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+24.5% | $5B+19.6% | $4.81B+27.4% | $4.24B+12.5% | $4.19B+19.5% | |
| Principal Investing | $1.48B+33.8% | $1.29B+29.9% | $1.02B+23.6% | $1.15B+73.3% | $1.11B+66.7% | |
| Segment Income by Business | ||||||
| Asset Management | $2.7B+24.9% | $2.53B+22.5% | $2.39B+21.7% | $2.27B+19.1% | $2.16B+17.8% | |
| Principal Investing | $399M+51.1% | $338M+24.7% | $250M+36.6% | $278M+155% | $264M+175% | |
| Total Assets by Business | ||||||
| Asset Management | $75.54B+29.5% | $69.49B+20.3% | $65.19B+17.1% | $59.18B+7.7% | $58.34B+7.5% | |
| Principal Investing | $45.2B+10.9% | $43.44B-87.4% | $42.39B-87.7% | $41.25B-93.1% | $40.77B-95.2% | |
| Policy and other operating expenses by Business | ||||||
| Asset Management | $800M+19.9% | $759M+14.3% | $715M+13.9% | $680M+9.5% | $667M+14.2% | |
| Principal Investing | $62M0.0% | $63M+5.0% | $61M+1.7% | $64M+12.3% | $62M+10.7% | |
| Total by Product | ||||||
| Funding Agreements | $335.13B+59.4% | $308.21B+66.1% | $277.42B+70.1% | $244.21B+70.5% | $210.27B+62.3% | |
| Indexed Annuities | $416.63B+6.9% | $409.72B+6.3% | $402.27B+5.7% | $395.38B+5.1% | $389.89B+4.6% | |
| Other investment-type and other | $36.17B+11.8% | $35.06B+10.4% | $34.27B+9.2% | $33.55B+13.3% | $32.34B+11.8% | |
| Traditional Deferred Annuities | $430.97B+26.0% | $412.91B+30.6% | $390.37B+32.7% | $366.54B+38.0% | $341.95B+42.3% | |
| Revenue by Product | ||||||
| Advisory and transaction fees, net | $1.31B+54.8% | $1.2B+46.2% | $1.06B+39.2% | $858M+16.9% | $848M+33.1% | |
| Incentive fees | $269M+64.0% | $245M+63.3% | $191M+48.1% | $175M+56.3% | $164M+80.2% | |
| Management fees | $2.57B+30.3% | $2.38B+25.2% | $2.22B+22.0% | $2.09B+15.7% | $1.97B+9.6% | |
| 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+31.5% | $207M+8.9% | $185M-71.6% | $184M-83.4% | $184M-88.3% | |
| Whole Life | $242M+31.5% | $207M+8.9% | $185M-71.6% | $184M-83.4% | $184M-88.3% | |
| Net amount at risk by Product | ||||||
| Funding Agreements | $0— | $0— | $0— | $0— | $0— | |
| Indexed Annuities | $67.78B+10.3% | $66.16B+8.7% | $64.23B+6.8% | $62.26B+4.9% | $61.45B+5.4% | |
| Other investment-type and other | $110M-52.6% | $138M-49.8% | $166M-49.2% | $200M-45.4% | $232M-41.9% | |
| Traditional Deferred Annuities | $1.69B-0.7% | $1.69B-1.1% | $1.69B-0.9% | $1.69B-0.5% | $1.7B+0.1% | |
| Benefit payments by Product | ||||||
| Payout Annuities with Life Contingencies | $4.37B-2.6% | $4.42B-1.3% | $4.45B-0.2% | $4.47B+3.3% | $4.48B+10.0% | |
| Total | $4.57B0.0% | $4.56B-0.1% | $4.55B+0.1% | $4.56B+3.9% | $4.57B+11.1% | |
| Whole Life | $204M+132% | $138M+62.4% | $96M+14.3% | $90M+45.2% | $88M+138% | |
| Total interest expense by Product | ||||||
| Payout Annuities with Life Contingencies | $1.73B-3.6% | $1.74B-3.7% | $1.76B-2.4% | $1.78B-0.9% | $1.79B+2.2% | |
| Whole Life | $81M+72.3% | $64M+36.2% | $52M+10.6% | $49M+40.0% | $47M+95.8% | |
