Apollo Global Management, Inc. (new) · NYSE:APO
Apollo Global Management, Inc. (new) — Apollo Global Management — Investor Day (November 2025)
98 slides from Apollo Global Management, Inc. (new)'s investor day presentation, Nov 24, 2025
Slide 1: Retirement Services Business Update 2025
RETIREMENT SERVICES BUSINESS UPDATE 2025 NOVEMBER 24, 2025
Slide 2: Forward Looking Statements And Other Important Disclosures
RETIREMENT SERVICES BUSINESS UPDATE 2025 Forward Looking Statements And Other Important Disclosures This presentation has been prepared by Apollo Global Management, Inc., a Delaware corporation (“HoldCo” and together with its subsidiaries, “Apollo”), solely for informational purposes for its public
Slide 3: Agenda
RETIREMENT SERVICES BUSINESS UPDATE 2025 Agenda TO P I C P R E S E N T E R( S ) Welcome Noah Gunn Global Head of Investor Relations Our Approach Marc Rowan Chair and Chief Executive Officer, Apollo Business Update Grant Kvalheim Chief Executive Officer, Athene Martin Kelly Chief Financial Officer, A
Slide 4: Our Approach
RETIREMENT SERVICES BUSINESS UPDATE 2025 OUR APPROACH MARC ROWAN CHAIR AND CEO, APOLLO
Slide 5: Who We Serve: A Booming Retirement Population
RETIREMENT SERVICES BUSINESS UPDATE 2025 Who We Serve: A Booming Retirement Population… The “Silver Tsunami” Is Far from Cresting 82 million in 2050 RETIREE POPULATION (MILLIONS) +40% 12K 74 million in 2035 expected Americans increase # of people are turning 58 million age 65+ in next 25 years 65 ev
Slide 6: Creates Robust Demand for Guaranteed Income
RETIREMENT SERVICES BUSINESS UPDATE 2025 …Creates Robust Demand for Guaranteed Income U.S. Industry Fixed Annuity Sales ($B)1 $391 +5 x $373 $334 $251 $157 $168 $145 $144 $125 $117 $99 $106 $86 $72 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2 Athene U.S. Fixed 2% 5% 9%3 A
Slide 7: Our Right to Win in Retirement Services
RETIREMENT SERVICES BUSINESS UPDATE 2025 Our Right to Win in Retirement Services ORIGINATED ASSETS STABLE LIABILITIES What is We are needed to STRONG CAPITAL a tough succeed? competitor LOW COST STRUCTURE MANAGEMENT 7
Slide 8: Public Fixed Income Credit Spreads Have Declined; We Don't Count on Mean Reversion
RETIREMENT SERVICES BUSINESS UPDATE 2025 Public Fixed Income Credit Spreads Have Declined; We Don't Count on Mean Reversion ‘BBB’ Corporate Spreads1 ‘A’ CLO Spreads2 ‘A’ RMBS Spreads3 6% 5% 7% 6% 5% 4% 5% 4% 3% 4% 3% 3% 2% 2% 2% 1% 1% 1% 0% 0% 0% 2015 2018 2021 2024 2015 2018 2021 2024 2015 2018 202
Slide 9: The Ability to Originate Differentiated Investment Grade Yield is Key
RETIREMENT SERVICES BUSINESS UPDATE 2025 The Ability to Originate Differentiated Investment Grade Yield is Key EASY BUSINESS HARDER BUSINESS Directly originated private CLOs investment grade corporates (T+155bps @ A) (T+ 200-300bps) Asset backed finance from Public Corporates proprietary origination
Slide 10: In the Context of Greater Demand from Six Markets, We Want to Retain More
RETIREMENT SERVICES BUSINESS UPDATE 2025 In the Context of Greater Demand from Six Markets, We Want to Retain More of the Economics in the Assets We Originate Through SRE & FRE 6 5 4 401(k) / DC 3 Institutional Traditional Investors 2 Insurance Asset (Fixed Income / Managers Equity Replacement) Indi
Slide 11: Most of Private Credit is Investment Grade
RETIREMENT SERVICES BUSINESS UPDATE 2025 Most of Private Credit is Investment Grade “All the ~$38T $40T Insurers & money” Pensions Private Investment Grade Fund Buyers Private Credit Addressable Market “All the press” Retail & ~$2T Levered Lending Institutional Fund Investors Sources: Federal Reserv
Slide 12: Does Anyone Know What They're Talking About?
