024 position
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Loss Position	7,745
Unrealized Loss Position 12 Months or More	6,087
Related Party
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Loss Position	143
Unrealized Loss Position 12 Months or More	59

Investments - Schedule of Allow

Investments - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 591	$ 459
Initial credit losses	118	155
Initial credit losses on PCD securities	0	53
Securities sold during the period	(41)	(55)
Securities intended to be sold prior to recovery of amortized cost basis	0	(15)
Additions (reductions) to previously impaired securities	41	(6)
Ending balance	709	591
Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	590	458
Initial credit losses	118	154
Initial credit losses on PCD securities	0	53
Securities sold during the period	(41)	(55)
Securities intended to be sold prior to recovery of amortized cost basis	0	(15)
Additions (reductions) to previously impaired securities	41	(5)
Ending balance	708	590
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
Securities intended to be sold prior to recovery of amortized cost basis		0
Additions (reductions) to previously impaired securities		(1)
Ending balance	1	1
Foreign governments | Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	27
Initial credit losses		0
Initial credit losses on PCD securities		0
Securities sold during the period		(27)
Securities intended to be sold prior to recovery of amortized cost basis		0
Additions (reductions) to previously impaired securities		0
Ending balance	0	0
Corporate | Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	129	61
Initial credit losses	48	88
Initial credit losses on PCD securities	0	0
Securities sold during the period	(8)	(8)
Securities intended to be sold prior to recovery of amortized cost basis	0	(15)
Additions (reductions) to previously impaired securities	6	3
Ending balance	175	129
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	2	7
Initial credit losses	1	1
Initial credit losses on PCD securities	0	0
Securities sold during the period	0	0
Securities intended to be sold prior to recovery of amortized cost basis	0	0
Additions (reductions) to previously impaired securities	(3)	(6)
Ending balance	0	2
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
Securities intended to be sold prior to recovery of amortized cost basis		0
Additions (reductions) to previously impaired securities		(1)
Ending balance	0	0
ABS | Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	49	29
Initial credit losses	25	23
Initial credit losses on PCD securities	0	0
Securities sold during the period	(16)	(4)
Securities intended to be sold prior to recovery of amortized cost basis	0	0
Additions (reductions) to previously impaired securities	18	1
Ending balance	76	49
ABS | Related Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	1	0
Initial credit losses	0	1
Initial credit losses on PCD securities	0	0
Securities sold during the period	0	0
Securities intended to be sold prior to recovery of amortized cost basis	0	0
Additions (reductions) to previously impaired securities	0	0
Ending balance	1	1
CMBS | Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	29	5
Initial credit losses	27	26
Initial credit losses on PCD securities	0	0
Securities sold during the period	0	0
Securities intended to be sold prior to recovery of amortized cost basis	0	0
Additions (reductions) to previously impaired securities	4	(2)
Ending balance	60	29
RMBS | Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	381	329
Initial credit losses	17	16
Initial credit losses on PCD securities	0	53
Securities sold during the period	(17)	(16)
Securities intended to be sold prior to recovery of amortized cost basis	0	0
Additions (reductions) to previously impaired securities	16	(1)
Ending balance	$ 397	$ 381

Investments - Schedule of Net I

Investments - Schedule of Net Investment Income (Details) - Retirement Services - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Investment Income [Line Items]
Investment revenue	$ 15,817	$ 12,171	$ 8,186
Investment expenses	(99)	(91)	(38)
Net investment income	15,718	12,080	8,148
AFS securities
Net Investment Income [Line Items]
Investment revenue	9,691	6,901	4,165
Trading securities
Net Investment Income [Line Items]
Investment revenue	161	177	174
Equity securities
Net Investment Income [Line Items]
Investment revenue	90	76	64
Mortgage loans
Net Investment Income [Line Items]
Investment revenue	3,767	2,360	1,261
Investment funds
Net Investment Income [Line Items]
Investment revenue	(38)	90	408
Funds withheld at interest
Net Investment Income [Line Items]
Investment revenue	1,318	1,752	1,844
Other
Net Investment Income [Line Items]
Investment revenue	$ 828	$ 815	$ 270

Investments - Schedule of Inv_2

Investments - Schedule of Investment Related Gains (Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Gross realized gains on investment activity	$ 977	$ 926	$ 1,337
Gross realized losses on investment activity	(1,979)	(779)	(2,151)
Net realized investment gains (losses) on AFS securities	(1,002)	147	(814)
Net recognized investment gains (losses) on trading securities	(170)	66	(432)
Net recognized investment gains (losses) on equity securities	22	13	(153)
Net recognized investment gains (losses) on mortgage loans	(132)	207	(2,974)
Derivative gains (losses)	2,205	2,135	(9,173)
Provision for credit losses	(181)	(335)	(227)
Other gains (losses)	1,303	(805)	1,056
Investment related gains (losses)	$ 2,045	$ 1,428	$ (12,717)
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

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Proceeds from sales of AFS securities	$ 21,623	$ 6,464	$ 9,421
Securities sold under agreements to repurchase	935	947
Securities received as collateral	$ 2,208	$ 1,504

Investments - Schedule of Unr_3

Investments - Schedule of Unrealized Gain (Loss) on Trading and Equity Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Trading securities	$ (42)	$ 93	$ (414)
Equity securities	$ 12	$ 49	$ (146)

Investments - Schedule of Repur

Investments - Schedule of Repurchase Agreements (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets Sold under Agreements to Repurchase [Line Items]
Payables for repurchase agreements	$ 5,716	$ 3,853
Less than 30 days
Assets Sold under Agreements to Repurchase [Line Items]
Payables for repurchase agreements	2,752	686
30 – 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Payables for repurchase agreements	300	0
91 days to 1 year
Assets Sold under Agreements to Repurchase [Line Items]
Payables for repurchase agreements	1,095	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	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 199,895	$ 162,016
Fair Value	184,167	148,347
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,841	4,659
Fair Value	5,878	4,071
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,253	0
Fair Value	2,693	0
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	159	137
Fair Value	107	99
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,877	2,735
Fair Value	1,573	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	588	579
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	596	1,207
Fair Value	552	1,086
Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral | RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	369	0
Fair Value	$ 365	$ 0

Investments - Schedule of Mortg

Investments - Schedule of Mortgage Loan Portfolio, with Fair Value Option Loans (Details) - Mortgage loans - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	$ 69,754	$ 50,752
Mark to fair value	(2,639)	(3,183)
Fair value	67,115	47,569
Mortgage loans	67,115	47,569
Commercial mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	34,531	28,858
Mark to fair value	(2,099)	(2,246)
Fair value	32,432	26,612
Residential mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	35,223	21,894
Mark to fair value	(540)	(937)
Fair value	34,683	20,957
Real Estate Loan | Commercial mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	32,544	27,630
Under-development | Commercial mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	$ 1,987	$ 1,228

Investments - Schedule of Distr

Investments - Schedule of Distribution of Commercial and Residential Mortgage Loans, Percentage by Geographical Location (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 32,432	$ 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	$ 26,968	$ 22,598
Percentage of Total	83.20%	85%
Total U.S. residential mortgage loan percentage | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	90.90%	91%
East North Central | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 1,546	$ 1,517
Percentage of Total	4.80%	5.70%
East South Central | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 438	$ 523
Percentage of Total	1.30%	2%
Middle Atlantic | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 8,386	$ 7,147
Percentage of Total	25.90%	26.90%
Mountain | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 1,322	$ 1,196
Percentage of Total	4.10%	4.50%
New England | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 1,118	$ 1,295
Percentage of Total	3.40%	4.90%
Pacific | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 5,768	$ 4,860
Percentage of Total	17.80%	18.30%
South Atlantic | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 6,198	$ 4,583
Percentage of Total	19.10%	17.20%
West North Central | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 221	$ 249
Percentage of Total	0.70%	0.90%
West South Central | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 1,971	$ 1,228
Percentage of Total	6.10%	4.60%
California | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	25.60%	27.60%
Florida | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	12.40%	12%
Texas | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	7.40%	6.10%
New York | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	4.70%	5.90%
Other | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	40.80%	39.40%
Total international region | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 5,464	$ 4,014
Percentage of Total	16.80%	15%
Total international region | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	9.10%	9%
United Kingdom | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 2,281	$ 2,343
Percentage of Total	7%	8.70%
United Kingdom | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	4.40%	4%
Other | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 3,183	$ 1,671
Percentage of Total	9.80%	6.30%
Other | Residential Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	4.70%	5%
Apartment | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 11,746	$ 9,591
Percentage of Total	36.20%	36%
Industrial | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 6,793	$ 4,143
Percentage of Total	21%	15.60%
Office building | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 4,162	$ 4,455
Percentage of Total	12.80%	16.70%
Hotels | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 2,786	$ 2,913
Percentage of Total	8.60%	11%
Retail | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 2,269	$ 2,158
Percentage of Total	7%	8.10%
Other commercial | Commercial Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair Value	$ 4,676	$ 3,352
Percentage of Total	14.40%	12.60%

Investments - Schedule of Inv_3

Investments - Schedule of Investment Funds (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Total investment funds, including related parties and consolidated VIEs	$ 19,620	$ 17,561
Percentage of Total	100%	100%
Nonrelated Party | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Carrying Value	$ 17,660	$ 15,820
Percentage of Total	89.90%	90.10%
Related Party
Net Investment Income [Line Items]
Carrying Value	$ 1,853	$ 1,632
Percentage of Total	9.50%	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	$ 7,597	$ 6,925
Percentage of Total	38.70%	39.40%
Equity | Related Party
Net Investment Income [Line Items]
Carrying Value	$ 244	$ 267
Percentage of Total	1.20%	1.50%
Strategic origination platforms | Nonrelated Party | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Carrying Value	$ 6,347	$ 4,987
Percentage of Total	32.30%	28.40%
Strategic origination platforms | Related Party
Net Investment Income [Line Items]
Carrying Value	$ 29	$ 32
Percentage of Total	0.20%	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	$ 1,317	$ 1,300
Percentage of Total	6.70%	7.40%
Credit | Nonrelated Party | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Carrying Value	$ 3,062	$ 2,852
Percentage of Total	15.60%	16.20%
Credit | Related Party
Net Investment Income [Line Items]
Carrying Value	$ 253	$ 20
Percentage of Total	1.30%	0.10%
Other | Nonrelated Party | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Carrying Value	$ 654	$ 573
Percentage of Total	3.30%	3.30%
Other | Related Party
Net Investment Income [Line Items]
Carrying Value	$ 10	$ 13
Percentage of Total	0.10%	0.10%

Investments - Schedule of Conce

Investments - Schedule of Concentration of Risk, by Risk Factor (Details) - Shareholders' Equity - Investment Concentration Risk - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
AP Grange Holdings, LLC
Concentration Risk [Line Items]
Investment concentration risk, amount	$ 4,661
Atlas
Concentration Risk [Line Items]
Investment concentration risk, amount	3,172
Fox Hedge L.P.
Concentration Risk [Line Items]
Investment concentration risk, amount	$ 2,924
Wheels, Inc. (“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 ($)	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Assets, gross	$ 8,154,000,000	$ 5,298,000,000
Assets	4,504,000,000	1,198,000,000
Liabilities, gross	3,556,000,000	1,995,000,000
Liabilities	$ 14,802,000,000	$ 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	$ 1,335,000,000	$ 781,000,000
Liabilities, gross	1,008,000,000	954,000,000
Derivatives designated as hedges | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Notional Amount	15,669,000,000	9,034,000,000
Assets, gross	938,000,000	477,000,000
Liabilities, gross	211,000,000	230,000,000
Derivatives designated as hedges | Foreign currency forwards
Derivatives, Fair Value [Line Items]
Notional Amount	3,139,000,000	6,294,000,000
Assets, gross	331,000,000	275,000,000
Liabilities, gross	5,000,000	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	0	0
Liabilities, gross	654,000,000	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	11,000,000	0
Liabilities, gross	0	6,000,000
Derivatives designated as hedges | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	24,885,000,000	10,031,000,000
Assets, gross	55,000,000	29,000,000
Liabilities, gross	138,000,000	95,000,000
Derivatives not designated as hedges
Derivatives, Fair Value [Line Items]
Assets, subtotal	3,169,000,000	417,000,000
Liabilities	13,794,000,000	10,036,000,000
Derivatives not designated as hedges | Foreign currency swaps
Derivatives, Fair Value [Line Items]
Notional Amount	14,908,000,000	8,072,000,000
Assets, gross	600,000,000	230,000,000
Liabilities, gross	199,000,000	244,000,000
Derivatives not designated as hedges | Foreign currency forwards
Derivatives, Fair Value [Line Items]
Notional Amount	39,598,000,000	28,236,000,000
Assets, gross	1,054,000,000	286,000,000
Liabilities, gross	2,083,000,000	685,000,000
Derivatives not designated as hedges | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	3,255,000,000	3,499,000,000
Assets, gross	67,000,000	81,000,000
Liabilities, gross	124,000,000	9,000,000
Derivatives not designated as hedges | Equity options
Derivatives, Fair Value [Line Items]
Notional Amount	85,452,000,000	73,881,000,000
Assets, gross	5,002,000,000	3,809,000,000
Liabilities, gross	126,000,000	102,000,000
Derivatives not designated as hedges | Futures
Derivatives, Fair Value [Line Items]
Notional Amount	37,000,000	35,000,000
Assets, gross	93,000,000	72,000,000
Liabilities, gross	11,000,000	0
Derivatives not designated as hedges | Other swaps
Derivatives, Fair Value [Line Items]
Notional Amount	2,644,000,000	2,588,000,000
Assets, gross	3,000,000	39,000,000
Liabilities, gross	5,000,000	1,000,000
Derivatives not designated as hedges | Funds withheld, including related parties
Derivatives, Fair Value [Line Items]
Assets, netting	(3,650,000,000)	(4,100,000,000)
Liabilities, netting	4,000,000	(64,000,000)
Derivatives not designated as hedges | Interest sensitive contract liabilities
Derivatives, Fair Value [Line Items]
Assets, netting	0	0
Liabilities, netting	$ 11,242,000,000	$ 9,059,000,000

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative (loss) gain	$ 3,000,000	$ (4,000,000)	$ 30,000,000
Accumulated other comprehensive (loss) income	29,000,000	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	$ 1,000,000	$ 33,000,000	$ (106,000,000)

Derivatives - Schedule of Carry

Derivatives - Schedule of Carrying Amount and the Cumulative Fair Value Hedging Adjustments (Details) - Fair Value Hedging - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Foreign currency swaps | Interest sensitive contract liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of the hedged liabilities	$ 2,426	$ 1,438
Cumulative amount of fair value hedging gains (losses) on liabilities	130	19
Foreign currency interest rate swaps | Interest sensitive contract liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of the hedged liabilities	3,946	4,010
Cumulative amount of fair value hedging gains (losses) on liabilities	488	363
Interest rate swaps | Interest sensitive contract liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of the hedged liabilities	17,873	6,910
Cumulative amount of fair value hedging gains (losses) on liabilities	130	189
AFS securities | Foreign currency forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of the hedged assets	3,790	4,883
Cumulative amount of fair value hedging gains (losses) on assets	(258)	(15)
AFS securities | Foreign currency swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of the hedged assets	12,517	6,820
Cumulative amount of fair value hedging gains (losses) on assets	$ (842)	$ (141)

Derivatives - Schedule of Gains

Derivatives - Schedule of Gains (Losses) Related to Cash Flow Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Foreign currency forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives	$ 220	$ (169)	$ 183
Hedged items	(238)	167	(190)
Net	(18)	(2)	(7)
Foreign currency forwards | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized in income through amortization approach	43	82	67
Recognized in income through changes in fair value	19	20	9
Gains (losses) excluded from the assessment of hedge effectiveness recognized in OCI	(23)	(45)	20
Foreign currency swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives	513	(159)	286
Hedged items	(520)	169	(310)
Net	(7)	10	(24)
Foreign currency swaps | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized in income through amortization approach	0	0	0
Recognized in income through changes in fair value	0	0	0
Gains (losses) excluded from the assessment of hedge effectiveness recognized in OCI	(29)	(187)	88
Foreign currency interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives	(160)	282	(622)
Hedged items	148	(269)	632
Net	(12)	13	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
Recognized in income through changes in fair value	0	0	0
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives	6	111	(332)
Hedged items	(58)	(118)	323
Net	(52)	(7)	(9)
Interest rate swaps | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized in income through amortization approach	0	0	0
Recognized in income through changes in fair value	0	0	0
Foreign currency interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives	87	57	52
Hedged items	(85)	(60)	(53)
Net	2	(3)	(1)
Foreign currency interest rate swaps | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized in income through amortization approach	0	0	0
Recognized in income through changes in fair value	$ 0	$ 0	$ 0

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivatives Not Designated as Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	$ 1,390	$ 525	$ (5,996)
Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	1,564	1,968	(8,764)
Equity options | Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	1,921	1,564	(2,647)
Futures | Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	72	73	(144)
Swaps | Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	344	(108)	56
Foreign currency forwards | Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	(775)	(495)	505
Embedded derivatives on funds withheld | Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	2	934	(6,534)
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	$ (174)	$ (1,443)	$ 2,768

Derivatives - Schedule of Offse

Derivatives - Schedule of Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivative assets
Gross amounts of recognized	$ 8,154	$ 5,298
Financial instruments	(2,209)	(1,497)
Collateral (received)/pledged	(5,922)	(3,676)
Net amount	23	125
Off-balance sheet securities collateral	0	0
Net amount after securities collateral	23	125
Derivative liabilities
Gross amounts of recognized	(3,556)	(1,995)
Financial instruments	2,209	1,497
Collateral (received)/pledged	1,333	848
Net amount	(14)	350
Off-balance sheet securities collateral	2	0
Net amount after securities collateral	$ (12)	$ 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Net gains (losses) from investment activities	$ 39	$ 67	$ 93
Net gains (losses) from debt	(8)	0	144
Interest and other income	172	176	354
Interest and other expenses	(113)	(113)	(97)
Net gains (losses) from investment activities	$ 90	$ 130	$ 494