| Other by Product | ||||||
| Indexed Annuities | $0— | $0— | $0-100% | $0-100% | $0-100% | |
| Other investment-type and other | -$121M— | -$92M— | -$81M— | -$82M— | —— | |
| Traditional Deferred Annuities | $0— | $0— | $0-100% | $0-100% | $0-100% | |
| 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+21.9% | $3.92B+4.6% | $3.39B-15.8% | $3.52B— | $3.58B— | |
| Whole Life | $4.37B+21.9% | $3.92B+4.6% | $3.39B-15.8% | $3.52B— | $3.58B— | |
| Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change by Product | ||||||
| Payout Annuities with Life Contingencies | $166.61B-3.2% | $168.11B-3.1% | $168.31B-4.5% | $171.11B-0.8% | $172.18B-1.0% | |
| Total | $178.92B-2.6% | $179.55B-3.2% | $178.67B-5.4% | $182.41B+0.4% | $183.69B+1.8% | |
| Whole Life | $12.31B+6.9% | $11.44B-3.5% | $10.35B-17.2% | $11.3B+21.9% | $11.51B+78.1% | |
| Less: Present value of expected net premiums by Product | ||||||
| Payout Annuities with Life Contingencies | $0— | $0— | $0— | $0— | $0— | |
| Total | $4.44B+19.6% | $4B+2.7% | $3.48B-17.2% | $3.63B— | $3.71B— | |
| Whole Life | $4.44B+19.6% | $4B+2.7% | $3.48B-17.2% | $3.63B— | $3.71B— | |
| 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-47.3% | $81M-46.7% | $86M-48.5% | $114M— | $129M— | |
| Whole Life | $68M-47.3% | $81M-46.7% | $86M-48.5% | $114M— | $129M— | |
| Expected future gross premiums, undiscounted by Product | ||||||
| Payout Annuities with Life Contingencies | $0— | $0— | $0— | $0— | $0— | |
| Whole Life | $5.97B+28.8% | $5.2B+6.0% | $4.35B-18.0% | $4.5B— | $4.64B— | |
| 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-3.8% | $193.22B-3.8% | $194.83B-3.8% | $197.14B-2.9% | $199.25B— | |
| Total | $207.61B-1.7% | $207.47B-2.5% | $207.22B-3.5% | $209.48B-1.2% | $211.27B— | |
| Whole Life | $15.92B+32.4% | $14.25B+18.7% | $12.39B+0.1% | $12.34B+34.5% | $12.02B— | |
| AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax by Product | ||||||
| Payout Annuities with Life Contingencies | $25.01B-7.6% | $25.03B-8.2% | $26.47B+1.3% | $25.98B-14.9% | $27.06B-13.9% | |
| Total | $28.69B+4.2% | $27.85B+1.5% | $28.46B+9.5% | $26.98B-11.3% | $27.55B-11.9% | |
| Whole Life | $3.68B+647% | $2.82B+1,720% | $1.99B+1,522% | $1B+1,165% | $493M+455% | |
| Attributed fees collected by Product | ||||||
| Indexed Annuities | $407M+11.5% | $394M+10.1% | $381M+8.5% | $373M+8.1% | $365M+8.0% | |
| Traditional Deferred Annuities | $2M— | $2M— | $2M— | —— | —— | |
| Expected future gross premiums, discounted by Product | ||||||
| Payout Annuities with Life Contingencies | $0— | $0— | $0— | $0— | $0— | |
| Whole Life | $4.9B+25.3% | $4.34B+6.2% | $3.7B-16.0% | $3.84B— | $3.91B— | |
| Additions by Product | ||||||
| Funding Agreements | $38M-11.6% | $51M+21.4% | $57M+54.1% | $44M+69.2% | $43M+105% | |
| Indexed Annuities | $794M+24.6% | $827M+31.3% | $768M+15.3% | $710M+4.9% | $637M-6.0% | |
| Other investment-type and other | $26M+1,200% | $15M+1,400% | $8M— | $6M+500% | $2M0.0% | |
