Apollo Global Management APO Business Segments
| FY'25 | FY'24 | FY'23 | FY'22 | ||
|---|---|---|---|---|---|
| Total Revenues by Business | |||||
| Asset Management | $5B+19.6% | $4.18B+19.2% | $3.51B+6.4% | $3.3B— | |
| Principal Investing | $1.29B+29.9% | $995M+34.5% | $740M-20.0% | $925M— | |
| Segment Income by Business | |||||
| Asset Management | $2.53B+22.5% | $2.06B+16.7% | $1.77B+25.4% | $1.41B+11.3% | |
| Principal Investing | $338M+24.7% | $271M+227% | $83M-70.8% | $284M-74.3% | |
| Total Assets by Business | |||||
| Asset Management | $69.49B+20.3% | $57.74B+8.0% | $53.46B-5.9% | $56.79B— | |
| Principal Investing | $43.44B-87.4% | $344.59B-56.5% | $792.17B+199% | $265.22B— | |
| Policy and other operating expenses by Business | |||||
| Asset Management | $759M+14.3% | $664M+18.4% | $561M+23.0% | $456M+45.7% | |
| Principal Investing | $63M+5.0% | $60M+7.1% | $56M0.0% | $56M+30.2% | |
| Total by Product | |||||
| Funding Agreements | $308.21B+66.1% | $185.54B+55.6% | $119.26B+9.2% | $109.17B— | |
| Indexed Annuities | $409.72B+6.3% | $385.31B+4.1% | $370.2B+0.9% | $366.78B— | |
| Other investment-type and other | $35.06B+10.4% | $31.77B+18.5% | $26.82B+76.9% | $15.17B— | |
| Traditional Deferred Annuities | $412.91B+30.6% | $316.08B+45.0% | $217.98B+40.8% | $154.76B— | |
| Revenue by Product | |||||
| Advisory and transaction fees, net | $1.2B+46.2% | $822M+31.9% | $623M+40.6% | $443M— | |
| Incentive fees | $245M+63.3% | $150M+87.5% | $80M+196% | $27M— | |
| Management fees | $2.38B+25.2% | $1.9B+7.2% | $1.77B+17.9% | $1.5B— | |
| Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected by Product | |||||
| Payout Annuities with Life Contingencies | $0— | $0— | $0— | —— | |
| Total | $207M+8.9% | $190M-90.6% | $2.03B— | —— | |
| Whole Life | $207M+8.9% | $190M-90.6% | $2.03B— | —— | |
| Net amount at risk by Product | |||||
| Funding Agreements | $0— | $0— | $0— | $0— | |
| Indexed Annuities | $66.16B+8.7% | $60.84B+6.3% | $57.22B+14.2% | $50.09B— | |
| Other investment-type and other | $138M-49.8% | $275M-27.1% | $377M+212% | $121M— | |
| Traditional Deferred Annuities | $1.69B-1.1% | $1.7B+0.4% | $1.7B+1.1% | $1.68B— | |
| Benefit payments by Product | |||||
| Payout Annuities with Life Contingencies | $4.42B-1.3% | $4.48B+16.7% | $3.83B+31.3% | $2.92B— | |
| Total | $4.56B-0.1% | $4.56B+18.4% | $3.85B+31.9% | $2.92B— | |
| Whole Life | $138M+62.4% | $85M+372% | $18M— | $0— | |
| Total interest expense by Product | |||||
| Payout Annuities with Life Contingencies | $1.74B-3.7% | $1.8B+9.5% | $1.65B+43.6% | $1.15B— | |
| Whole Life | $64M+36.2% | $47M+292% | $12M— | $0— | |
| Other by Product | |||||
| Indexed Annuities | $0— | $0-100% | $81M— | $0— | |
| Other investment-type and other | -$92M— | —— | -$1.44B— | —— | |
| Traditional Deferred Annuities | $0— | $0-100% | $75M— | $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— | —— | —— | |
| Total | $3.92B+4.6% | $3.75B— | —— | —— | |
| Whole Life | $3.92B+4.6% | $3.75B— | —— | —— | |
| Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change by Product | |||||
| Payout Annuities with Life Contingencies | $168.11B-3.1% | $173.55B+3.9% | $167.06B— | —— | |