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Fair value of collateral received		$ 453
VIE, Primary Beneficiary
Variable Interest Entity [Line Items]
Revenues	$ 51	22
Expenses	$ 77	$ 5

Variable Interest Entities - _2

Variable Interest Entities - Schedule of Principal Provisions Debt (Details) - VIE, Primary Beneficiary - Asset Management - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Outstanding	$ 1,198	$ 1,072
Subscription lines
Debt Instrument [Line Items]
Principal Outstanding	$ 1,198	$ 1,072
Weighted Average Interest Rate	6.84%	7.16%
Weighted Average Remaining Maturity in Years	21 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Investment Income [Line Items]
Net recognized investment gains (losses) on trading securities	$ (42)	$ 93	$ (414)
Net recognized investment losses on mortgage loans	(132)	207	(2,974)
Other gains (losses)	1,303	(805)	1,056
Total Revenues	26,114	32,644	10,968
Retirement Services
Net Investment Income [Line Items]
Net investment income	15,718	12,080	8,148
Net gains (losses) from investment activities	2,045	1,428	(12,717)
Total Revenues	21,938	29,137	8,199
Retirement Services | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Net investment income	304	254	121
Net recognized investment gains (losses) on trading securities	17	10	(66)
Net recognized investment losses on mortgage loans	(35)	(22)	(250)
Net recognized investment gains on investment funds	1,542	1,228	552
Other gains (losses)	(6)	(29)	83
Net gains (losses) from investment activities	1,518	1,187	319
Total Revenues	1,822	1,441	440
Trading securities | Retirement Services | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Net investment income	152	102	34
Mortgage loans | Retirement Services | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Net investment income	128	110	88
Investment funds | Retirement Services | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Net investment income	46	41	9
Other | Retirement Services | VIE, Primary Beneficiary
Net Investment Income [Line Items]
Net investment income	$ (22)	$ 1	$ (10)

Variable Interest Entities - _4

Variable Interest Entities - Schedule of Unconsolidated Variable Interest Entities - Asset Management and Retirement Services (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Carrying Value	$ 109,616	$ 79,529
Maximum Loss Exposure	124,525	91,931
Investment funds
Variable Interest Entity [Line Items]
Carrying Value	107	109
Maximum Loss Exposure	987	876
Investment funds | Related Party
Variable Interest Entity [Line Items]
Carrying Value	1,853	1,632
Maximum Loss Exposure	3,226	2,377
AFS securities
Variable Interest Entity [Line Items]
Carrying Value	72,523	48,155
Maximum Loss Exposure	74,797	50,623
AFS securities | Related Party
Variable Interest Entity [Line Items]
Carrying Value	17,239	13,495
Maximum Loss Exposure	21,793	15,608
Equity securities | Related Party
Variable Interest Entity [Line Items]
Carrying Value	234	318
Maximum Loss Exposure	234	318
VIE, Primary Beneficiary | Investment funds
Variable Interest Entity [Line Items]
Carrying Value	17,660	15,820
Maximum Loss Exposure	23,488	22,129
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum Loss Exposure	$ 614	$ 325

Fair Value - Schedule of Financ

Fair Value - Schedule of Financial Assets and Liabilities Recorded at Fair Value (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 03, 2022
Assets
AFS securities	$ 184,167,000,000	$ 148,347,000,000
Liabilities
Derivative liabilities	14,802,000,000	10,990,000,000
Market risk benefits	4,028,000,000	3,751,000,000	$ 2,970,000,000
Griffin Capital, Asset Management Business
Liabilities
Contingent consideration obligations				$ 64,000,000
Fair Value, Recurring
Assets
Total Assets – Asset Management	306,225,000,000	244,289,000,000
Liabilities
Total Liabilities – Asset Management	21,500,000,000	17,743,000,000
Asset Management
Assets
Restricted cash and cash equivalents	3,000,000	2,000,000
Asset Management | Fair Value, Recurring
Assets
Cash and cash equivalents	2,692,000,000	2,748,000,000
Restricted cash and cash equivalents	3,000,000	2,000,000
Investments, at fair value	1,384,000,000	1,489,000,000
Due from related parties	27,000,000	37,000,000
Derivative assets	69,000,000	13,000,000
Other assets	313,000,000
Total Assets – Asset Management	7,127,000,000	5,986,000,000
Liabilities
Contingent consideration obligations	67,000,000	93,000,000
Derivative liabilities		42,000,000
Total Liabilities – Asset Management	67,000,000	138,000,000
Retirement Services
Assets
Restricted cash and cash equivalents	943,000,000	1,761,000,000
Liabilities
Market risk benefits	4,028,000,000	3,751,000,000
Retirement Services | Fair Value, Recurring
Assets
Restricted cash and cash equivalents	943,000,000	1,761,000,000
AFS securities	165,364,000,000	134,338,000,000
Derivative assets	8,154,000,000	5,298,000,000
Trading securities	1,583,000,000	1,706,000,000
Equity securities	1,290,000,000	935,000,000
Mortgage loans	63,239,000,000	44,115,000,000
Funds withheld at interest – embedded derivative	(3,035,000,000)	(3,379,000,000)
Short-term investments	255,000,000	341,000,000
Other investments	1,606,000,000	943,000,000
Cash and cash equivalents	12,733,000,000	13,020,000,000
Reinsurance recoverable	1,661,000,000	1,367,000,000
Other assets		378,000,000
Total Assets – Asset Management	299,098,000,000	238,303,000,000
Liabilities
Derivative liabilities	3,556,000,000	1,995,000,000
Embedded derivative	11,242,000,000	9,059,000,000
Universal life benefits	742,000,000	834,000,000
Market risk benefits	4,028,000,000	3,751,000,000
Other liabilities	225,000,000	266,000,000
Total Liabilities – Asset Management	21,433,000,000	17,605,000,000
Retirement Services | Fair Value, Recurring | U.S. government and agencies
Assets
AFS securities	7,151,000,000	5,399,000,000
Retirement Services | Fair Value, Recurring | U.S. state, municipal and political subdivisions
Assets
AFS securities	921,000,000	1,046,000,000
Retirement Services | Fair Value, Recurring | Foreign governments
Assets
AFS securities	1,568,000,000	1,899,000,000
Retirement Services | Fair Value, Recurring | Corporate
Assets
AFS securities	83,585,000,000	78,246,000,000
Retirement Services | Fair Value, Recurring | CLO
Assets
AFS securities	29,182,000,000	20,207,000,000
Retirement Services | Fair Value, Recurring | ABS
Assets
AFS securities	24,201,000,000	13,383,000,000
Retirement Services | Fair Value, Recurring | CMBS
Assets
AFS securities	10,741,000,000	6,591,000,000
Retirement Services | Fair Value, Recurring | RMBS
Assets
AFS securities	8,015,000,000	7,567,000,000
Retirement Services | Fair Value, Recurring | AmerUs Life Insurance Company (“AmerUs”) Closed Block
Liabilities
Closed block liabilities	1,102,000,000	1,178,000,000
Retirement Services | Fair Value, Recurring | Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits
Liabilities
Closed block liabilities	538,000,000	522,000,000
Related Party
Assets
AFS securities	18,803,000,000	14,009,000,000
Liabilities
Performance allocations	213,000,000	174,000,000
Related Party | Corporate
Assets
AFS securities	2,137,000,000	1,352,000,000
Related Party | CLO
Assets
AFS securities	6,035,000,000	4,268,000,000
Related Party | ABS
Assets
AFS securities	10,631,000,000	8,389,000,000
Related Party | Retirement Services | Fair Value, Recurring
Assets
AFS securities	18,803,000,000	14,009,000,000
Trading securities	573,000,000	838,000,000
Equity securities	234,000,000	318,000,000
Mortgage loans	1,297,000,000
Mortgage loans		1,281,000,000
Funds withheld at interest – embedded derivative	(615,000,000)	(721,000,000)
Other investments	331,000,000	343,000,000
Investment funds	1,139,000,000	1,082,000,000
Related Party | Retirement Services | Fair Value, Recurring | Corporate
Assets
AFS securities	2,137,000,000	1,352,000,000
Related Party | Retirement Services | Fair Value, Recurring | CLO
Assets
AFS securities	6,035,000,000	4,268,000,000
Related Party | Retirement Services | Fair Value, Recurring | ABS
Assets
AFS securities	10,631,000,000	8,389,000,000
VIE, Primary Beneficiary
Assets
Cash and cash equivalents	741,000,000	160,000,000	$ 472,000,000
VIE, Primary Beneficiary | Fair Value, Recurring
Liabilities
Other liabilities		0
VIE, Primary Beneficiary | Asset Management
Assets
Cash and cash equivalents	158,000,000	62,000,000
VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring
Assets
Cash and cash equivalents	158,000,000	62,000,000
Investments, at fair value	2,794,000,000	1,635,000,000
VIE, Primary Beneficiary | Retirement Services
Assets
Cash and cash equivalents	583,000,000	98,000,000
VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring
Assets
Trading securities	2,301,000,000	2,136,000,000
Mortgage loans	2,579,000,000
Mortgage loans		2,173,000,000
Other investments	107,000,000	103,000,000
Cash and cash equivalents	583,000,000	98,000,000
Investment funds	17,660,000,000	15,820,000,000
Level 1 | Fair Value, Recurring
Assets
Total Assets – Asset Management	25,696,000,000	24,595,000,000
Liabilities
Total Liabilities – Asset Management	19,000,000	17,000,000
Level 1 | Asset Management | Fair Value, Recurring
Assets
Cash and cash equivalents	2,692,000,000	2,748,000,000
Restricted cash and cash equivalents	3,000,000	2,000,000
Investments, at fair value	238,000,000	202,000,000
Due from related parties	0	0
Derivative assets	0	0
Other assets	0
Total Assets – Asset Management	3,282,000,000	3,014,000,000
Liabilities
Contingent consideration obligations	0	0
Derivative liabilities		0
Total Liabilities – Asset Management	0	0
Level 1 | Retirement Services | Fair Value, Recurring
Assets
Restricted cash and cash equivalents	943,000,000	1,761,000,000
AFS securities	7,818,000,000	6,297,000,000
Derivative assets	121,000,000	108,000,000
Trading securities	22,000,000	24,000,000
Equity securities	190,000,000	210,000,000
Mortgage loans	0	0
Funds withheld at interest – embedded derivative	0	0
Short-term investments	0	0
Other investments	0	0
Cash and cash equivalents	12,733,000,000	13,020,000,000
Reinsurance recoverable	0	0
Other assets		0
Total Assets – Asset Management	22,414,000,000	21,581,000,000
Liabilities
Derivative liabilities	19,000,000	17,000,000
Embedded derivative	0	0
Universal life benefits	0	0
Market risk benefits	0	0
Other liabilities	0	0
Total Liabilities – Asset Management	19,000,000	17,000,000
Level 1 | Retirement Services | Fair Value, Recurring | U.S. government and agencies
Assets
AFS securities	7,149,000,000	5,392,000,000
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	658,000,000	895,000,000
Level 1 | Retirement Services | Fair Value, Recurring | Corporate
Assets
AFS securities	11,000,000	10,000,000
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 Life Insurance Company (“AmerUs”) Closed Block
Liabilities
Closed block liabilities	0	0
Level 1 | Retirement Services | Fair Value, Recurring | Indianapolis Life Insurance Company (“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	63,000,000
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	158,000,000	62,000,000
Investments, at fair value	191,000,000	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	4,000,000	0
Cash and cash equivalents	583,000,000	98,000,000
Investment funds	0	0
Level 2 | Fair Value, Recurring
Assets
Total Assets – Asset Management	155,630,000,000	131,185,000,000
Liabilities
Total Liabilities – Asset Management	3,536,000,000	1,958,000,000
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	22,000,000	38,000,000
Due from related parties	0	0
Derivative assets	40,000,000	0
Other assets	0
Total Assets – Asset Management	173,000,000	54,000,000
Liabilities
Contingent consideration obligations	0	0
Derivative liabilities		42,000,000
Total Liabilities – Asset Management	0	45,000,000
Level 2 | Retirement Services | Fair Value, Recurring
Assets
Restricted cash and cash equivalents	0	0
AFS securities	136,411,000,000	118,247,000,000
Derivative assets	8,032,000,000	5,190,000,000
Trading securities	1,539,000,000	1,654,000,000
Equity securities	1,073,000,000	699,000,000
Mortgage loans	0	0
Funds withheld at interest – embedded derivative	0	0
Short-term investments	86,000,000	236,000,000
Other investments	711,000,000	313,000,000
Cash and cash equivalents	0	0
Reinsurance recoverable	0	0
Other assets		0
Total Assets – Asset Management	155,457,000,000	131,131,000,000
Liabilities
Derivative liabilities	3,536,000,000	1,977,000,000
Embedded derivative	0	0
Universal life benefits	0	0
Market risk benefits	0	0
Other liabilities	0	(64,000,000)
Total Liabilities – Asset Management	3,536,000,000	1,913,000,000
Level 2 | Retirement Services | Fair Value, Recurring | U.S. government and agencies
Assets
AFS securities	2,000,000	7,000,000
Level 2 | Retirement Services | Fair Value, Recurring | U.S. state, municipal and political subdivisions
Assets
AFS securities	921,000,000	1,046,000,000
Level 2 | Retirement Services | Fair Value, Recurring | Foreign governments
Assets
AFS securities	881,000,000	964,000,000
Level 2 | Retirement Services | Fair Value, Recurring | Corporate
Assets
AFS securities	79,253,000,000	75,711,000,000
Level 2 | Retirement Services | Fair Value, Recurring | CLO
Assets
AFS securities	29,182,000,000	20,207,000,000
Level 2 | Retirement Services | Fair Value, Recurring | ABS
Assets
AFS securities	7,672,000,000	6,440,000,000
Level 2 | Retirement Services | Fair Value, Recurring | CMBS
Assets
AFS securities	10,741,000,000	6,570,000,000
Level 2 | Retirement Services | Fair Value, Recurring | RMBS
Assets
AFS securities	7,759,000,000	7,302,000,000
Level 2 | Retirement Services | Fair Value, Recurring | AmerUs Life Insurance Company (“AmerUs”) Closed Block
Liabilities
Closed block liabilities	0	0
Level 2 | Retirement Services | Fair Value, Recurring | Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits
Liabilities
Closed block liabilities	0	0
Level 2 | Related Party | Retirement Services | Fair Value, Recurring
Assets
AFS securities	7,258,000,000	4,506,000,000
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	1,029,000,000	181,000,000
Level 2 | Related Party | Retirement Services | Fair Value, Recurring | CLO
Assets
AFS securities	5,339,000,000	3,762,000,000
Level 2 | Related Party | Retirement Services | Fair Value, Recurring | ABS
Assets
AFS securities	890,000,000	563,000,000
Level 2 | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring
Assets
Cash and cash equivalents	0	0
Investments, at fair value	111,000,000	16,000,000
Liabilities
Other liabilities		3,000,000
Level 2 | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring
Assets
Trading securities	347,000,000	284,000,000
Mortgage loans	0
Mortgage loans		0
Other investments	0	2,000,000
Cash and cash equivalents	0	0
Investment funds	0	0
Level 3 | Fair Value, Recurring
Assets
Total Assets – Asset Management	107,703,000,000	73,478,000,000
Liabilities
Total Liabilities – Asset Management	17,945,000,000	15,768,000,000
Level 3 | Asset Management
Liabilities
Performance allocations	248,000,000	218,000,000
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	1,052,000,000	1,188,000,000
Due from related parties	27,000,000	37,000,000
Derivative assets	29,000,000	13,000,000
Other assets	313,000,000
Total Assets – Asset Management	3,366,000,000	2,730,000,000
Liabilities
Contingent consideration obligations	67,000,000	93,000,000
Derivative liabilities		0
Total Liabilities – Asset Management	67,000,000	93,000,000
Contingent consideration included in profit sharing payable	67,000,000	67,000,000
Level 3 | Asset Management | Fair Value, Recurring | Griffin Capital, Asset Management Business
Liabilities
Contingent consideration obligations	0	26,000,000
Level 3 | Retirement Services | Fair Value, Recurring
Assets
Restricted cash and cash equivalents	0	0
AFS securities	21,135,000,000	9,794,000,000
Derivative assets	1,000,000	0
Trading securities	22,000,000	28,000,000
Equity securities	27,000,000	26,000,000
Mortgage loans	63,239,000,000	44,115,000,000
Funds withheld at interest – embedded derivative	(3,035,000,000)	(3,379,000,000)
Short-term investments	169,000,000	105,000,000
Other investments	895,000,000	630,000,000
Cash and cash equivalents	0	0
Reinsurance recoverable	1,661,000,000	1,367,000,000
Other assets		378,000,000
Total Assets – Asset Management	104,337,000,000	70,748,000,000
Liabilities
Derivative liabilities	1,000,000	1,000,000
Embedded derivative	11,242,000,000	9,059,000,000
Universal life benefits	742,000,000	834,000,000
Market risk benefits	4,028,000,000	3,751,000,000
Other liabilities	225,000,000	330,000,000
Total Liabilities – Asset Management	17,878,000,000	15,675,000,000
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	29,000,000	40,000,000
Level 3 | Retirement Services | Fair Value, Recurring | Corporate
Assets
AFS securities	4,321,000,000	2,525,000,000
Level 3 | Retirement Services | Fair Value, Recurring | CLO
Assets
AFS securities	0	0
Level 3 | Retirement Services | Fair Value, Recurring | ABS
Assets
AFS securities	16,529,000,000	6,943,000,000
Level 3 | Retirement Services | Fair Value, Recurring | CMBS
Assets
AFS securities	0	21,000,000
Level 3 | Retirement Services | Fair Value, Recurring | RMBS
Assets
AFS securities	256,000,000	265,000,000
Level 3 | Retirement Services | Fair Value, Recurring | AmerUs Life Insurance Company (“AmerUs”) Closed Block
Liabilities
Closed block liabilities	1,102,000,000	1,178,000,000
Level 3 | Retirement Services | Fair Value, Recurring | Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits
Liabilities
Closed block liabilities	538,000,000	522,000,000
Level 3 | Related Party | Retirement Services | Fair Value, Recurring
Assets
AFS securities	11,545,000,000	9,503,000,000
Trading securities	573,000,000	838,000,000
Equity securities	234,000,000	255,000,000
Mortgage loans	1,297,000,000
Mortgage loans		1,281,000,000
Funds withheld at interest – embedded derivative	(615,000,000)	(721,000,000)
Other investments	331,000,000	343,000,000
Investment funds	1,139,000,000	1,082,000,000
Level 3 | Related Party | Retirement Services | Fair Value, Recurring | Corporate
Assets
AFS securities	1,108,000,000	1,171,000,000
Level 3 | Related Party | Retirement Services | Fair Value, Recurring | CLO
Assets
AFS securities	696,000,000	506,000,000
Level 3 | Related Party | Retirement Services | Fair Value, Recurring | ABS
Assets
AFS securities	9,741,000,000	7,826,000,000
Level 3 | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring
Assets
Cash and cash equivalents	0	0
Investments, at fair value	2,258,000,000	1,492,000,000
Liabilities
Other liabilities		0
Level 3 | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring
Assets
Trading securities	1,954,000,000	1,852,000,000
Mortgage loans	2,579,000,000
Mortgage loans		2,173,000,000
Other investments	103,000,000	101,000,000
Cash and cash equivalents	0	0
Investment funds	770,000,000	977,000,000
NAV | Fair Value, Recurring
Assets
Total Assets – Asset Management	17,196,000,000	15,031,000,000
NAV | Asset Management | Fair Value, Recurring
Assets
Investments, at fair value	72,000,000	61,000,000
Total Assets – Asset Management	306,000,000	188,000,000
NAV | Retirement Services | Fair Value, Recurring
Assets
Total Assets – Asset Management	16,890,000,000	14,843,000,000
NAV | VIE, Primary Beneficiary | Asset Management | Fair Value, Recurring
Assets
Investments, at fair value	234,000,000	127,000,000
Liabilities
Other liabilities		3,000,000
NAV | VIE, Primary Beneficiary | Retirement Services | Fair Value, Recurring
Assets
Investment funds	$ 16,890,000,000	$ 14,843,000,000