| Traditional Deferred Annuities | $583M-4.3% | $678M+30.6% | $687M+1.2% | $606M-11.1% | $609M-10.0% | |
| Foreign exchange by Product | ||||||
| Traditional Deferred Annuities | -$247M— | -$17M— | -$91M— | —— | —— | |
| Expected future benefit payments, undiscounted by Product | ||||||
| Payout Annuities with Life Contingencies | $279.8B-4.2% | $282.31B-4.2% | $284.93B-4.1% | $288.77B-3.0% | $292.2B-2.8% | |
| Whole Life | $41.93B+1.7% | $40.58B-4.6% | $38.97B-10.0% | $41.06B+24.3% | $41.23B+80.9% | |
| Policyholder Account Balance, Policy Charge by Product | ||||||
| Funding Agreements | $0— | $0— | $0— | $0— | $0— | |
| Indexed Annuities | $819M+12.7% | $795M+12.1% | $770M+11.3% | $749M+11.0% | $727M+10.0% | |
| Other investment-type and other | $0— | $0— | $0— | $0— | $0— | |
| Traditional Deferred Annuities | $2M— | $2M— | —— | —— | —— | |
| Deposits by Product | ||||||
| Funding Agreements | $31.49B+0.1% | $33.7B+15.2% | $36.57B+40.2% | $36.41B+84.3% | $31.45B+126% | |
| Indexed Annuities | $17.71B+13.9% | $18.41B+13.4% | $17.43B+6.0% | $16.28B+4.0% | $15.54B+7.0% | |
| Other investment-type and other | $1.68B+133% | $1.07B-1.7% | $1.12B-36.8% | $882M-67.3% | $721M-82.2% | |
| Traditional Deferred Annuities | $25.4B-11.8% | $28.8B+13.1% | $29.27B-8.4% | $27.38B-12.9% | $28.81B-6.0% | |
| Issuances by Product | ||||||
| Indexed Annuities | $406M+40.5% | $429M+45.4% | $371M+12.8% | $337M+44.0% | $289M+58.8% | |
| Traditional Deferred Annuities | $0— | $0— | $0— | $0— | $0— | |
| Policyholder Account Balance, Benefit Payment by Product | ||||||
| Funding Agreements | $8.32B-9.9% | $7.19B-13.4% | $6.58B-24.8% | $6.18B-16.5% | $9.23B+99.7% | |
| Indexed Annuities | $1.58B+2.4% | $1.55B-1.8% | $1.55B-3.2% | $1.54B-5.3% | $1.54B-5.1% | |
| Other investment-type and other | $189M-21.6% | $211M-0.5% | $250M+11.1% | $252M+14.0% | $241M-0.4% | |
| Traditional Deferred Annuities | $1.41B+20.5% | $1.39B+25.1% | $1.32B+22.9% | $1.25B+21.0% | $1.17B+16.4% | |
| Asset by Product | ||||||
| Indexed Annuities | $897M-30.0% | $999M-27.6% | $1.1B-24.0% | $1.19B-24.0% | $1.28B-21.1% | |
| Traditional Deferred Annuities | $0— | $0— | $0— | $0— | $0— | |
| Market risk benefits, net by Product | ||||||
| Indexed Annuities | $17.56B+21.4% | $16.82B+22.5% | $15.83B+18.3% | $15.31B+28.4% | $14.46B+27.6% | |
| Traditional Deferred Annuities | $807M+4.3% | $798M+3.8% | $783M+1.6% | $780M+5.8% | $774M+6.5% | |
| Interest credited by Product | ||||||
| Funding Agreements | $3.47B+68.9% | $3.21B+88.0% | $2.87B+101% | $2.46B+108% | $2.05B+110% | |
| Indexed Annuities | $3.28B-11.8% | $3.09B-12.2% | $3.3B+18.4% | $3.5B+51.2% | $3.72B+106% | |
| Other investment-type and other | $236M+12.4% | $230M+12.2% | $222M+12.7% | $215M+16.8% | $210M+22.1% | |
| Traditional Deferred Annuities | $4.78B+34.7% | $4.51B+38.6% | $4.21B+45.2% | $3.89B+54.2% | $3.55B+62.5% | |
