Apollo Global Management Investor Day Presentation Deck

The Industry Has Returned ~90% of Market Cap to Shareholders Over the Last Decade... 10% 2012 CUMULATIVE CAPITAL RETURN AS % OF MARKET CAP¹ 13% 2013 20% 2014 33% 2015 1. Source: Capital IQ. Insurers include AEL, AIG, LNC, MET, PFG, PRU, and VOYA. APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022 46% 2016 56% 2017 65% 2018 72% 2019 78% 2020 89% 2021 "Having a large share buyback has essentially become table stakes for U.S. life insurers, with capital return being the primary, if not the only, factor investors care about for many companies. However, while the financial math looks compelling, buybacks have done little to help valuations, and lack of real growth is an issue for the sector." - Autonomous Research, October 2021 14

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