Apollo Global Management (APO) 10-Q9 May 232023 FY Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-41197
Entity Registrant Name	APOLLO GLOBAL MANAGEMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3155788
Entity Address, Address Line One	9 West 57th Street
Entity Address, Address Line Two	42nd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	515-3200
Title of 12(b) Security	Common Stock
Trading Symbol	APO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		567,403,760
Amended Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001858681
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 15,099
Due from related parties	464	$ 465
Deferred acquisition costs, deferred sales inducements and value of business acquired	4,836	4,466
Total Assets	270,324	257,217
Liabilities
Due to related parties	980	998
Debt	6,464	6,472
Interest sensitive contract liabilities	181,100
Future policy benefits	42,490
Market risk benefits	3,203
Total Liabilities	252,590	241,819
Commitments and Contingencies (note 18)
Redeemable non-controlling interests
Redeemable non-controlling interests	$ 1,042	$ 1,032
Common stock, shares issued (in shares)	567,394,604	570,276,188
Equity
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 567,394,604 and 570,276,188 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	$ 0	$ 0
Additional paid in capital	14,408	14,982
Retained earnings (accumulated deficit)	(172)	(1,007)
Accumulated other comprehensive income (loss)	(6,162)	(7,335)
Total Apollo Global Management, Inc. Stockholders’ Equity	8,074	6,640
Non-controlling interests	8,618	7,726
Total Equity	16,692	14,366
Total Liabilities, Redeemable non-controlling interests and Equity	270,324	257,217
Asset Management
Assets
Cash and cash equivalents	1,255	1,201
Restricted cash and cash equivalents	1,061	1,048
Investments	5,596	5,582
Other assets	2,409	2,333
Due from related parties	464	465
Goodwill	264	264
Total Assets	12,967	13,402
Liabilities
Accounts payable, accrued expenses, and other liabilities	3,189	2,975
Due to related parties	980	998
Debt	2,814	2,814
Total Liabilities	8,278	8,736
Asset Management \| VIE, Primary Beneficiary
Assets
Cash and cash equivalents	123	110
Investments	1,763	2,369
Other assets	32	30
Liabilities
Notes payable	43	50
Other liabilities	1,252	1,899
Retirement Services
Assets
Cash and cash equivalents	13,844	7,779
Restricted cash and cash equivalents	1,148	628
Investments	176,466	172,488
Other assets	9,183	9,905
Goodwill	4,061	4,058
Investments in related parties	26,764	23,960
Reinsurance recoverable	4,229	4,358
Deferred acquisition costs, deferred sales inducements and value of business acquired	4,836	4,466
Total Assets	257,357	243,815
Liabilities
Debt	3,650	3,658
Other liabilities	2,831	3,213
Interest sensitive contract liabilities	181,100	173,616
Future policy benefits	42,490	42,110
Market risk benefits	3,203	2,970
Payables for collateral on derivatives and securities to repurchase	10,196	6,707
Total Liabilities	244,312	233,083
Retirement Services \| VIE, Primary Beneficiary
Assets
Cash and cash equivalents	654	362
Investments	16,061	15,699
Other assets	111	112
Liabilities
Other liabilities	$ 842	$ 809

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	90,000,000,000	90,000,000,000
Common stock, shares issued (in shares)	567,394,604	570,276,188
Common stock, shares outstanding (in shares)	567,394,604	570,276,188

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Premiums	$ 96	$ 2,110
Total Revenues	5,301	862
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	138	98
Total Expenses	3,574	2,784
Other income (loss) – Asset Management
Income (loss) before income tax (provision) benefit	1,791	(1,544)
Income tax (provision) benefit	(253)	485
Net income (loss)	1,538	(1,059)
Net (income) loss attributable to non-controlling interests	(528)	658
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders	1,010	(401)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders	$ 1,010	$ (401)
Earnings (loss) per share
Net income (loss) attributable to common stockholders - basic (in dollars per share)	$ 1.67	$ (0.70)
Net income (loss) attributable to common stockholders - diluted (in dollars per share)	$ 1.66	$ (0.70)
Weighted average shares outstanding
Weighted average shares outstanding – basic (in shares)	584,115,927	586,495,913
Weighted average shares outstanding – diluted (in shares)	584,242,571	586,495,913
VIE, Primary Beneficiary
Revenues
Investment related gains (losses)	$ 34	$ 367
Interest expense	29	9
Asset Management
Revenues
Net investment income	452	701
Investment related gains (losses)	(2)	34
Total Revenues	1,036	1,109
Compensation and benefits	670	734
Interest expense	31	32
General, administrative and other	197	148
Total Expenses	898	914
Other income (loss) – Asset Management
Other income (loss), net	32	(23)
Total Other income (loss)	64	378
Asset Management \| VIE, Primary Beneficiary
Revenues
Investment related gains (losses)	34	367
Asset Management \| Management fees
Revenues
Revenues	414	336
Asset Management \| Advisory and transaction fees, net
Revenues
Revenues	155	66
Asset Management \| Incentive fees
Revenues
Revenues	15	6
Retirement Services
Revenues
Net investment income	2,612	1,731
Premiums	96	2,110
Product charges	198	166
Investment related gains (losses)	1,065	(4,230)
Other revenues	13	(3)
Total Revenues	4,265	(247)
Interest sensitive contract benefits	1,289	(99)
Future policy and other policy benefits	466	2,184
Market risk benefits remeasurement (gains) losses	346	(622)
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	138	98
Policy and other operating expenses	437	309
Total Expenses	2,676	1,870
Retirement Services \| VIE, Primary Beneficiary
Revenues
Net investment income	82	21
Total Revenues	$ 281	$ (21)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,538	$ (1,059)
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities	2,099	(6,698)
Unrealized gains (losses) on hedging instruments	104	(127)
Remeasurement gains (losses) on future policy benefits related to discount rate	(802)	3,562
Remeasurement gains (losses) on market risk benefits related to credit risk	89	397
Foreign currency translation and other adjustments	22	(9)
Other comprehensive income (loss), before tax	1,512	(2,875)
Income tax expense (benefit) related to other comprehensive income (loss)	290	(615)
Other comprehensive income (loss)	1,222	(2,260)
Comprehensive income (loss)	2,760	(3,319)
Comprehensive (income) loss attributable to non-controlling interests	(577)	603
Comprehensive income (loss) attributable to Apollo Global Management, Inc.	$ 2,183	$ (2,716)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Total Apollo Global Management, Inc. Stockholders’ Equity (Deficit)	Common Stock	Additional Paid in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Loss	Non-Controlling Interests	Series A Preferred Stock Preferred Stock	Series B Preferred Stock Preferred Stock
Beginning balance, common stock (in shares) at Dec. 31, 2021			249,000,000
Beginning balance at Dec. 31, 2021	$ 10,194	$ 3,789		$ 2,096	$ 1,144	$ (5)	$ 6,405	$ 264	$ 290
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Merger with Athene (in shares)			166,000,000
Merger with Athene	17,992	13,050		13,050			4,942
Issuance of warrants	149	149		149
Reclassification of preferred stock to non-controlling interests	0	(554)					554	(264)	(290)
Consolidation/Deconsolidation of VIEs	(2,848)						(2,848)
Issuance of common stock related to equity transactions	21	21		21
Accretion of redeemable non-controlling interests	(20)	(20)		(20)
Capital increase related to equity-based compensation	141	141		141
Capital contributions	3,012						3,012
Dividends/Distributions	(841)	(241)		(12)	(229)		(600)
Payments related to issuances of common stock for equity-based awards (in shares)			3,000,000
Payments related to issuances of common stock for equity-based awards	(110)	(110)		28	(138)
Repurchase of common stock (in shares)			(4,000,000)
Repurchase of common stock	(226)	(226)		(226)
Exchange of AOG Units for common stock (in shares)			156,000,000
Exchange of AOG Units for common stock	(2,056)	535		535			(2,591)
Net income (loss)	(1,059)	(401)			(401)		(658)
Other comprehensive income (loss)	(2,260)	(2,315)				(2,315)	55
Ending balance, common stock (in shares) at Mar. 31, 2022			570,000,000
Ending balance at Mar. 31, 2022	$ 22,089	13,818		15,762	376	(2,320)	8,271	$ 0	$ 0
Beginning balance, common stock (in shares) at Dec. 31, 2022	570,276,188		570,000,000
Beginning balance at Dec. 31, 2022	$ 14,366	6,640		14,982	(1,007)	(7,335)	7,726
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other changes in equity of non-controlling interests	(119)						(119)
Accretion of redeemable non-controlling interests	(10)	(10)		(10)
Capital increase related to equity-based compensation	122	122		122
Capital contributions	617						617
Dividends/Distributions	(424)	(241)		(241)			(183)
Payments related to issuances of common stock for equity-based awards (in shares)			4,000,000
Payments related to issuances of common stock for equity-based awards	(160)	(160)		15	(175)
Repurchase of common stock (in shares)			(7,000,000)
Repurchase of common stock	(460)	(460)		(460)
Net income (loss)	1,538	1,010			1,010		528
Other comprehensive income (loss)	$ 1,222	1,173				1,173	49
Ending balance, common stock (in shares) at Mar. 31, 2023	567,394,604		567,000,000
Ending balance at Mar. 31, 2023	$ 16,692	$ 8,074		$ 14,408	$ (172)	$ (6,162)	$ 8,618

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net Income (Loss)	$ 1,538	$ (1,059)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities:
Equity-based compensation	140	168
Net investment income	(474)	(478)
Net recognized (gains) losses on investments and derivatives	(2,057)	1,671
Depreciation and amortization	165	106
Net amortization of net investment premiums, discount and other	30	73
Policy acquisition costs deferred	(375)	(214)
Other non-cash amounts included in net income (loss), net	66	42
Changes in consolidation	(51)	(946)
Changes in operating assets and liabilities:
Purchases of investments by Funds and VIEs	(1,213)	(6,033)
Proceeds from sale of investments by Funds and VIEs	1,861	1,812
Interest sensitive contract liabilities	2,229	(548)
Future policy benefits, market risk benefits and reinsurance recoverable	64	(776)
Other assets and liabilities, net	(852)	2,189
Net cash provided by (used in) operating activities	1,071	(3,993)
Cash Flows from Investing Activities
Purchases of investments and contributions to equity method investments	(1,397)	(135)
Purchases of available-for-sale securities	(6,668)	(11,100)
Purchases of mortgage loans	(2,930)	(4,258)
Purchases of investment funds	(464)	(2,200)
Purchases of U.S. Treasury securities	(244)	(1,517)
Purchases of derivatives instruments and other investments	(725)	(736)
Sales, maturities and repayments of investments and distributions from equity method investments	6,329	13,555
Cash acquired through merger	0	10,429
Other investing activities, net	459	(935)
Net cash provided by (used in) investing activities	(5,640)	3,103
Cash Flows from Financing Activities
Issuance of debt	1,203	3,656
Repayment of debt	(1,858)	(695)
Repurchase of common stock	(458)	(226)
Common stock dividends	(241)	(229)
Distributions paid to non-controlling interests	(183)	(633)
Contributions from non-controlling interests	617	3,382
Deposits on investment-type policies and contracts	12,006	8,342
Withdrawals on investment-type policies and contracts	(2,707)	(2,245)
Net change in cash collateral posted for derivative transactions and securities to repurchase	3,489	27
Other financing activities, net	(345)	(139)
Net cash provided by financing activities	11,523	11,240
Effect of exchange rate changes on cash and cash equivalents	3	(4)
Net Increase in Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities	6,957	10,346
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, Beginning of Period	11,128	2,088
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period	18,085	12,434
Supplemental Disclosure of Cash Flow Information
Cash paid for taxes	35	25
Cash paid for interest	169	203
Non-cash transactions
Investments, at fair value	(48)	(15,968)
Other assets	(1)	(184)
Debt, at fair value	0	9,350
Notes payable	0	2,611
Other liabilities	0	529
Non-controlling interest	5	4,608
Equity	95	0
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition:
Cash and cash equivalents	15,099	9,769
Restricted cash and cash equivalents	2,209	1,872
Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities	18,085	12,434
Asset Management
Non-cash transactions
Distributions from principal investments	2	93
Capital increases related to equity-based compensation	110	133
Issuance of restricted shares	14	0
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition:
Cash and cash equivalents	1,255
Retirement Services
Non-cash transactions
Investments received from settlements on reinsurance agreements	71	0
Investments received from pension group annuity premiums	0	1,759
Deposits on investment-type policies and contracts through reinsurance agreements	27	563
Withdrawals on investment-type policies and contracts through reinsurance agreements	3,029	1,774
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition:
Cash and cash equivalents	13,844
VIE, Primary Beneficiary
Cash Flows from Investing Activities
Purchases of U.S. Treasury securities	0	(817)
Cash Flows from Financing Activities
Issuance of debt	1,203	3,656
Distributions paid to non-controlling interests	0	(592)
Contributions from non-controlling interests	617	2,630
Non-cash transactions
Proceeds from maturities of U.S. Treasury Securities	0	1,162
Principal repayment of debt	(1,860)	(695)
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition:
Cash and cash equivalents held at consolidated variable interest entities	777	793
VIE, Primary Beneficiary \| Asset Management
Non-cash transactions
Purchases of investments	(1,213)	(6,033)
Proceeds from sale of investments	1,861	1,812
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition:
Cash and cash equivalents	123
VIE, Primary Beneficiary \| Retirement Services
Non-cash transactions
Purchases of investments	(442)	(3)
Proceeds from sale of investments	207	$ 168
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition:
Cash and cash equivalents	$ 654

Organization

Organization	3 Months Ended
Organization	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Apollo Global Management, Inc. together with its consolidated subsidiaries (collectively, “Apollo” or the “Company”) is a high-growth, global alternative asset manager and a retirement services provider. Its asset management business focuses on three investing strategies: yield, hybrid and equity. Through its asset management business, Apollo raises, invests and manages funds, accounts and other vehicles, on behalf of some of the world’s most prominent pension, endowment and sovereign wealth funds and insurance companies, as well as other institutional and individual investors. Apollo’s retirement services business is conducted by Athene, a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products for the increasing number of individuals and institutions seeking to fund retirement needs. Merger with Athene On January 1, 2022, Apollo and Athene completed the previously announced merger transactions pursuant to the Merger Agreement (the “Mergers”). As a result of the Mergers, AAM and AHL became consolidated subsidiaries of AGM. Athene’s results are included in the condensed consolidated financial statements commencing from the Merger Date. References herein to “Apollo” and the “Company” refer to AGM and its subsidiaries, including Athene, unless the context requires otherwise such as in sections where it refers to the asset management business only. See note 4 for additional information. Corporate Recapitalization In connection with the closing of the Mergers, the Company completed a corporate recapitalization (the “Corporate Recapitalization”) which resulted in the recapitalization of the Company from an umbrella partnership C corporation (“Up-C”) structure to a corporation with a single class of common stock with one vote per share. Griffin Capital Acquisitions On March 1, 2022, the company completed the acquisition of Griffin Capital’s U.S. wealth distribution business. On May 3, 2022, the Company completed the acquisition of the U.S. asset management business of Griffin Capital in exchange for closing consideration of $213 million and contingent consideration of $64 million, substantially all of which was settled in shares of AGM common stock, per the transaction agreement signed December 2, 2021. As a result of the final close, the Griffin Institutional Access Real Estate Fund and the Griffin Institutional Access Credit Fund are advised by Apollo and have been renamed the Apollo Diversified Real Estate Fund and Apollo Diversified Credit Fund, respectively.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the annual financial statements included in the 2022 Annual Report. Certain disclosures included in the annual financial statements have been condensed or omitted as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The results of the Company and its subsidiaries are presented on a consolidated basis. Any ownership interest other than the Company’s interest in its subsidiaries is reflected as a non-controlling interest. Intercompany accounts and transactions have been eliminated. Management believes it has made all necessary adjustments (consisting only of normal recurring items) so that the condensed consolidated financial statements are presented fairly and that any estimates made are reasonable and prudent. Certain reclassifications have been made to previously reported amounts to conform to the current period’s presentation. Furthermore, in conjunction with the Mergers, Apollo was deemed to be the accounting acquirer and Athene the accounting acquiree, which, for financial reporting purposes, results in Apollo’s historical financial information prior to the Mergers becoming that of the Company. Athene’s results before the Mergers have not been included in the condensed consolidated financial statements of the Company. The condensed consolidated financial statements include the assets, liabilities, operating results and cash flows of Athene from the date of acquisition. For information on Athene prior to the Mergers, please refer to the annual financial statements included in AHL’s annual report on Form 10-K for the year ended December 31, 2022. The Company’s principal subsidiaries, AAM and AHL, together with their subsidiaries, operate an asset management business and a retirement services business, respectively, which possess distinct characteristics. As a result, the Company’s financial statement presentation is organized into two tiers: asset management and retirement services. The Company believes that separate presentation provides a more informative view of the Company’s consolidated financial condition and results of operations than an aggregated presentation. The following summary of significant accounting policies first includes those most significant to the overall Company and then specific accounting policies for each of the asset management and retirement services businesses, respectively. Significant Accounting Policies— Overall Consolidation The Company consolidates entities where it has a controlling financial interest unless there is a specific scope exception that prevents consolidation. The types of entities with which the Company is involved generally include, but are not limited to: • subsidiaries, which includes AAM and its subsidiaries, including management companies and general partners of funds that the Company manages, and AHL and its subsidiaries • funds, including entities that have attributes of an investment company • SPACs • CLOs Each of these entities is assessed for consolidation based on its specific facts and circumstances. In determining whether to consolidate an entity, the Company first evaluates whether the entity is a VIE or a VOE and applies the appropriate consolidation model as discussed below. If an entity is not consolidated, then the Company’s investment is generally accounted for under the equity method of accounting or as a financial instrument as discussed in the related policy discussions below. Investment Companies Judgment is required to evaluate whether an entity has the necessary characteristics to be accounted for as an investment company. The funds managed by the Company that meet the investment company criteria are generally not required to consolidate operating companies and generally reflect their investments in operating companies and other investment companies at fair value. The Company has retained this specialized accounting for investment companies in consolidation. Variable Interest Entities All entities are first considered under the VIE model. VIEs are entities that 1) do not have sufficient equity at risk to finance their activities without additional subordinated financial support or 2) have equity investors at risk that do not have the ability to make significant decisions related to the entity’s operations, absorb expected losses, or receive expected residual returns. The Company consolidates a VIE if it is the primary beneficiary of the entity. The Company is deemed the primary beneficiary when it has a controlling financial interest in the VIE, which is defined as possessing both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance (“primary beneficiary power”) and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant (“significant variable interest”). The Company performs the VIE and primary beneficiary assessment at inception of its involvement with a VIE and on an ongoing basis if facts and circumstances change. To assess whether the Company has the primary beneficiary power under the VIE consolidation model, it considers the design of the entity as well as ongoing rights and responsibilities. In general, the parties that can make the most significant decisions regarding asset management have control over servicing, liquidation rights or the unilateral right to remove the decision-makers. To assess whether the Company has a significant variable interest, the Company considers all its economic interests that are considered variable interests in the entity, including interests held through related parties. This assessment requires judgment in considering whether those interests are significant. Assets and liabilities of the consolidated VIEs, other than SPACs, are primarily shown in separate sections within the condensed consolidated statements of financial condition. Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses are primarily presented within net gains from investment activities of consolidated variable interest entities in the condensed consolidated statements of operations. The portion attributable to non-controlling interests is reported within net income attributable to non-controlling interests in the condensed consolidated statements of operations. For additional disclosures regarding VIEs, see notes 7 and 17. Voting Interest Entities Entities that are not determined to be VIEs are generally considered VOEs. Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest. The Company does not consolidate those VOEs in which substantive kick-out rights have been granted to the unrelated investors to either dissolve the fund or remove the general partner. Non-controlling Interests For entities that are consolidated, but not wholly owned, a portion of the income or loss and corresponding equity is allocated to owners other than the Company. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the condensed consolidated financial statements. Non-controlling interests also include ownership interests in certain consolidated funds and VIEs. Non-controlling interests are presented as a separate component of equity on the Company’s condensed consolidated statements of financial condition. Net income (loss) includes the net income (loss) attributable to the holders of non-controlling interests on the Company’s condensed consolidated statements of operations. Profits and losses are allocated to non-controlling interests in proportion to their relative ownership interests regardless of their basis. Use of Estimates The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts in the financial statements and related footnotes. The Company’s most significant estimates include goodwill and intangible assets, income taxes, performance allocations, incentive fees, non-cash compensation, fair value of investments (including derivatives) and debt, impairment of investments and allowances for expected credit losses, and future policy benefit reserves. While such impact may change considerably over time, the estimates and assumptions affecting the Company’s condensed consolidated financial statements are based on the best available information as of March 31, 2023. Actual results could differ materially from those estimates. Cash and Cash Equivalents The Company considers all highly liquid short-term investments, including money market funds and U.S. Treasury securities, with original maturities of three months or less when purchased to be cash equivalents. Interest income from cash and cash equivalents is recorded in other income for asset management and net investment income for retirement services in the condensed consolidated statements of operations. The carrying values of the money market funds and U.S. Treasury securities represent their fair values due to their short-term nature. Substantially all of the Company’s cash on deposit is in interest bearing accounts with major financial institutions and exceed insured limits. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents represent balances that are restricted as to withdrawal or usage. Restricted cash consists of cash and cash equivalents held in funds in trust as part of certain coinsurance agreements to secure statutory reserves and liabilities of the coinsured parties. Restricted cash also includes cash deposited at a bank that is pledged as collateral in connection with leased premises. Restricted cash and cash equivalents also consists of money market funds and U.S. Treasury bills with original maturities of three months or less, that were purchased with funds raised through the respective initial public offerings of APSG II and Acropolis Infrastructure Acquisition Corp. (“Acropolis”), both SPACs sponsored by Apollo. The restricted cash and cash equivalents may only be used for purposes of completing an initial business combination or redemption of public shares as set forth in the respective trust agreements. Foreign Currency The Company holds foreign currency denominated assets and liabilities. Non-monetary assets and liabilities of the Company’s international subsidiaries are remeasured into the functional currency using historical exchange rates specific to each asset and liability, the exchange rates prevailing at the end of each reporting period are used for all others. The results of the Company’s foreign operations are remeasured using an average exchange rate for the respective reporting period. Currency remeasurement adjustments and gains and losses on the settlement of foreign currency translations are included within other income (loss), net for asset management or investment related gains (losses) for retirement services in the condensed consolidated statements of operations. Foreign currency denominated assets and liabilities are translated into the reporting currency using the exchange rates prevailing at the end of each reporting period. Currency translation adjustments are included within other comprehensive income (loss), before tax within the condensed consolidated statements of comprehensive income (loss). The change in unrealized foreign currency exchange of any non-U.S. dollar denominated available-for-sale (“AFS”) securities are included in other comprehensive income (“OCI”) unless they are designated as part of a fair value hedge. Investments Equity Method Investments For investments in entities over which the Company exercises significant influence but does not meet the requirements for consolidation and has not elected the fair value option, the Company uses the equity method of accounting. Under the equity method of accounting, the Company records its share of the underlying income or loss of such entities adjusted for distributions. The Company’s share of the underlying net income or loss of such entities is recorded in Investment income (loss) for asset management and Net investment income for retirement services in the condensed consolidated statements of operations. The carrying amounts of equity method investments are recorded in investments in the condensed consolidated statements of financial condition. Generally, the underlying entities that the Company manages and invests in are primarily investment companies, and the carrying value of the Company’s equity method investments approximates fair value. Reverse Repurchase Agreements and Repurchase Agreements A reverse repurchase agreement is a transaction in which the Company purchases financial instruments from a seller and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a fixed and determinable price at a future date. A repurchase agreement is a transaction in which the Company sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substant ially the same financial instruments from the buyer at a fixed and determinable price at a future date. Although reverse repurchase and repurchase agreements generally involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be resold or repurchased before or at the maturity of the agreement. As a result, the collateral received under reverse repurchase agreements are not recognized and the collateral pledged under repurchase agreements are not derecognized in the condensed consolidated statements of financial condition. Within asset management, reverse repurchase and repurchase agreements generally sit within consolidated VIEs and as such, those reverse repurchase and repurchase agreements are reflected as investments and other liabilities, respectively, within the consolidated VIE section of the statements of financial condition. Additionally, the income (loss) related to those reverse repurchase and repurchase agreements from consolidated VIEs are included in Net gains (losses) from investment activities of consolidated variable interest entities on the condensed consolidated statements of operations. Reverse repurchase agreements with asset management are generally accounted for by electing the fair value option. For retirement services, the receivable under the reverse repurchase agreement is recorded as investment for the principal amount loaned under the agreement and the payable under a repurchase agreement is recognized as payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition. Earnings from reverse repurchase agreements are included in net investment income for retirement services on the condensed consolidated statements of operations. For reverse repurchase agreements, the Company generally requires collateral with a fair value at least equal to the carrying value of the loaned amount, monitors the market value of the collateral on a periodic basis, and delivers or obtains additional collateral due to changes in the fair value of the collateral, as appropriate, in order to mitigate credit exposure. Financial Instruments held by Consolidated VIEs The consolidated VIEs managed by the Company are primarily investment companies and CLOs. Their investments include debt and equity securities held at fair value and reverse repurchase agreements. Financial instruments are generally accounted for on a trade date basis. Under a measurement alternative permissible for consolidated collateralized financing entities, the Company measures both the financial assets and financial liabilities of consolidated CLOs in its condensed consolidated financial statements in both cases using the fair value of the financial assets or financial liabilities, whichever are more observable. Where financial assets are more observable, the financial assets of the consolidated CLOs are measured at fair value and the financial liabilities are measured in consolidation as: (i) the sum of the fair value of the financial assets and the carrying value of any non-financial assets that are incidental to the operations of the CLOs less (ii) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. Where financial liabilities are more observable, the financial liabilities of the consolidated CLOs are measured at fair value and the financial assets are measured in consolidation as: (i) the sum of the fair value of the financial liabilities, and the carrying value of any non-financial liabilities that are incidental to the operations of the CLOs less (ii) the carrying value of any non-financial assets that are incidental to the operations of the CLOs. The resulting amount is allocated to the individual financial assets using a reasonable and consistent methodology. Net income attributable to Apollo Global Management, Inc. reflects the Company’s own economic interests in the consolidated CLOs, including (i) changes in the fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services. Certain consolidated VIEs have applied the fair value option for certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses in net income. Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date under current market conditions. The actual realized gains or losses will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may ultimately differ significantly from the assumptions on which the valuations were based. Fair Value Option Entities are permitted to elect the fair value option (“FVO”) to carry at fair value certain financial assets and financial liabilities, including investments otherwise accounted for under the equity method of accounting. The FVO election is irrevocable and is applied to financial instruments on an individual basis at initial recognition or at eligible remeasurement events. Please refer to note 5 for additional information and other instances of when the Company has elected the FVO. Fair Value Hierarchy U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: Level 1 – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The Company does not adjust the quoted price for these financial instruments, even in situations where the Company holds a large position and the sale of such position would likely deviate from the quoted price. Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. These financial instruments exhibit higher levels of liquid market observability as compared to Level 3 financial instruments. Level 3 – Pricing inputs are unobservable for the financial instrument and includes situations where there is little observable market activity for the financial instrument. The inputs into the determination of fair value may require significant management judgment or estimation. Financial instruments that are included in this category generally include investments where the fair value is based on observable inputs as well as unobservable inputs. When a security is valued based on broker quotes, the Company subjects those quotes to various criteria in making the determination as to whether a particular financial instrument would qualify for classification as Level 2 or Level 3. These criteria include, but are not limited to, the number and quality of the broker quotes, the standard deviations of the observed broker quotes, and the percentage deviation from external pricing services. Investments in securities that are traded on a securities exchange or comparable over-the-counter quotation systems are valued based on the last reported sale price at that date. If no sales of such investments are reported on such date, and in the case of over-the-counter securities or other investments for which the last sale date is not available, valuations are based on independent market quotations obtained from market participants, recognized pricing services or other sources deemed relevant, and the prices are based on the average of the “bid” and “ask” prices, or at ascertainable prices at the close of business on such day. Market quotations are generally based on valuation pricing models or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks, among other factors. When market quotations are not available, a model-based approach is used to determine fair value. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument when the fair value is based on unobservable inputs. Business Combinations The Company accounts for business combinations using the acquisition method of accounting where the consideration transferred for the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of the consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. Compensation and Benefits Compensation consists of (i) salary, bonus, and benefits, which includes base salaries, discretionary and non-discretionary bonuses, severance and employee benefits, (ii) equity-based awards granted to employees and non-employees that are measured based on the grant date fair value of the award and (iii) profit sharing expense, which primarily consists of a portion of performance revenues earned from certain funds that are allocated to employees and former employees. Compensation costs are recorded in compensation and benefits for asset management and policy and other operating expense for retirement services in the condensed consolidated statements of operations. Employees and non-employees who provide services to the Company are granted equity-based awards as compensation that are measured based on the grant date fair value of the award. Equity-based awards that do not require future service (i.e., vested awards) are expensed immediately. Equity-based employee awards that require future service are expensed over the relevant period of service. Equity-based awards that require performance metrics to be met are expensed only when the performance metric is met or deemed probable. Profit sharing amounts are recognized as the related performance revenues are earned. Accordingly, profit sharing amounts can be reversed during periods when there is a decline in performance revenues that were previously recognized. Profit sharing amounts are generally not paid until the related performance revenue is distributed to the general partner upon realization of the fund’s investments (which may be distributed in cash or in-kind). Earnings Per Share As the Company has issued participating securities, the two-class method of computing earnings per share is used for all periods presented for common stock and participating securities as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for distributions declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for distributions declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. Participating securities include vested and unvested RSUs that participate in distributions, as well as unvested restricted shares. Whether during a period of net income or net loss, under the two-class method the remaining earnings are allocated to common stock and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Earnings or losses allocated to each class of security are then divided by the applicable weighted average outstanding shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and includes the number of additional shares of common stock that would have been outstanding if the dilutive potential shares of common stock had been issued. The numerator is adjusted for any changes in income or loss that would result from the issuance of these potential shares of common stock. Share Repurchase When shares are repurchased, the Company can choose to record treasury shares or account for the repurchase as a constructive retirement. The Company accounted for share repurchases as constructive retirement, whereby it reduced common stock and additional paid-in capital by the amount of the original issuance, with any excess purchase price recorded as a reduction to retained earnings. Under this method, issued and outstanding shares are reduced by the shares repurchased, and no treasury stock is recognized on the condensed consolidated statements of financial condition. Income Taxes AGM is a Delaware corporation and generally all of its income is subject to U.S. corporate income taxes. Certain subsidiaries of the Company operate as partnerships for U.S. income tax purposes and are subject to NYC UBT. Certain non-U.S. entities are also subject to non-U.S. corporate income taxes. In conjunction with the Mergers, Apollo underwent a reorganization from an Up-C structure to a C-corporation with a single class of common stock. Athene, and certain of its non-U.S. subsidiaries, are Bermuda exempted companies that have historically not been subject to U.S. corporate income taxes on their earnings. Due to the Mergers, Athene’s non-U.S. earnings will generally be subject to U.S. corporate income taxes. Significant judgment is required in determining tax expense and in evaluating certain and uncertain tax positions. The Company recognizes the tax benefit of uncertain tax positions only where the position is “more likely than not” to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit is measured as the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. If a tax position is not considered more likely than not to be sustained, then no benefits of the position are recognized. The Company’s tax positions are reviewed and evaluated quarterly to determine whether the Company has uncertain tax positions that require financial statement recognition. Deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amount of assets and liabilities and their respective tax bases using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period during which the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that all or a portion of the deferred tax assets will not be realized. Significant judgment and estimates are required in determining whether valuation allowances should be established as well as the amount of such allowances. When making such determination, consideration is given to, among other things, the following: • whether sufficient taxable income exists within the allowed carryback or carryforward periods; • whether future reversals of existing taxable temporary differences will occur, including any tax planning strategies that could be used; • the nature or character (e.g., ordinary vs. capital) of the deferred tax assets and liabilities; and • whether future taxable income exclusive of reversing temporary differences and carryforwards exists. Recently Issued Accounting Pronouncements Fair Value Measurement — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03) In June 2022, the Financial Accounting Standards Board (“FASB”) issued clarifying guidance that a restriction which is a characteristic of the holding entity rather than a characteristic of the equity security itself should not be considered in its fair value measurement. As a result, the Company is required to measure the fair value of equity securities subject to contractual restrictions attributable to the holding entity on the basis of the market price of the same equity security without those contractual restrictions. Companies are not permitted to recognize a contractual sale restriction attributable to the holding entity as a separate unit of account. The guidance also requires disclosures for these equity securities. The new guidance is mandatorily effective for the Company by January 1, 2024 with early adoption permitted. The Company will apply the guidance on a prospective basis as an adjustment to current-period earnings with the adoption impact disclosed in the period of adoption. The Company is currently evaluating the new guidance and its impact on the condensed consolidated financial statements. Investments– Equity Method and Joint Ventures (ASU 2023-02) In March 2023, the FASB issued guidance in ASU 2023-02 to introduce the option of applying the proportional amortization method (“PAM”) to account for investments made primarily for the purpose of receiving income tax credits or other income tax benefits when certain requirements are met. Currently, PAM only applies to low-income housing tax credit (“LIHTC”) investments. The guidance becomes mandatorily effective for the Company on January 1, 2024, but early adoption i

Adoption of Accounting Pronounc

Adoption of Accounting Pronouncement	3 Months Ended
Adoption of Accounting Pronouncement	Mar. 31, 2023
Accounting Policies [Abstract]
Adoption of Accounting Pronouncement	3. Adoption of Accounting Pronouncement Retirement Services The following table summarizes future policy benefits and changes to the liability: (In millions) Traditional deferred annuities Indexed annuities Payout annuities Reconciling items 1 Total Balance as of January 1, 2022 $ 221 $ 5,389 $ 32,872 $ 8,632 $ 47,114 Change in discount rate assumptions — — 2,406 — 2,406 Adjustment for removal of balances related to market risk benefits (221) (5,389) — — (5,610) Adjustment for offsetting balance in negative VOBA 2 — — — (2,428) (2,428) Adjusted balance as of January 1, 2022 $ — $ — $ 35,278 $ 6,204 $ 41,482 1 Reconciling items primarily include negative VOBA associated with our liability for future policy benefits, as well as reserves for our immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for our no-lapse guarantees with universal life contracts, all of which are fully ceded. 2 Uneliminated adjustments were recorded to positive VOBA within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. Adjustments to the deferred profit liability were not required as these balances were set to zero on the Merger Date. Since the liability for future policy benefits was measured at fair value on the Merger Date, there were no instances upon transition in which net premiums exceeded gross premiums which would have required an immediate loss to be recognized in net income. The following table presents the net liability position of market risk benefits: (In millions) Traditional deferred annuities Indexed annuities Total Balance as of January 1, 2022 $ — $ — $ — Adjustment for addition of existing balances 1 221 5,389 5,610 Adjustment to positive VOBA due to fair value adjustment for market risk benefits 2 32 (1,165) (1,133) Adjustment to negative VOBA due to fair value adjustment for market risk benefits 3 — (30) (30) Adjusted balance as of January 1, 2022 $ 253 $ 4,194 $ 4,447 1 Previously recorded within future policy benefits on the condensed consolidated statements of financial condition. 2 Previously recorded within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. 3 Previously recorded within interest sensitive contract liabilities on the condensed consolidated statements of financial condition. The following table represents market risk benefits by asset and liability positions: (In millions) Asset 1 Liability Net liability Traditional deferred annuities $ — $ 253 $ 253 Indexed annuities 366 4,560 4,194 Adjusted balance as of January 1, 2022 $ 366 $ 4,813 $ 4,447 1 Included within other assets on the condensed consolidated statements of financial condition. The following table summarizes the change in deferred acquisition costs, deferred sales inducements and value of business acquired: (In millions) VOBA Balance as of January 1, 2022 $ 4,527 Change in discount rate assumptions for future policy benefits (22) Fair value adjustment of market risk benefits (1,133) Adjusted balance as of January 1, 2022 $ 3,372

Merger with Athene

Merger with Athene	3 Months Ended
Merger with Athene	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Merger with Athene	4. Merger with Athene On January 1, 2022, Apollo and Athene completed the previously announced merger transactions pursuant to the Merger Agreement. As a result of the Mergers, AAM and AHL became subsidiaries of AGM. Under the Merger Agreement, each issued and outstanding Athene common share was converted automatically into 1.149 shares of common stock of AGM and any cash paid in lieu of fractional shares. The purchase price was as follows: (In millions, except share price data and exchange ratio) AHL common shares purchased 138 Exchange ratio 1.149 Shares of common stock issued in exchange 158 AGM Class A shares closing price $ 72.43 Total merger consideration at closing $ 11,455 Fair value of estimated RSUs, options and warrants assumed and other equity consideration 1,2 699 Effective settlement of pre-existing relationships 3 896 Total merger consideration 13,050 Fair value of AHL common shares previously held (55 million shares) and other adjustments 4,5 4,554 Total AHL equity value held by AGM 17,604 Non-controlling interest 6 4,942 Total AHL equity value $ 22,546 1 AGM issued one-time grants of fully vested RSUs and options to certain executives and shareholders of Athene vesting upon consummation of the Mergers. Additionally, all issued and outstanding warrants of Athene prior to the Merger Date were exchanged for shares of AGM common stock at the time of the Mergers. The fair value of these awards is $600 million and is treated as part of consideration transferred. 2 AGM issued replacement awards for all outstanding Athene equity awards. $99 million was included as part of consideration for the portion that was attributable to pre-combination services and $53 million will be treated as post-combination compensation expense. 3 The pre-existing relationship related to receivables, payables, and dividends between Apollo and Athene. Total fees payable to AGM by Athene for asset management and advisory services were approximately $146 million. A cash dividend of $750 million was declared by Athene to its common shareholders with Apollo owning 100% of the common shares as of the dividend record date. 4 Based on the December 31, 2021 closing price of AHL common shares on the NYSE. 5 Other adjustments includes pushdown of goodwill arising out of deferred tax liabilities associated with identifiable net assets of Athene. 6 Non-controlling interest in Athene includes holders of Athene’s preferred shares and third-party investors in ACRA 1 and in consolidated VIEs of Athene. The fair value of Athene’s preferred shares was based on the closing stock price of Athene’s preferred shares immediately prior to the consummation of the Athene merger and the fair value of the non-controlling interest in ACRA 1 was determined using the discounted distribution model approach. The Mergers were accounted for as a business combination. The consideration was allocated to Athene's assets acquired and liabilities assumed based on estimates of their fair values as of the Merger Date. The business combination was achieved in steps. The Company previously held its equity interests in the acquiree at fair value. Goodwill of $4.1 billion was recorded based on the amount that the Athene equity value exceeded the fair value of the net assets acquired less the amounts attributable to non-controlling interests. Goodwill is primarily attributable to the scale, skill sets, operations, and synergies that can be achieved subsequent to the Mergers. The goodwill recorded is not expected to be deductible for tax purposes. Goodwill on the condensed consolidated statements of financial position includes the impacts of foreign currency translation. The financial statements were not retrospectively adjusted for the changes to the provisional values of assets acquired and liabilities assumed that occurred in subsequent periods. Adjustments were recognized as information related to the preliminary fair value calculation was obtained. The effect on earnings of changes in depreciation, amortization, or other income effects, as a result of changes to the provisional amounts, were recorded in the same period as the financial statements, calculated as if the accounting had been completed at the Merger Date. The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the Merger Date: (In millions) Fair Value and Goodwill Calculation Merger consideration $ 13,050 Fair value of previously held equity interest 4,554 Total Athene Value to be Held by the Company 17,604 Total Value to Allocate Investments 176,015 Cash and cash equivalents 9,479 Restricted cash and cash equivalents 796 Investment in related parties 33,863 Reinsurance recoverable 4,977 VOBA 3,372 Assets of consolidated variable interest entities 3,635 Other assets 6,115 Estimated fair value of total assets acquired (excluding goodwill) 238,252 Interest sensitive contract liabilities 160,241 Future policy benefits 41,482 Market risk benefits 4,813 Debt 3,295 Payables for collateral on derivatives and securities to repurchase 7,044 Liabilities of consolidated variable interest entities 461 Other liabilities 2,443 Estimated fair value of total liabilities assumed 219,779 Non-controlling interest 4,942 Estimated fair value of net assets acquired, excluding goodwill 13,531 Goodwill attributable to Athene $ 4,073 The Company finalized purchase accounting during the fourth quarter of 2022. During the year ended December 31, 2022, the Company recorded adjustments which decreased provisional goodwill by $108 million. The adjustments were comprised of $25 million for measurement period adjustments and $83 million to adjust the valuation of an investment. The measurement period adjustments were primarily related to decreases in interest sensitive contract liabilities and future policy benefits and the effects to the condensed consolidated statements of operations were immaterial to those periods. The Company performed a valuation of the acquired investments, policy liabilities, VOBA, other identifiable intangibles, and funds withheld at interest payables and receivables using methodologies consistent with those described in note 2 and note 8. Value of business acquired and Other identifiable intangible assets VOBA represents the difference between the fair value of liabilities acquired and reserves established using best estimate assumptions at the Merger Date. Other identifiable intangible assets are included in other assets on the condensed consolidated statements of financial condition and summarized as follow: Distribution Channels Trade Name Insurance Licenses These assets are valued using the excess earnings method, which derives value based on the present value of the cash flow attributable to the distribution channels, less returns for contributory assets. Amortization of these assets is on a straight-line basis. This represents the Athene trade name and was valued using the relief-from-royalty method considering publicly available third-party trade name royalty rates as well as expected premiums generated by the use of the trade name over its anticipated life. Amortization of this asset is on a straight-line basis. Licenses are protected through registration and were valued using the market approach based on third-party market transactions from which the prices paid for state insurance licenses could be derived. These assets are not amortized. The fair value and weighted average estimated useful lives of VOBA and other identifiable intangible assets acquired in the Mergers consist of the following: Fair value (in millions) Average useful life (in years) VOBA Asset $ 3,372 7 Distribution Channels 1,870 18 Trade Name 160 20 State Insurance Licenses 26 Indefinite Total $ 5,428

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Investments	5. Investments The following table outlines the Company’s investments: (In millions) March 31, 2023 December 31, 2022 Asset Management Investments, at fair value $ 1,352 $ 1,320 Equity method investments 1,019 979 Performance allocations 2,806 2,574 U.S. Treasury securities, at fair value 419 709 Total Investments – Asset Management 5,596 5,582 Retirement Services AFS securities, at fair value $ 118,579 $ 112,225 Trading securities, at fair value 2,537 2,473 Equity securities 1,619 1,766 Mortgage loans, at fair value 31,273 28,756 Investment funds 1,672 1,648 Policy loans 339 347 Funds withheld at interest 40,546 42,688 Derivative assets 3,956 3,309 Short-term investments 1,670 2,160 Other investments 1,039 1,076 Total Investments, including related parties – Retirement Services 203,230 196,448 Total Investments $ 208,826 $ 202,030 Asset Management Net Gains (Losses) from Investment Activities The following outlines realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities: Three months ended March 31, (In millions) 2023 2022 Realized gains (losses) on sales of investments, net $ 5 $ (2) Net change in unrealized gains (losses) due to changes in fair value (7) 36 Net gains (losses) from investment activities $ (2) $ 34 Performance Allocations Performance allocations receivable is recorded within investments in the condensed consolidated statements of financial condition. The table below provides a roll forward of the performance allocations balance: (In millions) Total Performance allocations, January 1, 2023 $ 2,574 Change in fair value of funds 427 Fund distributions to the Company (195) Performance allocations, March 31, 2023 $ 2,806 The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the condensed consolidated statements of financial condition. The timing of the payment of performance allocations due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, performance allocations with respect to the private equity funds and certain credit and real assets funds are payable and are distributed to the fund’s general partner upon realization of an investment if the fund’s cumulative returns are in excess of the preferred return. Retirement Services AFS Securities The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type: March 31, 2023 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 3,327 $ — $ 6 $ (630) $ 2,703 U.S. state, municipal and political subdivisions 1,215 — — (249) 966 Foreign governments 1,205 (27) 5 (261) 922 Corporate 75,348 (79) 167 (12,295) 63,141 CLO 18,643 (4) 134 (1,207) 17,566 ABS 11,696 (31) 31 (823) 10,873 CMBS 4,717 (5) 2 (524) 4,190 RMBS 7,050 (356) 197 (539) 6,352 Total AFS securities 123,201 (502) 542 (16,528) 106,713 AFS securities – related parties Corporate 1,180 — 1 (54) 1,127 CLO 3,736 (1) 14 (236) 3,513 ABS 7,480 — 12 (266) 7,226 Total AFS securities – related parties 12,396 (1) 27 (556) 11,866 Total AFS securities, including related parties $ 135,597 $ (503) $ 569 $ (17,084) $ 118,579 December 31, 2022 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 3,333 $ — $ — $ (756) $ 2,577 U.S. state, municipal and political subdivisions 1,218 — — (291) 927 Foreign governments 1,207 (27) 3 (276) 907 Corporate 74,644 (61) 92 (13,774) 60,901 CLO 17,722 (7) 115 (1,337) 16,493 ABS 11,447 (29) 15 (906) 10,527 CMBS 4,636 (5) 6 (479) 4,158 RMBS 6,775 (329) 64 (596) 5,914 Total AFS securities 120,982 (458) 295 (18,415) 102,404 AFS securities – related parties Corporate 1,028 — 1 (47) 982 CLO 3,346 (1) 10 (276) 3,079 ABS 6,066 — 3 (309) 5,760 Total AFS securities – related parties 10,440 (1) 14 (632) 9,821 Total AFS securities, including related parties $ 131,422 $ (459) $ 309 $ (19,047) $ 112,225 The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below: March 31, 2023 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,410 $ 1,377 Due after one year through five years 13,421 12,501 Due after five years through ten years 20,917 18,072 Due after ten years 45,347 35,782 CLO, ABS, CMBS and RMBS 42,106 38,981 Total AFS securities 123,201 106,713 AFS securities – related parties Due after one year through five years 735 731 Due after five years through ten years 286 258 Due after ten years 159 138 CLO and ABS 11,216 10,739 Total AFS securities – related parties 12,396 11,866 Total AFS securities, including related parties $ 135,597 $ 118,579 Actual maturities can differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Unrealized Losses on AFS Securities The following summarizes the fair value and gross unrealized losses for AFS securities, including related parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost: March 31, 2023 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities U.S. government and agencies $ 68 $ (4) $ 2,431 $ (626) $ 2,499 $ (630) U.S. state, municipal and political subdivisions 22 (2) 936 (247) 958 (249) Foreign governments 98 (8) 795 (252) 893 (260) Corporate 10,062 (812) 47,858 (11,472) 57,920 (12,284) CLO 3,038 (92) 11,579 (1,063) 14,617 (1,155) ABS 3,623 (197) 3,938 (492) 7,561 (689) CMBS 1,776 (35) 1,483 (354) 3,259 (389) RMBS 739 (44) 1,846 (258) 2,585 (302) Total AFS securities 19,426 (1,194) 70,866 (14,764) 90,292 (15,958) AFS securities – related parties Corporate 875 (24) 141 (30) 1,016 (54) CLO 1,009 (35) 2,124 (200) 3,133 (235) ABS 2,625 (82) 2,736 (184) 5,361 (266) Total AFS securities – related parties 4,509 (141) 5,001 (414) 9,510 (555) Total AFS securities, including related parties $ 23,935 $ (1,335) $ 75,867 $ (15,178) $ 99,802 $ (16,513) December 31, 2022 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities U.S. government and agencies $ 2,539 $ (756) $ — $ — $ 2,539 $ (756) U.S. state, municipal and political subdivisions 911 (291) — — 911 (291) Foreign governments 891 (275) — — 891 (275) Corporate 58,256 (13,773) — — 58,256 (13,773) CLO 13,486 (1,277) — — 13,486 (1,277) ABS 8,119 (801) — — 8,119 (801) CMBS 2,650 (427) — — 2,650 (427) RMBS 2,621 (365) — — 2,621 (365) Total AFS securities 89,473 (17,965) — — 89,473 (17,965) AFS securities – related parties Corporate 619 (47) — — 619 (47) CLO 2,752 (273) — — 2,752 (273) ABS 5,487 (308) — — 5,487 (308) Total AFS securities – related parties 8,858 (628) — — 8,858 (628) Total AFS securities, including related parties $ 98,331 $ (18,593) $ — $ — $ 98,331 $ (18,593) The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded: March 31, 2023 Unrealized Loss Position Unrealized Loss Position 12 Months or More AFS securities 8,873 7,387 AFS securities – related parties 194 103 The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since acquisition. Athene did not recognize the unrealized losses in income, unless as required for hedge accounting, as it intends to hold these securities and it is not more likely than not it will be required to sell a security before the recovery of its amortized cost. Allowance for Credit Losses The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type: Three months ended March 31, 2023 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS Securities Foreign governments $ 27 $ — $ — $ — $ — $ 27 Corporate 61 21 — (6) 3 79 CLO 7 1 — — (4) 4 ABS 29 — — — 2 31 CMBS 5 1 — — (1) 5 RMBS 329 3 28 (4) — 356 Total AFS securities 458 26 28 (10) — 502 AFS securities – related party, CLO 1 — — — — 1 Total AFS securities including related party $ 459 $ 26 $ 28 $ (10) $ — $ 503 Three months ended March 31, 2022 Additions Reductions (In millions) Beginning balance 1 Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Foreign governments $ — $ 66 $ — $ — $ — 66 Corporate — 55 — — — 55 CLO — 18 — — — 18 ABS 5 5 — — 1 11 CMBS — 6 — — — 6 RMBS 306 9 — (8) 5 312 Total AFS securities 311 159 — (8) 6 468 AFS securities – related parties CLO — 3 — — — 3 ABS — 17 — — — 17 Total AFS securities – related parties — 20 — — — 20 Total AFS securities, including related parties $ 311 $ 179 $ — $ (8) $ 6 $ 488 1 Beginning balance reflects allowances established at the time of the Mergers under purchase accounting for PCD investments. Net Investment Income Net investment income by asset class consists of the following: Three months ended March 31, (In millions) 2023 2022 AFS securities $ 1,469 $ 855 Trading securities 42 44 Equity securities 15 15 Mortgage loans 447 237 Investment funds 34 211 Funds withheld at interest 429 337 Other 188 42 Investment revenue 2,624 1,741 Investment expenses (12) (10) Net investment income $ 2,612 $ 1,731 Investment Related Gains (Losses) Investment related gains (losses) by asset class consists of the following: Three months ended March 31, (In millions) 2023 2022 AFS securities 1 Gross realized gains on investment activity $ 183 $ 103 Gross realized losses on investment activity (104) (410) Net realized investment losses on AFS securities 79 (307) Net recognized investment losses on trading securities 64 (221) Net recognized investment losses on equity securities (18) 20 Net recognized investment losses on mortgage loans 277 (796) Derivative losses 993 (3,041) Provision for credit losses (66) (192) Other gains (264) 307 Investment related gains (losses) $ 1,065 $ (4,230) 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges. Proceeds from sales of AFS securities were $1,140 million and $298 million for the three months ended March 31, 2023 and 2022, respectively. The following table summarizes the change in unrealized gains (losses) on trading and equity securities held as of the respective period end: Three months ended March 31, (In millions) 2023 2022 Trading securities $ 66 $ (189) Trading securities – related parties 6 (4) Equity securities (23) 17 Equity securities – related parties 3 (5) Repurchase Agreements The following table summarizes the remaining contractual maturities of repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition: (In millions) March 31, 2023 December 31, 2022 Less than 30 days 1,642 608 30-90 days 2,774 1,268 91 days to 364 days 500 — 1 year and greater 2,865 2,867 Payables for repurchase agreements $ 7,781 $ 4,743 The following table summarizes the securities pledged as collateral for repurchase agreements: March 31, 2023 December 31, 2022 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities U.S. government and agencies $ 2,825 $ 2,261 $ 2,559 $ 1,941 Foreign governments 146 108 146 107 Corporate 5,324 4,425 1,940 1,605 CLO 275 265 273 261 ABS 1,218 1,093 1,243 1,082 Total securities pledged under repurchase agreements $ 9,788 $ 8,152 $ 6,161 $ 4,996 Reverse Repurchase Agreements As of March 31, 2023 and December 31, 2022, amounts loaned under reverse repurchase agreements were $1,088 million and $1,640 million, respectively, and the fair value of the collateral, comprised primarily of commercial and residential mortgage loans, was $1,475 million and $1,753 million, respectively. Mortgage Loans, including related parties and consolidated VIEs Mortgage loans includes both commercial and residential loans. Athene has elected the fair value option on its mortgage loan portfolio. See note 8 for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: (In millions) March 31, 2023 December 31, 2022 Commercial mortgage loans $ 21,743 $ 21,061 Commercial mortgage loans under development 1,020 790 Total commercial mortgage loans 22,763 21,851 Mark to fair value (1,740) (1,743) Commercial mortgage loans 21,023 20,108 Residential mortgage loans 13,211 11,802 Mark to fair value (842) (1,099) Residential mortgage loans 12,369 10,703 Mortgage loans $ 33,392 $ 30,811 Athene primarily invests in commercial mortgage loans on income producing properties, including office and retail buildings, apartments, hotels, and industrial properties. Athene diversifies the commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. Athene evaluates mortgage loans based on relevant current information to confirm if properties are performing at a consistent and acceptable level to secure the related debt. The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows: March 31, 2023 December 31, 2022 (In millions, except percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 4,535 21.6 % $ 4,651 23.1 % Retail 1,450 6.9 % 1,454 7.2 % Apartment 7,506 35.7 % 6,692 33.3 % Hotels 1,873 8.9 % 1,855 9.2 % Industrial 2,242 10.7 % 2,047 10.2 % Other commercial 3,417 16.2 % 3,409 17.0 % Total commercial mortgage loans $ 21,023 100.0 % $ 20,108 100.0 % U.S. Region East North Central $ 1,438 6.8 % $ 1,437 7.1 % East South Central 422 2.0 % 413 2.1 % Middle Atlantic 5,561 26.5 % 5,183 25.8 % Mountain 923 4.4 % 898 4.5 % New England 1,071 5.1 % 1,076 5.4 % Pacific 4,033 19.2 % 3,781 18.8 % South Atlantic 2,876 13.6 % 2,756 13.7 % West North Central 225 1.1 % 231 1.1 % West South Central 1,066 5.1 % 1,085 5.4 % Total U.S. Region 17,615 83.8 % 16,860 83.9 % International Region United Kingdom 1,970 9.4 % 1,898 9.4 % Other international 1 1,438 6.8 % 1,350 6.7 % Total International Region 3,408 16.2 % 3,248 16.1 % Total commercial mortgage loans $ 21,023 100.0 % $ 20,108 100.0 % 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Athene’s residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table: March 31, 2023 December 31, 2022 U.S. States California 28.5 % 28.9 % Florida 10.1 % 9.7 % New York 5.8 % 5.6 % New Jersey 5.4 % 5.3 % Arizona 5.0 % 5.1 % Other 1 32.8 % 31.7 % Total U.S. residential mortgage loan percentage 87.6 % 86.3 % International United Kingdom 5.0 % 5.4 % Other 2 7.4 % 8.3 % Total international residential mortgage loan percentage 12.4 % 13.7 % Total residential mortgage loan percentage 100.0 % 100.0 % 1 Represents all other states, with each individual state comprising less than 5% of the portfolio. 2 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Investment Funds Athene’s investment fund portfolio consists of funds that employ various strategies and include investments in origination platforms, insurance platforms, and equity, hybrid, yield and other funds . Investment funds can meet the definition of VIEs. The investment funds do not specify timing of distributions on the funds’ underlying assets. The following summarizes Athene’s investment funds, including related parties and consolidated VIEs: March 31, 2023 December 31, 2022 (In millions, except percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Equity funds $ 43 55.8 % $ 46 58.2 % Hybrid funds 28 36.4 % 32 40.5 % Other 6 7.8 % 1 1.3 % Total investment funds 77 100.0 % 79 100.0 % Investment funds – related parties Strategic origination platforms 35 2.2 % 34 2.2 % Strategic insurance platforms 1,305 81.8 % 1,259 80.2 % Apollo and other fund investments Equity funds 228 14.3 % 246 15.7 % Yield funds 5 0.3 % 5 0.3 % Other 22 1.4 % 25 1.6 % Total investment funds – related parties 1,595 100.0 % 1,569 100.0 % Investment funds – consolidated VIEs Strategic origination platforms 4,991 39.1 % 4,829 38.7 % Strategic insurance platforms 515 4.0 % 529 4.2 % Apollo and other fund investments Equity funds 2,710 21.2 % 2,640 21.2 % Hybrid funds 3,180 24.9 % 3,112 24.9 % Yield funds 1,091 8.5 % 1,044 8.4 % Other 288 2.3 % 326 2.6 % Total investment funds – consolidated VIEs 12,775 100.0 % 12,480 100.0 % Total investment funds, including related parties and consolidated VIEs $ 14,447 $ 14,128 Concentrations —The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity: (In millions) March 31, 2023 Wheels Donlen 1 $ 1,419 PK AirFinance 1 1,334 Athora 1 1,279 Atlas 1 995 AP Tundra 873 MFI Investments 869 — — (In millions) December 31, 2022 Wheels Donlen 1 $ 1,288 Athora 1 1,232 PK AirFinance 1 999 AP Tundra 896 MFI Investments 878 SoftBank Vision Fund II 789 MidCap 1 788 Cayman Universe 756 Concord Music CL A2 684 Redding Ridge 683 AOP Finance 671 1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in note 17.

