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Q1 '26Q4 '25Q3 '25Q2 '25Q1 '25
Total Revenues by Business
Asset Management$1.26B+20.7%$1.36B+16.7%$1.49B+60.6%$1.11B+5.0%$1.05B+1.1%
Principal Investing$403M+84.9%$624M+76.8%$219M-37.1%$232M+24.7%$218M+102%
Segment Income by Business
Asset Management$728M+30.2%$690M+24.5%$652M+22.8%$627M+21.5%$559M+21.0%
Principal Investing$75M+436%$227M+63.3%$50M-35.9%$47M+42.4%$14M-33.3%
Total Assets by Business
Asset Management$20.46B+42.0%$19.55B+28.1%$20.47B+41.6%$15.06B+5.9%$14.41B+4.4%
Principal Investing$11.97B+17.2%$11.53B+10.1%$11.34B+11.2%$10.36B+4.9%$10.21B-96.7%
Policy and other operating expenses by Business
Asset Management$201M+25.6%$218M+25.3%$192M+22.3%$189M+7.4%$160M+1.9%
Principal Investing$15M-6.3%$16M+14.3%$14M-17.6%$17M+13.3%$16M+14.3%
Total by Product
Funding Agreements$90.74B+42.2%$85.56B+56.2%$83.61B+65.9%$75.23B+82.2%$63.82B+63.3%
Indexed Annuities$106.34B+6.9%$105.32B+7.6%$103.66B+7.1%$101.32B+5.7%$99.43B+4.8%
Other investment-type and other$9.43B+13.3%$8.82B+9.9%$9.07B+8.6%$8.86B+15.8%$8.32B+7.4%
Traditional Deferred Annuities$114.76B+18.7%$109.2B+26.0%$106.17B+28.9%$100.84B+32.3%$96.7B+36.5%
Revenue by Product
Advisory and transaction fees, net$306M+56.9%$352M+71.7%$378M+109%$277M+3.7%$195M+15.4%
Incentive fees$64M+60.0%$96M+129%$51M+45.7%$58M+23.4%$40M+53.8%
Management fees$696M+37.0%$681M+30.2%$606M+27.3%$583M+26.2%$508M+16.0%
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected by Product
Payout Annuities with Life Contingencies$0$0$0$0$0
Total$82M+74.5%$68M+47.8%$47M+2.2%$45M0.0%$47M-11.3%
Whole Life$82M+74.5%$68M+47.8%$47M+2.2%$45M0.0%$47M-11.3%
Net amount at risk by Product
Funding Agreements$0$0$0$0$0
Indexed Annuities$17.21B+10.4%$17.37B+12.5%$17.2B+13.0%$16B+5.3%$15.6B+4.0%
Other investment-type and other$17M-62.2%$23M-54.9%$31M-52.3%$39M-45.1%$45M-48.9%
Traditional Deferred Annuities$423M+0.5%$422M-0.7%$423M-0.9%$420M-1.6%$421M-0.9%
Benefit payments by Product
Payout Annuities with Life Contingencies$1.08B-4.4%$1.09B-2.9%$1.09B-1.9%$1.11B-1.0%$1.13B+0.5%
Total$1.17B+1.4%$1.15B+0.8%$1.12B-1.3%$1.13B-0.8%$1.15B+0.8%
Whole Life$88M+300%$61M+221%$28M+27.3%$27M+8.0%$22M+15.8%
Ending balance, net of reinsurance by Product
Indexed Annuities$4.55B+18.5%$4.44B+27.2%$4.34B+12.8%$3.84B
Traditional Deferred Annuities$203M+4.6%$205M+7.9%$204M+1.5%$194M
Total interest expense by Product
Payout Annuities with Life Contingencies$433M-2.0%$423M-5.8%$433M-4.2%$437M-2.5%$442M-2.4%
Whole Life$29M+142%$24M+100%$15M+25.0%$13M+18.2%$12M0.0%
Other by Product
Funding Agreements-$122M-185%$20M-95.9%$69M$144M+285%
