Apollo Global Management APO Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Total Revenues by Business | ||||||
| Asset Management | $5.22B+4.3% | $5B+4.1% | $4.81B+13.2% | $4.24B+1.3% | $4.19B+0.3% | |
| Principal Investing | $1.48B+14.3% | $1.29B+26.5% | $1.02B-11.2% | $1.15B+4.2% | $1.11B+11.1% | |
| Segment Income by Business | ||||||
| Asset Management | $2.7B+6.7% | $2.53B+5.7% | $2.39B+5.3% | $2.27B+5.1% | $2.16B+4.7% | |
| Principal Investing | $399M+18.0% | $338M+35.2% | $250M-10.1% | $278M+5.3% | $264M-2.6% | |
| Total Assets by Business | ||||||
| Asset Management | $75.54B+8.7% | $69.49B+6.6% | $65.19B+10.2% | $59.18B+1.4% | $58.34B+1.0% | |
| Principal Investing | $45.2B+4.1% | $43.44B+2.5% | $42.39B+2.8% | $41.25B+1.2% | $40.77B-88.2% | |
| Policy and other operating expenses by Business | ||||||
| Asset Management | $800M+5.4% | $759M+6.2% | $715M+5.1% | $680M+1.9% | $667M+0.5% | |
| Principal Investing | $62M-1.6% | $63M+3.3% | $61M-4.7% | $64M+3.2% | $62M+3.3% | |
| Total by Product | ||||||
| Funding Agreements | $335.13B+8.7% | $308.21B+11.1% | $277.42B+13.6% | $244.21B+16.1% | $210.27B+13.3% | |
| Indexed Annuities | $416.63B+1.7% | $409.72B+1.9% | $402.27B+1.7% | $395.38B+1.4% | $389.89B+1.2% | |
| Other investment-type and other | $36.17B+3.2% | $35.06B+2.3% | $34.27B+2.1% | $33.55B+3.7% | $32.34B+1.8% | |
| Traditional Deferred Annuities | $430.97B+4.4% | $412.91B+5.8% | $390.37B+6.5% | $366.54B+7.2% | $341.95B+8.2% | |
| Revenue by Product | ||||||
| Advisory and transaction fees, net | $1.31B+9.2% | $1.2B+13.9% | $1.06B+23.0% | $858M+1.2% | $848M+3.2% | |
| Incentive fees | $269M+9.8% | $245M+28.3% | $191M+9.1% | $175M+6.7% | $164M+9.3% | |
| Management fees | $2.57B+7.9% | $2.38B+7.1% | $2.22B+6.2% | $2.09B+6.1% | $1.97B+3.7% | |
| Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected by Product | ||||||
| Payout Annuities with Life Contingencies | $0— | $0— | $0— | $0— | $0— | |
| Total | $242M+16.9% | $207M+11.9% | $185M+0.5% | $184M0.0% | $184M-3.2% | |
| Whole Life | $242M+16.9% | $207M+11.9% | $185M+0.5% | $184M0.0% | $184M-3.2% | |
| Net amount at risk by Product | ||||||
| Funding Agreements | $0— | $0— | $0— | $0— | $0— | |
| Indexed Annuities | $67.78B+2.4% | $66.16B+3.0% | $64.23B+3.2% | $62.26B+1.3% | $61.45B+1.0% | |
| Other investment-type and other | $110M-20.3% | $138M-16.9% | $166M-17.0% | $200M-13.8% | $232M-15.6% | |
| Traditional Deferred Annuities | $1.69B+0.1% | $1.69B-0.2% | $1.69B-0.2% | $1.69B-0.4% | $1.7B-0.2% | |
| Benefit payments by Product | ||||||
| Payout Annuities with Life Contingencies | $4.37B-1.1% | $4.42B-0.7% | $4.45B-0.5% | $4.47B-0.2% | $4.48B+0.1% | |
| Total | $4.57B+0.4% | $4.56B+0.2% | $4.55B-0.3% | $4.56B-0.2% | $4.57B+0.2% | |
| Whole Life | $204M+47.8% | $138M+43.8% | $96M+6.7% | $90M+2.3% | $88M+3.5% | |
| Total interest expense by Product | ||||||
| Payout Annuities with Life Contingencies | $1.73B-0.5% | $1.74B-1.5% | $1.76B-1.1% | $1.78B-0.6% | $1.79B-0.6% | |
| Whole Life | $81M+26.6% | $64M+23.1% | $52M+6.1% | $49M+4.3% | $47M0.0% | |
| Other by Product | ||||||