Derivatives

Derivatives	3 Months Ended
Derivatives	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	6. Derivatives The Company uses a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See note 8 for information about the fair value hierarchy for derivatives. The following table presents the notional amount and fair value of derivative instruments: March 31, 2023 December 31, 2022 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 6,678 $ 713 $ 149 6,677 $ 747 $ 154 Forwards 6,380 392 57 6,283 406 52 Interest rate swaps 4,468 — 725 4,468 — 803 Forwards on net investments 217 — 2 216 2 — Interest rate swaps 10,082 10 83 9,332 9 150 Total derivatives designated as hedges 1,115 1,016 1,164 1,159 Derivatives not designated as hedges Equity options 67,730 2,085 106 65,089 1,374 114 Futures 21 56 4 18 33 — Foreign currency swaps 3,863 266 118 3,563 251 112 Interest rate swaps 523 89 1 488 74 — Other swaps 137 4 1 89 — 4 Foreign currency forwards 18,250 341 272 16,376 413 257 Embedded derivatives Funds withheld, including related parties (5,557) (67) (6,272) (77) Interest sensitive contract liabilities — 6,747 — 5,841 Total derivatives not designated as hedges (2,716) 7,182 (4,127) 6,251 Total derivatives $ (1,601) $ 8,198 $ (2,963) $ 7,410 Derivatives Designated as Hedges Cash Flow Hedges Athene uses interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by July 2027. During the three months ended March 31, 2023 and 2022, Athene recognized losses of $73 million and $0 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three months ended March 31, 2023 and 2022. As of March 31, 2023, no amounts are expected to be reclassified to income within the next 12 months. Fair Value Hedges Athene uses foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps, and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date. The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: March 31, 2023 December 31, 2022 (In millions) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) AFS securities Foreign currency forwards $ 5,480 $ (431) $ 5,259 $ (217) Foreign currency swaps 4,962 (304) 4,797 (398) Interest sensitive contract liabilities Foreign currency swaps 1,081 (9) 1,081 88 Foreign currency interest rate swaps 4,348 315 4,348 632 Interest rate swaps 7,087 203 6,577 323 1 The carrying amount disclosed for AFS securities is amortized cost. The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships: Amount Excluded (In millions) Derivatives Hedged Items Net Recognized in income through amortization approach Recognized in income through changes in fair value Three months ended March 31, 2023 Investment related gains (losses) Foreign currency forwards $ (70) $ 73 $ 3 $ 87 $ 4 Foreign currency swaps (59) 64 5 — — Foreign currency interest rate swaps 78 (70) 8 — — Interest rate swaps 102 (104) (2) — — Interest sensitive contract benefits Foreign currency interest rate swaps 15 (15) — — — Three months ended March 31, 2022 Investment related gains (losses) Foreign currency forwards $ 127 $ (126) $ 1 $ 14 $ 1 Foreign currency swaps 91 (95) (4) — — Foreign currency interest rate swaps (159) 197 38 — — Interest rate swaps (72) 75 3 — — Interest sensitive contract benefits Foreign currency interest rate swaps 10 (9) 1 — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI: Three months ended March 31, (In millions) 2023 2022 Foreign currency forwards $ 63 $ (73) Foreign currency swaps 114 (56) Net Investment Hedges Athene uses foreign currency forwards to hedge the foreign currency exchange rate risk of its investments in subsidiaries that have a reporting currency other than the U.S. dollar. Hedge effectiveness is assessed based on the changes in forward rates. During the three months ended March 31, 2023 and 2022, these derivatives had losses of $4 million and gains of $2 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of March 31, 2023 and December 31, 2022, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $26 million and $30 million, respectively. During the three months ended March 31, 2023 and 2022, there were no amounts deemed ineffective. Derivatives Not Designated as Hedges Equity options Athene uses equity indexed options to economically hedge fixed indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index, primarily the S&P 500. To hedge against adverse changes in equity indices, Athene enters into contracts to buy equity indexed options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price. Futures Athene purchases futures contracts to hedge the growth in interest credited to the customer as a direct result of increases in the related indices. Athene enters into exchange-traded futures with regulated futures commission clearing brokers who are members of a trading exchange. Under exchange-traded futures contracts, Athene agrees to purchase a specified number of contracts with other parties and to post variation margin on a daily basis in an amount equal to the difference in the daily fair values of those contracts. Interest rate swaps Athene uses interest rate swaps to reduce market risks from interest rate changes and to alter interest rate exposure arising from duration mismatches between assets and liabilities. With an interest rate swap, Athene agrees with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed upon notional principal amount at specified intervals. Other swaps – Other swaps include total return swaps and credit default swaps. Athene purchases total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. Credit default swaps provide a measure of protection against the default of an issuer or allow Athene to gain credit exposure to an issuer or traded index. Athene uses credit default swaps coupled with a bond to synthetically create the characteristics of a reference bond. Embedded derivatives Athene has embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance agreements structured on a modco or funds withheld basis and indexed annuity products. The following is a summary of the gains (losses) related to derivatives not designated as hedges: Three months ended March 31, (In millions) 2023 2022 Equity options $ 350 $ (708) Futures 34 (33) Swaps 33 63 Foreign currency forwards (169) 155 Embedded derivatives on funds withheld 603 (2,520) Amounts recognized in investment related gains (losses) 851 (3,043) Embedded derivatives in indexed annuity products 1 (473) 1,034 Total gains (losses) on derivatives not designated as hedges $ 378 $ (2,009) 1 Included in interest sensitive contract benefits on the condensed consolidated statements of operations. Credit Risk The Company may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of Athene’s derivative contracts is the fair value at the reporting date less any collateral received from the counterparty. Athene manages credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, Athene maintains collateral arrangements and uses master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. Athene has also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure. Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in Athene’s financial strength rating to a specified level can result in settlement of the derivative position. The estimated fair value of net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated statements of financial condition (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral March 31, 2023 Derivative assets $ 3,956 $ (1,456) $ (2,411) $ 89 $ — $ 89 Derivative liabilities (1,518) 1,456 506 444 — 444 December 31, 2022 Derivative assets $ 3,309 $ (1,477) $ (1,952) $ (120) $ — $ (120) Derivative liabilities (1,646) 1,477 478 309 — 309 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of March 31, 2023 and December 31, 2022, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition. 3 For non-cash collateral received, the Company does not recognize the collateral on the condensed consolidated statement of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	7. Variable Interest Entities A variable interest in a VIE is an investment or other interest that will absorb portions of the VIE’s expected losses and/or receive expected residual returns. Refer to note 2 for more details about the Company’s VIE assessment and consolidation policy. Variable interests in consolidated VIEs and unconsolidated VIEs are discussed separately below. Consolidated VIEs Consolidated VIEs include consolidated SPACs as well as certain CLOs and funds managed by the Company. The financial information for these consolidated SPACs is disclosed in note 17. The assets of consolidated VIEs are not available to creditors of the Company, and the investors in these consolidated VIEs have no recourse against the assets of the Company. Similarly, there is no recourse to the Company for the consolidated VIEs’ liabilities. Other assets of the consolidated funds include interest receivables, receivables from affiliates and reverse repurchase agreements. Other liabilities include debt held at amortized cost, short-term payables and repurchase agreements. Each series of notes in a respective consolidated VIE participates in distributions from the VIE, including principal and interest from underlying investments. Amounts allocated to the noteholders reflect amounts that would be distributed if the VIE’s affairs were wound up and its assets sold for cash equal to their respective carrying values, its liabilities satisfied in accordance with their terms, and all the remaining amounts distributed to the noteholders. The respective VIEs that issue the notes payable are marked at their prevailing net asset value, which approximates fair value. Results from certain funds managed by Apollo are reported on a three-month lag based upon the availability of financial information. Net Gains (Losses) from Investment Activities of Consolidated Variable Interest Entities—Asset Management The following table presents net gains (losses) from investment activities of the consolidated VIEs: Three months ended March 31, (In millions) 2023 1 2022 1 Net gains (losses) from investment activities $ 30 $ 137 Net gains (losses) from debt — 31 Interest and other income 33 208 Interest and other expenses (29) (9) Net gains (losses) from investment activities of consolidated variable interest entities $ 34 $ 367 1 Amounts reflect consolidation eliminations. Subscription Lines Included within notes payable and other liabilities are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of those amounts: March 31, 2023 December 31, 2022 (In millions, except percentages) Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Asset Management Subscription lines 1 $ 1,287 6.65 % 0.09 $ 686 6.22 % 0.08 1 The subscription lines of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle. The consolidated VIEs’ debt obligations contain various customary loan covenants. As of March 31, 2023, the Company was not aware of any instances of non-compliance with any of these covenants. Repurchase Agreements The following table summarizes the maturities of repurchase agreements: Remaining Contractual Maturity As of As of 91 days to 364 days $ — $ 1,254 Total payables for repurchase agreements (1) $ — $ 1,254 (1) Included in other liabilities of consolidated variable interest entities on the condensed consolidated statements of financial condition. The following table summarizes the gross carrying value of repurchase agreements by class of collateral pledged: (In millions) March 31, 2023 December 31, 2022 Loans backed by residential real estate $ — $ 770 Loans backed by commercial real estate — 484 Total $ — $ 1,254 Note: These repurchase agreements are carried at cost which approximates fair value and is classified as Level 2 of the fair value hierarchy. Reverse Repurchase Agreements As of March 31, 2023 and December 31, 2022, fair value of collateral received under reverse repurchase agreements was $510 million and $1,522 million, respectively, and fair value of collateral rehypothecated was $0 million and $1,522 million, respectively. Revenues of Consolidated Variable Interest Entities—Retirement Services The following summarizes the statements of operations activity of the consolidated VIEs: Three months ended March 31, (In millions) 2023 2022 Trading securities $ 23 $ — Mortgage loans 24 20 Investment funds 35 1 Net investment income 82 21 Net recognized investment gains (losses) on trading securities 6 — Net recognized investment losses on mortgage loans 9 (112) Net recognized investment gains (losses) on investment funds 224 70 Other gains (losses) (40) — Investment related gains (losses) 199 (42) Revenues of consolidated variable interest entities $ 281 $ (21) Unconsolidated Variable Interest Entities—Asset Management The following table presents the maximum exposure to losses relating to these VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary. (In millions) March 31, 2023 2 December 31, 2022 2 Maximum Loss Exposure 1 $ 317 $ 343 1 Represents Apollo’s direct investment in those entities in which it holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses. 2 Some amounts included are a quarter in arrears. Unconsolidated Variable Interest Entities—Retirement Services The Company has variable interests in certain unconsolidated VIEs in the form of securities and ownership stakes in investment funds. Fixed maturity securities Athene invests in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, Athene is a debt investor within these entities and, as such, holds a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the trust that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which Athene holds the residual tranche are not consolidated because Athene does not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, Athene is not under common control, as defined by U.S. GAAP, with the related parties, nor are substantially all of the activities conducted on Athene’s behalf; therefore, Athene is not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments and are held at fair value on the condensed consolidated statements of financial condition and classified as AFS or trading. Investment funds Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures. Equity securities Athene invests in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure. Athene’s risk of loss associated with its non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments. The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: March 31, 2023 December 31, 2022 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 77 $ 518 $ 79 $ 340 Investment in related parties – investment funds 1,595 2,251 1,569 2,253 Assets of consolidated VIEs – investment funds 12,775 20,267 12,480 20,278 Investment in fixed maturity securities 39,373 42,555 37,454 40,992 Investment in related parties – fixed maturity securities 11,624 12,101 9,717 10,290 Investment in related parties – equity securities 251 251 279 279 Total non-consolidated investments $ 65,695 $ 77,943 $ 61,578 $ 74,432

Fair Value

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value	8. Fair Value Fair Value Measurements of Financial Instruments The following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level: March 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 1,255 $ — $ — $ — $ 1,255 Restricted cash and cash equivalents 1 1,061 — — — 1,061 Cash and cash equivalents of VIEs 123 — — — 123 U.S. Treasury securities 419 — — — 419 Investments, at fair value 194 39 1,116 2 3 1,352 Investments of VIEs — 369 1,282 112 1,763 Due from related parties 3 — — 33 — 33 Derivative assets 4 — 17 15 — 32 Total Assets – Asset Management 3,052 425 2,446 115 6,038 March 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Retirement Services AFS Securities U.S. government and agencies 2,697 6 — — 2,703 U.S. state, municipal and political subdivisions — 966 — — 966 Foreign governments — 921 1 — 922 Corporate 9 61,510 1,622 — 63,141 CLO — 17,566 — — 17,566 ABS — 5,931 4,942 — 10,873 CMBS — 4,190 — — 4,190 RMBS — 6,114 238 — 6,352 Total AFS securities 2,706 97,204 6,803 — 106,713 Trading securities 24 1,586 42 — 1,652 Equity securities 273 624 71 — 968 Mortgage loans — — 29,949 — 29,949 Funds withheld at interest – embedded derivative — — (4,291) — (4,291) Derivative assets 66 3,890 — — 3,956 Short-term investments 1 551 30 — 582 Other investments — 215 286 — 501 Cash and cash equivalents 13,844 — — — 13,844 Restricted cash and cash equivalents 1,148 — — — 1,148 Investments in related parties AFS securities Corporate — 168 959 — 1,127 CLO — 3,015 498 — 3,513 ABS — 221 7,005 — 7,226 Total AFS securities – related parties — 3,404 8,462 — 11,866 Trading securities — — 885 — 885 Equity securities — — 251 — 251 Mortgage loans — — 1,324 — 1,324 Investment funds — — 1,034 — 1,034 Funds withheld at interest – embedded derivative — — (1,266) — (1,266) Other investments — — 338 — 338 Reinsurance recoverable — — 1,470 — 1,470 Other assets 7 — — 440 — 440 Assets of consolidated VIEs Trading securities — 421 648 — 1,069 Mortgage loans — — 2,119 — 2,119 Investment funds — — 2,581 10,194 12,775 Other investments — 2 97 — 99 Cash and cash equivalents 654 — — — 654 Total Assets – Retirement Services 18,716 107,897 51,273 10,194 188,080 Total Assets $ 21,768 $ 108,322 $ 53,719 $ 10,309 $ 194,118 Liabilities Asset Management Contingent consideration obligations 5 $ — $ — $ 78 $ — $ 78 Other liabilities 6 1 — — — 1 Total Liabilities – Asset Management 1 — 78 — 79 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 6,747 — 6,747 Universal life benefits — — 879 — 879 Future policy benefits AmerUs closed block — — 1,190 — 1,190 ILICO closed block and life benefits — — 579 — 579 March 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Market risk benefits 7 — — 3,203 — 3,203 Derivative liabilities 24 1,493 1 — 1,518 Other liabilities — (67) 189 — 122 Total Liabilities – Retirement Services 24 1,426 12,788 — 14,238 Total Liabilities $ 25 $ 1,426 $ 12,866 $ — $ 14,317 December 31, 2022 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 1,201 $ — $ — $ — $ 1,201 Restricted cash and cash equivalents 1 1,048 — — — 1,048 Cash and cash equivalents of VIEs 110 — — — 110 U.S. Treasury securities 709 — — — 709 Investments, at fair value 190 39 1,083 2 8 1,320 Investments of VIEs — 1,537 727 105 2,369 Due from related parties 3 — — 43 — 43 Derivative assets 4 — — 15 — 15 Total Assets – Asset Management 3,258 1,576 1,868 113 6,815 Retirement Services AFS Securities U.S. government and agencies 2,570 7 — — 2,577 U.S. state, municipal and political subdivisions — 927 — — 927 Foreign governments — 906 1 — 907 Corporate — 59,236 1,665 — 60,901 CLO — 16,493 — — 16,493 ABS — 5,660 4,867 — 10,527 CMBS — 4,158 — — 4,158 RMBS — 5,682 232 — 5,914 Total AFS securities 2,570 93,069 6,765 — 102,404 Trading securities 23 1,519 53 — 1,595 Equity securities 150 845 92 — 1,087 Mortgage loans — — 27,454 — 27,454 Funds withheld at interest – embedded derivative — — (4,847) — (4,847) Derivative assets 42 3,267 — — 3,309 Short-term investments 29 455 36 — 520 Other investments — 170 441 — 611 Cash and cash equivalents 7,779 — — — 7,779 Restricted cash and cash equivalents 628 — — — 628 Investments in related parties AFS securities Corporate — 170 812 — 982 CLO — 2,776 303 — 3,079 ABS — 218 5,542 — 5,760 Total AFS securities – related parties — 3,164 6,657 — 9,821 Trading securities — — 878 — 878 Equity securities — — 279 — 279 Mortgage loans — — 1,302 — 1,302 Investment funds — — 959 — 959 Funds withheld at interest – embedded derivative — — (1,425) — (1,425) Other investments — — 303 — 303 Reinsurance recoverable — — 1,388 — 1,388 December 31, 2022 (In millions) Level 1 Level 2 Level 3 NAV Total Other assets 7 — — 481 — 481 Assets of consolidated VIEs Trading securities 5 436 622 — 1,063 Mortgage loans — — 2,055 — 2,055 Investment funds — — 2,471 10,009 12,480 Other investments — 2 99 — 101 Cash and cash equivalents 362 — — — 362 Total Assets – Retirement Services 11,588 102,927 46,063 10,009 170,587 Total Assets $ 14,846 $ 104,503 $ 47,931 $ 10,122 $ 177,402 Liabilities Asset Management Contingent consideration obligations 5 $ — $ — $ 86 $ — $ 86 Other liabilities 6 2 — — — 2 Derivative liabilities 4 — 57 — — 57 Total Liabilities – Asset Management 2 57 86 — 145 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 5,841 — 5,841 Universal life benefits — — 829 — 829 Future policy benefits AmerUs closed block — — 1,164 — 1,164 ILICO closed block and life benefits — — 548 — 548 Market risk benefits 7 — — 2,970 — 2,970 Derivative liabilities 38 1,607 1 — 1,646 Other liabilities — (77) 142 — 65 Total Liabilities – Retirement Services 38 1,530 11,495 — 13,063 Total Liabilities $ 40 $ 1,587 $ 11,581 $ — $ 13,208 1 Restricted cash and cash equivalents as of March 31, 2023 and December 31, 2022 includes $1.1 billion and $1.0 billion, respectively, of restricted cash and cash equivalents held by consolidated SPACs. 2 Investments as of March 31, 2023 and December 31, 2022 excludes $194 million and $198 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments. 3 Due from related parties represents a receivable from a fund. 4 Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the condensed consolidated statements of financial condition. 5 As of March 31, 2023 and December 31, 2022, other liabilities includes $25 million and $31 million, respectively, of contingent obligations related to the Griffin Capital acquisition, classified as Level 3 and profit sharing payable includes $53 million and $55 million, respectively, related to contingent obligations classified as Level 3. 6 Other liabilities as of March 31, 2023 and December 31, 2022 includes the publicly traded warrants of APSG II. 7 Other assets consists of market risk benefits assets. See note 10 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures. Changes in fair value of contingent consideration obligations in connection with the acquisitions of Stone Tower and Griffin Capital are recorded in compensation and benefits expense and other income (loss), net, respectively, in the condensed consolidated statements of operations. Refer to note 18 for further details. Level 3 Financial Instruments The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3: March 31, 2023 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 547 Embedded value N/A N/A N/A 127 Discounted cash flow Discount rate 9.2% – 52.8% 29.0% 1 442 Adjusted transaction value N/A N/A N/A Due from related parties 33 Discounted cash flow Discount rate 14.5% 14.5% Derivative assets 15 Option model Volatility rate 70.0% 70.0% Investments of consolidated VIEs Bank loans 790 Discounted cash flow Discount rate 7.2% – 35.4% 7.5% 1 Adjusted transaction value N/A N/A N/A Equity securities 468 Dividend discount model Discount rate 12.9% 12.9% Bonds 24 Discounted cash flow Discount rate 8.2% -10.5% 10.5% 1 Retirement Services AFS, trading and equity securities 12,271 Discounted cash flow Discount rate 2% – 18.7% 6.7% 1 Mortgage loans 2 33,392 Discounted cash flow Discount rate 2.1% – 22.3% 6.3% 1 Investment funds 2 650 Discounted cash flow Discount rate 6.4% – 14.7% 8.4% 899 Discounted cash flow / Discount rate / 17.0% /8.5x 17.0% / 8.5x 515 Net tangible asset values Implied multiple 1.26x 1.26x 517 Reported net asset value Reported net asset value N/A N/A 1,034 Embedded value N/A N/A N/A Financial Liabilities Asset Management Contingent consideration obligations 78 Discounted cash flow Discount rate 20.6% – 29.0% 25.3% 1 Option model Volatility rate 31.5% – 41.5% 36.5% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 6,747 Discounted cash flow Nonperformance risk 0.3% – 1.8% 1.3% 3 Option budget 0.5% – 5.7% 2.0% 4 Surrender rate 5.2% – 11.7% 8.1% 4 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. 2 Includes those of consolidated VIEs. 3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. 4 The option budget and surrender rate weighted averages are calculated based on projected account values. December 31, 2022 Fair Value (In millions) Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 526 Embedded value N/A N/A N/A 128 Discounted cash flow Discount rate 8.9% – 52.8% 28.7% 1 429 Adjusted transaction value N/A N/A N/A Due from related parties 43 Discounted cash flow Discount rate 15.0% 15.0% Derivative assets 15 Option model Volatility rate 60.0% 60.0% Investments of consolidated VIEs Equity securities 458 Dividend discount model Discount rate 12.1% 12.1% Bank loans 244 Discounted cash flow Discount rate 6.4% – 32.7% 8.0% 1 Adjusted transaction value N/A N/A N/A Bonds 25 Discounted cash flow Discount rate 7.9% 7.9% Retirement Services AFS, trading and equity securities 10,671 Discounted cash flow Discount rate 2.2% – 18.8% 6.8% 1 Mortgage loans 2 30,811 Discounted cash flow Discount rate 1.5% – 22.1% 6.3% 1 Investment funds 2 506 Discounted cash flow Discount rate 6.4% 6.4% 873 Discounted cash flow / Discount rate / 16.5% / 9x 16.5% / 9x 529 Net tangible asset values Implied multiple 1.26x 1.26x 563 Reported net asset value Reported net asset value N/A N/A 959 Embedded value N/A N/A N/A Financial Liabilities Contingent consideration obligations 86 Discounted cash flow Discount rate 20.0% – 25.0% 22.7% 1 Option model Volatility rate 29.8% – 39.6% 34.7% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 5,841 Discounted cash flow Nonperformance risk 0.1% – 1.7% 1.0% 3 Option budget 0.5% – 5.3% 1.9% 4 Surrender rate 5.1% – 11.5% 8.1% 4 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. 2 Includes those of consolidated VIEs. 3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. 4 The option budget and surrender rate weighted averages are calculated based on projected account values. The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis: Three Months Ended March 31, 2023 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments and derivative assets $ 1,098 $ 26 $ — $ 7 $ — $ 1,131 $ 26 $ — Investments of Consolidated VIEs 727 34 — 523 (2) 1,282 9 — Total Level 3 assets – Asset Management $ 1,825 $ 60 $ — $ 530 $ (2) $ 2,413 $ 35 $ — Three Months Ended March 31, 2023 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Retirement Services AFS securities Foreign governments $ 1 $ — $ — $ — $ — $ 1 $ — $ — Corporate 1,665 (1) 12 126 (180) 1,622 — 6 ABS 4,867 — (19) 155 (61) 4,942 — (16) RMBS 232 3 3 — — 238 — 3 Trading securities 53 2 — (4) (9) 42 1 — Equity securities 92 (8) — — (13) 71 (8) — Mortgage loans 27,454 251 — 2,244 — 29,949 252 — Funds withheld at interest – embedded derivative (4,847) 556 — — — (4,291) — — Short-term investments 36 — (2) (30) 26 30 — — Other investments 441 1 — (156) — 286 2 — Investments in related parties AFS securities Corporate 812 1 (7) 153 — 959 — (7) CLO 303 — 10 185 — 498 — 10 ABS 5,542 4 44 1,415 — 7,005 2 42 Trading securities 878 6 — 1 — 885 6 — Equity securities 279 4 — (32) — 251 3 — Mortgage loans 1,302 26 — (4) — 1,324 26 — Investment funds 959 43 — 32 — 1,034 43 — Funds withheld at interest – embedded derivative (1,425) 159 — — — (1,266) — — Other investments 303 (7) — 42 — 338 (7) — Reinsurance recoverable 1,388 82 — — — 1,470 — — Assets of consolidated VIEs Trading securities 622 12 — (2) 16 648 12 — Mortgage loans 2,055 19 — 45 — 2,119 19 — Investment funds 2,471 18 — (8) 100 2,581 18 — Other investments 99 — — (2) — 97 — — Total Level 3 assets – Retirement Services $ 45,582 $ 1,171 $ 41 $ 4,160 $ (121) $ 50,833 $ 369 $ 38 Liabilities – Asset Management Contingent consideration obligations $ 86 $ (8) $ — $ — $ — $ 78 $ — $ — Total Level 3 liabilities – Asset Management $ 86 $ (8) $ — $ — $ — $ 78 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (473) $ — $ (433) $ — $ (6,747) $ — $ — Universal life benefits (829) (50) — — — (879) — — Future policy benefits AmerUs Closed Block (1,164) (26) — — — (1,190) — — ILICO Closed Block and life benefits (548) (31) — — — (579) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (47) — — — (189) — — Total Level 3 liabilities – Retirement Services $ (8,525) $ (627) $ — $ (433) $ — $ (9,585) $ — $ — 1 Related to instruments held at end of period. Three Months Ended March 31, 2022 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments $ 946 $ 18 $ — $ 101 $ 22 $ 1,087 $ 18 $ — Investments of Consolidated VIEs 13,188 216 — 1,129 (13,602) 931 (3) — Total Level 3 assets – Asset Management $ 14,134 $ 234 $ — $ 1,230 $ (13,580) $ 2,018 $ 15 $ — Assets – Retirement Services AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 1,339 (3) (19) 140 42 1,499 — (19) CLO 14 (1) 2 (10) — 5 — 2 ABS 3,619 6 (31) (148) 337 3,783 — (30) CMBS 43 — (17) — (16) 10 — (17) Trading securities 69 (5) — 6 20 90 — — Equity securities 429 9 — — — 438 — — Mortgage loans 21,154 (744) — 3,286 — 23,696 (741) — Investment funds 18 1 — — — 19 1 — Funds withheld at interest – embedded derivative — (1,882) — — — (1,882) — — Short-term investments 29 — — 30 — 59 9 — Investments in related parties AFS securities Corporate 670 (4) 1 94 — 761 — 1 CLO 202 — — 130 — 332 — — ABS 6,445 (17) (10) (145) (1,864) 4,409 — (10) Trading securities 1,771 (5) — (254) (1,260) 252 — — Equity securities 284 (5) — — (113) 166 — — Mortgage loans 1,369 (52) — 139 — 1,456 (52) — Investment funds 2,855 24 — (34) (2,031) 814 24 — Funds withheld at interest – embedded derivative — (570) — — — (570) — — Short-term investments — — — 53 — 53 — — Reinsurance recoverable 1,991 (177) — — — 1,814 — — Assets of consolidated VIEs Mortgage loans 2,152 (120) — (152) — 1,880 (120) — Investment funds 1,297 (5) — 238 9,047 10,577 (5) — Other investments — — — — 1,902 1,902 — — Total Level 3 assets – Retirement Services $ 45,752 $ (3,550) $ (74) $ 3,373 $ 6,064 $ 51,565 $ (884) $ (73) Liabilities – Asset Management Contingent consideration obligations $ 126 $ (3) $ — $ (13) $ — $ 110 $ — $ — Debt and other liabilities of consolidated VIEs 7,528 (28) — 1,126 (8,626) — — — Total Level 3 liabilities – Asset Management $ 7,654 $ (31) $ — $ 1,113 $ (8,626) $ 110 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (7,408) $ 1,034 $ — $ (111) $ — $ (6,485) $ — $ — Universal life benefits (1,235) 139 — — — (1,096) — — Future policy benefits AmerUs Closed Block (1,520) 142 — — — (1,378) — — ILICO Closed Block and life benefits (742) 38 — — — (704) — — Three Months Ended March 31, 2022 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Derivative liabilities (3) — — — — (3) — — Liabilities of consolidated VIEs – debt — — — — (3,645) (3,645) — — Total Level 3 liabilities – Retirement Services $ (10,908) $ 1,353 $ — $ (111) $ (3,645) $ (13,311) $ — $ — 1 Related to instruments held at end of period. The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above: Three Months Ended March 31, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments and derivative assets $ 8 $ — $ (1) $ — $ 7 $ — $ — $ — Investments of consolidated VIEs 871 — (348) — 523 — (2) (2) Total Level 3 assets – Asset Management $ 879 $ — $ (349) $ — $ 530 $ — $ (2) $ (2) Assets – Retirement Services AFS securities Corporate $ 208 $ — $ — $ (82) $ 126 $ 29 $ (209) $ (180) ABS 298 — — (143) 155 215 (276) (61) RMBS 1 — — (1) — — — — Trading securities — — — (4) (4) 5 (14) (9) Equity securities — — — — — — (13) (13) Mortgage loans 2,882 — (32) (606) 2,244 — — — Short-term investments — — — (30) (30) 26 — 26 Other investments 2 — — (158) (156) — — — Investments in related parties AFS securities Corporate 156 — — (3) 153 — — — CLO 185 — — — 185 — — — ABS 1,634 — — (219) 1,415 — — — Trading securities 2 — — (1) 1 — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (4) (4) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 10 — (12) — (2) 19 (3) 16 Mortgage loans 46 — — (1) 45 — — — Investment funds — — (8) — (8) 148 (48) 100 Other investments 5 — (7) — (2) — — — Total Level 3 assets – Retirement Services $ 5,503 $ — $ (59) $ (1,284) $ 4,160 $ 442 $ (563) $ (121) Three Months Ended March 31, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Three Months Ended March 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In 1 Transfers Out 2 Net Transfers In (Out) Assets – Asset Management Investments $ 104 $ — $ (3) $ — $ 101 $ 22 $ — $ 22 Investments of consolidated VIEs 2,469 — (1,340) — 1,129 453 (14,055) (13,602) Total Level 3 assets – Asset Management $ 2,573 $ — $ (1,343) $ — $ 1,230 $ 475 $ (14,055) $ (13,580) Assets – Retirement Services AFS securities Corporate $ 324 $ — $ (168) $ (16) $ 140 $ 43 $ (1) $ 42 CLO — — — (10) (10) — — — ABS 1,489 — (1,450) (187) (148) 338 (1) 337 CMBS — — — — — — (16) (16) Trading securities 6 — — — 6 30 (10) 20 Mortgage loans 4,091 — (82) (723) 3,286 — — — Short-term investments 30 — — — 30 — — — Investments in related parties AFS securities — — Corporate 315 — (217) (4) 94 — — — CLO 130 — — — 130 — — — ABS 374 — (87) (432) (145) — (1,864) (1,864) Trading securities 29 — (265) (18) (254) — (1,260) (1,260) Equity securities — — — — — — (113) (113) Mortgage loans 146 — — (7) 139 — — — Investment funds — — (34) — (34) — (2,031) (2,031) Short-term investments 53 — — — 53 — — — Assets of consolidated VIEs Mortgage loans — — — (152) (152) — — — Investment funds 253 — (15) — 238 10,081 (1,034) 9,047 Other investments — — — — — 1,902 — 1,902 Total Level 3 assets – Retirement Services $ 7,240 $ — $ (2,318) $ (1,549) $ 3,373 $ 12,394 $ (6,330) $ 6,064 Three Months Ended March 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In 1 Transfers Out 2 Net Transfers In (Out) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (13) $ (13) $ — $ — $ — Debt and other liabilities of consolidated VIEs — 1,644 — (518) 1,126 — (8,626) (8,626) Total Level 3 liabilities – Asset Management $ — $ 1,644 $ — $ (531) $ 1,113 $ — $ (8,626) $ (8,626) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (260) $ — $ 149 $ (111) $ — $ — $ — Liabilities of consolidated VIEs - Debt — — — — — (3,645) — (3,645) Total Level 3 liabilities – Retirement Services $ — $ (260) $ — $ 149 $ (111) $ (3,645) $ — $ (3,645) 1 Transfers in includes assets and liabilities of consolidated VIEs that the Company consolidated effective March 31, 2022 ($10,081 million investment funds, $1,902 million other investments, and $3,645 million debt). 2 Transfers out includes the elimination of investments in related party securities issued by VIEs that the Company consolidated effective March 31, 2022 ($1,582 million ABS AFS securities, $1,260 million ABS and CLO trading securities, and $113 million equity securities). Fair Value Option - Retirement Services The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs: Three months ended March 31, (In millions) 2023 2022 Trading securities $ 64 $ (207) Mortgage loans 296 (916) Investment funds 62 20 Future policy benefits (26) 142 Other liabilities (47) — Total gains (losses) $ 349 $ (961) Gains and losses on trading securities and other liabilities are recorded in investment related gains (losses) on the condensed consolidated statements of operations. For fair value option mortgage loans, interest income is recorded in net investment income and subsequent changes in fair value in investment related gains (losses) on the condensed consolidated statements of operations. Gains and losses related to investment funds, including related party investment funds, are recorded in net investment income on the condensed consolidated statements of operations. The change in fair value of future policy benefits is recorded to future policy and other policy benefits on the condensed consolidated statements of operations. The following summarizes information for fair value option mortgage loans, including related parties and VIEs: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance $ 35,974 $ 33,653 Mark to fair value (2,582) (2,842) Fair value $ 33,392 $ 30,811 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 198 $ 74 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (56) (55) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 142 $ 19 Fair value of commercial mortgage loans 90 days or more past due $ 11 $ 2 Fair value of commercial mortgage loans in non-accrual status 131 19 The following represents the residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 483 $ 522 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (50) (50) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 433 $ 472 Fair value of residential mortgage loans 90 days or more past due 1 $ 433 $ 472 Fair value of residential mortgage loans in non-accrual status 234 360 1 As of March 31, 2023 and December 31, 2022, includes $199 million and $221 million, respectively, of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies. The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio: Three months ended March 31, (In millions) 2023 2022 Mortgage loans $ (3) $ (18) The portion of gains and losses attributable to changes in instrument-specific credit risk is estimated by identifying commercial loans with loan-to-value ratios meeting credit quality criteria, and residential mortgage loans with delinquency status meeting credit quality criteria. Financial Instruments Without Readily Determinable Fair Values Athene has elect ed the measurement alternative for certain equity securities that do not have a readily determinable fair value. As of March 31, 2023 and December 31, 2022 , the carrying amount of the equity securities was $400 million and $400 million, respectively, with no cumulative recorded impairment. Fair Value of Financial Instruments Not Carried at Fair Value - Retirement Services The following represents Athene’s financial instruments not carried at fair value on the condensed consolidated statements of financial condition: March 31, 2023 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 77 $ 77 $ 77 $ — $ — $ — Policy loans 339 339 — — 339 — Funds withheld at interest 35,375 35,375 — — — 35,375 Short-term investments 45 45 — — 45 — Other investments 200 200 — — — 200 Investments in related parties Investment funds 561 561 561 — — — Funds withheld at interest 10,728 10,728 — — — 10,728 Short-term investments 1,043 1,043 — — 1,043 — Total financial assets not carried at fair value $ 48,368 $ 48,368 $ 638 $ — $ 1,427 $ 46,303 Financial liabilities Interest sensitive contract liabilities $ 131,873 $ 120,063 $ — $ — $ — $ 120,063 Debt 3,650 2,906 — — 2,906 — Securities to repurchase 7,781 7,781 — — 7,781 — Funds withheld liability 346 346 — — 346 — Total financial liabilities not carried at fair value $ 143,650 $ 131,096 $ — $ — $ 11,033 $ 120,063 December 31, 2022 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 79 $ 79 $ 79 $ — $ — $ — Policy loans 347 347 — — 347 — Funds withheld at interest 37,727 37,727 — — — 37,727 Short-term investments 1,640 1,640 — — 1,614 26 Other investments 162 162 — — — 162 Investments in related parties Investment funds 610 610 610 — — — Funds withheld at interest 11,233 11,233 — — — 11,233 Total financial assets not carried at fair value $ 51,798 $ 51,798 $ 689 $ — $ 1,961 $ 49,148 Financial liabilities Interest sensitive contract liabilities $ 125,101 $ 111,608 $ — $ — $ — $ 111,608 Debt 3,658 2,893 — — 2,893 — Securities to repurchase 4,743 4,743 — — 4,743 — Funds withheld liability 360 360 — — 360 — Total financial liabilities not carried at fair value $ 133,862 $ 119,604 $ — $ — $ 7,996 $ 111,608 The fair value for financial instruments not carried at fair value are estimated using the same methods and assumptions as those carried at fair value. The financial instruments presented above are reported at carrying value on the condensed consolidated statements of financial condition; however, in the case of policy loans, funds withheld at interest and liability, short-term investments, and securities to repurchase, the carrying amount approximates fair value. Interest sensitive contract liabilities The carrying and fair value of interest sensitive contract liabilities above includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of these investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using current market risk-free interest rates, adding a spread to reflect nonperformance risk and subtracting a risk margin to reflect uncertainty inherent in the projected cash flows. Debt The fair value of debt is obtained from commercial pricing services. These are classified as Level 2. The pricing services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data. Significant Unobservable Inputs Asset Management Consolidated VIEs’ Investments The significant unobservable input used in the fair value measurement of the equity securities, bank loans and bonds is the discount rate applied in the valuation models. This input in isolation can cause significant increases or decreases in fair value, which would result in a significantly lower or higher fair value measurement. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. Certain investments of VIEs are valued using the NAV per share equivalent calculated by the investment manager as a practical expedient to determine an independent fair value. Contingent Consideration Obligations The significant unobservable inputs used in the fair value measurement of the contingent consideration obligations are discount rate and volatility rate applied in the valuation models. These inputs in isolation can cause significant increases or decreases in fair value. See note 18 for further discussion of the contingent consideration obligations. Retirement Services AFS, trading and equity securities Athene uses discounted cash flow models to calculate the fair value for certain fixed maturity and equity securities. The discount rate is a significant unobservable input because the credit spread includes adjustments made to the base rate. The base rate represents a market comparable rate for securities with similar characteristics. This excludes assets for which fair value is provided by independent broker quotes. Mortgage loans Athene uses discounted cash flow models from independent commercial pricing services to calculate the fair value of its mortgage loan portfolio. The discount rate is a significant unobservable input. This approach uses market transaction information and client portfolio-oriented information, such as prepayments or defaults, to support the valuations. Interest sensitive contract liabilities – embedded derivative Significant unobservable inputs used in the fixed indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include: 1. Nonperformance risk – For contracts Athene issues, it uses the credit spread, relative to the U.S. Treasury curve based on Athene’s public credit rating as of the valuation date. This represents Athene’s credit risk for use in the estimate of the fair value of embedded derivatives. 2. Option budget – Athene assumes future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth. 3. Policyholder behavior – Athene regularly reviews the full withdrawal (surrender rate) assumptions. These are based on initial pricing a

Deferred Acquisition Costs, Def

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Deferred Acquisition Costs. Deferred Sales Inducements and Value of Business Acquired	9. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 10 for more information on Athene’s products. Three months ended March 31, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 171 203 — 1 133 — 508 Amortization (16) (18) (1) — (10) (93) (138) Balance at March 31, 2023 $ 459 $ 940 $ 10 $ 10 $ 522 $ 2,895 $ 4,836 Three months ended March 31, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 24 176 11 3 77 — $ 291 Amortization — (1) (1) — — (96) (98) Balance at March 31, 2022 $ 24 $ 175 $ 10 $ 3 $ 77 $ 3,276 $ 3,565 Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds, including traditional deferred annuities and indexed annuities, are amortized on a constant-level basis for a cohort of contracts using initial premium or deposit. Significant inputs and assumptions are required for determining the expected duration of the cohort and involves using accepted actuarial methods to determine decrement rates related to policyholder behavior for lapses, withdrawals (surrenders) and mortality. The assumptions used to determine the amortization of DAC and DSI are consistent with those used to estimate the related liability balance. Deferred costs related to investment contracts without significant revenue streams from sources other than investment of policyholder funds are amortized using the effective interest method, which primarily includes funding agreements. The effective interest method requires inputs to project future cash flows, which for funding agreements includes contractual terms of notional value, periodic interest payments based on either fixed or floating interest rates, and duration. For other investment-type contracts which include immediate annuities and assumed endowments without significant mortality risks, assumptions are required related to policyholder behavior for lapses and withdrawals (surrenders). The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2023 1 $ 257 2024 316 2025 289 2026 260 2027 230 2028 200 1 Expected amortization for the remainder of 2023.

Long-duration Contracts

Long-duration Contracts	3 Months Ended
Long-duration Contracts	Mar. 31, 2023
Insurance [Abstract]
Long-duration Contracts	10. Long-duration Contracts Interest sensitive contract liabilities – Interest sensitive contract liabilities primarily include: ▪ traditional deferred annuities, ▪ indexed annuities consisting of fixed indexed and index-linked variable annuities, ▪ funding agreements, and ▪ other investment-type contracts comprising of immediate annuities without significant mortality risk (which includes pension group annuities without life contingencies) and assumed endowments without significant mortality risks. The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve. Three months ended March 31, 2023 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at December 31, 2022 $ 43,518 $ 92,660 $ 27,439 $ 4,722 $ 168,339 Deposits 6,700 2,929 1,500 1,033 12,162 Policy charges (1) (158) — — (159) Surrenders and withdrawals (1,818) (2,712) (70) (3) (4,603) Benefit payments (264) (422) (490) (90) (1,266) Interest credited 369 117 206 32 724 Foreign exchange — — 54 (16) 38 Other (54) — 143 (33) 56 Balance at March 31, 2023 $ 48,450 $ 92,414 $ 28,782 $ 5,645 $ 175,291 March 31, 2023 Weighted average crediting rate 3.4 % 2.3 % 2.7 % 2.9 % 2.7 % Net amount at risk $ 423 $ 13,903 $ — $ 66 $ 14,392 Cash surrender value 45,994 84,047 — 2,710 132,751 Three months ended March 31, 2022 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at January 1, 2022 $ 35,599 $ 89,755 $ 23,623 $ 2,413 $ 151,390 Deposits 918 2,573 4,946 520 8,957 Policy charges (1) (141) — — (142) Surrenders and withdrawals (845) (1,798) — (1) (2,644) Benefit payments (256) (426) (695) (83) (1,460) Interest credited 235 697 125 17 1,074 Foreign exchange — — (100) (14) (114) Other — — (218) — (218) Balance at March 31, 2022 $ 35,650 $ 90,660 $ 27,681 $ 2,852 $ 156,843 March 31, 2022 Weighted average crediting rate 2.7 % 2.0 % 1.8 % 2.2 % 2.1 % Net amount at risk $ 416 $ 10,554 $ — $ 13 $ 10,983 Cash surrender value 34,211 84,265 — 710 119,186 The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated statements of financial condition: March 31, (In millions) 2023 2022 Traditional deferred annuities $ 48,450 $ 35,650 Indexed annuities 92,414 90,660 Funding agreements 28,782 27,681 Other investment-type 5,645 2,852 Reconciling items 1 5,809 7,460 Interest sensitive contract liabilities $ 181,100 $ 164,303 1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts. The following represents policyholder account balances by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums: March 31, 2023 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 25,571 $ 23,867 $ 80,468 $ 129,906 2.0% – < 4.0% 31,793 1,709 778 34,280 4.0% – < 6.0% 9,625 52 206 9,883 6.0% and greater 1,222 — — 1,222 Total $ 68,211 $ 25,628 $ 81,452 $ 175,291 March 31, 2022 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 29,040 $ 30,195 $ 57,412 $ 116,647 2.0% – < 4.0% 34,604 925 43 35,572 4.0% – < 6.0% 4,467 11 6 4,484 6.0% and greater 140 — — 140 Total $ 68,251 $ 31,131 $ 57,461 $ 156,843 Future policy benefits – Future policy benefits consist primarily of payout annuities, including single premium immediate annuities with life contingencies (which include pension group annuities with life contingencies). The following is a rollforward of the present value of expected net premiums and expected value of future policy benefits: Payout annuities with life contingencies Three months ended March 31, (In millions) 2023 2022 Present value of expected net premiums Beginning balance $ — $ — Issuances 88 1,994 Net premium collected (88) (1,994) Ending balance $ — $ — Present value of expected future policy benefits Beginning balance $ 36,422 $ 35,278 Effect of changes in discount rate assumptions 8,425 — Beginning balance at original discount rate 44,847 35,278 Effect of actual experience to expected experience (29) (47) Adjusted beginning balance 44,818 35,231 Issuances 88 1,994 Interest accrual 346 229 Benefit payments (885) (724) Foreign exchange 8 (19) Ending balance at original discount rate 44,375 36,711 Effect of changes in discount rate assumptions (7,623) (3,562) Ending balance $ 36,752 $ 33,149 The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition: March 31, (In millions) 2023 2022 Payout annuities with life contingencies $ 36,752 $ 33,149 Reconciling items 1 5,738 6,091 Total future policy benefits $ 42,490 $ 39,240 1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with Athene’s liability for future policy benefits. Additionally, it includes reserves for Athene’s immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for Athene’s no-lapse guarantees with universal life contracts, all of which are fully ceded. The following is a reconciliation of premiums to the condensed consolidated statements of operations: Three months ended March 31, (In millions) 2023 2022 Payout annuities with life contingencies $ 88 $ 2,098 Reconciling items 1 8 12 Premiums $ 96 $ 2,110 1 Reconciling items premiums related to Athene’s immaterial lines of business including term and whole life and accident and health and disability. Gross premiums are recorded within premiums on the condensed consolidated statements of operations. Interest expense (accretion) related to future policy benefits was $346 million and $229 million during the three months ended March 31, 2023 and 2022, respectively, and is recorded as a component of policy and other operating expenses on the condensed consolidated statements of operations. Significant assumptions and inputs to the calculation of future policy benefits for payout annuities with life contingencies include policyholder demographic data, assumptions for policyholder longevity and policyholder utilization for contracts with deferred lives, and discount rates. Athene bases certain key assumptions related to policyholder behavior on industry standard data adjusted to align with actual company experience, if necessary. At least annually, Athene reviews all significant cash flow assumptions and updates as necessary, unless emerging experience indicates a more frequent review is necessary. The discount rate reflects market observable inputs from upper-medium grade fixed income instrument yields and is interpolated, where necessary, to conform to the duration of Athene’s liabilities. During the three months ended March 31, 2023, future policy benefits for payout annuities with life contingencies increased by $330 million, which was primarily driven by an $802 million change in discount rate assumptions related to a decrease in rates and $346 million of interest accrual, partially offset by $885 million of benefit payments. During the three months ended March 31, 2022, future policy benefits for payout annuities with life contingencies decreased by $2,129 million, which was primarily driven by a $3,562 million change in discount rate assumptions related to an increase in rates and $724 million of benefit payments, partially offset by $1,994 million of pension group annuity issuances and $229 million of interest accrual. The following represents the undiscounted and discounted expected future benefit payments for the liability for future policy benefits. As these relate to payout annuities for single premium immediate annuities with life contingencies, there are no expected future gross premiums. March 31, 2023 March 31, 2022 (In millions) Undiscounted Discounted Undiscounted Discounted Expected future benefit payments $ 63,995 $ 44,375 $ 51,643 $ 36,711 The following represents the weighted-average durations and the weighted-average interest rates of future policy benefits: March 31, 2023 2022 Weighted-average liability duration (in years) 10.1 10.6 Weighted-average interest accretion rate 3.2 % 2.7 % Weighted-average current discount rate 5.3 % 3.7 % Policyholder longevity assumptions represent the main driver of variances from actual experience compared to expected experience. The following is the variance of actual experience compared to expected experience related to policyholder longevity assumptions recorded within future policy benefits: Three months ended March 31, (In millions) 2023 2022 Expected reserve release due to death $ 132 $ 114 Actual reserve release due to death 183 163 Decrease in reserve due to actual experience compared to expected experience $ (51) $ (49) The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of operations: Three months ended March 31, (In millions) 2023 2022 Reserves $ 29 $ 47 Deferred profit liability (27) (54) Negative VOBA (4) 10 Total remeasurement gains (losses) $ (2) $ 3 There have been no adverse developments during the three months ended March 31, 2023 and 2022. Market risk benefits – Athene issues and reinsures traditional deferred and indexed annuity products that contain GLWB and GMDB riders that meet the criteria to be classified as market risk benefits. The following is a rollfoward of net market risk benefit liabilities by product: Three months ended March 31, 2023 (In millions) Traditional deferred annuities Indexed annuities Total Balance at December 31, 2022 $ 170 $ 2,319 $ 2,489 Effect of changes in instrument-specific credit risk 13 353 366 Balance, beginning of period, before changes in instrument specific credit risk 183 2,672 2,855 Issuances — 17 17 Interest accrual 2 32 34 Attributed fees collected 1 84 85 Benefit payments — (6) (6) Effect of changes in interest rates 8 218 226 Effect of changes in equity — (18) (18) Effect of actual policyholder behavior compared to expected behavior 2 23 25 Balance, end of period, before changes in instrument specific credit risk 196 3,022 3,218 Effect of changes in the instrument specific credit risk (16) (439) (455) Balance at March 31, 2023 $ 180 $ 2,583 $ 2,763 March 31, 2023 Net amount at risk $ 423 $ 13,903 $ 14,326 Weighted-average attained age of contract holders (in years) 75 69 69 Three months ended March 31, 2022 (In millions) Traditional deferred annuities Indexed annuities Total Balance at January 1, 2022 $ 253 $ 4,194 $ 4,447 Issuances — 16 16 Interest accrual — (2) (2) Attributed fees collected 1 81 82 Benefit payments (1) (11) (12) Effect of changes in interest rates (26) (732) (758) Effect of changes in equity — 55 55 Effect of actual policyholder behavior compared to expected behavior 1 12 13 Balance, end of period, before changes in instrument specific credit risk 228 3,613 3,841 Effect of changes in the instrument specific credit risk (13) (384) (397) Balance at March 31, 2022 $ 215 $ 3,229 $ 3,444 March 31, 2022 Net amount at risk $ 416 $ 10,554 $ 10,970 Weighted-average attained age of contract holders (in years) 75 69 69 The following is a reconciliation of market risk benefits to the condensed consolidated statements of financial condition. Market risk benefit assets are included in other assets on the condensed consolidated statements of financial condition. March 31, 2023 March 31, 2022 (In millions) Asset Liability Net liability Asset Liability Net liability Traditional deferred annuities $ — $ 180 $ 180 $ — $ 215 $ 215 Indexed annuities 440 3,023 2,583 413 3,642 3,229 Total $ 440 $ 3,203 $ 2,763 $ 413 $ 3,857 $ 3,444 During the three months ended March 31, 2023, net market risk benefit liabilities increased by $274 million, which was primarily driven by a $226 million change in interest rates related to a decrease in rates. During the three months ended March 31, 2022, net market risk benefit liabilities decreased by $1,003 million, which was primarily driven by a $758 million change in interest rates related to an increase in rates and a $397 million change in instrument specific credit risk related to widening of credit spreads, partially offset by $82 million of fees collected from policyholders and $55 million of changes related to equity market performance. The determination of the fair value of market risk benefits requires the use of inputs related to fees and assessments and assumptions in determining the projected benefits in excess of the projected account balance. Judgment is required for both economic and actuarial assumptions, which can be either observable or unobservable, that impact future policyholder account growth. Economic assumptions include interest rates and implied volatilities throughout the duration of the liability. For indexed annuities, assumptions also include projected equity returns which impact cash flows attributable to indexed strategies, implied equity volatilities, expected index credits on the next policy anniversary date and future equity option costs. Assumptions related to the level of option budgets used for determining the future equity option costs and the impact on future policyholder account value growth are considered unobservable inputs. Policyholder behavior assumptions are unobservable inputs and are established using accepted actuarial valuation methods to estimate withdrawals (surrender rate). Assumptions are generally based on industry data and pricing assumptions which are updated for actual experience, if necessary. Actual experience may be limited for recently issued products. All inputs are used to project excess benefits and fees over a range of risk-neutral, stochastic interest rate scenarios. For indexed annuities, stochastic equity return scenarios are also included within the range. A risk margin is incorporated within the discount rate to reflect uncertainty in the projected cash flows such as variations in policyholder behavior, as well as a credit spread to reflect our nonperformance risk, which is considered an unobservable input. The following summarizes the unobservable inputs for market risk benefits: March 31, 2023 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 2,763 Discounted cash flow Nonperformance risk 0.3 % 1.7 % 1.6 % 1 Decrease Option budget 0.5 % 5.6 % 1.7 % 2 Decrease Surrender rate 3.3 % 6.9 % 4.5 % 2 Decrease March 31, 2022 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 3,444 Discounted cash flow Nonperformance risk 0.4 % 2.0 % 1.3 % 1 Decrease Option budget 0.5 % 3.8 % 1.5 % 2 Decrease Surrender rate 3.6 % 6.6 % 4.5 % 2 Decrease 1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve. 2 The option budget and surrender rate weighted averages are calculated based on projected account values.