RETIREMENT SERVICES BUSINESS UPDATE 2025 Does Anyone Know What They’re Talking About? LEVERED LENDING 0.35% Net Invested Assets PRIMARILY INVESTMENT GRADE DEBT 12
Slide 13: The Perception of Investment Grade Private Credit is Not in Line with Reality
RETIREMENT SERVICES BUSINESS UPDATE 2025 The Perception of INVESTMENT GRADE Private Credit is Not in Line with Reality MYTHS REALITY Not Rated IG Rated By External Agencies Opaque Transparent Not Priced Daily Pricing Not Tradable Strong Trading Volumes Not Regulated Appropriately Regulated Systemic
Slide 14: By Comparison, Public Investment Grade Has Limited Covenants
RETIREMENT SERVICES BUSINESS UPDATE 2025 By Comparison, Public Investment Grade Has: Limited Covenants. Limited Access to Management. Limited Direct Diligence. Significant Reliance on Ratings to Make Decisions. 14
Slide 15: 80% of Insurance Industry Impairments are from Corporates and Real Estate
RETIREMENT SERVICES BUSINESS UPDATE 2025 80% of Insurance Industry Impairments are from Corporates and Real Estate 3-YEAR 5-YEAR 10-YEAR 19bps U.S. Life Insurance 14bps Industry Asset 10bps Impairment 8bps 7bps 7bps 6bps 6bps 6bps Rates ABS/CLO Corporate Real Estate ABS/CLO Corporate Real Estate ABS
Slide 16: We Have Built an Investment Grade Private Credit Origination Machine
RETIREMENT SERVICES BUSINESS UPDATE 2025 We Have Built an Investment Grade Private Credit Origination Machine Apollo Asset Origination Volume 16 Origination Platforms1 $39B $63B $167B $190B 2 IG IG IG A- Core Credit @ T+ 280bps Real Estate Fund Finance Large Cap Direct Debt Lending $273B $222B High-
Slide 17: Athene is Writing Profitable Business and Growing Volumes
RETIREMENT SERVICES BUSINESS UPDATE 2025 Athene is Writing Profitable Business and Growing Volumes Underwritten IRRs on New Organic Business at Pricing GROSS ORGANIC INFLOWS 28% $84B LTM 26% $71B $63B 19% 19% $48B 18% 18% 17% 17% 16% 16% 16% 17% 16% 16% 17% 15% 15% 15% 15% 15% 15% 15% 15% 14% 14% 14
Slide 18: In 2026, Three Headwinds Start to Dissipate and are Offset by Underlying Growth
RETIREMENT SERVICES BUSINESS UPDATE 2025 In 2026, Three Headwinds Start to Dissipate and are Offset by Underlying Growth Interest Rate Asset Exceptionally 1 Cuts 2 Prepayments1 3 Profitable Roll-Off 4 $18B $21B 2.5 2.5 $16B $13B $15B $11B $9B Assumes $7B zero rate cuts 2024 2 2025E 3 2026E - 2027E 2
Slide 19: Spread Related Earnings Targets
RETIREMENT SERVICES BUSINESS UPDATE 2025 SPREAD RELATED EARNINGS TARGETS $880M 10 % Growth 10 % Avg Growth 4Q’25E FY’26E Spread Related Spread Related Spread Related Earnings Earnings Earnings Through 2029E Note: There is no assurance that targets will be achieved. Assumes 11% return on alternative
Slide 20: When Credit Spreads Tighten, We Take Countercyclical Actions
RETIREMENT SERVICES BUSINESS UPDATE 2025 When Credit Spreads Tighten, We Take Countercyclical Actions 2022 TODAY Cash & Treasuries $8B $22B Low LTV Mortgages $4B $17B % of CLOs Rated AAA/AA/A 63% 69% % of CLOs Rated Investment Grade 99% 99% Note: Figures shown are net of ACRA. 20
Slide 21: Market Myths – Go Deeper in the Appendix
RETIREMENT SERVICES BUSINESS UPDATE 2025 Market Myths – Go Deeper in the Appendix • $35B capital, of which ~75% is in Bermuda1 “Opaque” Offshore Capital • Will publish EVERY ASSET held on a Bermuda balance sheet2 • 97% of fixed income assets are investment grade3 “Outsized” Credit Risk • 0.35% lever
Slide 22: Business Update
RETIREMENT SERVICES BUSINESS UPDATE 2025 BUSINESS UPDATE GRANT KVALHEIM CEO, ATHENE
Slide 23: Key Topics
RETIREMENT SERVICES BUSINESS UPDATE 2025 Key Topics Growing demand No stranger to Expanding our for our products competition – we have front-end through a right to win and distribution and remain disciplined new markets 23
Slide 24: There is Lots of Demand for Athene's Products
RETIREMENT SERVICES BUSINESS UPDATE 2025 There is Lots of Demand for Athene’s Products $84B Retail Flow $71B Annuities Reinsurance $63B ~28x # 1 M A RK E T S HA RE RE CO RD Y T D IN 2 0 2 5 2 IN FLO WS IN 2 0 2 5 $48B $37B $28B Pension Group Funding $18B Annuities Agreements 4 $11B $13B # 2 C U M U
Slide 25: Persistent and Predictable Liabilities Provide Long-Dated Funding