Indexed Annuities$0$0$0$0$0
Other investment-type and other-$38M-322%-$35M-45.8%-$23M+4.2%-$25M-$9M
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$1.3B+53.1%$1.38B+61.7%$847M-13.2%$845M-6.8%$849M-16.0%
Whole Life$1.3B+53.1%$1.38B+61.7%$847M-13.2%$845M-6.8%$849M-16.0%
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change by Product
Payout Annuities with Life Contingencies$40.72B-3.6%$42.06B-0.5%$41.91B-6.3%$41.93B-2.5%$42.22B-3.2%
Total$44.34B-1.4%$45.85B+2.0%$44.2B-7.8%$44.52B-2.8%$44.98B-3.7%
Whole Life$3.63B+31.5%$3.8B+40.0%$2.29B-29.3%$2.6B-7.5%$2.76B-10.9%
Less: Present value of expected net premiums by Product
Payout Annuities with Life Contingencies$0$0$0$0$0
Total$1.31B+50.5%$1.4B+59.3%$859M-15.6%$868M-7.9%$868M-17.6%
Whole Life$1.31B+50.5%$1.4B+59.3%$859M-15.6%$868M-7.9%$868M-17.6%
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax by Product
Payout Annuities with Life Contingencies$0$0$0$0$0
Total$7M-65.0%$25M-16.7%$13M-68.3%$23M-39.5%$20M-53.5%
Whole Life$7M-65.0%$25M-16.7%$13M-68.3%$23M-39.5%$20M-53.5%
Expected future gross premiums, undiscounted by Product
Payout Annuities with Life Contingencies$0$0$0$0$0
Whole Life$1.84B+71.9%$1.96B+77.3%$1.1B-12.2%$1.06B-11.4%$1.07B-20.2%
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance by Product
Payout Annuities with Life Contingencies$47.48B-3.1%$48.02B-3.3%$47.78B-4.6%$48.42B-4.2%$49B-3.1%
Total$52.2B+0.3%$52.8B+0.5%$51.02B-4.2%$51.59B-3.4%$52.06B-2.9%
Whole Life$4.72B+54.4%$4.78B+64.1%$3.24B+1.4%$3.17B+11.2%$3.06B+0.3%
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax by Product
Payout Annuities with Life Contingencies$6.75B-0.4%$5.94B-19.5%$5.85B+9.1%$6.47B-14.2%$6.78B-3.2%
Total$7.9B+11.9%$6.98B-8.0%$6.79B+27.8%$7.02B-7.4%$7.07B+1.7%
Whole Life$1.15B+300%$1.04B+403%$944M+2,152%$553M+1,129%$288M+676%
Attributed fees collected by Product
Indexed Annuities$106M+14.0%$106M+14.0%$99M+8.8%$96M+9.1%$93M+8.1%
Traditional Deferred Annuities$0$1M0.0%$0$1M$0-100%
Expected future gross premiums, discounted by Product
Payout Annuities with Life Contingencies$0$0$0$0$0
Whole Life$1.48B+60.1%$1.58B+69.8%$920M-13.5%$919M-7.4%$927M-16.0%
Additions by Product
Funding Agreements$6M-68.4%$0-100%$25M+108%$7M+16.7%$19M+5.6%
Indexed Annuities$151M-17.9%$210M+39.1%$209M+38.4%$224M+48.3%$184M+4.0%
Other investment-type and other$12M+1,100%$8M+700%$2M$4M$1M
Traditional Deferred Annuities$142M-40.1%$106M-7.8%$206M+64.8%$129M-2.3%$237M+61.2%
Foreign exchange by Product
Funding Agreements-$187M-165%$734M$287M+256%
Indexed Annuities$1M-50.0%$5M+600%$2M+167%
Other investment-type and other-$56M-124%$207M+177%$230M+173%