| Indexed Annuities | $0— | $0— | $0— | $0— | $0— | |
| Other investment-type and other | -$121M-31.5% | -$92M-13.6% | -$81M+1.2% | -$82M— | —— | |
| Traditional Deferred Annuities | $0— | $0— | $0— | $0— | $0— | |
| Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance by Product | ||||||
| Payout Annuities with Life Contingencies | $0— | $0— | $0— | $0— | $0— | |
| Total | $4.37B+11.5% | $3.92B+15.5% | $3.39B-3.7% | $3.52B-1.7% | $3.58B-4.3% | |
| Whole Life | $4.37B+11.5% | $3.92B+15.5% | $3.39B-3.7% | $3.52B-1.7% | $3.58B-4.3% | |
| Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change by Product | ||||||
| Payout Annuities with Life Contingencies | $166.61B-0.9% | $168.11B-0.1% | $168.31B-1.6% | $171.11B-0.6% | $172.18B-0.8% | |
| Total | $178.92B-0.4% | $179.55B+0.5% | $178.67B-2.1% | $182.41B-0.7% | $183.69B-0.9% | |
| Whole Life | $12.31B+7.6% | $11.44B+10.5% | $10.35B-8.4% | $11.3B-1.8% | $11.51B-2.8% | |
| Less: Present value of expected net premiums by Product | ||||||
| Payout Annuities with Life Contingencies | $0— | $0— | $0— | $0— | $0— | |
| Total | $4.44B+11.0% | $4B+15.0% | $3.48B-4.4% | $3.63B-2.0% | $3.71B-4.8% | |
| Whole Life | $4.44B+11.0% | $4B+15.0% | $3.48B-4.4% | $3.63B-2.0% | $3.71B-4.8% | |
| AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax by Product | ||||||
| Payout Annuities with Life Contingencies | $0— | $0— | $0— | $0— | $0— | |
| Total | $68M-16.0% | $81M-5.8% | $86M-24.6% | $114M-11.6% | $129M-15.1% | |
| Whole Life | $68M-16.0% | $81M-5.8% | $86M-24.6% | $114M-11.6% | $129M-15.1% | |
| Expected future gross premiums, undiscounted by Product | ||||||
| Payout Annuities with Life Contingencies | $0— | $0— | $0— | $0— | $0— | |
| Whole Life | $5.97B+14.8% | $5.2B+19.7% | $4.35B-3.4% | $4.5B-3.0% | $4.64B-5.5% | |
| Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance by Product | ||||||
| Payout Annuities with Life Contingencies | $191.7B-0.8% | $193.22B-0.8% | $194.83B-1.2% | $197.14B-1.1% | $199.25B-0.8% | |
| Total | $207.61B+0.1% | $207.47B+0.1% | $207.22B-1.1% | $209.48B-0.8% | $211.27B-0.7% | |
| Whole Life | $15.92B+11.7% | $14.25B+15.1% | $12.39B+0.4% | $12.34B+2.7% | $12.02B+0.1% | |
| AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax by Product | ||||||
| Payout Annuities with Life Contingencies | $25.01B-0.1% | $25.03B-5.4% | $26.47B+1.9% | $25.98B-4.0% | $27.06B-0.8% | |
| Total | $28.69B+3.0% | $27.85B-2.1% | $28.46B+5.5% | $26.98B-2.0% | $27.55B+0.4% | |
| Whole Life | $3.68B+30.6% | $2.82B+41.7% | $1.99B+98.9% | $1B+103% | $493M+218% | |
| Attributed fees collected by Product | ||||||
| Indexed Annuities | $407M+3.3% | $394M+3.4% | $381M+2.1% | $373M+2.2% | $365M+2.0% | |
| Traditional Deferred Annuities | $2M0.0% | $2M0.0% | $2M— | —— | —— | |
| Expected future gross premiums, discounted by Product | ||||||
| Payout Annuities with Life Contingencies | $0— | $0— | $0— | $0— | $0— | |
| Whole Life | $4.9B+12.8% | $4.34B+17.5% | $3.7B-3.8% | $3.84B-1.9% | $3.91B-4.3% | |
| Additions by Product | ||||||
| Funding Agreements | $38M-25.5% | $51M-10.5% | $57M+29.5% | $44M+2.3% | $43M+2.4% | |
