v3.25.3
Segments (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Financial Data for Reportable Segments
The following presents financial data for the Company’s reportable segments.

Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Asset Management
Management fees1
$863 $710 $2,449 $2,034 
Capital solutions fees and other, net212 159 582 508 
Fee-related performance fee73 57 190 155 
Fee-related compensation (304)(238)(842)(698)
Other operating expenses(192)(157)(541)(490)
Fee Related Earnings652 531 1,838 1,509 
Retirement Services
Fixed income and other net investment income3,423 2,806 9,516 7,893 
Alternative net investment income321 236 955 670 
Strategic capital management fees35 27 96 76 
Cost of funds(2,661)(1,983)(7,341)(5,586)
Other operating expenses(107)(112)(328)(342)
Interest and other financing costs(140)(118)(402)(328)
Spread Related Earnings 871 856 2,496 2,383 
Principal Investing
Realized performance fees201 331 610 600 
Realized investment income18 17 59 42 
Principal investing compensation(155)(253)(511)(464)
Other operating expenses(14)(17)(47)(46)
Principal Investing Income 50 78 111 132 
Segment Income$1,573 $1,465 $4,445 $4,024 

Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Segment Revenue
Asset Management1
$1,148 $926 $3,221 $2,697 
Retirement Services3,779 3,069 10,567 8,639 
Principal Investing219 348 669 642 
Total Segment Revenue$5,146 $4,343 $14,457 $11,978 

(In millions)September 30, 2025December 31, 2024
Segment Assets
Asset Management$5,004 $2,286 
Retirement Services420,289 355,683 
Principal Investing11,344 10,473 
Total Assets$436,637 $368,442 
1 Includes intersegment management fees from Retirement Services of $351 million and $1,070 million for the three and nine months ended September 30, 2025 respectively, and $320 million and $890 million for the three and nine months ended September 30, 2024, respectively.
Schedule of Reconciliation of Income Before Income Tax Provision to Segments
The following presents the reconciliation of Segment Income and Segment Revenue to income (loss) before income tax (provision) benefit and total revenues reported in the condensed consolidated statements of operations:

Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Segment Income$1,573 $1,465 $4,445 $4,024 
Asset Management Adjustments:
Equity-based profit sharing expense1,5
(35)(41)(103)(180)
Equity-based compensation(112)(72)(313)(230)
Net (income) loss attributable to non-controlling interests in consolidated entities783 975 1,598 1,675 
Unrealized performance fees5
207 (141)298 213
Unrealized profit sharing expense5
(36)65 (98)(129)
HoldCo interest and other financing costs2
(33)(21)(103)(51)
Unrealized principal investment (income) loss5
(4)4 5 14 
Unrealized net (gains) losses from investment activities5
54 13 (300)9 
Transaction-related costs, restructuring and other non-operating expenses3
(86)(60)(432)(178)
Retirement Services Adjustments:
Investment gains (losses), net of offsets463 628 105 482 
Non-operating change in insurance liabilities and related derivatives4
174 (513)(44)363 
Integration, restructuring and other non-operating expenses(36)(204)(98)(265)
Equity-based compensation(13)(12)(35)(36)
Income (loss) before income tax (provision) benefit$2,899 $2,086 $4,925 $5,711 
1 Equity-based profit sharing expense includes stock-based grants that are tied to realized performance within the Principal Investing segment.
2 Represents interest and other financing costs related to AGM not attributable to any specific segment.
3 Transaction-related costs, restructuring and other non-operating expenses includes: (a) contingent consideration, certain equity-based charges, amortization of intangible assets and certain other expenses associated with acquisitions; (b) gains (losses) from changes in the tax receivable agreement liability; (c) merger-related transaction and integration costs associated with Company’s merger with Athene and (d) other non-operating expenses, including the issuance of shares of AGM common stock for charitable contributions. In the nine months ended September 30, 2025, other non-operating expenses includes $200 million in charitable contributions related to the issuance of shares to the Apollo DAF in February 2025.
4 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.
5 Represents adjustments that primarily impact the Principal Investing segment.
Schedule of Reconciliation of Consolidated Revenues to Total Asset Management Fee Related Revenues
Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Segment Revenues$5,146 $4,343 $14,457 $11,978 
Asset Management Adjustments:
Adjustments related to consolidated funds and VIEs1
249 190 501 414 
Performance fees2
206 (139)302 219 
Principal investment income (loss)2
2 14 4 28 
Equity awards granted by unconsolidated related parties, reimbursable expenses and other1
248 98 554 317 
Retirement Services Adjustments:
Premiums, product charges, investment related gains (losses) and other retirement services revenue3
2,669 2,198 2,619 5,010 
Change in fair value of reinsurance assets75 11 203 58 
Forward points adjustment on FX derivative hedges(33)(30)(83)(113)
Held-for-trading amortization66 30 135 73 
Reinsurance impacts44 54 123 173 
ACRA non-controlling interests on net investment earnings1,250 1,011 3,483 2,800 
Other retirement services adjustments(99)(7)(113)(126)
Total Revenues$9,823 $7,773 $22,185 $20,831 
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.
2 Represents adjustments that primarily impact the Principal Investing segment.
3 Refer to the condensed consolidated statement of operations for a breakout of individual items.
Schedule of Reconciliation of Total Reportable Segment Assets to Total Assets
The following table presents the reconciliation of the Company’s total reportable segment assets to total assets:

(In millions)September 30, 2025December 31, 2024
Total reportable segment assets$436,637 $368,442 
Adjustments1
12,906 9,453 
Total assets$449,543 $377,895 
1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.