Traditional Deferred Annuities-$55M-131%-$243M+23.3%-$111M$162M+193%$175M+196%
Expected future benefit payments, undiscounted by Product
Payout Annuities with Life Contingencies$69.19B-3.5%$70.18B-3.6%$69.68B-5.2%$70.75B-4.6%$71.7B-3.4%
Whole Life$11.48B+13.3%$12.23B+15.2%$8.14B-20.5%$10.09B-1.6%$10.13B-11.6%
Policyholder Account Balance, Policy Charge by Product
Funding Agreements$0$0$0$0$0
Indexed Annuities$210M+12.9%$212M+13.4%$201M+11.7%$196M+12.6%$186M+10.7%
Other investment-type and other$0$0$0$0$0
Traditional Deferred Annuities$0$1M$0-100%$1M$0-100%
Deposits by Product
Funding Agreements$8.53B-20.6%$2.3B-55.5%$9.72B+1.6%$10.93B+83.1%$10.74B+25.8%
Indexed Annuities$3.43B-16.9%$4.45B+28.3%$5.09B+29.2%$4.74B+18.3%$4.13B-14.3%
Other investment-type and other$728M+517%$105M-32.3%$462M+105%$384M+72.2%$118M-75.7%
Traditional Deferred Annuities$7.12B-32.3%$5.2B-8.3%$8.24B+29.7%$4.84B-22.8%$10.52B+46.8%
Less: Reinsurance recoverable by Product
Indexed Annuities$78M+66.0%$73M+97.3%$69M+72.5%$47M
Traditional Deferred Annuities$0$0$0$0
Issuances by Product
Indexed Annuities$64M-26.4%$83M+232%$145M+30.6%$114M+72.7%$87M-6.5%
Traditional Deferred Annuities$0$0$0$0$0
Policyholder Account Balance, Benefit Payment by Product
Funding Agreements$3.89B+40.6%$1.17B+109%$2.12B+23.7%$1.14B-72.9%$2.77B+50.4%
Indexed Annuities$415M+6.1%$381M+1.3%$363M+1.1%$416M+1.0%$391M-9.7%
Other investment-type and other$64M-25.6%$0-100%$58M-3.3%$67M+19.6%$86M+50.9%
Traditional Deferred Annuities$362M+5.8%$342M+23.0%$341M+24.9%$361M+31.8%$342M+20.8%
Asset by Product
Indexed Annuities$183M-35.8%$214M-31.6%$223M-28.8%$277M-25.3%$285M-25.6%
Traditional Deferred Annuities$0$0$0$0$0
Market risk benefits, net by Product
Indexed Annuities$4.62B+19.1%$4.51B+28.0%$4.41B+13.4%$4.02B+26.8%$3.88B+23.2%
Traditional Deferred Annuities$203M+4.6%$205M+7.9%$204M+1.5%$195M+3.2%$194M+2.6%
Liability For Future Policy Benefit, Expected Net Premium, Foreign Exchange Discount Rate Assumption by Product
Payout Annuities with Life Contingencies$0$0$0$0
Total-$1M0.0%-$1M+50.0%-$1M-200%-$1M0.0%
Whole Life-$1M0.0%-$1M+50.0%-$1M-200%-$1M0.0%
Interest credited by Product
Funding Agreements$899M+39.6%$870M+62.9%$884M+88.1%$812M+101%$644M+115%
Indexed Annuities$1.03B+22.7%$1B-17.3%$715M-21.7%$536M-29.4%$840M+31.0%
Other investment-type and other$60M+11.1%$61M+15.1%$59M+13.5%$56M+9.8%$54M+10.2%
Traditional Deferred Annuities$1.26B+27.3%$1.24B+33.0%$1.17B+37.0%$1.11B+43.7%$993M+42.5%
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change by Product
Indexed Annuities$4.58B+19.2%$4.26B+26.3%$4.12B+8.7%$3.84B