| Indexed Annuities | $794M-4.0% | $827M+7.7% | $768M+8.2% | $710M+11.5% | $637M+1.1% | |
| Other investment-type and other | $26M+73.3% | $15M+87.5% | $8M+33.3% | $6M+200% | $2M+100% | |
| Traditional Deferred Annuities | $583M-14.0% | $678M-1.3% | $687M+13.4% | $606M-0.5% | $609M+17.3% | |
| Foreign exchange by Product | ||||||
| Traditional Deferred Annuities | -$247M-1,353% | -$17M+81.3% | -$91M— | —— | —— | |
| Expected future benefit payments, undiscounted by Product | ||||||
| Payout Annuities with Life Contingencies | $279.8B-0.9% | $282.31B-0.9% | $284.93B-1.3% | $288.77B-1.2% | $292.2B-0.9% | |
| Whole Life | $41.93B+3.3% | $40.58B+4.1% | $38.97B-5.1% | $41.06B-0.4% | $41.23B-3.1% | |
| Policyholder Account Balance, Policy Charge by Product | ||||||
| Funding Agreements | $0— | $0— | $0— | $0— | $0— | |
| Indexed Annuities | $819M+3.0% | $795M+3.2% | $770M+2.8% | $749M+3.0% | $727M+2.5% | |
| Other investment-type and other | $0— | $0— | $0— | $0— | $0— | |
| Traditional Deferred Annuities | $2M0.0% | $2M— | —— | —— | —— | |
| Deposits by Product | ||||||
| Funding Agreements | $31.49B-6.6% | $33.7B-7.8% | $36.57B+0.4% | $36.41B+15.8% | $31.45B+7.5% | |
| Indexed Annuities | $17.71B-3.8% | $18.41B+5.6% | $17.43B+7.1% | $16.28B+4.7% | $15.54B-4.2% | |
| Other investment-type and other | $1.68B+57.1% | $1.07B-4.5% | $1.12B+26.9% | $882M+22.3% | $721M-33.7% | |
| Traditional Deferred Annuities | $25.4B-11.8% | $28.8B-1.6% | $29.27B+6.9% | $27.38B-5.0% | $28.81B+13.2% | |
| Issuances by Product | ||||||
| Indexed Annuities | $406M-5.4% | $429M+15.6% | $371M+10.1% | $337M+16.6% | $289M-2.0% | |
| Traditional Deferred Annuities | $0— | $0— | $0— | $0— | $0— | |
| Policyholder Account Balance, Benefit Payment by Product | ||||||
| Funding Agreements | $8.32B+15.6% | $7.19B+9.2% | $6.58B+6.6% | $6.18B-33.1% | $9.23B+11.2% | |
| Indexed Annuities | $1.58B+1.5% | $1.55B+0.3% | $1.55B+0.3% | $1.54B+0.3% | $1.54B-2.7% | |
| Other investment-type and other | $189M-10.4% | $211M-15.6% | $250M-0.8% | $252M+4.6% | $241M+13.7% | |
| Traditional Deferred Annuities | $1.41B+1.4% | $1.39B+4.8% | $1.32B+5.4% | $1.25B+7.5% | $1.17B+5.3% | |
| Asset by Product | ||||||
| Indexed Annuities | $897M-10.2% | $999M-9.0% | $1.1B-7.6% | $1.19B-7.3% | $1.28B-7.1% | |
| Traditional Deferred Annuities | $0— | $0— | $0— | $0— | $0— | |
| Market risk benefits, net by Product | ||||||
| Indexed Annuities | $17.56B+4.4% | $16.82B+6.2% | $15.83B+3.4% | $15.31B+5.9% | $14.46B+5.3% | |
| Traditional Deferred Annuities | $807M+1.1% | $798M+1.9% | $783M+0.4% | $780M+0.8% | $774M+0.7% | |
| Interest credited by Product | ||||||
| Funding Agreements | $3.47B+7.9% | $3.21B+11.7% | $2.87B+16.8% | $2.46B+19.9% | $2.05B+20.2% | |
| Indexed Annuities | $3.28B+6.2% | $3.09B-6.3% | $3.3B-5.7% | $3.5B-6.0% | $3.72B+5.6% | |
| Other investment-type and other | $236M+2.6% | $230M+3.6% | $222M+3.3% | $215M+2.4% | $210M+2.4% | |
| Traditional Deferred Annuities | $4.78B+6.0% | $4.51B+7.3% | $4.21B+8.2% | $3.89B+9.5% | $3.55B+9.1% | |