RETIREMENT SERVICES BUSINESS UPDATE 2025 Persistent and Predictable Liabilities Provide Long-Dated Funding Pension Group Annuities Other1 KEY ATTRIBUTES 1% 9% 37% Fixed Indexed Annuities 7 Year 89% 33% Non-Surrenderable2 Funding Weighted Average Of Funding Carries a Agreements Net Reserve Life of Fu
Slide 26: Our Right to Win ‒ Competitive Differentiation
RETIREMENT SERVICES BUSINESS UPDATE 2025 Our Right to Win ‒ Competitive Differentiation Asset Cost Structure / Product Culture & Outperformance Scale Distribution Capital Management Team 1 2 3 4 5 • Target 30-40bps of • 35bps Opex2 • #1 market share in retail • Fortress balance sheet • High performa
Slide 27: Athene Organic Liability Origination Volumes vs Peers
RETIREMENT SERVICES BUSINESS UPDATE 2025 Athene Organic Liability Origination Volumes vs Peers $71B $69B $63B $48B $31B $33B $33B $30B $23B $24B $22B $20B 1 #2 Avg #3-5 #2 Avg. #3-5 #2 Avg #3-5 #2 Avg #3-5 2022 2023 2024 YTD 3Q’252 Note: Peer volumes reflect estimated volumes in Athene’s core organi
Slide 28: If Particular Markets Become Irrational, We Maintain Our Pricing Discipline
RETIREMENT SERVICES BUSINESS UPDATE 2025 If Particular Markets Become Irrational, We Maintain Our Pricing Discipline FABN 2022 & 2023 3Q'20 3Q '21 3Q '22 3Q '23 3Q '24 3Q '25 MYGA 2021 & 2025 3Q'20 3Q'21 3Q'22 3Q'23 3Q'24 3Q'25 Pension Group Bid on 34 transactions Annuities in 2024 & 2025 2024 & 202
Slide 29: We Write Good Business; We Get the Option to Do Strategic Sidecars
RETIREMENT SERVICES BUSINESS UPDATE 2025 We Write Good Business; We Get the Option to Do Strategic Sidecars Athene’s pricing discipline and high returns have attracted 3rd-party capital to co-invest in business Retirement Services Sidecar Returns Inception to Date Fund Launch 3rd Party Capital Net I
Slide 30: Numerous Tailwinds to Support Annuity Sales Through Potentially Lower Rates
RETIREMENT SERVICES BUSINESS UPDATE 2025 Numerous Tailwinds to Support Annuity Sales Through Potentially Lower Rates Favorable Tax Benefits Cash on the Annuities Demographics Keep Dollars in Sidelines for All the System 12K >1/3 Americans are turning Fixed and Fixed Indexed Total MMF and CD balances
Slide 31: Numerous Growth Tailwinds for Athene Specifically
RETIREMENT SERVICES BUSINESS UPDATE 2025 Numerous Growth Tailwinds for Athene Specifically Further Distribution Increase RILA Pension Group Upside from Expansion Market Share 1 Annuities New Markets 10% ~$13T 2 Expansion Deepen TAM 2% Athene products are available Pricing may become more Defined Con
Slide 32: Athene's Retail Distribution Capabilities Continue to Expand
RETIREMENT SERVICES BUSINESS UPDATE 2025 Athene’s Retail Distribution Capabilities Continue to Expand Retail Inflows by Distribution Channel 78% 100% 22% Financial 34% Institutions 2015 2020 2025 1 50% $3B $8B $27B 51% 27% 16% INDEPENDEN T M A R KETING O R GA NIZA TIO N (IM O ) B R O KER -DEA LER B
Slide 33: Case Study: Deepening Distribution Relationships Over Time
RETIREMENT SERVICES BUSINESS UPDATE 2025 Case Study: Deepening Distribution Relationships Over Time Example of how Athene unlocks and expands distribution access within financial institutions 2022 2023 2024 2025 Distribution Product Continued Ongoing Partner Menu Product Partnership Launch Date Expa
Slide 34: Differentiated, Multi-Faceted Funding Agreement Capabilities
RETIREMENT SERVICES BUSINESS UPDATE 2025 Differentiated, Multi-Faceted Funding Agreement Capabilities Athene is the #1 issuer of FABNs1 Funding Agreement Inflows Simple, predictable liability with known maturities and no customer behavior or refinance risk Global Issuance Strong institutional demand
Slide 35: New Markets Are Starting to Build, But We Have Assumed Limited Upside in Plan
RETIREMENT SERVICES BUSINESS UPDATE 2025 New Markets Are Starting to Build, But We Have Assumed Limited Upside in Plan LAUNCH / SCALE NEW PRODUCTS UNLOCK NEW MARKETS “Widening “Opening the the Funnel” Aperture” International Grow RILA Stable Structured Tax Defined ‘New’ New Markets Market Share Valu
Slide 36: Financial Update
RETIREMENT SERVICES BUSINESS UPDATE 2025 FINANCIAL UPDATE MARTIN KELLY & LJ TANGUY CHIEF FINANCIAL OFFICERS, APOLLO & ATHENE
Slide 37: Key Financial Topics
RETIREMENT SERVICES BUSINESS UPDATE 2025 Key Financial Topics Confident Spread Durability Capital and in Through-Cycle and Cyclical Accretion to Earnings Growth Dynamics Apollo 37