Traditional Deferred Annuities$202M+4.1%$200M+7.0%$199M-0.5%$194M
Weighted average crediting rate by Product
Funding Agreements4.5%-0.1pp4.6%+0.2pp4.7%+0.2pp4.6%+0.3pp4.6%+0.6pp
Indexed Annuities2.8%+0.2pp2.7%0.0pp2.7%+0.1pp2.7%+0.2pp2.6%+0.2pp
Other investment-type and other3%+0.3pp2.8%+0.1pp2.8%+0.2pp2.7%0.0pp2.7%0.0pp
Traditional Deferred Annuities4.7%+0.1pp4.7%+0.4pp4.7%+0.4pp4.6%+0.4pp4.6%+0.5pp
Interest sensitive contract liabilities by Product
Funding Agreements$90.74B+42.2%$85.56B+56.2%$83.61B+65.9%$75.23B+82.2%$63.82B+63.3%
Indexed Annuities$106.34B+6.9%$105.32B+7.6%$103.66B+7.1%$101.32B+5.7%$99.43B+4.8%
Other investment-type and other$9.43B+13.3%$8.82B+9.9%$9.07B+8.6%$8.32B+7.4%
Reconciling items$5.24B+1.3%$7B+10.7%$7.23B-4.5%$6B-18.8%$5.18B-32.9%
Traditional Deferred Annuities$114.76B+18.7%$109.2B+26.0%$106.17B+28.9%$100.84B+32.3%$96.7B+36.5%
Policyholder Account Balance, Surrender and Withdrawal by Product
Funding Agreements$47M$0$0$0$0
Indexed Annuities$2.82B-0.2%$3.19B+5.8%$2.91B-13.9%$2.78B-13.2%$2.82B-10.3%
Other investment-type and other$26M+36.8%$111M+429%$91M+379%$17M-29.2%$19M-5.0%
Traditional Deferred Annuities$2.41B+84.4%$2.83B+66.5%$3.62B+207%$1.61B+35.9%$1.31B-1.7%
Benefit payment by Product
Indexed Annuities$22M+57.1%$18M+38.5%$14M-6.7%
Traditional Deferred Annuities$1M0.0%$1M0.0%$1M-50.0%
Interest accrual by Product
Indexed Annuities$46M+9.5%$46M-4.2%$47M-4.1%$47M0.0%$42M-10.6%
Traditional Deferred Annuities$2M0.0%$2M0.0%$3M0.0%$2M0.0%$2M-33.3%
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, before Tax by Product
Indexed Annuities-$43M-4.9%-$255M-65.6%-$284M-202%-$41M
Traditional Deferred Annuities-$1M-$5M-66.7%-$5M-400%$0
Weighted-average interest accretion rate by Product
Payout Annuities with Life Contingencies3.7%0.0pp3.7%0.0pp3.7%0.0pp3.7%0.0pp3.7%0.0pp
Whole Life5.2%+0.4pp5.2%+0.4pp5%+0.2pp4.8%0.0pp4.8%0.0pp
Liability For Future Policy Benefit, Expected Future Policy Benefit, Foreign Exchange Discount Rate Assumption by Product
Payout Annuities with Life Contingencies$14M+133%$21M+520%$20M+25.0%$28M+2,900%$6M+400%
Total-$47M-394%-$26M-333%$27M+42.1%$52M$16M+1,700%
Whole Life-$61M-710%-$47M-4,600%$7M+133%$24M+2,300%$10M+900%
Market risk benefits by Product
Indexed Annuities$4.81B+15.3%$4.73B+23.1%$4.63B+10.2%$4.29B+21.4%$4.17B+17.9%
Traditional Deferred Annuities$203M+4.6%$205M+7.9%$204M+1.5%$195M+3.2%$194M+2.6%
Weighted-average current discount rate by Product
Payout Annuities with Life Contingencies5.5%+0.1pp5.3%-0.3pp5.2%+0.2pp5.3%-0.3pp5.4%0.0pp
Whole Life6.5%+1.8pp6.4%+1.6pp6.6%+2.6pp5.1%+0.7pp4.7%+0.3pp