Profit Sharing Payable

Profit Sharing Payable	3 Months Ended
Profit Sharing Payable	Mar. 31, 2023
Payables and Accruals [Abstract]
Profit Sharing Payable	11. Profit Sharing Payable Profit sharing payable was $1.5 billion and $1.4 billion as of March 31, 2023 and December 31, 2022, respectively. The below is a roll-forward of the profit-sharing payable balance: (In millions) Total Profit sharing payable, January 1, 2023 $ 1,392 Profit sharing expense 289 Payments/other (168) Profit sharing payable, March 31, 2023 $ 1,513 Profit sharing expense includes (i) changes in amounts due to current and former employees entitled to a share of performance revenues in funds managed by Apollo and (ii) changes to the fair value of the contingent consideration obligations recognized in connection with certain of the Company’s acquisitions. Profit sharing payable excludes the potential return of profit-sharing distributions that would be due if certain funds were liquidated, which is recorded in due from related parties in the condensed consolidated statements of financial condition. The Company requires that a portion of certain of the performance revenues distributed to the Company’s employees be used to purchase restricted shares of common stock issued under its Equity Plan. Prior to distribution of the performance revenues, the Company records the value of the equity-based awards expected to be granted in other assets and accounts payable, accrued expenses, and other liabilities.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The Company’s income tax (provision) benefit totaled $(253) million and $485 million for the three months ended March 31, 2023 and 2022, respectively. The Company’s effective income tax rate was approximately 14.1% and 31.4% for the three months ended March 31, 2023 and 2022, respectively. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “IRA”). The IRA contains a number of tax-related provisions, including a 15% minimum corporate income tax on certain large corporations as well as an excise tax on stock repurchases. It is unclear how the IRA will be implemented by the U.S. Department of the Treasury through regulation. The Company is evaluating the impact of the IRA on its tax liability, which tax liability could also be affected by how the provisions of the IRA are implemented through such regulation. The Company will continue to evaluate the IRA’s impact as further information becomes available. Under U.S. GAAP, a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. As of March 31, 2023, the Company recorded $16 million of unrecognized tax benefits for uncertain tax positions. Approximately all of the unrecognized tax benefits, if recognized, would impact the effective tax rate. The Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record significant amounts of unrecognized tax benefits within the next twelve months. The primary jurisdictions in which the Company operates and incurs income taxes are the United States and the United Kingdom. There are no unremitted earnings with respect to the United Kingdom or other foreign jurisdictions. In the normal course of business, the Company is subject to examination by federal, state, local and foreign tax authorities. As of March 31, 2023, the Company’s U.S. federal, state, local and foreign income tax returns for the years 2019 through 2021 are open under the general statute of limitations provisions and therefore subject to examination. Currently, the Internal Revenue Service is examining the tax returns of the Company and certain subsidiaries for the 2013, 2015, 2019, and 2020 tax years. The State and City of New York are examining certain subsidiaries’ tax returns for tax years 2011 to 2020. The United Kingdom tax authorities are currently examining certain subsidiaries’ tax returns for tax year 2017 and 2020. There are other examinations ongoing in other foreign jurisdictions in which the Company operates. No provisions with respect to these examinations have been recorded, other than the unrecognized tax benefits discussed above. The Company has historically recorded deferred tax assets resulting from the step-up in the tax basis of assets, including intangibles, resulting from exchanges of AOG Units for Class A shares by the Former Managing Partners and Contributing

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	13. Debt Company debt consisted of the following: March 31, 2023 December 31, 2022 (In millions, except percentages) Maturity Date Outstanding Balance Fair Value Outstanding Balance Fair Value Asset Management 4.00% 2024 Senior Notes 1,2 May 30, 2024 $ 499 $ 490 4 $ 499 $ 486 4 4.40% 2026 Senior Notes 1,2 May 27, 2026 498 486 4 498 476 4 4.87% 2029 Senior Notes 1,2 February 15, 2029 675 647 4 675 639 4 2.65% 2030 Senior Notes 1,2 June 5, 2030 496 419 4 495 407 4 5.00% 2048 Senior Notes 1,2 March 15, 2048 297 272 4 297 262 4 4.95% 2050 Subordinated Notes 1,2 January 14, 2050 297 248 4 297 252 4 1.70% Secured Borrowing II April 15, 2032 18 18 4 18 17 4 1.30% 2016 AMI Term Facility I January 15, 2025 18 18 3 18 18 3 1.40% 2016 AMI Term Facility II October 18, 2024 16 16 3 17 17 3 2,814 2,614 2,814 2,574 Retirement Services 4.13% 2028 Notes 1 January 12, 2028 1,077 907 1,081 921 6.15% 2030 Notes 1 April 3, 2030 603 504 606 508 3.50% 2031 Notes 1 January 15, 2031 525 421 526 413 3.95% 2051 Notes 1 May 25, 2051 546 350 546 342 3.45% 2052 Notes 1 May 15, 2052 504 317 504 311 6.65% 2033 Notes 1 February 1, 2033 395 407 395 398 3,650 2,906 3,658 2,893 Total Debt $ 6,464 $ 5,520 $ 6,472 $ 5,467 1 Interest rate is calculated as weighted average annualized. 2 Includes amortization of note discount, as applicable, totaling $15 million and $16 million as of March 31, 2023 and December 31, 2022, respectively. Outstanding balance is presented net of unamortized debt issuance costs. 3 Fair value is based on a discounted cash flow method. These notes are classified as a Level 3 liability within the fair value hierarchy. 4 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services. Asset Management - Notes Issued The indentures governing the 2024 Senior Notes, the 2026 Senior Notes, the 2029 Senior Notes, the 2030 Senior Notes, the 2048 Senior Notes and the 2050 Subordinated Notes include covenants that restrict the ability of Apollo Management Holdings, L.P., an Apollo subsidiary and issuer of the notes (“AMH”) and, as applicable, the guarantors of the notes under the indentures, to incur indebtedness secured by liens on voting stock or profit participating equity interests of their respective subsidiaries, or merge, consolidate or sell, transfer or lease assets. The indentures also provide for customary events of default. Retirement Services - Notes Issued Athene’s senior unsecured notes are callable by AHL at any time. If called prior to three months before the scheduled maturity date, the price is equal to the greater of (1) 100% of the principal and any accrued and unpaid interest and (2) an amount equal to the sum of the present values of remaining scheduled payments, discounted from the scheduled payment date to the redemption date treasury rate plus a spread as defined in the applicable prospectus supplement and any accrued and unpaid interest. Credit and Liquidity Facilities The following table represents the Company’s credit and liquidity facilities as of March 31, 2023: Instrument/Facility Borrowing Date Maturity Date Administrative Agent Key terms Asset Management - 2022 AMH credit facility N/A October 12, 2027 Citibank The commitment fee on the $1.0 billion undrawn 2022 AMH credit facility as of March 31, 2023 was 0.08%. Retirement Services - AHL credit facility N/A December 3, 2024 Citibank The borrowing capacity under the AHL credit facility is $1.25 billion, with potential increases up to $1.75 billion. Retirement Services - AHL liquidity facility N/A June 30, 2023 Wells Fargo Bank The borrowing capacity under the AHL liquidity facility is $2.5 billion, with potential increases up to $3.0 billion. Asset Management - Credit Facility On October 12, 2022, AMH, as borrower, entered into a $1.0 billion revolving credit facility with Citibank, N.A., as administrative agent, which matures on October 12, 2027 (“2022 AMH credit facility”). Borrowings under the 2022 AMH credit facility may be used for working capital and general corporate purposes, including, without limitation, permitted acquisitions. As of March 31, 2023, AMH, the borrower under the facility, could incur incremental facilities in an aggregate amount not to exceed $250 million plus additional amounts so long as AMH was in compliance with a net leverage ratio not to exceed 4.00 to 1.00. As of March 31, 2023, there were no amounts outstanding under the 2022 AMH credit facility and the Company was in compliance with all financial covenants under the facility. Retirement Services - Credit Facility and Liquidity Facility AHL Credit Facility —AHL has a revolving credit agreement with Citibank, N.A. as administrative agent, which matures on December 3, 2024, subject to up to two one-year extensions (“AHL credit facility”). The borrowing capacity under the AHL credit facility is $1.25 billion, with potential increases up to $1.75 billion. In connection with the AHL credit facility, AHL and Athene USA Corporation (“AUSA”) guaranteed all of the obligations of AHL, Athene Life Re (“ALRe”), Athene Annuity Re Ltd. (“AARe”) and AUSA under this facility, and ALRe and AARe guaranteed certain of the obligations of AHL, ALRe, AARe and AUSA under this facility. The AHL credit facility contains various standard covenants with which the company must comply, including the following: 1. Consolidated debt to capitalization ratio of not greater than 35%; 2. Minimum consolidated net worth of no less than $7.3 billion; and 3. Restrictions on Athene’s ability to incur debt and liens, in each case with certain exceptions. As of March 31, 2023, there were no amounts outstanding under the AHL credit facility and Athene was in compliance with all financial covenants under the facility. Interest accrues on outstanding borrowings at either the Eurodollar Rate (as defined in the AHL credit facility) plus a margin or a base rate plus a margin, with the applicable margin varying based on Athene’s Debt Rating (as defined in the AHL credit facility). AHL Liquidity Facility —In the third quarter of 2022, AHL entered into a revolving credit facility with a syndicate of banks, including Wells Fargo Bank, National Association, as administrative agent, which matures on June 30, 2023, subject to additional 364-day extensions (“AHL liquidity facility”). The AHL liquidity facility will be used for liquidity and working capital needs to meet short-term cash flow and investment timing differences. The borrowing capacity under the AHL liquidity facility is $2.5 billion, with potential increases up to $3.0 billion. The AHL liquidity facility contains various standard covenants with which Athene must comply, including the following: 1. ALRe Minimum Consolidated Net Worth (as defined in the AHL liquidity facility) of no less than $9.3 billion; and 2. Restrictions on Athene’s ability to incur debt and liens, in each case with certain exceptions. Interest accrues on outstanding borrowings at the secured overnight financing rate (Adjusted Term SOFR, as defined in the AHL liquidity facility) plus a margin or a base rate plus a margin, with applicable margin varying based on ALRe’s Financial Strength Rating (as defined in the AHL liquidity facility). On February 7, 2023, Athene borrowed $1.0 billion from the AHL liquidity facility for short-term cash flow needs, which was repaid during the first quarter of 2023. As of March 31, 2023, there were no amounts outstanding under the AHL liquidity facility and Athene was in compliance with all financial covenants under the facility. Interest Expense The following table presents the interest expense incurred related to the Company’s debt: Three months ended March 31, (In millions) 2023 2022 Asset Management $ 31 $ 32 Retirement Services 1 30 24 Total Interest Expense $ 61 $ 56 Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable. 1 Interest expense for Retirement Services is included in policy and other operating expenses on the condensed consolidated statements of operations.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
Equity-Based Compensation	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	14. Equity-Based Compensation Under the Equity Plan, the Company grants equity-based awards to employees of AAM and AHL. Equity-based awards granted to employees and non-employees as compensation are measured based on the grant date fair value of the award, which considers the public share price of AGM’s common stock subject to certain discounts, as applicable. The Company grants both service-based and performance-based awards. The estimated total grant date fair value for service-based awards is charged to compensation expense on a straight-line basis over the vesting period, which is generally one For the three months ended March 31, 2023 and 2022, the Company recorded equity-based compensation expense of $140 million and $168 million, respectively. As of March 31, 2023, there was $996 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.8 years. Service-Based Awards During the three months ended March 31, 2023 and 2022, the Company awarded 4.6 million and 4.3 million of service-based RSUs, respectively, with a grant date fair value of $313 million and $266 million, respectively. During the three months ended March 31, 2023 and 2022, the Company recorded equity-based compensation expense on service-based RSUs of $67 million and $67 million, respectively. Performance-Based Awards During the three months ended March 31, 2023 and 2022, the Company awarded 1.2 million and 2.1 million of performance-based RSUs, respectively, with a grant date fair value of $79 million and $126 million, respectively, which primarily vest subject to continued employment and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated equity-based compensation expense. During the three months ended March 31, 2023 and 2022, the Company recorded equity-based compensation expense on performance-based awards of $55 million and $74 million, respectively. In December 2021, the Company awarded one-time grants to the Co-Presidents of AAM of 6.0 million RSUs which vest on a cliff basis subject to continued employment over five years, with 2.0 million of those RSUs also subject to the Company’s achievement of certain fee related earnings and spread related earnings per share metrics. During the three months ended March 31, 2023 and 2022, the Company recorded equity-based compensation expense of $14 million and $14 million, respectively, for service-based awards and $6 million and $6 million, respectively, for performance-based awards, each related to these one-time grants. The following table summarizes all RSU activity for the current period: Unvested Weighted Average Grant Date Fair Value Vested Total Number of RSUs Outstanding Balance at January 1, 2023 18,263,875 $57.18 15,656,775 33,920,650 Granted 5,849,355 $66.99 — 5,849,355 Forfeited (30,076) $64.93 — (30,076) Vested (3,028,390) $48.77 3,028,390 — Issued 1 — — (5,903,313) (5,903,313) Balance at March 31, 2023 21,054,764 61.16 12,781,852 33,836,616 1 Refers to issued shares that became freely transferable in 2023. Restricted Stock Awards During the three months ended March 31, 2023 and 2022, the Company awarded 0.2 million and 0.4 million restricted stock awards, respectively, from profit sharing arrangements with a grant date fair value of $14 million and $28 million, respectively.

Equity

Equity	3 Months Ended
Equity	Mar. 31, 2023
Equity [Abstract]
Equity	15. Equity Common Stock Holders of common stock are entitled to participate in dividends from the Company on a pro rata basis. During the three months ended March 31, 2023 and 2022, the Company issued shares of common stock in settlement of vested RSUs. The Company has generally allowed holders of vested RSUs and exercised share options to settle their tax liabilities by reducing the number of shares of common stock issued to them, which the Company refers to as “net share settlement.” Additionally, the Company has generally allowed holders of share options to settle their exercise price by reducing the number of shares of common stock issued to them at the time of exercise by an amount sufficient to cover the exercise price. The net share settlement results in a liability for the Company and a corresponding accumulated deficit adjustment. On January 3, 2022, the Company announced a share repurchase program, pursuant to which, the Company is authorized to repurchase (i) up to an aggregate of $1.5 billion of shares of its common stock in order to opportunistically reduce its share count and (ii) up to an aggregate of $1.0 billion of shares of its common stock in order to offset the dilutive impact of share issuances under its equity incentive plans. On February 21, 2023, the AGM board of directors approved a reallocation of the Company’s share repurchase program, pursuant to which, the Company is authorized to repurchase (i) up to an aggregate of $1.0 billion of shares of its common stock in order to opportunistically reduce its share count, a decrease of $0.5 billion of shares from the previously authorized amount and (ii) up to an aggregate of $1.5 billion of shares of its common stock in order to offset the dilutive impact of share issuances under its equity incentive plans, an increase of $0.5 billion of shares from the previously authorized amount. Shares of common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, as well as through reductions of shares that otherwise would have been issued to participants under the Company’s Equity Plan in order to satisfy associated tax obligations. The repurchase program does not obligate the Company to make any repurchases at any specific time. The program is effective until the aggregate repurchase amount that has been approved by the AGM board of directors has been expended and may be suspended, extended, modified or discontinued at any time. The table below outlines the share activity for the three months ended March 31, 2023 and 2022. Three months ended March 31, 2023 2022 Shares of common stock issued in settlement of vested RSUs and options exercised 1 4,930,963 4,556,421 Reduction of shares of common stock issued 2 (2,064,148) (2,062,255) Shares of common stock purchased related to share issuances and forfeitures 3 (160,239) (219,500) Issuance of shares of common stock for equity-based awards 2,706,576 2,274,666 1 The gross value of shares issued was $348 million and $301 million for the three months ended March 31, 2023 and 2022, respectively, based on the closing price of the shares of common stock at the time of issuance. 2 Cash paid for tax liabilities associated with net share settlement was $147 million and $138 million for the three months ended March 31, 2023 and 2022, respectively. 3 Certain Apollo employees receive a portion of the profit sharing proceeds of certain funds in the form of (a) restricted shares of common stock that they are required to purchase with such proceeds or (b) RSUs, in each case which equity-based awards generally vest over three years. These equity-based awards are granted under the Company's Equity Plan. To prevent dilution on account of these awards, Apollo may, in its discretion, repurchase shares of common stock on the open market and retire them. During the three months ended March 31, 2023 and 2022, Apollo issued 193,740 and 403,824 of such restricted shares and 160,239 and 219,500 of such RSUs under the Equity Plan, respectively, and repurchased 353,979 and 623,324 shares of common stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program, respectively. During the three months ended March 31, 2023 and 2022, 6,376,021 and 2,986,676 shares of common stock, respectively, were repurchased in open market transactions as part of the publicly announced share repurchase program discussed above, and such shares were subsequently canceled by the Company. The Company paid $433 million and $187 million for these open market share repurchases during the three months ended March 31, 2023 and 2022, respectively. Dividends and Distributions Outlined below is information regarding quarterly dividends and distributions (in millions, except per share data). Certain subsidiaries of the Company may be subject to U.S. federal, state, local and non-U.S. income taxes at the entity level and may pay taxes and/or make payments under the tax receivable agreement. Dividend Declaration Date Dividend per Share of Common Stock Payment Date Dividend to Common Stockholders Distribution to Non-Controlling Interest Holders in the Apollo Operating Group Total Distributions Distribution Equivalents on Participating Securities February 11, 2022 $ 0.40 February 28, 2022 $ 229 $ — $ 229 $ 12 May 5, 2022 0.40 May 31, 2022 229 — 229 12 August 4, 2022 0.40 August 31, 2022 229 — 229 11 November 2, 2022 0.40 November 30, 2022 229 — 229 11 Year ended December 31, 2022 $ 1.60 $ 916 $ — $ 916 $ 46 February 9, 2023 0.40 February 28, 2023 229 — 229 12 Three months ended March 31, 2023 $ 0.40 $ 229 $ — $ 229 $ 12 Accumulated Other Comprehensive Income (Loss) The following provides the details and changes in AOCI: (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2022 $ (12,568) $ (334) $ 48 $ 5,256 $ 285 $ (22) $ (7,335) Other comprehensive income (loss) before reclassifications 2,187 (119) 191 (802) 89 22 1,568 Less: Reclassification adjustments for gains (losses) realized 1 (31) — 87 — — — 56 Less: Income tax expense (benefit) 312 14 15 (73) 18 4 290 Less: Other comprehensive income (loss) attributable to non-controlling interests 220 — 27 (208) 1 9 49 Balance at March 31, 2023 $ (10,882) $ (467) $ 110 $ 4,735 $ 355 $ (13) $ (6,162) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations. (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2021 $ (1) $ — $ (1) $ — $ — $ (3) $ (5) Other comprehensive income (loss) before reclassifications (6,646) (97) (127) 3,562 397 (9) $ (2,920) Less: Reclassification adjustments for gains (losses) realized 1 (38) (7) — — — — $ (45) Less: Income tax expense (benefit) (1,184) (16) (26) 529 83 (1) (615) Less: Other comprehensive income (loss) attributable to non-controlling interests (676) (9) (24) 774 5 (15) 55 Balance at March 31, 2022 $ (4,749) $ (65) $ (78) $ 2,259 $ 309 $ 4 $ (2,320) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

Earnings per Share

Earnings per Share	3 Months Ended
Earnings per Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings per Share	16. Earnings per Share The following presents basic and diluted net income (loss) per share of common stock computed using the two-class method: Basic and Diluted Three months ended March 31, (In millions, except share and per share amounts) 2023 2022 Numerator: Net income (loss) attributable to common stockholders $ 1,010 $ (401) Dividends declared on common stock 1 (229) (229) Dividends on participating securities 2 (12) (12) Earnings allocable to participating securities 3 (20) — Undistributed income (loss) attributable to common stockholders: Basic 749 (642) Dilution effect on distributable income attributable to contingent shares (5) — Undistributed income (loss) attributable to common stockholders: Diluted $ 744 $ (642) Denominator: Weighted average number of shares of common stock outstanding: Basic 584,115,927 586,495,913 Dilution effect of contingent shares 126,644 — Weighted average number of shares of common stock outstanding: Diluted 584,242,571 586,495,913 Net income (loss) per share of common stock: Basic 4 Distributed income $ 0.40 $ 0.40 Undistributed income (loss) 1.27 (1.10) Net income (loss) per share of common stock: Basic $ 1.67 $ (0.70) Net Income (Loss) per share of common stock: Diluted Distributed Income $ 0.40 $ 0.40 Undistributed Income (Loss) 1.26 (1.10) Net Income (Loss) per share of common stock: Diluted $ 1.66 $ (0.70) 1 See note 15 for information regarding quarterly dividends. 2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares. 3 No allocation of undistributed losses was made to the participating securities as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders. 4 For the three months ended March 31, 2022, all of the classes of securities were determined to be anti-dilutive. The Company has granted RSUs that provide the right to receive, subject to vesting during continued employment, shares of common stock pursuant to the Equity Plan. Any dividend equivalent paid to an employee on RSUs will not be returned to the Company upon forfeiture of the award by the employee. Vested and unvested RSUs that are entitled to non-forfeitable dividend equivalents qualify as participating securities and are included in the Company’s basic and diluted earnings per share computations using the two-class method. The holder of an RSU participating security would have a contractual obligation to share in the losses of the entity if the holder is obligated to fund the losses of the issuing entity or if the contractual principal or mandatory redemption amount of the participating security is reduced as a result of losses incurred by the issuing entity. The RSU participating securities do not have a mandatory redemption amount and the holders of the participating securities are not obligated to fund losses; therefore, neither the vested RSUs nor the unvested RSUs are subject to any contractual obligation to share in losses of the Company. The following table summarizes the anti-dilutive securities: Three months ended March 31, 2023 2022 Weighted average unvested RSUs 14,056,347 10,744,265 Weighted average unexercised options 2,311,985 2,424,407 Weighted average unexercised warrants 3,832,969 1,300,000 Weighted average unvested restricted shares 1,719,231 2,266,951

Related Parties

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Parties	17. Related Parties Asset Management Due from/ to related parties Due from/ to related parties includes: • unpaid management fees, transaction and advisory fees and reimbursable expenses from the funds Apollo manages and their portfolio companies; • reimbursable payments for certain operating costs incurred by these funds as well as their related parties; and • other related party amounts arising from transactions, including loans to employees and periodic sales of ownership interests in funds managed by Apollo. Due from related parties and Due to related parties consisted of the following as of March 31, 2023 and December 31, 2022: (In millions) March 31, 2023 December 31, 2022 Due from Related Parties: Due from funds 1 $ 274 $ 269 Due from portfolio companies 98 106 Due from employees and former employees 92 90 Total Due from Related Parties $ 464 $ 465 Due to Related Parties: Due to Former Managing Partners and Contributing Partners 2 $ 831 $ 874 Due to funds 149 124 Total Due to Related Parties $ 980 $ 998 1 Includes $33 million and $43 million as of March 31, 2023 and December 31, 2022, respectively, related to a receivable from a fund in connection with the Company’s sale of a platform investment to such fund. The amount is payable to the Company over five years and is held at fair value. 2 Includes $307 million and $351 million as of March 31, 2023 and December 31, 2022, respectively, related to the AOG Unit Payment, payable in equal quarterly installments through December 31, 2024. Tax Receivable Agreement Prior to the consummation of the Mergers, each of the Former Managing Partners and Contributing Partners had the right to exchange vested AOG Units for Class A shares, subject to certain restrictions. All Apollo Operating Group entities have made, or will make, an election under Section 754 of the U.S. Internal Revenue Code, which will result in an adjustment to the tax basis of the assets owned by the Apollo Operating Group entities at the time an exchange was made. The election results in an increase to the tax basis of underlying assets which will reduce the amount of gain and associated tax that AGM and its subsidiaries will otherwise be required to pay in the future. The tax receivable agreement (“TRA”) provides for payment to the Former Managing Partners and Contributing Partners of 85% of the amount of cash tax savings, if any, in U.S. federal, state, local and foreign income taxes the Company realizes as a result of the increases in tax basis of assets resulting from transactions and other exchanges of AOG Units for Class A shares that have occurred in prior years. AGM and its subsidiaries retain the benefit from the remaining 15% of actual cash tax savings. If the Company does not make the required annual payment on a timely basis as outlined in the tax receivable agreement, interest is accrued on the balance until the payment date. Following the closing of the Mergers, as the Former Managing Partners and Contributing Partners no longer own AOG Units, there were no new exchanges subject to the TRA. AOG Unit Payment On December 31, 2021, holders of AOG Units (other than Athene and the Company) sold and transferred a portion of such AOG Units to a wholly-owned consolidated subsidiary of the Company, in exchange for an amount equal to $3.66 multiplied by the total number of AOG Units held by such holders immediately prior to such transaction. The remainder of the AOG Units held by such holders were exchanged for shares of AGM common stock concurrently with the consummation of the Mergers on January 1, 2022. As of March 31, 2023, the outstanding payable amount due to Former Managing Partners and Contributing Partners was $307 million, which is payable in equal quarterly installments through December 31, 2024. Due from Employees and Former Employees As of March 31, 2023 and December 31, 2022, due from related parties includes various amounts due to Apollo, including employee loans and return of profit-sharing distributions. As of March 31, 2023 and December 31, 2022, the balance includes interest-bearing employee loans receivable of $7 million and $9 million, respectively. The outstanding principal amount of the loans as well as all accrued and unpaid interest is required to be repaid at the earlier of the eighth anniversary of the date of the relevant loan or at the date of the relevant employee’s resignation. The receivable from certain employees and former employees includes an amount for the potential return of profit-sharing distributions that would be due if certain funds were liquidated of $75 million and $72 million at March 31, 2023 and December 31, 2022, respectively. Indemnity Certain of the performance revenues Apollo earns from funds may be subject to repayment by its subsidiaries that are general partners of the funds in the event that certain specified return thresholds are not ultimately achieved. The Former Managing Partners, Contributing Partners and certain other investment professionals have personally guaranteed, subject to certain limitations, the obligations of these subsidiaries in respect of this obligation. Such guarantees are several and not joint and are limited to a particular individual’s distributions. Apollo has agreed to indemnify each of the Former Managing Partners and certain Contributing Partners against all amounts that they pay pursuant to any of these personal guarantees in favor of certain funds that it manages (including costs and expenses related to investigating the basis for or objecting to any claims made in respect of the guarantees) for all interests that the Former Managing Partners and Contributing Partners contributed or sold to the Apollo Operating Group. Apollo recorded an indemnification liability of $13 million and $13 million as of March 31, 2023 and December 31, 2022, respectively. Due to Related Parties Based upon an assumed liquidation of certain of the funds Apollo manages, it has recorded a general partner obligation to return previously distributed performance allocations, which represents amounts due to certain funds. The obligation is recognized based upon an assumed liquidation of a fund’s net assets as of the reporting date. The actual determination and any required payment would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective governing document of the fund. Apollo recorded general partner obligations to return previously distributed performance allocations related to certain funds of $119 million and $107 million as of March 31, 2023 and December 31, 2022. Athora Apollo, through ISGI, provides investment advisory services to certain portfolio companies of funds managed by Apollo and Athora, a strategic liabilities platform that acquires or reinsures blocks of insurance business in the German and broader European life insurance market (collectively, the “Athora Accounts”). AAM and its subsidiaries had equity commitments outstanding to Athora of up to $347 million as of March 31, 2023, subject to certain conditions. Athora Sub-Advised Apollo provides sub-advisory services with respect to a portion of the assets in certain portfolio companies of funds managed by Apollo and the Athora Accounts. Apollo broadly refers to “Athora Sub-Advised” assets as those assets in the Athora Accounts which Apollo explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages. Apollo earns a base management fee on the aggregate market value of substantially all of the investment accounts of or relating to Athora and also a sub-advisory fee on the Athora Sub-Advised assets, which varies depending on the specific asset class. See “—Athora” in the Retirement Services section below for further details on Athene’s relationship with Athora. Regulated Entities and Affiliated Service Providers Apollo Global Securities, LLC (“AGS”) is a registered broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. AGS was in compliance with these requirements as of March 31, 2023. From time to time AGS, as well as other Apollo affiliates, provide services to related parties of Apollo, including Apollo funds and their portfolio companies, whereby the Company or its affiliates earn fees for providing such services. Griffin Capital Securities, LLC (“GCS”) is a registered broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. GCS was in compliance with these requirements as of March 31, 2023. Investment in SPACs In October 2020, APSG I, a SPAC sponsored by Apollo, completed an initial public offering, ultimately raising total gross proceeds of $817 million. APSG Sponsor, L.P., a subsidiary of Apollo, held Class B ordinary shares of APSG I, and consolidated it as a VIE. In May 2022, APSG I completed a business combination with American Express Global Business Travel. As a result of the business combination, Apollo no longer consolidates APSG I as a VIE. Apollo continues to hold a non-controlling interest in the newly merged entity at fair value, elected under the fair value option, which is primarily presented within Investments (Asset Management) in the condensed consolidated statements of financial condition. On February 12, 2021, APSG II, a SPAC sponsored by Apollo, completed an initial public offering, raising total gross proceeds of $690 million. APSG Sponsor II, L.P., a subsidiary of Apollo, holds Class B ordinary shares of APSG II, and consolidates APSG II as a VIE. In December 2022, APSG II entered into a non-binding letter of intent regarding a potential initial business combination and now has until May 12, 2023 to complete its initial business combination. On July 13, 2021, Acropolis Infrastructure Acquisition Corp. (“Acropolis”), a SPAC sponsored by Apollo, completed an initial public offering, ultimately raising total gross proceeds of $345 million. Acropolis Infrastructure Acquisition Sponsor, L.P., a subsidiary of Apollo, holds Class B common stock of Acropolis, and consolidates Acropolis as a VIE. As described in note 2, the Company consolidates entities that are VIEs for which the Company has been designated as the primary beneficiary. Through its interests in the respective sponsors, the Company has the primary beneficiary power to direct the activities that most significantly impact the economic performance of these SPACs. In addition, the Company’s combined interests in these VIEs are significant. Assets and liabilities of the consolidated SPACs are shown within the respective line items of the condensed consolidated financial statements. Retirement Services AAA Athene consolidates AAA as a VIE. Apollo established AAA for the purpose of providing a single vehicle through which Athene and third-party investors can participate in a portfolio of alternative investments, which include those managed by Apollo. Additionally, the Company believes AAA enhances its ability to increase alternative assets under management by raising capital from third parties, which will allow Athene to achieve greater scale and diversification for alternatives. Third-party investors began to invest in AAA on July 1, 2022. Wheels Donlen Athene has a limited partnership investment in Athene Freedom Parent, LP (“Athene Freedom”), for which Apollo is the general partner, and which Athene contributed to AAA during the second quarter of 2022. Athene Freedom indirectly invests in both Wheels, Inc. (“Wheels”) and Donlen, LLC (“Donlen”). During the fourth quarter of 2022, Athene Freedom also invested in LeasePlan USA, Inc. (“LeasePlan). As of March 31, 2023 and December 31, 2022, Athene owned $1,185 million and $1,024 million, respectively, of AFS securities issued by Wheels, Donlen and LeasePlan, which are held as investments in related parties on the condensed consolidated statements of financial condition. Athora Athene has a cooperation agreement with Athora, pursuant to which, among other things, (1) for a period of 30 days from the receipt of notice of a cession, Athene has the right of first refusal to reinsure (i) up to 50% of the liabilities ceded from Athora’s reinsurance subsidiaries to Athora Life Re Ltd. and (ii) up to 20% of the liabilities ceded from a third party to any of Athora’s insurance subsidiaries, subject to a limitation in the aggregate of 20% of Athora’s liabilities, (2) Athora agreed to cause its insurance subsidiaries to consider the purchase of certain funding agreements and/or other spread instruments issued by Athene’s insurance subsidiaries, subject to a limitation that the fair market value of such funding agreements purchased by any of Athora’s insurance subsidiaries may generally not exceed 3% of the fair market value of such subsidiary’s total assets, (3) Athene provides Athora with a right of first refusal to pursue acquisition and reinsurance transactions in Europe (other than the UK) and (4) Athora provides Athene and its subsidiaries with a right of first refusal to pursue acquisition and reinsurance transactions in North America and the UK. Notwithstanding the foregoing, pursuant to the cooperation agreement, Athora is only required to use its reasonable best efforts to cause its subsidiaries to adhere to the provisions set forth in the cooperation agreement and therefore Athora’s ability to cause its subsidiaries to act pursuant to the cooperation agreement may be limited by, among other things, legal prohibitions or the inability to obtain the approval of the board of directors or other applicable governing body of the applicable subsidiary, which approval is solely at the discretion of such governing body. As of March 31, 2023, Athene had not exercised its right of first refusal to reinsure liabilities ceded to Athora’s insurance or reinsurance subsidiaries. The following table summarizes Athene’s investments in Athora: (In millions) March 31, 2023 December 31, 2022 Investment fund $ 1,034 $ 959 Non-redeemable preferred equity securities 245 273 Total investment in Athora $ 1,279 $ 1,232 Additionally, as of March 31, 2023 and December 31, 2022, Athene had $60 million and $59 million, respectively, of funding agreements outstanding to Athora . Athene also has commitments to make additional investments in Athora of $526 million as of March 31, 2023. Catalina Athene has an investment in Apollo Rose II (B) (“Apollo Rose”) which Athene consolidates as a VIE. Apollo Rose holds equity interests in Catalina Holdings (Bermuda) Ltd. (“Catalina”). During the fourth quarter of 2022, Athene entered into a strategic modco reinsurance agreement with Catalina General Insurance Ltd., which is a subsidiary of Catalina, to cede certain inforce funding agreements. Athene elected the fair value option on this agreement and had a liability of $189 million and $142 million as of March 31, 2023 and December 31, 2022, respectively, which is included in other liabilities on the condensed consolidated statements of financial condition. Venerable Athene has coinsurance and modco agreements with Venerable Insurance and Annuity Company (“VIAC”). VIAC is a related party due to Athene’s minority equity investment in its holding company’s parent, VA Capital Company LLC (“VA Capital”), which was $235 million and $240 million as of March 31, 2023 and December 31, 2022, respectively. The minority equity investment in VA Capital is included in investments in related parties on the condensed consolidated statements of financial condition and accounted for as an equity method investment. VA Capital is owned by a consortium of investors, led by affiliates of Apollo, Crestview Partners III Management, LLC and Reverence Capital Partners L.P., and is the parent of Venerable, which is the parent of VIAC. Additionally, Athene has term loans receivable from Venerable due in 2033, which is included in investments in related parties on the condensed consolidated statements of financial condition. The loans are held at fair value and were $338 million and $303 million as of March 31, 2023 and December 31, 2022, respectively. While management views the overall transactions with Venerable as favorable to Athene, the stated interest rate of 6.257% on the term loans to Venerable represented a below-market interest rate, and management considered such rate as part of its evaluation and pricing of the reinsurance transactions. PK AirFinance Athene has investments in PK AirFinance (“PK Air”), an aviation lending business with a portfolio of loans (“Aviation Loans”). The Aviation Loans are generally fully secured by aircraft leases and aircraft and are securitized by a special purpose vehicle (“SPV”) for which Apollo acts as ABS manager (“ABS-SPV”). The ABS-SPV issues tranches of senior notes and subordinated notes, which are secured by the Aviation Loans. Athene has purchased both senior and subordinated notes of PK Air, which are included in investments in related parties on the condensed consolidated statements of financial condition. During the first quarter of 2022, Athene contributed its investment in the subordinated notes to PK Air Holdings, LP, and then contributed PK Air Holdings, LP to AAA during the second quarter of 2022. As of March 31, 2023 and December 31, 2022, Athene held $1.6 billion and $1.2 billion, respectively, of PK Air senior notes and had commitments to make additional investments in PK Air of $1.3 billion as of March 31, 2023. Apollo/Athene Dedicated Investment Program (“ADIP”) Athene’s subsidiary, ACRA 1 is partially owned by ADIP, a series of funds managed by Apollo. Athene’s subsidiary, ALRe, currently holds 36.55% of the economic interests in ACRA 1 and all of ACRA 1’s voting interests, with ADIP holding the remaining 63.45% of the economic interests. During the three months ended March 31, 2023 and 2022, Athene received capital contributions of $0 million and $311 million, respectively, from ADIP and paid dividends of $127 million and $0 million, respectively, to ADIP. Atlas Athene has an equity investment in Atlas, an asset-backed specialty lender, through its investment in AAA and, as of March 31, 2023 and December 31, 2022, also had $995 million and $0 million, respectively, of AFS securities issued by Atlas. Athene had $1,043 million and $0 million of reverse repurchase agreements issued by Atlas as of March 31, 2023 and December 31, 2022, respectively. See note 18 for further information on assurance letters issued in support of Atlas.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	18. Commitments and Contingencies Investment Commitments The Company has unfunded capital commitments of $0.6 billion as of March 31, 2023 related to the funds it manages. Separately, Athene had commitments to make investments, primarily capital contributions to investment funds, inclusive of related party commitments discussed previously, of $19.3 billion as of March 31, 2023. The Company expects most of the current commitments will be invested over the next five years; however, these commitments could become due any time upon counterparty request. Contingent Obligations Performance allocations with respect to certain funds are subject to reversal in the event of future losses to the extent of the cumulative revenues recognized in income to date. If all of the existing investments became worthless, the amount of cumulative revenues that have been recognized by Apollo through March 31, 2023 and that could be reversed approximates $4.9 billion. Performance allocations are affected by changes in the fair values of the underlying investments in the funds that Apollo manages. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, bond yields and industry trading multiples. Movements in these items can affect valuations quarter to quarter even if the underlying business fundamentals remain stable. Management views the possibility of all of the investments becoming worthless as remote. Additionally, at the end of the life of certain funds, Apollo may be obligated as general partner, to repay the funds’ performance allocations received in excess of what was ultimately earned. This obligation amount, if any, will depend on final realized values of investments at the end of the life of each fund or as otherwise set forth in the partnership agreement of the fund. Certain funds may not generate performance allocations as a result of unrealized and realized losses that are recognized in the current and prior reporting periods. In certain cases, performance allocations will not be generated until additional unrealized and realized gains occur. Any appreciation would first cover the deductions for invested capital, unreturned organizational expenses, operating expenses, management fees and priority returns based on the terms of the respective fund agreements. One of Apollo’s subsidiaries, AGS, provides underwriting commitments in connection with securities offerings of related parties of Apollo, including portfolio companies of the funds Apollo manages, as well as third parties. As of March 31, 2023, there were no open underwriting commitments. The Company, along with a third-party institutional investor, has committed to provide financing to a consolidated VIE that invests across Apollo’s capital markets platform (such VIE, the “Apollo Capital Markets Partnership”). Pursuant to these arrangements, the Company has committed equity financing to the Apollo Capital Markets Partnership. The Apollo Capital Markets Partnership also has a revolving credit facility with Sumitomo Mitsui Banking Corporation, as lead arranger, administrative agent and letter of credit issuer, Mizuho Bank Ltd., and other lenders party thereto, pursuant to which it may borrow up to $2.25 billion. The revolving credit facility, which has a final maturity date of April 1, 2025, is non-recourse to the Company, except that the Company provided customary comfort letters with respect to its capital contributions to the Apollo Capital Markets Partnership. As of March 31, 2023, the Apollo Capital Markets Partnership had funded commitments of $1.24 billion, on a net basis, to transactions across Apollo’s capital markets platform, all of which were funded through the revolving credit facility and other asset-based financing. No capital had been funded by the Company to the Apollo Capital Markets Partnership pursuant to its commitment. Whether the commitments of the Apollo Capital Markets Partnership are actually funded, in whole or in part, depends on the contractual terms of such commitments, including the satisfaction or waiver of any conditions to closing or funding. It is expected that between the time the Apollo Capital Markets Partnership makes a commitment and funding of such commitment, efforts will be made to syndicate such commitment to, among others, third parties, which should reduce its risk when committing to certain transactions. The Apollo Capital Markets Partnership may also, with respect to a particular transaction, enter into other arrangements with third parties which reduce its commitment risk. In connection with the acquisition of Stone Tower in 2012, Apollo agreed to pay its former owners a specified percentage of future performance revenues earned from certain of its funds, CLOs, and strategic investment accounts. This obligation was determined based on the present value of estimated future performance revenue payments and is recorded in other liabilities. The fair value of the remaining contingent obligation was $53 million and $55 million as of March 31, 2023 and December 31, 2022, respectively. This contingent consideration obligation is remeasured to fair value at each reporting period until the obligations are satisfied. The changes in the fair value of the Stone Tower contingent consideration obligation is reflected in profit sharing expense in the condensed consolidated statements of operations. In connection with the acquisition of Griffin Capital’s U.S. asset management business on May 3, 2022, Apollo agreed to pay its former owners certain share-based consideration contingent on specified AUM and capital raising thresholds. This obligation was determined based on the present value of estimated future performance relative to such thresholds and is recorded in other liabilities. The fair value of the remaining contingent obligation was $25 million and $31 million as of March 31, 2023 and December 31, 2022, respectively. This contingent consideration obligation is remeasured to fair value at each reporting period until the respective thresholds are met such that the contingencies are satisfied. The changes in the fair value of the Griffin Capital contingent consideration obligation are reflected in other income (loss) in the condensed consolidated statements of income. Funding Agreements Athene is a member of the Federal Home Loan Bank of Des Moines (“ FHLB”) and, through its membership, has issued funding agreements to the FHLB in exchange for cash advances. As of March 31, 2023 and December 31, 2022, Athene had $4.9 billion and $3.7 billion, respectively, of FHLB funding agreements outstanding. Athene is required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties. Athene has a funding agreement backed notes (“FABN”) program, which allows Athene Global Funding, a special purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes. Athene Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from Athene. As of March 31, 2023 and December 31, 2022, Athene had $21.1 billion and $21.0 billion, respectively, of board-authorized FABN funding agreements outstanding. Athene had $13.5 billion of board-authorized FABN capacity remaining as of March 31, 2023. Athene established a secured funding agreement backed repurchase agreement (“FABR”) program, in which a special-purpose, unaffiliated entity enters into repurchase agreements with a bank and the proceeds of the repurchase agreements are used by the special purpose entity to purchase funding agreements from Athene. As of March 31, 2023 and December 31, 2022, Athene had $3.0 billion and $3.0 billion, respectively, of FABR funding agreements outstanding. Pledged Assets and Funds in Trust (Restricted Assets) Athene’s total restricted assets included on the condensed consolidated statements of financial condition are as follows: (In millions) March 31, 2023 December 31, 2022 AFS securities $ 17,054 $ 15,366 Trading securities 69 55 Equity securities 71 38 Mortgage loans 7,963 8,849 Investment funds 84 103 Derivative assets 80 65 Short-term investments 131 120 Other investments 215 170 Restricted cash and cash equivalents 1,148 628 Total restricted assets $ 26,815 $ 25,394 The restricted assets are primarily related to reinsurance trusts established in accordance with coinsurance agreements and the FHLB and FABR funding agreements described above. Letters of Credit Athene has undrawn letters of credit totaling $1.3 billion as of March 31, 2023. These letters of credit were issued for Athene’s reinsurance program and have expirations through July 28, 2025. Atlas In connection with the Company and CS’s previously announced transaction, whereby Atlas acquired certain assets of the CS Securitized Products Group, two subsidiaries of the Company have each issued an assurance letter to CS to guarantee the full five year deferred purchase obligation of Atlas in the amount of $3.3 billion. The fair value of the liability related to the Company’s guarantee is not material to the Company’s condensed consolidated financial statements. Litigation and Regulatory Matters The Company is party to various legal actions arising from time to time in the ordinary course of business, including claims and lawsuits, arbitrations, reviews, investigations or proceedings by governmental and self-regulatory agencies regarding the Company’s business. On August 3, 2017, a complaint was filed in the United States District Court for the Middle District of Florida against AAM, a senior partner of Apollo and a former principal of Apollo by Michael McEvoy on behalf of a purported class of employees of subsidiaries of CEVA Group, LLC (“CEVA Group”) who purchased shares in CEVA Investment Limited (“CIL”), the former parent company of CEVA Group. The complaint alleged that the defendants breached fiduciary duties to and defrauded the plaintiffs by inducing them to purchase shares in CIL and subsequently participating in a debt restructuring of CEVA Group in which shareholders of CIL did not receive a recovery. The complaint was determined by a bankruptcy court to be void ab initio because it asserted claims that were property of CIL’s bankruptcy estate. On December 7, 2018, McEvoy revised his complaint to attempt to assert claims that do not belong to CIL. The amended complaint no longer named any individual defendants, but Apollo Management VI, L.P. and CEVA Group were added as defendants. The amended complaint sought damages of approximately €30 million and asserted, among other things, claims for violations of the Investment Advisers Act of 1940 (as amended, the “Investment Advisers Act”), breach of fiduciary duties, and breach of contract. On January 6, 2020, the Florida court granted in part Apollo’s motion to dismiss, dismissing McEvoy’s Investment Advisers Act claim with prejudice, and denying without prejudice Apollo’s motion with respect to the remaining claims, and directing the parties to conduct limited discovery, and submit new briefing, solely with respect to the statute of limitations. After extensive motion practice, the District Court granted defendants’ motion for summary judgment on statute of limitations grounds on March 10, 2022 and entered judgment in defendants’ favor. Plaintiff appealed the District Court’s decision to the United States Court of Appeals for the Eleventh Circuit. On March 30, 2023, the Eleventh Circuit affirmed the District Court’s decision, and subsequently denied Plaintiffs’ motion for rehearing on May 1, 2023. Apollo believes that Plaintiff’s claims are without merit. No reasonable estimate of possible loss, if any, can be made at this time. On December 21, 2017, several entities referred to collectively as “Harbinger” commenced an action in New York Supreme Court captioned Harbinger Capital Partners II LP et al. v. Apollo Global Management LLC, et al. (No. 657515/2017). The complaint named as defendants AAM, and funds managed by Apollo that invested in SkyTerra Communications, Inc. (“SkyTerra”), among others. The complaint alleged that during the period of Harbinger’s various equity and debt investments in SkyTerra from 2004 to 2010, the defendants concealed from Harbinger material defects in SkyTerra technology. The complaint further alleged that Harbinger would not have made investments in SkyTerra totaling approximately $1.9 billion had it known of the defects, and that the public disclosure of these defects ultimately led to SkyTerra filing for bankruptcy in 2012 (after it had been renamed LightSquared). The complaint sought $1.9 billion in damages, as well as punitive damages, interest, costs, and fees. On June 12, 2019, Harbinger voluntarily discontinued the state action without prejudice. On June 8, 2020, Harbinger refiled its litigation in New York Supreme Court, captioned Harbinger Capital Partners II, LP et al. v. Apollo Global Management, LLC et al. (No. 652342/2020). The complaint adds eight new defendants and three new claims relating to Harbinger’s contention that the new defendants induced Harbinger to buy CCTV One Four Holdings, LLC (“CCTV”) to support SkyTerra’s network even though they allegedly knew that the network had material defects. On November 23, 2020, Defendants refiled a bankruptcy motion, and on November 24, 2020, filed in the state court a motion to stay the state court proceedings pending a ruling by the bankruptcy court on the bankruptcy motion. On February 1, 2021, the bankruptcy court denied the bankruptcy motion. On March 31, 2021, Defendants filed their motions to dismiss the New York Supreme Court action. Hearings were held on the motions to dismiss on February 15, 2022 and February 18, 2022, and the motions remain pending. Apollo believes the claims in this action are without merit. Because this action is in the early stages, no reasonable estimate of possible loss, if any, can be made at this time. In March 2020, Frank Funds, which claims to be a former shareholder of MPM Holdings, Inc. (“MPM”), commenced an action in the Delaware Court of Chancery, captioned Frank Funds v. Apollo Global Management, Inc., et al. , C.A. No. 2020-0130, against AAM, certain former MPM directors (including three Apollo officers and employees), and members of the consortium that acquired MPM in a May 2019 merger. The complaint asserted, on behalf of a putative class of former MPM shareholders, a claim against Apollo for breach of its fiduciary duties as MPM’s alleged controlling shareholder in connection with the May 2019 merger. Frank Funds seeks unspecified compensatory damages. On July 23, 2019, a group of former MPM shareholders filed an appraisal petition in Delaware Chancery Court seeking the fair value of their MPM shares that were purchased through MPM’s May 15, 2019 merger, in an action captioned In re Appraisal of MPM Holdings, Inc. , C.A. No. 2019-0519 (Del. Ch.). On June 3, 2020, petitioners moved for leave to file a verified amended appraisal petition and class-action complaint that included claims for breach of fiduciary duty and/or aiding and abetting breaches of fiduciary duty against AAM, the Apollo-affiliated fund that owned MPM’s shares before the merger, certain former MPM directors (including three Apollo employees), and members of the consortium that acquired MPM, based on alleged actions related to the May 2019 merger. The petitioners also sought to consolidate their appraisal proceeding with the Frank Funds action. On November 13, 2020, the Chancery Court granted the parties’ stipulated order to consolidate the two matters, and on December 21, 2020, the Chancery Court granted petitioners’ motion for leave to file the proposed amended complaint. This new consolidated action is captioned In Re MPM Holdings Inc. Appraisal and Stockholder Litigation , C.A. No. 2019-0519 (Del Ch.). On January 13, 2022, the Chancery Court denied Apollo’s motion to dismiss. Apollo believes the claims in this action are without merit. Because this action is in the early stages, no reasonable estimate of possible loss, if any, can be made at this time. On August 4, 2020, a putative class action complaint was filed in the United States District Court for the District of Nevada against PlayAGS Inc. (“PlayAGS”), all of the members of PlayAGS’s board of directors (including three directors who are affiliated with Apollo), certain underwriters of PlayAGS (including Apollo Global Securities, LLC), as well as AAM, Apollo Investment Fund VIII, L.P., Apollo Gaming Holdings, L.P., and Apollo Gaming Voteco, LLC (these last four parties, together, the “Apollo Defendants”). The complaint asserted claims against all defendants arising under the Securities Act of 1933 in connection with certain secondary offerings of PlayAGS stock conducted in August 2018 and March 2019, alleging that the registration statements issued in connection with those offerings did not fully disclose certain business challenges facing PlayAGS. The complaint further asserted a control person claim under Section 20(a) of the Exchange Act against the Apollo Defendants and the director defendants (including the directors affiliated with Apollo), alleging such defendants were responsible for certain misstatements and omissions by PlayAGS about its business. On December 2, 2022, the Court dismissed all claims against the underwriters (including Apollo Global Securities, LLC) and the Apollo Defendants, but allowed a claim against PlayAGS and two of the Company's executives to proceed. No reasonable estimate of possible loss, if any, can be made at this time.