Slide 38: Asset Growth Drives Earnings Growth
RETIREMENT SERVICES BUSINESS UPDATE 2025 Asset Growth Drives Earnings Growth TRAILING 5-YEAR AVERAGE (2020-2024) 2025E 2026E Gross Inflows1 $55B ~$80B+ ~$85B+ Gross Outflows2 ($25B) ~($37B) ~($42B) Net Flows $30B ~$43B+ ~$43B+ Sidecars3 ~30% ~25% ~25% Avg. Net Invested Asset Growth (%) 16% ~17% low-
Slide 39: Earnings Growth is a Function of Runoff of Existing Business and New Business
RETIREMENT SERVICES BUSINESS UPDATE 2025 Earnings Growth is a Function of Runoff of Existing Business and New Business ~$3.8B New Business / 1 Management Actions ~$3.475B 1 Runoff and transitory impacts Significant Portion of 2026E SRE from Existing Business 2025E SRE 2026E SRE from 2026E SRE Existi
Slide 40: Athene's Balance Sheet is Straightforward and Well Asset and Liability Matched
RETIREMENT SERVICES BUSINESS UPDATE 2025 Athene’s Balance Sheet is Straightforward and Well Asset and Liability Matched Persistent, Nearly All FIXED INCOME Predictable, SPREAD-BASED Investment $360B ASSETS LIABILITIES $353B 7-Year Grade1 95% OF PORTFOLIO Weighted Average Life $17B ALTS, 5% OF PORTFO
Slide 41: Liability Run-Off is Highly Predictable, Within a Narrow Range
RETIREMENT SERVICES BUSINESS UPDATE 2025 Liability Run-Off is Highly Predictable, Within a Narrow Range Athene Quarterly Historical Outflows (annualized)1 20% 15% 15% 2026E 10% ~11% 5% 7% 0% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20
Slide 42: New Business Earnings Depend on Volume and Spread
RETIREMENT SERVICES BUSINESS UPDATE 2025 New Business Earnings Depend on Volume and Spread Y TD 3Q’25 SRE NE W BUSINESS SPREAD Asset Growth Asset Yield 6.3% Cost of Funds (5.1%) Net Spread Opex (0.2%) Product Spread 1.0% _____________________________ Return on Capital, 0.3% SRE Growth Wrap Fee, less
Slide 43: Athene Has a Long Track Record of Issuing New Business at Attractive Spreads
RETIREMENT SERVICES BUSINESS UPDATE 2025 Athene Has a Long Track Record of Issuing New Business at Attractive Spreads Historical New Business Pricing SRE Spreads by Period Originated ~130bps 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3
Slide 44: Over the Long Term, SRE Spread Aligns with Pricing
RETIREMENT SERVICES BUSINESS UPDATE 2025 Over the Long Term, SRE Spread Aligns with Pricing SRE Spread ex notables 1, 2 Historical Avg: Target ~1.30% ~120-125bps Abnormal low/high in ’20 / ’21 driven by COVID era and subsequent recovery 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H'25 2H
Slide 45: Fluctuations in Spread Driven by Known Factors
RETIREMENT SERVICES BUSINESS UPDATE 2025 Fluctuations in Spread Driven by Known Factors Structural Spread Foundational Demand for Competitive Disciplined Retirement Advantages Underwriting and Durable Savings • Asset / Liability and Growth DRIVEN BY Products Origination Strategy • Cost Structure Cyc
Slide 46: SRE Spread Reflects Cyclical / Transitory Impacts
RETIREMENT SERVICES BUSINESS UPDATE 2025 SRE Spread Reflects Cyclical / Transitory Impacts 2023 2024 2025E 2026E 2027E 1 Interest Rates ~ 2 Asset Prepayments During Generationally Tight Credit Spreads ~ ~ 3 Exceptionally Profitable COVID-Era Business Running Off ~ 4 Countercyclical/De-Risking & Mana
Slide 47: Illustrative Year-on-Year SRE Impacts of These Cyclical / Transitory Items
RETIREMENT SERVICES BUSINESS UPDATE 2025 Illustrative Year-on-Year SRE Impacts of These Cyclical / Transitory Items ($M) 2023 2024 2025E 2026E 1 Interest Rates (Net floating rate assets) $800 $25 ($100) ($50) 2 Asset Prepayments During Generationally Tight Credit Spreads - ($100) ($150) ($100) 3 Exc
Slide 48: Less Sensitive to Interest Rates at this Point in Cycle
RETIREMENT SERVICES BUSINESS UPDATE 2025 1 Less Sensitive to Interest Rates at this Point in Cycle Hold more floaters when rates biased higher Net Floating 17% 16% Holding less floaters Rate when rates biased lower Position1 13% 12% 3M SOFR 7% 2% 2020 2021 2022 2023 2024 3Q'25 Forward curve contempl
Slide 49: Asset Prepayments Forecasted to Moderate Early Next Year
RETIREMENT SERVICES BUSINESS UPDATE 2025 2 Asset Prepayments Forecasted to Moderate Early Next Year 1 PREPAYS ($) PREPAY YIELD 7.5% 7.0% $6.4 $5.5 $5.7 6.5% $5.0 $4.5 $4.7 $4.1 6.0% $3.7 $3.5 $3.5 $3.4 $3.4 $3.1 5.5% $2.3 $2.2 $1.9 $1.9 $2.0 $1.4 5.0% $1.0 4.5% 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q