| Total | $179.55B-3.2% | $185.41B+8.8% | $170.43B— | —— | |
| Whole Life | $11.44B-3.5% | $11.85B+252% | $3.37B— | —— | |
| Less: Present value of expected net premiums by Product | |||||
| Payout Annuities with Life Contingencies | $0— | $0— | —— | —— | |
| Total | $4B+2.7% | $3.89B— | —— | —— | |
| Whole Life | $4B+2.7% | $3.89B— | —— | —— | |
| AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax by Product | |||||
| Payout Annuities with Life Contingencies | $0— | $0— | —— | —— | |
| Total | $81M-46.7% | $152M— | —— | —— | |
| Whole Life | $81M-46.7% | $152M— | —— | —— | |
| Expected future gross premiums, undiscounted by Product | |||||
| Payout Annuities with Life Contingencies | $0— | $0— | —— | —— | |
| Whole Life | $5.2B+6.0% | $4.91B— | —— | —— | |
| Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance by Product | |||||
| Payout Annuities with Life Contingencies | $193.22B-3.8% | $200.84B— | —— | —— | |
| Total | $207.47B-2.5% | $212.85B— | —— | —— | |
| Whole Life | $14.25B+18.7% | $12.01B— | —— | —— | |
| AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax by Product | |||||
| Payout Annuities with Life Contingencies | $25.03B-8.2% | $27.28B-14.9% | $32.05B— | —— | |
| Total | $27.85B+1.5% | $27.43B-14.2% | $31.96B— | —— | |
| Whole Life | $2.82B+1,720% | $155M+274% | -$89M— | —— | |
| Attributed fees collected by Product | |||||
| Indexed Annuities | $394M+10.1% | $358M+6.5% | $336M+1.8% | $330M— | |
| Traditional Deferred Annuities | $2M— | —— | —— | $3M— | |
| Expected future gross premiums, discounted by Product | |||||
| Payout Annuities with Life Contingencies | $0— | $0— | —— | —— | |
| Whole Life | $4.34B+6.2% | $4.09B— | —— | —— | |
| Additions by Product | |||||
| Funding Agreements | $51M+21.4% | $42M+1,300% | $3M-78.6% | $14M— | |
| Indexed Annuities | $827M+31.3% | $630M-0.6% | $634M+54.3% | $411M— | |
| Other investment-type and other | $15M+1,400% | $1M-66.7% | $3M-66.7% | $9M— | |
| Traditional Deferred Annuities | $678M+30.6% | $519M-26.0% | $701M+119% | $320M— | |
| Foreign exchange by Product | |||||
| Traditional Deferred Annuities | -$17M— | —— | $52M— | $0— | |
| Expected future benefit payments, undiscounted by Product | |||||
| Payout Annuities with Life Contingencies | $282.31B-4.2% | $294.74B+1.5% | $290.44B— | —— | |
| Whole Life | $40.58B-4.6% | $42.55B+275% | $11.34B— | —— | |
| Policyholder Account Balance, Policy Charge by Product | |||||
| Funding Agreements | $0— | $0— | $0— | $0— | |
| Indexed Annuities | $795M+12.1% | $709M+8.9% | $651M+8.5% | $600M— | |
| Other investment-type and other | $0— | $0— | $0— | $0— | |
| Traditional Deferred Annuities | $2M— | —— | —— | $3M— | |
| Deposits by Product | |||||
| Funding Agreements | $33.7B+15.2% | $29.25B+324% | $6.89B-13.5% | $7.97B— | |
| Indexed Annuities | $18.41B+13.4% | $16.23B+28.4% | $12.64B+9.5% | $11.54B— | |
| Other investment-type and other | $1.07B-1.7% | $1.09B-76.3% | $4.6B+78.1% | $2.58B— | |
| Traditional Deferred Annuities | $28.8B+13.1% | $25.46B-15.6% | $30.18B+128% | $13.25B— | |
| Issuances by Product | |||||