Segments

Segments	3 Months Ended
Segments	Mar. 31, 2023
Segment Reporting [Abstract]
Segments	19. Segments The Company conducts its business through three reportable segments: (i) Asset Management, (ii) Retirement Services and (iii) Principal Investing. Segment information is utilized by the Company’s chief operating decision maker to assess performance and to allocate resources. The performance is measured by the Company’s chief operating decision maker on an unconsolidated basis because the chief operating decision maker makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and data that exclude the effects of consolidation of any of the affiliated funds. Segment Income Segment Income is the key performance measure used by management in evaluating the performance of the asset management, retirement services, and principal investing segments. Management uses Segment Income to make key operating decisions such as the following: • decisions related to the allocation of resources such as staffing decisions, including hiring and locations for deployment of the new hires; • decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; • decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in the funds and those of Apollo’s stockholders by providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo’s performance and growth for the year; and • decisions related to the amount of earnings available for dividends to common stockholders and holders of equity-based awards that participate in dividends. Segment Income is a measure of profitability and has certain limitations in that it does not take into account certain items included under U.S. GAAP. Segment Income is the sum of (i) Fee Related Earnings, (ii) Spread Related Earnings and (iii) Principal Investing Income. Segment Income excludes the effects of the consolidation of any of the related funds and SPACs, interest and other financing costs related to AGM not attributable to any specific segment, taxes and related payables, transaction-related charges and any acquisitions. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration, and certain other charges associated with acquisitions, and restructuring charges. In addition, Segment Income excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation and administrative related expense reimbursements, as well as the assets, liabilities and operating results of the funds and VIEs that are included in the condensed consolidated financial statements. Segment Income may not be comparable to similarly titled measures used by other companies and is not a measure of performance calculated in accordance with U.S. GAAP. We use Segment Income as a measure of operating performance, not as a measure of liquidity. Segment Income should not be considered in isolation or as a substitute for net income or other income data prepared in accordance with U.S. GAAP. The use of Segment Income without consideration of related U.S. GAAP measures is not adequate due to the adjustments described above. Management compensates for these limitations by using Segment Income as a supplemental measure to U.S. GAAP results, to provide a more complete understanding of our performance as management measures it. A reconciliation of Segment Income to its most directly comparable U.S. GAAP measure of income (loss) before income tax provision can be found in this footnote. Fee Related Earnings Fee Related Earnings (“FRE”) is a component of Segment Income that is used to assess the performance of the Asset Management segment. FRE is the sum of (i) management fees, (ii) capital solutions and other related fees, (iii) fee-related performance fees from indefinite term vehicles, that are measured and received on a recurring basis and not dependent on realization events of the underlying investments and (iv) other income, net, less (a) fee-related compensation, excluding equity-based compensation, (b) non-compensation expenses incurred in the normal course of business, (c) placement fees and (d) non-controlling interests in the management companies of certain funds the Company manages. Spread Related Earnings Spread Related Earnings (“SRE”) is a component of Segment Income that is used to assess the performance of the Retirement Services segment, excluding certain market volatility and certain expenses related to integration, restructuring, equity-based compensation, and other expenses. For the Retirement Services segment, SRE equals the sum of (i) the net investment earnings on Athene’s net invested assets and (ii) management fees received on business managed for others, primarily the ADIP portion of Athene’s business ceded to ACRA, less (x) cost of funds, (y) operating expenses excluding equity-based compensation and (z) financing costs, including interest expense and preferred dividends, if any, paid to Athene preferred stockholders. Principal Investing Income Principal Investing Income (“PII”) is a component of Segment Income that is used to assess the performance of the Principal Investing segment. For the Principal Investing segment, PII is the sum of (i) realized performance fees, including certain realizations received in the form of equity, and (ii) realized investment income, less (x) realized principal investing compensation expense, excluding expense related to equity-based compensation, and (y) certain corporate compensation and non-compensation expenses. The following presents financial data for the Company’s reportable segments. Three months ended March 31, (In millions) 2023 2022 Asset Management Management fees 1 $ 577 $ 505 Capital solutions fees and other, net 138 64 Fee-related performance fees 27 14 Fee-related compensation (211) (175) Other operating expenses (134) (98) Fee Related Earnings 397 310 Retirement Services Fixed income and other investment income, net 1,957 1,207 Alternative investment income, net 185 448 Strategic capital management fees 14 12 Cost of funds (1,235) (822) Other operating expenses (124) (109) Interest and other financing costs (109) (62) Spread Related Earnings 688 674 Principal Investing Realized performance fees 164 127 Realized investment income 28 226 Principal investing compensation (170) (156) Other operating expenses (14) (10) Principal Investing Income 8 187 Segment Income $ 1,093 $ 1,171 Segment Assets: March 31, 2023 December 31, 2022 Asset Management $ 2,030 $ 1,918 Retirement Services 253,451 240,483 Principal Investing 8,158 8,099 Total Assets 2 $ 263,639 $ 250,500 1 Includes intersegment management fees from Retirement Services of $216 million and $182 million for the three months ended March 31, 2023 and 2022, respectively. 2 Refer below for a reconciliation of total assets for Apollo’s total reportable segments to total consolidated assets. The following reconciles total consolidated revenues to total asset management fee related revenues: Three months ended March 31, (In millions) 2023 2022 Total Consolidated Revenues $ 5,301 $ 862 Retirement services GAAP revenue (4,265) 247 Equity awards granted by unconsolidated related parties, reimbursable expenses and other 1 (69) (41) Adjustments related to consolidated funds and VIEs 1 (1) 76 Performance fees (401) (571) Principal investment income (39) (172) Retirement services management fees 216 182 Total Asset Management Fee Related Revenues $ 742 $ 583 1 Represents advisory fees, management fees and performance fees earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements. The following presents the reconciliation of income before income tax provision reported in the condensed consolidated statements of operations to Segment Income: Three months ended March 31, (In millions) 2023 2022 Income (loss) before income tax provision (benefit) $ 1,791 $ (1,544) Asset Management Adjustments: Equity-based profit sharing expense and other 1 67 97 Equity-based compensation 52 56 Transaction-related charges 2 (3) (1) Merger-related transaction and integration costs 3 7 18 (Gains) losses from change in tax receivable agreement liability — 14 Net (income) loss attributable to non-controlling interests in consolidated entities (523) 649 Unrealized performance fees (239) (445) Unrealized profit sharing expense 135 191 HoldCo interest and other financing costs 4 21 39 Unrealized principal investment income (loss) (10) 82 Unrealized net (gains) losses from investment activities and other 12 (18) Retirement Services Adjustments: Investment (gains) losses, net of offsets (397) 2,636 Non-operating change in insurance liabilities and related derivatives 135 (649) Integration, restructuring and other non-operating expenses 29 34 Equity-based compensation 16 12 Segment Income $ 1,093 $ 1,171 1 Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are required to be used by employees of Apollo to purchase restricted shares of common stock or is delivered in the form of RSUs, which are granted under the Equity Plan. Equity-based profit sharing expense and other also includes performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense. 2 Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges. 3 Merger-related transaction and integration costs includes advisory services, technology integration, equity-based compensation charges and other costs associated with the Mergers. 4 Represents interest and other financing costs related to AGM not attributable to any specific segment. The following table presents the reconciliation of the Company’s total reportable segment assets to total assets: (In millions) March 31, 2023 December 31, 2022 Total reportable segment assets $ 263,639 $ 250,500 Adjustments 1 6,685 6,717 Total assets $ 270,324 $ 257,217 1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	20. Subsequent Events Dividends On May 9, 2023, the Company declared a cash dividend of $0.43 per share of common stock, which will be paid on May 31, 2023 to holders of record at the close of business on May 22, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the annual financial statements included in the 2022 Annual Report. Certain disclosures included in the annual financial statements have been condensed or omitted as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year.
Reclassifications	Certain reclassifications have been made to previously reported amounts to conform to the current period’s presentation.
Consolidation	Consolidation The Company consolidates entities where it has a controlling financial interest unless there is a specific scope exception that prevents consolidation. The types of entities with which the Company is involved generally include, but are not limited to: • subsidiaries, which includes AAM and its subsidiaries, including management companies and general partners of funds that the Company manages, and AHL and its subsidiaries • funds, including entities that have attributes of an investment company • SPACs • CLOs
Investment Companies	Investment Companies Judgment is required to evaluate whether an entity has the necessary characteristics to be accounted for as an investment company. The funds managed by the Company that meet the investment company criteria are generally not required to consolidate operating companies and generally reflect their investments in operating companies and other investment companies at fair value. The Company has retained this specialized accounting for investment companies in consolidation. Investments Fixed Maturity Securities Fixed maturity securities includes bonds, collateralized loan obligations (CLOs), asset-backed securities (ABS), residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS) and redeemable preferred stock. Athene classifies fixed maturity securities as AFS or trading at the time of purchase and subsequently carries them at fair value. Classification is dependent on a variety of factors, including expected holding period, election of the fair value option and asset and liability matching. AFS Securities AFS securities are held at fair value on the condensed consolidated statements of financial condition, with unrealized gains and losses, exclusive of allowances for expected credit losses, generally reflected in AOCI on the condensed consolidated statements of financial condition. Unrealized gains or losses relating to identified risks within AFS securities in fair value hedging relationships are reflected in investment related gains (losses) on the condensed consolidated statements of operations. Trading Securities The fair value option is elected for certain fixed maturity securities. These fixed maturity securities are classified as trading, with changes to fair value included in investment related gains (losses) on the condensed consolidated statements of operations. Although the securities are classified as trading, the trading activity related to these investments is primarily focused on asset and liability matching activities and is not intended to be an income strategy based on active trading. As such, the activity related to these investments on the condensed consolidated statements of cash flows is classified as investing activities. Transactions in trading securities are generally recorded on a trade date basis, with any unsettled trades recorded in other assets or other liabilities on the condensed consolidated statements of financial condition. Bank loans, private placements and investment funds are recorded on settlement date basis. Equity Securities Equity securities includes common stock, mutual funds and non-redeemable preferred stock. Equity securities with readily determinable fair values are carried at fair value with subsequent changes in fair value recognized in net income. Athene has elected to account for certain equity securities without readily determinable fair values that do not qualify for the practical expedient to estimate fair values based on NAV per share (or its equivalent) at cost less impairment, subject to adjustments based on observable price changes in orderly transactions for identical or similar investments of the same issuer. Purchased Credit Deteriorated Investments Athene purchases certain structured securities, primarily RMBS, which upon assessment have been determined to meet the definition of PCD investments. Additionally, structured securities classified as beneficial interests follow the initial measurement guidance for PCD investments if there is a significant difference between contractual cash flows adjusted for expected prepayments and expected cash flows at the date of recognition. The initial allowance for credit losses for PCD investments is recorded through a gross-up adjustment to the initial amortized cost. For structured securities classified as beneficial interests, the initial allowance is calculated as the present value of the difference between contractual cash flows adjusted for expected prepayments and expected cash flows at the date of recognition. The non-credit purchase discount or premium is amortized into investment income using the effective interest method. The credit discount, represented by the allowance for expected credit losses, is remeasured each period following the policies for measuring credit losses described in Credit Losses – Available-for-Sale Securitie s section below. Mortgage Loans Athene elected the fair value option on its mortgage loan portfolio. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. Interest is accrued on loans until it is probable it will not be received, or the loan is 90 days past due, unless guaranteed by U.S. government-sponsored agencies. Interest income and prepayment fees are reported in net investment income on the condensed consolidated statements of operations. Changes in the fair value of the mortgage loan portfolio are reported in investment related gains (losses) on the condensed consolidated statements of operations. Investment Funds Athene invests in certain non-fixed income, alternative investments in the form of limited partnerships or similar legal structures (investment funds). For investment funds in which it does not hold a controlling financial interest, Athene typically accounts for such investments using the equity method, where the cost is recorded as an investment in the fund, or it has elected the fair value option. Adjustments to the carrying amount reflect pro rata ownership percentage of the operating results as indicated by NAV in the investment fund financial statements, which can be on a lag of up to three months when investee information is not received in a timely manner. Athene’s proportionate share of investment fund income is recorded within net investment income on the condensed consolidated statements of operations. Contributions paid or distributions received by Athene are recorded directly to the investment fund balance as an increase to carrying value or as a return of capital, respectively. Policy Loans Policy loans are funds provided to policyholders in return for a claim on the policyholder’s account balance. The funds provided are limited to a specified percentage of the account balance. The majority of policy loans do not have a stated maturity and the balances and accrued interest are repaid with proceeds from the policyholder’s account balance. Policy loans are reported at the unpaid principal balance. Interest income is recorded as earned using the contract interest rate and is reported in net investment income on the condensed consolidated statements of operations. Funds Withheld at Interest Funds withheld at interest represents a receivable for amounts contractually withheld by ceding companies in accordance with funds withheld coinsurance (“funds withheld”) and modified coinsurance (“modco”) reinsurance agreements in which Athene is the reinsurer. Generally, assets equal to statutory reserves are withheld and legally owned by the ceding company, and any excess or shortfall is settled periodically. The underlying agreements contain embedded derivatives as discussed below. Short-term Investments Short-term investments consist of financial instruments with maturities of greater than three months but less than twelve months when purchased. Short-term debt securities are accounted for as trading or AFS consistent with the policies for those investments. Short-term loans are carried at amortized cost. Other Investments Other investments includes, but is not limited to, term loans collateralized by mortgages on residential and commercial real estate and other uncollateralized loans. Athene elected the fair value option on these loans. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. Interest on loans is accrued until it is probable it will not be received or the loan is 90 days past due. Interest income and prepayment and other fees are reported in net investment income on the condensed consolidated statements of operations. Changes in fair value are reported in investment related gains (losses) on the condensed consolidated statements of operations.
Variable Interest Entities	Variable Interest Entities All entities are first considered under the VIE model. VIEs are entities that 1) do not have sufficient equity at risk to finance their activities without additional subordinated financial support or 2) have equity investors at risk that do not have the ability to make significant decisions related to the entity’s operations, absorb expected losses, or receive expected residual returns. The Company consolidates a VIE if it is the primary beneficiary of the entity. The Company is deemed the primary beneficiary when it has a controlling financial interest in the VIE, which is defined as possessing both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance (“primary beneficiary power”) and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant (“significant variable interest”). The Company performs the VIE and primary beneficiary assessment at inception of its involvement with a VIE and on an ongoing basis if facts and circumstances change. To assess whether the Company has the primary beneficiary power under the VIE consolidation model, it considers the design of the entity as well as ongoing rights and responsibilities. In general, the parties that can make the most significant decisions regarding asset management have control over servicing, liquidation rights or the unilateral right to remove the decision-makers. To assess whether the Company has a significant variable interest, the Company considers all its economic interests that are considered variable interests in the entity, including interests held through related parties. This assessment requires judgment in considering whether those interests are significant. Assets and liabilities of the consolidated VIEs, other than SPACs, are primarily shown in separate sections within the condensed consolidated statements of financial condition. Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses are primarily presented within net gains from investment activities of consolidated variable interest entities in the condensed consolidated statements of operations. The portion attributable to non-controlling interests is reported within net income attributable to non-controlling interests in the condensed consolidated statements of operations. For additional disclosures regarding VIEs, see notes 7 and 17. Voting Interest Entities Entities that are not determined to be VIEs are generally considered VOEs. Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest. The Company does not consolidate those VOEs in which substantive kick-out rights have been granted to the unrelated investors to either dissolve the fund or remove the general partner.
Non-controlling Interests	Non-controlling Interests For entities that are consolidated, but not wholly owned, a portion of the income or loss and corresponding equity is allocated to owners other than the Company. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the condensed consolidated financial statements. Non-controlling interests also include ownership interests in certain consolidated funds and VIEs. Non-controlling interests are presented as a separate component of equity on the Company’s condensed consolidated statements of financial condition. Net income (loss) includes the net income (loss) attributable to the holders of non-controlling interests on the Company’s condensed consolidated statements of operations. Profits and losses are allocated to non-controlling interests in proportion to their relative ownership interests regardless of their basis.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts in the financial statements and related footnotes. The Company’s most significant estimates include goodwill and intangible assets, income taxes, performance allocations, incentive fees, non-cash compensation, fair value of investments (including derivatives) and debt, impairment of investments and allowances for expected credit losses, and future policy benefit reserves. While such impact may change considerably over time, the estimates and assumptions affecting the Company’s condensed consolidated financial statements are based on the best available information as of March 31, 2023. Actual results could differ materially from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid short-term investments, including money market funds and U.S. Treasury securities, with original maturities of three months or less when purchased to be cash equivalents. Interest income from cash and cash equivalents is recorded in other income for asset management and net investment income for retirement services in the condensed consolidated statements of operations. The carrying values of the money market funds and U.S. Treasury securities represent their fair values due to their short-term nature. Substantially all of the Company’s cash on deposit is in interest bearing accounts with major financial institutions and exceed insured limits.
Restricted Cash and Cash Equivalents	Restricted Cash and Cash Equivalents Restricted cash and cash equivalents represent balances that are restricted as to withdrawal or usage. Restricted cash consists of cash and cash equivalents held in funds in trust as part of certain coinsurance agreements to secure statutory reserves and liabilities of the coinsured parties. Restricted cash also includes cash deposited at a bank that is pledged as collateral in connection with leased premises.
Foreign Currency	Foreign Currency The Company holds foreign currency denominated assets and liabilities. Non-monetary assets and liabilities of the Company’s international subsidiaries are remeasured into the functional currency using historical exchange rates specific to each asset and liability, the exchange rates prevailing at the end of each reporting period are used for all others. The results of the Company’s foreign operations are remeasured using an average exchange rate for the respective reporting period. Currency remeasurement adjustments and gains and losses on the settlement of foreign currency translations are included within other income (loss), net for asset management or investment related gains (losses) for retirement services in the condensed consolidated statements of operations. Foreign currency denominated assets and liabilities are translated into the reporting currency using the exchange rates prevailing at the end of each reporting period. Currency translation adjustments are included within other comprehensive income (loss), before tax within the condensed consolidated statements of comprehensive income (loss). The change in unrealized foreign currency exchange of any non-U.S. dollar denominated available-for-sale (“AFS”) securities are included in other comprehensive income (“OCI”) unless they are designated as part of a fair value hedge.
Equity Method Investments	Equity Method Investments For investments in entities over which the Company exercises significant influence but does not meet the requirements for consolidation and has not elected the fair value option, the Company uses the equity method of accounting. Under the equity method of accounting, the Company records its share of the underlying income or loss of such entities adjusted for distributions. The Company’s share of the underlying net income or loss of such entities is recorded in Investment income (loss) for asset management and Net investment income for retirement services in the condensed consolidated statements of operations. The carrying amounts of equity method investments are recorded in investments in the condensed consolidated statements of financial condition. Generally, the underlying entities that the Company manages and invests in are primarily investment companies, and the carrying value of the Company’s equity method investments approximates fair value.
Reverse Repurchase Agreements and Repurchase Agreements	Reverse Repurchase Agreements and Repurchase Agreements A reverse repurchase agreement is a transaction in which the Company purchases financial instruments from a seller and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a fixed and determinable price at a future date. A repurchase agreement is a transaction in which the Company sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substant ially the same financial instruments from the buyer at a fixed and determinable price at a future date. Although reverse repurchase and repurchase agreements generally involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be resold or repurchased before or at the maturity of the agreement. As a result, the collateral received under reverse repurchase agreements are not recognized and the collateral pledged under repurchase agreements are not derecognized in the condensed consolidated statements of financial condition. Within asset management, reverse repurchase and repurchase agreements generally sit within consolidated VIEs and as such, those reverse repurchase and repurchase agreements are reflected as investments and other liabilities, respectively, within the consolidated VIE section of the statements of financial condition. Additionally, the income (loss) related to those reverse repurchase and repurchase agreements from consolidated VIEs are included in Net gains (losses) from investment activities of consolidated variable interest entities on the condensed consolidated statements of operations. Reverse repurchase agreements with asset management are generally accounted for by electing the fair value option. For retirement services, the receivable under the reverse repurchase agreement is recorded as investment for the principal amount loaned under the agreement and the payable under a repurchase agreement is recognized as payables for collateral on derivatives and securities to repurchase on the
Financial Instruments held by Consolidated VIEs	Financial Instruments held by Consolidated VIEs The consolidated VIEs managed by the Company are primarily investment companies and CLOs. Their investments include debt and equity securities held at fair value and reverse repurchase agreements. Financial instruments are generally accounted for on a trade date basis. Under a measurement alternative permissible for consolidated collateralized financing entities, the Company measures both the financial assets and financial liabilities of consolidated CLOs in its condensed consolidated financial statements in both cases using the fair value of the financial assets or financial liabilities, whichever are more observable. Where financial assets are more observable, the financial assets of the consolidated CLOs are measured at fair value and the financial liabilities are measured in consolidation as: (i) the sum of the fair value of the financial assets and the carrying value of any non-financial assets that are incidental to the operations of the CLOs less (ii) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. Where financial liabilities are more observable, the financial liabilities of the consolidated CLOs are measured at fair value and the financial assets are measured in consolidation as: (i) the sum of the fair value of the financial liabilities, and the carrying value of any non-financial liabilities that are incidental to the operations of the CLOs less (ii) the carrying value of any non-financial assets that are incidental to the operations of the CLOs. The resulting amount is allocated to the individual financial assets using a reasonable and consistent methodology. Net income attributable to Apollo Global Management, Inc. reflects the Company’s own economic interests in the consolidated CLOs, including (i) changes in the fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services. Certain consolidated VIEs have applied the fair value option for certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses in net income.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date under current market conditions. The actual realized gains or losses will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may ultimately differ significantly from the assumptions on which the valuations were based. Fair Value Option
Fair Value Hierarchy	Fair Value Hierarchy U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: Level 1 – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The Company does not adjust the quoted price for these financial instruments, even in situations where the Company holds a large position and the sale of such position would likely deviate from the quoted price. Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. These financial instruments exhibit higher levels of liquid market observability as compared to Level 3 financial instruments. Level 3 – Pricing inputs are unobservable for the financial instrument and includes situations where there is little observable market activity for the financial instrument. The inputs into the determination of fair value may require significant management judgment or estimation. Financial instruments that are included in this category generally include investments where the fair value is based on observable inputs as well as unobservable inputs. When a security is valued based on broker quotes, the Company subjects those quotes to various criteria in making the determination as to whether a particular financial instrument would qualify for classification as Level 2 or Level 3. These criteria include, but are not limited to, the number and quality of the broker quotes, the standard deviations of the observed broker quotes, and the percentage deviation from external pricing services. Investments in securities that are traded on a securities exchange or comparable over-the-counter quotation systems are valued based on the last reported sale price at that date. If no sales of such investments are reported on such date, and in the case of over-the-counter securities or other investments for which the last sale date is not available, valuations are based on independent market quotations obtained from market participants, recognized pricing services or other sources deemed relevant, and the prices are based on the average of the “bid” and “ask” prices, or at ascertainable prices at the close of business on such day. Market quotations are generally based on valuation pricing models or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks, among other factors. When market quotations are not available, a model-based approach is used to determine fair value. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument when the fair value is based on unobservable inputs.
Business Combinations	Business Combinations The Company accounts for business combinations using the acquisition method of accounting where the consideration transferred for the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of the consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred.
Compensation and Benefits	Compensation and Benefits Compensation consists of (i) salary, bonus, and benefits, which includes base salaries, discretionary and non-discretionary bonuses, severance and employee benefits, (ii) equity-based awards granted to employees and non-employees that are measured based on the grant date fair value of the award and (iii) profit sharing expense, which primarily consists of a portion of performance revenues earned from certain funds that are allocated to employees and former employees. Compensation costs are recorded in compensation and benefits for asset management and policy and other operating expense for retirement services in the condensed consolidated statements of operations.
Equity-Based Compensation	Employees and non-employees who provide services to the Company are granted equity-based awards as compensation that are measured based on the grant date fair value of the award. Equity-based awards that do not require future service (i.e., vested awards) are expensed immediately. Equity-based employee awards that require future service are expensed over the relevant period of service. Equity-based awards that require performance metrics to be met are expensed only when the performance metric is met or deemed probable. Profit sharing amounts are recognized as the related performance revenues are earned. Accordingly, profit sharing amounts can be reversed during periods when there is a decline in performance revenues that were previously recognized. Profit sharing amounts are generally not paid until the related performance revenue is distributed to the general partner upon realization of the fund’s investments (which may be distributed in cash or in-kind).
Earnings Per Share	Earnings Per Share As the Company has issued participating securities, the two-class method of computing earnings per share is used for all periods presented for common stock and participating securities as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for distributions declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for distributions declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. Participating securities include vested and unvested RSUs that participate in distributions, as well as unvested restricted shares. Whether during a period of net income or net loss, under the two-class method the remaining earnings are allocated to common stock and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Earnings or losses allocated to each class of security are then divided by the applicable weighted average outstanding shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and includes the number of additional shares of common stock that would have been outstanding if the dilutive potential shares of common stock had been issued. The numerator is adjusted for any changes in income or loss that would result from the issuance of these potential shares of common stock.
Share Repurchase	Share Repurchase When shares are repurchased, the Company can choose to record treasury shares or account for the repurchase as a constructive retirement. The Company accounted for share repurchases as constructive retirement, whereby it reduced common stock and additional paid-in capital by the amount of the original issuance, with any excess purchase price recorded as a reduction to retained earnings. Under this method, issued and outstanding shares are reduced by the shares repurchased, and no treasury stock is recognized on the condensed consolidated statements of financial condition.
Income Taxes	Income Taxes AGM is a Delaware corporation and generally all of its income is subject to U.S. corporate income taxes. Certain subsidiaries of the Company operate as partnerships for U.S. income tax purposes and are subject to NYC UBT. Certain non-U.S. entities are also subject to non-U.S. corporate income taxes. In conjunction with the Mergers, Apollo underwent a reorganization from an Up-C structure to a C-corporation with a single class of common stock. Athene, and certain of its non-U.S. subsidiaries, are Bermuda exempted companies that have historically not been subject to U.S. corporate income taxes on their earnings. Due to the Mergers, Athene’s non-U.S. earnings will generally be subject to U.S. corporate income taxes. Significant judgment is required in determining tax expense and in evaluating certain and uncertain tax positions. The Company recognizes the tax benefit of uncertain tax positions only where the position is “more likely than not” to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit is measured as the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. If a tax position is not considered more likely than not to be sustained, then no benefits of the position are recognized. The Company’s tax positions are reviewed and evaluated quarterly to determine whether the Company has uncertain tax positions that require financial statement recognition. Deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amount of assets and liabilities and their respective tax bases using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period during which the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that all or a portion of the deferred tax assets will not be realized. Significant judgment and estimates are required in determining whether valuation allowances should be established as well as the amount of such allowances. When making such determination, consideration is given to, among other things, the following: • whether sufficient taxable income exists within the allowed carryback or carryforward periods; • whether future reversals of existing taxable temporary differences will occur, including any tax planning strategies that could be used; • the nature or character (e.g., ordinary vs. capital) of the deferred tax assets and liabilities; and • whether future taxable income exclusive of reversing temporary differences and carryforwards exists.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements Fair Value Measurement — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03) In June 2022, the Financial Accounting Standards Board (“FASB”) issued clarifying guidance that a restriction which is a characteristic of the holding entity rather than a characteristic of the equity security itself should not be considered in its fair value measurement. As a result, the Company is required to measure the fair value of equity securities subject to contractual restrictions attributable to the holding entity on the basis of the market price of the same equity security without those contractual restrictions. Companies are not permitted to recognize a contractual sale restriction attributable to the holding entity as a separate unit of account. The guidance also requires disclosures for these equity securities. The new guidance is mandatorily effective for the Company by January 1, 2024 with early adoption permitted. The Company will apply the guidance on a prospective basis as an adjustment to current-period earnings with the adoption impact disclosed in the period of adoption. The Company is currently evaluating the new guidance and its impact on the condensed consolidated financial statements. Investments– Equity Method and Joint Ventures (ASU 2023-02) In March 2023, the FASB issued guidance in ASU 2023-02 to introduce the option of applying the proportional amortization method (“PAM”) to account for investments made primarily for the purpose of receiving income tax credits or other income tax benefits when certain requirements are met. Currently, PAM only applies to low-income housing tax credit (“LIHTC”) investments. The guidance becomes mandatorily effective for the Company on January 1, 2024, but early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement. Recently Adopted Accounting Pronouncements Insurance – Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2020-11, ASU 2019-09, ASU 2018-12) These updates amend four key areas pertaining to the accounting and disclosures for long-duration insurance and investment contracts and are commonly referred to as long-duration targeted improvements (“LDTI”). • The update requires cash flow assumptions used to measure the liability for future policy benefits to be updated at least annually and no longer allows a provision for adverse deviation. The remeasurement of the liability associated with the update of assumptions is required to be recognized in net income. Loss recognition testing is eliminated for traditional and limited-payment contracts. The update also requires the discount rate used in measuring the liability to be an upper-medium grade fixed-income instrument yield, which is to be updated at each reporting date. The change in liability due to changes in the discount rate is to be recognized in OCI. • The update simplifies the amortization of DAC and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. Deferred costs are required to be written off for unexpected contract terminations but are not subject to impairment testing. • The update requires certain contract features meeting the definition of market risk benefits to be measured at fair value. Among the features included in this definition are the GLWB and GMDB riders attached to annuity products. The change in fair value of the market risk benefits is to be recognized in net income, excluding the portion attributable to changes in instrument-specific credit risk which is recognized in OCI. • The update also introduces disclosure requirements around the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs. This includes disaggregated rollforwards of these balances and information about significant inputs, judgments, assumptions and methods used in their measurement. The Company adopted these updates on January 1, 2023 and, for all provisions of the update, applied a retrospective transition approach using a transition date of January 1, 2022, the date of the Mergers. At the acquisition date, VOBA balances were established as the difference between the fair value of the liabilities and the reserves established as of this date. Upon transition to LDTI, the liability for future policy benefits and contractual features that meet the criteria for market risk benefits were adjusted to conform to LDTI, with an offsetting adjustment made to positive or negative VOBA. No adjustments were recorded to accumulated other comprehensive income (loss) (“AOCI”) or retained earnings. See note 3 for the effects of LDTI adoption on the 2022 condensed consolidated financial statements. Business Combinations – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08) In October 2021, the FASB issued guidance to add contract assets and contract liabilities from contracts with customers acquired in a business combination to the list of exceptions to the fair value recognition and measurement principles that apply to business combinations, and instead require them to be accounted for in accordance with revenue recognition guidance. The new guidance was adopted by the Company on January 1, 2023 and applied prospectively. There was no financial statement impact upon adoption. Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848 (ASU 2022-06, ASU 2021-01, ASU 2020-04) The Company adopted ASU 2020-04 and ASU 2021-01 and elected to apply certain of the practical expedients related to contract modifications, hedge accounting relationships, and derivative modifications pertaining to discounting, margining, or contract price alignment. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts impacted by reference rate reform, and these elections did not have, and are not expected to have, a material impact on the consolidated financial statements. ASU 2022-06 amended and deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which the Company will no longer be permitted to apply the expedients provided in Topic 848. The Company will continue to evaluate the impact of reference rate reform on contract modifications and hedging relationships.
U.S. Treasury Securities, at fair value	U.S. Treasury Securities, at fair valueU.S. Treasury securities, at fair value includes U.S. Treasury bills with original maturities greater than three months when purchased. These securities are recorded at fair value in investments in the condensed consolidated statements of financial condition. Interest income on such securities is separately presented from the overall change in fair value and is recognized in interest income for asset management in the condensed consolidated statements of operations. Any remaining change in fair value of such securities, that is not recognized as interest income, is recognized in net gains (losses) from investment activities for asset management in the condensed consolidated statements of operations.
Due from/to Related Parties	Due from/to Related Parties Due from/to related parties includes amounts due from and due to existing employees, certain former employees, portfolio companies of the funds and non-consolidated funds.
Deferred Revenue and Revenues	Deferred Revenue Apollo records deferred revenue, which is a type of contract liability, when consideration is received in advance of management services provided. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. It is included in accounts payable, accrued expenses, and other liabilities in the condensed consolidated statements of financial condition. Apollo also earns management fees which are subject to an offset. When Apollo receives cash for advisory and transaction fees, a certain percentage of such advisory and/or transaction fees, as applicable, is allocated as a credit to reduce future management fees, otherwise payable by the relevant fund. Such credit is recorded as deferred revenue in the condensed consolidated statements of financial condition within the accounts payable, accrued expenses and other liabilities line item. A portion of any excess advisory and transaction fees may be required to be returned to the limited partners of certain funds upon such fund’s liquidation. As the management fees earned by Apollo are presented on a gross basis, any management fee offsets calculated are presented as a reduction to advisory and transaction fees in the condensed consolidated statements of operations. Additionally, Apollo earns advisory fees pursuant to the terms of the advisory agreements with certain of the portfolio companies that are owned by the funds Apollo manages. When Apollo receives a payment from a portfolio company that exceeds the advisory fees earned at that point in time, the excess payment is recorded as deferred revenue in the condensed consolidated statements of financial condition. The advisory agreements with the portfolio companies vary in duration and the associated fees are received monthly, quarterly, or annually. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. There was $124 million of revenue recognized during the three months ended March 31, 2023 that was previously deferred as of January 1, 2022. Under the terms of the funds’ partnership agreements, Apollo is normally required to bear organizational expenses over a set dollar amount and placement fees or costs in connection with the offering and sale of interests in the funds it manages to investors. In cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract and amortized over the life of the customer contract. Capitalized placement fees are recorded within other assets in the condensed consolidated statements of financial condition, while amortization is recorded within general, administrative and other in the condensed consolidated statements of operations. In certain instances, the placement fees are paid over a period of time. Based on the management agreements with the funds, Apollo considers placement fees and organizational costs paid in determining if cash has been received in excess of the management fees earned. Placement fees and organizational costs are normally the obligation of Apollo but can be paid for by the funds. When these costs are paid by the fund, the resulting obligations are included within deferred revenue. The deferred revenue balance will also be reduced during future periods when management fees are earned but not paid. Revenues The revenues of the asset management business include (i) management fees; (ii) advisory and transaction fees, net; (iii) investment income, which is comprised of performance allocations and principal investment income; and (iv) incentive fees. The revenue guidance requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services (i.e., the transaction price). When determining the transaction price under the revenue guidance, an entity may recognize variable consideration only to the extent that it is probable to not be significantly reversed. The revenue guidance also Revenues Revenues for universal life-type policies and investment contracts, including surrender and market value adjustments, costs of insurance, policy administration, GMDB, GLWB and no-lapse guarantee charges, are earned when assessed against policyholder account balances during the period. Interest credited to policyholder account balances and the change in fair value of embedded derivatives within fixed indexed annuity contracts is included in interest sensitive contract benefits on the condensed consolidated statements of operations. Premiums for long-duration contracts, including products with fixed and guaranteed premiums and benefits, are recognized as revenue when due from policyholders. When premiums are due over a significantly shorter period than the period over which benefits are provided, such as immediate annuities with life contingencies (which includes pension group annuities), a deferred profit liability is established equal to the excess of the gross premium over the net premium. The deferred profit liability is recognized in future policy benefits on the condensed consolidated statements of financial condition and amortized into income in relation to applicable policyholder liabilities through future policy and other policy benefits on the condensed consolidated statements of operations. When the net premium ratio for the corresponding future policy benefit is updated for actual experience and changes to projected cash flow assumptions, the deferred profit liability is retrospectively recalculated from the contract issuance date through the beginning of the current reporting period. The revised deferred profit liability is compared to the beginning of the period carrying amount to determine the change to be recognized as a remeasurement gain or loss within future policy and other policy benefits on the condensed consolidated statements of operations. Unlike the related future policy benefit, the deferred profit liability will not be remeasured for changes in discount rates each reporting period. Negative VOBA balances associated with payout contracts involving life contingencies, including pension group annuities, are accounted for in a manner similar to the deferred profit liability. All insurance-related revenue is reported net of reinsurance ceded.
Redeemable non-controlling interests	Redeemable non-controlling interestsRedeemable non-controlling interests are attributable to VIEs and primarily represent the shares issued by the Company’s consolidated SPACs whose shares are redeemable for cash by the respective public shareholders in connection with the applicable SPAC’s failure to complete a business combination or its tender offer/stockholder approval provisions. The redeemable non-controlling interests are initially recorded at their original issue price, net of issuance costs and the initial fair value of separately traded warrants. The carrying amount is accreted to its redemption value over the period from the date of issuance to the earliest redemption date of the instrument. The accretion to redemption value is generally recorded against additional paid-in capital.
Management Fees / Advisory and Transaction Fees, Net	Management Fees Management fees are recognized over time during the periods in which the related services are performed in accordance with the contractual terms of the related agreement. Management fees are generally based on (1) a percentage of the capital committed during the commitment period, and thereafter based on the remaining invested capital of unrealized investments, or (2) net asset value, gross assets or as otherwise provided in the respective agreements. Included in management fees are certain expense reimbursements where Apollo is considered the principal under the agreements and is required to record the expense and related reimbursement revenue on a gross basis. Advisory and Transaction Fees, Net Advisory fees, including management consulting fees and directors’ fees, are generally recognized over time as the underlying services are provided in accordance with the contractual terms of the related agreement. Apollo receives such fees in exchange for ongoing management consulting services provided to portfolio companies of funds it manages. Transaction fees, including structuring fees and arranging fees related to Apollo’s funds, portfolio companies of funds and third parties are generally recognized at a point in time when the underlying services rendered are complete. The amounts due from fund portfolio companies are recorded in due from related parties on the condensed consolidated statements of financial condition. Under the terms of the limited partnership agreements for certain funds, the management fee payable by the funds may be subject to a reduction based on a certain percentage of such advisory and transaction fees, net of applicable broken deal costs. Advisory and transaction fees are reduced by these management fee offsets in the condensed consolidated statements of operations. Underwriting fees, which are also included within advisory and transaction fees, net, include gains, losses and fees, arising from securities offerings in which one of the Company’s subsidiaries participates in the underwriter syndicate. Underwriting fees are recognized at a point in time when the underwriting is completed. Underwriting fees recognized but not received are recorded in other assets on the condensed consolidated statements of financial condition. During the normal course of business, Apollo incurs certain costs related to certain transactions that are not consummated, or “broken deal costs”. These costs (e.g., research costs, due diligence costs, professional fees, legal fees and other related items) are determined to be broken deal costs upon management’s decision to no longer pursue the transaction. In accordance with the related fund agreement, in the event the deal is deemed broken, all of the costs are reimbursed by the funds and then included as a component of the calculation of the management fee offset. If a deal is successfully completed, Apollo is reimbursed by the fund or fund’s portfolio company for all costs incurred and no offset is generated. As Apollo acts as an agent for the funds it manages, any transaction costs incurred and paid by Apollo on behalf of the respective funds relating to successful or broken deals are recorded net on the Company’s condensed consolidated statements of operations, and any receivable from the respective funds is recorded in due from related parties on the condensed consolidated statements of financial condition.
Investment Income / Performance Allocations / Principal Investment Income / Incentive Fees	Investment Income Investment income is comprised of performance allocations and principal investment income. Performance Allocations. Performance allocations are a type of performance revenue (i.e., income earned based on the extent to which an entity’s performance exceeds predetermined thresholds). Performance allocations are generally structured from a legal standpoint as an allocation of capital in which Apollo’s capital account receives allocations of the returns of an entity when those returns exceed predetermined thresholds. The determination of which performance revenues are considered performance allocations is primarily based on the terms of an agreement with the entity. Apollo recognizes performance allocations within investment income along with the related principal investment income (as described further below) in the condensed consolidated statements of operations and within the investments line in the condensed consolidated statements of financial condition. When applicable, Apollo may record a general partner obligation to return previously distributed performance allocations. The general partner obligation is based upon an assumed liquidation of a fund’s net assets as of the reporting date and is reported within due to related parties on the condensed consolidated statements of financial condition. The actual determination and any required payment of any such general partner obligation would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective governing document of the fund. Principal Investment Income. Principal investment income includes Apollo’s income or loss from equity method investments and certain other investments in entities in which Apollo is generally eligible to receive performance allocations. Income from equity method investments includes Apollo’s share of net income or loss generated from its investments, which are not consolidated, but in which it exerts significant influence. Incentive Fees
Profit Sharing	Profit Sharing Profit sharing expense and profit sharing payable primarily consist of a portion of performance revenues earned from certain funds that are allocated to employees and former employees. Profit sharing amounts are recognized as the related performance revenues are earned. Accordingly, profit sharing amounts can be reversed during periods when there is a decline in performance revenues that were previously recognized. Profit sharing expense is recorded in compensation and benefits for asset management in the condensed consolidated statements of operations. Profit sharing payable is recorded in accounts payable, accrued expenses and other liabilities for Asset Management in the condensed consolidated statements of financial condition. Profit sharing amounts are generally not paid until the related performance revenue is distributed to the general partner upon realization of the fund’s investments. Under certain profit-sharing arrangements, Apollo requires that a portion of certain of the performance revenues distributed to its employees be used to purchase restricted common stock issued under the Equity Plan. Prior to distribution of the performance revenue, the Company records the value of the equity-based awards expected to be granted in other assets and other liabilities within the condensed consolidated statements of financial condition. Such equity-based awards are recorded as equity-based compensation expense over the relevant service period once granted. Additionally, profit sharing amounts previously distributed may be subject to clawback from employees and former employees. When applicable, the accrual for potential clawback of previously distributed profit sharing amounts, which is a component of due from related parties on the condensed consolidated statements of financial condition, represents all amounts previously distributed to employees and former employees that would need to be returned to the general partner if the funds were to be liquidated based on the fair value of the underlying fund’s investments as of the reporting date. The actual general partner receivable, however, would not become realized until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective governing document of the fund. Profit sharing payable also includes contingent consideration obligations that were recognized in connection with certain acquisitions. Changes in the fair value of the contingent consideration obligations are reflected in the condensed consolidated statements of operations as compensation and benefits for asset management. Apollo has performance-based incentive arrangements for certain employees designed to more closely align compensation on an annual basis with the overall realized performance of the Company’s asset management business. These arrangements enable certain employees to earn discretionary compensation based on performance revenue earned by Apollo’s asset management business in a given year, which amounts are reflected in compensation and benefits in the accompanying condensed
Investment Income	Investment Income Investment income is recognized as it accrues or is legally due, net of investment management and custody fees. Investment income on fixed maturity securities includes coupon interest, as well as the amortization of any premium and the accretion of any discount. Investment income on equity securities represents dividend income and preferred coupons interest. Realized gains
Credit Losses – Available-for-Sale Securities	Credit Losses – Available-for-Sale Securities AFS securities with a fair value that has declined below amortized cost are evaluated to determine how the decline in fair value should be recognized. If based on the facts and circumstances related to the specific security, Athene intends to sell a security or it is more likely than not that it would be required to sell a security before the recovery of its amortized cost, any existing allowance for expected credit losses is reversed and the amortized cost of the security is written down to fair value. If neither of these conditions exist, the decline in fair value is evaluated to determine whether it has resulted from a credit loss or other factors. For non-structured AFS securities, relevant facts and circumstances are qualitatively considered in evaluating whether a decline below fair value is credit-related. Relevant facts and circumstances include but are not limited to: (1) the extent to which the fair value is less than amortized cost; (2) changes in agency credit ratings, (3) adverse conditions related to the security’s industry or geographical area, (4) failure to make scheduled payments, and (5) other known changes in the financial condition of the issuer or quality of any underlying collateral or credit enhancements. For structured AFS securities meeting the definition of beneficial interests, the qualitative assessment is bypassed, and any securities having experienced a decline in fair value below amortized cost move directly to a quantitative analysis. If upon completion of this analysis it is determined that a potential credit loss exists, an allowance for expected credit losses is established equal to the amount by which the present value of expected cash flows is less than amortized cost, limited by the amount by which fair value is less than amortized cost. A non-structured security’s cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or the disposition of assets using security-specific facts and circumstances, including timing, security interests and loss severity. A structured security’s cash flow estimates are based on security-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity, prepayments and structural support, including subordination and guarantees. The expected cash flows are discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete a structured security. For securities with a contractual interest rate that varies based on changes in an independent factor, such as an index or rate, the effective interest rate is calculated based on the factor as it changes over the life of the security. Inherently under the discounted cash flow model, both the timing and amount of expected cash flows affect the measurement of the allowance for expected credit losses. The allowance for expected credit losses is remeasured each period for the passage of time, any change in expected cash flows, and changes in the fair value of the security. All impairments, whether intent or requirement to sell or credit-related, are recorded through a charge to the provision for credit losses within investment related gains (losses) on the condensed consolidated statements of operations. All changes in the allowance for expected credit losses are recorded through the provision for credit losses within investment related gains (losses) on the condensed consolidated statements of operations. The Company has elected to present accrued interest receivable separately in other assets on the condensed consolidated balance sheets. It has also elected the practical expedient to exclude the accrued interest receivable from the amortized cost balance used to calculate the allowance for expected credit losses, as it has a policy to write off such balances in a timely manner, when they become 90 days past due. Any write-off of accrued interest is recorded through a reversal of net investment income on the condensed consolidated statements of operations. Upon determining that all or a portion of the amortized cost of an asset is uncollectible, which is generally when all efforts for collection are exhausted, the amortized cost is written off against the existing allowance. Any write off in excess of the existing allowance is recorded through the provision for credit losses within investment related gains (losses) on the condensed consolidated statements of operations.
Derivative Instruments	Derivative Instruments Athene invests in derivatives to hedge the risks experienced from ongoing operations, such as equity, interest rate and cash flow risks, or for other risk management purposes, which primarily involve managing liability risks associated with indexed annuity products and reinsurance agreements. Derivatives are financial instruments with values that are derived from interest rates, foreign exchange rates, financial indices or other combinations of an underlying and notional. Derivative assets and liabilities are carried at fair value on the condensed consolidated statements of financial condition. The Company elects to present any derivatives subject to master netting provisions as a gross asset or liability and gross of collateral. It may designate derivatives as cash flow, fair value or net investment hedges. Hedge Documentation and Hedge Effectiveness To qualify for hedge accounting, at the inception of the hedging relationship, Athene formally documents its designation of the hedge as a cash flow, fair value or net investment hedge and risk management objective and strategy for undertaking the hedging transaction. This documentation identifies how the hedging instrument is expected to hedge the designated risks related to the hedged item and the method that will be used to retrospectively and prospectively assess the hedge effectiveness and the method which will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the hedge accounting relationship. For a cash flow hedge, all changes in the fair value of the hedging derivative are reported within AOCI and the related gains or losses on the derivative are reclassified into the condensed consolidated statements of operations when the cash flows of the hedged item affect earnings. For a fair value hedge, changes in the fair value of the hedging derivative and changes in the fair value of the hedged item related to the designated risk being hedged are reported on the condensed consolidated statements of operations according to the nature of the risk being hedged. Additionally, changes in the fair value of amounts excluded from the assessment of effectiveness are recorded in AOCI and amortized into income over the life of the hedge accounting relationship. For a net investment hedge, changes in the fair value of the hedging derivative are reported within AOCI to offset the translation adjustments for subsidiaries with functional currencies other than U.S. dollar. Athene discontinues hedge accounting prospectively when: (1) it determines the derivative is no longer highly effective in offsetting changes in the estimated cash flows or fair value of a hedged item; (2) the derivative expires, is sold, terminated, or exercised; or (3) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued, the derivative continues to be carried on the condensed consolidated statements of financial condition at fair value, with changes in fair value recognized in investment related gains (losses) on the condensed consolidated statements of operations.
Embedded Derivatives	Embedded Derivatives Athene issues and reinsures products, primarily indexed annuity products, or purchases investments that contain embedded derivatives. If it determines the embedded derivative has economic characteristics not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for separately, unless the fair value option is elected on the host contract. Under the fair value option, bifurcation of the embedded derivative is not necessary as the entire contract is carried at fair value with all related gains and losses recognized in investment related gains (losses) on the condensed consolidated statements of operations. Embedded derivatives are carried on the condensed consolidated statements of financial condition at fair value in the same line item as the host contract. Fixed indexed annuity, index-linked variable annuity and indexed universal life insurance contracts allow the policyholder to elect a fixed interest rate return or an equity market component for which interest credited is based on the performance of certain equity market indices. The equity market option is an embedded derivative. The benefit reserve is equal to the sum of the fair value of the embedded derivative and the host (or guaranteed) component of the contracts. The fair value of the embedded derivatives represents the present value of cash flows attributable to the indexed strategies. The embedded derivative cash flows are based on assumptions for future policy growth, which include assumptions for expected index credits on the next policy anniversary date, future equity option costs, volatility, interest rates and policyholder behavior assumptions, including lapses and the use of benefit riders. The embedded derivative cash flows are discounted using a rate that reflects Athene’s own credit rating. The host contract is established at contract inception as the initial account value less the initial fair value of the embedded derivative and accreted over the policy’s life. Contracts acquired through a business combination which contain an embedded derivative are re-bifurcated as of the acquisition date. Changes in the fair value of embedded derivatives associated
Reinsurance	Reinsurance Athene assumes and cedes insurance and investment contracts under coinsurance, funds withheld, and modco. Reinsurance accounting is applied for transactions that provide indemnification against loss or liability relating to insurance risk (risk transfer). To meet risk transfer requirements, a reinsurance agreement must transfer insurance risk arising from uncertainties about both underwriting and timing risks. Cessions under reinsurance do not discharge obligations as the primary insurer, unless the requirements of assumption reinsurance have been met. Athene generally has the right of offset on reinsurance transactions, but has elected to present reinsurance settlement amounts due to and from Athene on a gross basis. For assets and liabilities ceded under reinsurance agreements, Athene generally applies the same measurement guidance for Athene’s directly issued or assumed contracts. Ceded amounts are recorded within reinsurance recoverable on the condensed consolidated statements of financial condition. For reinsurance of in-force contracts that pass risk transfer, the issue year used for the purpose of measuring the reinsurance recoverable is dependent on the effective date of the reinsurance agreement, which may differ from the issue year for the direct or assumed contract. The issue year informs the locked-in discount rate used for the purposes of interest accretion. This may result in different discount rates used for the direct or assumed reserves and ceded reserves when reinsuring an in-force block of insurance contracts. For flow reinsurance of insurance contracts that pass risk transfer, the contracts have the same cash flow assumptions as the direct or assumed contracts when the terms are consistent between those respective contracts and the ceded reinsurance agreement. When Athene recognizes an immediate loss due to the present value of future benefits and expenses exceeding the present value of future gross premiums, a gain is recognized on the corresponding reinsurance recoverable to the extent it does not result in gain recognition at treaty inception. Likewise, where the direct or assumed reserve has been floored to zero, the corresponding reinsurance recoverable will be consistently set to zero. See Future Policy Benefits below for further information. Accounting for reinsurance requires the use of assumptions, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. Athene attempts to minimize its counterparty credit risk through the structuring of the terms of its reinsurance agreements, including the use of trusts, and monitors credit ratings of counterparties for signs of declining credit quality. When a ceding company does not report information on a timely basis, Athene records accruals based on the best available information at the time, which includes the reinsurance agreement terms and historical experience. Athene periodically compares actual and anticipated experience to the assumptions used to establish reinsurance assets and liabilities. Assets and liabilities assumed or ceded under coinsurance, funds withheld, or modco are presented gross on the condensed consolidated statements of financial condition. For investment contracts, the change in the direct or assumed and ceded reserves are presented net in interest sensitive contract benefits on the condensed consolidated statements of operations. For insurance contracts, the change in the direct or assumed and ceded reserves and benefits are presented net in future policy and other policy benefits on the condensed consolidated statements of operations, except for changes related to the discount rate which are presented net in OCI on the condensed consolidated statements of comprehensive income (loss). For market risk benefits, the change in the direct or assumed and ceded reserves are presented net in market risk benefits remeasurement (gain) loss on the condensed consolidated statements of operations, except for changes related to instrument-specific credit risk on direct and assumed contracts which are presented net in OCI on the condensed consolidated statements of comprehensive income (loss).
Deferred Acquisition Costs and Deferred Sales Inducements	Deferred Acquisition Costs and Deferred Sales Inducements Costs related directly to the successful acquisition of new, or the renewal of existing, insurance or investment contracts are deferred. These costs consist of commissions and policy issuance costs, as well as sales inducements credited to policyholder account balances, and are included in deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. These costs are not capitalized until they are incurred. Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds are grouped into cohorts based on issue year and contract type and amortized on a constant level basis over the expected term of the related contracts. The cohorts and assumptions used for the amortization of deferred costs are consistent with those used in estimating the related liabilities for these contracts. The constant level basis generally is the initial premium or deposit and is projected based on assumptions related to policyholder behavior, including lapses and mortality, over the expected term of the contracts. Each reporting period, Athene replaces expected experience with actual experience to determine the related amortization expense. Changes to projected experience are recognized in amortization expense prospectively over the remaining contract term. Amortization of DAC and DSI is included in amortization of deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of operations.
Deferred Sales Inducements	Deferred costs related to investment contracts without significant revenue streams from sources other than investment of the policyholder funds are amortized using the effective interest method. The effective interest method amortizes the deferred costs by discounting the future liability cash flows at a break-even rate. The break-even rate is solved for such that the present value of future liability cash flows is equal to the net liability at the inception of the contract. The deferred costs represent the difference between the net and gross liability and the change relates to amortization for the period.
Value of Business Acquired	Value of Business Acquired Athene establishes VOBA for blocks of insurance contracts acquired through the acquisition of insurance entities. It records the fair value of the liabilities assumed in two components: reserves and VOBA. Reserves are established using Athene’s best estimate assumptions as of the business combination date. VOBA is the difference between the fair value of the liabilities and the reserves. VOBA can be either positive or negative and is amortized in relation to respective policyholder liabilities. Significant assumptions that impact VOBA amortization are consistent with those that impact the measurement of policyholder liabilities. Athene performs periodic tests to determine if positive VOBA remains recoverable. If Athene determines that positive VOBA is not recoverable, Athene records a cumulative charge to the current period. Any negative VOBA is recorded to the same financial statement line on the condensed consolidated statements of financial condition as the associated reserves. Positive VOBA is recorded in deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition.
Interest Sensitive Contract Liabilities	Interest Sensitive Contract Liabilities Universal life-type policies and investment contracts include traditional deferred annuities, indexed annuities consisting of fixed indexed and index-linked variable annuities in the accumulation phase, funding agreements, immediate annuities without significant mortality risk (which include pension group annuities without life contingencies), universal life insurance, and other investment contracts inclusive of assumed endowments without significant mortality risk. Athene carries liabilities for traditional deferred annuities, indexed annuities, funding agreements and universal life insurance at the account balances without reduction for potential surrender or withdrawal charges, except for a block of universal life business ceded to Global Atlantic Financial Group Limited (together with its subsidiaries, “Global Atlantic”), which it carries at fair value. Liabilities for immediate annuities without significant mortality risk are calculated as the present value of future liability cash flows and policy maintenance expenses discounted at contractual interest rates. Certain of Athene’s universal life-type policies and investment contracts are offered with additional contract features that meet the definition of a market risk benefit. See Market Risk Benefits below for further information.
Future Policy Benefits	Future Policy Benefits Athene issues contracts classified as long-duration, which include term and whole life, accident and health, disability, and deferred and immediate annuities with life contingencies (which includes pension group annuities with life contingencies). Liabilities for non-participating long-duration contracts are established as the estimated present value of benefits we expect to pay to or on behalf of the policyholder and related expenses less the present value of the net premiums to be collected, referred to as the net premium ratio. The contracts are grouped into cohorts based on issue year and contract type, with an exception for pension group annuities, which are generally assessed at the group annuity contract level. Contracts with different issuance years are not combined. Contracts acquired in a business combination are grouped into a single cohort by contract type, except for pension group annuities, which follow the group annuity contract level. Liabilities for nonparticipating long-duration contracts are established using accepted actuarial valuation methods which require the use of assumptions related to discount rate, expenses, longevity, mortality, morbidity, persistency and other policyholder behavior. Athene bases certain key assumptions, such as longevity, mortality and morbidity, on industry standard data adjusted to align with actual company experience, if needed. Athene has elected to use expense assumptions that are locked in at issuance for each cohort. All other cash flow assumptions are established at contract issuance and reviewed annually or more frequently if actual experience suggests a revision is necessary. The effect of changes in cash flow assumptions impacting the net premium ratio are recorded as remeasurement changes in the period in which they are made. As cash flow assumptions are reviewed at least annually, there is no provision for adverse deviation included within the liability. Actual experience is recognized in the period in which the experience arises. Actual experience is then incorporated into the net premium ratio for all products and cohorts on a quarterly basis. When the net premium ratio is revised, whether to incorporate actual experience each reporting period or for the review of cash flow assumptions, the liability is recalculated as of the beginning of the period, discounted at the original contract issuance discount rate, and compared with the carrying amount of the liability as of the same date to determine the current period change. The current period change in the liability is recognized as remeasurement gain or loss. To the extent the present value of future benefits and expenses exceeds the present value of gross premiums, Athene will cap the net premium ratio at one hundred percent by increasing the corresponding liability and recognizing an immediate loss through the condensed consolidated statements of operations. The liability is never recorded at an amount less than zero for the cohort. The liability for nonparticipating long-duration contracts is discounted using an upper-medium grade fixed income instrument yield aligned to the duration of the liability. In determining reference portfolio of instruments, Athene has used a single A equivalent level rate and maximized the use of observable data to the extent possible for the duration of its liabilities. The discount rate is required to be updated at the end of each reporting period for the remeasurement of the liability but is locked-in for each cohort for the purpose of interest accretion expense. Changes in the value of the liability for nonparticipating long-duration contracts due to changes in the discount rate are recognized as a component of OCI on the condensed consolidated statements of comprehensive income (loss). The change in the liability for the remeasurement gain or loss and all other changes in the liability is recorded in future policy and other policy benefits on the condensed consolidated statements of operations. Future policy benefits include liabilities for no-lapse guarantees on universal life insurance and fixed indexed universal life insurance that do not meet the criteria to be classified as and accounted for as a market risk benefit. Athene establishes future policy benefits for no-lapse guarantees by estimating the expected value of death benefits paid after policyholder account balances have been exhausted. Athene recognizes these benefits proportionally over the life of the contracts based on total actual and expected assessments. The methods Athene uses to estimate the liabilities have assumptions about policyholder behavior, mortality, expected yield on investments supporting the liability and market conditions affecting policyholder account balance growth. For the liabilities associated with no-lapse guarantees, each reporting period Athene updates expected excess benefits and assessments with actual excess benefits and assessments and adjusts the liability balances due to the OCI effects of unrealized investment gains and losses on AFS securities. Athene also periodically revises the key assumptions used in the calculation of the liabilities that result in revisions to the expected excess benefits and assessments. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made. Changes in the liabilities associated with no-lapse guarantees, other than the adjustment for the OCI effects of unrealized investment gains and losses on AFS securities, are recorded in future policy and other policy benefits on the condensed consolidated statements of operations. Future policy benefits are not reduced for amounts ceded under reinsurance agreements which are reported as reinsurance recoverable on the condensed consolidated statements of financial condition.
Market Risk Benefits	Market Risk Benefits Market risk benefits represent contracts or contract features that both provide protection to the contract holder from, and expose the insurance entity to, other-than-nominal capital market risk. Athene issues and reinsures deferred annuity contracts which contain guaranteed lifetime withdrawal benefits (“GLWB”) and guaranteed minimum death benefit (“GMDB”) riders that meet the criteria for, and are classified as, market risk benefits. Market risk benefits are measured at fair value at the contract level and may be recorded as a liability or an asset, which are recorded on the condensed consolidated statements of financial condition in market risk benefits or other assets, respectively. Multiple market risk benefits on a contract are treated as a single, compound market risk benefit. At contract inception, Athene assesses the fees and assessments that are collectible from the policyholder and allocate them to the extent they are attributable to the market risk benefit. These attributed fees are used in the valuation of the market risk benefits and are never negative or exceed total explicit fees collectible from the policyholder. If the fees are sufficient to cover the projected benefits, a non-option based valuation model is used. If the fees are insufficient to cover the projected benefits, an option-based valuation model is used to compute the market risk benefit liability at contract inception, with an equal and offsetting adjustment recognized in interest sensitive contract liabilities. Changes in fair value of market risk benefits are recorded in market risk benefits remeasurement (gain) loss on the condensed consolidated statements of operations, excluding portions attributed to changes in instrument-specific credit risk, which are recorded in OCI on the condensed consolidated statements of comprehensive income (loss). Market risk benefits are not reduced for market risk benefits ceded under reinsurance agreements. Ceded market risk benefits are measured at fair value and recorded within reinsurance recoverable on the condensed consolidated statements of financial condition. Upon annuitization of the contract or the extinguishment of the account balance, the market risk benefit, related annuity contract and unamortized deferred costs are derecognized, including amounts within AOCI. A payout annuity is then established for GLWBs.

Adoption of Accounting Pronou_2

Adoption of Accounting Pronouncement (Tables)	3 Months Ended
Adoption of Accounting Pronouncement (Tables)	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Future Policy Benefits and Changes to the Liability	The following table summarizes future policy benefits and changes to the liability: (In millions) Traditional deferred annuities Indexed annuities Payout annuities Reconciling items 1 Total Balance as of January 1, 2022 $ 221 $ 5,389 $ 32,872 $ 8,632 $ 47,114 Change in discount rate assumptions — — 2,406 — 2,406 Adjustment for removal of balances related to market risk benefits (221) (5,389) — — (5,610) Adjustment for offsetting balance in negative VOBA 2 — — — (2,428) (2,428) Adjusted balance as of January 1, 2022 $ — $ — $ 35,278 $ 6,204 $ 41,482 1 Reconciling items primarily include negative VOBA associated with our liability for future policy benefits, as well as reserves for our immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for our no-lapse guarantees with universal life contracts, all of which are fully ceded. 2 Uneliminated adjustments were recorded to positive VOBA within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. The following is a rollforward of the present value of expected net premiums and expected value of future policy benefits: Payout annuities with life contingencies Three months ended March 31, (In millions) 2023 2022 Present value of expected net premiums Beginning balance $ — $ — Issuances 88 1,994 Net premium collected (88) (1,994) Ending balance $ — $ — Present value of expected future policy benefits Beginning balance $ 36,422 $ 35,278 Effect of changes in discount rate assumptions 8,425 — Beginning balance at original discount rate 44,847 35,278 Effect of actual experience to expected experience (29) (47) Adjusted beginning balance 44,818 35,231 Issuances 88 1,994 Interest accrual 346 229 Benefit payments (885) (724) Foreign exchange 8 (19) Ending balance at original discount rate 44,375 36,711 Effect of changes in discount rate assumptions (7,623) (3,562) Ending balance $ 36,752 $ 33,149 The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition: March 31, (In millions) 2023 2022 Payout annuities with life contingencies $ 36,752 $ 33,149 Reconciling items 1 5,738 6,091 Total future policy benefits $ 42,490 $ 39,240 1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with Athene’s liability for future policy benefits. Additionally, it includes reserves for Athene’s immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for Athene’s no-lapse guarantees with universal life contracts, all of which are fully ceded. The following is a reconciliation of premiums to the condensed consolidated statements of operations: Three months ended March 31, (In millions) 2023 2022 Payout annuities with life contingencies $ 88 $ 2,098 Reconciling items 1 8 12 Premiums $ 96 $ 2,110 1 Reconciling items premiums related to Athene’s immaterial lines of business including term and whole life and accident and health and disability. The following represents the undiscounted and discounted expected future benefit payments for the liability for future policy benefits. As these relate to payout annuities for single premium immediate annuities with life contingencies, there are no expected future gross premiums. March 31, 2023 March 31, 2022 (In millions) Undiscounted Discounted Undiscounted Discounted Expected future benefit payments $ 63,995 $ 44,375 $ 51,643 $ 36,711 The following represents the weighted-average durations and the weighted-average interest rates of future policy benefits: March 31, 2023 2022 Weighted-average liability duration (in years) 10.1 10.6 Weighted-average interest accretion rate 3.2 % 2.7 % Weighted-average current discount rate 5.3 % 3.7 % Three months ended March 31, (In millions) 2023 2022 Expected reserve release due to death $ 132 $ 114 Actual reserve release due to death 183 163 Decrease in reserve due to actual experience compared to expected experience $ (51) $ (49) The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of operations: Three months ended March 31, (In millions) 2023 2022 Reserves $ 29 $ 47 Deferred profit liability (27) (54) Negative VOBA (4) 10 Total remeasurement gains (losses) $ (2) $ 3
Schedule of Net Liability Position of Market Risk Benefits	The following table presents the net liability position of market risk benefits: (In millions) Traditional deferred annuities Indexed annuities Total Balance as of January 1, 2022 $ — $ — $ — Adjustment for addition of existing balances 1 221 5,389 5,610 Adjustment to positive VOBA due to fair value adjustment for market risk benefits 2 32 (1,165) (1,133) Adjustment to negative VOBA due to fair value adjustment for market risk benefits 3 — (30) (30) Adjusted balance as of January 1, 2022 $ 253 $ 4,194 $ 4,447 1 Previously recorded within future policy benefits on the condensed consolidated statements of financial condition. 2 Previously recorded within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. 3 Previously recorded within interest sensitive contract liabilities on the condensed consolidated statements of financial condition. The following table represents market risk benefits by asset and liability positions: (In millions) Asset 1 Liability Net liability Traditional deferred annuities $ — $ 253 $ 253 Indexed annuities 366 4,560 4,194 Adjusted balance as of January 1, 2022 $ 366 $ 4,813 $ 4,447 1 Included within other assets on the condensed consolidated statements of financial condition. The following is a rollfoward of net market risk benefit liabilities by product: Three months ended March 31, 2023 (In millions) Traditional deferred annuities Indexed annuities Total Balance at December 31, 2022 $ 170 $ 2,319 $ 2,489 Effect of changes in instrument-specific credit risk 13 353 366 Balance, beginning of period, before changes in instrument specific credit risk 183 2,672 2,855 Issuances — 17 17 Interest accrual 2 32 34 Attributed fees collected 1 84 85 Benefit payments — (6) (6) Effect of changes in interest rates 8 218 226 Effect of changes in equity — (18) (18) Effect of actual policyholder behavior compared to expected behavior 2 23 25 Balance, end of period, before changes in instrument specific credit risk 196 3,022 3,218 Effect of changes in the instrument specific credit risk (16) (439) (455) Balance at March 31, 2023 $ 180 $ 2,583 $ 2,763 March 31, 2023 Net amount at risk $ 423 $ 13,903 $ 14,326 Weighted-average attained age of contract holders (in years) 75 69 69 Three months ended March 31, 2022 (In millions) Traditional deferred annuities Indexed annuities Total Balance at January 1, 2022 $ 253 $ 4,194 $ 4,447 Issuances — 16 16 Interest accrual — (2) (2) Attributed fees collected 1 81 82 Benefit payments (1) (11) (12) Effect of changes in interest rates (26) (732) (758) Effect of changes in equity — 55 55 Effect of actual policyholder behavior compared to expected behavior 1 12 13 Balance, end of period, before changes in instrument specific credit risk 228 3,613 3,841 Effect of changes in the instrument specific credit risk (13) (384) (397) Balance at March 31, 2022 $ 215 $ 3,229 $ 3,444 March 31, 2022 Net amount at risk $ 416 $ 10,554 $ 10,970 Weighted-average attained age of contract holders (in years) 75 69 69
Schedule of Change in Deferred Acquisition Costs and Value of Business Acquired	The following table summarizes the change in deferred acquisition costs, deferred sales inducements and value of business acquired: (In millions) VOBA Balance as of January 1, 2022 $ 4,527 Change in discount rate assumptions for future policy benefits (22) Fair value adjustment of market risk benefits (1,133) Adjusted balance as of January 1, 2022 $ 3,372 The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 10 for more information on Athene’s products. Three months ended March 31, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 171 203 — 1 133 — 508 Amortization (16) (18) (1) — (10) (93) (138) Balance at March 31, 2023 $ 459 $ 940 $ 10 $ 10 $ 522 $ 2,895 $ 4,836 Three months ended March 31, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 24 176 11 3 77 — $ 291 Amortization — (1) (1) — — (96) (98) Balance at March 31, 2022 $ 24 $ 175 $ 10 $ 3 $ 77 $ 3,276 $ 3,565
Schedule of Deferred Sales Inducements	The following table summarizes the change in deferred acquisition costs, deferred sales inducements and value of business acquired: (In millions) VOBA Balance as of January 1, 2022 $ 4,527 Change in discount rate assumptions for future policy benefits (22) Fair value adjustment of market risk benefits (1,133) Adjusted balance as of January 1, 2022 $ 3,372 The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 10 for more information on Athene’s products. Three months ended March 31, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 171 203 — 1 133 — 508 Amortization (16) (18) (1) — (10) (93) (138) Balance at March 31, 2023 $ 459 $ 940 $ 10 $ 10 $ 522 $ 2,895 $ 4,836 Three months ended March 31, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 24 176 11 3 77 — $ 291 Amortization — (1) (1) — — (96) (98) Balance at March 31, 2022 $ 24 $ 175 $ 10 $ 3 $ 77 $ 3,276 $ 3,565

Merger with Athene (Tables)

Merger with Athene (Tables)	3 Months Ended
Merger with Athene (Tables)	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Price	The purchase price was as follows: (In millions, except share price data and exchange ratio) AHL common shares purchased 138 Exchange ratio 1.149 Shares of common stock issued in exchange 158 AGM Class A shares closing price $ 72.43 Total merger consideration at closing $ 11,455 Fair value of estimated RSUs, options and warrants assumed and other equity consideration 1,2 699 Effective settlement of pre-existing relationships 3 896 Total merger consideration 13,050 Fair value of AHL common shares previously held (55 million shares) and other adjustments 4,5 4,554 Total AHL equity value held by AGM 17,604 Non-controlling interest 6 4,942 Total AHL equity value $ 22,546 1 AGM issued one-time grants of fully vested RSUs and options to certain executives and shareholders of Athene vesting upon consummation of the Mergers. Additionally, all issued and outstanding warrants of Athene prior to the Merger Date were exchanged for shares of AGM common stock at the time of the Mergers. The fair value of these awards is $600 million and is treated as part of consideration transferred. 2 AGM issued replacement awards for all outstanding Athene equity awards. $99 million was included as part of consideration for the portion that was attributable to pre-combination services and $53 million will be treated as post-combination compensation expense. 3 The pre-existing relationship related to receivables, payables, and dividends between Apollo and Athene. Total fees payable to AGM by Athene for asset management and advisory services were approximately $146 million. A cash dividend of $750 million was declared by Athene to its common shareholders with Apollo owning 100% of the common shares as of the dividend record date. 4 Based on the December 31, 2021 closing price of AHL common shares on the NYSE. 5 Other adjustments includes pushdown of goodwill arising out of deferred tax liabilities associated with identifiable net assets of Athene. 6 Non-controlling interest in Athene includes holders of Athene’s preferred shares and third-party investors in ACRA 1 and in consolidated VIEs of Athene. The fair value of Athene’s preferred shares was based on the closing stock price of Athene’s preferred shares immediately prior to the consummation of the Athene merger and the fair value of the non-controlling interest in ACRA 1 was determined using the discounted distribution model approach.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the Merger Date: (In millions) Fair Value and Goodwill Calculation Merger consideration $ 13,050 Fair value of previously held equity interest 4,554 Total Athene Value to be Held by the Company 17,604 Total Value to Allocate Investments 176,015 Cash and cash equivalents 9,479 Restricted cash and cash equivalents 796 Investment in related parties 33,863 Reinsurance recoverable 4,977 VOBA 3,372 Assets of consolidated variable interest entities 3,635 Other assets 6,115 Estimated fair value of total assets acquired (excluding goodwill) 238,252 Interest sensitive contract liabilities 160,241 Future policy benefits 41,482 Market risk benefits 4,813 Debt 3,295 Payables for collateral on derivatives and securities to repurchase 7,044 Liabilities of consolidated variable interest entities 461 Other liabilities 2,443 Estimated fair value of total liabilities assumed 219,779 Non-controlling interest 4,942 Estimated fair value of net assets acquired, excluding goodwill 13,531 Goodwill attributable to Athene $ 4,073
Fair Value and Weighted Average Estimate Useful Lives of VOBA and Other Identifiable Intangible Assets	The fair value and weighted average estimated useful lives of VOBA and other identifiable intangible assets acquired in the Mergers consist of the following: Fair value (in millions) Average useful life (in years) VOBA Asset $ 3,372 7 Distribution Channels 1,870 18 Trade Name 160 20 State Insurance Licenses 26 Indefinite Total $ 5,428