Slide 50: Exceptionally Profitable Business Written During Covid Era Has Almost Run-Off
RETIREMENT SERVICES BUSINESS UPDATE 2025 3 Exceptionally Profitable Business Written During Covid Era Has Almost Run-Off Business written in low-rate environment Some exceptionally cheap liabilities and became exceptionally profitable as rates attractive assets originated during market rose, and has
Slide 51: We Actively Manage the Business with Tools at Our Disposal
RETIREMENT SERVICES BUSINESS UPDATE 2025 4 We Actively Manage the Business with Tools at Our Disposal Select Levers Year-Over-Year SRE Impacts From Select Management Actions Taken Within the Business 2024 2025E 1 2026E 1 ADIP utilization Asset Portfolio Optimization Sold lower yielding corporate bon
Slide 52: Athene's Alternatives Targeted to Earn ~11% in 2026
RETIREMENT SERVICES BUSINESS UPDATE 2025 Athene’s Alternatives Targeted to Earn ~11% in 2026 Portfolio Composition Net Return Performance TRAILING A THOR A & 2Y ANNUALIZED LTM 3Q’25 VEN ER A BL E 8% 16% 10.2% 10.5% 11% 9.8% 8.6% 19% 65% 81% 3Q’22 3Q’25 AAA TOTAL ATHENE AAA RETURN TOTAL ATHENE AAA RE
Slide 53: Building Blocks for Our 2026 SRE Growth
RETIREMENT SERVICES BUSINESS UPDATE 2025 Building Blocks for Our 2026 SRE Growth SRE Target 1 Drivers (2026E) Gross Organic Inflows $85B+ Outflow Rate ~11% 10% Percentage of Organic Inflows Attributable to Sidecars2 ~25% Opex Ratio 15-20bps SRE at 11% Alts Return ~$3.8B Growth SRE Spread ~1.20-1.25%
Slide 54: SRE Targeted to Grow at a 10% Average Annual Rate Over the Long-Term
RETIREMENT SERVICES BUSINESS UPDATE 2025 SRE Targeted to Grow at a 10% Average Annual Rate Over the Long-Term Achieved 16% SRE CAGR as Athene Scaled Across Target 10% AVG ANNUAL GROWTH Different Interest Rate & Spread Environments (LTM 2Q’24-2029E) $5.0B+ ~$3.8B ~$3.475B $3.1B $3.2B $2.5B $2.5B $1.1
Slide 55: Why Should You Expect Deviation in Quarterly Reporting / Non-Linearity?
RETIREMENT SERVICES BUSINESS UPDATE 2025 Why Should You Expect Deviation in Quarterly Reporting / Non-Linearity? Runoff New business mix – Upfront new business Policyholder Large organic or (Assets + Liabilities) – products have distribution costs behavior (e.g. inorganic inflows non-constant dollar
Slide 56: Some Known Areas of Conservatism in Forecast
RETIREMENT SERVICES BUSINESS UPDATE 2025 Some Known Areas of Conservatism in Forecast Credit Spreads Countercyclical No inorganic Limited upside from Assumed to Assets Never growth assumed, new markets despite Stay at Current Repositioned though we have early traction and Tights Forever significant
Slide 57: Athene Expects to be a Significant Capital Generator
RETIREMENT SERVICES BUSINESS UPDATE 2025 Athene Expects to be a Significant Capital Generator ~$ B 9 $ B+ 3 $ 750M Deployable Estimated Additional Annual Dividend Capital Today Excess Capital Generation to Apollo 4 $2.9B excess equity capital1, (2025 through 2029)3 $3.0B undrawn ADIP capital, $2.7B
Slide 58: The Flywheel: Athene Provides a Compelling Return on Capital to the Apollo Group
RETIREMENT SERVICES BUSINESS UPDATE 2025 The Flywheel: Athene Provides a Compelling Return on Capital to the Apollo Group Illustrative Example: Athene Capital Deployment $100M ATHENE % of New Business Financed by ADIP 25%3 Gross Capital Deployed ~$130M4 FRE ADIP (x) Volumes / Capital 11x5 Total Flow
Slide 59: All Pathways of Capital Deployment Drive Earnings Accretion
RETIREMENT SERVICES BUSINESS UPDATE 2025 All Pathways of Capital Deployment Drive Earnings Accretion INCREMENTAL EARNINGS FRE SRE PII Athene Excess Capital ADIP Third-Party Sidecar ORGANIC INORGANIC GROWTH GROWTH Athene Debt Capacity Platforms Athene’s Alternatives New Funds Portfolio / AAA Seed New
Slide 60: Key Takeaways
RETIREMENT SERVICES BUSINESS UPDATE 2025 Key Takeaways Retirement crisis Athene is On track to Potential upside, is driving a tough deliver 10% SRE including from growing demand competitor growth in 2026, new markets or for Athene’s with a right and 10% average spread widening products to win throug
Slide 61: Appendix
RETIREMENT SERVICES BUSINESS UPDATE 2025 APPENDIX
Slide 62: Market Myths