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	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Asset Management | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration obligations	$ 67
Asset Management | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	765	$ 857
Due from related parties	$ 27	$ 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	$ 168	605
Equity securities	417
Asset Management | Discounted cash flow | Discount rate | VIE, Primary Beneficiary | Bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	412	35
Asset Management | Direct capitalization | Capitalization rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 128	112
Investments, measurement input	0.067
Asset Management | Adjusted transaction value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 159	219
Asset Management | Adjusted transaction value | Bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	491
Asset Management | Adjusted transaction value | VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bank loans	179	64
Equity securities	69	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	27
Asset Management | Option model | Volatility rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets	$ 29	$ 13
Derivative assets, measurement input	0.525	0.625
Asset Management | Dividend discount model | Discount rate | VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities	$ 495	$ 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	0.056	0.077
Equity securities, measurement input	0.083
Asset Management | Minimum | Discounted cash flow | Discount rate | VIE, Primary Beneficiary | Bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.066	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	0.848
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	0.234	0.110
Equity securities, measurement input	0.133
Asset Management | Maximum | Discounted cash flow | Discount rate | VIE, Primary Beneficiary | Bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.117	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	1.175
Asset Management | Weighted Average | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.178	0.172
Due from related parties, measurement input	0.140	0.140
Contingent consideration obligations, measurement input	0.236	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	0.090	0.094
Equity securities, measurement input	0.133
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	0.070	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	0.525	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	1.107
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	$ 1,909	1,574
AFS, trading and equity securities	28,655	14,247
Mortgage loans	67,115	47,569
Retirement Services | Discounted cash flow | Nonperformance risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative	$ 11,242
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	0.066	0.063
AFS, trading and equity securities, measurement input	0.047	0.023
Mortgage loans, measurement input	0.018	0.025
Retirement Services | Minimum | Discounted cash flow | Nonperformance risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input	0.004	0.004
Retirement Services | Minimum | Discounted cash flow | Option budget
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input	0.005	0.005
Retirement Services | Minimum | Discounted cash flow | Surrender rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input	0.060	0.060
Retirement Services | Maximum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.140	0.135
AFS, trading and equity securities, measurement input	0.200	0.181
Mortgage loans, measurement input	0.431	0.206
Retirement Services | Maximum | Discounted cash flow | Nonperformance risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input	0.011	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	0.142	0.134
Retirement Services | Weighted Average | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.108	0.112
AFS, trading and equity securities, measurement input	0.071	0.070
Mortgage loans, measurement input	0.067	0.068
Retirement Services | Weighted Average | Discounted cash flow | Nonperformance risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input	0.007	0.009
Retirement Services | Weighted Average | Discounted cash flow | Option budget
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input	0.028	0.023
Retirement Services | Weighted Average | Discounted cash flow | Surrender rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input	0.090	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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, recurring basis, unobservable input reconciliation, asset, gain (loss) statement of income, extensible list, not disclosed flag	Included in Income	Included in Income
Fair value, recurring basis, unobservable input reconciliation, liability, gain (loss) statement of income, extensible list, not disclosed flag	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
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
Fair value, asset, recurring basis still held, unrealized gain (loss), statement of income, extensible list, not disclosed flag	Total Gains (Losses) Included in Earnings1
Asset Management
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 2,693	$ 1,825
Total realized and unrealized gains (losses) included in income	(39)	132
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	551	738
Net Transfers In (Out)	134	(2)
Ending Balance	3,339	2,693
Total Gains (Losses) Included in Earnings	9	81
Total Gains (Losses) Included in OCI	0	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	93	86
Total realized and unrealized gains (losses) included in income	79	11
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	(105)	(4)
Net Transfers In (Out)	0	0
Ending Balance	67	93
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	70,370	45,582
Total realized and unrealized gains (losses) included in income	(24)	2,485
Total realized and unrealized gains (losses) included in OCI	(56)	195
Net Purchases, Issuances, Sales and Settlements	35,588	23,784
Net Transfers In (Out)	(1,854)	(1,676)
Ending Balance	104,024	70,370
Total Gains (Losses) Included in Earnings	(411)	336
Total Gains (Losses) Included in OCI	(69)	151
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(11,924)	(8,525)
Total realized and unrealized gains (losses) included in income	(35)	(1,549)
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	(1,955)	(1,850)
Net Transfers In (Out)	64	0
Ending Balance	(13,850)	(11,924)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Contingent consideration obligations | Asset Management
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	93	86
Total realized and unrealized gains (losses) included in income	79	11
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	(105)	(4)
Net Transfers In (Out)	0	0
Ending Balance	67	93
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Embedded derivatives | Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(9,059)	(5,841)
Total realized and unrealized gains (losses) included in income	(174)	(1,443)
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	(2,009)	(1,775)
Net Transfers In (Out)	0	0
Ending Balance	(11,242)	(9,059)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Universal life benefits | Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(834)	(829)
Total realized and unrealized gains (losses) included in income	92	(5)
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	0	0
Net Transfers In (Out)	0	0
Ending Balance	(742)	(834)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
AmerUs Life Insurance Company (“AmerUs”) Closed Block | Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(1,178)	(1,164)
Total realized and unrealized gains (losses) included in income	76	(14)
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	0	0
Net Transfers In (Out)	0	0
Ending Balance	(1,102)	(1,178)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits | Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(522)	(548)
Total realized and unrealized gains (losses) included in income	(16)	26
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	0	0
Net Transfers In (Out)	0	0
Ending Balance	(538)	(522)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Derivative liabilities | Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(1)	(1)
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	0	0
Net Transfers In (Out)	0	0
Ending Balance	(1)	(1)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Other liabilities | Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(330)	(142)
Total realized and unrealized gains (losses) included in income	(13)	(113)
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	54	(75)
Net Transfers In (Out)	64	0
Ending Balance	(225)	(330)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Investments and derivative assets | Asset Management
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,201
Total realized and unrealized gains (losses) included in income	(24)
Total realized and unrealized gains (losses) included in OCI	0
Net Purchases, Issuances, Sales and Settlements	(28)	40
Net Transfers In (Out)	(68)	0
Ending Balance	1,081	1,201
Total Gains (Losses) Included in Earnings	26
Total Gains (Losses) Included in OCI	0
Investments, at fair value | Asset Management
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,201	1,098
Total realized and unrealized gains (losses) included in income		63
Total realized and unrealized gains (losses) included in OCI		0
Net Purchases, Issuances, Sales and Settlements		40
Net Transfers In (Out)		0
Ending Balance		1,201
Total Gains (Losses) Included in Earnings		68
Total Gains (Losses) Included in OCI		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	1,492	727
Total realized and unrealized gains (losses) included in income	(15)	69
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	579	698
Net Transfers In (Out)	202	(2)
Ending Balance	2,258	1,492
Total Gains (Losses) Included in Earnings	(17)	13
Total Gains (Losses) Included in OCI	0	0
Foreign governments | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	40	1
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	1	(2)
Net Purchases, Issuances, Sales and Settlements	(12)	41
Net Transfers In (Out)	0	0
Ending Balance	29	40
Total Gains (Losses) Included in Earnings	0	0
Total Gains (Losses) Included in OCI	1	(2)
Corporate | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	2,525	1,665
Total realized and unrealized gains (losses) included in income	(20)	(21)
Total realized and unrealized gains (losses) included in OCI	36	45
Net Purchases, Issuances, Sales and Settlements	2,815	1,298
Net Transfers In (Out)	(1,035)	(462)
Ending Balance	4,321	2,525
Total Gains (Losses) Included in Earnings	(18)	0
Total Gains (Losses) Included in OCI	38	21
Corporate | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,171	812
Total realized and unrealized gains (losses) included in income	(2)	3
Total realized and unrealized gains (losses) included in OCI	40	(32)
Net Purchases, Issuances, Sales and Settlements	53	173
Net Transfers In (Out)	(154)	215
Ending Balance	1,108	1,171
Total Gains (Losses) Included in Earnings	0	0
Total Gains (Losses) Included in OCI	24	(32)
CLO | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	506	303
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	13	18
Net Purchases, Issuances, Sales and Settlements	177	185
Net Transfers In (Out)	0	0
Ending Balance	696	506
Total Gains (Losses) Included in Earnings	0	0
Total Gains (Losses) Included in OCI	14	18
ABS | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	6,943	4,867
Total realized and unrealized gains (losses) included in income	47	(9)
Total realized and unrealized gains (losses) included in OCI	(128)	61
Net Purchases, Issuances, Sales and Settlements	9,812	3,241
Net Transfers In (Out)	(145)	(1,217)
Ending Balance	16,529	6,943
Total Gains (Losses) Included in Earnings	(3)	0
Total Gains (Losses) Included in OCI	(130)	45
ABS | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	7,826	5,542
Total realized and unrealized gains (losses) included in income	48	19
Total realized and unrealized gains (losses) included in OCI	(12)	103
Net Purchases, Issuances, Sales and Settlements	1,879	1,878
Net Transfers In (Out)	0	284
Ending Balance	9,741	7,826
Total Gains (Losses) Included in Earnings	0	6
Total Gains (Losses) Included in OCI	(14)	96
CMBS | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	21	0
Total realized and unrealized gains (losses) included in income	3	0
Total realized and unrealized gains (losses) included in OCI	(5)	1
Net Purchases, Issuances, Sales and Settlements	0	0
Net Transfers In (Out)	(19)	20
Ending Balance	0	21
Total Gains (Losses) Included in Earnings	0	0
Total Gains (Losses) Included in OCI	0	3
RMBS | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	265	232
Total realized and unrealized gains (losses) included in income	8	8
Total realized and unrealized gains (losses) included in OCI	0	4
Net Purchases, Issuances, Sales and Settlements	83	256
Net Transfers In (Out)	(100)	(235)
Ending Balance	256	265
Total Gains (Losses) Included in Earnings	0	0
Total Gains (Losses) Included in OCI	(1)	2
Trading securities | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	28	53
Total realized and unrealized gains (losses) included in income	1	2
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	(21)	(16)
Net Transfers In (Out)	14	(11)
Ending Balance	22	28
Total Gains (Losses) Included in Earnings	(1)	0
Total Gains (Losses) Included in OCI	0	0
Trading securities | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	838	878
Total realized and unrealized gains (losses) included in income	(1)	12
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	(264)	(52)
Net Transfers In (Out)	0	0
Ending Balance	573	838
Total Gains (Losses) Included in Earnings	(3)	8
Total Gains (Losses) Included in OCI	0	0
Trading securities | VIE, Primary Beneficiary | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,852	622
Total realized and unrealized gains (losses) included in income	(80)	69
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	50	(116)
Net Transfers In (Out)	132	1,277
Ending Balance	1,954	1,852
Total Gains (Losses) Included in Earnings	(87)	69
Total Gains (Losses) Included in OCI	0	0
Equity securities | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	26	92
Total realized and unrealized gains (losses) included in income	0	(8)
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	1	(45)
Net Transfers In (Out)	0	(13)
Ending Balance	27	26
Total Gains (Losses) Included in Earnings	0	0
Total Gains (Losses) Included in OCI	0	0
Equity securities | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	255	279
Total realized and unrealized gains (losses) included in income	(16)	8
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	(5)	(32)
Net Transfers In (Out)	0	0
Ending Balance	234	255
Total Gains (Losses) Included in Earnings	(15)	7
Total Gains (Losses) Included in OCI	0	0
Mortgage loans | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	44,115	27,454
Total realized and unrealized gains (losses) included in income	(192)	183
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	19,316	16,478
Net Transfers In (Out)	0	0
Ending Balance	63,239	44,115
Total Gains (Losses) Included in Earnings	(145)	184
Total Gains (Losses) Included in OCI	0	0
Mortgage loans | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,281	1,302
Total realized and unrealized gains (losses) included in income	17	9
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	(1)	(30)
Net Transfers In (Out)	0	0
Ending Balance	1,297	1,281
Total Gains (Losses) Included in Earnings	17	8
Total Gains (Losses) Included in OCI	0	0
Mortgage loans | VIE, Primary Beneficiary | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	2,173	2,055
Total realized and unrealized gains (losses) included in income	(62)	(9)
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	447	127
Net Transfers In (Out)	21	0
Ending Balance	2,579	2,173
Total Gains (Losses) Included in Earnings	(64)	(9)
Total Gains (Losses) Included in OCI	0	0
Investment funds | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,082	959
Total realized and unrealized gains (losses) included in income	(49)	91
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	106	32
Net Transfers In (Out)	0	0
Ending Balance	1,139	1,082
Total Gains (Losses) Included in Earnings	(49)	91
Total Gains (Losses) Included in OCI	0	0
Investment funds | VIE, Primary Beneficiary | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	977	2,471
Total realized and unrealized gains (losses) included in income	(68)	(30)
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	331	73
Net Transfers In (Out)	(470)	(1,537)
Ending Balance	770	977
Total Gains (Losses) Included in Earnings	(16)	(31)
Total Gains (Losses) Included in OCI	0	0
Embedded derivatives | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(3,379)	(4,847)
Total realized and unrealized gains (losses) included in income	344	1,468
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	0	0
Net Transfers In (Out)	0	0
Ending Balance	(3,035)	(3,379)
Total Gains (Losses) Included in Earnings	0	0
Total Gains (Losses) Included in OCI	0	0
Embedded derivatives | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(721)	(1,425)
Total realized and unrealized gains (losses) included in income	106	704
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	0	0
Net Transfers In (Out)	0	0
Ending Balance	(615)	(721)
Total Gains (Losses) Included in Earnings	0	0
Total Gains (Losses) Included in OCI	0	0
Funds withheld at interest – embedded derivative | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0
Total realized and unrealized gains (losses) included in income	0
Total realized and unrealized gains (losses) included in OCI	0
Net Purchases, Issuances, Sales and Settlements	0
Net Transfers In (Out)	1
Ending Balance	1	0
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	105	36
Total realized and unrealized gains (losses) included in income	(1)	0
Total realized and unrealized gains (losses) included in OCI	(1)	(3)
Net Purchases, Issuances, Sales and Settlements	145	69
Net Transfers In (Out)	(79)	3
Ending Balance	169	105
Total Gains (Losses) Included in Earnings	0	0
Total Gains (Losses) Included in OCI	(1)	0
Other investments | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	630	441
Total realized and unrealized gains (losses) included in income	(24)	0
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	289	189
Net Transfers In (Out)	0	0
Ending Balance	895	630
Total Gains (Losses) Included in Earnings	(6)	(3)
Total Gains (Losses) Included in OCI	0	0
Other investments | Related Party | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	343	303
Total realized and unrealized gains (losses) included in income	(12)	(2)
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	0	42
Net Transfers In (Out)	0	0
Ending Balance	331	343
Total Gains (Losses) Included in Earnings	(12)	(3)
Total Gains (Losses) Included in OCI	0	0
Other investments | VIE, Primary Beneficiary | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	101	99
Total realized and unrealized gains (losses) included in income	(10)	9
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	32	(7)
Net Transfers In (Out)	(20)	0
Ending Balance	103	101
Total Gains (Losses) Included in Earnings	(9)	9
Total Gains (Losses) Included in OCI	0	0
Reinsurance recoverable | Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,367	1,388
Total realized and unrealized gains (losses) included in income	(61)	(21)
Total realized and unrealized gains (losses) included in OCI	0	0
Net Purchases, Issuances, Sales and Settlements	355	0
Net Transfers In (Out)	0	0
Ending Balance	1,661	1,367
Total Gains (Losses) Included in Earnings	0	0
Total Gains (Losses) Included in OCI	$ 0	$ 0