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Summary of Investments	The following table outlines the Company’s investments: (In millions) March 31, 2023 December 31, 2022 Asset Management Investments, at fair value $ 1,352 $ 1,320 Equity method investments 1,019 979 Performance allocations 2,806 2,574 U.S. Treasury securities, at fair value 419 709 Total Investments – Asset Management 5,596 5,582 Retirement Services AFS securities, at fair value $ 118,579 $ 112,225 Trading securities, at fair value 2,537 2,473 Equity securities 1,619 1,766 Mortgage loans, at fair value 31,273 28,756 Investment funds 1,672 1,648 Policy loans 339 347 Funds withheld at interest 40,546 42,688 Derivative assets 3,956 3,309 Short-term investments 1,670 2,160 Other investments 1,039 1,076 Total Investments, including related parties – Retirement Services 203,230 196,448 Total Investments $ 208,826 $ 202,030
Schedule of Net Gains (Losses) from Investment Activities	The following outlines realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities: Three months ended March 31, (In millions) 2023 2022 Realized gains (losses) on sales of investments, net $ 5 $ (2) Net change in unrealized gains (losses) due to changes in fair value (7) 36 Net gains (losses) from investment activities $ (2) $ 34 Investment related gains (losses) by asset class consists of the following: Three months ended March 31, (In millions) 2023 2022 AFS securities 1 Gross realized gains on investment activity $ 183 $ 103 Gross realized losses on investment activity (104) (410) Net realized investment losses on AFS securities 79 (307) Net recognized investment losses on trading securities 64 (221) Net recognized investment losses on equity securities (18) 20 Net recognized investment losses on mortgage loans 277 (796) Derivative losses 993 (3,041) Provision for credit losses (66) (192) Other gains (264) 307 Investment related gains (losses) $ 1,065 $ (4,230) 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.
Summary of Performance Allocations	The table below provides a roll forward of the performance allocations balance: (In millions) Total Performance allocations, January 1, 2023 $ 2,574 Change in fair value of funds 427 Fund distributions to the Company (195) Performance allocations, March 31, 2023 $ 2,806
Schedule of Available-for-sale Securities Reconciliation	The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type: March 31, 2023 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 3,327 $ — $ 6 $ (630) $ 2,703 U.S. state, municipal and political subdivisions 1,215 — — (249) 966 Foreign governments 1,205 (27) 5 (261) 922 Corporate 75,348 (79) 167 (12,295) 63,141 CLO 18,643 (4) 134 (1,207) 17,566 ABS 11,696 (31) 31 (823) 10,873 CMBS 4,717 (5) 2 (524) 4,190 RMBS 7,050 (356) 197 (539) 6,352 Total AFS securities 123,201 (502) 542 (16,528) 106,713 AFS securities – related parties Corporate 1,180 — 1 (54) 1,127 CLO 3,736 (1) 14 (236) 3,513 ABS 7,480 — 12 (266) 7,226 Total AFS securities – related parties 12,396 (1) 27 (556) 11,866 Total AFS securities, including related parties $ 135,597 $ (503) $ 569 $ (17,084) $ 118,579 December 31, 2022 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agencies $ 3,333 $ — $ — $ (756) $ 2,577 U.S. state, municipal and political subdivisions 1,218 — — (291) 927 Foreign governments 1,207 (27) 3 (276) 907 Corporate 74,644 (61) 92 (13,774) 60,901 CLO 17,722 (7) 115 (1,337) 16,493 ABS 11,447 (29) 15 (906) 10,527 CMBS 4,636 (5) 6 (479) 4,158 RMBS 6,775 (329) 64 (596) 5,914 Total AFS securities 120,982 (458) 295 (18,415) 102,404 AFS securities – related parties Corporate 1,028 — 1 (47) 982 CLO 3,346 (1) 10 (276) 3,079 ABS 6,066 — 3 (309) 5,760 Total AFS securities – related parties 10,440 (1) 14 (632) 9,821 Total AFS securities, including related parties $ 131,422 $ (459) $ 309 $ (19,047) $ 112,225
Investments Classified by Contractual Maturity Date	The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below: March 31, 2023 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,410 $ 1,377 Due after one year through five years 13,421 12,501 Due after five years through ten years 20,917 18,072 Due after ten years 45,347 35,782 CLO, ABS, CMBS and RMBS 42,106 38,981 Total AFS securities 123,201 106,713 AFS securities – related parties Due after one year through five years 735 731 Due after five years through ten years 286 258 Due after ten years 159 138 CLO and ABS 11,216 10,739 Total AFS securities – related parties 12,396 11,866 Total AFS securities, including related parties $ 135,597 $ 118,579
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	The following summarizes the fair value and gross unrealized losses for AFS securities, including related parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost: March 31, 2023 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities U.S. government and agencies $ 68 $ (4) $ 2,431 $ (626) $ 2,499 $ (630) U.S. state, municipal and political subdivisions 22 (2) 936 (247) 958 (249) Foreign governments 98 (8) 795 (252) 893 (260) Corporate 10,062 (812) 47,858 (11,472) 57,920 (12,284) CLO 3,038 (92) 11,579 (1,063) 14,617 (1,155) ABS 3,623 (197) 3,938 (492) 7,561 (689) CMBS 1,776 (35) 1,483 (354) 3,259 (389) RMBS 739 (44) 1,846 (258) 2,585 (302) Total AFS securities 19,426 (1,194) 70,866 (14,764) 90,292 (15,958) AFS securities – related parties Corporate 875 (24) 141 (30) 1,016 (54) CLO 1,009 (35) 2,124 (200) 3,133 (235) ABS 2,625 (82) 2,736 (184) 5,361 (266) Total AFS securities – related parties 4,509 (141) 5,001 (414) 9,510 (555) Total AFS securities, including related parties $ 23,935 $ (1,335) $ 75,867 $ (15,178) $ 99,802 $ (16,513) December 31, 2022 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities U.S. government and agencies $ 2,539 $ (756) $ — $ — $ 2,539 $ (756) U.S. state, municipal and political subdivisions 911 (291) — — 911 (291) Foreign governments 891 (275) — — 891 (275) Corporate 58,256 (13,773) — — 58,256 (13,773) CLO 13,486 (1,277) — — 13,486 (1,277) ABS 8,119 (801) — — 8,119 (801) CMBS 2,650 (427) — — 2,650 (427) RMBS 2,621 (365) — — 2,621 (365) Total AFS securities 89,473 (17,965) — — 89,473 (17,965) AFS securities – related parties Corporate 619 (47) — — 619 (47) CLO 2,752 (273) — — 2,752 (273) ABS 5,487 (308) — — 5,487 (308) Total AFS securities – related parties 8,858 (628) — — 8,858 (628) Total AFS securities, including related parties $ 98,331 $ (18,593) $ — $ — $ 98,331 $ (18,593) The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded: March 31, 2023 Unrealized Loss Position Unrealized Loss Position 12 Months or More AFS securities 8,873 7,387 AFS securities – related parties 194 103
Debt Securities, Available-for-sale, Allowance for Credit Loss	The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type: Three months ended March 31, 2023 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS Securities Foreign governments $ 27 $ — $ — $ — $ — $ 27 Corporate 61 21 — (6) 3 79 CLO 7 1 — — (4) 4 ABS 29 — — — 2 31 CMBS 5 1 — — (1) 5 RMBS 329 3 28 (4) — 356 Total AFS securities 458 26 28 (10) — 502 AFS securities – related party, CLO 1 — — — — 1 Total AFS securities including related party $ 459 $ 26 $ 28 $ (10) $ — $ 503 Three months ended March 31, 2022 Additions Reductions (In millions) Beginning balance 1 Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance AFS securities Foreign governments $ — $ 66 $ — $ — $ — 66 Corporate — 55 — — — 55 CLO — 18 — — — 18 ABS 5 5 — — 1 11 CMBS — 6 — — — 6 RMBS 306 9 — (8) 5 312 Total AFS securities 311 159 — (8) 6 468 AFS securities – related parties CLO — 3 — — — 3 ABS — 17 — — — 17 Total AFS securities – related parties — 20 — — — 20 Total AFS securities, including related parties $ 311 $ 179 $ — $ (8) $ 6 $ 488 1 Beginning balance reflects allowances established at the time of the Mergers under purchase accounting for PCD investments.
Net Investment Income	Net investment income by asset class consists of the following: Three months ended March 31, (In millions) 2023 2022 AFS securities $ 1,469 $ 855 Trading securities 42 44 Equity securities 15 15 Mortgage loans 447 237 Investment funds 34 211 Funds withheld at interest 429 337 Other 188 42 Investment revenue 2,624 1,741 Investment expenses (12) (10) Net investment income $ 2,612 $ 1,731
Unrealized Gain (Loss) on Investments	The following table summarizes the change in unrealized gains (losses) on trading and equity securities held as of the respective period end: Three months ended March 31, (In millions) 2023 2022 Trading securities $ 66 $ (189) Trading securities – related parties 6 (4) Equity securities (23) 17 Equity securities – related parties 3 (5)
Schedule of Repurchase Agreements	The following table summarizes the remaining contractual maturities of repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition: (In millions) March 31, 2023 December 31, 2022 Less than 30 days 1,642 608 30-90 days 2,774 1,268 91 days to 364 days 500 — 1 year and greater 2,865 2,867 Payables for repurchase agreements $ 7,781 $ 4,743 The following table summarizes the maturities of repurchase agreements: Remaining Contractual Maturity As of As of 91 days to 364 days $ — $ 1,254 Total payables for repurchase agreements (1) $ — $ 1,254 (1) Included in other liabilities of consolidated variable interest entities on the condensed consolidated statements of financial condition. The following table summarizes the gross carrying value of repurchase agreements by class of collateral pledged: (In millions) March 31, 2023 December 31, 2022 Loans backed by residential real estate $ — $ 770 Loans backed by commercial real estate — 484 Total $ — $ 1,254 Note: These repurchase agreements are carried at cost which approximates fair value and is classified as Level 2 of the fair value hierarchy.
Schedule of Securities Pledged As Collateral For Repurchase Agreements	The following table summarizes the securities pledged as collateral for repurchase agreements: March 31, 2023 December 31, 2022 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities U.S. government and agencies $ 2,825 $ 2,261 $ 2,559 $ 1,941 Foreign governments 146 108 146 107 Corporate 5,324 4,425 1,940 1,605 CLO 275 265 273 261 ABS 1,218 1,093 1,243 1,082 Total securities pledged under repurchase agreements $ 9,788 $ 8,152 $ 6,161 $ 4,996
Summary of Information for Fair Value Option Mortgage Loans	The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: (In millions) March 31, 2023 December 31, 2022 Commercial mortgage loans $ 21,743 $ 21,061 Commercial mortgage loans under development 1,020 790 Total commercial mortgage loans 22,763 21,851 Mark to fair value (1,740) (1,743) Commercial mortgage loans 21,023 20,108 Residential mortgage loans 13,211 11,802 Mark to fair value (842) (1,099) Residential mortgage loans 12,369 10,703 Mortgage loans $ 33,392 $ 30,811 The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs: Three months ended March 31, (In millions) 2023 2022 Trading securities $ 64 $ (207) Mortgage loans 296 (916) Investment funds 62 20 Future policy benefits (26) 142 Other liabilities (47) — Total gains (losses) $ 349 $ (961) The following summarizes information for fair value option mortgage loans, including related parties and VIEs: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance $ 35,974 $ 33,653 Mark to fair value (2,582) (2,842) Fair value $ 33,392 $ 30,811 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 198 $ 74 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (56) (55) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 142 $ 19 Fair value of commercial mortgage loans 90 days or more past due $ 11 $ 2 Fair value of commercial mortgage loans in non-accrual status 131 19 The following represents the residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 483 $ 522 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (50) (50) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 433 $ 472 Fair value of residential mortgage loans 90 days or more past due 1 $ 433 $ 472 Fair value of residential mortgage loans in non-accrual status 234 360 1 As of March 31, 2023 and December 31, 2022, includes $199 million and $221 million, respectively, of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies. The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio: Three months ended March 31, (In millions) 2023 2022 Mortgage loans $ (3) $ (18)
Schedule of Accounts, Notes, Loans and Financing Receivable	The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows: March 31, 2023 December 31, 2022 (In millions, except percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 4,535 21.6 % $ 4,651 23.1 % Retail 1,450 6.9 % 1,454 7.2 % Apartment 7,506 35.7 % 6,692 33.3 % Hotels 1,873 8.9 % 1,855 9.2 % Industrial 2,242 10.7 % 2,047 10.2 % Other commercial 3,417 16.2 % 3,409 17.0 % Total commercial mortgage loans $ 21,023 100.0 % $ 20,108 100.0 % U.S. Region East North Central $ 1,438 6.8 % $ 1,437 7.1 % East South Central 422 2.0 % 413 2.1 % Middle Atlantic 5,561 26.5 % 5,183 25.8 % Mountain 923 4.4 % 898 4.5 % New England 1,071 5.1 % 1,076 5.4 % Pacific 4,033 19.2 % 3,781 18.8 % South Atlantic 2,876 13.6 % 2,756 13.7 % West North Central 225 1.1 % 231 1.1 % West South Central 1,066 5.1 % 1,085 5.4 % Total U.S. Region 17,615 83.8 % 16,860 83.9 % International Region United Kingdom 1,970 9.4 % 1,898 9.4 % Other international 1 1,438 6.8 % 1,350 6.7 % Total International Region 3,408 16.2 % 3,248 16.1 % Total commercial mortgage loans $ 21,023 100.0 % $ 20,108 100.0 % 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Athene’s residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table: March 31, 2023 December 31, 2022 U.S. States California 28.5 % 28.9 % Florida 10.1 % 9.7 % New York 5.8 % 5.6 % New Jersey 5.4 % 5.3 % Arizona 5.0 % 5.1 % Other 1 32.8 % 31.7 % Total U.S. residential mortgage loan percentage 87.6 % 86.3 % International United Kingdom 5.0 % 5.4 % Other 2 7.4 % 8.3 % Total international residential mortgage loan percentage 12.4 % 13.7 % Total residential mortgage loan percentage 100.0 % 100.0 % 1 Represents all other states, with each individual state comprising less than 5% of the portfolio. 2 Represents all other countries, with each individual country comprising less than 5% of the portfolio.
Schedule Of Investment Funds	The following summarizes Athene’s investment funds, including related parties and consolidated VIEs: March 31, 2023 December 31, 2022 (In millions, except percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Equity funds $ 43 55.8 % $ 46 58.2 % Hybrid funds 28 36.4 % 32 40.5 % Other 6 7.8 % 1 1.3 % Total investment funds 77 100.0 % 79 100.0 % Investment funds – related parties Strategic origination platforms 35 2.2 % 34 2.2 % Strategic insurance platforms 1,305 81.8 % 1,259 80.2 % Apollo and other fund investments Equity funds 228 14.3 % 246 15.7 % Yield funds 5 0.3 % 5 0.3 % Other 22 1.4 % 25 1.6 % Total investment funds – related parties 1,595 100.0 % 1,569 100.0 % Investment funds – consolidated VIEs Strategic origination platforms 4,991 39.1 % 4,829 38.7 % Strategic insurance platforms 515 4.0 % 529 4.2 % Apollo and other fund investments Equity funds 2,710 21.2 % 2,640 21.2 % Hybrid funds 3,180 24.9 % 3,112 24.9 % Yield funds 1,091 8.5 % 1,044 8.4 % Other 288 2.3 % 326 2.6 % Total investment funds – consolidated VIEs 12,775 100.0 % 12,480 100.0 % Total investment funds, including related parties and consolidated VIEs $ 14,447 $ 14,128
Schedules of Concentration of Risk, by Risk Factor	The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity: (In millions) March 31, 2023 Wheels Donlen 1 $ 1,419 PK AirFinance 1 1,334 Athora 1 1,279 Atlas 1 995 AP Tundra 873 MFI Investments 869 — — (In millions) December 31, 2022 Wheels Donlen 1 $ 1,288 Athora 1 1,232 PK AirFinance 1 999 AP Tundra 896 MFI Investments 878 SoftBank Vision Fund II 789 MidCap 1 788 Cayman Universe 756 Concord Music CL A2 684 Redding Ridge 683 AOP Finance 671 1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in note 17.

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
Derivatives (Tables)	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of the Notional Amount And Fair Value of Derivative Instruments	The following table presents the notional amount and fair value of derivative instruments: March 31, 2023 December 31, 2022 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 6,678 $ 713 $ 149 6,677 $ 747 $ 154 Forwards 6,380 392 57 6,283 406 52 Interest rate swaps 4,468 — 725 4,468 — 803 Forwards on net investments 217 — 2 216 2 — Interest rate swaps 10,082 10 83 9,332 9 150 Total derivatives designated as hedges 1,115 1,016 1,164 1,159 Derivatives not designated as hedges Equity options 67,730 2,085 106 65,089 1,374 114 Futures 21 56 4 18 33 — Foreign currency swaps 3,863 266 118 3,563 251 112 Interest rate swaps 523 89 1 488 74 — Other swaps 137 4 1 89 — 4 Foreign currency forwards 18,250 341 272 16,376 413 257 Embedded derivatives Funds withheld, including related parties (5,557) (67) (6,272) (77) Interest sensitive contract liabilities — 6,747 — 5,841 Total derivatives not designated as hedges (2,716) 7,182 (4,127) 6,251 Total derivatives $ (1,601) $ 8,198 $ (2,963) $ 7,410 The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: March 31, 2023 December 31, 2022 (In millions) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) AFS securities Foreign currency forwards $ 5,480 $ (431) $ 5,259 $ (217) Foreign currency swaps 4,962 (304) 4,797 (398) Interest sensitive contract liabilities Foreign currency swaps 1,081 (9) 1,081 88 Foreign currency interest rate swaps 4,348 315 4,348 632 Interest rate swaps 7,087 203 6,577 323 1 The carrying amount disclosed for AFS securities is amortized cost.
Summary of Gains (Losses) Related to Cash Flow Hedges	The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships: Amount Excluded (In millions) Derivatives Hedged Items Net Recognized in income through amortization approach Recognized in income through changes in fair value Three months ended March 31, 2023 Investment related gains (losses) Foreign currency forwards $ (70) $ 73 $ 3 $ 87 $ 4 Foreign currency swaps (59) 64 5 — — Foreign currency interest rate swaps 78 (70) 8 — — Interest rate swaps 102 (104) (2) — — Interest sensitive contract benefits Foreign currency interest rate swaps 15 (15) — — — Three months ended March 31, 2022 Investment related gains (losses) Foreign currency forwards $ 127 $ (126) $ 1 $ 14 $ 1 Foreign currency swaps 91 (95) (4) — — Foreign currency interest rate swaps (159) 197 38 — — Interest rate swaps (72) 75 3 — — Interest sensitive contract benefits Foreign currency interest rate swaps 10 (9) 1 — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI: Three months ended March 31, (In millions) 2023 2022 Foreign currency forwards $ 63 $ (73) Foreign currency swaps 114 (56)
Schedule of Derivatives Not Designated as Hedges	The following is a summary of the gains (losses) related to derivatives not designated as hedges: Three months ended March 31, (In millions) 2023 2022 Equity options $ 350 $ (708) Futures 34 (33) Swaps 33 63 Foreign currency forwards (169) 155 Embedded derivatives on funds withheld 603 (2,520) Amounts recognized in investment related gains (losses) 851 (3,043) Embedded derivatives in indexed annuity products 1 (473) 1,034 Total gains (losses) on derivatives not designated as hedges $ 378 $ (2,009) 1 Included in interest sensitive contract benefits on the condensed consolidated statements of operations.
Offsetting Assets	The estimated fair value of net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated statements of financial condition (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral March 31, 2023 Derivative assets $ 3,956 $ (1,456) $ (2,411) $ 89 $ — $ 89 Derivative liabilities (1,518) 1,456 506 444 — 444 December 31, 2022 Derivative assets $ 3,309 $ (1,477) $ (1,952) $ (120) $ — $ (120) Derivative liabilities (1,646) 1,477 478 309 — 309 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of March 31, 2023 and December 31, 2022, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition. 3 For non-cash collateral received, the Company does not recognize the collateral on the condensed consolidated statement of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.
Offsetting Liabilities	The estimated fair value of net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated statements of financial condition (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral March 31, 2023 Derivative assets $ 3,956 $ (1,456) $ (2,411) $ 89 $ — $ 89 Derivative liabilities (1,518) 1,456 506 444 — 444 December 31, 2022 Derivative assets $ 3,309 $ (1,477) $ (1,952) $ (120) $ — $ (120) Derivative liabilities (1,646) 1,477 478 309 — 309 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of March 31, 2023 and December 31, 2022, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition. 3 For non-cash collateral received, the Company does not recognize the collateral on the condensed consolidated statement of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
Variable Interest Entities (Tables)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of VIE Financial Information	The following table presents net gains (losses) from investment activities of the consolidated VIEs: Three months ended March 31, (In millions) 2023 1 2022 1 Net gains (losses) from investment activities $ 30 $ 137 Net gains (losses) from debt — 31 Interest and other income 33 208 Interest and other expenses (29) (9) Net gains (losses) from investment activities of consolidated variable interest entities $ 34 $ 367 1 Amounts reflect consolidation eliminations. The following summarizes the statements of operations activity of the consolidated VIEs: Three months ended March 31, (In millions) 2023 2022 Trading securities $ 23 $ — Mortgage loans 24 20 Investment funds 35 1 Net investment income 82 21 Net recognized investment gains (losses) on trading securities 6 — Net recognized investment losses on mortgage loans 9 (112) Net recognized investment gains (losses) on investment funds 224 70 Other gains (losses) (40) — Investment related gains (losses) 199 (42) Revenues of consolidated variable interest entities $ 281 $ (21) The following table presents the maximum exposure to losses relating to these VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary. (In millions) March 31, 2023 2 December 31, 2022 2 Maximum Loss Exposure 1 $ 317 $ 343 1 Represents Apollo’s direct investment in those entities in which it holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses. 2 Some amounts included are a quarter in arrears. The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: March 31, 2023 December 31, 2022 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 77 $ 518 $ 79 $ 340 Investment in related parties – investment funds 1,595 2,251 1,569 2,253 Assets of consolidated VIEs – investment funds 12,775 20,267 12,480 20,278 Investment in fixed maturity securities 39,373 42,555 37,454 40,992 Investment in related parties – fixed maturity securities 11,624 12,101 9,717 10,290 Investment in related parties – equity securities 251 251 279 279 Total non-consolidated investments $ 65,695 $ 77,943 $ 61,578 $ 74,432
Summary of Debt	The following table summarizes the principal provisions of those amounts: March 31, 2023 December 31, 2022 (In millions, except percentages) Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Asset Management Subscription lines 1 $ 1,287 6.65 % 0.09 $ 686 6.22 % 0.08 1 The subscription lines of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle.
Schedule of Repurchase Agreements	The following table summarizes the remaining contractual maturities of repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition: (In millions) March 31, 2023 December 31, 2022 Less than 30 days 1,642 608 30-90 days 2,774 1,268 91 days to 364 days 500 — 1 year and greater 2,865 2,867 Payables for repurchase agreements $ 7,781 $ 4,743 The following table summarizes the maturities of repurchase agreements: Remaining Contractual Maturity As of As of 91 days to 364 days $ — $ 1,254 Total payables for repurchase agreements (1) $ — $ 1,254 (1) Included in other liabilities of consolidated variable interest entities on the condensed consolidated statements of financial condition. The following table summarizes the gross carrying value of repurchase agreements by class of collateral pledged: (In millions) March 31, 2023 December 31, 2022 Loans backed by residential real estate $ — $ 770 Loans backed by commercial real estate — 484 Total $ — $ 1,254 Note: These repurchase agreements are carried at cost which approximates fair value and is classified as Level 2 of the fair value hierarchy.

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
Fair Value (Tables)	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level: March 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 1,255 $ — $ — $ — $ 1,255 Restricted cash and cash equivalents 1 1,061 — — — 1,061 Cash and cash equivalents of VIEs 123 — — — 123 U.S. Treasury securities 419 — — — 419 Investments, at fair value 194 39 1,116 2 3 1,352 Investments of VIEs — 369 1,282 112 1,763 Due from related parties 3 — — 33 — 33 Derivative assets 4 — 17 15 — 32 Total Assets – Asset Management 3,052 425 2,446 115 6,038 March 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Retirement Services AFS Securities U.S. government and agencies 2,697 6 — — 2,703 U.S. state, municipal and political subdivisions — 966 — — 966 Foreign governments — 921 1 — 922 Corporate 9 61,510 1,622 — 63,141 CLO — 17,566 — — 17,566 ABS — 5,931 4,942 — 10,873 CMBS — 4,190 — — 4,190 RMBS — 6,114 238 — 6,352 Total AFS securities 2,706 97,204 6,803 — 106,713 Trading securities 24 1,586 42 — 1,652 Equity securities 273 624 71 — 968 Mortgage loans — — 29,949 — 29,949 Funds withheld at interest – embedded derivative — — (4,291) — (4,291) Derivative assets 66 3,890 — — 3,956 Short-term investments 1 551 30 — 582 Other investments — 215 286 — 501 Cash and cash equivalents 13,844 — — — 13,844 Restricted cash and cash equivalents 1,148 — — — 1,148 Investments in related parties AFS securities Corporate — 168 959 — 1,127 CLO — 3,015 498 — 3,513 ABS — 221 7,005 — 7,226 Total AFS securities – related parties — 3,404 8,462 — 11,866 Trading securities — — 885 — 885 Equity securities — — 251 — 251 Mortgage loans — — 1,324 — 1,324 Investment funds — — 1,034 — 1,034 Funds withheld at interest – embedded derivative — — (1,266) — (1,266) Other investments — — 338 — 338 Reinsurance recoverable — — 1,470 — 1,470 Other assets 7 — — 440 — 440 Assets of consolidated VIEs Trading securities — 421 648 — 1,069 Mortgage loans — — 2,119 — 2,119 Investment funds — — 2,581 10,194 12,775 Other investments — 2 97 — 99 Cash and cash equivalents 654 — — — 654 Total Assets – Retirement Services 18,716 107,897 51,273 10,194 188,080 Total Assets $ 21,768 $ 108,322 $ 53,719 $ 10,309 $ 194,118 Liabilities Asset Management Contingent consideration obligations 5 $ — $ — $ 78 $ — $ 78 Other liabilities 6 1 — — — 1 Total Liabilities – Asset Management 1 — 78 — 79 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 6,747 — 6,747 Universal life benefits — — 879 — 879 Future policy benefits AmerUs closed block — — 1,190 — 1,190 ILICO closed block and life benefits — — 579 — 579 March 31, 2023 (In millions) Level 1 Level 2 Level 3 NAV Total Market risk benefits 7 — — 3,203 — 3,203 Derivative liabilities 24 1,493 1 — 1,518 Other liabilities — (67) 189 — 122 Total Liabilities – Retirement Services 24 1,426 12,788 — 14,238 Total Liabilities $ 25 $ 1,426 $ 12,866 $ — $ 14,317 December 31, 2022 (In millions) Level 1 Level 2 Level 3 NAV Total Assets Asset Management Cash and cash equivalents $ 1,201 $ — $ — $ — $ 1,201 Restricted cash and cash equivalents 1 1,048 — — — 1,048 Cash and cash equivalents of VIEs 110 — — — 110 U.S. Treasury securities 709 — — — 709 Investments, at fair value 190 39 1,083 2 8 1,320 Investments of VIEs — 1,537 727 105 2,369 Due from related parties 3 — — 43 — 43 Derivative assets 4 — — 15 — 15 Total Assets – Asset Management 3,258 1,576 1,868 113 6,815 Retirement Services AFS Securities U.S. government and agencies 2,570 7 — — 2,577 U.S. state, municipal and political subdivisions — 927 — — 927 Foreign governments — 906 1 — 907 Corporate — 59,236 1,665 — 60,901 CLO — 16,493 — — 16,493 ABS — 5,660 4,867 — 10,527 CMBS — 4,158 — — 4,158 RMBS — 5,682 232 — 5,914 Total AFS securities 2,570 93,069 6,765 — 102,404 Trading securities 23 1,519 53 — 1,595 Equity securities 150 845 92 — 1,087 Mortgage loans — — 27,454 — 27,454 Funds withheld at interest – embedded derivative — — (4,847) — (4,847) Derivative assets 42 3,267 — — 3,309 Short-term investments 29 455 36 — 520 Other investments — 170 441 — 611 Cash and cash equivalents 7,779 — — — 7,779 Restricted cash and cash equivalents 628 — — — 628 Investments in related parties AFS securities Corporate — 170 812 — 982 CLO — 2,776 303 — 3,079 ABS — 218 5,542 — 5,760 Total AFS securities – related parties — 3,164 6,657 — 9,821 Trading securities — — 878 — 878 Equity securities — — 279 — 279 Mortgage loans — — 1,302 — 1,302 Investment funds — — 959 — 959 Funds withheld at interest – embedded derivative — — (1,425) — (1,425) Other investments — — 303 — 303 Reinsurance recoverable — — 1,388 — 1,388 December 31, 2022 (In millions) Level 1 Level 2 Level 3 NAV Total Other assets 7 — — 481 — 481 Assets of consolidated VIEs Trading securities 5 436 622 — 1,063 Mortgage loans — — 2,055 — 2,055 Investment funds — — 2,471 10,009 12,480 Other investments — 2 99 — 101 Cash and cash equivalents 362 — — — 362 Total Assets – Retirement Services 11,588 102,927 46,063 10,009 170,587 Total Assets $ 14,846 $ 104,503 $ 47,931 $ 10,122 $ 177,402 Liabilities Asset Management Contingent consideration obligations 5 $ — $ — $ 86 $ — $ 86 Other liabilities 6 2 — — — 2 Derivative liabilities 4 — 57 — — 57 Total Liabilities – Asset Management 2 57 86 — 145 Retirement Services Interest sensitive contract liabilities Embedded derivative — — 5,841 — 5,841 Universal life benefits — — 829 — 829 Future policy benefits AmerUs closed block — — 1,164 — 1,164 ILICO closed block and life benefits — — 548 — 548 Market risk benefits 7 — — 2,970 — 2,970 Derivative liabilities 38 1,607 1 — 1,646 Other liabilities — (77) 142 — 65 Total Liabilities – Retirement Services 38 1,530 11,495 — 13,063 Total Liabilities $ 40 $ 1,587 $ 11,581 $ — $ 13,208 1 Restricted cash and cash equivalents as of March 31, 2023 and December 31, 2022 includes $1.1 billion and $1.0 billion, respectively, of restricted cash and cash equivalents held by consolidated SPACs. 2 Investments as of March 31, 2023 and December 31, 2022 excludes $194 million and $198 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments. 3 Due from related parties represents a receivable from a fund. 4 Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the condensed consolidated statements of financial condition. 5 As of March 31, 2023 and December 31, 2022, other liabilities includes $25 million and $31 million, respectively, of contingent obligations related to the Griffin Capital acquisition, classified as Level 3 and profit sharing payable includes $53 million and $55 million, respectively, related to contingent obligations classified as Level 3. 6 Other liabilities as of March 31, 2023 and December 31, 2022 includes the publicly traded warrants of APSG II. 7 Other assets consists of market risk benefits assets. See note 10 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures.
Summary of Valuation Techniques and Quantitative Inputs and Assumptions used for Financial Assets and Liabilities	The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3: March 31, 2023 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 547 Embedded value N/A N/A N/A 127 Discounted cash flow Discount rate 9.2% – 52.8% 29.0% 1 442 Adjusted transaction value N/A N/A N/A Due from related parties 33 Discounted cash flow Discount rate 14.5% 14.5% Derivative assets 15 Option model Volatility rate 70.0% 70.0% Investments of consolidated VIEs Bank loans 790 Discounted cash flow Discount rate 7.2% – 35.4% 7.5% 1 Adjusted transaction value N/A N/A N/A Equity securities 468 Dividend discount model Discount rate 12.9% 12.9% Bonds 24 Discounted cash flow Discount rate 8.2% -10.5% 10.5% 1 Retirement Services AFS, trading and equity securities 12,271 Discounted cash flow Discount rate 2% – 18.7% 6.7% 1 Mortgage loans 2 33,392 Discounted cash flow Discount rate 2.1% – 22.3% 6.3% 1 Investment funds 2 650 Discounted cash flow Discount rate 6.4% – 14.7% 8.4% 899 Discounted cash flow / Discount rate / 17.0% /8.5x 17.0% / 8.5x 515 Net tangible asset values Implied multiple 1.26x 1.26x 517 Reported net asset value Reported net asset value N/A N/A 1,034 Embedded value N/A N/A N/A Financial Liabilities Asset Management Contingent consideration obligations 78 Discounted cash flow Discount rate 20.6% – 29.0% 25.3% 1 Option model Volatility rate 31.5% – 41.5% 36.5% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 6,747 Discounted cash flow Nonperformance risk 0.3% – 1.8% 1.3% 3 Option budget 0.5% – 5.7% 2.0% 4 Surrender rate 5.2% – 11.7% 8.1% 4 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. 2 Includes those of consolidated VIEs. 3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. 4 The option budget and surrender rate weighted averages are calculated based on projected account values. December 31, 2022 Fair Value (In millions) Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 526 Embedded value N/A N/A N/A 128 Discounted cash flow Discount rate 8.9% – 52.8% 28.7% 1 429 Adjusted transaction value N/A N/A N/A Due from related parties 43 Discounted cash flow Discount rate 15.0% 15.0% Derivative assets 15 Option model Volatility rate 60.0% 60.0% Investments of consolidated VIEs Equity securities 458 Dividend discount model Discount rate 12.1% 12.1% Bank loans 244 Discounted cash flow Discount rate 6.4% – 32.7% 8.0% 1 Adjusted transaction value N/A N/A N/A Bonds 25 Discounted cash flow Discount rate 7.9% 7.9% Retirement Services AFS, trading and equity securities 10,671 Discounted cash flow Discount rate 2.2% – 18.8% 6.8% 1 Mortgage loans 2 30,811 Discounted cash flow Discount rate 1.5% – 22.1% 6.3% 1 Investment funds 2 506 Discounted cash flow Discount rate 6.4% 6.4% 873 Discounted cash flow / Discount rate / 16.5% / 9x 16.5% / 9x 529 Net tangible asset values Implied multiple 1.26x 1.26x 563 Reported net asset value Reported net asset value N/A N/A 959 Embedded value N/A N/A N/A Financial Liabilities Contingent consideration obligations 86 Discounted cash flow Discount rate 20.0% – 25.0% 22.7% 1 Option model Volatility rate 29.8% – 39.6% 34.7% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 5,841 Discounted cash flow Nonperformance risk 0.1% – 1.7% 1.0% 3 Option budget 0.5% – 5.3% 1.9% 4 Surrender rate 5.1% – 11.5% 8.1% 4 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. 2 Includes those of consolidated VIEs. 3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. 4 The option budget and surrender rate weighted averages are calculated based on projected account values. The following summarizes the unobservable inputs for market risk benefits: March 31, 2023 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 2,763 Discounted cash flow Nonperformance risk 0.3 % 1.7 % 1.6 % 1 Decrease Option budget 0.5 % 5.6 % 1.7 % 2 Decrease Surrender rate 3.3 % 6.9 % 4.5 % 2 Decrease March 31, 2022 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 3,444 Discounted cash flow Nonperformance risk 0.4 % 2.0 % 1.3 % 1 Decrease Option budget 0.5 % 3.8 % 1.5 % 2 Decrease Surrender rate 3.6 % 6.6 % 4.5 % 2 Decrease 1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve. 2 The option budget and surrender rate weighted averages are calculated based on projected account values.
Schedule of Gross Components of Purchases, Issuances, Sales and Settlements, Net and Net Transfers In (Out)	The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis: Three Months Ended March 31, 2023 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments and derivative assets $ 1,098 $ 26 $ — $ 7 $ — $ 1,131 $ 26 $ — Investments of Consolidated VIEs 727 34 — 523 (2) 1,282 9 — Total Level 3 assets – Asset Management $ 1,825 $ 60 $ — $ 530 $ (2) $ 2,413 $ 35 $ — Three Months Ended March 31, 2023 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Retirement Services AFS securities Foreign governments $ 1 $ — $ — $ — $ — $ 1 $ — $ — Corporate 1,665 (1) 12 126 (180) 1,622 — 6 ABS 4,867 — (19) 155 (61) 4,942 — (16) RMBS 232 3 3 — — 238 — 3 Trading securities 53 2 — (4) (9) 42 1 — Equity securities 92 (8) — — (13) 71 (8) — Mortgage loans 27,454 251 — 2,244 — 29,949 252 — Funds withheld at interest – embedded derivative (4,847) 556 — — — (4,291) — — Short-term investments 36 — (2) (30) 26 30 — — Other investments 441 1 — (156) — 286 2 — Investments in related parties AFS securities Corporate 812 1 (7) 153 — 959 — (7) CLO 303 — 10 185 — 498 — 10 ABS 5,542 4 44 1,415 — 7,005 2 42 Trading securities 878 6 — 1 — 885 6 — Equity securities 279 4 — (32) — 251 3 — Mortgage loans 1,302 26 — (4) — 1,324 26 — Investment funds 959 43 — 32 — 1,034 43 — Funds withheld at interest – embedded derivative (1,425) 159 — — — (1,266) — — Other investments 303 (7) — 42 — 338 (7) — Reinsurance recoverable 1,388 82 — — — 1,470 — — Assets of consolidated VIEs Trading securities 622 12 — (2) 16 648 12 — Mortgage loans 2,055 19 — 45 — 2,119 19 — Investment funds 2,471 18 — (8) 100 2,581 18 — Other investments 99 — — (2) — 97 — — Total Level 3 assets – Retirement Services $ 45,582 $ 1,171 $ 41 $ 4,160 $ (121) $ 50,833 $ 369 $ 38 Liabilities – Asset Management Contingent consideration obligations $ 86 $ (8) $ — $ — $ — $ 78 $ — $ — Total Level 3 liabilities – Asset Management $ 86 $ (8) $ — $ — $ — $ 78 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (473) $ — $ (433) $ — $ (6,747) $ — $ — Universal life benefits (829) (50) — — — (879) — — Future policy benefits AmerUs Closed Block (1,164) (26) — — — (1,190) — — ILICO Closed Block and life benefits (548) (31) — — — (579) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (47) — — — (189) — — Total Level 3 liabilities – Retirement Services $ (8,525) $ (627) $ — $ (433) $ — $ (9,585) $ — $ — 1 Related to instruments held at end of period. Three Months Ended March 31, 2022 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments $ 946 $ 18 $ — $ 101 $ 22 $ 1,087 $ 18 $ — Investments of Consolidated VIEs 13,188 216 — 1,129 (13,602) 931 (3) — Total Level 3 assets – Asset Management $ 14,134 $ 234 $ — $ 1,230 $ (13,580) $ 2,018 $ 15 $ — Assets – Retirement Services AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 1,339 (3) (19) 140 42 1,499 — (19) CLO 14 (1) 2 (10) — 5 — 2 ABS 3,619 6 (31) (148) 337 3,783 — (30) CMBS 43 — (17) — (16) 10 — (17) Trading securities 69 (5) — 6 20 90 — — Equity securities 429 9 — — — 438 — — Mortgage loans 21,154 (744) — 3,286 — 23,696 (741) — Investment funds 18 1 — — — 19 1 — Funds withheld at interest – embedded derivative — (1,882) — — — (1,882) — — Short-term investments 29 — — 30 — 59 9 — Investments in related parties AFS securities Corporate 670 (4) 1 94 — 761 — 1 CLO 202 — — 130 — 332 — — ABS 6,445 (17) (10) (145) (1,864) 4,409 — (10) Trading securities 1,771 (5) — (254) (1,260) 252 — — Equity securities 284 (5) — — (113) 166 — — Mortgage loans 1,369 (52) — 139 — 1,456 (52) — Investment funds 2,855 24 — (34) (2,031) 814 24 — Funds withheld at interest – embedded derivative — (570) — — — (570) — — Short-term investments — — — 53 — 53 — — Reinsurance recoverable 1,991 (177) — — — 1,814 — — Assets of consolidated VIEs Mortgage loans 2,152 (120) — (152) — 1,880 (120) — Investment funds 1,297 (5) — 238 9,047 10,577 (5) — Other investments — — — — 1,902 1,902 — — Total Level 3 assets – Retirement Services $ 45,752 $ (3,550) $ (74) $ 3,373 $ 6,064 $ 51,565 $ (884) $ (73) Liabilities – Asset Management Contingent consideration obligations $ 126 $ (3) $ — $ (13) $ — $ 110 $ — $ — Debt and other liabilities of consolidated VIEs 7,528 (28) — 1,126 (8,626) — — — Total Level 3 liabilities – Asset Management $ 7,654 $ (31) $ — $ 1,113 $ (8,626) $ 110 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (7,408) $ 1,034 $ — $ (111) $ — $ (6,485) $ — $ — Universal life benefits (1,235) 139 — — — (1,096) — — Future policy benefits AmerUs Closed Block (1,520) 142 — — — (1,378) — — ILICO Closed Block and life benefits (742) 38 — — — (704) — — Three Months Ended March 31, 2022 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Derivative liabilities (3) — — — — (3) — — Liabilities of consolidated VIEs – debt — — — — (3,645) (3,645) — — Total Level 3 liabilities – Retirement Services $ (10,908) $ 1,353 $ — $ (111) $ (3,645) $ (13,311) $ — $ — 1 Related to instruments held at end of period. The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above: Three Months Ended March 31, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments and derivative assets $ 8 $ — $ (1) $ — $ 7 $ — $ — $ — Investments of consolidated VIEs 871 — (348) — 523 — (2) (2) Total Level 3 assets – Asset Management $ 879 $ — $ (349) $ — $ 530 $ — $ (2) $ (2) Assets – Retirement Services AFS securities Corporate $ 208 $ — $ — $ (82) $ 126 $ 29 $ (209) $ (180) ABS 298 — — (143) 155 215 (276) (61) RMBS 1 — — (1) — — — — Trading securities — — — (4) (4) 5 (14) (9) Equity securities — — — — — — (13) (13) Mortgage loans 2,882 — (32) (606) 2,244 — — — Short-term investments — — — (30) (30) 26 — 26 Other investments 2 — — (158) (156) — — — Investments in related parties AFS securities Corporate 156 — — (3) 153 — — — CLO 185 — — — 185 — — — ABS 1,634 — — (219) 1,415 — — — Trading securities 2 — — (1) 1 — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (4) (4) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 10 — (12) — (2) 19 (3) 16 Mortgage loans 46 — — (1) 45 — — — Investment funds — — (8) — (8) 148 (48) 100 Other investments 5 — (7) — (2) — — — Total Level 3 assets – Retirement Services $ 5,503 $ — $ (59) $ (1,284) $ 4,160 $ 442 $ (563) $ (121) Three Months Ended March 31, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Three Months Ended March 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In 1 Transfers Out 2 Net Transfers In (Out) Assets – Asset Management Investments $ 104 $ — $ (3) $ — $ 101 $ 22 $ — $ 22 Investments of consolidated VIEs 2,469 — (1,340) — 1,129 453 (14,055) (13,602) Total Level 3 assets – Asset Management $ 2,573 $ — $ (1,343) $ — $ 1,230 $ 475 $ (14,055) $ (13,580) Assets – Retirement Services AFS securities Corporate $ 324 $ — $ (168) $ (16) $ 140 $ 43 $ (1) $ 42 CLO — — — (10) (10) — — — ABS 1,489 — (1,450) (187) (148) 338 (1) 337 CMBS — — — — — — (16) (16) Trading securities 6 — — — 6 30 (10) 20 Mortgage loans 4,091 — (82) (723) 3,286 — — — Short-term investments 30 — — — 30 — — — Investments in related parties AFS securities — — Corporate 315 — (217) (4) 94 — — — CLO 130 — — — 130 — — — ABS 374 — (87) (432) (145) — (1,864) (1,864) Trading securities 29 — (265) (18) (254) — (1,260) (1,260) Equity securities — — — — — — (113) (113) Mortgage loans 146 — — (7) 139 — — — Investment funds — — (34) — (34) — (2,031) (2,031) Short-term investments 53 — — — 53 — — — Assets of consolidated VIEs Mortgage loans — — — (152) (152) — — — Investment funds 253 — (15) — 238 10,081 (1,034) 9,047 Other investments — — — — — 1,902 — 1,902 Total Level 3 assets – Retirement Services $ 7,240 $ — $ (2,318) $ (1,549) $ 3,373 $ 12,394 $ (6,330) $ 6,064 Three Months Ended March 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In 1 Transfers Out 2 Net Transfers In (Out) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (13) $ (13) $ — $ — $ — Debt and other liabilities of consolidated VIEs — 1,644 — (518) 1,126 — (8,626) (8,626) Total Level 3 liabilities – Asset Management $ — $ 1,644 $ — $ (531) $ 1,113 $ — $ (8,626) $ (8,626) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (260) $ — $ 149 $ (111) $ — $ — $ — Liabilities of consolidated VIEs - Debt — — — — — (3,645) — (3,645) Total Level 3 liabilities – Retirement Services $ — $ (260) $ — $ 149 $ (111) $ (3,645) $ — $ (3,645) 1 Transfers in includes assets and liabilities of consolidated VIEs that the Company consolidated effective March 31, 2022 ($10,081 million investment funds, $1,902 million other investments, and $3,645 million debt). 2 Transfers out includes the elimination of investments in related party securities issued by VIEs that the Company consolidated effective March 31, 2022 ($1,582 million ABS AFS securities, $1,260 million ABS and CLO trading securities, and $113 million equity securities).
Schedule of Gross Components of Purchases, Issuances, Sales and Settlements, Net and Net Transfers In (Out)	Three Months Ended March 31, 2023 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments and derivative assets $ 1,098 $ 26 $ — $ 7 $ — $ 1,131 $ 26 $ — Investments of Consolidated VIEs 727 34 — 523 (2) 1,282 9 — Total Level 3 assets – Asset Management $ 1,825 $ 60 $ — $ 530 $ (2) $ 2,413 $ 35 $ — Three Months Ended March 31, 2023 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Retirement Services AFS securities Foreign governments $ 1 $ — $ — $ — $ — $ 1 $ — $ — Corporate 1,665 (1) 12 126 (180) 1,622 — 6 ABS 4,867 — (19) 155 (61) 4,942 — (16) RMBS 232 3 3 — — 238 — 3 Trading securities 53 2 — (4) (9) 42 1 — Equity securities 92 (8) — — (13) 71 (8) — Mortgage loans 27,454 251 — 2,244 — 29,949 252 — Funds withheld at interest – embedded derivative (4,847) 556 — — — (4,291) — — Short-term investments 36 — (2) (30) 26 30 — — Other investments 441 1 — (156) — 286 2 — Investments in related parties AFS securities Corporate 812 1 (7) 153 — 959 — (7) CLO 303 — 10 185 — 498 — 10 ABS 5,542 4 44 1,415 — 7,005 2 42 Trading securities 878 6 — 1 — 885 6 — Equity securities 279 4 — (32) — 251 3 — Mortgage loans 1,302 26 — (4) — 1,324 26 — Investment funds 959 43 — 32 — 1,034 43 — Funds withheld at interest – embedded derivative (1,425) 159 — — — (1,266) — — Other investments 303 (7) — 42 — 338 (7) — Reinsurance recoverable 1,388 82 — — — 1,470 — — Assets of consolidated VIEs Trading securities 622 12 — (2) 16 648 12 — Mortgage loans 2,055 19 — 45 — 2,119 19 — Investment funds 2,471 18 — (8) 100 2,581 18 — Other investments 99 — — (2) — 97 — — Total Level 3 assets – Retirement Services $ 45,582 $ 1,171 $ 41 $ 4,160 $ (121) $ 50,833 $ 369 $ 38 Liabilities – Asset Management Contingent consideration obligations $ 86 $ (8) $ — $ — $ — $ 78 $ — $ — Total Level 3 liabilities – Asset Management $ 86 $ (8) $ — $ — $ — $ 78 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (473) $ — $ (433) $ — $ (6,747) $ — $ — Universal life benefits (829) (50) — — — (879) — — Future policy benefits AmerUs Closed Block (1,164) (26) — — — (1,190) — — ILICO Closed Block and life benefits (548) (31) — — — (579) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (47) — — — (189) — — Total Level 3 liabilities – Retirement Services $ (8,525) $ (627) $ — $ (433) $ — $ (9,585) $ — $ — 1 Related to instruments held at end of period. Three Months Ended March 31, 2022 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets – Asset Management Investments $ 946 $ 18 $ — $ 101 $ 22 $ 1,087 $ 18 $ — Investments of Consolidated VIEs 13,188 216 — 1,129 (13,602) 931 (3) — Total Level 3 assets – Asset Management $ 14,134 $ 234 $ — $ 1,230 $ (13,580) $ 2,018 $ 15 $ — Assets – Retirement Services AFS securities Foreign governments $ 2 $ — $ — $ — $ — $ 2 $ — $ — Corporate 1,339 (3) (19) 140 42 1,499 — (19) CLO 14 (1) 2 (10) — 5 — 2 ABS 3,619 6 (31) (148) 337 3,783 — (30) CMBS 43 — (17) — (16) 10 — (17) Trading securities 69 (5) — 6 20 90 — — Equity securities 429 9 — — — 438 — — Mortgage loans 21,154 (744) — 3,286 — 23,696 (741) — Investment funds 18 1 — — — 19 1 — Funds withheld at interest – embedded derivative — (1,882) — — — (1,882) — — Short-term investments 29 — — 30 — 59 9 — Investments in related parties AFS securities Corporate 670 (4) 1 94 — 761 — 1 CLO 202 — — 130 — 332 — — ABS 6,445 (17) (10) (145) (1,864) 4,409 — (10) Trading securities 1,771 (5) — (254) (1,260) 252 — — Equity securities 284 (5) — — (113) 166 — — Mortgage loans 1,369 (52) — 139 — 1,456 (52) — Investment funds 2,855 24 — (34) (2,031) 814 24 — Funds withheld at interest – embedded derivative — (570) — — — (570) — — Short-term investments — — — 53 — 53 — — Reinsurance recoverable 1,991 (177) — — — 1,814 — — Assets of consolidated VIEs Mortgage loans 2,152 (120) — (152) — 1,880 (120) — Investment funds 1,297 (5) — 238 9,047 10,577 (5) — Other investments — — — — 1,902 1,902 — — Total Level 3 assets – Retirement Services $ 45,752 $ (3,550) $ (74) $ 3,373 $ 6,064 $ 51,565 $ (884) $ (73) Liabilities – Asset Management Contingent consideration obligations $ 126 $ (3) $ — $ (13) $ — $ 110 $ — $ — Debt and other liabilities of consolidated VIEs 7,528 (28) — 1,126 (8,626) — — — Total Level 3 liabilities – Asset Management $ 7,654 $ (31) $ — $ 1,113 $ (8,626) $ 110 $ — $ — Liabilities – Retirement Services Interest sensitive contract liabilities Embedded derivative $ (7,408) $ 1,034 $ — $ (111) $ — $ (6,485) $ — $ — Universal life benefits (1,235) 139 — — — (1,096) — — Future policy benefits AmerUs Closed Block (1,520) 142 — — — (1,378) — — ILICO Closed Block and life benefits (742) 38 — — — (704) — — Three Months Ended March 31, 2022 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Derivative liabilities (3) — — — — (3) — — Liabilities of consolidated VIEs – debt — — — — (3,645) (3,645) — — Total Level 3 liabilities – Retirement Services $ (10,908) $ 1,353 $ — $ (111) $ (3,645) $ (13,311) $ — $ — 1 Related to instruments held at end of period. The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above: Three Months Ended March 31, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Assets – Asset Management Investments and derivative assets $ 8 $ — $ (1) $ — $ 7 $ — $ — $ — Investments of consolidated VIEs 871 — (348) — 523 — (2) (2) Total Level 3 assets – Asset Management $ 879 $ — $ (349) $ — $ 530 $ — $ (2) $ (2) Assets – Retirement Services AFS securities Corporate $ 208 $ — $ — $ (82) $ 126 $ 29 $ (209) $ (180) ABS 298 — — (143) 155 215 (276) (61) RMBS 1 — — (1) — — — — Trading securities — — — (4) (4) 5 (14) (9) Equity securities — — — — — — (13) (13) Mortgage loans 2,882 — (32) (606) 2,244 — — — Short-term investments — — — (30) (30) 26 — 26 Other investments 2 — — (158) (156) — — — Investments in related parties AFS securities Corporate 156 — — (3) 153 — — — CLO 185 — — — 185 — — — ABS 1,634 — — (219) 1,415 — — — Trading securities 2 — — (1) 1 — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (4) (4) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 10 — (12) — (2) 19 (3) 16 Mortgage loans 46 — — (1) 45 — — — Investment funds — — (8) — (8) 148 (48) 100 Other investments 5 — (7) — (2) — — — Total Level 3 assets – Retirement Services $ 5,503 $ — $ (59) $ (1,284) $ 4,160 $ 442 $ (563) $ (121) Three Months Ended March 31, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Total Level 3 liabilities – Retirement Services $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Three Months Ended March 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In 1 Transfers Out 2 Net Transfers In (Out) Assets – Asset Management Investments $ 104 $ — $ (3) $ — $ 101 $ 22 $ — $ 22 Investments of consolidated VIEs 2,469 — (1,340) — 1,129 453 (14,055) (13,602) Total Level 3 assets – Asset Management $ 2,573 $ — $ (1,343) $ — $ 1,230 $ 475 $ (14,055) $ (13,580) Assets – Retirement Services AFS securities Corporate $ 324 $ — $ (168) $ (16) $ 140 $ 43 $ (1) $ 42 CLO — — — (10) (10) — — — ABS 1,489 — (1,450) (187) (148) 338 (1) 337 CMBS — — — — — — (16) (16) Trading securities 6 — — — 6 30 (10) 20 Mortgage loans 4,091 — (82) (723) 3,286 — — — Short-term investments 30 — — — 30 — — — Investments in related parties AFS securities — — Corporate 315 — (217) (4) 94 — — — CLO 130 — — — 130 — — — ABS 374 — (87) (432) (145) — (1,864) (1,864) Trading securities 29 — (265) (18) (254) — (1,260) (1,260) Equity securities — — — — — — (113) (113) Mortgage loans 146 — — (7) 139 — — — Investment funds — — (34) — (34) — (2,031) (2,031) Short-term investments 53 — — — 53 — — — Assets of consolidated VIEs Mortgage loans — — — (152) (152) — — — Investment funds 253 — (15) — 238 10,081 (1,034) 9,047 Other investments — — — — — 1,902 — 1,902 Total Level 3 assets – Retirement Services $ 7,240 $ — $ (2,318) $ (1,549) $ 3,373 $ 12,394 $ (6,330) $ 6,064 Three Months Ended March 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In 1 Transfers Out 2 Net Transfers In (Out) Liabilities - Asset Management Contingent consideration obligations $ — $ — $ — $ (13) $ (13) $ — $ — $ — Debt and other liabilities of consolidated VIEs — 1,644 — (518) 1,126 — (8,626) (8,626) Total Level 3 liabilities – Asset Management $ — $ 1,644 $ — $ (531) $ 1,113 $ — $ (8,626) $ (8,626) Liabilities – Retirement Services Interest sensitive contract liabilities - Embedded derivative $ — $ (260) $ — $ 149 $ (111) $ — $ — $ — Liabilities of consolidated VIEs - Debt — — — — — (3,645) — (3,645) Total Level 3 liabilities – Retirement Services $ — $ (260) $ — $ 149 $ (111) $ (3,645) $ — $ (3,645) 1 Transfers in includes assets and liabilities of consolidated VIEs that the Company consolidated effective March 31, 2022 ($10,081 million investment funds, $1,902 million other investments, and $3,645 million debt). 2 Transfers out includes the elimination of investments in related party securities issued by VIEs that the Company consolidated effective March 31, 2022 ($1,582 million ABS AFS securities, $1,260 million ABS and CLO trading securities, and $113 million equity securities).
Schedule of Gain (Losses) Recorded for Financial Instruments Elected the Fair Value Option	The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: (In millions) March 31, 2023 December 31, 2022 Commercial mortgage loans $ 21,743 $ 21,061 Commercial mortgage loans under development 1,020 790 Total commercial mortgage loans 22,763 21,851 Mark to fair value (1,740) (1,743) Commercial mortgage loans 21,023 20,108 Residential mortgage loans 13,211 11,802 Mark to fair value (842) (1,099) Residential mortgage loans 12,369 10,703 Mortgage loans $ 33,392 $ 30,811 The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs: Three months ended March 31, (In millions) 2023 2022 Trading securities $ 64 $ (207) Mortgage loans 296 (916) Investment funds 62 20 Future policy benefits (26) 142 Other liabilities (47) — Total gains (losses) $ 349 $ (961) The following summarizes information for fair value option mortgage loans, including related parties and VIEs: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance $ 35,974 $ 33,653 Mark to fair value (2,582) (2,842) Fair value $ 33,392 $ 30,811 The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 198 $ 74 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (56) (55) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 142 $ 19 Fair value of commercial mortgage loans 90 days or more past due $ 11 $ 2 Fair value of commercial mortgage loans in non-accrual status 131 19 The following represents the residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2023 December 31, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 483 $ 522 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (50) (50) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 433 $ 472 Fair value of residential mortgage loans 90 days or more past due 1 $ 433 $ 472 Fair value of residential mortgage loans in non-accrual status 234 360 1 As of March 31, 2023 and December 31, 2022, includes $199 million and $221 million, respectively, of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies. The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio: Three months ended March 31, (In millions) 2023 2022 Mortgage loans $ (3) $ (18)
Schedule of Financial Instruments Not Measured at Fair Value	The following represents Athene’s financial instruments not carried at fair value on the condensed consolidated statements of financial condition: March 31, 2023 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 77 $ 77 $ 77 $ — $ — $ — Policy loans 339 339 — — 339 — Funds withheld at interest 35,375 35,375 — — — 35,375 Short-term investments 45 45 — — 45 — Other investments 200 200 — — — 200 Investments in related parties Investment funds 561 561 561 — — — Funds withheld at interest 10,728 10,728 — — — 10,728 Short-term investments 1,043 1,043 — — 1,043 — Total financial assets not carried at fair value $ 48,368 $ 48,368 $ 638 $ — $ 1,427 $ 46,303 Financial liabilities Interest sensitive contract liabilities $ 131,873 $ 120,063 $ — $ — $ — $ 120,063 Debt 3,650 2,906 — — 2,906 — Securities to repurchase 7,781 7,781 — — 7,781 — Funds withheld liability 346 346 — — 346 — Total financial liabilities not carried at fair value $ 143,650 $ 131,096 $ — $ — $ 11,033 $ 120,063 December 31, 2022 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 79 $ 79 $ 79 $ — $ — $ — Policy loans 347 347 — — 347 — Funds withheld at interest 37,727 37,727 — — — 37,727 Short-term investments 1,640 1,640 — — 1,614 26 Other investments 162 162 — — — 162 Investments in related parties Investment funds 610 610 610 — — — Funds withheld at interest 11,233 11,233 — — — 11,233 Total financial assets not carried at fair value $ 51,798 $ 51,798 $ 689 $ — $ 1,961 $ 49,148 Financial liabilities Interest sensitive contract liabilities $ 125,101 $ 111,608 $ — $ — $ — $ 111,608 Debt 3,658 2,893 — — 2,893 — Securities to repurchase 4,743 4,743 — — 4,743 — Funds withheld liability 360 360 — — 360 — Total financial liabilities not carried at fair value $ 133,862 $ 119,604 $ — $ — $ 7,996 $ 111,608

Deferred Acquisition Costs, D_2

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables)	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Rollforward of DAC	The following table summarizes the change in deferred acquisition costs, deferred sales inducements and value of business acquired: (In millions) VOBA Balance as of January 1, 2022 $ 4,527 Change in discount rate assumptions for future policy benefits (22) Fair value adjustment of market risk benefits (1,133) Adjusted balance as of January 1, 2022 $ 3,372 The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 10 for more information on Athene’s products. Three months ended March 31, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 171 203 — 1 133 — 508 Amortization (16) (18) (1) — (10) (93) (138) Balance at March 31, 2023 $ 459 $ 940 $ 10 $ 10 $ 522 $ 2,895 $ 4,836 Three months ended March 31, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 24 176 11 3 77 — $ 291 Amortization — (1) (1) — — (96) (98) Balance at March 31, 2022 $ 24 $ 175 $ 10 $ 3 $ 77 $ 3,276 $ 3,565
Rollforward of DSI	The following table summarizes the change in deferred acquisition costs, deferred sales inducements and value of business acquired: (In millions) VOBA Balance as of January 1, 2022 $ 4,527 Change in discount rate assumptions for future policy benefits (22) Fair value adjustment of market risk benefits (1,133) Adjusted balance as of January 1, 2022 $ 3,372 The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 10 for more information on Athene’s products. Three months ended March 31, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 171 203 — 1 133 — 508 Amortization (16) (18) (1) — (10) (93) (138) Balance at March 31, 2023 $ 459 $ 940 $ 10 $ 10 $ 522 $ 2,895 $ 4,836 Three months ended March 31, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 24 176 11 3 77 — $ 291 Amortization — (1) (1) — — (96) (98) Balance at March 31, 2022 $ 24 $ 175 $ 10 $ 3 $ 77 $ 3,276 $ 3,565
Rollforward of VOBA	The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 10 for more information on Athene’s products. Three months ended March 31, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 171 203 — 1 133 — 508 Amortization (16) (18) (1) — (10) (93) (138) Balance at March 31, 2023 $ 459 $ 940 $ 10 $ 10 $ 522 $ 2,895 $ 4,836 Three months ended March 31, 2022 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at January 1, 2022 $ — $ — $ — $ — $ — $ 3,372 $ 3,372 Additions 24 176 11 3 77 — $ 291 Amortization — (1) (1) — — (96) (98) Balance at March 31, 2022 $ 24 $ 175 $ 10 $ 3 $ 77 $ 3,276 $ 3,565
Summary of Expected Amortization of VOBA	The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2023 1 $ 257 2024 316 2025 289 2026 260 2027 230 2028 200 1 Expected amortization for the remainder of 2023.

