What does retirement services — insurance liabilities mean?

The total estimated future obligations to policyholders for insurance and annuity contracts. This represents the core long-term liability of the retirement services segment and is subject to actuarial assumptions.

Apollo Global Management APO Retirement Services — Insurance liabilities

Similar metrics at other companies

PFGSegment Retirement And Income Solutions — Liability For Future Policy Benefits And Unpaid Claims And Claims Adjustment Expense

$32.04B+7.5%

CRBGGroup Retirement — Liability

$583M+11.3%

CRBGIndividual Retirement — Liability

$5.14B+23.7%

PFGSegment Retirement And Income Solutions — Liability For Future Policy Benefits

$31.18B+2.4%

CRBGGroup Retirement — Liability for future policy benefits for certain participating contracts

$0—

EQHRetirement — Future policy benefits and other policyholders’ liabilities

$5.32B+3.8%

Other financials

Income statement

See full

Revenue$5.1B-8.8%

Net income-$1.9B-531%

EPS (diluted)-$3.27-581%

Balance sheet

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Cash & equivalents$23.7B+53.1%

Total debt$14.2B+34.4%

Total equity$20.0B+11.0%

Total assets$467.53B+18.3%

Cash flow

See full

Operating cash flow$1.6B+60.1%

Valuation

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Market cap$69.33B-16.5%

Enterprise value$59.8B-25.5%

P/E60.6×+35.9×

P/S2.2×-1.1×

Profitability

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Net margin3.6%-11.0pp

Returns & leverage

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Return on equity6%-15.9pp

Debt / equity0.7×+0.1×

Where this comes from

Reported directly by Apollo Global Management in its filing.

Tagged under the XBRL concept us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsPolicyholderLiabilities.

The official record: Apollo Global Management’s 10-K, filed February 25, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Apollo Global Management's retirement services — insurance liabilities?: Apollo Global Management (APO) reported retirement services — insurance liabilities of $3.12B in Q4 2025.
How has Apollo Global Management's retirement services — insurance liabilities changed year-over-year?: Apollo Global Management's retirement services — insurance liabilities increased by 30.8% year-over-year, from $2.38B to $3.12B.
What does retirement services — insurance liabilities mean?: The total estimated future obligations to policyholders for insurance and annuity contracts. This represents the core long-term liability of the retirement services segment and is subject to actuarial assumptions.