| Weighted average crediting rate by Product | ||||||
| Funding Agreements | 18.4%-0.1pp | 18.5%+0.2pp | 18.3%+0.2pp | 18.1%+0.3pp | 17.8%+0.6pp | |
| Indexed Annuities | 10.9%+0.2pp | 10.7%0.0pp | 10.7%+0.1pp | 10.6%+0.2pp | 10.4%+0.2pp | |
| Other investment-type and other | 11.3%+0.3pp | 11%+0.1pp | 10.9%+0.2pp | 10.7%0.0pp | 10.7%0.0pp | |
| Traditional Deferred Annuities | 18.7%+0.1pp | 18.6%+0.4pp | 18.2%+0.4pp | 17.8%+0.4pp | 17.4%+0.5pp | |
| Interest sensitive contract liabilities by Product | ||||||
| Funding Agreements | $335.13B+8.7% | $308.21B+11.1% | $277.42B+13.6% | $244.21B+16.1% | $210.27B+13.3% | |
| Indexed Annuities | $416.63B+1.7% | $409.72B+1.9% | $402.27B+1.7% | $395.38B+1.4% | $389.89B+1.2% | |
| Reconciling items | $25.47B+0.3% | $25.4B+2.7% | $24.72B-1.3% | $25.06B-5.3% | $26.45B-8.8% | |
| Traditional Deferred Annuities | $430.97B+4.4% | $412.91B+5.8% | $390.37B+6.5% | $366.54B+7.2% | $341.95B+8.2% | |
| Policyholder Account Balance, Surrender and Withdrawal by Product | ||||||
| Funding Agreements | $47M— | $0— | $0— | $0— | $0— | |
| Indexed Annuities | $11.7B-0.1% | $11.7B+1.5% | $11.53B-3.9% | $12B-3.4% | $12.42B-2.6% | |
| Other investment-type and other | $245M+2.9% | $238M+60.8% | $148M+94.7% | $76M-8.4% | $83M-1.2% | |
| Traditional Deferred Annuities | $10.47B+11.8% | $9.36B+13.7% | $8.24B+42.2% | $5.79B+7.9% | $5.37B-0.4% | |
| Interest accrual by Product | ||||||
| Indexed Annuities | $186M+2.2% | $182M-1.1% | $184M-1.1% | $186M0.0% | $186M-2.6% | |
| Traditional Deferred Annuities | $9M0.0% | $9M0.0% | $9M0.0% | $9M0.0% | $9M-10.0% | |
| Weighted-average interest accretion rate by Product | ||||||
| Payout Annuities with Life Contingencies | 14.8%0.0pp | 14.8%0.0pp | 14.8%0.0pp | 14.8%0.0pp | 14.8%0.0pp | |
| Whole Life | 20.2%+0.4pp | 19.8%+0.4pp | 19.4%+0.2pp | 19.2%0.0pp | 19.2%0.0pp | |
| Liability For Future Policy Benefit, Expected Future Policy Benefit, Foreign Exchange Discount Rate Assumption by Product | ||||||
| Payout Annuities with Life Contingencies | $83M+10.7% | $75M+53.1% | $49M+8.9% | $45M+181% | $16M+100% | |
| Total | $6M-91.3% | $69M-22.5% | $89M+9.9% | $81M+179% | $29M+142% | |
| Whole Life | -$77M-1,183% | -$6M-115% | $40M+11.1% | $36M+177% | $13M+225% | |
| Market risk benefits by Product | ||||||
| Indexed Annuities | $18.46B+3.6% | $17.82B+5.2% | $16.93B+2.6% | $16.5B+4.8% | $15.75B+4.2% | |
| Traditional Deferred Annuities | $807M+1.1% | $798M+1.9% | $783M+0.4% | $780M+0.8% | $774M+0.7% | |
| Weighted-average current discount rate by Product | ||||||
| Payout Annuities with Life Contingencies | 21.3%+0.1pp | 21.2%-0.3pp | 21.5%+0.2pp | 21.3%-0.3pp | 21.6%0.0pp | |
| Whole Life | 24.6%+1.8pp | 22.8%+1.6pp | 21.2%+2.6pp | 18.6%+0.7pp | 17.9%+0.3pp | |
| Cash surrender value by Product | ||||||
| Funding Agreements | $0— | $0— | $0— | $0— | $0— | |
| Indexed Annuities | $384.7B+1.8% | $378.04B+2.2% | $369.8B+1.9% | $362.9B+1.6% | $357.16B+1.2% | |
| Other investment-type and other | $27.62B-1.0% | $27.9B-0.2% | $27.97B-0.1% | $27.99B+2.9% | $27.21B+1.4% | |
