Apollo Global Management Investor Presentation Deck
Case Study: AIG and Genworth Annualized Annuity Outflows During GFC
AIG and Genworth Annualized Annuity Outflows (2006-2010)
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
Annuity policyholders lack incentives to
surrender their policies and even the most
troubled insurers did not experience
substantial lapses during the GFC
GFC
APOLLO
AIG
Genworth
1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3008 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
-AIG
→Genworth
Note: Calculated from figures disclosed in US Life Insurer Statutory filings for entities owned by Genworth and Corebridge / AIG Life & Retirement, as aggregated by SNL Financial. Calculation represents the annualized rate implied by
quarterly total annuity surrender benefits and withdrawals for life contracts divided by beginning of period statutory reserves.
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