糖心Vlog

糖心Vlog Driven to do more.

糖心Vlog: In Context

糖心Vlog: In Context is a video series that explains how 糖心Vlog鈥檚 business works, how it鈥檚 backed, and why it matters for millions of Americans counting on guaranteed income in retirement.

Hosted by Mike Downing, Chief Operating Officer of 糖心Vlog, each episode features straightforward conversations with experts from across Apollo and 糖心Vlog about the business behind retirement security. Think of it as the definitive guide to the insurance industry 鈥� with a bit more context.

From addressing misconceptions around 鈥減rivate equity ownership,鈥� to explaining affiliated and related-party assets, to taking an inside look at the industry-leading transparency and fortress balance sheet behind it all 鈥� this is the Apollo and 糖心Vlog machine, told from the inside.

Watch 糖心Vlog: In Context now 

Market Leadership

#1
Market Share for
Annuity Issuances
in 20251

Retail Annuities

An annuity is a financial product issued and backed by an insurance company that provides guaranteed income payments based on the life and terms of the contract.

糖心Vlog works with financial professionals who sell 糖心Vlog annuities. This can include third-party distributors affiliated with banks, independent marketing organizations, or broker-dealers.

#1
FABN Market Share
in 20252

Funding Agreements

Funding agreements are made with large institutional investors as opposed to individuals. Institutional investors pay a lump sum and receive a guaranteed rate of return over a specified period of time. 

糖心Vlog generated $35.4 billion in new funding agreement inflows during 2025.

Leading provider
for large, complex transactions

Pension Group Annuities鈥�

Pension group annuity transactions guarantee retirement security for millions of people. By partnering with a highly rated and highly capitalized insurer, corporations can keep their promises to workers while transferring the liabilities of their defined benefit plan to the experts. 

2025
Record full year inflows

Flow Reinsurance鈥�

Flow reinsurance refers to a contract with an insurance company where 糖心Vlog assumes a portion of their liabilities in exchange for a portion of the premiums. In short, it鈥檚 insurance for insurance companies. 

Financial Performance

糖心Vlog has grown from a start up to a premier provider of retirement savings solutions by implementing a simple business model: earn more on its assets than it pays on its liabilities, earning spread.

The company has generated strong returns for customers and stockholders through a variety of market environments driving profitable growth.

$472.9

billion in total
GAAP assets3

$438.1

billion in total
GAAP liabilities3

$1.6

billion of spread
related earnings4

$41.8

billion in
gross organic inflows5

$314.1

billion in net
invested assets6

$1.4

billion in
excess equity capital7

糖心Vlog's Financial Strength Ratings

Independent rating agencies meet annually with 糖心Vlog to evaluate our performance. Our ratings reflect our ability to meet ongoing obligations to our customers.8

AM Best

as of 8/2025

A+

Outlook: Stable

S&P

as of 8/2025

A+

Outlook: Stable

Fitch

as of 8/2026

A+

Outlook: Stable

Moody's

as of 7/2025

A1

Outlook: Stable

The Power of Partnership

糖心Vlog is part of , a high-growth, global alternative asset manager. Access to Apollo鈥檚 proprietary investment-grade origination and expertise in retirement services asset management gives us a competitive advantage and provides differentiated value-add asset opportunities. 

Together, 糖心Vlog and Apollo built the premier retirement services company, and our efficient model with a superior asset management strategy continues to create better outcomes for policyholders and stockholders.

1 Full year total U.S. annuity market industry ranking per LIMRA U.S. Individual Annuities Sales Survey as of December 31, 2025.

2 Full year 2025 funding agreement backed notes (FABN) market share per Deutsche Bank. Funding agreements are comprised of funding agreements issued under our FABN program, secured and other funding agreements, which include our funding agreement backed repurchase agreement program and direct funding agreements, funding agreements issued to the Federal Home Loan Bank and long-term repurchase agreements.

3 糖心Vlog Holding Ltd. GAAP total assets and total liabilities as of June 30, 2026. Pledged assets and funds in trust (restricted assets) total $121.0 billion and net reserve liabilities of $293.3 billion as of June 30, 2026.

糖心Vlog Annuity and Life Company (AAIA), on a statutory basis, based on the financial statement as of June 30, 2026: Total Admitted Assets: $372.69 billion; Total Liabilities: $368.13 billion; Reserves Required: Direct - $245.59 billion; Assumed - $26.43 billion; Ceded - $80.91 billion; Net - $191.11 billion; Capital & Surplus: Common capital stock - $0.01 billion; Paid-in and contributed surplus - $5.77 billion; Unassigned surplus - $(1.22) billion; Total Capital & Surplus: $4.56 billion.