RETIREMENT SERVICES BUSINESS UPDATE 2025 Market Myths 1 “Opaque” Offshore Capital 2 “Outsized” Credit Risk 3 Private Ratings “Arbitrage” 4 “Run on an Insurer” “Pension Group Annuities 5 Are Bad for Retirees” 62
Slide 63: Capital Backing U.S. Reserves
RETIREMENT SERVICES BUSINESS UPDATE 2025 1 Capital Backing U.S. Reserves $35 $35 $33 $22 $17 $17 $14 $12 $9 $9 $7 Insurer 1 Insurer 2 Insurer 3 Insurer 4 Insurer 5 Insurer 6 Insurer 7 Insurer 8 Insurer 9 Insurer 10 Note: Data is in billions. Athene data as of September 30, 2025. Represents the aggre
Slide 64: Adjusted Leverage Ratio
RETIREMENT SERVICES BUSINESS UPDATE 2025 1 Adjusted Leverage Ratio 37% 35% INDUSTRY AVG: 28% 32% 27% 30% 24% 24% 25% 22% 23% Insurer 1 Insurer 2 Insurer 3 Insurer 4 Insurer 5 Insurer 6 Insurer 7 Insurer 8 Insurer 9 Note: Adjusted leverage ratios as of September 30, 2025. Peer ratios are the percenta
Slide 65: Strong Ratings and Commitment to Upgrades
RETIREMENT SERVICES BUSINESS UPDATE 2025 1 Strong Ratings and Commitment to Upgrades ROBUST RATINGS PROFILE MERGER A+ COMPLETED Upgraded to ‘A’ 2024 S&P Upgraded to ‘A’ 2022 Upgraded to ‘A’ A1 2021 Upgraded to ‘A+’ COMPLETED IPO 2019 Moody’s Rated ‘A-’ 2018 Rated ‘A1’ A+ 2017 Rated ‘A-’ 2016 Upgrade
Slide 66: Strong Capital and Liquidity Profile
RETIREMENT SERVICES BUSINESS UPDATE 2025 1 Strong Capital and Liquidity Profile 2024 Athene’s Available Liquidity ($B) 430% Consolidated RBC Ratio1 1 Cash & Cash Equivalents4 $6.5 2 Credit Facilities5 4.9 419% 2024 U.S. RBC Ratio2 3 Committed Repurchase Facilities 2.0 4 Other Liquidity6 6.0 2024 5 H
Slide 67: Asset Allocation
RETIREMENT SERVICES BUSINESS UPDATE 2025 2 Asset Allocation Industry Average3 4% 3% 8% Cash & Equivalents Other1 5% Other4 Cash & Equivalents 5% Alternatives 3% Alternatives 97% 95% 24% 16% Mortgage Loans Mortgage 36% Loans 54% NAIC 1 & 22 Corporate NAIC 1 & 25 Corporate & Gov’t & Gov’t 3% 3% CMBS C
Slide 68: Levered Lending as a % of Invested Assets
RETIREMENT SERVICES BUSINESS UPDATE 2025 2 Levered Lending (Below Investment Grade Bank Loans) as a % of Invested Assets 3.7% 1.8% 1.9% 1.7% 1.3% 1.3% INDUSTRY AVG: 1.0% 0.9% 0.35% 0.4% 0.4% 0.3% 0.0% 0.0% 0.1% Insurer 1 Insurer 2 Insurer 3 Insurer 4 Insurer 5 Insurer 6 Insurer 7 Insurer 8 Insurer 9
Slide 69: All Below Investment Grade Bonds as a % of Invested Assets
RETIREMENT SERVICES BUSINESS UPDATE 2025 2 All Below Investment Grade Bonds as a % of Invested Assets 5% INDUSTRY AVG: 4% 4% 4% 4% 4% 4% 3% 3% 3% 3% 3% 2% 2% 3% Insurer 1 Insurer 2 Insurer 3 Insurer 4 Insurer 5 Insurer 6 Insurer 7 Insurer 8 Insurer 9 Insurer 10 Insurer 11 Insurer 12 Insurer 13 Note:
Slide 70: CRE Equity as a % of Invested Assets
RETIREMENT SERVICES BUSINESS UPDATE 2025 2 CRE Equity as a % of Invested Assets 4.5% 3.8% INDUSTRY AVG: 1.4% 1.8% 1.2% 1.2% 1.2% 1.3% 0.8% 0.9% 0.5% 0.5% 0.3% 0.3% 0.3% Insurer 1 Insurer 1 Insurer 2 Insurer 3 Insurer 4 Insurer 5 Insurer 6 Insurer 7 Insurer 8 Insurer 9 Insurer 10 Insurer 11 Insurer 1
Slide 71: Asset Impairments
RETIREMENT SERVICES BUSINESS UPDATE 2025 2 Asset Impairments 20 bps INDUSTRY (5 YR AVG): 13bps 18 bps 17 bps 16 bps ATHENE (5 YR AVG): 11bps 14 bps 13 bps 11bps 8 bps 9 bps 6 bps 3 bps Not yet available 2020 1 2021 2022 2023 2024 YTD 3Q'25 2 INDUSTRY AVERAGE 3 ATHENE 4 Go Deeper: Athene’s Asset Port
Slide 72: ~70% of Athene's Assets Have 2+ Ratings
RETIREMENT SERVICES BUSINESS UPDATE 2025 3 ~70% of Athene’s Assets Have 2+ Ratings; Those with Only 1 Diversified by NRSRO ATHENE’S NET INVESTED ASSETS ATHENE’S NET INVESTED ASSETS BY NUMBER OF RATINGS WITH A SINGLE NRSRO RATING Primarily Alts & Cash Rated by Not Rated 1 NRSRO DBRS NAIC / SVO 11% Ra
Slide 73: Percentage of Athene's Ratable Assets Rated by Each Rating Agency
RETIREMENT SERVICES BUSINESS UPDATE 2025 3 Percentage of Athene’s ‘Ratable’ Assets Rated by Each Rating Agency • ~85% of ratable assets have at least one rating 54% 51% 50% from S&P, Moody’s or Fitch • Sum of percentages 19% 19% exceeds 100% since many of Athene’s assets S&P Fitch Moody's KBRA DBRS
Slide 74: Market Wide Asset Backed Finance Ratings by Agency
RETIREMENT SERVICES BUSINESS UPDATE 2025 3 Market Wide Asset Backed Finance Ratings by Agency DBRS Other KBRA <1% 3% <1% ~1/3rd KBRA Fitch 10% S&P 18% 20% DBRS 2008 2023 S&P 23% 50% Moody’s Moody’s 27% 28% Fitch 20% Note: Data as of December 31, 2023 as reported on form NRSROs and Office of Credit R