| Traditional Deferred Annuities | $406.18B+4.4% | $389.15B+6.0% | $367.24B+6.4% | $345.01B+7.3% | $321.52B+8.2% | |
| Effect of actual policyholder behavior compared to expected behavior by Product | ||||||
| Indexed Annuities | $117M+7.3% | $109M+21.1% | $90M+11.1% | $81M+3.8% | $78M+6.8% | |
| Traditional Deferred Annuities | $5M+66.7% | $3M0.0% | $3M+50.0% | $2M-50.0% | $4M-33.3% | |
| Policyholder account balance, guaranteed minimum credit rating by Product | ||||||
| Indexed Annuities | $0.160.0% | $0.160.0% | $0.160.0% | $0.160.0% | $0.160.0% | |
| Traditional Deferred Annuities | $0.240.0% | $0.240.0% | $0.240.0% | $0.240.0% | $0.240.0% | |
| Percentage of Total by Geography | ||||||
| East North Central | 19%+0.5pp | 18.5%0.0pp | 18.5%+0.1pp | 18.4%-1.1pp | 19.5%-1.3pp | |
| East South Central | 4.4%-0.3pp | 4.7%-0.2pp | 4.9%-0.2pp | 5.1%-0.3pp | 5.4%-0.5pp | |
| International, Other | 45.2%+2.7pp | 42.5%+2.2pp | 40.3%+1.1pp | 39.2%+3.4pp | 35.8%+3.5pp | |
| Middle Atlantic | 100.6%-3.5pp | 104.1%-2.0pp | 106.1%+0.2pp | 105.9%+0.3pp | 105.6%+0.1pp | |
| Mountain | 16.6%-0.1pp | 16.7%0.0pp | 16.7%0.0pp | 16.7%-0.1pp | 16.8%+0.1pp | |
| New England | 11.3%-0.5pp | 11.8%-0.6pp | 12.4%-0.6pp | 13%-1.5pp | 14.5%-1.6pp | |
| Other | 178.5%+1.3pp | 177.2%-3.0pp | 180.2%+6.6pp | 173.6%+6.8pp | 166.8%+2.3pp | |
| Pacific | 63%-3.6pp | 66.6%-2.4pp | 69%-1.9pp | 70.9%-2.0pp | 72.9%-1.5pp | |
| South Atlantic | 71.6%+0.2pp | 71.4%-1.4pp | 72.8%0.0pp | 72.8%+2.1pp | 70.7%+2.1pp | |
| West North Central | 6.4%+1.0pp | 5.4%+1.5pp | 3.9%+0.7pp | 3.2%+0.1pp | 3.1%+0.2pp | |
| West South Central | 30.4%+2.3pp | 28.1%+2.0pp | 26.1%+1.2pp | 24.9%+0.5pp | 24.4%+1.2pp | |
| Investments by Geography | ||||||
| East North Central | $7.31B+6.0% | $6.9B+5.1% | $6.56B+5.1% | $6.25B-0.4% | $6.27B-1.6% | |
| East South Central | $1.71B-1.1% | $1.73B+0.5% | $1.72B-1.0% | $1.74B-0.5% | $1.75B-4.6% | |
| International, Other | $17.46B+10.5% | $15.8B+10.5% | $14.3B+6.6% | $13.41B+15.0% | $11.66B+16.3% | |
| Middle Atlantic | $38.56B0.0% | $38.57B+2.5% | $37.64B+4.4% | $36.06B+5.8% | $34.08B+5.1% | |
| Mountain | $6.35B+2.5% | $6.19B+4.8% | $5.91B+4.2% | $5.67B+4.3% | $5.44B+6.0% | |
| New England | $4.36B-0.3% | $4.37B-0.7% | $4.4B-0.9% | $4.44B-5.0% | $4.67B-5.3% | |
| Pacific | $24.18B-2.0% | $24.67B+1.0% | $24.42B+1.3% | $24.1B+2.7% | $23.48B+2.8% | |
| South Atlantic | $27.55B+4.0% | $26.49B+2.8% | $25.77B+3.9% | $24.81B+8.3% | $22.9B+8.4% | |
| West North Central | $2.46B+23.1% | $2B+45.0% | $1.38B+27.2% | $1.08B+8.4% | $1B+9.3% | |
| West South Central | $11.73B+12.0% | $10.47B+13.0% | $9.27B+9.5% | $8.47B+7.8% | $7.85B+9.9% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Apollo Global Management break its business down?
- Apollo Global Management (APO) reports total revenues by business across 2 parts — Asset Management and Principal Investing. Each is extracted from the segment footnotes and tracked over time.
- Where does Apollo Global Management's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Apollo Global Management's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