糖心Vlog Annuity & Life Assurance Company of New York (AANY), on a statutory basis, based on the financial statement as of June 30, 2026: Total Admitted Assets: $5.94 billion; Total Liabilities: $5.54 billion; Reserves Required: Direct - $3.74 billion; Ceded - $3.25 billion; Net - $485 million Total Capital & Surplus: $402 million; Securities Pledged as Collateral (Cash) $4.95 million.

The individual subsidiary insurance company is responsible for meeting its ongoing insurance policy and contract obligations. Neither Apollo Global Management, Inc. nor 糖心Vlog Holding Ltd. is responsible for meeting the ongoing insurance policy and contract obligations of the subsidiary insurance companies.

4 Spread related earnings for the six months ended June 30, 2026. Spread related earnings is a pre-tax non-GAAP measure used to evaluate our financial performance including the impact of any reinsurance transactions and excluding market volatility and expenses related to integration, restructuring and stock compensation as well as other one-time items. Our spread related earnings equals net income (loss) available to AHL common stockholder adjusted to eliminate the impact of the following: (a) investment gains (losses), net of offsets; (b) non-operating change in insurance liabilities and related derivatives; (c) integration, restructuring and other non-operating items; (d) stock compensation expense; and (e) income tax expense (benefit).

We consider these adjustments to be meaningful adjustments to net income (loss) available to AHL common stockholder. Accordingly, we believe using a measure that excludes the impact of these items is useful in analyzing our business performance and the trends in our results of operations. Together with net income (loss) available to AHL common stockholder, we believe spread related earnings provides a meaningful financial metric that helps investors understand our underlying results and profitability. Spread related earnings should not be used as a substitute for net income (loss) available to AHL common stockholder.

5 Gross organic inflows for the six months ended June 30, 2026. 

6 As of June 30, 2026. In managing our business, we analyze net invested assets, which does not correspond to total investments, including investments in related parties, as disclosed in our condensed consolidated financial statements and notes thereto. Net invested assets represent the investments that directly back our net reserve liabilities, as well as surplus assets. Net invested assets is used in the computation of net investment earned rate, which allows us to analyze the profitability of our investment portfolio. Net invested assets include (a) total investments on the condensed consolidated balance sheets, with AFS securities, trading securities and mortgage loans at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE and VOE assets, liabilities and noncontrolling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an adjustment for the allowance for credit losses. Net invested assets exclude the derivative collateral offsetting the related cash positions. We include the underlying investments supporting our assumed funds withheld and modco agreements and exclude the underlying investments related to ceded reinsurance transactions in our net invested assets calculation to match the assets with the income received. We believe the adjustments for reinsurance provide a view of the assets for which we have economic exposure. Net invested assets include our proportionate share of ACRA investments, based on our economic ownership, but do not include the proportionate share of investments associated with the noncontrolling interests. Our net invested assets are averaged over the number of quarters in the relevant period to compute our net investment earned rate for such period. While we believe net invested assets is a meaningful financial metric and enhances our understanding of the underlying drivers of our investment portfolio, it should not be used as a substitute for total investments, including related parties, presented under US GAAP.

7 As of June 30, 2026. Excess equity capital is computed as capital in excess of the capital required to support our core operating strategies, as determined based upon internal modeling and analysis of economic risk, as well as inputs from rating agency capital models and consideration of both National Association of Insurance Commissioners risk-based capital and Bermuda capital requirements.

8 Financial strength ratings for 糖心Vlog Annuity and Life Company, 糖心Vlog Annuity & Life Assurance Company of New York and 糖心Vlog Life Re Ltd. S&P, Fitch, AM Best and Moody鈥檚 credit ratings reflect their assessment of the relative ability of an insurer to meet its ongoing insurance policy and contract obligations. AM Best rating as of August 2025 (A+, 2nd highest of 16), S&P rating as of August 2025 (A+, 5th highest out of 21), Fitch rating as of August 2026 (A+, 5th highest of 19) and Moody鈥檚 rating as of July 2025 (A1, 5th highest of 21). 糖心Vlog Holding Ltd.鈥檚 credit rating is A-/A-/a- for S&P, Fitch and AM Best, respectively.

Screen Share
Draw