Apollo Global Management Investor Day Presentation Deck
Lapse is Only Bad for a Small Subset of the Portfolio
$174B
of net reserve
liabilities
driving spread
related
earnings
30%
NON-SURRENDERABLE
1. $2.4bn of Buy-in PGA deals are surrenderable.
APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022
51%
W/ SURRENDER CHARGE
19%
NO SURRENDER CHARGE
• $52B from Pension Group
Annuities¹, Funding Agreements,
and Payout Annuities
• $89B currently in surrender charge period.
• Roughly two-thirds of total is also subject to
market value adjustment (MVA), which
further disincentivizes withdrawal
$33B currently out of surrender charge period
• Roughly two-thirds of total products have policy features
that will incentivize consumers to maintain policy
• Given product seasoning, products closer to end of life
with higher lapse rates are backed by short duration
assets (i.e. less impact upon withdrawal), which is one
of the reasons Athene's portfolio has
an allocation to floating rate securities
81%
of funding
carries a
withdrawal
penalty or
cannot be
withdrawn
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