Slide 75: Ratings on ABF Credit Investments are Aligned Between Ratings Agencies
RETIREMENT SERVICES BUSINESS UPDATE 2025 3 Ratings on ABF Credit Investments are Aligned Between Ratings Agencies There are 159,577 asset backed finance securities in Intex, a widely utilized database, with an S&P rating and at least one other rating The below compares the S&P rating for each asset
Slide 76: Use of Private Letter Ratings Driven by Issuer Confidentiality
RETIREMENT SERVICES BUSINESS UPDATE 2025 3 Use of Private Letter Ratings (“PLRs”) Driven by Issuer Confidentiality How They Work: Private Letter Ratings vs. Public Ratings Difference between private and public ratings is solely confidentiality Same Same Same PLR documentation must be accessed via a
Slide 77: Regular Publication of Liability Runoff Expectations, with Actual ≈ Expected
RETIREMENT SERVICES BUSINESS UPDATE 2025 4 Regular Publication of Liability Runoff Expectations, with Actual ≈ Expected Leading transparency as no other company in the industry provides detailed run-off projections HISTORICAL/PROJECTED ANNUALIZED OUTFLOW RATES 2023 2024 2025 2026E 1Q 2Q 3Q 4Q 1Q 2Q
Slide 78: Only 11% of Policies Are Out-of-Surrender Charge Period
RETIREMENT SERVICES BUSINESS UPDATE 2025 4 Only 11% of Policies Are Out-of-Surrender Charge Period Strong Economic Disincentives to Surrender Other Rider Benefits • Policies have lifetime income benefit • Only $10 BILLION of account value has no surrender charge or economic Other Rider significantly
Slide 79: Short-Dated Funding Agreement-Backed Commercial Paper Outstanding
RETIREMENT SERVICES BUSINESS UPDATE 2025 4 Short-Dated Funding Agreement-Backed Commercial Paper Outstanding While funding agreements are no longer “puttable”, backing long-dated assets with short-term funding agreements creates potential risk $9B $3B $3B $1B $2B - - - - - - - - - Insurer 1 Insurer
Slide 80: Higher Risk Liabilities as a % of Total Reserves
RETIREMENT SERVICES BUSINESS UPDATE 2025 4 Higher Risk Liabilities as a % of Total Reserves Higher risk liabilities include Long-Term Care, Variable Annuities with Living Benefit Riders, and Secondary Guarantee Universal Life 54% 23% 24% 19% INDUSTRY AVG: 13% 13% 6% 6% 2% 3% 0% 0% 0% 1% Insurer 1 In
Slide 81: Not a Single Beneficiary in a PGA Transaction Has Had Benefits Cut
RETIREMENT SERVICES BUSINESS UPDATE 2025 5 Over Last 30 Years, Not a Single Beneficiary in a PGA Transaction Has Had Benefits Cut Zero Over 3,000 Distress Terminations in 30 Years “Bethlehem Steel's pension payments were more Bethlehem 2002 TERMINATION generous than the government's, so Steel 92,000
Slide 82: Pension Group Annuities Offer Stability for Retirees
RETIREMENT SERVICES BUSINESS UPDATE 2025 5 Pension Group Annuities Offer Stability for Retirees Before After CORPORATE PL AN SPONSOR MANAGES PENSION INSURER MANAGES FORMER PENSION Liabilities may be understated Liabilities accurately valued under current market conditions May be underfunded, given l
Slide 83: Athene Discloses Every Individual Asset Backing a Pension Group Annuity Reserve
RETIREMENT SERVICES BUSINESS UPDATE 2025 5 Athene Discloses Every Individual Asset Backing a Pension Group Annuity Reserve in a Public, Annual U.S. Regulatory Filing INCLUDES EVERY ASSET Includes Every Asset, Even if it is Backed by the Substantial Athene Capital in Bermuda Via Reinsurance (HERE) 83
Slide 84: Bermuda Entities Allow Athene to Raise Third Party Capital Efficiently
RETIREMENT SERVICES BUSINESS UPDATE 2025 Bermuda Entities Allow Athene to Raise Third Party Capital Efficiently Equity Raised by Apollo for Life Insurance Industry by Domicile1 • Sidecar vehicles provide tax-efficient means for third-party foreign capital to $0.5B invest and support growth 2% • Athe
Slide 85: Policyholders Benefit from Combined Strength of All Entities
RETIREMENT SERVICES BUSINESS UPDATE 2025 Policyholders Benefit from Combined Strength of All Entities Policyholders benefit from Athene’s aggregate capitalization, including the ~75% of capital in Bermuda Athene typically uses modified coinsurance (“ModCo”) reinsurance structures, which provides ext
Slide 86: Athene's Asset Allocations and Investment Quality are Consistent Across Geographies
