Apollo Global Management Investor Day Presentation Deck
SRE is Recurring, Predictable, and Sustainable Through the Cycle
Average (2015-2021) = $1,297M
$790M
2015
$704M
$1,255M
2016
$1,148M
ill 11
2017
$1,421M
2018
$1,255M
2019
2020
DECLINING INTEREST
RATE ENVIRONMENT
$2,509M
$2,400M
SPREAD RELATED EARNINGS¹
2021 2022E
RISING INTEREST
RATE ENVIRONMENT
Average (2015-2021) = $1,282M
$893M
2015
$961M
2016
$1,061M
2017
$1,380M
2018
$1,463M
2019
$1,367M
2020
DECLINING INTEREST
RATE ENVIRONMENT
1. SRE represents Athene's historically reported adjusted operating income available to common shareholders excluding the change in fair value of AOG units, equity based compensation related to Athene's long-term incentive plan, and operating income tax.
2. Normalized spread related earnings excludes notable items and normalizes alternative income to an 11% long-term return, net of offsets.
APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022
$1,848M
-$2,200M
||
2021 2022E
RISING INTEREST
RATE ENVIRONMENT
NORMALIZED SPREAD RELATED EARNINGS²
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