Apollo Global Management Retirement Services — Liabilities increased by 2.4% to $406.05B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 20.5%, from $336.95B to $406.05B. Over 3 years (FY 2022 to FY 2025), Retirement Services — Liabilities shows an upward trend with a 17.5% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Growth in total liabilities generally tracks with the expansion of the insurance business, but must be balanced against asset growth.
The aggregate of all financial obligations held by the retirement services segment, including insurance reserves, debt,...
Standard balance sheet total for insurance segments; compared to total assets to assess solvency.
apo_segment_retirement_services_liabilities| Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $0.00 | $232.16B | $230.56B | $238.17B | $243.37B | $244.31B | $255.91B | $255.40B | $279.01B | $297.06B | $307.89B | $327.43B | $336.95B | $353.16B | $375.52B | $396.37B | $406.05B |
| QoQ Change | — | — | -0.7% | +3.3% | +2.2% | +0.4% | +4.7% | -0.2% | +9.2% | +6.5% | +3.6% | +6.3% | +2.9% | +4.8% | +6.3% | +5.6% | +2.4% |
| YoY Change | — | — | — | — | — | +5.2% | +11.0% | +7.2% | +14.6% | +21.6% | +20.3% | +28.2% | +20.8% | +18.9% | +22.0% | +21.1% | +20.5% |