| Weighted average crediting rate by Product | ||||||
| Funding Agreements | 18.4%+0.6pp | 18.5%+1.3pp | 18.3%+2.1pp | 18.1%+3.3pp | 17.8%+4.6pp | |
| Indexed Annuities | 10.9%+0.5pp | 10.7%+0.5pp | 10.7%+0.8pp | 10.6%+1.0pp | 10.4%+1.0pp | |
| Other investment-type and other | 11.3%+0.6pp | 11%+0.3pp | 10.9%+0.2pp | 10.7%-0.1pp | 10.7%-0.3pp | |
| Traditional Deferred Annuities | 18.7%+1.3pp | 18.6%+1.7pp | 18.2%+1.6pp | 17.8%+1.8pp | 17.4%+2.1pp | |
| Interest sensitive contract liabilities by Product | ||||||
| Funding Agreements | $335.13B+59.4% | $308.21B+66.1% | $277.42B+70.1% | $244.21B+70.5% | $210.27B+62.3% | |
| Indexed Annuities | $416.63B+6.9% | $409.72B+6.3% | $402.27B+5.7% | $395.38B+5.1% | $389.89B+4.6% | |
| Reconciling items | $25.47B-3.7% | $25.4B-12.4% | $24.72B-16.1% | $25.06B-8.9% | $26.45B-1.5% | |
| Traditional Deferred Annuities | $430.97B+26.0% | $412.91B+30.6% | $390.37B+32.7% | $366.54B+38.0% | $341.95B+42.3% | |
| Policyholder Account Balance, Surrender and Withdrawal by Product | ||||||
| Funding Agreements | $47M— | $0— | $0— | $0— | $0— | |
| Indexed Annuities | $11.7B-5.8% | $11.7B-8.2% | $11.53B-9.1% | $12B-0.4% | $12.42B+6.2% | |
| Other investment-type and other | $245M+195% | $238M+183% | $148M+89.7% | $76M+4.1% | $83M+45.6% | |
| Traditional Deferred Annuities | $10.47B+95.0% | $9.36B+73.8% | $8.24B+52.1% | $5.79B-22.3% | $5.37B-43.2% | |
| Interest accrual by Product | ||||||
| Indexed Annuities | $186M0.0% | $182M-4.7% | $184M+1.1% | $186M+8.8% | $186M+14.8% | |
| Traditional Deferred Annuities | $9M0.0% | $9M-10.0% | $9M-18.2% | $9M-10.0% | $9M-18.2% | |
| Weighted-average interest accretion rate by Product | ||||||
| Payout Annuities with Life Contingencies | 14.8%0.0pp | 14.8%0.0pp | 14.8%+0.1pp | 14.8%+0.2pp | 14.8%+0.4pp | |
| Whole Life | 20.2%+1.0pp | 19.8%+0.6pp | 19.4%+0.2pp | 19.2%+4.8pp | 19.2%+9.6pp | |
| Liability For Future Policy Benefit, Expected Future Policy Benefit, Foreign Exchange Discount Rate Assumption by Product | ||||||
| Payout Annuities with Life Contingencies | $83M+419% | $75M+838% | $49M+250% | $45M+421% | $16M+245% | |
| Total | $6M-79.3% | $69M+475% | $89M+585% | $81M+550% | $29M+281% | |
| Whole Life | -$77M-692% | -$6M-250% | $40M+4,100% | $36M+1,000% | $13M+360% | |
| Market risk benefits by Product | ||||||
| Indexed Annuities | $18.46B+17.2% | $17.82B+17.9% | $16.93B+14.2% | $16.5B+22.4% | $15.75B+21.5% | |
| Traditional Deferred Annuities | $807M+4.3% | $798M+3.8% | $783M+1.6% | $780M+5.8% | $774M+6.5% | |
| Weighted-average current discount rate by Product | ||||||
| Payout Annuities with Life Contingencies | 21.3%-0.3pp | 21.2%-0.4pp | 21.5%+0.4pp | 21.3%-0.9pp | 21.6%-0.5pp | |
| Whole Life | 24.6%+6.7pp | 22.8%+5.2pp | 21.2%+4.3pp | 18.6%+5.7pp | 17.9%+9.4pp | |
| Cash surrender value by Product | ||||||
| Funding Agreements | $0— | $0— | $0— | $0— | $0— | |