Fair Value - Schedule of Gross

Fair Value - Schedule of Gross Components of Purchases, Issuances, Sales and Settlements, Net, and Net Transfers In (Out) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Asset Management
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	$ 4,045	$ 5,064
Issuances	0	0
Sales	(3,494)	(4,326)
Settlements	0	0
Net Purchases, Issuances, Sales and Settlements	551	738
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	452	0
Transfers Out	(318)	(2)
Net Transfers In (Out)	134	(2)
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	(105)	(4)
Net Purchases, Issuances, Sales and Settlements	(105)	(4)
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
Asset Management | Contingent consideration obligations
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	(105)	(4)
Net Purchases, Issuances, Sales and Settlements	(105)	(4)
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
Asset Management | Investments and derivative assets
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	36	45
Issuances	0	0
Sales	(64)	(5)
Settlements	0	0
Net Purchases, Issuances, Sales and Settlements	(28)	40
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0
Transfers Out	(68)	0
Net Transfers In (Out)	(68)	0
Asset Management | Investments, at fair value
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Net Purchases, Issuances, Sales and Settlements		40
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Net Transfers In (Out)		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	4,009	5,019
Issuances	0	0
Sales	(3,430)	(4,321)
Settlements	0	0
Net Purchases, Issuances, Sales and Settlements	579	698
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	452	0
Transfers Out	(250)	(2)
Net Transfers In (Out)	202	(2)
Retirement Services
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	52,014	32,616
Issuances	359	0
Sales	(1,299)	(1,201)
Settlements	(15,486)	(7,631)
Net Purchases, Issuances, Sales and Settlements	35,588	23,784
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	1,200	3,195
Transfers Out	(3,054)	(4,871)
Net Transfers In (Out)	(1,854)	(1,676)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0
Issuances	(3,010)	(2,431)
Sales	0	0
Settlements	1,055	581
Net Purchases, Issuances, Sales and Settlements	(1,955)	(1,850)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Transfers In	64	0
Transfers Out	0	0
Net Transfers In (Out)	64	0
Retirement Services | Funds withheld at interest – embedded derivative
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Net Purchases, Issuances, Sales and Settlements	(2,009)	(1,775)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Net Transfers In (Out)	0	0
Retirement Services | Interest sensitive contract liabilities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0
Issuances	(3,010)	(2,431)
Sales	0	0
Settlements	1,001	656
Net Purchases, Issuances, Sales and Settlements	(2,009)	(1,775)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Transfers In	0	0
Transfers Out	0	0
Net Transfers In (Out)	0	0
Retirement Services | Other liabilities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	54	(75)
Net Purchases, Issuances, Sales and Settlements	54	(75)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Transfers In	64	0
Transfers Out	0	0
Net Transfers In (Out)	64	0
Retirement Services | 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	(12)	(12)
Net Purchases, Issuances, Sales and Settlements	(12)	41
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	3,146	1,704
Issuances	0	0
Sales	(41)	(177)
Settlements	(290)	(229)
Net Purchases, Issuances, Sales and Settlements	2,815	1,298
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	166	29
Transfers Out	(1,201)	(491)
Net Transfers In (Out)	(1,035)	(462)
Retirement Services | AFS securities | ABS
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	11,886	4,221
Issuances	0	0
Sales	(423)	(33)
Settlements	(1,651)	(947)
Net Purchases, Issuances, Sales and Settlements	9,812	3,241
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	769	828
Transfers Out	(914)	(2,045)
Net Transfers In (Out)	(145)	(1,217)
Retirement Services | AFS securities | CMBS
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	0	0
Net Purchases, Issuances, Sales and Settlements	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	20
Transfers Out	(19)	0
Net Transfers In (Out)	(19)	20
Retirement Services | AFS securities | RMBS
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	99	262
Issuances	0	0
Sales	0	0
Settlements	(16)	(6)
Net Purchases, Issuances, Sales and Settlements	83	256
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	5
Transfers Out	(100)	(240)
Net Transfers In (Out)	(100)	(235)
Retirement Services | Trading securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	8
Issuances	0	0
Sales	0	0
Settlements	(21)	(24)
Net Purchases, Issuances, Sales and Settlements	(21)	(16)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	14	5
Transfers Out	0	(16)
Net Transfers In (Out)	14	(11)
Retirement Services | Equity securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	2	0
Issuances	0	0
Sales	(1)	(45)
Settlements	0	0
Net Purchases, Issuances, Sales and Settlements	1	(45)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	9	0
Transfers Out	(9)	(13)
Net Transfers In (Out)	0	(13)
Retirement Services | Mortgage loans
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	27,596	21,018
Issuances	0	0
Sales	(106)	(529)
Settlements	(8,174)	(4,011)
Net Purchases, Issuances, Sales and Settlements	19,316	16,478
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0
Transfers Out	0	0
Net Transfers In (Out)	0	0
Retirement Services | Derivative assets
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0
Issuances	0
Sales	0
Settlements	0
Net Purchases, Issuances, Sales and Settlements	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	1
Transfers Out	0
Net Transfers In (Out)	1
Retirement Services | Short-term investments
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	172	100
Issuances	0	0
Sales	(6)	0
Settlements	(21)	(31)
Net Purchases, Issuances, Sales and Settlements	145	69
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	26
Transfers Out	(79)	(23)
Net Transfers In (Out)	(79)	3
Retirement Services | Other investments
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	289	620
Issuances	0	0
Sales	0	0
Settlements	0	(431)
Net Purchases, Issuances, Sales and Settlements	289	189
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0
Transfers Out	0	0
Net Transfers In (Out)	0	0
Retirement Services | Reinsurance recoverable
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0
Issuances	359
Sales	0
Settlements	(4)
Net Purchases, Issuances, Sales and Settlements	355	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0
Transfers Out	0
Net Transfers In (Out)	0	0
Retirement Services | Related Party | AFS securities | Corporate
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	63	184
Issuances	0	0
Sales	(1)	0
Settlements	(9)	(11)
Net Purchases, Issuances, Sales and Settlements	53	173
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	215
Transfers Out	(154)	0
Net Transfers In (Out)	(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	177	185
Issuances	0	0
Sales	0	0
Settlements	0	0
Net Purchases, Issuances, Sales and Settlements	177	185
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0
Transfers Out	0	0
Net Transfers In (Out)	0	0
Retirement Services | Related Party | AFS securities | ABS
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	7,197	3,751
Issuances	0	0
Sales	(504)	(162)
Settlements	(4,814)	(1,711)
Net Purchases, Issuances, Sales and Settlements	1,879	1,878
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	284
Transfers Out	0	0
Net Transfers In (Out)	0	284
Retirement Services | Related Party | Trading securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	4	66
Issuances	0	0
Sales	0	(38)
Settlements	(268)	(80)
Net Purchases, Issuances, Sales and Settlements	(264)	(52)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0
Transfers Out	0	0
Net Transfers In (Out)	0	0
Retirement Services | Related Party | Equity securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0
Issuances	0	0
Sales	(5)	0
Settlements	0	(32)
Net Purchases, Issuances, Sales and Settlements	(5)	(32)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0
Transfers Out	0	0
Net Transfers In (Out)	0	0
Retirement Services | Related Party | Mortgage loans
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	87	0
Issuances	0	0
Sales	0	0
Settlements	(88)	(30)
Net Purchases, Issuances, Sales and Settlements	(1)	(30)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0
Transfers Out	0	0
Net Transfers In (Out)	0	0
Retirement Services | Related Party | Investment funds
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	106	32
Issuances	0	0
Sales	0	0
Settlements	0	0
Net Purchases, Issuances, Sales and Settlements	106	32
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0
Transfers Out	0	0
Net Transfers In (Out)	0	0
Retirement Services | Related Party | Other investments
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases		42
Issuances		0
Sales		0
Settlements		0
Net Purchases, Issuances, Sales and Settlements	0	42
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In		0
Transfers Out		0
Net Transfers In (Out)	0	0
Retirement Services | VIE, Primary Beneficiary | Trading securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	235	40
Issuances	0	0
Sales	(178)	(156)
Settlements	(7)	0
Net Purchases, Issuances, Sales and Settlements	50	(116)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	220	1,308
Transfers Out	(88)	(31)
Net Transfers In (Out)	132	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	558	203
Issuances	0	0
Sales	0	0
Settlements	(111)	(76)
Net Purchases, Issuances, Sales and Settlements	447	127
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	21	0
Transfers Out	0	0
Net Transfers In (Out)	21	0
Retirement Services | VIE, Primary Beneficiary | Investment funds
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	341	113
Issuances	0	0
Sales	(10)	(40)
Settlements	0	0
Net Purchases, Issuances, Sales and Settlements	331	73
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	475
Transfers Out	(470)	(2,012)
Net Transfers In (Out)	(470)	(1,537)
Retirement Services | VIE, Primary Beneficiary | Other investments
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	56	14
Issuances	0	0
Sales	(24)	(21)
Settlements	0	0
Net Purchases, Issuances, Sales and Settlements	32	(7)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers In	0	0
Transfers Out	(20)	0
Net Transfers In (Out)	$ (20)	$ 0

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Equity securities without readily determinable fair value, amount	$ 358	$ 358
Impairment loss	$ 42	$ 42

Fair Value - Schedule of Gain (

Fair Value - Schedule of Gain (Losses) Recorded for Financial Instruments Elected the Fair Value Option (Details) - Retirement Services - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ (348)	$ 199	$ (3,204)
Trading securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	(156)	66	(424)
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	(237)	183	(3,213)
Investment funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	(59)	77	114
Future policy benefits
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	76	(14)	356
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ 28	$ (113)	$ (37)

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value Option Mortgage Loans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans	$ (58)	$ (53)	$ (41)
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	69,754	50,752
Mark to fair value	(2,639)	(3,183)
Fair value	67,115	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	195	221
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	(102)	(74)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	93	147
Fair value of commercial mortgage loans 90 days or more past due	31	64
Fair value of commercial mortgage loans in non-accrual status	93	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	898	528
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	(51)	(49)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	847	479
Fair value of commercial mortgage loans 90 days or more past due	847	479
Fair value of commercial mortgage loans in non-accrual status	765	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	$ 82	$ 124

Fair Value - Schedule of Fina_2

Fair Value - Schedule of Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 10,151	$ 7,536
Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	5,844	3,660
Carrying Value | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Policy loans	318	334
Short-term investments	192
Other investments	93	46
Total Assets – Asset Management	29,733	36,919
Interest sensitive contract liabilities	200,278	154,095
Debt	6,309	4,209
Securities to repurchase	5,716	3,853
Funds withheld liability	4,331	350
Total financial liabilities not carried at fair value	216,634	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	21,901	27,738
Carrying Value | Related Party | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	714	550
Funds withheld at interest	5,665	7,195
Short-term investments	743	947
Fair Value | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Policy loans	318	334
Short-term investments	192
Other investments	101	52
Total Assets – Asset Management	29,741	36,925
Interest sensitive contract liabilities	192,025	146,038
Debt	5,844	3,660
Securities to repurchase	5,716	3,853
Funds withheld liability	4,331	350
Total financial liabilities not carried at fair value	207,916	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	21,901	27,738
Fair Value | Related Party | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	714	550
Funds withheld at interest	5,665	7,195
Short-term investments	743	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	821	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	714	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	581	0
Securities to repurchase	0	0
Funds withheld liability	0	0
Total financial liabilities not carried at fair value	581	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	318	334
Short-term investments	0
Other investments	0	0
Total Assets – Asset Management	1,061	1,281
Interest sensitive contract liabilities	0	0
Debt	5,263	3,660
Securities to repurchase	5,716	3,853
Funds withheld liability	0	350
Total financial liabilities not carried at fair value	10,979	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	743	947
Fair Value | Level 3 | Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Policy loans	0	0
Short-term investments	192
Other investments	101	52
Total Assets – Asset Management	27,859	34,985
Interest sensitive contract liabilities	192,025	146,038
Debt	0	0
Securities to repurchase	0	0
Funds withheld liability	4,331	0
Total financial liabilities not carried at fair value	196,356	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	21,901	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	5,665	7,195
Short-term investments	$ 0	$ 0

Reinsurance - Schedule of Effec

Reinsurance - Schedule of Effects of Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Direct	$ 1,089	$ 10,525	$ 11,373
Reinsurance assumed	313	2,313	377
Reinsurance ceded	(84)	(89)	(112)
Total premiums	1,318	12,749	11,638
Direct	2,779	12,321	12,142
Reinsurance assumed	550	2,389	416
Reinsurance ceded	(275)	(276)	(93)
Total future policy and other policy benefits	$ 3,054	$ 14,434	$ 12,465

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($) $ in Billions	Dec. 31, 2024	Dec. 31, 2023
Reinsurance Retention [Line Items]
Assets held-in-trust	$ 26.1	$ 21.6
Global Atlantic Financial Group Limited
Reinsurance Retention [Line Items]
Required aggregate statutory balance	2.5	2.5
Athene | Protective
Reinsurance Retention [Line Items]
Assets held-in-trust	$ 1.1	$ 1.2

Reinsurance - Schedule of Reins

Reinsurance - Schedule of Reinsurance Transactions (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reinsurance Retention [Line Items]
Deferred profit liability	$ (49,902)	$ (53,287)	$ (42,110)
Reinsurance Agreement
Reinsurance Retention [Line Items]
Liabilities assumed		1,975
Less: Assets received		2,158
Deferred profit liability		$ (183)

Reinsurance - Schedule of Rei_2

Reinsurance - Schedule of Reinsurance Recoverables (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 8,194	$ 4,154
Catalina
Ceded Credit Risk [Line Items]
Reinsurance recoverable	4,309	0
Global Atlantic
Ceded Credit Risk [Line Items]
Reinsurance recoverable	2,328	2,435
Protective
Ceded Credit Risk [Line Items]
Reinsurance recoverable	1,435	1,559
Other
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 122	$ 160

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Movement in Present Value of Future Insurance Profits [Roll Forward]
VOBA, beginning balance	$ 2,581	$ 2,988	$ 3,372
Additions	0	0	0
Amortization	(371)	(404)	(384)
Other	0	(3)
VOBA, ending balance	2,210	2,581	2,988
Movement In Deferred Policy Acquisition Costs, Deferred Sales Inducement Costs And Present Value Of Future Insurance Profits, Net [Roll Forward]
DAC, DSI and VOBA, beginning balance	5,979	4,466	3,372
Additions	2,137	2,204	1,538
Amortization	(941)	(688)	(444)
Other	(2)	(3)
DAC, DSI and VOBA, ending balance	7,173	5,979	4,466
Traditional Deferred Annuities
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC, beginning balance	890	304	0
Additions	519	701	320
Amortization	(249)	(115)	(16)
Other	(2)	0
DAC, ending balance	1,158	890	304
Indexed Annuities
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC, beginning balance	1,517	755	0
Additions	945	863	784
Amortization	(184)	(101)	(29)
Other	0	0
DAC, ending balance	2,278	1,517	755
Movement in Deferred Sales Inducements [Roll Forward]
DSI, beginning balance	970	399	0
Additions	630	634	411
Amortization	(124)	(63)	(12)
Other	0	0
DSI, ending balance	1,476	970	399
Funding Agreements
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC, beginning balance	10	11	0
Additions	42	3	14
Amortization	(12)	(4)	(3)
Other	0	0
DAC, ending balance	40	10	11
Other Investment-type
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC, beginning balance	11	9	0
Additions	1	3	9
Amortization	(1)	(1)	0
Other	0	0
DAC, ending balance	$ 11	$ 11	$ 9

Deferred Acquisition Costs, D_4

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired - Schedule of Expected Amortization of VOBA (Details) $ in Millions	Dec. 31, 2024 USD ($)
Expected Amortization
2025	$ 295
2026	261
2027	227
2028	194
2029	$ 167

Goodwill - Schedule of Goodwill

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 4,327	$ 4,329
Asset Management
Goodwill [Line Items]
Goodwill	232	232
Retirement Services
Goodwill [Line Items]
Goodwill	4,063	4,065
Principal Investing
Goodwill [Line Items]
Goodwill	$ 32	$ 32

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) $ in Millions	2 Months Ended	12 Months Ended
	May 03, 2022 USD ($) business	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Mar. 01, 2022 USD ($)	Jan. 01, 2022 USD ($)
Goodwill [Line Items]
Goodwill		$ 4,327	$ 4,329
Number of reportable segments | segment		3
Athene Holding Limited
Goodwill [Line Items]
Goodwill					$ 4,073
Griffin Capital, Asset Management Business
Goodwill [Line Items]
Goodwill	$ 134			$ 13
Number of businesses acquired | business	2