Long-duration Contracts (Tables

Long-duration Contracts (Tables)	3 Months Ended
Long-duration Contracts (Tables)	Mar. 31, 2023
Insurance [Abstract]
Policyholder Account Balance	The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve. Three months ended March 31, 2023 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at December 31, 2022 $ 43,518 $ 92,660 $ 27,439 $ 4,722 $ 168,339 Deposits 6,700 2,929 1,500 1,033 12,162 Policy charges (1) (158) — — (159) Surrenders and withdrawals (1,818) (2,712) (70) (3) (4,603) Benefit payments (264) (422) (490) (90) (1,266) Interest credited 369 117 206 32 724 Foreign exchange — — 54 (16) 38 Other (54) — 143 (33) 56 Balance at March 31, 2023 $ 48,450 $ 92,414 $ 28,782 $ 5,645 $ 175,291 March 31, 2023 Weighted average crediting rate 3.4 % 2.3 % 2.7 % 2.9 % 2.7 % Net amount at risk $ 423 $ 13,903 $ — $ 66 $ 14,392 Cash surrender value 45,994 84,047 — 2,710 132,751 Three months ended March 31, 2022 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at January 1, 2022 $ 35,599 $ 89,755 $ 23,623 $ 2,413 $ 151,390 Deposits 918 2,573 4,946 520 8,957 Policy charges (1) (141) — — (142) Surrenders and withdrawals (845) (1,798) — (1) (2,644) Benefit payments (256) (426) (695) (83) (1,460) Interest credited 235 697 125 17 1,074 Foreign exchange — — (100) (14) (114) Other — — (218) — (218) Balance at March 31, 2022 $ 35,650 $ 90,660 $ 27,681 $ 2,852 $ 156,843 March 31, 2022 Weighted average crediting rate 2.7 % 2.0 % 1.8 % 2.2 % 2.1 % Net amount at risk $ 416 $ 10,554 $ — $ 13 $ 10,983 Cash surrender value 34,211 84,265 — 710 119,186
Policyholder Account Balance And Liability For Unpaid Claims And Claims Adjustment Expense	The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated statements of financial condition: March 31, (In millions) 2023 2022 Traditional deferred annuities $ 48,450 $ 35,650 Indexed annuities 92,414 90,660 Funding agreements 28,782 27,681 Other investment-type 5,645 2,852 Reconciling items 1 5,809 7,460 Interest sensitive contract liabilities $ 181,100 $ 164,303 1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	The following represents policyholder account balances by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums: March 31, 2023 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 25,571 $ 23,867 $ 80,468 $ 129,906 2.0% – < 4.0% 31,793 1,709 778 34,280 4.0% – < 6.0% 9,625 52 206 9,883 6.0% and greater 1,222 — — 1,222 Total $ 68,211 $ 25,628 $ 81,452 $ 175,291 March 31, 2022 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 29,040 $ 30,195 $ 57,412 $ 116,647 2.0% – < 4.0% 34,604 925 43 35,572 4.0% – < 6.0% 4,467 11 6 4,484 6.0% and greater 140 — — 140 Total $ 68,251 $ 31,131 $ 57,461 $ 156,843
Liability for Future Policy Benefit, Activity	The following table summarizes future policy benefits and changes to the liability: (In millions) Traditional deferred annuities Indexed annuities Payout annuities Reconciling items 1 Total Balance as of January 1, 2022 $ 221 $ 5,389 $ 32,872 $ 8,632 $ 47,114 Change in discount rate assumptions — — 2,406 — 2,406 Adjustment for removal of balances related to market risk benefits (221) (5,389) — — (5,610) Adjustment for offsetting balance in negative VOBA 2 — — — (2,428) (2,428) Adjusted balance as of January 1, 2022 $ — $ — $ 35,278 $ 6,204 $ 41,482 1 Reconciling items primarily include negative VOBA associated with our liability for future policy benefits, as well as reserves for our immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for our no-lapse guarantees with universal life contracts, all of which are fully ceded. 2 Uneliminated adjustments were recorded to positive VOBA within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. The following is a rollforward of the present value of expected net premiums and expected value of future policy benefits: Payout annuities with life contingencies Three months ended March 31, (In millions) 2023 2022 Present value of expected net premiums Beginning balance $ — $ — Issuances 88 1,994 Net premium collected (88) (1,994) Ending balance $ — $ — Present value of expected future policy benefits Beginning balance $ 36,422 $ 35,278 Effect of changes in discount rate assumptions 8,425 — Beginning balance at original discount rate 44,847 35,278 Effect of actual experience to expected experience (29) (47) Adjusted beginning balance 44,818 35,231 Issuances 88 1,994 Interest accrual 346 229 Benefit payments (885) (724) Foreign exchange 8 (19) Ending balance at original discount rate 44,375 36,711 Effect of changes in discount rate assumptions (7,623) (3,562) Ending balance $ 36,752 $ 33,149 The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition: March 31, (In millions) 2023 2022 Payout annuities with life contingencies $ 36,752 $ 33,149 Reconciling items 1 5,738 6,091 Total future policy benefits $ 42,490 $ 39,240 1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with Athene’s liability for future policy benefits. Additionally, it includes reserves for Athene’s immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for Athene’s no-lapse guarantees with universal life contracts, all of which are fully ceded. The following is a reconciliation of premiums to the condensed consolidated statements of operations: Three months ended March 31, (In millions) 2023 2022 Payout annuities with life contingencies $ 88 $ 2,098 Reconciling items 1 8 12 Premiums $ 96 $ 2,110 1 Reconciling items premiums related to Athene’s immaterial lines of business including term and whole life and accident and health and disability. The following represents the undiscounted and discounted expected future benefit payments for the liability for future policy benefits. As these relate to payout annuities for single premium immediate annuities with life contingencies, there are no expected future gross premiums. March 31, 2023 March 31, 2022 (In millions) Undiscounted Discounted Undiscounted Discounted Expected future benefit payments $ 63,995 $ 44,375 $ 51,643 $ 36,711 The following represents the weighted-average durations and the weighted-average interest rates of future policy benefits: March 31, 2023 2022 Weighted-average liability duration (in years) 10.1 10.6 Weighted-average interest accretion rate 3.2 % 2.7 % Weighted-average current discount rate 5.3 % 3.7 % Three months ended March 31, (In millions) 2023 2022 Expected reserve release due to death $ 132 $ 114 Actual reserve release due to death 183 163 Decrease in reserve due to actual experience compared to expected experience $ (51) $ (49) The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of operations: Three months ended March 31, (In millions) 2023 2022 Reserves $ 29 $ 47 Deferred profit liability (27) (54) Negative VOBA (4) 10 Total remeasurement gains (losses) $ (2) $ 3
Schedule of Net Liability Position of Market Risk Benefits	The following table presents the net liability position of market risk benefits: (In millions) Traditional deferred annuities Indexed annuities Total Balance as of January 1, 2022 $ — $ — $ — Adjustment for addition of existing balances 1 221 5,389 5,610 Adjustment to positive VOBA due to fair value adjustment for market risk benefits 2 32 (1,165) (1,133) Adjustment to negative VOBA due to fair value adjustment for market risk benefits 3 — (30) (30) Adjusted balance as of January 1, 2022 $ 253 $ 4,194 $ 4,447 1 Previously recorded within future policy benefits on the condensed consolidated statements of financial condition. 2 Previously recorded within deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. 3 Previously recorded within interest sensitive contract liabilities on the condensed consolidated statements of financial condition. The following table represents market risk benefits by asset and liability positions: (In millions) Asset 1 Liability Net liability Traditional deferred annuities $ — $ 253 $ 253 Indexed annuities 366 4,560 4,194 Adjusted balance as of January 1, 2022 $ 366 $ 4,813 $ 4,447 1 Included within other assets on the condensed consolidated statements of financial condition. The following is a rollfoward of net market risk benefit liabilities by product: Three months ended March 31, 2023 (In millions) Traditional deferred annuities Indexed annuities Total Balance at December 31, 2022 $ 170 $ 2,319 $ 2,489 Effect of changes in instrument-specific credit risk 13 353 366 Balance, beginning of period, before changes in instrument specific credit risk 183 2,672 2,855 Issuances — 17 17 Interest accrual 2 32 34 Attributed fees collected 1 84 85 Benefit payments — (6) (6) Effect of changes in interest rates 8 218 226 Effect of changes in equity — (18) (18) Effect of actual policyholder behavior compared to expected behavior 2 23 25 Balance, end of period, before changes in instrument specific credit risk 196 3,022 3,218 Effect of changes in the instrument specific credit risk (16) (439) (455) Balance at March 31, 2023 $ 180 $ 2,583 $ 2,763 March 31, 2023 Net amount at risk $ 423 $ 13,903 $ 14,326 Weighted-average attained age of contract holders (in years) 75 69 69 Three months ended March 31, 2022 (In millions) Traditional deferred annuities Indexed annuities Total Balance at January 1, 2022 $ 253 $ 4,194 $ 4,447 Issuances — 16 16 Interest accrual — (2) (2) Attributed fees collected 1 81 82 Benefit payments (1) (11) (12) Effect of changes in interest rates (26) (732) (758) Effect of changes in equity — 55 55 Effect of actual policyholder behavior compared to expected behavior 1 12 13 Balance, end of period, before changes in instrument specific credit risk 228 3,613 3,841 Effect of changes in the instrument specific credit risk (13) (384) (397) Balance at March 31, 2022 $ 215 $ 3,229 $ 3,444 March 31, 2022 Net amount at risk $ 416 $ 10,554 $ 10,970 Weighted-average attained age of contract holders (in years) 75 69 69
Fair Value, Separate Account Investment	The following is a reconciliation of market risk benefits to the condensed consolidated statements of financial condition. Market risk benefit assets are included in other assets on the condensed consolidated statements of financial condition. March 31, 2023 March 31, 2022 (In millions) Asset Liability Net liability Asset Liability Net liability Traditional deferred annuities $ — $ 180 $ 180 $ — $ 215 $ 215 Indexed annuities 440 3,023 2,583 413 3,642 3,229 Total $ 440 $ 3,203 $ 2,763 $ 413 $ 3,857 $ 3,444
Summary of Valuation Techniques and Quantitative Inputs and Assumptions used for Financial Assets and Liabilities	The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3: March 31, 2023 Fair Value (In millions) Valuation Technique Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 547 Embedded value N/A N/A N/A 127 Discounted cash flow Discount rate 9.2% – 52.8% 29.0% 1 442 Adjusted transaction value N/A N/A N/A Due from related parties 33 Discounted cash flow Discount rate 14.5% 14.5% Derivative assets 15 Option model Volatility rate 70.0% 70.0% Investments of consolidated VIEs Bank loans 790 Discounted cash flow Discount rate 7.2% – 35.4% 7.5% 1 Adjusted transaction value N/A N/A N/A Equity securities 468 Dividend discount model Discount rate 12.9% 12.9% Bonds 24 Discounted cash flow Discount rate 8.2% -10.5% 10.5% 1 Retirement Services AFS, trading and equity securities 12,271 Discounted cash flow Discount rate 2% – 18.7% 6.7% 1 Mortgage loans 2 33,392 Discounted cash flow Discount rate 2.1% – 22.3% 6.3% 1 Investment funds 2 650 Discounted cash flow Discount rate 6.4% – 14.7% 8.4% 899 Discounted cash flow / Discount rate / 17.0% /8.5x 17.0% / 8.5x 515 Net tangible asset values Implied multiple 1.26x 1.26x 517 Reported net asset value Reported net asset value N/A N/A 1,034 Embedded value N/A N/A N/A Financial Liabilities Asset Management Contingent consideration obligations 78 Discounted cash flow Discount rate 20.6% – 29.0% 25.3% 1 Option model Volatility rate 31.5% – 41.5% 36.5% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 6,747 Discounted cash flow Nonperformance risk 0.3% – 1.8% 1.3% 3 Option budget 0.5% – 5.7% 2.0% 4 Surrender rate 5.2% – 11.7% 8.1% 4 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. 2 Includes those of consolidated VIEs. 3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. 4 The option budget and surrender rate weighted averages are calculated based on projected account values. December 31, 2022 Fair Value (In millions) Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Asset Management Investments $ 526 Embedded value N/A N/A N/A 128 Discounted cash flow Discount rate 8.9% – 52.8% 28.7% 1 429 Adjusted transaction value N/A N/A N/A Due from related parties 43 Discounted cash flow Discount rate 15.0% 15.0% Derivative assets 15 Option model Volatility rate 60.0% 60.0% Investments of consolidated VIEs Equity securities 458 Dividend discount model Discount rate 12.1% 12.1% Bank loans 244 Discounted cash flow Discount rate 6.4% – 32.7% 8.0% 1 Adjusted transaction value N/A N/A N/A Bonds 25 Discounted cash flow Discount rate 7.9% 7.9% Retirement Services AFS, trading and equity securities 10,671 Discounted cash flow Discount rate 2.2% – 18.8% 6.8% 1 Mortgage loans 2 30,811 Discounted cash flow Discount rate 1.5% – 22.1% 6.3% 1 Investment funds 2 506 Discounted cash flow Discount rate 6.4% 6.4% 873 Discounted cash flow / Discount rate / 16.5% / 9x 16.5% / 9x 529 Net tangible asset values Implied multiple 1.26x 1.26x 563 Reported net asset value Reported net asset value N/A N/A 959 Embedded value N/A N/A N/A Financial Liabilities Contingent consideration obligations 86 Discounted cash flow Discount rate 20.0% – 25.0% 22.7% 1 Option model Volatility rate 29.8% – 39.6% 34.7% 1 Retirement Services Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 5,841 Discounted cash flow Nonperformance risk 0.1% – 1.7% 1.0% 3 Option budget 0.5% – 5.3% 1.9% 4 Surrender rate 5.1% – 11.5% 8.1% 4 1 Unobservable inputs were weighted based on the fair value of the investments included in the range. 2 Includes those of consolidated VIEs. 3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. 4 The option budget and surrender rate weighted averages are calculated based on projected account values. The following summarizes the unobservable inputs for market risk benefits: March 31, 2023 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 2,763 Discounted cash flow Nonperformance risk 0.3 % 1.7 % 1.6 % 1 Decrease Option budget 0.5 % 5.6 % 1.7 % 2 Decrease Surrender rate 3.3 % 6.9 % 4.5 % 2 Decrease March 31, 2022 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 3,444 Discounted cash flow Nonperformance risk 0.4 % 2.0 % 1.3 % 1 Decrease Option budget 0.5 % 3.8 % 1.5 % 2 Decrease Surrender rate 3.6 % 6.6 % 4.5 % 2 Decrease 1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve. 2 The option budget and surrender rate weighted averages are calculated based on projected account values.

Profit Sharing Payable (Tables)

Profit Sharing Payable (Tables)	3 Months Ended
Profit Sharing Payable (Tables)	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Profit Sharing Payable	The below is a roll-forward of the profit-sharing payable balance: (In millions) Total Profit sharing payable, January 1, 2023 $ 1,392 Profit sharing expense 289 Payments/other (168) Profit sharing payable, March 31, 2023 $ 1,513

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Company debt consisted of the following: March 31, 2023 December 31, 2022 (In millions, except percentages) Maturity Date Outstanding Balance Fair Value Outstanding Balance Fair Value Asset Management 4.00% 2024 Senior Notes 1,2 May 30, 2024 $ 499 $ 490 4 $ 499 $ 486 4 4.40% 2026 Senior Notes 1,2 May 27, 2026 498 486 4 498 476 4 4.87% 2029 Senior Notes 1,2 February 15, 2029 675 647 4 675 639 4 2.65% 2030 Senior Notes 1,2 June 5, 2030 496 419 4 495 407 4 5.00% 2048 Senior Notes 1,2 March 15, 2048 297 272 4 297 262 4 4.95% 2050 Subordinated Notes 1,2 January 14, 2050 297 248 4 297 252 4 1.70% Secured Borrowing II April 15, 2032 18 18 4 18 17 4 1.30% 2016 AMI Term Facility I January 15, 2025 18 18 3 18 18 3 1.40% 2016 AMI Term Facility II October 18, 2024 16 16 3 17 17 3 2,814 2,614 2,814 2,574 Retirement Services 4.13% 2028 Notes 1 January 12, 2028 1,077 907 1,081 921 6.15% 2030 Notes 1 April 3, 2030 603 504 606 508 3.50% 2031 Notes 1 January 15, 2031 525 421 526 413 3.95% 2051 Notes 1 May 25, 2051 546 350 546 342 3.45% 2052 Notes 1 May 15, 2052 504 317 504 311 6.65% 2033 Notes 1 February 1, 2033 395 407 395 398 3,650 2,906 3,658 2,893 Total Debt $ 6,464 $ 5,520 $ 6,472 $ 5,467 1 Interest rate is calculated as weighted average annualized. 2 Includes amortization of note discount, as applicable, totaling $15 million and $16 million as of March 31, 2023 and December 31, 2022, respectively. Outstanding balance is presented net of unamortized debt issuance costs. 3 Fair value is based on a discounted cash flow method. These notes are classified as a Level 3 liability within the fair value hierarchy. 4 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services.
Schedule of Credit and Liquidity Facilities	The following table represents the Company’s credit and liquidity facilities as of March 31, 2023: Instrument/Facility Borrowing Date Maturity Date Administrative Agent Key terms Asset Management - 2022 AMH credit facility N/A October 12, 2027 Citibank The commitment fee on the $1.0 billion undrawn 2022 AMH credit facility as of March 31, 2023 was 0.08%. Retirement Services - AHL credit facility N/A December 3, 2024 Citibank The borrowing capacity under the AHL credit facility is $1.25 billion, with potential increases up to $1.75 billion. Retirement Services - AHL liquidity facility N/A June 30, 2023 Wells Fargo Bank The borrowing capacity under the AHL liquidity facility is $2.5 billion, with potential increases up to $3.0 billion.
Schedule of Interest Expense	The following table presents the interest expense incurred related to the Company’s debt: Three months ended March 31, (In millions) 2023 2022 Asset Management $ 31 $ 32 Retirement Services 1 30 24 Total Interest Expense $ 61 $ 56 Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable. 1 Interest expense for Retirement Services is included in policy and other operating expenses on the condensed consolidated statements of operations.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
Equity-Based Compensation (Tables)	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of RSU Activity	The following table summarizes all RSU activity for the current period: Unvested Weighted Average Grant Date Fair Value Vested Total Number of RSUs Outstanding Balance at January 1, 2023 18,263,875 $57.18 15,656,775 33,920,650 Granted 5,849,355 $66.99 — 5,849,355 Forfeited (30,076) $64.93 — (30,076) Vested (3,028,390) $48.77 3,028,390 — Issued 1 — — (5,903,313) (5,903,313) Balance at March 31, 2023 21,054,764 61.16 12,781,852 33,836,616 1 Refers to issued shares that became freely transferable in 2023.

Equity (Tables)

Equity (Tables)	3 Months Ended
Equity (Tables)	Mar. 31, 2023
Equity [Abstract]
Schedule of Share Activity	The table below outlines the share activity for the three months ended March 31, 2023 and 2022. Three months ended March 31, 2023 2022 Shares of common stock issued in settlement of vested RSUs and options exercised 1 4,930,963 4,556,421 Reduction of shares of common stock issued 2 (2,064,148) (2,062,255) Shares of common stock purchased related to share issuances and forfeitures 3 (160,239) (219,500) Issuance of shares of common stock for equity-based awards 2,706,576 2,274,666 1 The gross value of shares issued was $348 million and $301 million for the three months ended March 31, 2023 and 2022, respectively, based on the closing price of the shares of common stock at the time of issuance. 2 Cash paid for tax liabilities associated with net share settlement was $147 million and $138 million for the three months ended March 31, 2023 and 2022, respectively. 3 Certain Apollo employees receive a portion of the profit sharing proceeds of certain funds in the form of (a) restricted shares of common stock that they are required to purchase with such proceeds or (b) RSUs, in each case which equity-based awards generally vest over three years. These equity-based awards are granted under the Company's Equity Plan. To prevent dilution on account of these awards, Apollo may, in its discretion, repurchase shares of common stock on the open market and retire them. During the three months ended March 31, 2023 and 2022, Apollo issued 193,740 and 403,824 of such restricted shares and 160,239 and 219,500 of such RSUs under the Equity Plan, respectively, and repurchased 353,979 and 623,324 shares of common stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program, respectively.
Dividends and Distributions	Outlined below is information regarding quarterly dividends and distributions (in millions, except per share data). Certain subsidiaries of the Company may be subject to U.S. federal, state, local and non-U.S. income taxes at the entity level and may pay taxes and/or make payments under the tax receivable agreement. Dividend Declaration Date Dividend per Share of Common Stock Payment Date Dividend to Common Stockholders Distribution to Non-Controlling Interest Holders in the Apollo Operating Group Total Distributions Distribution Equivalents on Participating Securities February 11, 2022 $ 0.40 February 28, 2022 $ 229 $ — $ 229 $ 12 May 5, 2022 0.40 May 31, 2022 229 — 229 12 August 4, 2022 0.40 August 31, 2022 229 — 229 11 November 2, 2022 0.40 November 30, 2022 229 — 229 11 Year ended December 31, 2022 $ 1.60 $ 916 $ — $ 916 $ 46 February 9, 2023 0.40 February 28, 2023 229 — 229 12 Three months ended March 31, 2023 $ 0.40 $ 229 $ — $ 229 $ 12
Schedule of Accumulated Other Comprehensive Income (Loss)	The following provides the details and changes in AOCI: (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2022 $ (12,568) $ (334) $ 48 $ 5,256 $ 285 $ (22) $ (7,335) Other comprehensive income (loss) before reclassifications 2,187 (119) 191 (802) 89 22 1,568 Less: Reclassification adjustments for gains (losses) realized 1 (31) — 87 — — — 56 Less: Income tax expense (benefit) 312 14 15 (73) 18 4 290 Less: Other comprehensive income (loss) attributable to non-controlling interests 220 — 27 (208) 1 9 49 Balance at March 31, 2023 $ (10,882) $ (467) $ 110 $ 4,735 $ 355 $ (13) $ (6,162) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations. (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2021 $ (1) $ — $ (1) $ — $ — $ (3) $ (5) Other comprehensive income (loss) before reclassifications (6,646) (97) (127) 3,562 397 (9) $ (2,920) Less: Reclassification adjustments for gains (losses) realized 1 (38) (7) — — — — $ (45) Less: Income tax expense (benefit) (1,184) (16) (26) 529 83 (1) (615) Less: Other comprehensive income (loss) attributable to non-controlling interests (676) (9) (24) 774 5 (15) 55 Balance at March 31, 2022 $ (4,749) $ (65) $ (78) $ 2,259 $ 309 $ 4 $ (2,320) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
Earnings per Share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income per Share of Common Stock	The following presents basic and diluted net income (loss) per share of common stock computed using the two-class method: Basic and Diluted Three months ended March 31, (In millions, except share and per share amounts) 2023 2022 Numerator: Net income (loss) attributable to common stockholders $ 1,010 $ (401) Dividends declared on common stock 1 (229) (229) Dividends on participating securities 2 (12) (12) Earnings allocable to participating securities 3 (20) — Undistributed income (loss) attributable to common stockholders: Basic 749 (642) Dilution effect on distributable income attributable to contingent shares (5) — Undistributed income (loss) attributable to common stockholders: Diluted $ 744 $ (642) Denominator: Weighted average number of shares of common stock outstanding: Basic 584,115,927 586,495,913 Dilution effect of contingent shares 126,644 — Weighted average number of shares of common stock outstanding: Diluted 584,242,571 586,495,913 Net income (loss) per share of common stock: Basic 4 Distributed income $ 0.40 $ 0.40 Undistributed income (loss) 1.27 (1.10) Net income (loss) per share of common stock: Basic $ 1.67 $ (0.70) Net Income (Loss) per share of common stock: Diluted Distributed Income $ 0.40 $ 0.40 Undistributed Income (Loss) 1.26 (1.10) Net Income (Loss) per share of common stock: Diluted $ 1.66 $ (0.70) 1 See note 15 for information regarding quarterly dividends. 2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares. 3 No allocation of undistributed losses was made to the participating securities as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders. 4 For the three months ended March 31, 2022, all of the classes of securities were determined to be anti-dilutive.
Summary of Anti-dilutive Securities	The following table summarizes the anti-dilutive securities: Three months ended March 31, 2023 2022 Weighted average unvested RSUs 14,056,347 10,744,265 Weighted average unexercised options 2,311,985 2,424,407 Weighted average unexercised warrants 3,832,969 1,300,000 Weighted average unvested restricted shares 1,719,231 2,266,951

Related Parties (Tables)

Related Parties (Tables)	3 Months Ended
Related Parties (Tables)	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Due from related parties and Due to related parties consisted of the following as of March 31, 2023 and December 31, 2022: (In millions) March 31, 2023 December 31, 2022 Due from Related Parties: Due from funds 1 $ 274 $ 269 Due from portfolio companies 98 106 Due from employees and former employees 92 90 Total Due from Related Parties $ 464 $ 465 Due to Related Parties: Due to Former Managing Partners and Contributing Partners 2 $ 831 $ 874 Due to funds 149 124 Total Due to Related Parties $ 980 $ 998 1 Includes $33 million and $43 million as of March 31, 2023 and December 31, 2022, respectively, related to a receivable from a fund in connection with the Company’s sale of a platform investment to such fund. The amount is payable to the Company over five years and is held at fair value. 2 Includes $307 million and $351 million as of March 31, 2023 and December 31, 2022, respectively, related to the AOG Unit Payment, payable in equal quarterly installments through December 31, 2024. The following table summarizes Athene’s investments in Athora: (In millions) March 31, 2023 December 31, 2022 Investment fund $ 1,034 $ 959 Non-redeemable preferred equity securities 245 273 Total investment in Athora $ 1,279 $ 1,232

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Restricted Assets	Athene’s total restricted assets included on the condensed consolidated statements of financial condition are as follows: (In millions) March 31, 2023 December 31, 2022 AFS securities $ 17,054 $ 15,366 Trading securities 69 55 Equity securities 71 38 Mortgage loans 7,963 8,849 Investment funds 84 103 Derivative assets 80 65 Short-term investments 131 120 Other investments 215 170 Restricted cash and cash equivalents 1,148 628 Total restricted assets $ 26,815 $ 25,394

Segments (Tables)

Segments (Tables)	3 Months Ended
Segments (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Financial Data for Reportable Segments	The following presents financial data for the Company’s reportable segments. Three months ended March 31, (In millions) 2023 2022 Asset Management Management fees 1 $ 577 $ 505 Capital solutions fees and other, net 138 64 Fee-related performance fees 27 14 Fee-related compensation (211) (175) Other operating expenses (134) (98) Fee Related Earnings 397 310 Retirement Services Fixed income and other investment income, net 1,957 1,207 Alternative investment income, net 185 448 Strategic capital management fees 14 12 Cost of funds (1,235) (822) Other operating expenses (124) (109) Interest and other financing costs (109) (62) Spread Related Earnings 688 674 Principal Investing Realized performance fees 164 127 Realized investment income 28 226 Principal investing compensation (170) (156) Other operating expenses (14) (10) Principal Investing Income 8 187 Segment Income $ 1,093 $ 1,171 Segment Assets: March 31, 2023 December 31, 2022 Asset Management $ 2,030 $ 1,918 Retirement Services 253,451 240,483 Principal Investing 8,158 8,099 Total Assets 2 $ 263,639 $ 250,500 1 Includes intersegment management fees from Retirement Services of $216 million and $182 million for the three months ended March 31, 2023 and 2022, respectively. 2 Refer below for a reconciliation of total assets for Apollo’s total reportable segments to total consolidated assets.
Reconciliation of Revenue From Consolidated to Total	The following reconciles total consolidated revenues to total asset management fee related revenues: Three months ended March 31, (In millions) 2023 2022 Total Consolidated Revenues $ 5,301 $ 862 Retirement services GAAP revenue (4,265) 247 Equity awards granted by unconsolidated related parties, reimbursable expenses and other 1 (69) (41) Adjustments related to consolidated funds and VIEs 1 (1) 76 Performance fees (401) (571) Principal investment income (39) (172) Retirement services management fees 216 182 Total Asset Management Fee Related Revenues $ 742 $ 583 1 Represents advisory fees, management fees and performance fees earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements.
Schedule of Reconciliation of Income Before Income Tax provision from Segments to Consolidated	The following presents the reconciliation of income before income tax provision reported in the condensed consolidated statements of operations to Segment Income: Three months ended March 31, (In millions) 2023 2022 Income (loss) before income tax provision (benefit) $ 1,791 $ (1,544) Asset Management Adjustments: Equity-based profit sharing expense and other 1 67 97 Equity-based compensation 52 56 Transaction-related charges 2 (3) (1) Merger-related transaction and integration costs 3 7 18 (Gains) losses from change in tax receivable agreement liability — 14 Net (income) loss attributable to non-controlling interests in consolidated entities (523) 649 Unrealized performance fees (239) (445) Unrealized profit sharing expense 135 191 HoldCo interest and other financing costs 4 21 39 Unrealized principal investment income (loss) (10) 82 Unrealized net (gains) losses from investment activities and other 12 (18) Retirement Services Adjustments: Investment (gains) losses, net of offsets (397) 2,636 Non-operating change in insurance liabilities and related derivatives 135 (649) Integration, restructuring and other non-operating expenses 29 34 Equity-based compensation 16 12 Segment Income $ 1,093 $ 1,171 1 Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are required to be used by employees of Apollo to purchase restricted shares of common stock or is delivered in the form of RSUs, which are granted under the Equity Plan. Equity-based profit sharing expense and other also includes performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense. 2 Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges. 3 Merger-related transaction and integration costs includes advisory services, technology integration, equity-based compensation charges and other costs associated with the Mergers. 4 Represents interest and other financing costs related to AGM not attributable to any specific segment.
Schedule of Reconciliation of Assets from Segment to Consolidated	The following table presents the reconciliation of the Company’s total reportable segment assets to total assets: (In millions) March 31, 2023 December 31, 2022 Total reportable segment assets $ 263,639 $ 250,500 Adjustments 1 6,685 6,717 Total assets $ 270,324 $ 257,217 1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.

Organization (Details)

Organization (Details) $ in Millions		3 Months Ended
Organization (Details) $ in Millions	May 03, 2022 USD ($)	Mar. 31, 2023 vote investing_strategy
Entity Information [Line Items]
Number of investing strategies \| investing_strategy		3
Vote per share (in dollars per share) \| vote		1
Griffin Capital, Asset Management Business
Entity Information [Line Items]
Payments to acquire business, gross	$ 213
Contingent consideration obligations	$ 64

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) tier
Accounting Policies [Abstract]
Number of tiers \| tier	2
Deferred revenue recognized \| $	$ 124

Adoption of Accounting Pronou_3

Adoption of Accounting Pronouncement - Schedule of Future Policy Benefits and Changes to the Liability (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjusted balance				$ 41,482
Change in discount rate assumptions				2,406
Previously Reported \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjusted balance				47,114
Adjustment for removal of balances related to market risk benefits \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjustments				(5,610)
Adjustment for offsetting balance in negative VOBA \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjustments				(2,428)
Traditional deferred annuities \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjusted balance				0
Change in discount rate assumptions				0
Traditional deferred annuities \| Previously Reported \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjusted balance				221
Traditional deferred annuities \| Adjustment for removal of balances related to market risk benefits \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjustments				(221)
Traditional deferred annuities \| Adjustment for offsetting balance in negative VOBA \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjustments				0
Indexed annuities \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjusted balance				0
Change in discount rate assumptions				0
Indexed annuities \| Previously Reported \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjusted balance				5,389
Indexed annuities \| Adjustment for removal of balances related to market risk benefits \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjustments				(5,389)
Indexed annuities \| Adjustment for offsetting balance in negative VOBA \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjustments				0
Payout annuities
Liability for Future Policy Benefit, Activity [Line Items]
Adjusted balance	$ 36,752	$ 36,422	$ 33,149	35,278
Change in discount rate assumptions	$ 7,623	$ (8,425)	$ 3,562	0
Payout annuities \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjusted balance				35,278
Change in discount rate assumptions				2,406
Payout annuities \| Previously Reported \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjusted balance				32,872
Payout annuities \| Adjustment for removal of balances related to market risk benefits \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjustments				0
Payout annuities \| Adjustment for offsetting balance in negative VOBA \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjustments				0
Reconciling items \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjusted balance				6,204
Change in discount rate assumptions				0
Reconciling items \| Previously Reported \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjusted balance				8,632
Reconciling items \| Adjustment for removal of balances related to market risk benefits \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjustments				0
Reconciling items \| Adjustment for offsetting balance in negative VOBA \| Retirement Services
Liability for Future Policy Benefit, Activity [Line Items]
Adjustments				$ (2,428)

Adoption of Accounting Pronou_4

Adoption of Accounting Pronouncement - Schedule of Net Liability Position of Market Risk Benefits (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) from instrument-specific credit risk	$ 2,763	$ 2,489	$ 3,444	$ 4,447
Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) from instrument-specific credit risk				0
Adjustment for addition of existing balances
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) from instrument-specific credit risk				5,610
Adjustment to positive VOBA due to fair value adjustment for market risk benefits
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) from instrument-specific credit risk				(1,133)
Adjustment to negative VOBA due to fair value adjustment for market risk benefits
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) from instrument-specific credit risk				(30)
Traditional deferred annuities
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) from instrument-specific credit risk	180	$ 170	215	253
Traditional deferred annuities \| Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) from instrument-specific credit risk				0
Traditional deferred annuities \| Adjustment for addition of existing balances
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) from instrument-specific credit risk				221
Traditional deferred annuities \| Adjustment to positive VOBA due to fair value adjustment for market risk benefits
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) from instrument-specific credit risk				32
Traditional deferred annuities \| Adjustment to negative VOBA due to fair value adjustment for market risk benefits
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) from instrument-specific credit risk				0
Indexed annuities
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) from instrument-specific credit risk	$ 2,583		$ 3,229	4,194
Indexed annuities \| Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) from instrument-specific credit risk				0
Indexed annuities \| Adjustment for addition of existing balances
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) from instrument-specific credit risk				5,389
Indexed annuities \| Adjustment to positive VOBA due to fair value adjustment for market risk benefits
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) from instrument-specific credit risk				(1,165)
Indexed annuities \| Adjustment to negative VOBA due to fair value adjustment for market risk benefits
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) from instrument-specific credit risk				$ (30)

Adoption of Accounting Pronou_5

Adoption of Accounting Pronouncement - Market Risk Benefits by Asset and Liability Position (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Liability for Future Policy Benefit, Activity [Line Items]
Asset	$ 440		$ 413	$ 366
Liability	3,203		3,857	4,813
Net liability	2,763	$ 2,489	3,444	4,447
Traditional deferred annuities
Liability for Future Policy Benefit, Activity [Line Items]
Asset	0		0	0
Liability	180		215	253
Net liability	180	$ 170	215	253
Indexed annuities
Liability for Future Policy Benefit, Activity [Line Items]
Asset	440		413	366
Liability	3,023		3,642	4,560
Net liability	$ 2,583		$ 3,229	$ 4,194

Adoption of Accounting Pronou_6

Adoption of Accounting Pronouncement - Schedule of Change in Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Details) $ in Millions	Dec. 31, 2021 USD ($)
Liability for Future Policy Benefit, Activity [Line Items]
Deferred policy acquisition cost and deferred sale inducement cost	$ 3,372
Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Deferred policy acquisition cost and deferred sale inducement cost	4,527
Change in discount rate assumptions for future policy benefits
Liability for Future Policy Benefit, Activity [Line Items]
Deferred policy acquisition cost and deferred sale inducement cost	(22)
Fair value adjustment of market risk benefits
Liability for Future Policy Benefit, Activity [Line Items]
Deferred policy acquisition cost and deferred sale inducement cost	$ (1,133)

Merger with Athene - Narrative

Merger with Athene - Narrative (Details) - Athene Holding Limited $ in Millions		3 Months Ended		12 Months Ended
	Jan. 01, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Exchange ratio	1.149
Goodwill attributable to Athene	$ 4,073
Decrease in goodwill as a result of measurement period adjustment				$ 108
Measurement period adjustments		$ 25
Decrease in valuation of investment		$ 83
Revenues of acquiree since acquisition			$ 247
Net income (loss) of acquiree since acquisition			$ (842)

Merger with Athene - Purchase P

Merger with Athene - Purchase Price (Details) $ / shares in Units, $ in Millions	Jan. 01, 2022 USD ($) $ / shares shares	Mar. 31, 2023 shares	Dec. 31, 2022 shares
Business Acquisition [Line Items]
AHL common shares purchased (in shares) \| shares		567,394,604	570,276,188
Athene
Business Acquisition [Line Items]
Cash dividends declared	$ 750
Athene Holding Limited
Business Acquisition [Line Items]
AHL common shares purchased (in shares) \| shares	138,000,000
Exchange ratio	1.149
Shares of common stock issued in exchange (in shares) \| shares	158,000,000
AGM Class A shares closing price (in dollars per share) \| $ / shares	$ 72.43
Total merger consideration at closing	$ 11,455
Fair value of estimated RSUs, options and warrants assumed and other equity consideration	699
Effective settlement of pre-existing relationships	896
Total merger consideration	13,050
Fair value of AHL common shares previously held and other adjustments	4,554
Total AHL equity value held by AGM	17,604
Non-controlling interest	4,942
Total AHL equity value	$ 22,546
Fair value of AHL common shares previously held (in shares) \| shares	55,000,000
Fair value of awards	$ 600
Pre-combination equity compensation expense	99
Post-combination equity compensation expense	53
Fees payable from Athene to AGM	$ 146
Ownership percentage	100%

Merger with Athene - Recognized

Merger with Athene - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Athene Holding Limited $ in Millions	Jan. 01, 2022 USD ($)
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination [Abstract]
Merger consideration	$ 13,050
Fair value of previously held equity interest	4,554
Total AHL equity value held by AGM	17,604
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Investments	176,015
Cash and cash equivalents	9,479
Restricted cash and cash equivalents	796
Investment in related parties	33,863
Reinsurance recoverable	4,977
VOBA	3,372
Assets of consolidated variable interest entities	3,635
Other assets	6,115
Estimated fair value of total assets acquired (excluding goodwill)	238,252
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Interest sensitive contract liabilities	160,241
Future policy benefits	41,482
Market risk benefits	4,813
Debt	3,295
Payables for collateral on derivatives and securities to repurchase	7,044
Liabilities of consolidated variable interest entities	461
Other liabilities	2,443
Estimated fair value of total liabilities assumed	219,779
Non-controlling interest	4,942
Estimated fair value of net assets acquired, excluding goodwill	13,531
Goodwill attributable to Athene	$ 4,073

Merger with Athene - Indefinite

Merger with Athene - Indefinite-Lived Intangible Assets Acquired as Part of Business Combination (Details) $ in Millions	Jan. 01, 2022 USD ($)
Acquired Indefinite-lived Intangible Assets [Line Items]
Total	$ 5,428
State Insurance Licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Fair value	26
VOBA Asset
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value (in millions)	$ 3,372
Average useful life (in years)	7 years
Distribution Channels
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value (in millions)	$ 1,870
Average useful life (in years)	18 years
Trade Name
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value (in millions)	$ 160
Average useful life (in years)	20 years

Investments - Company's Investm

Investments - Company's Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
AFS securities, at fair value	$ 118,579	$ 112,225
Derivative assets	(1,601)	(2,963)
Total Investments, including related parties – Retirement Services	$ 208,826	202,030
Derivative asset, statement of financial position [Extensible Enumeration]	Other assets
Asset Management
Schedule of Equity Method Investments [Line Items]
Investments, at fair value	$ 1,352	1,320
Equity method investments	1,019	979
Performance allocations	2,806	2,574
U.S. Treasury securities, at fair value	419	709
Total Investments – Asset Management	5,596	5,582
Retirement Services
Schedule of Equity Method Investments [Line Items]
Total Investments – Asset Management	176,466	172,488
AFS securities, at fair value	118,579	112,225
Trading securities, at fair value	2,537	2,473
Equity securities	1,619	1,766
Mortgage loans, at fair value	31,273	28,756
Investment funds	1,672	1,648
Policy loans	339	347
Funds withheld at interest	40,546	42,688
Derivative assets	3,956	3,309
Short-term investments	1,670	2,160
Other investments	1,039	1,076
Total Investments, including related parties – Retirement Services	$ 203,230	$ 196,448

Investments - Schedule of Net G

Investments - Schedule of Net Gains (Losses) from Investment Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Gain (Loss) on Securities [Line Items]
Realized gains (losses) on sales of investments, net	$ 1,065	$ (4,230)
Asset Management
Gain (Loss) on Securities [Line Items]
Realized gains (losses) on sales of investments, net	5	(2)
Net change in unrealized gains (losses) due to changes in fair value	(7)	36
Net gains (losses) from investment activities of consolidated variable interest entities	$ (2)	$ 34

Investments - Performance Alloc

Investments - Performance Allocations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Performance Allocation [Roll Forward]
Performance allocations, beginning balance	$ 2,574
Change in fair value of funds	427
Fund distributions to the Company	(195)
Performance allocations, ending balance	$ 2,806

Investments - Schedule of Unrea

Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 135,597	$ 131,422
Allowance for Credit Losses	(503)	(459)	$ (488)	$ (311)
Gross Unrealized Gains	569	309
Gross Unrealized Losses	(17,084)	(19,047)
Fair Value	118,579	112,225
Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	123,201	120,982
Allowance for Credit Losses	(502)	(458)	(468)	(311)
Gross Unrealized Gains	542	295
Gross Unrealized Losses	(16,528)	(18,415)
Fair Value	106,713	102,404
Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,396	10,440
Allowance for Credit Losses	(1)	(1)	(20)	0
Gross Unrealized Gains	27	14
Gross Unrealized Losses	(556)	(632)
Fair Value	11,866	9,821
U.S. government and agencies \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,327	3,333
Allowance for Credit Losses	0	0
Gross Unrealized Gains	6	0
Gross Unrealized Losses	(630)	(756)
Fair Value	2,703	2,577
U.S. state, municipal and political subdivisions \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,215	1,218
Allowance for Credit Losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(249)	(291)
Fair Value	966	927
Foreign governments \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,205	1,207
Allowance for Credit Losses	(27)	(27)	(66)	0
Gross Unrealized Gains	5	3
Gross Unrealized Losses	(261)	(276)
Fair Value	922	907
Corporate \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	75,348	74,644
Allowance for Credit Losses	(79)	(61)	(55)	0
Gross Unrealized Gains	167	92
Gross Unrealized Losses	(12,295)	(13,774)
Fair Value	63,141	60,901
Corporate \| Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,180	1,028
Allowance for Credit Losses	0	0
Gross Unrealized Gains	1	1
Gross Unrealized Losses	(54)	(47)
Fair Value	1,127	982
CLO \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,643	17,722
Allowance for Credit Losses	(4)	(7)	(18)	0
Gross Unrealized Gains	134	115
Gross Unrealized Losses	(1,207)	(1,337)
Fair Value	17,566	16,493
CLO \| Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,736	3,346
Allowance for Credit Losses	(1)	(1)	(3)	0
Gross Unrealized Gains	14	10
Gross Unrealized Losses	(236)	(276)
Fair Value	3,513	3,079
ABS \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,696	11,447
Allowance for Credit Losses	(31)	(29)	(11)	(5)
Gross Unrealized Gains	31	15
Gross Unrealized Losses	(823)	(906)
Fair Value	10,873	10,527
ABS \| Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,480	6,066
Allowance for Credit Losses	0	0	(17)	0
Gross Unrealized Gains	12	3
Gross Unrealized Losses	(266)	(309)
Fair Value	7,226	5,760
CMBS \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,717	4,636
Allowance for Credit Losses	(5)	(5)	(6)	0
Gross Unrealized Gains	2	6
Gross Unrealized Losses	(524)	(479)
Fair Value	4,190	4,158
RMBS \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,050	6,775
Allowance for Credit Losses	(356)	(329)	$ (312)	$ (306)
Gross Unrealized Gains	197	64
Gross Unrealized Losses	(539)	(596)
Fair Value	$ 6,352	$ 5,914

Investments - Contractual Matur

Investments - Contractual Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost
Total AFS securities	$ 135,597	$ 131,422
Fair Value
Total AFS securities	118,579	112,225
Nonrelated Party
Amortized Cost
Due in one year or less	1,410
Due after one year through five years	13,421
Due after five years through ten years	20,917
Due after ten years	45,347
CLO, ABS, CMBS and RMBS	42,106
Total AFS securities	123,201	120,982
Fair Value
Due in one year or less	1,377
Due after one year through five years	12,501
Due after five years through ten years	18,072
Due after ten years	35,782
CLO, ABS, CMBS and RMBS	38,981
Total AFS securities	106,713	102,404
Related Party
Amortized Cost
Due after one year through five years	735
Due after five years through ten years	286
Due after ten years	159
CLO, ABS, CMBS and RMBS	11,216
Total AFS securities	12,396	10,440
Fair Value
Due after one year through five years	731
Due after five years through ten years	258
Due after ten years	138
CLO, ABS, CMBS and RMBS	10,739
Total AFS securities	$ 11,866	$ 9,821

Investments - Unrealized Losses

Investments - Unrealized Losses on AFS Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 23,935	$ 98,331
Less than 12 months, gross unrealized losses	(1,335)	(18,593)
12 months or longer, fair value	75,867	0
12 months or longer, gross unrealized losses	(15,178)	0
Total fair value	99,802	98,331
Total gross unrealized losses	(16,513)	(18,593)
Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	19,426	89,473
Less than 12 months, gross unrealized losses	(1,194)	(17,965)
12 months or longer, fair value	70,866	0
12 months or longer, gross unrealized losses	(14,764)	0
Total fair value	90,292	89,473
Total gross unrealized losses	(15,958)	(17,965)
Related Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	4,509	8,858
Less than 12 months, gross unrealized losses	(141)	(628)
12 months or longer, fair value	5,001	0
12 months or longer, gross unrealized losses	(414)	0
Total fair value	9,510	8,858
Total gross unrealized losses	(555)	(628)
U.S. government and agencies \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	68	2,539
Less than 12 months, gross unrealized losses	(4)	(756)
12 months or longer, fair value	2,431	0
12 months or longer, gross unrealized losses	(626)	0
Total fair value	2,499	2,539
Total gross unrealized losses	(630)	(756)
U.S. state, municipal and political subdivisions \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	22	911
Less than 12 months, gross unrealized losses	(2)	(291)
12 months or longer, fair value	936	0
12 months or longer, gross unrealized losses	(247)	0
Total fair value	958	911
Total gross unrealized losses	(249)	(291)
Foreign governments \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	98	891
Less than 12 months, gross unrealized losses	(8)	(275)
12 months or longer, fair value	795	0
12 months or longer, gross unrealized losses	(252)	0
Total fair value	893	891
Total gross unrealized losses	(260)	(275)
Corporate \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	10,062	58,256
Less than 12 months, gross unrealized losses	(812)	(13,773)
12 months or longer, fair value	47,858	0
12 months or longer, gross unrealized losses	(11,472)	0
Total fair value	57,920	58,256
Total gross unrealized losses	(12,284)	(13,773)
Corporate \| Related Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	875	619
Less than 12 months, gross unrealized losses	(24)	(47)
12 months or longer, fair value	141	0
12 months or longer, gross unrealized losses	(30)	0
Total fair value	1,016	619
Total gross unrealized losses	(54)	(47)
CLO \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	3,038	13,486
Less than 12 months, gross unrealized losses	(92)	(1,277)
12 months or longer, fair value	11,579	0
12 months or longer, gross unrealized losses	(1,063)	0
Total fair value	14,617	13,486
Total gross unrealized losses	(1,155)	(1,277)
CLO \| Related Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	1,009	2,752
Less than 12 months, gross unrealized losses	(35)	(273)
12 months or longer, fair value	2,124	0
12 months or longer, gross unrealized losses	(200)	0
Total fair value	3,133	2,752
Total gross unrealized losses	(235)	(273)
ABS \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	3,623	8,119
Less than 12 months, gross unrealized losses	(197)	(801)
12 months or longer, fair value	3,938	0
12 months or longer, gross unrealized losses	(492)	0
Total fair value	7,561	8,119
Total gross unrealized losses	(689)	(801)
ABS \| Related Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	2,625	5,487
Less than 12 months, gross unrealized losses	(82)	(308)
12 months or longer, fair value	2,736	0
12 months or longer, gross unrealized losses	(184)	0
Total fair value	5,361	5,487
Total gross unrealized losses	(266)	(308)
CMBS \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	1,776	2,650
Less than 12 months, gross unrealized losses	(35)	(427)
12 months or longer, fair value	1,483	0
12 months or longer, gross unrealized losses	(354)	0
Total fair value	3,259	2,650
Total gross unrealized losses	(389)	(427)
RMBS \| Nonrelated Party
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	739	2,621
Less than 12 months, gross unrealized losses	(44)	(365)
12 months or longer, fair value	1,846	0
12 months or longer, gross unrealized losses	(258)	0
Total fair value	2,585	2,621
Total gross unrealized losses	$ (302)	$ (365)

Investments - Unrealized Loss P

Investments - Unrealized Loss Positions (Details)	Mar. 31, 2023 position
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Loss Position	8,873
Unrealized Loss Position 12 Months or More	7,387
Related Party
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Loss Position	194
Unrealized Loss Position 12 Months or More	103

Investments - Summarizes the Ac

Investments - Summarizes the Activity in the Allowance For Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 459	$ 311
Initial credit losses	26	179
Initial credit losses on PCD securities	28	0
Securities sold during the period	(10)	(8)
Additions (reductions) to previously impaired securities	0	6
Balance at end of period	503	488
Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	458	311
Initial credit losses	26	159
Initial credit losses on PCD securities	28	0
Securities sold during the period	(10)	(8)
Additions (reductions) to previously impaired securities	0	6
Balance at end of period	502	468
Related Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	1	0
Initial credit losses		20
Initial credit losses on PCD securities		0
Securities sold during the period		0
Additions (reductions) to previously impaired securities		0
Balance at end of period	1	20
Foreign governments \| Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	27	0
Initial credit losses	0	66
Initial credit losses on PCD securities	0	0
Securities sold during the period	0	0
Additions (reductions) to previously impaired securities	0	0
Balance at end of period	27	66
Corporate \| Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	61	0
Initial credit losses	21	55
Initial credit losses on PCD securities	0	0
Securities sold during the period	(6)	0
Additions (reductions) to previously impaired securities	3	0
Balance at end of period	79	55
Corporate \| Related Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0
Balance at end of period	0
CLO \| Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	7	0
Initial credit losses	1	18
Initial credit losses on PCD securities	0	0
Securities sold during the period	0	0
Additions (reductions) to previously impaired securities	(4)	0
Balance at end of period	4	18
CLO \| Related Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	1	0
Initial credit losses	0	3
Initial credit losses on PCD securities	0	0
Securities sold during the period	0	0
Additions (reductions) to previously impaired securities	0	0
Balance at end of period	1	3
ABS \| Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	29	5
Initial credit losses	0	5
Initial credit losses on PCD securities	0	0
Securities sold during the period	0	0
Additions (reductions) to previously impaired securities	2	1
Balance at end of period	31	11
ABS \| Related Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0	0
Initial credit losses		17
Initial credit losses on PCD securities		0
Securities sold during the period		0
Additions (reductions) to previously impaired securities		0
Balance at end of period	0	17
CMBS \| Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	5	0
Initial credit losses	1	6
Initial credit losses on PCD securities	0	0
Securities sold during the period	0	0
Additions (reductions) to previously impaired securities	(1)	0
Balance at end of period	5	6
RMBS \| Nonrelated Party
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	329	306
Initial credit losses	3	9
Initial credit losses on PCD securities	28	0
Securities sold during the period	(4)	(8)
Additions (reductions) to previously impaired securities	0	5
Balance at end of period	$ 356	$ 312

Investments - Net Investment In

Investments - Net Investment Income (Details) - Retirement Services - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Investment Income [Line Items]
Investment revenue	$ 2,624	$ 1,741
Investment expenses	(12)	(10)
Net investment income	2,612	1,731
AFS securities
Net Investment Income [Line Items]
Investment revenue	1,469	855
Trading securities
Net Investment Income [Line Items]
Investment revenue	42	44
Equity securities
Net Investment Income [Line Items]
Investment revenue	15	15
Mortgage loans
Net Investment Income [Line Items]
Investment revenue	447	237
Investment funds
Net Investment Income [Line Items]
Investment revenue	34	211
Funds withheld at interest
Net Investment Income [Line Items]
Investment revenue	429	337
Other
Net Investment Income [Line Items]
Investment revenue	$ 188	$ 42

