Apollo Global Management Investor Day Presentation Deck
Flow Reinsurance
Business Highlights
Ongoing priority to diversify counterparty relationships across
geographies and product areas
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During 2020, built a reputation of strength in the market as a
partner of choice, supporting counterparties when others chose
to conserve capital
Recent expansion into Japanese market with two key partnerships
HOW DOES FLOW REINSURANCE WORK?
1
RETAIL
ANNUITY
ISSUANCE
OF CLIENT
APOLLO INVESTOR DAY 2021
2
4
Reinsured to Athene,
Policy administration
stays with the issuer
Athene passes along
inherent benefits of its
model (asset management,
structure, capital strength)
3
ATHENE
MANAGES
LIABILITY
AND COLLECTS
SPREAD
EARNINGS
Flow Reinsurance Inflows ($B)
AVG. $2.6
$0.4
2014
$1.1
2015
$3.4
$0.9
$2.4
$4.0
$6.0
$2+
2016 2017 2018 2019 2020 2021E
KEY DRIVERS:
• Demand for capital efficiency / risk management from other
annuity issuers
• Changes in market pricing conditions and counterparty
behavior can cause fluctuations
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