Long-duration Contracts - Sched

Long-duration Contracts - Schedule of Policyholder Account Balance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Policyholder Account Balance [Roll Forward]
Beginning balance	$ 197,889	$ 168,339	$ 151,390
Deposits	72,026	54,304	35,341
Policy charges	(711)	(653)	(603)
Surrenders and withdrawals	(18,217)	(21,332)	(14,373)
Benefit payments	(11,204)	(6,141)	(5,698)
Interest credited	8,692	4,175	3,442
Foreign exchange	(1,237)	218	(446)
Other	82	(1,021)	(714)
Ending balance	247,320	197,889	168,339
Related Party
Policyholder Account Balance [Roll Forward]
Other		(1,371)
Traditional Deferred Annuities
Policyholder Account Balance [Roll Forward]
Beginning balance	64,763	43,518	35,599
Deposits	25,459	30,175	13,246
Policy charges	(2)	(2)	(3)
Surrenders and withdrawals	(5,389)	(9,929)	(5,419)
Benefit payments	(1,108)	(984)	(937)
Interest credited	3,256	1,858	1,032
Foreign exchange	(318)	52	0
Other	0	75	0
Ending balance	$ 86,661	$ 64,763	$ 43,518
Weighted average crediting rate	4.30%	4%	3.20%
Net amount at risk	$ 425	$ 425	$ 422
Cash surrender value	81,243	61,345	41,273
Indexed Annuities
Policyholder Account Balance [Roll Forward]
Beginning balance	93,147	92,660	89,755
Deposits	16,230	12,639	11,544
Policy charges	(709)	(651)	(600)
Surrenders and withdrawals	(12,744)	(11,253)	(8,057)
Benefit payments	(1,580)	(1,609)	(1,620)
Interest credited	3,524	1,279	1,638
Foreign exchange	(7)	1	0
Other	0	81	0
Ending balance	$ 97,861	$ 93,147	$ 92,660
Weighted average crediting rate	2.70%	2.40%	2.20%
Net amount at risk	$ 15,441	$ 14,716	$ 13,581
Cash surrender value	89,511	85,381	84,724
Funding Agreements
Policyholder Account Balance [Roll Forward]
Beginning balance	32,350	27,439	23,623
Deposits	29,249	6,893	7,970
Policy charges	0	0	0
Surrenders and withdrawals	0	(110)	(880)
Benefit payments	(8,304)	(3,273)	(2,819)
Interest credited	1,707	883	677
Foreign exchange	(414)	260	(440)
Other	180	258	(692)
Ending balance	$ 54,768	$ 32,350	$ 27,439
Weighted average crediting rate	4.40%	3.40%	2.50%
Net amount at risk	$ 0	$ 0	$ 0
Cash surrender value	0	0	0
Other Investment-type
Policyholder Account Balance [Roll Forward]
Beginning balance	7,629	4,722	2,413
Deposits	1,088	4,597	2,581
Policy charges	0	0	0
Surrenders and withdrawals	(84)	(40)	(17)
Benefit payments	(212)	(275)	(322)
Interest credited	205	155	95
Foreign exchange	(498)	(95)	(6)
Other	(98)	(1,435)	(22)
Ending balance	$ 8,030	$ 7,629	$ 4,722
Weighted average crediting rate	2.70%	2.70%	3.10%
Net amount at risk	$ 51	$ 103	$ 47
Cash surrender value	$ 6,784	$ 6,375	$ 2,213

Long-duration Contracts - Sch_2

Long-duration Contracts - Schedule of Interest Sensitive Contract Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	$ 253,637	$ 204,670	$ 173,616
Traditional Deferred Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	86,661	64,763	43,518
Indexed Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	97,861	93,147	92,660
Funding Agreements
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	54,768	32,350	27,439
Other Investment-type
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	8,030	7,629	4,722
Reconciling items
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	$ 6,317	$ 6,781	$ 5,277

Long-duration Contracts - Sch_3

Long-duration Contracts - Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate (Details) $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Policyholder Account Balance [Line Items]
Total	$ 247,320	$ 197,889	$ 168,339	$ 151,390
Less than 2.0%
Policyholder Account Balance [Line Items]
Total	$ 175,080	$ 149,902	$ 123,827
Less than 2.0% | Maximum | Variable annuities
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2%	2%	2%
2.0% to less than 4.0%
Policyholder Account Balance [Line Items]
Total	$ 27,952	$ 31,255	$ 35,017
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%
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%
4.0% to less than 6.0%
Policyholder Account Balance [Line Items]
Total	$ 37,685	$ 11,550	$ 8,293
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%
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%
6.0% and greater
Policyholder Account Balance [Line Items]
Total	$ 6,603	$ 5,182	$ 1,202
6.0% and greater | Minimum | Variable annuities
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	6%	6%	6%
At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Total	$ 95,403	$ 74,845	$ 67,835
At Guaranteed Minimum | Less than 2.0%
Policyholder Account Balance [Line Items]
Total	26,818	30,339	25,031
At Guaranteed Minimum | 2.0% to less than 4.0%
Policyholder Account Balance [Line Items]
Total	24,356	27,792	33,325
At Guaranteed Minimum | 4.0% to less than 6.0%
Policyholder Account Balance [Line Items]
Total	37,626	11,532	8,277
At Guaranteed Minimum | 6.0% and greater
Policyholder Account Balance [Line Items]
Total	6,603	5,182	1,202
1 Basis Point – 100 Basis Points Above Guaranteed Minimum
Policyholder Account Balance [Line Items]
Total	$ 15,728	$ 21,045	$ 27,438
1 Basis Point – 100 Basis Points Above Guaranteed Minimum | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum crediting rate	0.0001	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	0.0100
1 Basis Point – 100 Basis Points Above Guaranteed Minimum | Less than 2.0%
Policyholder Account Balance [Line Items]
Total	$ 14,141	$ 18,954	$ 26,020
1 Basis Point – 100 Basis Points Above Guaranteed Minimum | 2.0% to less than 4.0%
Policyholder Account Balance [Line Items]
Total	1,529	2,074	1,408
1 Basis Point – 100 Basis Points Above Guaranteed Minimum | 4.0% to less than 6.0%
Policyholder Account Balance [Line Items]
Total	58	17	10
1 Basis Point – 100 Basis Points Above Guaranteed Minimum | 6.0% and greater
Policyholder Account Balance [Line Items]
Total	0	0	0
Greater than 100 Basis Points Above Guaranteed Minimum
Policyholder Account Balance [Line Items]
Total	$ 136,189	$ 101,999	$ 73,066
Greater than 100 Basis Points Above Guaranteed Minimum | Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum crediting rate	0.0100	0.0100	0.0100
Greater than 100 Basis Points Above Guaranteed Minimum | Less than 2.0%
Policyholder Account Balance [Line Items]
Total	$ 134,121	$ 100,609	$ 72,776
Greater than 100 Basis Points Above Guaranteed Minimum | 2.0% to less than 4.0%
Policyholder Account Balance [Line Items]
Total	2,067	1,389	284
Greater than 100 Basis Points Above Guaranteed Minimum | 4.0% to less than 6.0%
Policyholder Account Balance [Line Items]
Total	1	1	6
Greater than 100 Basis Points Above Guaranteed Minimum | 6.0% and greater
Policyholder Account Balance [Line Items]
Total	$ 0	$ 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Present value of expected future policy benefits
Net future policy benefits	$ 49,902	$ 53,287	$ 42,110
Total
Present value of expected net premiums
Beginning balance	1,182	0
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	852	1,135
Effect of actual to expected experience		(4)
Adjusted balance		1,131
Issuances		3,091
Interest accrual	22	6
Net premium collected	(190)	(2,027)
Foreign exchange	(111)	65
Effect of changes in discount rate assumptions, ending balance	(30)	(45)
Effect of foreign exchange on the change in discount rate assumptions	2	(2)
Ending balance, present value of expected net premiums	880	1,182	0
Present value of expected future policy benefits
Beginning balance	48,372	36,422	35,278
Effect of changes in discount rate assumptions	6,144	8,425	0
Effect of foreign exchange on the change in discount rate assumptions	(5)	(13)
Beginning balance at original discount rate	54,511	44,834	35,278
Effect of changes in cash flow assumptions		(104)	(297)
Effect of actual to expected experience		74	(67)	$ (120)
Adjusted balance		54,481	44,470	35,158
Issuances	1,115	13,518	11,528
Interest accrual	1,871	1,664	1,146
Benefit payments	(4,561)	(3,852)	(2,921)
Foreign exchange	(356)	220	(77)
Other		(1,509)
Ending balance at original discount rate	52,550	54,511	44,834
Effect of changes in discount rate assumptions	7,584	6,144	8,425
Effect of foreign exchange on the change in discount rate assumptions	(6)	(5)	(13)
Ending balance, present value of expected future policy benefits	44,972	48,372	36,422
Less: Present value of expected net premiums	880	1,182	0
Net future policy benefits	44,092	47,190
Payout Annuities with Life Contingencies
Present value of expected net premiums
Beginning balance	0	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
Issuances		0
Interest accrual	0	0
Net premium collected	0	0
Foreign exchange	0	0
Effect of changes in discount rate assumptions, ending balance	0	0
Effect of foreign exchange on the change in discount rate assumptions	0	0
Ending balance, present value of expected net premiums	0	0	0
Present value of expected future policy benefits
Beginning balance	45,001	36,422	35,278
Effect of changes in discount rate assumptions	6,233	8,425	0
Effect of foreign exchange on the change in discount rate assumptions	1	(13)
Beginning balance at original discount rate	51,235	44,834	35,278
Effect of changes in cash flow assumptions		(104)	(297)
Effect of actual to expected experience		78	(67)	(120)
Adjusted balance		51,209	44,470	35,158
Issuances	1,115	10,427	11,528
Interest accrual	1,802	1,646	1,146
Benefit payments	(4,476)	(3,834)	(2,921)
Foreign exchange	(16)	35	(77)
Ending balance at original discount rate	49,634	51,235	44,834
Effect of changes in discount rate assumptions	7,378	6,233	8,425
Effect of foreign exchange on the change in discount rate assumptions	(5)	1	(13)
Ending balance, present value of expected future policy benefits	42,261	45,001	36,422
Less: Present value of expected net premiums	0	0	0
Net future policy benefits	$ 42,261	$ 45,001	$ 36,422
Liability for Future Policy Benefit, after Reinsurance [Abstract]
Weighted-average liability duration (in years)	9 years 4 months 24 days	9 years 6 months	10 years 2 months 12 days
Weighted-average interest accretion rate	3.70%	3.60%	3.20%
Weighted-average current discount rate	5.60%	5.10%	5.50%
Expected future gross premiums, undiscounted	$ 0	$ 0	$ 64,754
Expected future gross premiums, discounted	0	0
Expected future benefit payments, undiscounted	72,793	75,261
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	0
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	852	1,135
Effect of actual to expected experience		(4)
Adjusted balance		1,131
Issuances		3,091
Interest accrual	22	6
Net premium collected	(190)	(2,027)
Foreign exchange	(111)	65
Effect of changes in discount rate assumptions, ending balance	(30)	(45)
Effect of foreign exchange on the change in discount rate assumptions	2	(2)
Ending balance, present value of expected net premiums	880	1,182	0
Present value of expected future policy benefits
Beginning balance	3,371	0	0
Effect of changes in discount rate assumptions	(89)	0	0
Effect of foreign exchange on the change in discount rate assumptions	(6)	0
Beginning balance at original discount rate	3,276	0	0
Effect of changes in cash flow assumptions		0	0
Effect of actual to expected experience		(4)	0	0
Adjusted balance		3,272	0	$ 0
Issuances	0	3,091	0
Interest accrual	69	18	0
Benefit payments	(85)	(18)	0
Foreign exchange	(340)	185	0
Other		0
Ending balance at original discount rate	2,916	3,276	0
Effect of changes in discount rate assumptions	206	(89)	0
Effect of foreign exchange on the change in discount rate assumptions	(1)	(6)	0
Ending balance, present value of expected future policy benefits	2,711	3,371	0
Less: Present value of expected net premiums	880	1,182	0
Net future policy benefits	$ 1,831	$ 2,189	$ 0
Liability for Future Policy Benefit, after Reinsurance [Abstract]
Weighted-average liability duration (in years)	30 years 8 months 12 days	33 years 6 months	0 years
Weighted-average interest accretion rate	4.80%	4.80%	0%
Weighted-average current discount rate	4.80%	4.10%	0%
Expected future gross premiums, undiscounted	$ 1,107	$ 1,497	$ 0
Expected future gross premiums, discounted	929	1,239
Expected future benefit payments, undiscounted	$ 10,618	$ 11,344

Long-duration Contracts - Sch_5

Long-duration Contracts - Schedule of Reconciliation of Future Policy Benefit and Premiums (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	$ 49,902	$ 53,287	$ 42,110
Premiums	1,318	12,749	11,638
Interest expense	1,849	1,658	1,146
Payout Annuities with Life Contingencies
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	42,261	45,001	36,422
Premiums	1,085	10,504	11,606
Interest expense	1,802	1,646	1,146
Whole Life
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	1,831	2,189	0
Premiums	204	2,214	0
Interest expense	47	12	0
Reconciling items
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	5,810	6,097	5,688
Premiums	$ 29	$ 31	$ 32

Long-duration Contracts - Narra

Long-duration Contracts - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Liability for Future Policy Benefit, Activity [Line Items]
Increase in reserves	$ 15	$ 136	$ 50
Change in instrument-specific credit risk	(149)	(374)	366
Total
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) future policy benefits for payout annuities with life contingencies	(3,400)	11,950	1,144
Benefit payments	4,561	3,852	2,921
Change in discount rate assumptions	(1,440)	(2,236)	(8,425)
Effect of changes in cash flow assumptions		297
Change in foreign exchange	(356)	220	(77)
Interest accrual	1,871	1,664	1,146
Issuances	1,115	13,518	11,528
Reduction in reserve related to recapture		(1,509)
Change in discount rate assumptions	7,584	6,144	8,425	$ 0
Traditional Deferred Annuities and Indexed Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Increase in market risk benefit liabilities	342	884	(1,958)
Attributed fees collected	360	338	333
Issuances	295	106	60
Market risk benefit, interest expense	201	157	56
Change in instrument-specific credit risk	(149)	(374)	(366)
Effect of changes in interest rates	(658)	(91)	(2,169)
Effect of changes in equity	(94)	(119)	176
Indexed Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Attributed fees collected	358	336	330
Issuances	295	106	60
Market risk benefit, interest expense	191	147	52
Effect of changes in interest rates	(640)	(90)	(2,092)
Effect of changes in equity	$ (94)	$ (119)	$ 176

Long-duration Contracts - Sch_6

Long-duration Contracts - Schedule of Remeasurement of Gain (Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Reserves	$ 25	$ 364	$ 120
Deferred profit liability	(48)	(246)	(126)
Negative VOBA	39	(65)	21
Total remeasurement gains (losses)	$ 16	$ 53	$ 15

Long-duration Contracts - Sch_7

Long-duration Contracts - Schedule of Net Liability Position of Market Risk Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Market Risk Benefit [Roll Forward]
Beginning balance	$ 3,373	$ 2,489
Ending balance	3,715	3,373	$ 2,489
Traditional Deferred Annuities and Indexed Annuities
Market Risk Benefit [Roll Forward]
Beginning balance	3,373	2,489	4,447
Effect of changes in instrument-specific credit risk, beginning balance	(8)	366
Balance, start of period, before changes in instrument-specific credit risk	3,365	2,855
Issuances	295	106	60
Interest accrual	201	157	56
Attributed fees collected	360	338	333
Benefit payments	(56)	(34)	(53)
Effect of changes in interest rates	(658)	(91)	(2,169)
Effect of changes in equity	(94)	(119)	176
Effect of actual policyholder behavior compared to expected behavior	79	72	48
Effect of changes in future expected policyholder behavior	85	75
Effect of changes in other future expected assumptions	(19)	6	(43)
Balance, end of period, before changes in instrument-specific credit risk	3,558	3,365	2,855
Effect of changes in instrument-specific credit risk, ending balance	(157)	(8)	366
Ending balance	3,715	3,373	2,489
Less: Reinsurance recoverable	37
Balance, at December 31, 2023, net of reinsurance	3,678
Traditional Deferred Annuities
Market Risk Benefit [Roll Forward]
Beginning balance	192	170	253
Effect of changes in instrument-specific credit risk, beginning balance	2	13
Balance, start of period, before changes in instrument-specific credit risk	194	183
Issuances	0	0	0
Interest accrual	10	10	4
Attributed fees collected	2	2	3
Benefit payments	(4)	(2)	(4)
Effect of changes in interest rates	(18)	(1)	(77)
Effect of changes in equity	0	0	0
Effect of actual policyholder behavior compared to expected behavior	6	5	6
Effect of changes in future expected policyholder behavior	(3)	(3)
Effect of changes in other future expected assumptions	0	0	(2)
Balance, end of period, before changes in instrument-specific credit risk	187	194	183
Effect of changes in instrument-specific credit risk, ending balance	(3)	2	13
Ending balance	190	192	170
Less: Reinsurance recoverable	0
Balance, at December 31, 2023, net of reinsurance	190
Reconciliation of the gross balances in an asset or liability position:
Net amount at risk	$ 425	$ 425	$ 422
Weighted-average attained age of contract holders (in years)	76 years	75 years	74 years
Indexed Annuities
Market Risk Benefit [Roll Forward]
Beginning balance	$ 3,181	$ 2,319	$ 4,194
Effect of changes in instrument-specific credit risk, beginning balance	(10)	353
Balance, start of period, before changes in instrument-specific credit risk	3,171	2,672
Issuances	295	106	60
Interest accrual	191	147	52
Attributed fees collected	358	336	330
Benefit payments	(52)	(32)	(49)
Effect of changes in interest rates	(640)	(90)	(2,092)
Effect of changes in equity	(94)	(119)	176
Effect of actual policyholder behavior compared to expected behavior	73	67	42
Effect of changes in future expected policyholder behavior	88	78
Effect of changes in other future expected assumptions	(19)	6	(41)
Balance, end of period, before changes in instrument-specific credit risk	3,371	3,171	2,672
Effect of changes in instrument-specific credit risk, ending balance	(154)	(10)	353
Ending balance	3,525	3,181	2,319
Less: Reinsurance recoverable	37
Balance, at December 31, 2023, net of reinsurance	3,488
Reconciliation of the gross balances in an asset or liability position:
Net amount at risk	$ 15,441	$ 14,716	$ 13,581
Weighted-average attained age of contract holders (in years)	69 years	69 years	68 years

Long-duration Contracts - Sch_8

Long-duration Contracts - Schedule of Market Risk Benefits by Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Market Risk Benefit [Line Items]
Asset	$ 313	$ 378	$ 481
Liability	4,028	3,751	2,970
Net Liability	3,715	3,373	2,489
Traditional Deferred Annuities
Market Risk Benefit [Line Items]
Asset	0	0	0
Liability	190	192	170
Net Liability	190	192	170	$ 253
Indexed Annuities
Market Risk Benefit [Line Items]
Asset	313	378	481
Liability	3,838	3,559	2,800
Net Liability	$ 3,525	$ 3,181	$ 2,319