Investments - Gain (Loss) on Se

Investments - Gain (Loss) on Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, All Other Investments [Abstract]
Gross realized gains on investment activity	$ 183	$ 103
Gross realized losses on investment activity	(104)	(410)
Net realized investment losses on AFS securities	79	(307)
Net recognized investment losses on trading securities	64	(221)
Net recognized investment losses on equity securities	(18)	20
Net recognized investment losses on mortgage loans	277	(796)
Derivative losses	993	(3,041)
Provision for credit losses	(66)	(192)
Other gains	(264)	307
Investment related gains (losses)	$ 1,065	$ (4,230)
Derivative, gain (loss), statement of income or comprehensive income [Extensible Enumeration]	Gain (Loss) on Investments

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Investments - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Proceeds from sales of AFS securities	$ 1,140	$ 298
Securities sold under agreements to repurchase	1,088		$ 1,640
Securities received as collateral	$ 1,475		$ 1,753

Investments - Change in Unreali

Investments - Change in Unrealized Gains (Losses) On Trading and Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Trading securities	$ 66	$ (189)
Equity securities	(23)	17
Related Party
Debt and Equity Securities, FV-NI [Line Items]
Trading securities	6	(4)
Equity securities	$ 3	$ (5)

Investments - Maturities of Rep

Investments - Maturities of Repurchase Agreements: (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Payables for repurchase agreements	$ 7,781	$ 4,743
Less than 30 days
Assets Sold under Agreements to Repurchase [Line Items]
Payables for repurchase agreements	1,642	608
30-90 days
Assets Sold under Agreements to Repurchase [Line Items]
Payables for repurchase agreements	2,774	1,268
91 days to 364 days
Assets Sold under Agreements to Repurchase [Line Items]
Payables for repurchase agreements	500	0
1 year and greater
Assets Sold under Agreements to Repurchase [Line Items]
Payables for repurchase agreements	$ 2,865	$ 2,867

Investments - Schedule of Secur

Investments - Schedule of Securities Pledged As Collateral For Repurchase Agreements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Total AFS securities	$ 135,597	$ 131,422
AFS securities	118,579	112,225
Securities Sold under Agreements to Repurchase \| Asset Pledged as Collateral
Debt Securities, Available-for-sale [Line Items]
Total AFS securities	9,788	6,161
AFS securities	8,152	4,996
Securities Sold under Agreements to Repurchase \| Asset Pledged as Collateral \| U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
Total AFS securities	2,825	2,559
AFS securities	2,261	1,941
Securities Sold under Agreements to Repurchase \| Asset Pledged as Collateral \| Foreign governments
Debt Securities, Available-for-sale [Line Items]
Total AFS securities	146	146
AFS securities	108	107
Securities Sold under Agreements to Repurchase \| Asset Pledged as Collateral \| Corporate
Debt Securities, Available-for-sale [Line Items]
Total AFS securities	5,324	1,940
AFS securities	4,425	1,605
Securities Sold under Agreements to Repurchase \| Asset Pledged as Collateral \| CLO
Debt Securities, Available-for-sale [Line Items]
Total AFS securities	275	273
AFS securities	265	261
Securities Sold under Agreements to Repurchase \| Asset Pledged as Collateral \| ABS
Debt Securities, Available-for-sale [Line Items]
Total AFS securities	1,218	1,243
AFS securities	$ 1,093	$ 1,082

Investments - Schedule of Parti

Investments - Schedule of Participating Mortgage Loans (Details) - Mortgage loans - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	$ 35,974	$ 33,653
Mark to fair value	(2,582)	(2,842)
Fair value	33,392	30,811
Mortgage loans	33,392	30,811
Commercial mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	22,763	21,851
Mark to fair value	(1,740)	(1,743)
Fair value	21,023	20,108
Residential mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	13,211	11,802
Mark to fair value	(842)	(1,099)
Fair value	12,369	10,703
Real Estate Loan \| Commercial mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	21,743	21,061
Under-development \| Commercial mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	$ 1,020	$ 790

Investments - Commercial and Re

Investments - Commercial and Residential Mortgage Loans, Percentage by Geographical Location (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 21,023	$ 20,108
Percentage of Total	100%	100%
Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	100%	100%
East North Central \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 1,438	$ 1,437
Percentage of Total	6.80%	7.10%
East South Central \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 422	$ 413
Percentage of Total	2%	2.10%
Middle Atlantic \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 5,561	$ 5,183
Percentage of Total	26.50%	25.80%
Mountain \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 923	$ 898
Percentage of Total	4.40%	4.50%
New England \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 1,071	$ 1,076
Percentage of Total	5.10%	5.40%
Pacific \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 4,033	$ 3,781
Percentage of Total	19.20%	18.80%
South Atlantic \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 2,876	$ 2,756
Percentage of Total	13.60%	13.70%
West North Central \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 225	$ 231
Percentage of Total	1.10%	1.10%
West South Central \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 1,066	$ 1,085
Percentage of Total	5.10%	5.40%
Total U.S. residential mortgage loan percentage \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 17,615	$ 16,860
Percentage of Total	83.80%	83.90%
Total U.S. residential mortgage loan percentage \| Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	87.60%	86.30%
United Kingdom \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 1,970	$ 1,898
Percentage of Total	9.40%	9.40%
United Kingdom \| Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	5%	5.40%
Other international \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 1,438	$ 1,350
Percentage of Total	6.80%	6.70%
Other international \| Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	7.40%	8.30%
Total International Region \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 3,408	$ 3,248
Percentage of Total	16.20%	16.10%
Total International Region \| Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	12.40%	13.70%
California \| Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	28.50%	28.90%
Florida \| Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	10.10%	9.70%
New York \| Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	5.80%	5.60%
New Jersey \| Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	5.40%	5.30%
Arizona \| Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	5%	5.10%
Other \| Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of Total	32.80%	31.70%
Office building \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 4,535	$ 4,651
Percentage of Total	21.60%	23.10%
Retail \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 1,450	$ 1,454
Percentage of Total	6.90%	7.20%
Apartment \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 7,506	$ 6,692
Percentage of Total	35.70%	33.30%
Hotels \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 1,873	$ 1,855
Percentage of Total	8.90%	9.20%
Industrial \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 2,242	$ 2,047
Percentage of Total	10.70%	10.20%
Other commercial \| Commercial Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Carrying Value	$ 3,417	$ 3,409
Percentage of Total	16.20%	17%

Investments - Summarizes Athene

Investments - Summarizes Athene’s Investment Funds (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Net Investment Income [Line Items]
Total investment funds, including related parties and consolidated VIEs	$ 14,447	$ 14,128
Nonrelated Party
Net Investment Income [Line Items]
Investment funds	$ 77	$ 79
Percent of total	100%	100%
Nonrelated Party \| VIE, Primary Beneficiary
Net Investment Income [Line Items]
Investment funds	$ 12,775	$ 12,480
Percent of total	100%	100%
Related Party
Net Investment Income [Line Items]
Investment funds	$ 1,595	$ 1,569
Percent of total	100%	100%
Strategic origination platforms \| Nonrelated Party \| VIE, Primary Beneficiary
Net Investment Income [Line Items]
Investment funds	$ 4,991	$ 4,829
Percent of total	39.10%	38.70%
Strategic origination platforms \| Related Party
Net Investment Income [Line Items]
Investment funds	$ 35	$ 34
Percent of total	2.20%	2.20%
Strategic insurance platforms \| Nonrelated Party \| VIE, Primary Beneficiary
Net Investment Income [Line Items]
Investment funds	$ 515	$ 529
Percent of total	4%	4.20%
Strategic insurance platforms \| Related Party
Net Investment Income [Line Items]
Investment funds	$ 1,305	$ 1,259
Percent of total	81.80%	80.20%
Equity funds \| Nonrelated Party
Net Investment Income [Line Items]
Investment funds	$ 43	$ 46
Percent of total	55.80%	58.20%
Equity funds \| Nonrelated Party \| VIE, Primary Beneficiary
Net Investment Income [Line Items]
Investment funds	$ 2,710	$ 2,640
Percent of total	21.20%	21.20%
Equity funds \| Related Party
Net Investment Income [Line Items]
Investment funds	$ 228	$ 246
Percent of total	14.30%	15.70%
Hybrid funds \| Nonrelated Party
Net Investment Income [Line Items]
Investment funds	$ 28	$ 32
Percent of total	36.40%	40.50%
Hybrid funds \| Nonrelated Party \| VIE, Primary Beneficiary
Net Investment Income [Line Items]
Investment funds	$ 3,180	$ 3,112
Percent of total	24.90%	24.90%
Yield funds \| Nonrelated Party \| VIE, Primary Beneficiary
Net Investment Income [Line Items]
Investment funds	$ 1,091	$ 1,044
Percent of total	8.50%	8.40%
Yield funds \| Related Party
Net Investment Income [Line Items]
Investment funds	$ 5	$ 5
Percent of total	0.30%	0.30%
Other \| Nonrelated Party
Net Investment Income [Line Items]
Investment funds	$ 6	$ 1
Percent of total	7.80%	1.30%
Other \| Nonrelated Party \| VIE, Primary Beneficiary
Net Investment Income [Line Items]
Investment funds	$ 288	$ 326
Percent of total	2.30%	2.60%
Other \| Related Party
Net Investment Income [Line Items]
Investment funds	$ 22	$ 25
Percent of total	1.40%	1.60%

Investments - Concentration Ris

Investments - Concentration Risk (Details) - Shareholders' equity - Investment Concentration Risk - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Wheels Donlen
Concentration Risk [Line Items]
Investment concentration risk, amount	$ 1,419	$ 1,288
PK AirFinance
Concentration Risk [Line Items]
Investment concentration risk, amount	1,334	999
Athora
Concentration Risk [Line Items]
Investment concentration risk, amount	1,279	1,232
Atlas
Concentration Risk [Line Items]
Investment concentration risk, amount	995
AP Tundra
Concentration Risk [Line Items]
Investment concentration risk, amount	873	896
MFI Investments
Concentration Risk [Line Items]
Investment concentration risk, amount	$ 869	878
SoftBank Vision Fund II
Concentration Risk [Line Items]
Investment concentration risk, amount		789
MidCap
Concentration Risk [Line Items]
Investment concentration risk, amount		788
Cayman Universe
Concentration Risk [Line Items]
Investment concentration risk, amount		756
Concord Music CL A2
Concentration Risk [Line Items]
Investment concentration risk, amount		684
Redding Ridge
Concentration Risk [Line Items]
Investment concentration risk, amount		683
AOP Finance
Concentration Risk [Line Items]
Investment concentration risk, amount		$ 671

Derivatives - Notional Amount A

Derivatives - Notional Amount And Fair value of Derivative Instruments (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Assets	$ (1,601,000,000)	$ (2,963,000,000)
Derivative liabilities	$ 8,198,000,000	7,410,000,000
Derivative liability, statement of financial position [Extensible Enumeration]	Other liabilities
Derivatives designated as hedges
Derivatives, Fair Value [Line Items]
Assets	$ 1,115,000,000	1,164,000,000
Derivative liabilities	1,016,000,000	1,159,000,000
Derivatives designated as hedges \| Swaps
Derivatives, Fair Value [Line Items]
Notional Amount	6,678,000,000	6,677,000,000
Assets	713,000,000	747,000,000
Derivative liabilities	149,000,000	154,000,000
Derivatives designated as hedges \| Forwards
Derivatives, Fair Value [Line Items]
Notional Amount	6,380,000,000	6,283,000,000
Assets	392,000,000	406,000,000
Derivative liabilities	57,000,000	52,000,000
Derivatives designated as hedges \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	4,468,000,000	4,468,000,000
Assets	0	0
Derivative liabilities	725,000,000	803,000,000
Derivatives designated as hedges \| Forwards on net investments
Derivatives, Fair Value [Line Items]
Notional Amount	217,000,000	216,000,000
Assets	0	2,000,000
Derivative liabilities	2,000,000	0
Derivatives designated as hedges \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	10,082,000,000	9,332,000,000
Assets	10,000,000	9,000,000
Derivative liabilities	83,000,000	150,000,000
Derivatives not designated as hedges
Derivatives, Fair Value [Line Items]
Assets	(2,716,000,000)	(4,127,000,000)
Derivative liabilities	7,182,000,000	6,251,000,000
Derivatives not designated as hedges \| Swaps
Derivatives, Fair Value [Line Items]
Notional Amount	3,863,000,000	3,563,000,000
Assets	266,000,000	251,000,000
Derivative liabilities	118,000,000	112,000,000
Derivatives not designated as hedges \| Forwards
Derivatives, Fair Value [Line Items]
Notional Amount	18,250,000,000	16,376,000,000
Assets	341,000,000	413,000,000
Derivative liabilities	272,000,000	257,000,000
Derivatives not designated as hedges \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	523,000,000	488,000,000
Assets	89,000,000	74,000,000
Derivative liabilities	1,000,000	0
Derivatives not designated as hedges \| Equity options
Derivatives, Fair Value [Line Items]
Notional Amount	67,730,000,000	65,089,000,000
Assets	2,085,000,000	1,374,000,000
Derivative liabilities	106,000,000	114,000,000
Derivatives not designated as hedges \| Futures
Derivatives, Fair Value [Line Items]
Notional Amount	21,000,000	18,000,000
Assets	56,000,000	33,000,000
Derivative liabilities	4,000,000	0
Derivatives not designated as hedges \| Other swaps
Derivatives, Fair Value [Line Items]
Notional Amount	137,000,000	89,000,000
Assets	4,000,000	0
Derivative liabilities	1,000,000	4,000,000
Derivatives not designated as hedges \| Funds withheld, including related parties
Derivatives, Fair Value [Line Items]
Funds withheld at interest – embedded derivative	(5,557,000,000)	(6,272,000,000)
Embedded derivative	(67,000,000)	(77,000,000)
Derivatives not designated as hedges \| Interest sensitive contract liabilities
Derivatives, Fair Value [Line Items]
Funds withheld at interest – embedded derivative	0	0
Embedded derivative	$ 6,747,000,000	$ 5,841,000,000

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
Derivatives - Narrative (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedge, losses after reclassification, before tax, parent	$ 73,000,000	$ 0
Amount expected to reclassified into income within the next 12 months	0
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, loss	4,000,000
Derivative gains		$ 2,000,000
Accumulated other comprehensive income	$ 26,000,000		$ 30,000,000

Derivatives - Hedged Items In F

Derivatives - Hedged Items In Fair Value Hedging Relationship (Details) - Fair Value Hedging - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Swaps \| Interest sensitive contract liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of the hedged liabilities	$ 1,081	$ 1,081
Cumulative amount of fair value hedging gains (losses)	(9)	88
Foreign currency interest rate swaps \| Interest sensitive contract liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of the hedged liabilities	4,348	4,348
Cumulative amount of fair value hedging gains (losses)	315	632
Interest rate swaps \| Interest sensitive contract liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of the hedged liabilities	7,087	6,577
Cumulative amount of fair value hedging gains (losses)	203	323
AFS securities \| Forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of the hedged assets	5,480	5,259
Cumulative amount of fair value hedging gains (losses)	(431)	(217)
AFS securities \| Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of the hedged assets	4,962	4,797
Cumulative amount of fair value hedging gains (losses)	$ (304)	$ (398)

Derivatives - Gain (Loss) Relat

Derivatives - Gain (Loss) Related to Hedged Items In Fair Value Hedging Relationship (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Foreign currency forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives	$ (70)	$ 127
Hedged Items	73	(126)
Net	3	1
Foreign currency forwards \| Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized in income through amortization approach	87	14
Recognized in income through changes in fair value	4	1
Gains (losses) excluded from the assessment of hedge effectiveness recognized in OCI	63	(73)
Foreign currency swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives	(59)	91
Hedged Items	64	(95)
Net	5	(4)
Foreign currency swaps \| Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized in income through amortization approach	0	0
Recognized in income through changes in fair value	0	0
Gains (losses) excluded from the assessment of hedge effectiveness recognized in OCI	114	(56)
Foreign currency interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives	78	(159)
Hedged Items	(70)	197
Net	8	38
Foreign currency interest rate swaps \| Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives	15	10
Hedged Items	(15)	(9)
Net	0	1
Foreign currency interest rate swaps \| Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized in income through amortization approach	0	0
Recognized in income through changes in fair value	0	0
Foreign currency interest rate swaps \| Fair Value Hedging \| Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized in income through amortization approach	0	0
Recognized in income through changes in fair value	0	0
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives	102	(72)
Hedged Items	(104)	75
Net	(2)	3
Interest rate swaps \| Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized in income through amortization approach	0	0
Recognized in income through changes in fair value	$ 0	$ 0

Derivatives - Derivatives Not D

Derivatives - Derivatives Not Designated as Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	$ 378	$ (2,009)
Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	851	(3,043)
Equity options \| Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	350	(708)
Futures \| Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	34	(33)
Swaps \| Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	33	63
Foreign currency forwards \| Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	(169)	155
Embedded derivatives on funds withheld \| Investment related gains (losses)
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	603	(2,520)
Embedded derivatives in indexed annuity products \| Interest Sensitive Contract Benefits
Derivatives, Fair Value [Line Items]
Total gains (losses) on derivatives not designated as hedges	$ (473)	$ 1,034

Derivatives - Offsetting Deriva

Derivatives - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative assets
Gross amounts of recognized	$ 3,956	$ 3,309
Financial instruments	(1,456)	(1,477)
Collateral (received)/pledged	(2,411)	(1,952)
Net amount	89	(120)
Off-balance sheet securities collateral	0	0
Net amount after securities collateral	89	(120)
Derivative liabilities
Gross amounts of recognized	(1,518)	(1,646)
Financial instruments	1,456	1,477
Collateral (received)/pledged	506	478
Net amount	444	309
Off-balance sheet securities collateral	0	0
Net amount after securities collateral	$ 444	$ 309

Variable Interest Entities - Ga

Variable Interest Entities - Gain on Investments of Variable Interest Entities - Asset Management (Details) - VIE, Primary Beneficiary - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Variable Interest Entity [Line Items]
Net gains (losses) from investment activities	$ 30	$ 137
Net gains (losses) from debt	0	31
Interest and other income	33	208
Interest and other expenses	(29)	(9)
Net gains (losses) from investment activities of consolidated variable interest entities	$ 34	$ 367

Variable Interest Entities - Se

Variable Interest Entities - Senior Secured Notes, Subordinated Notes, Subscription Lines and Secured Borrowings (Details) - VIE, Primary Beneficiary - Subscription lines - Asset Management - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Outstanding	$ 1,287	$ 686
Weighted Average Interest Rate	6.65%	6.22%
Weighted Average Remaining Maturity in Years	1 month 2 days	29 days

Variable Interest Entities - Re

Variable Interest Entities - Repurchase Agreements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Agreements to repurchase, gross carrying value	$ 7,781	$ 4,743
VIE, Primary Beneficiary
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Agreements to repurchase, gross carrying value	0	1,254
Loans backed by residential real estate \| Residential Real Estate \| VIE, Primary Beneficiary
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Agreements to repurchase, gross carrying value	0	770
Loans backed by commercial real estate \| Commercial Real Estate \| VIE, Primary Beneficiary
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Agreements to repurchase, gross carrying value	0	484
91 days to 364 days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Agreements to repurchase, gross carrying value	500	0
91 days to 364 days \| VIE, Primary Beneficiary
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Agreements to repurchase, gross carrying value	$ 0	$ 1,254

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fair value of collateral received	$ 510	$ 1,522
Fair value of collateral rehypothecated	$ 0	$ 1,522

Variable Interest Entities - Su

Variable Interest Entities - Summarizes the Statement of Operations Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Investment Income [Line Items]
Net recognized investment gains (losses) on trading securities	$ 66	$ (189)
Net recognized investment losses on mortgage loans	277	(796)
Other gains (losses)	(264)	307
Investment related gains (losses)	1,065	(4,230)
Total Revenues	5,301	862
Retirement Services
Net Investment Income [Line Items]
Net investment income	2,612	1,731
Total Revenues	4,265	(247)
Retirement Services \| VIE, Primary Beneficiary
Net Investment Income [Line Items]
Net investment income	82	21
Net recognized investment gains (losses) on trading securities	6	0
Net recognized investment losses on mortgage loans	9	(112)
Net recognized investment gains (losses) on investment funds	224	70
Other gains (losses)	(40)	0
Investment related gains (losses)	199	(42)
Total Revenues	281	(21)
Trading securities \| Retirement Services \| VIE, Primary Beneficiary
Net Investment Income [Line Items]
Net investment income	23	0
Mortgage loans \| Retirement Services \| VIE, Primary Beneficiary
Net Investment Income [Line Items]
Net investment income	24	20
Investment funds \| Retirement Services \| VIE, Primary Beneficiary
Net Investment Income [Line Items]
Net investment income	$ 35	$ 1

Variable Interest Entities - Ca

Variable Interest Entities - Carrying Value and Maximum Exposure to Loss Relating to Non-consolidated VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Maximum Loss Exposure	$ 77,943	$ 74,432
Carrying Value	65,695	61,578
Investment funds
Variable Interest Entity [Line Items]
Maximum Loss Exposure	518	340
Carrying Value	77	79
Investment funds \| Affiliated Entity
Variable Interest Entity [Line Items]
Maximum Loss Exposure	2,251	2,253
Carrying Value	1,595	1,569
AFS securities
Variable Interest Entity [Line Items]
Maximum Loss Exposure	42,555	40,992
Carrying Value	39,373	37,454
AFS securities \| Affiliated Entity
Variable Interest Entity [Line Items]
Maximum Loss Exposure	12,101	10,290
Carrying Value	11,624	9,717
Equity securities \| Affiliated Entity
Variable Interest Entity [Line Items]
Maximum Loss Exposure	251	279
Carrying Value	251	279
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum Loss Exposure	317	343
VIE, Primary Beneficiary \| Investment funds
Variable Interest Entity [Line Items]
Maximum Loss Exposure	20,267	20,278
Carrying Value	$ 12,775	$ 12,480

Fair Value - Schedule of Financ

Fair Value - Schedule of Financial Assets and Liabilities Recorded at Fair value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	May 03, 2022	Mar. 31, 2022	Dec. 31, 2021
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	$ 15,099			$ 9,769
AFS securities	118,579	$ 112,225
Derivative assets	(1,601)	(2,963)
Asset Management
Derivative liabilities	8,198	7,410
Market risk benefits	3,203			$ 3,857	$ 4,813
Griffin Capital, Asset Management Business
Asset Management
Contingent consideration obligations			$ 64
Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total Assets – Asset Management	194,118	177,402
Asset Management
Total Liabilities – Asset Management	14,317	13,208
Asset Management
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	1,255	1,201
Restricted cash and cash equivalents	1,061	1,048
Investments of VIEs	1,352	1,320
Other assets	2,409	2,333
Asset Management
Performance allocations	2,806	2,574
Asset Management \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	1,255	1,201
Restricted cash and cash equivalents	1,061	1,048
AFS securities	419	709
Due from related parties	33	43
Derivative assets	32	15
Other assets	440
Equity securities	1,352	1,320
Total Assets – Asset Management	6,038	6,815
Asset Management
Contingent consideration obligations	78	86
Other liabilities	1	2
Derivative liabilities		57
Total Liabilities – Asset Management	79	145
Retirement Services
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	13,844	7,779
Restricted cash and cash equivalents	1,148	628
AFS securities	118,579	112,225
Derivative assets	3,956	3,309
Other assets	9,183	9,905
Mortgage loans	31,273	28,756
Investment funds	1,672	1,648
Asset Management
Market risk benefits	3,203	2,970
Retirement Services \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Restricted cash and cash equivalents	1,148	628
AFS securities	106,713	102,404
Derivative assets	3,956	3,309
Trading securities	1,652	1,595
Equity securities	968	1,087
Mortgage loans	29,949	27,454
Funds withheld at interest – embedded derivative	(4,291)	(4,847)
Short-term investments	582	520
Other investments	501	611
Cash and cash equivalents	13,844	7,779
Reinsurance recoverable	1,470	1,388
Other assets		481
Total Assets – Asset Management	188,080	170,587
Asset Management
Other liabilities	122	65
Derivative liabilities	1,518	1,646
Embedded derivative	6,747	5,841
Universal life benefits	879	829
Market risk benefits	3,203	2,970
Total Liabilities – Asset Management	14,238	13,063
Retirement Services \| Fair Value, Recurring \| U.S. government and agencies
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	2,703	2,577
Retirement Services \| Fair Value, Recurring \| U.S. state, municipal and political subdivisions
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	966	927
Retirement Services \| Fair Value, Recurring \| Foreign governments
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	922	907
Retirement Services \| Fair Value, Recurring \| Corporate
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	63,141	60,901
Retirement Services \| Fair Value, Recurring \| CLO
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	17,566	16,493
Retirement Services \| Fair Value, Recurring \| ABS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	10,873	10,527
Retirement Services \| Fair Value, Recurring \| CMBS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	4,190	4,158
Retirement Services \| Fair Value, Recurring \| RMBS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	6,352	5,914
Retirement Services \| Fair Value, Recurring \| AmerUs closed block
Asset Management
Closed block liabilities	1,190	1,164
Retirement Services \| Fair Value, Recurring \| ILICO closed block and life benefits
Asset Management
Closed block liabilities	579	548
Affiliated Entity
Asset Management
Performance allocations	119	107
Affiliated Entity \| Retirement Services \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	11,866	9,821
Trading securities	885	878
Equity securities	251	279
Mortgage loans	1,324	1,302
Investment funds	1,034	959
Funds withheld at interest – embedded derivative	(1,266)	(1,425)
Other investments	338	303
Affiliated Entity \| Retirement Services \| Fair Value, Recurring \| Corporate
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	1,127	982
Affiliated Entity \| Retirement Services \| Fair Value, Recurring \| CLO
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	3,513	3,079
Affiliated Entity \| Retirement Services \| Fair Value, Recurring \| ABS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	7,226	5,760
VIE, Primary Beneficiary \| Asset Management
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	123	110
Other assets	32	30
VIE, Primary Beneficiary \| Asset Management \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	123	110
Investments of VIEs	1,763	2,369
VIE, Primary Beneficiary \| Retirement Services
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	654	362
Other assets	111	112
VIE, Primary Beneficiary \| Retirement Services \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Trading securities	1,069	1,063
Mortgage loans	2,119	2,055
Investment funds	12,775	12,480
Other investments	99	101
Cash and cash equivalents	654	362
VIE, Primary Beneficiary \| Affiliated Entity
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Restricted cash and cash equivalents	1,100	1,000
Level 1 \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total Assets – Asset Management	21,768	14,846
Asset Management
Total Liabilities – Asset Management	25	40
Level 1 \| Asset Management \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	1,255	1,201
Restricted cash and cash equivalents	1,061	1,048
AFS securities	419	709
Due from related parties	0	0
Derivative assets	0	0
Other assets	0
Equity securities	194	190
Total Assets – Asset Management	3,052	3,258
Asset Management
Contingent consideration obligations	0	0
Other liabilities	1	2
Derivative liabilities		0
Total Liabilities – Asset Management	1	2
Level 1 \| Retirement Services \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Restricted cash and cash equivalents	1,148	628
AFS securities	2,706	2,570
Derivative assets	66	42
Trading securities	24	23
Equity securities	273	150
Mortgage loans	0	0
Funds withheld at interest – embedded derivative	0	0
Short-term investments	1	29
Other investments	0	0
Cash and cash equivalents	13,844	7,779
Reinsurance recoverable	0	0
Other assets		0
Total Assets – Asset Management	18,716	11,588
Asset Management
Other liabilities	0	0
Derivative liabilities	24	38
Embedded derivative	0	0
Universal life benefits	0	0
Market risk benefits	0	0
Total Liabilities – Asset Management	24	38
Level 1 \| Retirement Services \| Fair Value, Recurring \| U.S. government and agencies
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	2,697	2,570
Level 1 \| Retirement Services \| Fair Value, Recurring \| U.S. state, municipal and political subdivisions
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	0	0
Level 1 \| Retirement Services \| Fair Value, Recurring \| Foreign governments
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	0	0
Level 1 \| Retirement Services \| Fair Value, Recurring \| Corporate
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	9	0
Level 1 \| Retirement Services \| Fair Value, Recurring \| CLO
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	0	0
Level 1 \| Retirement Services \| Fair Value, Recurring \| ABS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	0	0
Level 1 \| Retirement Services \| Fair Value, Recurring \| CMBS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	0	0
Level 1 \| Retirement Services \| Fair Value, Recurring \| RMBS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	0	0
Level 1 \| Retirement Services \| Fair Value, Recurring \| AmerUs closed block
Asset Management
Closed block liabilities	0	0
Level 1 \| Retirement Services \| Fair Value, Recurring \| ILICO closed block and life benefits
Asset Management
Closed block liabilities	0	0
Level 1 \| Affiliated Entity \| Retirement Services \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	0	0
Trading securities	0	0
Equity securities	0	0
Mortgage loans	0	0
Investment funds	0	0
Funds withheld at interest – embedded derivative	0	0
Other investments	0	0
Level 1 \| Affiliated Entity \| Retirement Services \| Fair Value, Recurring \| Corporate
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	0	0
Level 1 \| Affiliated Entity \| Retirement Services \| Fair Value, Recurring \| CLO
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	0	0
Level 1 \| Affiliated Entity \| Retirement Services \| Fair Value, Recurring \| ABS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	0	0
Level 1 \| VIE, Primary Beneficiary \| Asset Management \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	123	110
Investments of VIEs	0	0
Level 1 \| VIE, Primary Beneficiary \| Retirement Services \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Trading securities	0	5
Mortgage loans	0	0
Investment funds	0	0
Other investments	0	0
Cash and cash equivalents	654	362
Level 2 \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total Assets – Asset Management	108,322	104,503
Asset Management
Total Liabilities – Asset Management	1,426	1,587
Level 2 \| Asset Management \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
AFS securities	0	0
Due from related parties	0	0
Derivative assets	17	0
Other assets	0
Equity securities	39	39
Total Assets – Asset Management	425	1,576
Asset Management
Contingent consideration obligations	0	0
Other liabilities	0	0
Derivative liabilities		57
Total Liabilities – Asset Management	0	57
Level 2 \| Retirement Services \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Restricted cash and cash equivalents	0	0
AFS securities	97,204	93,069
Derivative assets	3,890	3,267
Trading securities	1,586	1,519
Equity securities	624	845
Mortgage loans	0	0
Funds withheld at interest – embedded derivative	0	0
Short-term investments	551	455
Other investments	215	170
Cash and cash equivalents	0	0
Reinsurance recoverable	0	0
Other assets		0
Total Assets – Asset Management	107,897	102,927
Asset Management
Other liabilities	(67)	(77)
Derivative liabilities	1,493	1,607
Embedded derivative	0	0
Universal life benefits	0	0
Market risk benefits	0	0
Total Liabilities – Asset Management	1,426	1,530
Level 2 \| Retirement Services \| Fair Value, Recurring \| U.S. government and agencies
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	6	7
Level 2 \| Retirement Services \| Fair Value, Recurring \| U.S. state, municipal and political subdivisions
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	966	927
Level 2 \| Retirement Services \| Fair Value, Recurring \| Foreign governments
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	921	906
Level 2 \| Retirement Services \| Fair Value, Recurring \| Corporate
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	61,510	59,236
Level 2 \| Retirement Services \| Fair Value, Recurring \| CLO
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	17,566	16,493
Level 2 \| Retirement Services \| Fair Value, Recurring \| ABS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	5,931	5,660
Level 2 \| Retirement Services \| Fair Value, Recurring \| CMBS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	4,190	4,158
Level 2 \| Retirement Services \| Fair Value, Recurring \| RMBS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	6,114	5,682
Level 2 \| Retirement Services \| Fair Value, Recurring \| AmerUs closed block
Asset Management
Closed block liabilities	0	0
Level 2 \| Retirement Services \| Fair Value, Recurring \| ILICO closed block and life benefits
Asset Management
Closed block liabilities	0	0
Level 2 \| Affiliated Entity \| Retirement Services \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	3,404	3,164
Trading securities	0	0
Equity securities	0	0
Mortgage loans	0	0
Investment funds	0	0
Funds withheld at interest – embedded derivative	0	0
Other investments	0	0
Level 2 \| Affiliated Entity \| Retirement Services \| Fair Value, Recurring \| Corporate
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	168	170
Level 2 \| Affiliated Entity \| Retirement Services \| Fair Value, Recurring \| CLO
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	3,015	2,776
Level 2 \| Affiliated Entity \| Retirement Services \| Fair Value, Recurring \| ABS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	221	218
Level 2 \| VIE, Primary Beneficiary \| Asset Management \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	0	0
Investments of VIEs	369	1,537
Level 2 \| VIE, Primary Beneficiary \| Retirement Services \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Trading securities	421	436
Mortgage loans	0	0
Investment funds	0	0
Other investments	2	2
Cash and cash equivalents	0	0
Level 3 \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total Assets – Asset Management	53,719	47,931
Asset Management
Total Liabilities – Asset Management	12,866	11,581
Level 3 \| Asset Management
Asset Management
Performance allocations	194	198
Level 3 \| Asset Management \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
AFS securities	0	0
Due from related parties	33	43
Derivative assets	15	15
Other assets	440
Equity securities	1,116	1,083
Total Assets – Asset Management	2,446	1,868
Asset Management
Contingent consideration obligations	78	86
Other liabilities	0	0
Derivative liabilities		0
Total Liabilities – Asset Management	78	86
Contingent consideration included in profit sharing payable	53	55
Level 3 \| Asset Management \| Fair Value, Recurring \| Griffin Capital, Asset Management Business
Asset Management
Contingent consideration obligations	25	31
Level 3 \| Retirement Services \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Restricted cash and cash equivalents	0	0
AFS securities	6,803	6,765
Derivative assets	0	0
Trading securities	42	53
Equity securities	71	92
Mortgage loans	29,949	27,454
Funds withheld at interest – embedded derivative	(4,291)	(4,847)
Short-term investments	30	36
Other investments	286	441
Cash and cash equivalents	0	0
Reinsurance recoverable	1,470	1,388
Other assets		481
Total Assets – Asset Management	51,273	46,063
Asset Management
Other liabilities	189	142
Derivative liabilities	1	1
Embedded derivative	6,747	5,841
Universal life benefits	879	829
Market risk benefits	3,203	2,970
Total Liabilities – Asset Management	12,788	11,495
Level 3 \| Retirement Services \| Fair Value, Recurring \| U.S. government and agencies
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	0	0
Level 3 \| Retirement Services \| Fair Value, Recurring \| U.S. state, municipal and political subdivisions
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	0	0
Level 3 \| Retirement Services \| Fair Value, Recurring \| Foreign governments
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	1	1
Level 3 \| Retirement Services \| Fair Value, Recurring \| Corporate
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	1,622	1,665
Level 3 \| Retirement Services \| Fair Value, Recurring \| CLO
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	0	0
Level 3 \| Retirement Services \| Fair Value, Recurring \| ABS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	4,942	4,867
Level 3 \| Retirement Services \| Fair Value, Recurring \| CMBS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	0	0
Level 3 \| Retirement Services \| Fair Value, Recurring \| RMBS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	238	232
Level 3 \| Retirement Services \| Fair Value, Recurring \| AmerUs closed block
Asset Management
Closed block liabilities	1,190	1,164
Level 3 \| Retirement Services \| Fair Value, Recurring \| ILICO closed block and life benefits
Asset Management
Closed block liabilities	579	548
Level 3 \| Affiliated Entity \| Retirement Services \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	8,462	6,657
Trading securities	885	878
Equity securities	251	279
Mortgage loans	1,324	1,302
Investment funds	1,034	959
Funds withheld at interest – embedded derivative	(1,266)	(1,425)
Other investments	338	303
Level 3 \| Affiliated Entity \| Retirement Services \| Fair Value, Recurring \| Corporate
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	959	812
Level 3 \| Affiliated Entity \| Retirement Services \| Fair Value, Recurring \| CLO
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	498	303
Level 3 \| Affiliated Entity \| Retirement Services \| Fair Value, Recurring \| ABS
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities	7,005	5,542
Level 3 \| VIE, Primary Beneficiary
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Equity securities		458
Level 3 \| VIE, Primary Beneficiary \| Asset Management \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	0	0
Investments of VIEs	1,282	727
Level 3 \| VIE, Primary Beneficiary \| Retirement Services \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Trading securities	648	622
Mortgage loans	2,119	2,055
Investment funds	2,581	2,471
Other investments	97	99
Cash and cash equivalents	0	0
NAV \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total Assets – Asset Management	10,309	10,122
Asset Management
Total Liabilities – Asset Management		0
NAV \| Asset Management \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents		0
Restricted cash and cash equivalents		0
AFS securities		0
Due from related parties		0
Derivative assets		0
Equity securities	3	8
Total Assets – Asset Management	115	113
Asset Management
Total Liabilities – Asset Management		0
NAV \| Retirement Services \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
AFS securities		0
Total Assets – Asset Management	10,194	10,009
Asset Management
Total Liabilities – Asset Management		0
NAV \| VIE, Primary Beneficiary \| Asset Management \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents		0
Investments of VIEs	112	105
NAV \| VIE, Primary Beneficiary \| Retirement Services \| Fair Value, Recurring
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investment funds	$ 10,194	$ 10,009

Fair Value - Quantitative Input

Fair Value - Quantitative Inputs and Assumptions used for Financial Assets and Liabilities (Details)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets	$ (1,601,000,000)	$ (2,963,000,000)
Level 3 \| VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities		458,000,000
Embedded value \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value		526,000,000
Discounted cash flow \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration obligations		86,000,000
Discounted cash flow \| Level 3 \| VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other equity investments		25,000,000
Discounted cash flow \| Level 3 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value		128,000,000
Due from related parties		$ 43,000,000
Due from related parties, measurement input		0.150
Adjusted transaction value \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value		$ 429,000,000
Weighted average \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.287
Weighted average \| Discounted cash flow \| Level 3 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Due from related parties, measurement input		0.150
Contingent consideration obligation, measurement input		0.227
Weighted average \| Discounted cash flow \| Level 3 \| Discount rate \| VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, measurement input		0.121
Bank loans, measurement input		0.080
Minimum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.089
Minimum \| Discounted cash flow \| Level 3 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration obligation, measurement input		0.200
Minimum \| Discounted cash flow \| Level 3 \| Discount rate \| VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, measurement input		0.298
Bank loans, measurement input		0.064
Maximum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input		0.528
Maximum \| Discounted cash flow \| Level 3 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration obligation, measurement input		0.250
Maximum \| Discounted cash flow \| Level 3 \| Discount rate \| VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, measurement input		0.396
Bank loans, measurement input		0.327
Asset Management
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	1,352,000,000	$ 1,320,000,000
Asset Management \| Embedded value \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	547,000,000
Asset Management \| Discounted cash flow \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration obligations	78,000,000
Asset Management \| Discounted cash flow \| Level 3 \| VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bank loans	790,000,000	$ 244,000,000
Asset Management \| Discounted cash flow \| Level 3 \| VIE, Primary Beneficiary \| Bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	24,000,000
Investments, measurement input		0.079
Asset Management \| Discounted cash flow \| Level 3 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	127,000,000
Due from related parties	$ 33,000,000
Due from related parties, measurement input	0.145
Asset Management \| Adjusted transaction value \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 442,000,000
Asset Management \| Option model \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets	$ 15,000,000	$ 15,000,000
Asset Management \| Option model \| Level 3 \| Volatility rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.700	0.600
Asset Management \| Dividend discount model \| Level 3 \| VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities	$ 468,000,000
Asset Management \| Dividend discount model \| Level 3 \| Discount rate \| VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, measurement input	0.129	0.121
Asset Management \| Weighted average \| Discounted cash flow \| Level 3 \| VIE, Primary Beneficiary \| Bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.105	0.079
Asset Management \| Weighted average \| Discounted cash flow \| Level 3 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.290
Due from related parties, measurement input	0.145
Contingent consideration obligation, measurement input	0.253
Asset Management \| Weighted average \| Discounted cash flow \| Level 3 \| Discount rate \| VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bank loans, measurement input	0.075
Asset Management \| Weighted average \| Option model \| Level 3 \| Volatility rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.700	0.600
Contingent consideration obligation, measurement input	0.365	0.347
Asset Management \| Weighted average \| Dividend discount model \| Level 3 \| Discount rate \| VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, measurement input	0.129
Asset Management \| Minimum \| Discounted cash flow \| Level 3 \| VIE, Primary Beneficiary \| Bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.082
Asset Management \| Minimum \| Discounted cash flow \| Level 3 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.092
Asset Management \| Minimum \| Discounted cash flow \| Level 3 \| Discount rate \| VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bank loans, measurement input	0.072
Contingent consideration obligation, measurement input	0.206
Asset Management \| Minimum \| Option model \| Level 3 \| Volatility rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration obligation, measurement input	0.315
Asset Management \| Maximum \| Discounted cash flow \| Level 3 \| VIE, Primary Beneficiary \| Bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.105
Asset Management \| Maximum \| Discounted cash flow \| Level 3 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.528
Asset Management \| Maximum \| Discounted cash flow \| Level 3 \| Discount rate \| VIE, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bank loans, measurement input	0.354
Contingent consideration obligation, measurement input	0.290
Asset Management \| Maximum \| Option model \| Level 3 \| Volatility rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration obligation, measurement input	0.415
Retirement Services
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets	$ 3,956,000,000	$ 3,309,000,000
Retirement Services \| Embedded value \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	1,034,000,000	959,000,000
Retirement Services \| Discounted cash flow \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative	6,747,000,000	5,841,000,000
Retirement Services \| Discounted cash flow \| Level 3 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	650,000,000	506,000,000
AFS, trading and equity securities	12,271,000,000	10,671,000,000
Long-term debt	33,392,000,000	$ 30,811,000,000
Investments, measurement input		0.064
Retirement Services \| Discounted cash flow / Guideline public equity \| Level 3 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 899,000,000	$ 873,000,000
Investments, measurement input		0.165
Retirement Services \| Discounted cash flow / Guideline public equity \| Level 3 \| Guideline public equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	8.5	9
Retirement Services \| Net tangible asset values \| Level 3 \| Implied multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 515,000,000	$ 529,000,000
Investments, measurement input	1.26	1.26
Retirement Services \| Reported net asset value \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 517,000,000	$ 563,000,000
Retirement Services \| Weighted average \| Discounted cash flow \| Level 3 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.084	0.064
AFS and trading securities, measurement input	0.067	0.068
Long-term debt, measurement input	0.063	0.063
Retirement Services \| Weighted average \| Discounted cash flow \| Level 3 \| Nonperformance risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Funds withheld at interest - embedded derivative, measurement input	0.013	0.010
Retirement Services \| Weighted average \| Discounted cash flow \| Level 3 \| Option budget
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Funds withheld at interest - embedded derivative, measurement input	0.020	0.019
Retirement Services \| Weighted average \| Discounted cash flow \| Level 3 \| Surrender rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Funds withheld at interest - embedded derivative, measurement input	0.081	0.081
Retirement Services \| Weighted average \| Discounted cash flow / Guideline public equity \| Level 3 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.170	0.165
Retirement Services \| Weighted average \| Discounted cash flow / Guideline public equity \| Level 3 \| Guideline public equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	8.5	9
Retirement Services \| Weighted average \| Net tangible asset values \| Level 3 \| Implied multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	1.26	1.26
Retirement Services \| Minimum \| Discounted cash flow \| Level 3 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.064
AFS and trading securities, measurement input	0.02	0.022
Long-term debt, measurement input	0.021	0.015
Retirement Services \| Minimum \| Discounted cash flow \| Level 3 \| Nonperformance risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Funds withheld at interest - embedded derivative, measurement input	0.003	0.001
Retirement Services \| Minimum \| Discounted cash flow \| Level 3 \| Option budget
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Funds withheld at interest - embedded derivative, measurement input	0.005	0.005
Retirement Services \| Minimum \| Discounted cash flow \| Level 3 \| Surrender rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Funds withheld at interest - embedded derivative, measurement input	0.052	0.051
Retirement Services \| Minimum \| Discounted cash flow / Guideline public equity \| Level 3 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.170
Retirement Services \| Maximum \| Discounted cash flow \| Level 3 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.147
AFS and trading securities, measurement input	0.187	0.188
Long-term debt, measurement input	0.223	0.221
Retirement Services \| Maximum \| Discounted cash flow \| Level 3 \| Nonperformance risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Funds withheld at interest - embedded derivative, measurement input	0.018	0.017
Retirement Services \| Maximum \| Discounted cash flow \| Level 3 \| Option budget
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Funds withheld at interest - embedded derivative, measurement input	0.057	0.053
Retirement Services \| Maximum \| Discounted cash flow \| Level 3 \| Surrender rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Funds withheld at interest - embedded derivative, measurement input	0.117	0.115

Fair Value - Schedule of Unobse

Fair Value - Schedule of Unobservable Input Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, recurring basis, unobservable input reconciliation, asset, gain (loss) statement of income, extensible list, not disclosed flag	Included in income
Fair value, recurring basis, unobservable input reconciliation, asset, gain (loss) statement of other comprehensive income, extensible list, not disclosed flag	Included in OCI
Fair value, recurring basis, unobservable input reconciliation, liability, gain (loss) statement of income, extensible list, not disclosed flag	Included in income
Fair value, liability, recurring basis still held, unrealized gain (loss), statement of income, extensible list, not disclosed flag	Total gains (losses) included in earnings1
Fair value, asset, recurring basis, still held unrealized gain (loss), statement of income, extensible list, not disclosed flag	Total gains (losses) included in earnings1
Asset Management
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,825	$ 14,134
Total realized and unrealized gains (losses) included in income	60	234
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	530	1,230
Net transfers in (out)	(2)	(13,580)
Ending balance	2,413	2,018
Total gains (losses) included in earnings	35	15
Total gains (losses) included in OCI	0	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	86	7,654
Total realized and unrealized gains (losses) included in income	(8)	(31)
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	0	1,113
Net transfers in (out)	0	(8,626)
Ending balance	78	110
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	45,582	45,752
Total realized and unrealized gains (losses) included in income	1,171	(3,550)
Total realized and unrealized gains (losses) included in OCI	41	(74)
Net purchases, issuances, sales and settlements	4,160	3,373
Net transfers in (out)	(121)	6,064
Ending balance	50,833	51,565
Total gains (losses) included in earnings	369	(884)
Total gains (losses) included in OCI	38	(73)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(8,525)	(10,908)
Total realized and unrealized gains (losses) included in income	(627)	1,353
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	(433)	(111)
Net transfers in (out)	0	(3,645)
Ending balance	(9,585)	(13,311)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Contingent consideration obligations \| Asset Management
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	86	126
Total realized and unrealized gains (losses) included in income	(8)	(3)
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	0	(13)
Net transfers in (out)	0	0
Ending balance	78	110
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Debt \| Asset Management
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		7,528
Total realized and unrealized gains (losses) included in income		(28)
Total realized and unrealized gains (losses) included in OCI		0
Net purchases, issuances, sales and settlements		1,126
Net transfers in (out)		(8,626)
Ending balance		0
Total gains (losses) included in earnings		0
Total gains (losses) included in OCI		0
Embedded derivatives \| Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(5,841)	(7,408)
Total realized and unrealized gains (losses) included in income	(473)	1,034
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	(433)	(111)
Net transfers in (out)	0	0
Ending balance	(6,747)	(6,485)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Universal life benefits \| Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(829)	(1,235)
Total realized and unrealized gains (losses) included in income	(50)	139
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	0	0
Net transfers in (out)	0	0
Ending balance	(879)	(1,096)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
AmerUs closed block \| Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(1,164)	(1,520)
Total realized and unrealized gains (losses) included in income	(26)	142
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	0	0
Net transfers in (out)	0	0
Ending balance	(1,190)	(1,378)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
ILICO closed block and life benefits \| Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(548)	(742)
Total realized and unrealized gains (losses) included in income	(31)	38
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	0	0
Net transfers in (out)	0	0
Ending balance	(579)	(704)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Derivative liabilities \| Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(1)	(3)
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	0	0
Net transfers in (out)	0	0
Ending balance	(1)	(3)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Other liabilities \| Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(142)	0
Total realized and unrealized gains (losses) included in income	(47)	0
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	0	0
Net transfers in (out)	0	(3,645)
Ending balance	(189)	(3,645)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Interest sensitive contract liabilities \| Retirement Services
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net purchases, issuances, sales and settlements	(433)	(111)
Net transfers in (out)	0	0
Investments, at fair value \| Asset Management
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,098	946
Total realized and unrealized gains (losses) included in income	26	18
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	7	101
Net transfers in (out)	0	22
Ending balance	1,131	1,087
Total gains (losses) included in earnings	26	18
Total gains (losses) included in OCI	0	0
Foreign governments \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1	2
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	0	0
Net transfers in (out)	0	0
Ending balance	1	2
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Corporate \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,665	1,339
Total realized and unrealized gains (losses) included in income	(1)	(3)
Total realized and unrealized gains (losses) included in OCI	12	(19)
Net purchases, issuances, sales and settlements	126	140
Net transfers in (out)	(180)	42
Ending balance	1,622	1,499
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	6	(19)
CLO \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		14
Total realized and unrealized gains (losses) included in income		(1)
Total realized and unrealized gains (losses) included in OCI		2
Net purchases, issuances, sales and settlements		(10)
Net transfers in (out)		0
Ending balance		5
Total gains (losses) included in earnings		0
Total gains (losses) included in OCI		2
ABS \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	4,867	3,619
Total realized and unrealized gains (losses) included in income	0	6
Total realized and unrealized gains (losses) included in OCI	(19)	(31)
Net purchases, issuances, sales and settlements	155	(148)
Net transfers in (out)	(61)	337
Ending balance	4,942	3,783
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	(16)	(30)
CMBS \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		43
Total realized and unrealized gains (losses) included in income		0
Total realized and unrealized gains (losses) included in OCI		(17)
Net purchases, issuances, sales and settlements		0
Net transfers in (out)		(16)
Ending balance		10
Total gains (losses) included in earnings		0
Total gains (losses) included in OCI		(17)
RMBS \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	232
Total realized and unrealized gains (losses) included in income	3
Total realized and unrealized gains (losses) included in OCI	3
Net purchases, issuances, sales and settlements	0
Net transfers in (out)	0
Ending balance	238
Total gains (losses) included in earnings	0
Total gains (losses) included in OCI	3
Other \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	441
Total realized and unrealized gains (losses) included in income	1
Total realized and unrealized gains (losses) included in OCI	0
Net purchases, issuances, sales and settlements	(156)
Net transfers in (out)	0
Ending balance	286
Total gains (losses) included in earnings	2
Total gains (losses) included in OCI	0
Trading securities \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	53	69
Total realized and unrealized gains (losses) included in income	2	(5)
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	(4)	6
Net transfers in (out)	(9)	20
Ending balance	42	90
Total gains (losses) included in earnings	1	0
Total gains (losses) included in OCI	0	0
Equity securities \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	92	429
Total realized and unrealized gains (losses) included in income	(8)	9
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	0	0
Net transfers in (out)	(13)	0
Ending balance	71	438
Total gains (losses) included in earnings	(8)	0
Total gains (losses) included in OCI	0	0
Mortgage loans \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	27,454	21,154
Total realized and unrealized gains (losses) included in income	251	(744)
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	2,244	3,286
Net transfers in (out)	0	0
Ending balance	29,949	23,696
Total gains (losses) included in earnings	252	(741)
Total gains (losses) included in OCI	0	0
Investment funds \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		18
Total realized and unrealized gains (losses) included in income		1
Total realized and unrealized gains (losses) included in OCI		0
Net purchases, issuances, sales and settlements		0
Net transfers in (out)		0
Ending balance		19
Total gains (losses) included in earnings		1
Total gains (losses) included in OCI		0
Funds withheld at interest – embedded derivative \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(4,847)	0
Total realized and unrealized gains (losses) included in income	556	(1,882)
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	0	0
Net transfers in (out)	0	0
Ending balance	(4,291)	(1,882)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
Short-term investments \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	36	29
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	(2)	0
Net purchases, issuances, sales and settlements	(30)	30
Net transfers in (out)	26	0
Ending balance	30	59
Total gains (losses) included in earnings	0	9
Total gains (losses) included in OCI	0	0
Reinsurance recoverable \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,388	1,991
Total realized and unrealized gains (losses) included in income	82	(177)
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	0	0
Net transfers in (out)	0	0
Ending balance	1,470	1,814
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
VIE, Primary Beneficiary \| Debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net purchases, issuances, sales and settlements		(3,645)
VIE, Primary Beneficiary \| Investments, at fair value \| Asset Management
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	727	13,188
Total realized and unrealized gains (losses) included in income	34	216
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	523	1,129
Net transfers in (out)	(2)	(13,602)
Ending balance	1,282	931
Total gains (losses) included in earnings	9	(3)
Total gains (losses) included in OCI	0	0
VIE, Primary Beneficiary \| Other \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	99	0
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	(2)	0
Net transfers in (out)	0	1,902
Ending balance	97	1,902
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	0	0
VIE, Primary Beneficiary \| Trading securities \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	622
Total realized and unrealized gains (losses) included in income	12
Total realized and unrealized gains (losses) included in OCI	0
Net purchases, issuances, sales and settlements	(2)
Net transfers in (out)	16
Ending balance	648
Total gains (losses) included in earnings	12
Total gains (losses) included in OCI	0
VIE, Primary Beneficiary \| Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) included in income		113
VIE, Primary Beneficiary \| Mortgage loans \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,055	2,152
Total realized and unrealized gains (losses) included in income	19	(120)
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	45	(152)
Net transfers in (out)	0	0
Ending balance	2,119	1,880
Total gains (losses) included in earnings	19	(120)
Total gains (losses) included in OCI	0	0
VIE, Primary Beneficiary \| Investment funds \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,471	1,297
Total realized and unrealized gains (losses) included in income	18	(5)
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	(8)	238
Net transfers in (out)	100	9,047
Ending balance	2,581	10,577
Total gains (losses) included in earnings	18	(5)
Total gains (losses) included in OCI	0	0
Affiliated Entity \| Corporate \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	812	670
Total realized and unrealized gains (losses) included in income	1	(4)
Total realized and unrealized gains (losses) included in OCI	(7)	1
Net purchases, issuances, sales and settlements	153	94
Net transfers in (out)	0	0
Ending balance	959	761
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	(7)	1
Affiliated Entity \| CLO \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	303	202
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	10	0
Net purchases, issuances, sales and settlements	185	130
Net transfers in (out)	0	0
Ending balance	498	332
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	10	0
Affiliated Entity \| ABS \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	5,542	6,445
Total realized and unrealized gains (losses) included in income	4	(17)
Total realized and unrealized gains (losses) included in OCI	44	(10)
Net purchases, issuances, sales and settlements	1,415	(145)
Net transfers in (out)	0	(1,864)
Ending balance	7,005	4,409
Total gains (losses) included in earnings	2	0
Total gains (losses) included in OCI	42	(10)
Affiliated Entity \| Other \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	303
Total realized and unrealized gains (losses) included in income	(7)
Total realized and unrealized gains (losses) included in OCI	0
Net purchases, issuances, sales and settlements	42
Net transfers in (out)	0
Ending balance	338
Total gains (losses) included in earnings	(7)
Total gains (losses) included in OCI	0
Affiliated Entity \| Trading securities \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	878	1,771
Total realized and unrealized gains (losses) included in income	6	(5)
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	1	(254)
Net transfers in (out)	0	(1,260)
Ending balance	885	252
Total gains (losses) included in earnings	6	0
Total gains (losses) included in OCI	0	0
Affiliated Entity \| Equity securities \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	279	284
Total realized and unrealized gains (losses) included in income	4	(5)
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	(32)	0
Net transfers in (out)	0	(113)
Ending balance	251	166
Total gains (losses) included in earnings	3	0
Total gains (losses) included in OCI	0	0
Affiliated Entity \| Mortgage loans \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,302	1,369
Total realized and unrealized gains (losses) included in income	26	(52)
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	(4)	139
Net transfers in (out)	0	0
Ending balance	1,324	1,456
Total gains (losses) included in earnings	26	(52)
Total gains (losses) included in OCI	0	0
Affiliated Entity \| Investment funds \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	959	2,855
Total realized and unrealized gains (losses) included in income	43	24
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	32	(34)
Net transfers in (out)	0	(2,031)
Ending balance	1,034	814
Total gains (losses) included in earnings	43	24
Total gains (losses) included in OCI	0	0
Affiliated Entity \| Funds withheld at interest – embedded derivative \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(1,425)	0
Total realized and unrealized gains (losses) included in income	159	(570)
Total realized and unrealized gains (losses) included in OCI	0	0
Net purchases, issuances, sales and settlements	0	0
Net transfers in (out)	0	0
Ending balance	(1,266)	(570)
Total gains (losses) included in earnings	0	0
Total gains (losses) included in OCI	$ 0	0
Affiliated Entity \| Short-term investments \| Retirement Services
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		0
Total realized and unrealized gains (losses) included in income		0
Total realized and unrealized gains (losses) included in OCI		0
Net purchases, issuances, sales and settlements		53
Net transfers in (out)		0
Ending balance		53
Total gains (losses) included in earnings		0
Total gains (losses) included in OCI		$ 0