RETIREMENT SERVICES BUSINESS UPDATE 2025 Athene’s Asset Allocations and Investment Quality are Consistent Across Geographies Invested Assets Shown in Athene U.S. Statutory Filings1 Bermuda and Other Invested Assets2 Other Other Alternatives Alternatives 1%3 4%3 7% Cash 5% CMBS 3% Cash 4% 8% RMBS ~80
Slide 87: Additional Important Information, Definitions & Additional Terms
RETIREMENT SERVICES BUSINESS UPDATE 2025 ADDITIONAL IMPORTANT INFORMATION, DEFINITIONS & ADDITIONAL TERMS
Slide 88: Additional Important Information
RETIREMENT SERVICES BUSINESS UPDATE 2025 Additional Important Information Estimates and Assumptions This presentation includes certain unaudited financial and business projections and goals on Apollo’s or Athene’s future outlook (the “Estimates”). Estimates, and their underlying assumptions, are inh
Slide 89: Additional Important Information (continued)
RETIREMENT SERVICES BUSINESS UPDATE 2025 Additional Important Information (continued) Adjusted Net Income (“ANI”) The estimates and expectations about Apollo’s ANI in the future depend on many assumptions about future events and circumstances, including but not limited to (i) the assumptions about f
Slide 90: Additional Important Information (continued)
RETIREMENT SERVICES BUSINESS UPDATE 2025 Additional Important Information (continued) Target Returns Target returns are presented solely for providing insight into an investment’s objectives and detailing anticipated risk and reward characteristics in order to facilitate comparisons with other inves
Slide 91: Additional Important Information (continued)
RETIREMENT SERVICES BUSINESS UPDATE 2025 Additional Important Information (continued) Ratings Information In addition, information about factors affecting Apollo, including a description of risks that should be considered when making a decision to purchase or sell any securities of Apollo or Athene,
Slide 92: Definitions
RETIREMENT SERVICES BUSINESS UPDATE 2025 Definitions • “Segment Income”, or “SI”, is the key performance measure used by management in evaluating the performance of the asset management, retirement services, and principal investing segments. Management uses Segment Income to make key operating decis
Slide 93: Definitions (continued)
RETIREMENT SERVICES BUSINESS UPDATE 2025 Definitions (continued) • “Cost of Funds” includes liability costs related to cost of crediting on deferred annuities and institutional products, as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associat
Slide 94: Definitions (continued)
RETIREMENT SERVICES BUSINESS UPDATE 2025 Definitions (continued) • “AAA” refers to Apollo Aligned Alternatives Aggregator, LP., unless the context indicates otherwise. • “ACRA” refers to Athene Co-Invest Reinsurance Affiliate Holding Ltd, together with its subsidiaries (“ACRA 1”), and Athene Co-Inve
Slide 95: Additional Terms
RETIREMENT SERVICES BUSINESS UPDATE 2025 Additional Terms • “ABS” refers to asset-backed securities • “CD” refers to certificate of deposit • “CLO” refers to collateralized loan obligation • “FA” refers to funding agreements • “FABN” refers to Funding Agreement Backed Notes • “FABR” refers to Fundin
Slide 96: Reconciliation of GAAP to Non-GAAP Financial Measures
RETIREMENT SERVICES BUSINESS UPDATE 2025 Reconciliation of GAAP to Non-GAAP Financial Measures Years ended December 31, ($ in millions) 2017 2018 2019 2020 2021 2022 2023 2024 RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS, EXCLUDIN
Slide 97: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
RETIREMENT SERVICES BUSINESS UPDATE 2025 Reconciliation of GAAP to Non-GAAP Financial Measures (continued) ($ in millions) September 30, 2025 RECONCILIATION OF TOTAL INVESTMENTS, INCLUDING RELATED PARTIES, TO NET INVESTED ASSETS Total investments, including related parties $ 346,389 Derivative asset
Slide 98: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
RETIREMENT SERVICES BUSINESS UPDATE 2025 Reconciliation of GAAP to Non-GAAP Financial Measures (continued) ($ in millions, except percentages) September 30, 2025 RECONCILIATION OF LEVERAGE RATIO TO ADJUSTED LEVERAGE RATIO Total debt $ 7,856 Add: 50% of preferred stock 1,235 Less: 50% of subordinated
Apollo Global Management — Investor Day (November 2025) on 6ix