Long-duration Contracts - Sch_9

Long-duration Contracts - Schedule of Unobservable Inputs for Market Risk Benefits (Details) $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Market Risk Benefit [Line Items]
Market risk benefits, net	$ 3,715	$ 3,373	$ 2,489
Minimum | Discounted cash flow | Nonperformance risk
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.004	0.004	0.002
Minimum | Discounted cash flow | Option budget
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.005	0.005	0.005
Minimum | Discounted cash flow | Surrender rate
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.033	0.032	0.033
Minimum | Discounted cash flow | Utilization rate
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.286	0.286	0.286
Maximum | Discounted cash flow | Nonperformance risk
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.011	0.014	0.016
Maximum | Discounted cash flow | Option budget
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.060	0.060	0.053
Maximum | Discounted cash flow | Surrender rate
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.072	0.064	0.067
Maximum | Discounted cash flow | Utilization rate
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.950	0.950	0.950
Weighted Average | Discounted cash flow | Nonperformance risk
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.010	0.012	0.014
Weighted Average | Discounted cash flow | Option budget
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.023	0.019	0.017
Weighted Average | Discounted cash flow | Surrender rate
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.046	0.045	0.044
Weighted Average | Discounted cash flow | Utilization rate
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.849	0.836	0.823

Profit Sharing Payable - Narrat

Profit Sharing Payable - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Profit Sharing Payable	$ 1,888	$ 1,669	$ 1,392

Profit Sharing Payable - Schedu

Profit Sharing Payable - Schedule of Roll Forward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Profit Sharing Payable Activity [Roll Forward]
Profit sharing payable, beginning balance	$ 1,669	$ 1,392
Profit sharing expense	783	777
Payments/other	(564)	(500)
Profit sharing payable, ending balance	$ 1,888	$ 1,669

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax (provision) benefit	$ (1,062)	$ 923	$ 739
Effective income tax rate	14.30%	(16.50%)	17.40%
Unrecognized tax benefits that would impact effective tax rate	$ 11	$ 23
Amount of unrecognized tax benefit reasonably possible to be recognized in next twelve months	10
Unrecognized tax benefits, accrued interest	$ 4	$ 10

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal income tax	$ 1,083	$ 809	$ 402
Foreign income tax	23	104	54
State and local income tax	55	64	59
Current	1,161	977	515
Deferred:
Federal income tax	(77)	331	(1,209)
Foreign income tax	(30)	(2,239)	6
State and local income tax	8	8	(51)
Deferred	(99)	(1,900)	(1,254)
Total Income Tax Provision (Benefit)	1,062	(923)	(739)
Pretax income	2,393	2,600	(3,359)
Proportional Amortization
Current:
Federal income tax	56	49	0
General Business Tax Credit Carryforward
Current:
Federal income tax	(367)	(186)	(16)
Transaction Costs Relating To Low-Income Housing And Transferable Energy Tax Credits
Current:
Federal income tax	$ 248	$ 103	$ 0

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Tax Rates (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21%	21%	21%
Income passed through to non-controlling interests	(3.50%)	(4.60%)	(9.00%)
State and local income taxes (net of federal benefit)	0.50%	1.20%	(0.10%)
Impact of Mergers	0%	0%	7.30%
Impact of foreign taxes (net of foreign tax credit)	(2.60%)	(31.00%)	0%
Impact of equity-based compensation	(1.00%)	1%	0.10%
Impact of valuation allowance	0.60%	(1.30%)	0%
Tax Credits	(0.50%)	(0.60%)	0%
Redomicile	0.10%	(1.20%)	0%
Other	(0.30%)	(1.00%)	(1.90%)
Effective income tax rate	14.30%	(16.50%)	17.40%

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 1,062	$ (923)	$ (739)
Income tax provision (benefit) from other comprehensive income (loss)	21	513	(1,933)
Total income tax provision (benefit)	$ 1,083	$ (410)	$ (2,672)

Income Taxes - Net Operating Lo

Income Taxes - Net Operating Losses (Details) $ in Millions	Dec. 31, 2024 USD ($)
Operating Loss Carryforwards [Line Items]
U.S. foreign tax credit	$ 66
U.S. corporate alternative minimum tax credit	115
Federal
Operating Loss Carryforwards [Line Items]
Net operating losses, subject to expire	580
Foreign | United Kingdom
Operating Loss Carryforwards [Line Items]
Net operating losses, not subject to expire	194
Foreign | Bermuda
Operating Loss Carryforwards [Line Items]
Net operating losses, not subject to expire	7,797
State
Operating Loss Carryforwards [Line Items]
Net operating losses, subject to expire	$ 281

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets:
Bermuda tax	$ 66
Valuation allowance	(75)	$ (33)
Asset Management
Deferred Tax Assets:
Depreciation and amortization	303	395
Tax Credits	167	68
Deferred revenue	9	11
Equity-based compensation	166	170
Net operating loss carryforwards	23	0
Other	47	74
Total Deferred Tax Assets	715	718
Valuation allowance	(27)	(8)
Deferred Tax Assets, Net of Valuation Allowance	688	710
Deferred Tax Liabilities:
Basis difference in investments	252	163
Other	0	8
Total Deferred Tax Liabilities	252	171
Total Deferred Tax Assets, Net	436	539
Retirement Services
Deferred Tax Assets:
Tax Credits	13	0
Other	0	280
Insurance liabilities	2,383	1,742
Net operating and capital loss carryforwards	193	284
Investments, including derivatives	2,331	1,904
Employee benefits	10	8
Bermuda tax	1,959	1,764
Investment in foreign subsidiaries	552	1,176
Total Deferred Tax Assets	7,441	7,158
Valuation allowance	(48)	(25)
Deferred Tax Assets, Net of Valuation Allowance	7,393	7,133
Deferred Tax Liabilities:
Other	10	49
Intangible assets	362	386
DAC, DSI and VOBA	1,120	954
Total Deferred Tax Liabilities	1,492	1,389
Total Deferred Tax Assets, Net	$ 5,901	$ 5,744

Income Taxes - Schedule of Valu

Income Taxes - Schedule of Valuation Allowance (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance [Line Items]
Total Valuation Allowance	$ 75	$ 33
U.S. federal and state net operating losses and other deferred tax assets
Valuation Allowance [Line Items]
Total Valuation Allowance	30	8
U.K. net operating losses and other deferred tax assets
Valuation Allowance [Line Items]
Total Valuation Allowance	$ 45	$ 25

Income Taxes - Schedule of Roll

Income Taxes - Schedule of Roll Forward of the Beginning and Ending Aggregate Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 19	$ 15	$ 0
Increases based on tax positions taken in the prior years	8	4	15
Decreases due to settlements with tax authorities	(17)	0	0
Balance at end of period	$ 10	$ 19	$ 15

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 16, 2024	May 30, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Outstanding Balance	$ 10,588	$ 8,092
Fair Value	10,151	7,536
Asset Management
Debt Instrument [Line Items]
Outstanding Balance	4,279	3,883
Fair Value	4,307	3,876
Amortization of note discount	$ 44	$ 34
Asset Management | Senior Notes | 4.00%, 2024 Senior Notes
Debt Instrument [Line Items]
Interest rate	4%	4%	4.95%	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	$ 496	$ 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	$ 670	$ 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	$ 439	$ 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	$ 542	$ 539
Asset Management | Senior Notes | 5.00%, 2048 Senior Notes
Debt Instrument [Line Items]
Interest rate	5%	5%
Outstanding Balance	$ 297	$ 297
Fair Value	$ 271	$ 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	$ 753	$ 0
Asset Management | Subordinated notes | 4.95%, 2050 Senior Subordinated Notes
Debt Instrument [Line Items]
Interest rate	4.95%	4.95%
Outstanding Balance	$ 0	$ 297
Fair Value	$ 0	$ 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	$ 642	$ 652
Asset Management | Subordinated notes | 6.625% 2054 Subordinated Notes
Debt Instrument [Line Items]
Interest rate	6%	6%
Outstanding Balance	$ 494	$ 0
Fair Value	$ 494	$ 0
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	6,309	4,209
Fair Value	$ 5,844	$ 3,660
Retirement Services | Senior Notes | 4.13% 2028 Notes
Debt Instrument [Line Items]
Interest rate	4.13%	4.13%
Outstanding Balance	$ 1,050	$ 1,066
Fair Value	$ 976	$ 956
Retirement Services | Senior Notes | 6.15% 2030 Notes
Debt Instrument [Line Items]
Interest rate	6.15%	6.15%
Outstanding Balance	$ 579	$ 593
Fair Value	$ 519	$ 516
Retirement Services | Senior Notes | 3.50% 2031 Notes
Debt Instrument [Line Items]
Interest rate	3.50%	3.50%
Outstanding Balance	$ 520	$ 523
Fair Value	$ 452	$ 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	$ 425	$ 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	$ 608	$ 607
Retirement Services | Senior Notes | 3.95% 2051 Notes
Debt Instrument [Line Items]
Interest rate	3.95%	3.95%
Outstanding Balance	$ 544	$ 545
Fair Value	$ 360	$ 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	$ 322	$ 337
Retirement Services | Senior Notes | 6.25% 2054 Senior Notes
Debt Instrument [Line Items]
Interest rate	6.25%	6.25%
Outstanding Balance	$ 983	$ 0
Fair Value	$ 1,003	$ 0
Retirement Services | Subordinated notes | 6.625% 2054 Subordinated Notes
Debt Instrument [Line Items]
Interest rate	6.625%	6.63%
Outstanding Balance	$ 592	$ 0
Fair Value	$ 598	$ 0
Retirement Services | Subordinated notes | 7.250% 2064 Subordinated Notes
Debt Instrument [Line Items]
Interest rate	7.25%	7.25%			7.25%
Outstanding Balance	$ 558	$ 0
Fair Value	$ 581	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details)						3 Months Ended		12 Months Ended
	Dec. 16, 2024 USD ($)	Oct. 10, 2024 USD ($)	Jun. 28, 2024 USD ($)	May 30, 2024 USD ($)	Jun. 30, 2023 USD ($) extension	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 21, 2024 USD ($)	May 21, 2024 USD ($)
Debt Instrument [Line Items]
Principal and accrued interest								$ 5,259,000,000	$ 3,780,000,000	$ 4,033,000,000
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	$ 300,000,000			$ 500,000,000
Interest rate	4.95%			4%		4%		4%	4%
Fixed-Rate Resettable Junior Subordinated Notes due 2054 | Subordinated Notes | Asset Management
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%	5.80%
6.25% 2054 Senior Notes | Senior Secured Notes | Retirement Services
Debt Instrument [Line Items]
Aggregate principal amount						$ 1,000,000,000		$ 1,000,000,000
Interest rate						6.25%		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%	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 | Asset Management
Debt Instrument [Line Items]
Interest rate						6%		6%	6%
6.625% 2054 Subordinated Notes | Subordinated Notes | Retirement Services
Debt Instrument [Line Items]
Aggregate principal amount						$ 600,000,000		$ 600,000,000
Interest rate						6.625%		6.625%	6.63%
Basis spread on variable rate						2.607%
Debt instrument, deferred interest payment, period (in year)						5 years
AGM Credit Facility | Line of Credit | Asset Management | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 1,250,000,000		$ 1,250,000,000			$ 1,250,000,000
Amount outstanding						0		0
Line of credit facility, maximum borrowing capacity including potential increases						1,500,000,000		1,500,000,000
AMH Credit Facility | Line of Credit | Asset Management | Revolving Credit Facility
Debt Instrument [Line Items]
Incremental facilities, maximum amount						250,000,000		$ 250,000,000
Maximum leverage ratio								4
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		$ 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		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		2,600,000,000
Amount outstanding						0		0	$ 0
Renewal term of credit facility			364 days
Line of credit facility, maximum borrowing capacity including potential increases						$ 3,100,000,000		$ 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 ($)	Dec. 31, 2024	Nov. 21, 2024	Jun. 30, 2023
AGM Credit Facility | Asset Management
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	1,500,000,000
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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total Interest Expense	$ 474	$ 268	$ 222
Asset Management
Debt Instrument [Line Items]
Total Interest Expense	226	145	124
Retirement Services
Debt Instrument [Line Items]
Total Interest Expense	$ 248	$ 123	$ 98

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-Term Debt (Details) - Debt obligations $ in Millions	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
2025	$ 0
2026 - 2027	500
2028 - 2029	1,675
2030 and Thereafter	8,325
Total	10,500
Asset Management
Debt Instrument [Line Items]
2025	0
2026 - 2027	500
2028 - 2029	675
2030 and Thereafter	3,150
Total	4,325
Retirement Services
Debt Instrument [Line Items]
2025	0
2026 - 2027	0
2028 - 2029	1,000
2030 and Thereafter	5,175
Total	$ 6,175

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 721	$ 1,000	$ 540
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Unrecognized equity-based compensation expense		$ 588
Period of recognition (in years)		2 years
Granted (in shares)		5,173,971
RSUs | President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 80
Granted (in shares)	6,000,000
Service Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 398	$ 313	$ 245
Granted (in shares)		3,700,000	5,000,000	5,100,000
Grant date fair value		$ 405	$ 339	$ 310
Service Grants | President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 56
Award requisite service period	5 years
Service Grants | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		1 year
Service Grants | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		5 years
Performance Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 260	$ 175	$ 205
Granted (in shares)		1,500,000	1,500,000	3,900,000
Grant date fair value		$ 181	$ 97	$ 228
Performance Grants | President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		24
Granted (in shares)	2,000,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		46	$ 46	$ 56
Unrecognized equity-based compensation expense		$ 52
Period of recognition (in years)		2 years 1 month 6 days
Granted (in shares)		401,111	600,000	500,000
Grant date fair value		$ 52	$ 41	$ 36

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Weighted Average Discounts (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Plan Grants
Class of Stock [Line Items]
Discount for the lack of distributions until vested	0%	0%	0.20%
Marketability discount for transfer restrictions	4.40%	15.40%	10%
Bonus Grants
Class of Stock [Line Items]
Marketability discount for transfer restrictions	2.50%	4%	3.50%
Performance Grants
Class of Stock [Line Items]
Discount for the lack of distributions until vested	0%	0.20%	1.30%
Marketability discount for transfer restrictions	11%	9.70%	7.60%

Equity-Based Compensation - S_2

Equity-Based Compensation - Schedule of RSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
RSUs
Unvested
Unvested, beginning balance (in shares)	16,692,903
Granted (in shares)	5,173,971
Forfeited (in shares)	(341,573)
Vested (in shares)	(6,890,273)
Unvested, ending balance (in shares)	14,635,028	16,692,903
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 62.92
Granted (in dollars per share)	112.54
Forfeited (in dollars per share)	81.10
Vested (in dollars per share)	72.58
Ending balance (in dollars per share)	$ 70.03	$ 62.92
Vested
Vested, beginning balance (in shares)	22,067,052
Granted (in shares)	23,084
Forfeited (in shares)	(172,960)
Vested (in shares)	6,890,273
Issued (in shares)	(7,470,317)
Vested, ending balance (in shares)	21,337,132	22,067,052
Total Number of RSUs Outstanding
Beginning balance (in shares)	38,759,955
Granted (in shares)	5,197,055
Forfeited (in shares)	(514,533)
Vested (in shares)	0
Issued (in shares)	(7,470,317)
Ending balance (in shares)	35,972,160	38,759,955
Restricted Stock
Unvested
Unvested, beginning balance (in shares)	1,008,498
Granted (in shares)	401,111	600,000	500,000
Forfeited (in shares)	(1,085)	(10,880)	(12,883)
Vested (in shares)	(700,723)
Unvested, ending balance (in shares)	707,801	1,008,498
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 66.34
Granted (in dollars per share)	128.70
Forfeited (in dollars per share)	75.08
Vested (in dollars per share)	$ 69.94
Issued (in dollars per share)	69.94
Ending balance (in dollars per share)	$ 85.48	$ 66.34
Vested
Vested, beginning balance (in shares)	474,922
Granted (in shares)	0
Forfeited (in shares)	0
Vested (in shares)	700,723
Issued (in shares)	(700,723)
Vested, ending balance (in shares)	474,922	474,922
Total Number of RSUs Outstanding
Beginning balance (in shares)	1,483,420
Granted (in shares)	401,111
Forfeited (in shares)	(1,085)
Vested (in shares)	0
Issued (in shares)	(700,723)
Ending balance (in shares)	1,182,723	1,483,420

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Millions				1 Months Ended	3 Months Ended			12 Months Ended
	Feb. 04, 2025 $ / shares	Oct. 31, 2023 $ / shares	Aug. 11, 2023 USD ($) day $ / shares shares	Feb. 21, 2025 shares	Mar. 31, 2026 shares	Mar. 31, 2025 shares	Jun. 30, 2024 shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Nov. 30, 2024 $ / shares shares	Feb. 08, 2024 USD ($)	Feb. 21, 2023 USD ($)	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	2,900,000
Exercise price of warrants per share (in dollars per share) | $ / shares										$ 82.80	$ 173.51
Warrants exercisable (in shares)								7,500,000
Increase in warrants exercisable (in shares)								400,000
Subsequent Event
Class of Stock [Line Items]
Stock issued during period, shares (in shares)				1,213,003
Forecast
Class of Stock [Line Items]
Increase in warrants exercisable (in shares)					2,500,000	2,500,000
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 (as percent)			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)			0.5056
Series A Preferred Stock | Maximum
Class of Stock [Line Items]
Shares issued upon conversion (in shares)			0.6067
Common Stock
Class of Stock [Line Items]
Repurchase of class A common stock (in shares)								7,845,000	7,469,544	9,974,909
Repurchase of common stock | $								$ 890	$ 508	$ 588
Payments related to issuances of common stock for equity-based awards (in shares)								5,000,000	6,000,000	6,000,000
Issuance of common stock related to equity transactions (in shares)								1,000,000		4,000,000