Cash surrender value by Product
Funding Agreements$0$0$0$0$0
Indexed Annuities$97.47B+7.3%$97.76B+9.2%$96.27B+7.7%$93.19B+6.6%$90.82B+4.7%
Other investment-type and other$6.63B-4.1%$6.72B-1.0%$7.09B-0.3%$7.19B+12.3%$6.91B+5.6%
Traditional Deferred Annuities$107.87B+18.7%$103.16B+27.0%$100.28B+28.5%$94.87B+32.9%$90.84B+36.4%
Effect of actual policyholder behavior compared to expected behavior by Product
Indexed Annuities$38M+26.7%$28M+211%$28M+47.4%$23M+15.0%$30M+20.0%
Traditional Deferred Annuities$2M$1M0.0%$2M+100%$0-100%$0-100%
Effect of changes in interest rates by Product
Indexed Annuities-$23M-113%$183M+183%
Traditional Deferred Annuities-$1M-117%$6M+175%
Policyholder account balance, guaranteed minimum credit rating by Product
Indexed Annuities$0.040.0%$0.040.0%$0.040.0%$0.040.0%$0.040.0%
Traditional Deferred Annuities$0.060.0%$0.060.0%$0.060.0%$0.060.0%$0.060.0%
Effect of changes in equity by Product
Indexed Annuities$116M+132%-$6M$50M+168%
Traditional Deferred Annuities$0$0$0
Percentage of Total by Geography
East North Central4.9%+0.5pp4.8%0.0pp4.8%+0.1pp4.5%-1.1pp4.4%-1.3pp
East South Central1%-0.3pp1.1%-0.2pp1.1%-0.2pp1.2%-0.3pp1.3%-0.5pp
International, Other13%+2.7pp12%+2.2pp10%+1.1pp10.2%+3.4pp10.3%+3.5pp
Middle Atlantic23%-3.5pp23.9%-2.0pp26.9%+0.2pp26.8%+0.3pp26.5%+0.1pp
Mountain4.1%-0.1pp4.1%0.0pp4.2%0.0pp4.2%-0.1pp4.2%+0.1pp
New England2.7%-0.5pp2.8%-0.6pp2.9%-0.6pp2.9%-1.5pp3.2%-1.6pp
Other42.7%+1.3pp42.5%-3.0pp46.8%+6.6pp46.5%+6.8pp41.4%+2.3pp
Pacific14.2%-3.6pp15.4%-2.4pp16.3%-1.9pp17.1%-2.0pp17.8%-1.5pp
South Atlantic18.7%+0.2pp17.7%-1.4pp17.3%0.0pp17.9%+2.1pp18.5%+2.1pp
West North Central2%+1.0pp2.2%+1.5pp1.4%+0.7pp0.8%+0.1pp1%+0.2pp
West South Central8.5%+2.3pp8.1%+2.0pp7.4%+1.2pp6.4%+0.5pp6.2%+1.2pp
Investments by Geography
East North Central$1.95B+27.0%$1.88B+21.8%$1.81B+21.2%$1.67B-1.4%$1.54B-6.3%
East South Central$411M-4.4%$447M+2.1%$426M-3.8%$430M-1.8%$430M-16.3%
International, Other$5.24B+46.3%$4.68B+47.1%$3.73B+31.3%$3.8B+85.2%$3.58B+83.6%
Middle Atlantic$9.19B-0.1%$9.32B+11.2%$10.07B+18.6%$9.98B+24.7%$9.2B+22.1%
Mountain$1.63B+10.6%$1.61B+21.4%$1.57B+17.8%$1.54B+18.0%$1.47B+26.6%
New England$1.09B-1.1%$1.09B-2.7%$1.09B-3.6%$1.09B-17.8%$1.1B-19.2%
Pacific$5.67B-8.0%$6.02B+4.4%$6.11B+5.5%$6.39B+10.9%$6.16B+11.7%
South Atlantic$7.49B+16.6%$6.92B+11.6%$6.47B+17.5%$6.68B+40.0%$6.42B+38.2%
West North Central$789M+141%$842M+281%$523M+129%$308M+37.5%$327M+35.1%
West South Central$3.4B+58.8%$3.18B+61.1%$2.77B+40.9%$2.39B+34.6%$2.14B+49.7%

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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.