| Indexed Annuities | $384.7B+7.7% | $378.04B+7.1% | $369.8B+6.0% | $362.9B+5.6% | $357.16B+4.9% | |
| Other investment-type and other | $27.62B+1.5% | $27.9B+4.0% | $27.97B+5.8% | $27.99B+13.5% | $27.21B+19.9% | |
| Traditional Deferred Annuities | $406.18B+26.3% | $389.15B+30.9% | $367.24B+32.4% | $345.01B+38.2% | $321.52B+42.0% | |
| Effect of actual policyholder behavior compared to expected behavior by Product | ||||||
| Indexed Annuities | $117M+50.0% | $109M+49.3% | $90M+1.1% | $81M+5.2% | $78M+13.0% | |
| Traditional Deferred Annuities | $5M+25.0% | $3M-50.0% | $3M-50.0% | $2M-66.7% | $4M-20.0% | |
| Policyholder account balance, guaranteed minimum credit rating by Product | ||||||
| Indexed Annuities | $0.160.0% | $0.160.0% | $0.160.0% | $0.16— | $0.16— | |
| Traditional Deferred Annuities | $0.240.0% | $0.240.0% | $0.240.0% | $0.24— | $0.24— | |
| Percentage of Total by Geography | ||||||
| East North Central | 19%-0.5pp | 18.5%-2.3pp | 18.5%-3.2pp | 18.4%-4.7pp | 19.5%-4.4pp | |
| East South Central | 4.4%-1.0pp | 4.7%-1.2pp | 4.9%-1.7pp | 5.1%-2.0pp | 5.4%-2.1pp | |
| International, Other | 45.2%+9.4pp | 42.5%+10.2pp | 40.3%+11.5pp | 39.2%+13.4pp | 35.8%+10.4pp | |
| Middle Atlantic | 100.6%-5.0pp | 104.1%-1.4pp | 106.1%-0.4pp | 105.9%-2.3pp | 105.6%-2.2pp | |
| Mountain | 16.6%-0.2pp | 16.7%0.0pp | 16.7%-0.4pp | 16.7%-0.2pp | 16.8%-0.1pp | |
| New England | 11.3%-3.2pp | 11.8%-4.3pp | 12.4%-5.2pp | 13%-6.1pp | 14.5%-5.1pp | |
| Other | 178.5%+11.7pp | 177.2%+12.7pp | 180.2%+21.8pp | 173.6%+25.7pp | 166.8%+29.8pp | |
| Pacific | 63%-9.9pp | 66.6%-7.8pp | 69%-5.9pp | 70.9%-3.6pp | 72.9%-1.0pp | |
| South Atlantic | 71.6%+0.9pp | 71.4%+2.8pp | 72.8%+6.1pp | 72.8%+6.8pp | 70.7%+3.9pp | |
| West North Central | 6.4%+3.3pp | 5.4%+2.5pp | 3.9%+0.8pp | 3.2%0.0pp | 3.1%-0.3pp | |
| West South Central | 30.4%+6.0pp | 28.1%+4.9pp | 26.1%+4.4pp | 24.9%+5.2pp | 24.4%+6.1pp | |
| Investments by Geography | ||||||
| East North Central | $7.31B+16.7% | $6.9B+8.3% | $6.56B+3.4% | $6.25B-0.7% | $6.27B+3.4% | |
| East South Central | $1.71B-2.0% | $1.73B-5.5% | $1.72B-10.1% | $1.74B-8.2% | $1.75B-7.4% | |
| International, Other | $17.46B+49.7% | $15.8B+57.5% | $14.3B+67.9% | $13.41B+89.7% | $11.66B+79.9% | |
| Middle Atlantic | $38.56B+13.1% | $38.57B+19.0% | $37.64B+20.7% | $36.06B+22.9% | $34.08B+24.9% | |
| Mountain | $6.35B+16.8% | $6.19B+20.8% | $5.91B+18.1% | $5.67B+22.9% | $5.44B+26.6% | |
| New England | $4.36B-6.8% | $4.37B-11.5% | $4.4B-14.0% | $4.44B-14.1% | $4.67B-5.8% | |
| Pacific | $24.18B+3.0% | $24.67B+8.1% | $24.42B+11.4% | $24.1B+18.7% | $23.48B+25.0% | |
| South Atlantic | $27.55B+20.3% | $26.49B+25.4% | $25.77B+32.1% | $24.81B+38.7% | $22.9B+35.4% | |
| West North Central | $2.46B+146% | $2B+119% | $1.38B+46.2% | $1.08B+19.3% | $1B+12.6% | |
| West South Central | $11.73B+49.4% | $10.47B+46.7% | $9.27B+44.9% | $8.47B+56.3% | $7.85B+68.1% |
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.