Equity - Schedule of Share Acti

Equity - Schedule of Share Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Issuance of common stock related to equity transactions	$ 84	$ 1,398	$ 252
Cash paid for tax liabilities	$ 338	$ 259	$ 185
Common Stock
Class of Stock [Line Items]
Shares issued to Apollo Opportunity Foundation (in shares)	1,000,000		4,000,000
Shares of common stock purchased related to share issuances and forfeitures (in shares)	(150,676)	(162,123)	(219,960)
Issuance of shares of common stock for equity-based awards (in shares)	4,703,229	5,295,717	5,271,741
Common stock shares repurchased (in shares)		713,456	766,726
Common Stock | Apollo Opportunity Foundation
Class of Stock [Line Items]
Shares issued to Apollo Opportunity Foundation (in shares)	0	0	1,724,137
Issuance of common stock related to equity transactions			$ 103
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)	7,852,512	8,643,520	6,663,694
Reduction of shares of common stock issued (in shares)	(2,998,607)	(3,185,680)	(2,896,130)
Shares Issued in Settlement of Vested RSUs and Options Exercised | Common Stock
Class of Stock [Line Items]
Share-based payment arrangement, before forfeiture	$ 868	$ 626	$ 420
RSUs
Class of Stock [Line Items]
Vesting period (in years)	3 years
Granted (in shares)	150,676	162,123	219,960
Restricted shares forfeited (in shares)	341,573
Restricted Stock
Class of Stock [Line Items]
Granted (in shares)	401,111	551,333	546,766
Restricted shares forfeited (in shares)	1,085	10,880	12,883

Equity - Schedule of Dividends

Equity - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Dividend per Share of Common Stock (in dollars per share)	$ 0.46	$ 0.46	$ 0.46	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 1.81	$ 1.69	$ 1.60
Dividend to Common Stockholders	$ 262	$ 262	$ 263	$ 245	$ 244	$ 244	$ 244	$ 229	$ 229	$ 229	$ 229	$ 229	$ 1,032	$ 961	$ 916
Distribution Equivalents on Participating Securities	$ 15	$ 15	$ 16	$ 14	$ 15	$ 12	$ 12	$ 12	$ 11	$ 11	$ 12	$ 12	$ 60	$ 51	$ 46

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 25,233	$ 14,366	$ 10,194
Less: Income tax expense (benefit)	(21)	(513)	1,933
Ending balance	30,964	25,233	14,366
Accumulated other comprehensive income (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(5,575)	(7,335)	(5)
Other comprehensive income (loss) before reclassifications	(192)	2,456	(9,590)
Less: Reclassification adjustments for gains (losses) realized	(195)	(84)	(169)
Less: Income tax expense (benefit)	21	513	(1,933)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax	(99)	267	(158)
Ending balance	(5,494)	(5,575)	(7,335)
Unrealized investment gains (losses) on AFS securities without a credit allowance
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(8,675)	(12,568)	(1)
Other comprehensive income (loss) before reclassifications	(1,354)	5,067	(17,931)
Less: Reclassification adjustments for gains (losses) realized	(223)	(163)	(218)
Less: Income tax expense (benefit)	(219)	588	(3,154)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax	(413)	749	(1,992)
Ending balance	(9,174)	(8,675)	(12,568)
Unrealized investment gains (losses) on AFS securities with a credit allowance
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(289)	(334)	0
Other comprehensive income (loss) before reclassifications	(5)	51	(463)
Less: Reclassification adjustments for gains (losses) realized	(15)	(3)	(18)
Less: Income tax expense (benefit)	3	6	(86)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax	2	3	(25)
Ending balance	(284)	(289)	(334)
Unrealized gains (losses) on hedging instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(81)	48	(1)
Other comprehensive income (loss) before reclassifications	(8)	(117)	71
Less: Reclassification adjustments for gains (losses) realized	43	82	67
Less: Income tax expense (benefit)	(8)	(51)	12
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax	(5)	(19)	(57)
Ending balance	(119)	(81)	48
Remeasurement gains (losses) on future policy benefits related to discount rate
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3,458	5,256	0
Other comprehensive income (loss) before reclassifications	1,425	(2,236)	8,425
Less: Reclassification adjustments for gains (losses) realized	0	0	0
Less: Income tax expense (benefit)	287	38	1,223
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax	361	(476)	1,946
Ending balance	4,235	3,458	5,256
Remeasurement gains (losses) on market risk benefits related to credit risk
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3	285	0
Other comprehensive income (loss) before reclassifications	(149)	(374)	366
Less: Reclassification adjustments for gains (losses) realized	0	0	0
Less: Income tax expense (benefit)	(31)	(78)	77
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax	(12)	(14)	4
Ending balance	(103)	3	285
Foreign currency translation and other adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	9	(22)	(3)
Other comprehensive income (loss) before reclassifications	(101)	65	(58)
Less: Reclassification adjustments for gains (losses) realized	0	0	0
Less: Income tax expense (benefit)	(11)	10	(5)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax	(32)	24	(34)
Ending balance	$ (49)	$ 9	$ (22)

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												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to common stockholders, basic													$ 4,480	$ 5,001	$ (1,961)
Net income (loss) attributable to common stockholders, diluted													4,480	5,001	(1,961)
Dividends declared on common stock	$ (262)	$ (262)	$ (263)	$ (245)	$ (244)	$ (244)	$ (244)	$ (229)	$ (229)	$ (229)	$ (229)	$ (229)	(1,032)	(961)	(916)
Dividends on participating securities													(60)	(51)	(46)
Earnings allocable to participating securities													(91)	(115)	0
Undistributed income (loss) attributable to common stockholders: Basic													3,297	3,874	(2,923)
Undistributed income (loss) attributable to common stockholders: Diluted													$ 3,394	$ 3,915	$ (2,923)
Weighted average number of shares of common stock outstanding: Basic (in shares)													586,069,166	581,380,268	584,691,775
Dilution effect of Mandatory Convertible Preferred Stock (in shares)													14,530,212	6,440,346	0
Dilution effect of options (in shares)													1,090,151	994,172	0
Dilution effect of warrants (in shares)													2,346,463	0	0
Dilution effect of contingent shares (in shares)													0	31,661	0
Weighted average number of shares of common stock outstanding: Diluted (in shares)													604,035,992	588,846,447	584,691,775
Net income (loss) per share of common stock: Basic
Distributed income (in dollars per share)													$ 1.82	$ 1.69	$ 1.60
Undistributed income (loss) (in dollars per share)													5.57	6.63	(5.03)
Net income (loss) per share of common stock: Basic (in dollars per share)													7.39	8.32	(3.43)
Net income (loss) per share of common stock: Diluted
Distributed income (in dollars per share)													1.82	1.69	1.60
Undistributed income (loss) (in dollars per share)													5.51	6.59	(5.03)
Net income (loss) per share of common stock: Diluted (in dollars per share)													$ 7.33	$ 8.28	$ (3.43)
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilution effect on distributable income attributable to contingent shares													$ 97	$ 46	$ 0
Contingent Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilution effect on distributable income attributable to contingent shares													$ 0	$ (5)	$ 0

Earnings per Share - Schedule_2

Earnings per Share - Schedule of Anti-dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted average unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	14,273,743	15,316,350	13,664,334
Weighted average unexercised options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	0	2,422,343
Weighted average unexercised warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	63,388	4,761,918	2,279,452
Weighted average unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	1,327,484	1,688,421	2,114,622
Weighted average contingent shares outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	0	190,468

Related Parties - Schedule of R

Related Parties - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Asset Management
Related Party Transaction [Line Items]
Total Due from Related Parties	$ 584	$ 449
Total Due to Related Parties	710	870
Due from funds | Asset Management
Related Party Transaction [Line Items]
Total Due from Related Parties	430	299
Total Due to Related Parties	229	194
Due from portfolio companies | Asset Management
Related Party Transaction [Line Items]
Total Due from Related Parties	48	40
Total Due to Related Parties	75	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	406	661
Sale of Investment | Due from funds
Related Party Transaction [Line Items]
Total Due from Related Parties	$ 27	37
AOG Unit Payment | Due to Former Managing Partners and Contributing Partners
Related Party Transaction [Line Items]
Total Due to Related Parties		$ 175

Related Parties - Narrative (De

Related Parties - Narrative (Details) - USD ($)

1 Months Ended

3 Months Ended

12 Months Ended

Jul. 13, 2021

Feb. 12, 2021

Jun. 30, 2023

May 31, 2023

May 31, 2022

Oct. 31, 2020

Sep. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Dec. 31, 2024

Dec. 31, 2023

Oct. 01, 2024

Jul. 01, 2023

Jan. 01, 2022

Dec. 31, 2021

Related Party Transaction [Line Items]

Deconsolidation, gain (loss), amount

$ 162,000,000

AHL common shares purchased (in shares)

567,762,932

565,738,933

567,762,932

Reinsurance recoverable

$ 4,154,000,000

$ 8,194,000,000

$ 4,154,000,000

AFS securities

148,347,000,000

$ 184,167,000,000

$ 148,347,000,000

APSG I

Related Party Transaction [Line Items]

Recognized loss

31,000,000

APSG I | Common Class A

Related Party Transaction [Line Items]

Sale of stock, number of shares issued in transaction (in shares)

51,089,882

AHL common shares purchased (in shares)

17,910,118

GBTG

Related Party Transaction [Line Items]

Net change in unrealized gains (losses) due to changes in fair value

$ 82,000,000

Acropolis

Related Party Transaction [Line Items]

Recognized loss

$ 9,000,000

Acropolis | Common Class A

Related Party Transaction [Line Items]

Sale of stock, number of shares issued in transaction (in shares)

26,499,201

AHL common shares purchased (in shares)

8,000,799

8,000,799

Athene

Related Party Transaction [Line Items]

Related party transaction, amounts of transaction

$ 1,100,000,000

IPO | APSG I

Related Party Transaction [Line Items]

Sale of stock, consideration received on transaction

$ 690,000,000

IPO | Acropolis

Related Party Transaction [Line Items]

Sale of stock, consideration received on transaction

$ 345,000,000

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

$ 724,000,000

$ 921,000,000

ADIP | Athene

Related Party Transaction [Line Items]

Purchases from related party

238,000,000

Related Party

Related Party Transaction [Line Items]

Performance allocations

$ 174,000,000

213,000,000

174,000,000

Investment fund

1,632,000,000

1,853,000,000

1,632,000,000

AFS securities

14,009,000,000

18,803,000,000

14,009,000,000

Related Party | IPO | APSG I

Related Party Transaction [Line Items]

Sale of stock, consideration received on transaction

$ 817,000,000

Related Party | AOG Unit Holders

Related Party Transaction [Line Items]

Tax receivable agreement, payment, multiplier by outstanding units

$ 3.66

Related Party | Mid Cap Financial

Related Party Transaction [Line Items]

Performance allocations

$ 124,000,000

$ 124,000,000

Related Party | Athora Holding Ltd. (Athora) | Athene

Related Party Transaction [Line Items]

Investment fund

1,082,000,000

1,033,000,000

1,082,000,000

Related Party | Atlas | Athene

Related Party Transaction [Line Items]

Other liabilities

1,000,000,000

3,200,000,000

1,000,000,000

Related Party | 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]

Other liabilities

106,000,000

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

100,000,000

AFS securities

1,000,000,000

$ 1,000,000,000

1,000,000,000

Subsidiaries | ALRe | ACRA 1A

Related Party Transaction [Line Items]

Economic ownership

37%

Subsidiaries | ALRe | ACRA 2

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%

Subsidiaries | Apollo/Athene Dedicated Investment Programs | ACRA 2

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%

Employee Loans | Due from Employees and Former Employees

Related Party Transaction [Line Items]

Due from related parties

3,000,000

$ 4,000,000

3,000,000

Employee Loans, Profit Sharing Distributions | Due from Employees and Former Employees

Related Party Transaction [Line Items]

Due from related parties

99,000,000

94,000,000

99,000,000

Indemnification Liability | Related Party

Related Party Transaction [Line Items]

Due from related parties

300,000

400,000

300,000

Equity Commitments | Related Party

Related Party Transaction [Line Items]

Other liabilities

331,000,000

Funding Agreements | Related Party | Athora Holding Ltd. (Athora) | Athene

Related Party Transaction [Line Items]

Other liabilities

61,000,000

57,000,000

61,000,000

Additional Investments | Related Party | Athora Holding Ltd. (Athora) | Athene

Related Party Transaction [Line Items]

Other liabilities

502,000,000

Additional Investments | Related Party | Atlas | Athene

Related Party Transaction [Line Items]

Other liabilities

3,000,000,000

Additional Investments | Related Party | Skylign Aviation Holdings, LP | Athene

Related Party Transaction [Line Items]

Other liabilities

40,000,000

Additional Investments | Related Party | ADIP | Athene

Related Party Transaction [Line Items]

Other liabilities

324,000,000

Reinsurance Agreement | Related Party | Catalina | Athene

Related Party Transaction [Line Items]

Other liabilities

330,000,000

221,000,000

330,000,000

Reinsurance recoverable

4,300,000,000

Skylign Senior Notes | Skylign Aviation Holdings, LP | 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

181,000,000

$ 178,000,000

181,000,000

Loans Receivable from Related Party | Athene

Related Party Transaction [Line Items]

Related party transaction, rate (as percent)

6.257%

Loans Receivable from Related Party | Related Party | Athene

Related Party Transaction [Line Items]

Investments in related parties

$ 343,000,000

$ 331,000,000

$ 343,000,000

Related Parties - Schedule of I

Related Parties - Schedule of Investment in SPAC Income Statement Disclosure (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Expenses
Total Expenses	$ 18,982	$ 27,331	$ 15,911
Other Income (Loss):
Income (loss) before income tax (provision) benefit	7,435	5,586	(4,246)
Income tax provision	(1,062)	923	739
Net income (loss)	6,373	6,509	(3,507)
Net (income) loss attributable to non-controlling interests	(1,796)	(1,462)	1,546
Net income (loss) attributable to Apollo Global Management, Inc.	$ 4,577	5,047	(1,961)
VIE, Primary Beneficiary | Affiliated Entity
Expenses
General, administrative and other		3	8
Total Expenses		3	8
Other Income (Loss):
Net gains (losses) from investment activities		(15)	20
Interest income		27	13
Total Other income (loss)		12	33
Income (loss) before income tax (provision) benefit		9	25
Income tax provision		(2)	(1)
Net income (loss)		7	24
Net (income) loss attributable to non-controlling interests		(41)	0
Net income (loss) attributable to Apollo Global Management, Inc.		$ (34)	$ 24

Related Parties - Schedule of A

Related Parties - Schedule of Athene’s Investments in Athora (Details) - Related Party - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Investment fund	$ 1,853	$ 1,632
Athora Holding Ltd. (Athora) | Athene
Related Party Transaction [Line Items]
Investment fund	1,033	1,082
Non-redeemable preferred equity and corporate debt securities	277	249
Total Investments – Asset Management	$ 1,310	$ 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Contributions from ADIP	$ 954	$ 996	$ 1,047
Distributions to ADIP	$ (920)	$ (539)	$ (63)

Commitments and Contingencies -

Commitments and Contingencies - Investments Commitments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Additional Investments
Loss Contingencies [Line Items]
Retirement services contributions to investment funds, inclusive of related party commitments	$ 24,000
Investment Commitment
Loss Contingencies [Line Items]
Other commitment	$ 564

Commitments and Contingencies_2

Commitments and Contingencies - Contingent Obligations (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	May 03, 2022
Loss Contingencies [Line Items]
Cumulative revenues recognized if existing investments become worthless		$ 5,500,000,000
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		67,000,000	$ 93,000,000
Fair Value, Recurring | Asset Management | Level 3
Loss Contingencies [Line Items]
Contingent consideration obligations		67,000,000	93,000,000
Stone Tower
Loss Contingencies [Line Items]
Fair value of contingent consideration		67,000,000	67,000,000
Griffin Capital, Asset Management Business
Loss Contingencies [Line Items]
Contingent consideration obligations				$ 64,000,000
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		0	$ 26,000,000
Loss related to contingent considerations		58,000,000
Apollo Capital Markets Partnership | Sumitomo Mitsui Banking Corp
Loss Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity		2,500,000,000
Amount outstanding		$ 1,200,000,000

Commitments and Contingencies_3

Commitments and Contingencies - Funding Arrangements (Details) - Athene Holding Limited - USD ($) $ in Billions	Dec. 31, 2024	Dec. 31, 2023
Federal Home Loan Bank
Loss Contingencies [Line Items]
Funding agreements outstanding	$ 15.6	$ 6.5
Funding Agreement Backed Notes
Loss Contingencies [Line Items]
Funding agreements outstanding	24.1	19.9
Funding agreements remaining capacity	10.2
Funding Agreement Backed Repurchase Agreement
Loss Contingencies [Line Items]
Funding agreements outstanding	$ 14.8	$ 6

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Restricted Assets (Details) - Athene Holding Limited - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]
AFS securities	$ 46,337	$ 32,458
Trading securities	1,665	139
Equity securities	286	80
Mortgage loans	27,883	14,257
Investment funds	777	409
Derivative assets	91	73
Short-term investments	2	153
Other investments	1,507	313
Restricted cash and cash equivalents	953	1,761
Total restricted assets	$ 79,501	$ 49,643

Commitments and Contingencies_5

Commitments and Contingencies - Letters of Credit (Details) $ in Billions	Dec. 31, 2024 USD ($)
Letter of Credit | Athene Holding Limited
Loss Contingencies [Line Items]
Undrawn letter of credit	$ 1.3

Commitments and Contingencies_6

Commitments and Contingencies - Atlas (Details) - Atlas $ in Billions	Dec. 31, 2024 USD ($) transaction
Loss Contingencies [Line Items]
Number of transaction acquired | transaction	2
Maximum commitment	$ 3.3
Guarantee	$ 2.5

