
(In millions)	Traditional deferred annuities		Indexed annuities		Payout annuities		Reconciling items1		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 VOBA2	—		—		—		(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 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.


(In millions)	Traditional deferred annuities		Indexed annuities		Total
Balance as of January 1, 2022	$	—	$	—	$	—
Adjustment for addition of existing balances1	221		5,389		5,610
Adjustment to positive VOBA due to fair value adjustment for market risk benefits2	32		(1,165)		(1,133)
Adjustment to negative VOBA due to fair value adjustment for market risk benefits3	—		(30)		(30)
Adjusted balance as of January 1, 2022	$	253	$	4,194	$	4,447

1 Previously recorded within future policy benefits on the consolidated statements of financial condition.
2 Previously recorded within deferred acquisition costs, deferred sales inducements and value of business acquired on the consolidated statements of financial condition.
3 Previously recorded within interest sensitive contract liabilities on the consolidated statements of financial condition.


(In millions)	Asset1		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 consolidated statements of financial condition.


	As of December 31, 2022
(In millions)	Reported		Adoption		Adjusted
Assets
Retirement Services
Reinsurance recoverable	$	4,367	$	(9)	$	4,358
Deferred acquisition costs, deferred sales inducements and value of business acquired	5,576		(1,110)		4,466
Other assets	10,902		(997)		9,905

Total Assets	$	259,333	$	(2,116)	$	257,217

Liabilities and Equity
Liabilities
Retirement Services
Interest sensitive contract liabilities	$	173,653	$	(37)	$	173,616
Future policy benefits	55,328		(13,218)		42,110
Market risk benefits	—		2,970		2,970

Total Liabilities	252,104		(10,285)		241,819
Equity
Retained earnings (accumulated deficit)	(2,259)		1,252		(1,007)
Accumulated other comprehensive income (loss)	(12,326)		4,991		(7,335)
Total Apollo Global Management, Inc. Stockholders’ Equity	397		6,243		6,640
Non-controlling interests	5,800		1,926		7,726
Total Equity	6,197		8,169		14,366
Total Liabilities, Redeemable non-controlling interests and Equity	$	259,333	$	(2,116)	$	257,217


	Year ended December 31, 2022
(In millions, except per share data)	Reported		Adoption		Adjusted




Total Revenues	$	10,968	$	—	$	10,968
Expenses
Retirement Services
Interest sensitive contract benefits	541		(3)		538
Future policy and other policy benefits	12,310		155		12,465
Market risk benefits remeasurement (gains) losses	—		(1,657)		(1,657)
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	509		(65)		444
Policy and other operating expenses	1,371		1		1,372

Total Expenses	17,480		(1,569)		15,911
Income (loss) before income tax (provision) benefit	(5,815)		1,569		(4,246)
Income tax (provision) benefit	1,069		(330)		739
Net income (loss)	(4,746)		1,239		(3,507)
Net (income) loss attributable to non-controlling interests	1,533		13		1,546
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders	$	(3,213)	$	1,252	$	(1,961)

Earnings (loss) per share
Net income (loss) attributable to common stockholders - Basic and Diluted	$	(5.57)	$	2.14	$	(3.43)


	Year ended December 31, 2022
(In millions)	Reported		Adoption		Adjusted
Net income (loss)	$	(4,746)	$	1,239	$	(3,507)
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities	(17,459)		(699)		(18,158)

Remeasurement gains (losses) on future policy benefits related to discount rate	—		8,425		8,425
Remeasurement gains (losses) on market risk benefits related to credit risk	—		366		366
Foreign currency translation and other adjustments	(46)		(12)		(58)
Other comprehensive income (loss), before tax	(17,501)		8,080		(9,421)
Income tax expense (benefit) related to other comprehensive income (loss)	(3,083)		1,150		(1,933)
Other comprehensive income (loss)	(14,418)		6,930		(7,488)
Comprehensive income (loss)	(19,164)		8,169		(10,995)
Comprehensive (income) loss attributable to non-controlling interests	3,630		(1,926)		1,704
Comprehensive income (loss) attributable to Apollo Global Management, Inc.	$	(15,534)	$	6,243	$	(9,291)


	Year ended December 31, 2022
(In millions)	Reported		Adoption		Adjusted
Net income (loss)	$	(4,746)	$	1,239	$	(3,507)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	594		(65)		529
Changes in operating assets and liabilities:
Interest sensitive contract liabilities	(1,269)		(68)		(1,337)
Future policy benefits, market risk benefits and reinsurance recoverable	5,339		(1,438)		3,901
Other assets and liabilities	3,049		332		3,381
Net cash provided by operating activities	3,789		—		3,789
Net cash used in investing activities	(23,444)		—		(23,444)
Net cash provided by financing activities	28,710		—		28,710
Effect of exchange rate changes on cash and cash equivalents	(15)		—		(15)
Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities	9,040		—		9,040
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, Beginning of Period	2,088		—		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	$	11,128	$	—	$	11,128