Apollo Global Management Investor Day Presentation Deck
Athene Prices to a Target Spread Regardless of Market Backdrop
PROFITABLE ORGANIC GROWTH IN DIFFERENT INTEREST RATE ENVIRONMENTS
Average 10-Year US Treasury Yield
Gross Organic Inflows
Underwritten Net Spread on
Organic Inflows¹ (ROA)
Memo
Normalized Spread Related Earnings²
2018
"Higher Rate
Environment"
2.9%
$13.2B
1.1%
$1,380M
2020
"Lower Rate
Environment"
0.9%
$27.5B
1.1%
1Q'22
"Current
Environment"
2.0%
$11.6B
1.1%
~$1,950M³
1. Represents pre-tax net spread. 2. Normalized Spread Related Earnings reflects net investment spread adjusted to exclude notable items and normalized alternative income to an 11% long-term return, net of offsets 3. Annualized based on 1Q'22 results.
APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022
A from
2018 to
Current
(90) bps
250%³
Stable
+41%
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