Fair Value - Gross Components o

Fair Value - Gross Components of Purchases, Issuances, Sales and Settlements and Net Transfers In (Out) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
VIE, Primary Beneficiary \| Debt
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Net purchases, issuances, sales and settlements		$ (3,645)
VIE, Primary Beneficiary \| Equity securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income		113
VIE, Primary Beneficiary \| Investment funds
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in		10,081
VIE, Primary Beneficiary \| Other
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in		1,902
VIE, Primary Beneficiary \| Asset Backed Securities and Available for Sale Securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income		1,582
VIE, Primary Beneficiary \| Asset Backed Securities and Collateralized Loan Obligations
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income		1,260
Retirement Services
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	$ 5,503	7,240
Issuances	0	0
Sales	(59)	(2,318)
Settlements	(1,284)	(1,549)
Net purchases, issuances, sales and settlements	4,160	3,373
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	442	12,394
Transfers out	(563)	(6,330)
Net transfers in (out)	(121)	6,064
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0
Issuances	(577)	(260)
Sales	0	0
Settlements	144	149
Net purchases, issuances, sales and settlements	(433)	(111)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Transfers in	0	(3,645)
Transfers out	0	0
Net transfers in (out)	0	(3,645)
Total realized and unrealized gains (losses) included in income	1,171	(3,550)
Retirement Services \| Embedded derivatives
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Net purchases, issuances, sales and settlements	(433)	(111)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Net transfers in (out)	0	0
Retirement Services \| Interest sensitive contract liabilities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0
Issuances	(577)	(260)
Sales	0	0
Settlements	144	149
Net purchases, issuances, sales and settlements	(433)	(111)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Transfers in	0	0
Transfers out	0	0
Net transfers in (out)	0	0
Retirement Services \| Other liabilities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases		0
Issuances		0
Sales		0
Settlements		0
Net purchases, issuances, sales and settlements	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Transfers in		(3,645)
Transfers out		0
Net transfers in (out)	0	(3,645)
Retirement Services \| Derivative liabilities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Net purchases, issuances, sales and settlements	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Net transfers in (out)	0	0
Retirement Services \| Trading securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	6
Issuances	0	0
Sales	0	0
Settlements	(4)	0
Net purchases, issuances, sales and settlements	(4)	6
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	5	30
Transfers out	(14)	(10)
Net transfers in (out)	(9)	20
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	2	(5)
Retirement Services \| Equity securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0
Issuances	0
Sales	0
Settlements	0
Net purchases, issuances, sales and settlements	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0
Transfers out	(13)
Net transfers in (out)	(13)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	(8)	9
Retirement Services \| Mortgage loans
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	2,882	4,091
Issuances	0	0
Sales	(32)	(82)
Settlements	(606)	(723)
Net purchases, issuances, sales and settlements	2,244	3,286
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0	0
Transfers out	0	0
Net transfers in (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	251	(744)
Retirement Services \| Investment funds
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Net purchases, issuances, sales and settlements		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Net transfers in (out)		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income		1
Retirement Services \| Other
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	2
Issuances	0
Sales	0
Settlements	(158)
Net purchases, issuances, sales and settlements	(156)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0
Transfers out	0
Net transfers in (out)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	1
Retirement Services \| Short-term investments
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	30
Issuances	0	0
Sales	0	0
Settlements	(30)	0
Net purchases, issuances, sales and settlements	(30)	30
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	26	0
Transfers out	0	0
Net transfers in (out)	26	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	0	0
Retirement Services \| ABS
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Net purchases, issuances, sales and settlements	155	(148)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Net transfers in (out)	(61)	337
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	0	6
Retirement Services \| Reinsurance recoverable
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Net purchases, issuances, sales and settlements	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Net transfers in (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	82	(177)
Retirement Services \| AFS securities \| Corporate
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	208	324
Issuances	0	0
Sales	0	(168)
Settlements	(82)	(16)
Net purchases, issuances, sales and settlements	126	140
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	29	43
Transfers out	(209)	(1)
Net transfers in (out)	(180)	42
Retirement Services \| AFS securities \| CLO
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases		0
Issuances		0
Sales		0
Settlements		(10)
Net purchases, issuances, sales and settlements		(10)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in		0
Transfers out		0
Net transfers in (out)		0
Retirement Services \| AFS securities \| ABS
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	298	1,489
Issuances	0	0
Sales	0	(1,450)
Settlements	(143)	(187)
Net purchases, issuances, sales and settlements	155	(148)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	215	338
Transfers out	(276)	(1)
Net transfers in (out)	(61)	337
Retirement Services \| AFS securities \| CMBS
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases		0
Issuances		0
Sales		0
Settlements		0
Net purchases, issuances, sales and settlements		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in		0
Transfers out		(16)
Net transfers in (out)		(16)
Retirement Services \| AFS securities \| RMBS
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	1
Issuances	0
Sales	0
Settlements	(1)
Net purchases, issuances, sales and settlements	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0
Transfers out	0
Net transfers in (out)	0
Retirement Services \| Affiliated Entity \| Trading securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	2	29
Issuances	0	0
Sales	0	(265)
Settlements	(1)	(18)
Net purchases, issuances, sales and settlements	1	(254)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0	0
Transfers out	0	(1,260)
Net transfers in (out)	0	(1,260)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	6	(5)
Retirement Services \| Affiliated Entity \| Equity securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	(32)	0
Net purchases, issuances, sales and settlements	(32)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0	0
Transfers out	0	(113)
Net transfers in (out)	0	(113)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	4	(5)
Retirement Services \| Affiliated Entity \| Mortgage loans
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	146
Issuances	0	0
Sales	0	0
Settlements	(4)	(7)
Net purchases, issuances, sales and settlements	(4)	139
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0	0
Transfers out	0	0
Net transfers in (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	26	(52)
Retirement Services \| Affiliated Entity \| Investment funds
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	32	0
Issuances	0	0
Sales	0	(34)
Settlements	0	0
Net purchases, issuances, sales and settlements	32	(34)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0	0
Transfers out	0	(2,031)
Net transfers in (out)	0	(2,031)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	43	24
Retirement Services \| Affiliated Entity \| Other
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	42
Issuances	0
Sales	0
Settlements	0
Net purchases, issuances, sales and settlements	42
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0
Transfers out	0
Net transfers in (out)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	(7)
Retirement Services \| Affiliated Entity \| Short-term investments
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases		53
Issuances		0
Sales		0
Settlements		0
Net purchases, issuances, sales and settlements		53
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in		0
Transfers out		0
Net transfers in (out)		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income		0
Retirement Services \| Affiliated Entity \| ABS
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Net purchases, issuances, sales and settlements	1,415	(145)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Net transfers in (out)	0	(1,864)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	4	(17)
Retirement Services \| Affiliated Entity \| AFS securities \| Corporate
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	156	315
Issuances	0	0
Sales	0	(217)
Settlements	(3)	(4)
Net purchases, issuances, sales and settlements	153	94
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0	0
Transfers out	0	0
Net transfers in (out)	0	0
Retirement Services \| Affiliated Entity \| AFS securities \| CLO
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	185	130
Issuances	0	0
Sales	0	0
Settlements	0	0
Net purchases, issuances, sales and settlements	185	130
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0	0
Transfers out	0	0
Net transfers in (out)	0	0
Retirement Services \| Affiliated Entity \| AFS securities \| ABS
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	1,634	374
Issuances	0	0
Sales	0	(87)
Settlements	(219)	(432)
Net purchases, issuances, sales and settlements	1,415	(145)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0	0
Transfers out	0	(1,864)
Net transfers in (out)	0	(1,864)
Retirement Services \| VIE, Primary Beneficiary \| Trading securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	10
Issuances	0
Sales	(12)
Settlements	0
Net purchases, issuances, sales and settlements	(2)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	19
Transfers out	(3)
Net transfers in (out)	16
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	12
Retirement Services \| VIE, Primary Beneficiary \| Mortgage loans
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	46	0
Issuances	0	0
Sales	0	0
Settlements	(1)	(152)
Net purchases, issuances, sales and settlements	45	(152)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0	0
Transfers out	0	0
Net transfers in (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	19	(120)
Retirement Services \| VIE, Primary Beneficiary \| Investment funds
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	253
Issuances	0	0
Sales	(8)	(15)
Settlements	0	0
Net purchases, issuances, sales and settlements	(8)	238
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	148	10,081
Transfers out	(48)	(1,034)
Net transfers in (out)	100	9,047
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	18	(5)
Retirement Services \| VIE, Primary Beneficiary \| Other
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	5	0
Issuances	0	0
Sales	(7)	0
Settlements	0	0
Net purchases, issuances, sales and settlements	(2)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0	1,902
Transfers out	0	0
Net transfers in (out)	0	1,902
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	0	0
Asset Management
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	879	2,573
Issuances	0	0
Sales	(349)	(1,343)
Settlements	0	0
Net purchases, issuances, sales and settlements	530	1,230
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0	475
Transfers out	(2)	(14,055)
Net transfers in (out)	(2)	(13,580)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases		0
Issuances		1,644
Sales		0
Settlements		(531)
Net purchases, issuances, sales and settlements	0	1,113
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Transfers in		0
Transfers out		(8,626)
Net transfers in (out)	0	(8,626)
Total realized and unrealized gains (losses) included in income	60	234
Asset Management \| Contingent consideration obligations
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases		0
Issuances		0
Sales		0
Settlements		(13)
Net purchases, issuances, sales and settlements	0	(13)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Transfers in		0
Transfers out		0
Net transfers in (out)	0	0
Asset Management \| Debt
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases		0
Issuances		1,644
Sales		0
Settlements		(518)
Net purchases, issuances, sales and settlements		1,126
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Transfers in		0
Transfers out		(8,626)
Net transfers in (out)		(8,626)
Asset Management \| Investments, at fair value
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	8	104
Issuances	0	0
Sales	(1)	(3)
Settlements	0	0
Net purchases, issuances, sales and settlements	7	101
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0	22
Transfers out	0	0
Net transfers in (out)	0	22
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	26	18
Asset Management \| VIE, Primary Beneficiary \| Investments, at fair value
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	871	2,469
Issuances	0	0
Sales	(348)	(1,340)
Settlements	0	0
Net purchases, issuances, sales and settlements	523	1,129
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfer in	0	453
Transfers out	(2)	(14,055)
Net transfers in (out)	(2)	(13,602)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract]
Total realized and unrealized gains (losses) included in income	$ 34	$ 216

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value Option Gain (Loss) (Details) - Retirement Services - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Gain (loss) for fair value option instruments	$ 349	$ (961)
Trading securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Gain (loss) for fair value option instruments	64	(207)
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Gain (loss) for fair value option instruments	296	(916)
Investment funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Gain (loss) for fair value option instruments	62	20
Future policy benefits
Fair Value, Option, Quantitative Disclosures [Line Items]
Gain (loss) for fair value option instruments	(26)	142
Other liabilities
Fair Value, Option, Quantitative Disclosures [Line Items]
Gain (loss) for fair value option instruments	$ (47)	$ 0

Fair Value - Fair Value Option

Fair Value - Fair Value Option Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans	$ (3)	$ (18)
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	35,974		$ 33,653
Mark to fair value	(2,582)		(2,842)
Fair value	33,392		30,811
Commercial Mortgage
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status	198		74
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	(56)		(55)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	142		19
Fair value of commercial mortgage loans 90 days or more past due	11		2
Fair value of commercial mortgage loans in non-accrual status	131		19
Residential Mortgage
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status	483		522
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	(50)		(50)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	433		472
Fair value of commercial mortgage loans 90 days or more past due	433		472
Fair value of commercial mortgage loans in non-accrual status	234		360
Residential Mortgage \| Government-Guaranteed Collateral
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of commercial mortgage loans 90 days or more past due	$ 199		$ 221

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Equity securities without readily determinable fair value, amount	$ 400,000,000	$ 400,000,000
Impairment loss	$ 0

Fair Value - Fair Value of Fina

Fair Value - Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 5,520	$ 5,467
Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	1,672	1,648
Debt	2,906	2,893
Carrying Value \| Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	77	79
Policy loans	339	347
Funds withheld at interest – embedded derivative	35,375	37,727
Short-term investments	45	1,640
Other investments	200	162
Total Assets – Asset Management	48,368	51,798
Interest sensitive contract liabilities	131,873	125,101
Debt	3,650	3,658
Securities to repurchase	7,781	4,743
Funds withheld liability	346	360
Total financial liabilities not carried at fair value	143,650	133,862
Carrying Value \| Affiliated Entity \| Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	561	610
Funds withheld at interest – embedded derivative	10,728	11,233
Short-term investments	1,043
Fair Value \| Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	77	79
Policy loans	339	347
Funds withheld at interest – embedded derivative	35,375	37,727
Short-term investments	45	1,640
Other investments	200	162
Total Assets – Asset Management	48,368	51,798
Interest sensitive contract liabilities	120,063	111,608
Debt	2,906	2,893
Securities to repurchase	7,781	4,743
Funds withheld liability	346	360
Total financial liabilities not carried at fair value	131,096	119,604
Fair Value \| Affiliated Entity \| Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	561	610
Funds withheld at interest – embedded derivative	10,728	11,233
Short-term investments	1,043
Fair Value \| NAV \| Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	77	79
Policy loans	0	0
Funds withheld at interest – embedded derivative	0	0
Short-term investments	0	0
Other investments	0	0
Total Assets – Asset Management	638	689
Interest sensitive contract liabilities	0	0
Debt	0	0
Securities to repurchase	0	0
Funds withheld liability	0	0
Total financial liabilities not carried at fair value	0	0
Fair Value \| NAV \| Affiliated Entity \| Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	561	610
Funds withheld at interest – embedded derivative	0	0
Short-term investments	0
Fair Value \| Level 1 \| Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	0	0
Policy loans	0	0
Funds withheld at interest – embedded derivative	0	0
Short-term investments	0	0
Other investments	0	0
Total Assets – Asset Management	0	0
Interest sensitive contract liabilities	0	0
Debt	0	0
Securities to repurchase	0	0
Funds withheld liability	0	0
Total financial liabilities not carried at fair value	0	0
Fair Value \| Level 1 \| Affiliated Entity \| Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	0	0
Funds withheld at interest – embedded derivative	0	0
Short-term investments	0
Fair Value \| Level 2 \| Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	0	0
Policy loans	339	347
Funds withheld at interest – embedded derivative	0	0
Short-term investments	45	1,614
Other investments	0	0
Total Assets – Asset Management	1,427	1,961
Interest sensitive contract liabilities	0	0
Debt	2,906	2,893
Securities to repurchase	7,781	4,743
Funds withheld liability	346	360
Total financial liabilities not carried at fair value	11,033	7,996
Fair Value \| Level 2 \| Affiliated Entity \| Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	0	0
Funds withheld at interest – embedded derivative	0	0
Short-term investments	1,043
Fair Value \| Level 3 \| Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	0	0
Policy loans	0	0
Funds withheld at interest – embedded derivative	35,375	37,727
Short-term investments	0	26
Other investments	200	162
Total Assets – Asset Management	46,303	49,148
Interest sensitive contract liabilities	120,063	111,608
Debt	0	0
Securities to repurchase	0	0
Funds withheld liability	0	0
Total financial liabilities not carried at fair value	120,063	111,608
Fair Value \| Level 3 \| Affiliated Entity \| Retirement Services
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment funds	0	0
Funds withheld at interest – embedded derivative	10,728	$ 11,233
Short-term investments	$ 0

Deferred Acquisition Costs, D_3

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired - Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
VOBA
VOBA, beginning balance	$ 2,988	$ 3,372
Additions	0	0
Amortization	(93)	(96)
VOBA, ending balance	2,895	3,276
Total DAC, DSI and VOBA
DAC, DSI and VOBA, beginning balance	4,466	3,372
Additions	508	291
Amortization	(138)	(98)
DAC, DSI and VOBA, ending balance	4,836	3,565
Traditional deferred annuities
DAC
DAC, beginning balance	304	0
Additions	171	24
Amortization	(16)	0
DAC, ending balance	459	24
Indexed annuities
DAC
DAC, beginning balance	755	0
Additions	203	176
Amortization	(18)	(1)
DAC, ending balance	940	175
DSI
DSI, beginning balance	399	0
Additions	133	77
Amortization	(10)	0
DSI, ending balance	522	77
Funding agreements
DAC
DAC, beginning balance	11	0
Additions	0	11
Amortization	(1)	(1)
DAC, ending balance	10	10
Other investment-type
DAC
DAC, beginning balance	9	0
Additions	1	3
Amortization	0	0
DAC, ending balance	$ 10	$ 3

Deferred Acquisition Costs, D_4

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired - Expected Amortization of VOBA (Details) $ in Millions	Mar. 31, 2023 USD ($)
Expected Amortization
2023	$ 257
2024	316
2025	289
2026	260
2027	230
2028	$ 200

Long-duration Contracts - Polic

Long-duration Contracts - Policyholder Account Balance Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Policyholder Account Balance [Roll Forward]
Beginning balance	$ 168,339	$ 151,390
Deposits	12,162	8,957
Policy charges	(159)	(142)
Surrenders and withdrawals	(4,603)	(2,644)
Benefit payments	(1,266)	(1,460)
Interest credited	724	1,074
Foreign exchange	38	(114)
Other	56	(218)
Ending balance	$ 175,291	$ 156,843
Weighted average crediting rate	2.70%	2.10%
Net amount at risk	$ 14,392	$ 10,983
Cash surrender value	132,751	119,186
Traditional deferred annuities
Policyholder Account Balance [Roll Forward]
Beginning balance	43,518	35,599
Deposits	6,700	918
Policy charges	(1)	(1)
Surrenders and withdrawals	(1,818)	(845)
Benefit payments	(264)	(256)
Interest credited	369	235
Foreign exchange	0	0
Other	(54)	0
Ending balance	$ 48,450	$ 35,650
Weighted average crediting rate	3.40%	2.70%
Net amount at risk	$ 423	$ 416
Cash surrender value	45,994	34,211
Indexed annuities
Policyholder Account Balance [Roll Forward]
Beginning balance	92,660	89,755
Deposits	2,929	2,573
Policy charges	(158)	(141)
Surrenders and withdrawals	(2,712)	(1,798)
Benefit payments	(422)	(426)
Interest credited	117	697
Foreign exchange	0	0
Other	0	0
Ending balance	$ 92,414	$ 90,660
Weighted average crediting rate	2.30%	2%
Net amount at risk	$ 13,903	$ 10,554
Cash surrender value	84,047	84,265
Funding agreements
Policyholder Account Balance [Roll Forward]
Beginning balance	27,439	23,623
Deposits	1,500	4,946
Policy charges	0	0
Surrenders and withdrawals	(70)	0
Benefit payments	(490)	(695)
Interest credited	206	125
Foreign exchange	54	(100)
Other	143	(218)
Ending balance	$ 28,782	$ 27,681
Weighted average crediting rate	2.70%	1.80%
Net amount at risk	$ 0	$ 0
Cash surrender value	0	0
Other investment-type
Policyholder Account Balance [Roll Forward]
Beginning balance	4,722	2,413
Deposits	1,033	520
Policy charges	0	0
Surrenders and withdrawals	(3)	(1)
Benefit payments	(90)	(83)
Interest credited	32	17
Foreign exchange	(16)	(14)
Other	(33)	0
Ending balance	$ 5,645	$ 2,852
Weighted average crediting rate	2.90%	2.20%
Net amount at risk	$ 66	$ 13
Cash surrender value	$ 2,710	$ 710

Long-duration Contracts - Recon

Long-duration Contracts - Reconciliation of Account Balance Within Interest Sensitive Contract Benefits (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	$ 181,100	$ 164,303
Traditional deferred annuities
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	48,450	35,650
Indexed annuities
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	92,414	90,660
Funding agreements
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	28,782	27,681
Other investment-type
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	5,645	2,852
Reconciling items
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	$ 5,809	$ 7,460

Long-duration Contracts - Accou

Long-duration Contracts - Account Balances by Guaranteed Minimum Interest Rates (Details) $ in Millions	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Policyholder Account Balance [Line Items]
Total	$ 175,291	$ 168,339	$ 156,843	$ 151,390
Less than 2.0%
Policyholder Account Balance [Line Items]
Total	$ 129,906		$ 116,647
Less than 2.0% \| Maximum \| Variable annuities
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2%		2%
2.0% to less than 4.0%
Policyholder Account Balance [Line Items]
Total	$ 34,280		$ 35,572
2.0% to less than 4.0% \| Minimum \| Variable annuities
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2%		2%
2.0% to less than 4.0% \| Maximum \| Variable annuities
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	4%		4%
4.0% to less than 6.0%
Policyholder Account Balance [Line Items]
Total	$ 9,883		$ 4,484
4.0% to less than 6.0% \| Minimum \| Variable annuities
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	4%		4%
4.0% to less than 6.0% \| Maximum \| Variable annuities
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	6%		6%
6.0% and greater
Policyholder Account Balance [Line Items]
Total	$ 1,222		$ 140
6.0% and greater \| Minimum \| Variable annuities
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	6%		6%
At guaranteed minimum
Policyholder Account Balance [Line Items]
Total	$ 68,211		$ 68,251
At guaranteed minimum \| Less than 2.0%
Policyholder Account Balance [Line Items]
Total	25,571		29,040
At guaranteed minimum \| 2.0% to less than 4.0%
Policyholder Account Balance [Line Items]
Total	31,793		34,604
At guaranteed minimum \| 4.0% to less than 6.0%
Policyholder Account Balance [Line Items]
Total	9,625		4,467
At guaranteed minimum \| 6.0% and greater
Policyholder Account Balance [Line Items]
Total	1,222		140
1 basis point – 100 basis points above guaranteed minimum
Policyholder Account Balance [Line Items]
Total	$ 25,628		$ 31,131
1 basis point – 100 basis points above guaranteed minimum \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum crediting rate	0.0001		0.0001
1 basis point – 100 basis points above guaranteed minimum \| Maximum
Policyholder Account Balance [Line Items]
Guaranteed minimum crediting rate	0.0100		0.0100
1 basis point – 100 basis points above guaranteed minimum \| Less than 2.0%
Policyholder Account Balance [Line Items]
Total	$ 23,867		$ 30,195
1 basis point – 100 basis points above guaranteed minimum \| 2.0% to less than 4.0%
Policyholder Account Balance [Line Items]
Total	1,709		925
1 basis point – 100 basis points above guaranteed minimum \| 4.0% to less than 6.0%
Policyholder Account Balance [Line Items]
Total	52		11
1 basis point – 100 basis points above guaranteed minimum \| 6.0% and greater
Policyholder Account Balance [Line Items]
Total	0		0
Greater than 100 basis points above guaranteed minimum
Policyholder Account Balance [Line Items]
Total	$ 81,452		$ 57,461
Greater than 100 basis points above guaranteed minimum \| Minimum
Policyholder Account Balance [Line Items]
Guaranteed minimum crediting rate	0.0100		0.0100
Greater than 100 basis points above guaranteed minimum \| Less than 2.0%
Policyholder Account Balance [Line Items]
Total	$ 80,468		$ 57,412
Greater than 100 basis points above guaranteed minimum \| 2.0% to less than 4.0%
Policyholder Account Balance [Line Items]
Total	778		43
Greater than 100 basis points above guaranteed minimum \| 4.0% to less than 6.0%
Policyholder Account Balance [Line Items]
Total	206		6
Greater than 100 basis points above guaranteed minimum \| 6.0% and greater
Policyholder Account Balance [Line Items]
Total	$ 0		$ 0

Long-duration Contracts - Net P

Long-duration Contracts - Net Premium And Future Policy Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Issuances		$ 1,994
Benefit payments		(724)
Net amount at risk	$ 14,392	10,983
Payout annuities
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	0	0
Issuances	88	1,994
Net premium collected	(88)	(1,994)
Ending balance	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	36,422	35,278
Beginning balance	8,425	0
Beginning balance at original discount rate	44,847	35,278
Effect of actual experience to expected experience			$ (29)	$ (47)
Beginning of year balance			$ 44,818	$ 35,231
Issuances	88	1,994
Interest accrual	346	229
Benefit payments	(885)	(724)
Foreign exchange	8	(19)
Ending balance at original discount rate	44,375	36,711
Ending balance	(7,623)	(3,562)
Ending balance	36,752	33,149
Traditional Deferred Annuities and Indexed Annuities
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net amount at risk	$ 14,326	$ 10,970
Weighted-average attained age of contract holders (in years)	69 years	69 years

Long-duration Contracts - Liabi

Long-duration Contracts - Liability for Future Policy Benefit, Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	$ 42,490	$ 39,240
Premiums	96	2,110
Payout annuities – ILC
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	36,752	33,149
Premiums	88	2,098
Reconciling items
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	5,738	6,091
Premiums	$ 8	$ 12

Long-duration Contracts - Narra

Long-duration Contracts - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Liability for Future Policy Benefit, Activity [Line Items]
Interest expense	$ 346	$ 229
Increase (decrease) in assumption changes		(2,129)
Change in discount rate assumptions		(3,562)
Benefit payments		724
Issuances		1,994
Net market risk benefit liability increase (decrease)	274	(1,003)
Effect of changes in discount rate assumptions	226	(758)
Effect of changes in the instrument-specific credit risk	(455)	(397)	$ 366
Attributed fees collected	85	82
Effect of changes in equity	(18)	55
Payout annuities
Liability for Future Policy Benefit, Activity [Line Items]
Increase (decrease) in assumption changes	330
Change in discount rate assumptions	(802)
Interest accrual	346
Benefit payments	885	724
Issuances	$ 88	$ 1,994
Effect of actual experience to expected experience			$ (29)	$ (47)

Long-duration Contracts - Futur

Long-duration Contracts - Future Premiums and Payment Benefits (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Insurance [Abstract]
Expected future benefit payments undiscounted	$ 63,995	$ 51,643
Expected future benefit payments discounted	$ 44,375	$ 36,711

Long-duration Contracts - Weigh

Long-duration Contracts - Weighted Average Duration And Weighted Average Interest Rates (Details)	Mar. 31, 2023	Mar. 31, 2022
Insurance [Abstract]
Weighted-average liability duration (in years)	10 years 1 month 6 days	10 years 7 months 6 days
Weighted-average interest accretion rate	3.20%	2.70%
Weighted-average current discount rate	5.30%	3.70%

Long-duration Contracts - Actua

Long-duration Contracts - Actual Experience (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Expected reserve release due to death
Policyholder Account Balance [Line Items]
Net liability	$ 132	$ 114
Actual reserve release due to death
Policyholder Account Balance [Line Items]
Net liability	183	163
Decrease in reserve due to actual experience compared to expected experience
Policyholder Account Balance [Line Items]
Net liability	$ (51)	$ (49)

Long-duration Contracts - Remea

Long-duration Contracts - Remeasurement of Gain (Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Insurance [Abstract]
Reserves	$ 29	$ 47
Deferred profit liability	(27)	(54)
Negative VOBA	(4)	10
Total remeasurement gains (losses)	$ (2)	$ 3

Long-duration Contracts - Balan

Long-duration Contracts - Balances of and Changes in Market Risk Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Market Risk Benefit [Roll Forward]
Beginning balance	$ 2,489	$ 4,447
Beginning balance effect of changes in instrument-specific credit risk	366
Balance, beginning of period, before changes in instrument specific credit risk	3,218	3,841	$ 2,855
Issuances	17	16
Interest accrual	34	(2)
Attributed fees collected	85	82
Benefit payments	(6)	(12)
Effect of changes in interest rates	226	(758)
Effect of changes in equity	(18)	55
Effect of actual policyholder behavior compared to expected behavior	25	13
Balance, end of period, before changes in instrument specific credit risk	3,218	3,841
Ending balance effect of changes in instrument-specific credit risk	(455)	(397)
Ending balance	2,763	3,444
Reconciliation of the gross balances in an asset or liability position:
Net amount at risk	14,392	10,983
Traditional deferred annuities
Market Risk Benefit [Roll Forward]
Beginning balance	170	253
Beginning balance effect of changes in instrument-specific credit risk	13
Balance, beginning of period, before changes in instrument specific credit risk	196	228	183
Issuances	0	0
Interest accrual	2	0
Attributed fees collected	1	1
Benefit payments	0	(1)
Effect of changes in interest rates	8	(26)
Effect of changes in equity	0	0
Effect of actual policyholder behavior compared to expected behavior	2	1
Balance, end of period, before changes in instrument specific credit risk	196	228
Ending balance effect of changes in instrument-specific credit risk	(16)	(13)
Ending balance	180	215
Reconciliation of the gross balances in an asset or liability position:
Net amount at risk	$ 423	$ 416
Weighted-average attained age of contract holders (in years)	75 years	75 years
Indexed annuities
Market Risk Benefit [Roll Forward]
Beginning balance	$ 2,319	$ 4,194
Beginning balance effect of changes in instrument-specific credit risk	353
Balance, beginning of period, before changes in instrument specific credit risk	3,022	3,613	$ 2,672
Issuances	17	16
Interest accrual	32	(2)
Attributed fees collected	84	81
Benefit payments	(6)	(11)
Effect of changes in interest rates	218	(732)
Effect of changes in equity	(18)	55
Effect of actual policyholder behavior compared to expected behavior	23	12
Balance, end of period, before changes in instrument specific credit risk	3,022	3,613
Ending balance effect of changes in instrument-specific credit risk	(439)	(384)
Ending balance	2,583	3,229
Reconciliation of the gross balances in an asset or liability position:
Net amount at risk	$ 13,903	$ 10,554
Weighted-average attained age of contract holders (in years)	69 years	69 years
Traditional Deferred Annuities and Indexed Annuities
Reconciliation of the gross balances in an asset or liability position:
Net amount at risk	$ 14,326	$ 10,970
Weighted-average attained age of contract holders (in years)	69 years	69 years

Long-duration Contracts - Asset

Long-duration Contracts - Asset and Liability (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Market Risk Benefit [Line Items]
Asset	$ 440		$ 413	$ 366
Liability	3,203		3,857	4,813
Net liability	2,763	$ 2,489	3,444	4,447
Traditional deferred annuities
Market Risk Benefit [Line Items]
Asset	0		0	0
Liability	180		215	253
Net liability	180	$ 170	215	253
Indexed annuities
Market Risk Benefit [Line Items]
Asset	440		413	366
Liability	3,023		3,642	4,560
Net liability	$ 2,583		$ 3,229	$ 4,194

Long-duration Contracts - Signi

Long-duration Contracts - Significant Inputs and Assumptions (Details) $ in Millions	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Market Risk Benefit [Line Items]
Market risk benefits, net	$ 2,763	$ 2,489	$ 3,444	$ 4,447
Minimum \| Discounted cash flow \| Nonperformance risk
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.003		0.004
Minimum \| Discounted cash flow \| Option budget
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.005		0.005
Minimum \| Discounted cash flow \| Surrender rate
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.033		0.036
Maximum \| Discounted cash flow \| Nonperformance risk
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.017		0.020
Maximum \| Discounted cash flow \| Option budget
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.056		0.038
Maximum \| Discounted cash flow \| Surrender rate
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.069		0.066
Weighted average \| Discounted cash flow \| Nonperformance risk
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.016		0.013
Weighted average \| Discounted cash flow \| Option budget
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.017		0.015
Weighted average \| Discounted cash flow \| Surrender rate
Market Risk Benefit [Line Items]
Market risk benefits, measurement input	0.045		0.045

Profit Sharing Payable (Details

Profit Sharing Payable (Details) $ in Millions	3 Months Ended
Profit Sharing Payable (Details) $ in Millions	Mar. 31, 2023 USD ($)
Profit Sharing Payable Activity [Roll Forward]
Profit sharing payable, beginning balance	$ 1,392
Profit sharing expense	289
Payments/other	(168)
Profit sharing payable, ending balance	$ 1,513

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax (provision) benefit	$ (253)	$ 485
Effective income tax rate	14.10%	31.40%
Unrecognized tax benefits that would impact effective tax rate	$ 16

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Debt - Summary of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding Balance	$ 6,464	$ 6,472
Fair Value	5,520	5,467
Asset Management
Debt Instrument [Line Items]
Outstanding Balance	2,814	2,814
Fair Value	2,614	2,574
Amortization of note discount	15	16
Asset Management \| Senior Notes \| 4.00%, 2024 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	499	499
Fair Value	$ 490	486
Interest rate	4%
Asset Management \| Senior Notes \| 4.40%, 2026 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	$ 498	498
Fair Value	$ 486	476
Interest rate	4.40%
Asset Management \| Senior Notes \| 4.87%, 2029 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	$ 675	675
Fair Value	$ 647	639
Interest rate	4.87%
Asset Management \| Senior Notes \| 2.65% 2030 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	$ 496	495
Fair Value	$ 419	407
Interest rate	2.65%
Asset Management \| Senior Notes \| 5.00%, 2048 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	$ 297	297
Fair Value	$ 272	262
Interest rate	5%
Asset Management \| Subordinated notes \| 4.95%, 2050 Senior Subordinated Notes
Debt Instrument [Line Items]
Outstanding Balance	$ 297	297
Fair Value	$ 248	252
Interest rate	4.95%
Asset Management \| Secured debt \| 1.70% Secured Borrowing II
Debt Instrument [Line Items]
Outstanding Balance	$ 18	18
Fair Value	$ 18	17
Interest rate	1.70%
Asset Management \| Line of credit \| 1.30% 2016 AMI Term Facility I
Debt Instrument [Line Items]
Outstanding Balance	$ 18	18
Fair Value	$ 18	18
Interest rate	1.30%
Asset Management \| Line of credit \| 1.40% 2016 AMI Term Facility I
Debt Instrument [Line Items]
Outstanding Balance	$ 16	17
Fair Value	$ 16	17
Interest rate	1.40%
Retirement Services
Debt Instrument [Line Items]
Outstanding Balance	$ 3,650	3,658
Fair Value	2,906	2,893
Retirement Services \| Senior Notes \| 4.13% 2028 Notes
Debt Instrument [Line Items]
Outstanding Balance	1,077	1,081
Fair Value	$ 907	921
Interest rate	4.13%
Retirement Services \| Senior Notes \| 6.15% 2030 Notes
Debt Instrument [Line Items]
Outstanding Balance	$ 603	606
Fair Value	$ 504	508
Interest rate	6.15%
Retirement Services \| Senior Notes \| 3.50% 2031 Notes
Debt Instrument [Line Items]
Outstanding Balance	$ 525	526
Fair Value	$ 421	413
Interest rate	3.50%
Retirement Services \| Senior Notes \| 3.95% 2051 Notes
Debt Instrument [Line Items]
Outstanding Balance	$ 546	546
Fair Value	$ 350	342
Interest rate	3.95%
Retirement Services \| Senior Notes \| 3.45% 2052 Notes
Debt Instrument [Line Items]
Outstanding Balance	$ 504	504
Fair Value	$ 317	311
Interest rate	3.45%
Retirement Services \| Senior Notes \| 6.65% 2033 Notes
Debt Instrument [Line Items]
Outstanding Balance	$ 395	395
Fair Value	$ 407	$ 398
Interest rate	6.65%

Debt - Narrative (Details)

Debt - Narrative (Details)		3 Months Ended
Debt - Narrative (Details)	Feb. 07, 2023 USD ($)	Mar. 31, 2023 USD ($) extension	Sep. 30, 2022	Oct. 12, 2022 USD ($)
Senior secured notes \| Retirement Services
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		100%
Line of credit \| Revolving Credit Facility \| AMH Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 1,000,000,000
Line of credit \| Retirement Services \| Revolving Credit Facility \| AHL Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,250,000,000
Amount outstanding		$ 0
Number of extensions \| extension		2
Renewal term of credit facility		1 year
Line of credit facility, maximum borrowing capacity including potential increases		$ 1,750,000,000
Capitalization ratio		35%
Minimum consolidated net worth		$ 7,300,000,000
Amount borrowed	$ 1,000,000,000
Line of credit \| Retirement Services \| Revolving Credit Facility \| AHL Liquidity Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		3,000,000,000
Renewal term of credit facility			364 days
Minimum consolidated net worth		9,300,000,000
Current borrowing capacity		2,500,000,000
Line of credit \| Asset Management \| Revolving Credit Facility \| AMH Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		1,000,000,000
Incremental facilities, maximum amount		$ 250,000,000
Maximum leverage ratio		4
Amount outstanding		$ 0

Debt - Schedule of Credit and L

Debt - Schedule of Credit and Liquidity Facilities (Details) - Line of credit - Revolving Credit Facility - USD ($)	3 Months Ended
	Mar. 31, 2023	Oct. 12, 2022
AMH Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,000,000,000
AMH Credit Facility \| Asset Management
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000
Commitment fee (as a percent)	0.08%
AHL Credit Facility \| Retirement Services
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,250,000,000
Line of credit facility, maximum borrowing capacity including potential increases	1,750,000,000
AHL Liquidity Facility \| Retirement Services
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	3,000,000,000
Current borrowing capacity	$ 2,500,000,000

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
Debt - Interest Expense (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Total Interest Expense	$ 61	$ 56
Asset Management
Debt Instrument [Line Items]
Total Interest Expense	31	32
Retirement Services
Debt Instrument [Line Items]
Total Interest Expense	$ 30	$ 24

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2021	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 140	$ 168
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized equity-based compensation expense		$ 996
Period of recognition		2 years 9 months 18 days
Granted (in shares)		5,849,355
RSUs \| President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	6,000,000
Service Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 67	$ 67
Granted (in shares)		4,600,000	4,300,000
Grant date fair value		$ 313	$ 266
Service Grants \| President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 14	14
Award requisite service period	5 years
Service Grants \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Service Grants \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		6 years
Performance Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 55	$ 74
Granted (in shares)		1,200,000	2,100,000
Grant date fair value		$ 79	$ 126
Performance Grants \| President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		6	6
Granted (in shares)	2,000,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 9	$ 19
Granted (in shares)		200,000	400,000
Grant date fair value		$ 14	$ 28

Equity-Based Compensation - RSU

Equity-Based Compensation - RSU and RS Summary (Details) - RSUs	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Unvested
Unvested, beginning balance (in shares)	18,263,875
Granted (in shares)	5,849,355
Forfeited (in shares)	(30,076)
Vested (in shares)	(3,028,390)
Unvested, ending balance (in shares)	21,054,764
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 57.18
Granted (in dollars per share) \| $ / shares	66.99
Forfeited (in dollars per share) \| $ / shares	64.93
Vested (in dollars per share) \| $ / shares	48.77
Ending balance (in dollars per share) \| $ / shares	$ 61.16
Vested
Vested, beginning balance (in shares)	15,656,775
Granted (in shares)	0
Forfeited (in shares)	0
Vested (in shares)	3,028,390
Issued (in shares)	(5,903,313)
Vested, ending balance (in shares)	12,781,852
Total Number of RSUs Outstanding
Beginning balance (in shares)	33,920,650
Granted (in shares)	5,849,355
Forfeited (in shares)	(30,076)
Vested (in shares)	0
Issued (in shares)	(5,903,313)
Ending balance (in shares)	33,836,616

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Equity - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Feb. 21, 2023	Jan. 03, 2022
Class of Stock [Line Items]
Share repurchase program, authorized amount			$ 1,000	$ 1,500
Share repurchase program, additional amount			500	$ 1,000
Stock repurchase program, decrease in authorized amount			$ 500
Common Stock
Class of Stock [Line Items]
Repurchase of class A common stock (in shares)	6,376,021	2,986,676
Repurchase of common stock	$ 433	$ 187

Equity - Schedule of Share Acti

Equity - Schedule of Share Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Cash paid for tax liabilities	$ 147	$ 138
Common Stock
Class of Stock [Line Items]
Shares of common stock purchased related to share issuances and forfeitures (in shares)	(160,239)	(219,500)
Issuance of shares of common stock for equity-based awards (in shares)	2,706,576	2,274,666
Common stock shares repurchased (in shares)	353,979	623,324
Restricted Stock Units And Options \| Common Stock
Class of Stock [Line Items]
Shares of common stock issued in settlement of vested RSUs and options exercised (in shares)	4,930,963	4,556,421
Reduction of shares of common stock issued (in shares)	(2,064,148)	(2,062,255)
Shares issued in settlement of vested RSUs and options exercised \| Common Stock
Class of Stock [Line Items]
Share-based payment arrangement, before forfeiture	$ 348	$ 301
Shares purchased related to share issuances and forfeitures
Class of Stock [Line Items]
Granted (in shares)	193,740	403,824
RSUs
Class of Stock [Line Items]
Granted (in shares)	160,239	219,500

Equity - Schedule of Dividends

Equity - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Millions											3 Months Ended	12 Months Ended
	Feb. 28, 2023	Feb. 09, 2023	Nov. 30, 2022	Nov. 02, 2022	Aug. 31, 2022	Aug. 04, 2022	May 31, 2022	May 05, 2022	Feb. 28, 2022	Feb. 11, 2022	Mar. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Dividends per share of common stock (in dollars per share)		$ 0.40		$ 0.40		$ 0.40		$ 0.40		$ 0.40	$ 0.40	$ 1.60
Dividend to Common Stockholders	$ 229		$ 229		$ 229		$ 229		$ 229		$ 229	$ 916
Distribution to Non-Controlling Interest Holders in the Apollo Operating Group	0		0		0		0		0		0	0
Total Distributions	229		229		229		229		229		229	916
Distribution Equivalents on Participating Securities	$ 12		$ 11		$ 11		$ 12		$ 12		$ 12	$ 46

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 14,366	$ 10,194
Less: Income tax expense (benefit)	(290)	615
Ending balance	16,692	22,089
Unrealized investment gains (losses) on AFS securities without a credit allowance
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(12,568)	(1)
Other comprehensive income (loss) before reclassifications	2,187	(6,646)
Less: Reclassification adjustments for gains (losses) realized	(31)	(38)
Less: Income tax expense (benefit)	312	(1,184)
Less: Other comprehensive income (loss) attributable to non-controlling interests	220	(676)
Ending balance	(10,882)	(4,749)
Unrealized investment gains (losses) on AFS securities with a credit allowance
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(334)	0
Other comprehensive income (loss) before reclassifications	(119)	(97)
Less: Reclassification adjustments for gains (losses) realized	0	(7)
Less: Income tax expense (benefit)	14	(16)
Less: Other comprehensive income (loss) attributable to non-controlling interests	0	(9)
Ending balance	(467)	(65)
Unrealized gains (losses) on hedging instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	48	(1)
Other comprehensive income (loss) before reclassifications	191	(127)
Less: Reclassification adjustments for gains (losses) realized	87	0
Less: Income tax expense (benefit)	15	(26)
Less: Other comprehensive income (loss) attributable to non-controlling interests	27	(24)
Ending balance	110	(78)
Remeasurement gains (losses) on future policy benefits related to discount rate
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	5,256	0
Other comprehensive income (loss) before reclassifications	(802)	3,562
Less: Reclassification adjustments for gains (losses) realized	0	0
Less: Income tax expense (benefit)	(73)	529
Less: Other comprehensive income (loss) attributable to non-controlling interests	(208)	774
Ending balance	4,735	2,259
Remeasurement gains (losses) on market risk benefits related to credit risk
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	285	0
Other comprehensive income (loss) before reclassifications	89	397
Less: Reclassification adjustments for gains (losses) realized	0	0
Less: Income tax expense (benefit)	18	83
Less: Other comprehensive income (loss) attributable to non-controlling interests	1	5
Ending balance	355	309
Foreign currency translation and other adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(22)	(3)
Other comprehensive income (loss) before reclassifications	22	(9)
Less: Reclassification adjustments for gains (losses) realized	0	0
Less: Income tax expense (benefit)	4	(1)
Less: Other comprehensive income (loss) attributable to non-controlling interests	9	(15)
Ending balance	(13)	4
Accumulated other comprehensive income (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(7,335)	(5)
Other comprehensive income (loss) before reclassifications	1,568	(2,920)
Less: Reclassification adjustments for gains (losses) realized	56	(45)
Less: Income tax expense (benefit)	290	(615)
Less: Other comprehensive income (loss) attributable to non-controlling interests	49	55
Ending balance	$ (6,162)	$ (2,320)

Earnings per Share - Schedule o

Earnings per Share - Schedule of Basic and Diluted Net Income per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ 1,010	$ (401)
Dividends declared on common stock	(229)	(229)
Dividends on participating securities	(12)	(12)
Earnings allocable to participating securities	(20)	0
Undistributed income (loss) attributable to common stockholders: Basic	749	(642)
Dilution effect on distributable income attributable to contingent shares	(5)	0
Undistributed income (loss) attributable to common stockholders: Diluted	$ 744	$ (642)
Weighted average number of shares of common stock outstanding - basic (in shares)	584,115,927	586,495,913
Dilution effect of contingent shares (in shares)	126,644	0
Weighted average number of shares of common stock outstanding - diluted (in shares)	584,242,571	586,495,913
Net income(loss) per share of common stock: Basic
Distributed income (in dollars per share)	$ 0.40	$ 0.40
Undistributed income (loss) (in dollars per share)	1.27	(1.10)
Net income (loss) per share of common stock: basic (in dollars per share)	1.67	(0.70)
Net Income (Loss) per share of common stock: Diluted
Distributed income (in dollars per share)	0.40	0.40
Undistributed income (loss) (in dollars per share)	1.26	(1.10)
Net income (loss) per share of common stock: diluted (in dollars per share)	$ 1.66	$ (0.70)

Earnings per Share - Anti-dilut

Earnings per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Weighted average unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	14,056,347	10,744,265
Weighted average unexercised options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	2,311,985	2,424,407
Weighted average unexercised warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	3,832,969	1,300,000
Weighted average unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	1,719,231	2,266,951

Related Parties - Schedule of R

Related Parties - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due from funds	$ 274	$ 269
Due from portfolio companies	98	106
Due from employees and former employees	92	90
Total Due from Related Parties	464	465
Due to former managing partners and contributing partners	831	874
Due to funds	149	124
Total Due to Related Parties	980	998
Sale of Investment \| Investment funds
Related Party Transaction [Line Items]
Total Due from Related Parties	33	43
AOG Unit Payment \| Managing Partners
Related Party Transaction [Line Items]
Total Due to Related Parties	$ 307	$ 351

Related Parties - Narrative (De

Related Parties - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended		12 Months Ended
Related Parties - Narrative (Details) - USD ($)	Jul. 13, 2021	Feb. 12, 2021	Oct. 31, 2020	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to related parties				$ 980,000,000		$ 998,000,000
Due from employees and former employees				92,000,000		90,000,000
Due from related parties				464,000,000		465,000,000
AFS securities				$ 118,579,000,000		112,225,000,000
ALRe \| ACRA 1A
Related Party Transaction [Line Items]
Sale of stock, percentage of ownership after transaction				36.55%
Athene Dedicated Investment Program
Related Party Transaction [Line Items]
Economic interest, ownership percentage				63.45%
Athene Dedicated Investment Program \| Athene
Related Party Transaction [Line Items]
Proceeds from contributed capital				$ 0	$ 311,000,000
Dividends paid				127,000,000	$ 0
Affiliated Entity
Related Party Transaction [Line Items]
Performance allocations				119,000,000		107,000,000
Affiliated Entity \| IPO \| APSG I
Related Party Transaction [Line Items]
Proceeds from sale of stock, related parties			$ 817,000,000
Affiliated Entity \| IPO \| APSG II
Related Party Transaction [Line Items]
Proceeds from sale of stock, related parties		$ 690,000,000
Affiliated Entity \| IPO \| Acropolis
Related Party Transaction [Line Items]
Proceeds from sale of stock, related parties	$ 345,000,000
Affiliated Entity \| AOG Unit Holders
Related Party Transaction [Line Items]
Tax receivable agreement, payment, multiplier by outstanding units								$ 3.66
Affiliated Entity \| Wheels And Donlen
Related Party Transaction [Line Items]
AFS securities				$ 1,185,000,000		1,024,000,000
Affiliated Entity \| Athora Holding Ltd. (Athora)
Related Party Transaction [Line Items]
Related party transaction, term				30 days
Right of refusal to reinsure as a percentage of liabilities ceded				50%
Right of refusal to reinsure liabilities ceded from a third party, percentage				20%
Limitation of third party liabilities as a percentage of athora's liabilities				20%
Funding agreements, limitation as a percentage of fair market value of total assets				3%
Investment funds				$ 1,034,000,000		959,000,000
Affiliated Entity \| Atlas \| Athene
Related Party Transaction [Line Items]
Due to related parties				995,000,000		0
Purchases from related party				1,043,000,000		0
Tax Receivable Agreement
Related Party Transaction [Line Items]
Cash tax savings							15%
Tax Receivable Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Cash tax savings							85%
AOG Unit Payment \| Managing Partners
Related Party Transaction [Line Items]
Due to related parties				307,000,000		351,000,000
Employee Loans
Related Party Transaction [Line Items]
Due from employees and former employees				7,000,000		9,000,000
Employee Loans, Profit Sharing Distributions
Related Party Transaction [Line Items]
Due from employees and former employees				75,000,000		72,000,000
Indemnification Liability \| Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties				13,000,000		13,000,000
Equity Commitments \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties				347,000,000
Funding agreements \| Affiliated Entity \| Athora Holding Ltd. (Athora) \| Athene
Related Party Transaction [Line Items]
Due to related parties				60,000,000		59,000,000
Additional Investments \| Affiliated Entity \| Athora Holding Ltd. (Athora) \| Athene
Related Party Transaction [Line Items]
Due to related parties				526,000,000
Additional Investments \| Affiliated Entity \| PK Air \| Athene
Related Party Transaction [Line Items]
Due to related parties				1,300,000,000
Reinsurance Agreement \| Affiliated Entity \| Catalina Holdings Ltd. (Catalina) [Member] \| Athene
Related Party Transaction [Line Items]
Due to related parties				189,000,000		142,000,000
Coinsurance And Modco Agreement \| Affiliated Entity \| Voya Insurance And Annuity Company
Related Party Transaction [Line Items]
Investment funds				235,000,000		240,000,000
Loans Receivable From Related Party \| Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties				$ 338,000,000		303,000,000
Related party transaction, rate				6.257%
PK Air Senior Notes \| Affiliated Entity \| PK Air \| Athene
Related Party Transaction [Line Items]
Purchases from related party				$ 1,600,000,000		$ 1,200,000,000

Related Parties - Athora (Detai

Related Parties - Athora (Details) - Athora Holding Ltd. (Athora) - Affiliated Entity - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Investment fund	$ 1,034	$ 959
Non-redeemable preferred equity securities	245	273
Total Investments – Asset Management	$ 1,279	$ 1,232

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) € in Millions				1 Months Ended	3 Months Ended
	Jun. 08, 2020 claim Defendant	Dec. 21, 2017 USD ($)	Aug. 03, 2017 EUR (€)	Mar. 31, 2020 Defendant	Mar. 31, 2023 USD ($) Transaction subsidiary	Dec. 31, 2022 USD ($)	May 03, 2022 USD ($)
Loss Contingencies [Line Items]
Cumulative revenues recognized if existing investments become worthless					$ 4,900,000,000
Fair Value, Recurring \| Asset Management
Loss Contingencies [Line Items]
Contingent consideration obligations					78,000,000	$ 86,000,000
Level 3 \| Fair Value, Recurring \| Asset Management
Loss Contingencies [Line Items]
Contingent consideration obligations					$ 78,000,000	86,000,000
Atlas
Loss Contingencies [Line Items]
Number of transaction acquired \| Transaction					2
Guarantee					$ 3,300,000,000
United States District Court Middle District Of Florida Against AGM
Loss Contingencies [Line Items]
Loss of contingency, damages \| €			€ 30
Harbinger Capital Partners II LP et al .v. Apollo Global Management LLC et al. No.6575152017
Loss Contingencies [Line Items]
Loss of contingency, damages		$ 1,900,000,000
Harbinger Capital Partners II LP et al .v. Apollo Global Management LLC et al. No.6575152017 \| Consultant \| Sky Terra
Loss Contingencies [Line Items]
Number of defendants \| Defendant	8
Harbinger Capital Partners II LP et al .v. Apollo Global Management LLC et al. No.6575152017 \| Executive Officer \| Sky Terra
Loss Contingencies [Line Items]
Number of defendants \| claim	3
Frank Funds V. Apollo Global Management \| Officers And Employees
Loss Contingencies [Line Items]
Number of defendants \| Defendant				3
Stone Tower
Loss Contingencies [Line Items]
Fair value of contingent consideration					53,000,000	55,000,000
Griffin Capital, Asset Management Business
Loss Contingencies [Line Items]
Contingent consideration obligations							$ 64,000,000
Griffin Capital, Asset Management Business \| Level 3 \| Fair Value, Recurring \| Asset Management
Loss Contingencies [Line Items]
Contingent consideration obligations					25,000,000	31,000,000
Apollo Capital Markets Partnership \| Sumitomo Mitsui Banking Corp
Loss Contingencies [Line Items]
Maximum borrowing capacity					2,250,000,000
Amount outstanding					1,240,000,000
Athene Holding Limited \| Letter of Credit
Loss Contingencies [Line Items]
Undrawn letter of credit					1,300,000,000
Athene Holding Limited \| Federal Home Loan Bank
Loss Contingencies [Line Items]
Funding agreements outstanding					4,900,000,000	3,700,000,000
Athene Holding Limited \| Funding Agreement Backed Notes
Loss Contingencies [Line Items]
Funding agreements outstanding					21,100,000,000	21,000,000,000
Funding agreements remaining capacity					13,500,000,000
Athene Holding Limited \| Funding Agreement Backed Repurchase Agreement
Loss Contingencies [Line Items]
Funding agreements outstanding					3,000,000,000	$ 3,000,000,000
Additional Investments
Loss Contingencies [Line Items]
Retirement services contributions to investment funds, inclusive of related party commitments					19,300,000,000
Investment Commitment
Loss Contingencies [Line Items]
Other commitment					$ 600,000,000
Underwriting Commitments \| AGS
Loss Contingencies [Line Items]
Number of subsidiaries \| subsidiary					1
Commitment To Purchase Underlying Portfolio Investment \| AGS
Loss Contingencies [Line Items]
Unfunded contingent commitments					$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Total Restricted Assets (Details) - Athene Holding Limited - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financial Instruments Owned and Pledged as Collateral [Line Items]
AFS securities	$ 17,054	$ 15,366
Trading securities	69	55
Equity securities	71	38
Mortgage loans	7,963	8,849
Investment funds	84	103
Derivative assets	80	65
Short-term investments	131	120
Other investments	215	170
Restricted cash and cash equivalents	1,148	628
Total restricted assets	$ 26,815	$ 25,394

Segments - Narrative (Details)

Segments - Narrative (Details)	3 Months Ended
Segments - Narrative (Details)	Mar. 31, 2023 reportable_segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segments - Segment Reporting In

Segments - Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 270,324		$ 257,217
Asset Management
Segment Reporting Information [Line Items]
Total assets	12,967		13,402
Retirement Services
Segment Reporting Information [Line Items]
Total assets	257,357		243,815
Management fees \| Asset Management
Segment Reporting Information [Line Items]
Revenues	414	$ 336
Advisory and transaction fees, net \| Asset Management
Segment Reporting Information [Line Items]
Revenues	155	66
Operating Segments
Segment Reporting Information [Line Items]
Segment Income	1,093	1,171
Total assets	263,639		250,500
Operating Segments \| Asset Management
Segment Reporting Information [Line Items]
Fee-related performance fees	27	14
Fee-related compensation	(211)	(175)
Other operating expenses	(134)	(98)
Segment Income	397	310
Total assets	2,030		1,918
Operating Segments \| Retirement Services
Segment Reporting Information [Line Items]
Other operating expenses	(124)	(109)
Fixed income and other investment income, net	1,957	1,207
Alternative investment income, net	185	448
Strategic capital management fees	14	12
Cost of funds	(1,235)	(822)
Interest and other financing costs	(109)	(62)
Segment Income	688	674
Total assets	8,158		8,099
Operating Segments \| Principal Investing
Segment Reporting Information [Line Items]
Other operating expenses	(14)	(10)
Realized performance fees	164	127
Realized investment income	28	226
Principal investing compensation	(170)	(156)
Segment Income	8	187
Total assets	253,451		$ 240,483
Operating Segments \| Management fees \| Asset Management
Segment Reporting Information [Line Items]
Revenues	577	505
Operating Segments \| Advisory and transaction fees, net \| Asset Management
Segment Reporting Information [Line Items]
Revenues	$ 138	$ 64

Segments - Reconciliation of To

Segments - Reconciliation of Total Consolidated Revenues to Total Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total Consolidated Revenues	$ 5,301	$ 862
Asset Management
Segment Reporting Information [Line Items]
Total Consolidated Revenues	1,036	1,109
Asset Management \| Management fees
Segment Reporting Information [Line Items]
Retirement services management fees	414	336
Adjustments
Segment Reporting Information [Line Items]
Retirement services GAAP revenue	(4,265)	247
Equity awards granted by unconsolidated related parties, reimbursable expenses and other	(69)	(41)
Adjustments related to consolidated funds and VIEs	(1)	76
Performance fees	(401)	(571)
Principal investment income	(39)	(172)
Adjustments \| Management fees
Segment Reporting Information [Line Items]
Retirement services management fees	216	182
Operating Segments \| Asset Management
Segment Reporting Information [Line Items]
Total Consolidated Revenues	742	583
Operating Segments \| Asset Management \| Management fees
Segment Reporting Information [Line Items]
Retirement services management fees	$ 577	$ 505

Segments - Reconciliation of In

Segments - Reconciliation of Income Before Income Tax provision from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (loss) before income tax provision (benefit)	$ 1,791	$ (1,544)
Equity-based compensation	140	168
Net (income) loss attributable to non-controlling interests in consolidated entities	528	(658)
Asset Management
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Unrealized net (gains) losses from investment activities and other	7	(36)
Investment (gains) losses, net of offsets	2	(34)
Retirement Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Investment (gains) losses, net of offsets	(1,065)	4,230
Adjustments \| Asset Management
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Equity-based profit sharing expense and other	67	97
Equity-based compensation	52	56
Transaction-related charges	(3)	(1)
Merger-related transaction and integration costs	7	18
(Gains) losses from change in tax receivable agreement liability	0	14
Net (income) loss attributable to non-controlling interests in consolidated entities	(523)	649
Unrealized performance fees	(239)	(445)
Unrealized profit sharing expense	135	191
HoldCo interest and other financing costs	21	39
Unrealized principal investment income (loss)	(10)	82
Unrealized net (gains) losses from investment activities and other	12	(18)
Adjustments \| Retirement Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Equity-based compensation	16	12
Investment (gains) losses, net of offsets	(397)	2,636
Non-operating change in insurance liabilities and related derivatives	135	(649)
Integration, restructuring and other non-operating expenses	29	34
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Income	1,093	1,171
Operating Segments \| Retirement Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
HoldCo interest and other financing costs	$ 109	$ 62

Segments - Reconciliation of As

Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Assets	$ 270,324	$ 257,217
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Assets	263,639	250,500
Adjustments
Segment Reporting, Revenue Reconciling Item [Line Items]
Assets	$ 6,685	$ 6,717

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares							3 Months Ended	12 Months Ended
Subsequent Events (Details) - $ / shares	May 09, 2023	Feb. 09, 2023	Nov. 02, 2022	Aug. 04, 2022	May 05, 2022	Feb. 11, 2022	Mar. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Dividends per share of common stock (in dollars per share)		$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 1.60
Subsequent Event
Subsequent Event [Line Items]
Dividends per share of common stock (in dollars per share)	$ 0.43