| Indexed Annuities | $429M+45.4% | $295M+178% | $106M+76.7% | $60M— | |
| Traditional Deferred Annuities | $0— | $0— | $0— | $0— | |
| Policyholder Account Balance, Benefit Payment by Product | |||||
| Funding Agreements | $7.19B-13.4% | $8.3B+154% | $3.27B+16.1% | $2.82B— | |
| Indexed Annuities | $1.55B-1.8% | $1.58B-1.8% | $1.61B-0.7% | $1.62B— | |
| Other investment-type and other | $211M-0.5% | $212M-22.9% | $275M-14.6% | $322M— | |
| Traditional Deferred Annuities | $1.39B+25.1% | $1.11B+12.6% | $984M+5.0% | $937M— | |
| Asset by Product | |||||
| Indexed Annuities | $999M-27.6% | $1.38B-18.0% | $1.68B-11.2% | $1.89B— | |
| Traditional Deferred Annuities | $0— | $0— | $0— | $0— | |
| Market risk benefits, net by Product | |||||
| Indexed Annuities | $16.82B+22.5% | $13.73B+27.5% | $10.77B+6.0% | $10.16B— | |
| Traditional Deferred Annuities | $798M+3.8% | $769M+7.1% | $718M-1.2% | $727M— | |
| Interest credited by Product | |||||
| Funding Agreements | $3.21B+88.0% | $1.71B+93.3% | $883M+30.4% | $677M— | |
| Indexed Annuities | $3.09B-12.2% | $3.52B+176% | $1.28B-21.9% | $1.64B— | |
| Other investment-type and other | $230M+12.2% | $205M+32.3% | $155M+63.2% | $95M— | |
| Traditional Deferred Annuities | $4.51B+38.6% | $3.26B+75.2% | $1.86B+80.0% | $1.03B— | |
| Weighted average crediting rate by Product | |||||
| Funding Agreements | 18.5%+1.3pp | 17.2%+5.3pp | 11.9%+3.4pp | 8.5%— | |
| Indexed Annuities | 10.7%+0.5pp | 10.2%+0.9pp | 9.3%+1.0pp | 8.3%— | |
| Other investment-type and other | 11%+0.3pp | 10.7%-0.5pp | 11.2%+0.1pp | 11.1%— | |
| Traditional Deferred Annuities | 18.6%+1.7pp | 16.9%+2.3pp | 14.6%+3.1pp | 11.5%— | |
| Interest sensitive contract liabilities by Product | |||||
| Funding Agreements | $308.21B+66.1% | $185.54B+55.6% | $119.26B+9.2% | $109.17B— | |
| Indexed Annuities | $409.72B+6.3% | $385.31B+4.1% | $370.2B+0.9% | $366.78B— | |
| Reconciling items | $25.4B-12.4% | $28.99B+16.3% | $24.93B+6.5% | $23.41B— | |
| Traditional Deferred Annuities | $412.91B+30.6% | $316.08B+45.0% | $217.98B+40.8% | $154.76B— | |
| Policyholder Account Balance, Surrender and Withdrawal by Product | |||||
| Funding Agreements | $0— | $0— | —— | $880M— | |
| Indexed Annuities | $11.7B-8.2% | $12.74B+13.2% | $11.25B+39.7% | $8.06B— | |
| Other investment-type and other | $238M+183% | $84M+110% | $40M+135% | $17M— | |
| Traditional Deferred Annuities | $9.36B+73.8% | $5.39B-45.7% | $9.93B+83.2% | $5.42B— | |
| Interest accrual by Product | |||||
| Indexed Annuities | $182M-4.7% | $191M+29.9% | $147M+183% | $52M— | |
| Traditional Deferred Annuities | $9M-10.0% | $10M0.0% | $10M+150% | $4M— | |
| Weighted-average interest accretion rate by Product | |||||
| Payout Annuities with Life Contingencies | 14.8%0.0pp | 14.8%+0.9pp | 13.9%— | —— | |
| Whole Life | 19.8%+0.6pp | 19.2%+14.4pp | 4.8%— | —— | |
| Liability For Future Policy Benefit, Expected Future Policy Benefit, Foreign Exchange Discount Rate Assumption by Product | |||||
| Payout Annuities with Life Contingencies | $75M+838% | $8M+150% | -$16M— | —— | |
| Total | $69M+475% | $12M+155% | -$22M— | —— | |
| Whole Life | -$6M-250% | $4M+167% | -$6M— | —— | |