Commitments and Contingencies_7

Commitments and Contingencies - Litigation and Regulatory Matters (Details)						1 Months Ended	12 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	Dec. 31, 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]
Estimate of possible loss							0
Payments being challenged	$ 570,000,000
AGM Stockholder Agreement Complaint
Loss Contingencies [Line Items]
Estimate of possible loss							0
Civil penalty paid							$ 8,500,000

Commitments and Contingencies_8

Commitments and Contingencies - Guaranty Association Assessments (Details) - Athene Holding Limited $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Guaranty association expense	$ 152
Expected recovery	11
Guaranty liability	$ 18

Statutory Requirements - Narrat

Statutory Requirements - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
ACRA 1A | Bermuda Jurisdiction
Statutory Accounting Practices [Line Items]
Minimum margin of solvency required	$ 500,000
Maximum distribution permitted to remit without the need for prior approval	$ 1,044,000,000	$ 1,614,000,000
ACRA 1A | Bermuda Jurisdiction | Athene
Statutory Accounting Practices [Line Items]
Percentage of statutory assets	1.50%
Percentage of ECR	25%
ALRe And AARe | Bermuda Jurisdiction | Athene
Statutory Accounting Practices [Line Items]
Percentage of ECR	25%
Minimum capital and surplus required	$ 8,000,000
ALRe And AARe | Bermuda Jurisdiction | Athene | Tranche One
Statutory Accounting Practices [Line Items]
Percentage of statutory assets	2%
Statutory assets required	$ 500,000,000
ALRe And AARe | Bermuda Jurisdiction | Athene | Tranche Two
Statutory Accounting Practices [Line Items]
Percentage of statutory assets	1.50%
Athene Annuity & Life Assurance Company | Athene USA Corporation
Statutory Accounting Practices [Line Items]
Maximum distribution permitted to remit without the need for prior approval	$ 0	0
AAIA
Statutory Accounting Practices [Line Items]
Statutory surplus increase (decrease)	38,000,000	(2,000,000)
Athene Re USA IV | United States Jurisdiction
Statutory Accounting Practices [Line Items]
Admitted assets	$ 86,000,000	$ 96,000,000

Statutory Requirements - Schedu

Statutory Requirements - Schedule of Statutory Capital and Surplus and Net Income (Loss) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
ALRe
Statutory Accounting Practices [Line Items]
EBS capital & surplus	$ 17,623	$ 14,474
Statutory net income (loss)	3,140	832	$ 937
ALRe | Bermuda Jurisdiction
Statutory Accounting Practices [Line Items]
EBS capital & surplus	$ 23,547	$ 18,245
BSCR ratio	4.20	2.33
Increase (decrease) to capital and surplus due to permitted practices	$ (5)
Increase (decrease) to statutory net income due to permitted practices	973
Maximum distribution permitted to remit without the need for prior approval	10,112	$ 7,023
AARe
Statutory Accounting Practices [Line Items]
EBS capital & surplus	21,049	17,773
Statutory net income (loss)	2,910	408	1,329
AARe | Bermuda Jurisdiction
Statutory Accounting Practices [Line Items]
EBS capital & surplus	$ 27,693	$ 26,647
BSCR ratio	2.38	2.91
Increase (decrease) to capital and surplus due to permitted practices	$ 6,119
Increase (decrease) to statutory net income due to permitted practices	(2,695)
Maximum distribution permitted to remit without the need for prior approval	10,207	$ 8,012
ACRA 1A
Statutory Accounting Practices [Line Items]
EBS capital & surplus	4,521	5,092
Statutory net income (loss)	841	297	(87)
ACRA 1A | Bermuda Jurisdiction
Statutory Accounting Practices [Line Items]
EBS capital & surplus	$ 3,866	$ 5,296
BSCR ratio	1.65	2.19
Increase (decrease) to capital and surplus due to permitted practices	$ 3,768
Increase (decrease) to statutory net income due to permitted practices	54
Maximum distribution permitted to remit without the need for prior approval	1,044	$ 1,614
ACRA 2A
Statutory Accounting Practices [Line Items]
EBS capital & surplus	4,569	1,952
Statutory net income (loss)	877	(759)	(2)
ACRA 2A | Bermuda Jurisdiction
Statutory Accounting Practices [Line Items]
EBS capital & surplus	$ 4,277	$ 3,717
BSCR ratio	1.76	3.53
Increase (decrease) to capital and surplus due to permitted practices	$ 51
Increase (decrease) to statutory net income due to permitted practices	515
Maximum distribution permitted to remit without the need for prior approval	877	$ 30
AAIA
Statutory Accounting Practices [Line Items]
EBS capital & surplus	3,899	3,306
Statutory net income (loss)	949	(79)	(486)
AANY
Statutory Accounting Practices [Line Items]
EBS capital & surplus	318	290
Statutory net income (loss)	$ 25	$ (3)	$ (23)

Segments - Narrative (Details)

Segments - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Number of reportable segments	3
Revenue Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Percentage of revenue (as percent)	100%	100%	100%
Total U.S. residential mortgage loan percentage | Revenue Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Percentage of revenue (as percent)	58%	66%	57%

Segments - Schedule of Financia

Segments - Schedule of Financial Data for Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Segment Revenue	$ 26,114	$ 32,644	$ 10,968
Total Assets	377,895	313,488
Asset Management
Segment Reporting Information [Line Items]
Interest and other financing costs	80	88	122
Total Segment Revenue	4,176	3,507	2,769
Total Assets	15,256	13,175
Retirement Services
Segment Reporting Information [Line Items]
Total Segment Revenue	21,938	29,137	8,199
Total Assets	362,639	300,313
Management fees
Segment Reporting Information [Line Items]
Revenues	1,899	1,772	1,503
Capital solutions fees and other, net
Segment Reporting Information [Line Items]
Revenues	822	623	443
Operating Segments
Segment Reporting Information [Line Items]
Segment Income	5,558	4,959	4,163
Total Segment Revenue	16,496	13,579	10,510
Total Assets	368,442	306,241
Operating Segments | Asset Management
Segment Reporting Information [Line Items]
Fee-related performance fee	208	146	72
Fee-related compensation	(925)	(835)	(754)
Other operating expenses	(664)	(561)	(456)
Segment Income	2,063	1,768	1,410
Total Segment Revenue	3,652	3,164	2,620
Total Assets	2,286	1,938
Operating Segments | Retirement Services
Segment Reporting Information [Line Items]
Other operating expenses	(458)	(481)	(462)
Fixed income and other net investment income	10,805	8,739	5,706
Alternative net investment income	939	864	1,206
Strategic capital management fees	105	72	53
Cost of funds	(7,702)	(5,650)	(3,755)
Interest and other financing costs	(465)	(436)	(279)
Segment Income	3,224	3,108	2,469
Total Segment Revenue	11,849	9,675	6,965
Total Assets	355,683	294,730
Operating Segments | Principal Investing
Segment Reporting Information [Line Items]
Other operating expenses	(60)	(56)	(56)
Realized performance fees	921	742	595
Realized investment income	74	(2)	330
Principal investing compensation	(664)	(601)	(585)
Segment Income	271	83	284
Total Segment Revenue	995	740	925
Total Assets	10,473	9,573
Operating Segments | Management fees | Asset Management
Segment Reporting Information [Line Items]
Revenues	2,776	2,480	2,134
Operating Segments | Capital solutions fees and other, net | Asset Management
Segment Reporting Information [Line Items]
Revenues	668	538	414
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total Assets	9,453	7,247
Segment Reconciling Items | Management fees | Retirement Services
Segment Reporting Information [Line Items]
Revenues	1,223	955	$ 764
Segment Reconciling Items | Retirement Services
Segment Reporting Information [Line Items]
Realized performance fees	$ 30	$ 20

Segments - Schedule of Reconcil

Segments - Schedule of Reconciliation of Income Before Income Tax Provision to Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Income	$ 7,435	$ 5,586	$ (4,246)
Equity-based compensation	721	1,000	540
Income (loss) before income tax (provision) benefit	7,435	5,586	(4,246)
Asset Management and Retirement Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Income	5,558	4,959	4,163
Asset Management
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Equity-based profit sharing expense and other	(321)	(239)	(276)
Equity-based compensation	(308)	(236)	(185)
Special equity-based compensation and other charges	0	(438)	0
Transaction-related charges	(180)	(32)	42
Merger-related transaction and integration costs	(30)	(27)	(70)
Gains (losses) from change in tax receivable agreement liability	42	(13)	(26)
Net income (loss) attributable to non-controlling interests in consolidated entities	1,840	1,556	(1,499)
Unrealized performance fees6	264	127	2
Unrealized profit sharing expense	(145)	(179)	(20)
HoldCo interest and other financing costs	(80)	(88)	(122)
Unrealized principal investment (income) loss	(9)	88	(176)
Unrealized net gains (losses) from investment activities and other	30	(26)	144
Retirement Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Equity-based compensation	(50)	(88)	(56)
Investment gains (losses), net of offsets	217	170	(7,467)
Non-operating change in insurance liabilities and related derivatives	846	182	1,433
Integration, restructuring and other non-operating expenses	$ (239)	$ (130)	$ (133)

Segments - Schedule of Reconc_2

Segments - Schedule of Reconciliation of Consolidated Revenues to Total Asset Management Fee Related Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Revenues	$ 26,114	$ 32,644	$ 10,968
Total Segment Revenue	26,114	32,644	10,968
Asset Management and Retirement Segments
Segment Reporting Information [Line Items]
Total Revenues	16,496	13,579	10,510
Total Segment Revenue	16,496	13,579	10,510
Asset Management
Segment Reporting Information [Line Items]
Total Revenues	4,176	3,507	2,769
Adjustments related to consolidated funds and VIEs	525	362	(364)
Performance fees	273	126	(2)
Principal investment income (loss)	7	102	(136)
Equity awards granted by unconsolidated related parties, reimbursable expenses and other	479	331	199
Total Segment Revenue	4,176	3,507	2,769
Retirement Services
Segment Reporting Information [Line Items]
Total Revenues	21,938	29,137	8,199
Premiums, product charges, investment related gains (losses) and other retirement services revenue	4,398	15,616	(378)
Change in fair value of reinsurance assets	129	(86)	(333)
Forward points adjustment on FX derivative hedges	(133)	(187)	(125)
Held-for-trading amortization	108	191	228
Reinsurance impacts	223	264	41
ACRA non-controlling interests on net investment earnings	3,864	2,377	1,505
Other retirement services adjustments	(255)	(31)	(177)
Total Segment Revenue	$ 21,938	$ 29,137	$ 8,199

Segments - Schedule of Reconc_3

Segments - Schedule of Reconciliation of Total Reportable Segment Assets to Total Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Assets	$ 377,895	$ 313,488
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Assets	368,442	306,241
Adjustments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Assets	$ 9,453	$ 7,247

Segments - Schedule of Revenue

Segments - Schedule of Revenue from External Customers by Geographic Areas (Details) - Revenue Benchmark - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Percentage of revenue (as percent)	100%	100%	100%
Americas
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Percentage of revenue (as percent)	88%	91%	86%
Europe, Middle East and Africa
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Percentage of revenue (as percent)	11%	8%	12%
Asia-Pacific
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Percentage of revenue (as percent)	1%	1%	2%

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares

3 Months Ended

12 Months Ended

Feb. 04, 2025

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Subsequent Event [Line Items]

Dividends per share of common stock (in dollars per share)

$ 0.46

$ 0.46

$ 0.46

$ 0.43

$ 0.43

$ 0.43

$ 0.43

$ 0.40

$ 0.40

$ 0.40

$ 0.40

$ 0.40

$ 1.81

$ 1.69

$ 1.60

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

Schedule I_Condensed Financia_2

Schedule I—Condensed Financial Information of Registrant (Parent Company Only) - Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Goodwill	$ 4,327	$ 4,329
Total Assets	377,895	313,488
Liabilities
Debt	10,588	8,092
Total Liabilities	346,915	288,243
Equity
Mandatory Convertible Preferred Stock, 28,749,765 and 28,750,000 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	1,398	1,398
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 565,738,933 and 567,762,932 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	0	0
Additional paid in capital	15,327	15,249
Retained earnings (accumulated deficit)	6,022	2,972
Accumulated other comprehensive income (loss)	(5,494)	(5,575)
Total Equity	30,964	25,233	$ 14,366	$ 10,194
Total Liabilities, Redeemable non-controlling interests and Equity	$ 377,895	$ 313,488
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)	565,738,933	567,762,932
Common stock, shares outstanding (in shares)	565,738,933	567,762,932
Parent Company
Assets
Cash	$ 657	$ 987
Investments	19,124	13,736
Due from subsidiaries	148	431
Goodwill	1	1
Other assets	355	398
Total Assets	20,285	15,553
Liabilities
Accounts payable, accrued expenses, and other liabilities	234	84
Debt	2,311	1,075
Total Liabilities	3,032	1,509
Equity
Mandatory Convertible Preferred Stock, 28,749,765 and 28,750,000 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	1,398	1,398
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 565,738,933 and 567,762,932 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	0	0
Additional paid in capital	15,327	15,249
Retained earnings (accumulated deficit)	6,022	2,972
Accumulated other comprehensive income (loss)	(5,494)	(5,575)
Total Equity	17,253	14,044
Total Liabilities, Redeemable non-controlling interests and Equity	$ 20,285	$ 15,553
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)	567,762,932	565,738,933
Common stock, shares outstanding (in shares)	567,762,932	565,738,933
Parent Company | Related Party
Liabilities
Due to subsidiaries	$ 487	$ 350

Schedule I_Condensed Financia_3

Schedule I—Condensed Financial Information of Registrant (Parent Company Only) - Income Statements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Expenses
Total Expenses	$ 18,982	$ 27,331	$ 15,911
Other income (loss)
Income (loss) before income tax (provision) benefit	7,435	5,586	(4,246)
Income tax provision	(1,062)	923	739
Net income (loss) attributable to Apollo Global Management, Inc.	4,577	5,047	(1,961)
Preferred stock dividends	(97)	(46)	0
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders, basic	4,480	5,001	(1,961)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders, diluted	4,480	5,001	(1,961)
Parent Company
Revenues
Net investment income	4,932	4,646	(2,250)
Expenses
Interest expense	128	27	2
General, administrative and other	32	26	33
Total Expenses	160	53	35
Other income (loss)
Other income (loss), net	13	41	11
Total Other income (loss)	13	41	11
Income (loss) before income tax (provision) benefit	4,785	4,634	(2,274)
Income tax provision	(208)	413	313
Net income (loss) attributable to Apollo Global Management, Inc.	4,577	5,047	(1,961)
Preferred stock dividends	(97)	(46)	0
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders, basic	4,480	5,001	(1,961)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders, diluted	$ 4,480	$ 5,001	$ (1,961)

Schedule I_Condensed Financia_4

Schedule I—Condensed Financial Information of Registrant (Parent Company Only) - Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities
Net cash provided by (used in) operating activities	$ 3,253	$ 6,322	$ 3,789
Cash Flows from Investing Activities
Net cash used in investing activities	(61,801)	(42,407)	(23,444)
Cash Flows from Financing Activities
Preferred stock dividends	(97)	(22)	0
Common stock dividends	(1,092)	(1,012)	(962)
Issuance of debt	7,945	4,912	5,745
Repurchase of common stock	(890)	(561)	(635)
Net cash provided by financing activities	57,972	42,638	28,710
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Cash Held at Consolidated Variable Interest Entities	(579)	6,563	9,040
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	2,088
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period	17,112	17,691	11,128
Supplemental Disclosure of Cash Flow Information
Cash paid for taxes	1,048	358	1,007
Cash paid for interest	805	720	566
Parent Company
Cash Flows from Operating Activities
Net cash provided by (used in) operating activities	(23)	(63)	36
Cash Flows from Investing Activities
Contributions to subsidiaries	(71)	(1,250)	0
Distributions from subsidiaries	453	1,166	2,016
Due from subsidiaries, net	209	147	(579)
Net cash used in investing activities	591	63	1,437
Cash Flows from Financing Activities
Preferred stock dividends	(97)	(22)	0
Common stock dividends	(1,092)	(1,012)	(916)
Issuance of debt	1,250	1,100	0
Payment of debt issuance cost	(17)	(25)	0
Issuance of Mandatory Convertible Preferred Stock, net of issuance costs	0	1,398	0
Repurchase of common stock	(890)	(561)	(635)
Due to subsidiaries, net	(52)	109	78
Net cash provided by financing activities	(898)	987	(1,473)
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Cash Held at Consolidated Variable Interest Entities	(330)	987	0
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, Beginning of Period	987	0	0
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period	657	987	0
Supplemental Disclosure of Cash Flow Information
Cash paid for taxes	37	37	55
Cash paid for interest	$ 100	$ 14	$ 0

Schedule I_Condensed Financia_5

Schedule I—Condensed Financial Information of Registrant (Parent Company Only) - Narrative (Details) - USD ($)		12 Months Ended
	Aug. 11, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Debt		$ 10,588,000,000	$ 8,092,000,000
Series A Preferred Stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Preferred stock, dividend rate (as percent)	6.75%
Parent Company
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Debt		2,311,000,000	1,075,000,000
Dividends from subsidiaries		452,000,000	1,082,000,000	$ 1,897,000,000
Parent Company | Series A Preferred Stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Preferred stock, dividend rate (as percent)	6.75%
Parent Company | Subsidiary | AAM
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Other receivables		121,000,000	431,000,000
Parent Company | Subsidiary | Revolving Credit Facility | AHL Credit Facility | Line of Credit
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Line of credit facility, maximum borrowing capacity		500,000,000
Debt		142,000,000	$ 109,000,000
Parent Company | Subsidiary | Revolving Credit Facility | AHL | AHL Credit Facility
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Line of credit facility, maximum borrowing capacity		$ 500,000,000

Schedule II_Valuation and Qua_2

Schedule II—Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 33	$ 105	$ 0
Charged to costs and expenses	42	156	53
Assumed through acquisitions	0	0	66
Deductions	0	(228)	(14)
Balance at end of year	$ 75	$ 33	$ 105