Apollo Global Management

Holdco shows a conservative balance sheet with 2.382 billion dollars of cash, 4.280 billion dollars of debt, and net balance sheet value of 2.608 billion dollars as of 2Q25. At the operating level, Apollo Asset Management carries A2/A/A ratings and Athene’s primary insurance subsidiaries carry A1/A+/A+/A+ across Moody’s, S&P, Fitch and AM Best.

Athene’s consolidated RBC ratio was approximately 430 percent at December 31, 2024, and available liquidity across the ecosystem is robust. Key risks include potential regulatory changes to reinsurance or capital that could raise equity needs, as well as adverse credit migration in invested assets during a severe downturn.