Apollo Global Management

Full merger Jan 2022. 97% of $194B AFS portfolio rated NAIC 1-2. 49 pension buyout deals, ~535,000 people. Pumped ~$18B/year into NAV loans. Athora (European arm): EUR 76B, 2.8M policyholders.

Public company (JXN), but Athene/Apollo owns 11% equity stake ($500M investment) and reinsures $27B in-force block of fixed deferred and FIA annuities. The reinsurance deal gives Apollo/Athene management of $27B+ in Jackson assets. Not a full acquisition — but Apollo has material influence over a $340B insurer.

Apollo's European insurance platform. EUR 76B AUM, 2.8M policyholders across Netherlands, Belgium, Germany, Ireland, Bermuda. Same playbook as Athene: acquire European life insurers, redirect general account to Apollo-originated private credit. The PE-insurance nexus is global.

UK pension buyout specialist acquired by Apollo/Athene for $7.8B in July 2025. Manages pension liabilities for UK defined benefit schemes. Apollo's first major UK insurance acquisition. Same playbook: acquire insurer, redirect assets to Apollo-originated private credit. British pensioners now dependent on Apollo's credit calls.

Apollo's Bermuda reinsurance complex. ALRe (Athene Life Re), AARe (Athene Annuity and Life Re), ACRA 1 & ACRA 2 (Athene Co-Invest Reinsurance Affiliates). Combined $266.5B in offshore reserves. Bermuda regulatory arbitrage allows lower capital requirements and less transparent reporting than US-domiciled entities.