| Market risk benefits by Product | |||||
| Indexed Annuities | $17.82B+17.9% | $15.11B+21.4% | $12.45B+3.3% | $12.05B— | |
| Traditional Deferred Annuities | $798M+3.8% | $769M+7.1% | $718M-1.2% | $727M— | |
| Weighted-average current discount rate by Product | |||||
| Payout Annuities with Life Contingencies | 21.2%-0.4pp | 21.6%-0.4pp | 22%— | —— | |
| Whole Life | 22.8%+5.2pp | 17.6%+13.5pp | 4.1%— | —— | |
| Cash surrender value by Product | |||||
| Funding Agreements | $0— | $0— | $0— | $0— | |
| Indexed Annuities | $378.04B+7.1% | $353.09B+4.6% | $337.68B+0.3% | $336.53B— | |
| Other investment-type and other | $27.9B+4.0% | $26.84B+42.3% | $18.86B+224% | $5.82B— | |
| Traditional Deferred Annuities | $389.15B+30.9% | $297.27B+44.4% | $205.83B+39.4% | $147.66B— | |
| Effect of actual policyholder behavior compared to expected behavior by Product | |||||
| Indexed Annuities | $109M+49.3% | $73M+9.0% | $67M+59.5% | $42M— | |
| Traditional Deferred Annuities | $3M-50.0% | $6M+20.0% | $5M-16.7% | $6M— | |
| Policyholder account balance, guaranteed minimum credit rating by Product | |||||
| Indexed Annuities | $0.160.0% | $0.16— | —— | —— | |
| Traditional Deferred Annuities | $0.240.0% | $0.24— | —— | —— | |
| Percentage of Total by Geography | |||||
| East North Central | 18.5%-2.3pp | 20.8%-4.2pp | 25%-7.9pp | 32.9%— | |
| East South Central | 4.7%-1.2pp | 5.9%-1.8pp | 7.7%-1.3pp | 9%— | |
| International, Other | 42.5%+10.2pp | 32.3%+6.3pp | 26%+0.9pp | 25.1%— | |
| Middle Atlantic | 104.1%-1.4pp | 105.5%-2.4pp | 107.9%+18.5pp | 89.4%— | |
| Mountain | 16.7%0.0pp | 16.7%-0.5pp | 17.2%-1.2pp | 18.4%— | |
| New England | 11.8%-4.3pp | 16.1%-3.8pp | 19.9%-3.0pp | 22.9%— | |
| Other | 177.2%+12.7pp | 164.5%+33.8pp | 130.7%-14.7pp | 145.4%— | |
| Pacific | 66.6%-7.8pp | 74.4%+0.6pp | 73.8%-8.2pp | 82%— | |
| South Atlantic | 71.4%+2.8pp | 68.6%+4.6pp | 64%+4.5pp | 59.5%— | |
| West North Central | 5.4%+2.5pp | 2.9%-0.8pp | 3.7%-1.7pp | 5.4%— | |
| West South Central | 28.1%+4.9pp | 23.2%+4.8pp | 18.4%-4.2pp | 22.6%— | |
| Percentage of revenue (as percent) by Geography | |||||
| Americas | 86%-2.0pp | 88%-3.0pp | 91%+5.0pp | 86%— | |
| Asia-Pacific | 1%0.0pp | 1%0.0pp | 1%-1.0pp | 2%— | |
| Europe, Middle East and Africa | 13%+2.0pp | 11%+3.0pp | 8%-4.0pp | 12%— | |
| Investments by Geography | |||||
| East North Central | $6.9B+8.3% | $6.37B+8.7% | $5.87B-6.8% | $6.29B— | |
| East South Central | $1.73B-5.5% | $1.83B+2.1% | $1.8B+4.4% | $1.72B— | |
| International, Other | $15.8B+57.5% | $10.03B+68.0% | $5.97B+42.3% | $4.19B— | |
| Middle Atlantic | $38.57B+19.0% | $32.41B+28.0% | $25.32B+47.3% | $17.19B— | |
| Mountain | $6.19B+20.8% | $5.13B+26.4% | $4.06B+15.0% | $3.53B— | |
| New England | $4.37B-11.5% | $4.94B+5.7% | $4.67B+6.4% | $4.39B— | |
| Pacific | $24.67B+8.1% | $22.83B+32.0% | $17.3B+10.1% | $15.71B— | |
| South Atlantic | $26.49B+25.4% | $21.12B+39.5% | $15.14B+32.9% | $11.39B— | |
| West North Central | $2B+119% | $915M+5.1% | $871M-16.7% | $1.05B— | |
| West South Central | $10.47B+46.7% | $7.14B+65.7% | $4.31B-0.6% | $4.34B— |
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.
