Discontinued — last reported Q4 '22
Apollo Global Management Policy liabilities increased by 2.0% to $315.89B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 24.5%, from $253.64B to $315.89B. Over 2 years (FY 2023 to FY 2025), Policy liabilities shows an upward trend with a 24.2% CAGR.
Increases reflect higher inflows of customer capital, while decreases may indicate withdrawals or shifts in product strategy.
These are liabilities representing funds held on behalf of policyholders that are not yet recognized as insurance premiu...
Common in firms offering annuity and wealth management products; peers report this to show the scale of customer assets under management.
other_policyholder_contract_deposits| Q4 '23 | Q3 '24 | Q4 '24 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|
| Value | $204.67B | $245.44B | $253.64B | $309.74B | $315.89B |
| QoQ Change | — | +19.9% | +3.3% | +22.1% | +2.0% |
| YoY Change | — | — | +23.9% | +26.2% | +24.5% |
| Segment | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 |
|---|---|---|---|---|---|---|---|---|
| Traditional Deferred Annuities | — | — | — | — | — | — | $106.17B | $109.20B |
| Indexed Annuities | $94.85B | $95.83B | $96.77B | $97.86B | $99.43B | $101.32B | $103.66B | $105.32B |
| Funding Agreements | $39.09B | $41.29B | $50.40B | $54.77B | $63.82B | $75.23B | $83.61B | $85.56B |
| Other Investment-type and other | — | — | — | — | — | — | $9.07B | $8.82B |
| Reconciling items | $7.72B | $7.39B | $7.57B | $6.32B | $5.18B | $6.00B | $7.23B | $7.00B |
| Total | — | — | $245.44B | $253.64B | — | — | $309.74B | $315.89B |
| Segment | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 |
|---|---|---|---|---|---|---|---|---|
| Retirement Services | $167.36B | $175.04B | $191.14B | $200.28B | $220.31B | $236.93B | $251.61B | $257.02B |
| Total | — | — | $245.44B | $253.64B | — | — | $309.74B | $315.89B |