Apollo Global Management To Host a Fixed Income Investor Conference Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Pete Troisi - Barclays - Analyst : Hi, good morning. Jim, you talked about efforts to modernize the risk-based capital guidelines in the US. And I think the new NAIC task force that was formed last week will be part of that. So can you talk about what you'd like to see come from that task force or REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 13, 2025 / 2:00PM, APO.N - Apollo Global Management To Host a Fixed Income Investor Conference Call at least what the priorities that you think the committee will have? And then anything on potential time lines for changes if the committee at the NAIC in fact decides to make changes to RBC requirements?

Question: Pete Troisi - Barclays - Analyst : Right. And would you expect higher capital requirements to come from this, neutral or potentially lower?

Question: Matthew Healey - Fidelity Investments - Analyst : Hey, thanks very much as always for hosting the call. In the Apollo call, Marc Rowan made some intriguing comments that I'm just -- I'm not -- I don't trust that I'm fully clear on, and I know you kind of touched on this in your opening script, but what he said was REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 13, 2025 / 2:00PM, APO.N - Apollo Global Management To Host a Fixed Income Investor Conference Call we've not allowed the European system or we've allowed the ERP system to crowd out the US system because we've not protected it, not been playing team America in capital markets. And America First also applies to capital formation. So could you do a little bit more on expanding on that? And kind of how does that really translate into how you were -- how you guys look at the markets?

Question: Jeffrey Bernstein - Stonebridge - Analyst : Good morning, thanks. I know you prefunded the call later this year of your Series C press. I was wondering what your expectations are of issuing hybrid capital for 2025.

Question: John Barnidge - Piper Sandler - Analyst : Thank you for the opportunity, good morning. How large of an opportunity do you view private credit in annuities? And kind of what do you view the path towards like that from a regulatory or distribution perspective?

Question: John Barnidge - Piper Sandler - Analyst : And then another question. Can you talk about the funding agreement opportunity? It sounds like there's growth and expansion into new types of products occurring?

Question: Patrick Davitt - Autonomous Research - Analyst : Hey, good morning, everyone. Bloomberg is out with a big article on the Japan reinsurance opportunity today, potential for that to pick up meaningfully with new capital rules coming into effect. Could you update us on the pipeline for new agreements there? And or any signs that the upcoming new rules are driving increased outreach from Japanese insurers? Thank you.

Question: Mike Brown - Wells Fargo - Analyst : Thanks for the comments on the PGA business. It sounds like another potentially lost year there. But I know 2025 just started and -- but as we look out, is the water building behind the dam such that when these suits are dismissed, there could be a big pickup in activity? Or would it be kind of a gradual rebuild in that market?

Question: Chad Stogel - Spectrum - Analyst : My question geared towards some of Marc's comments on the Apollo call and in the Investor Day. Can you opine a bit on Cayman, speak to the 50% capital at Cayman and some of the developments in Bermuda and how those have advanced and why that's more robust today with the updated methodology there? And do you feel confident with that relative to Cayman? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 13, 2025 / 2:00PM, APO.N - Apollo Global Management To Host a Fixed Income Investor Conference Call

Question: Chad Stogel - Spectrum - Analyst : That's helpful. And I take your point well that you spoke to earlier on the economics of the US capital markets versus Europe and how it relates to the depths we have versus the stringency of Solvency II. But now as we head into ESR under the Japan framework, can you speak a bit to how -- where that sits? Because it has some of those mark-to-market elements, but perhaps the capital requirements for certain assets are more advantageous. And then just in that vein, the liability profile of those life products as opposed to very fixed rate annuity-type products, which have been most attractive for your business, how those work within that? It's a loaded question, but I appreciate the color. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 13, 2025 / 2:00PM, APO.N - Apollo Global Management To Host a Fixed Income Investor Conference Call

Question: Pete Troisi - Barclays - Analyst : Hey, thanks for letting me back on the call. Maybe for Jim, I just want to go back to the discussion of the $36 billion of deployment in directly originated IG assets last year. Can you give us a little more color on the types of assets in that $36 billion? How much of that is, say, like corporate private placements versus like structured credit assets that maybe have unrated collateral, but the debt tranches of the securitizations have IG ratings?

Question: Patrick Davitt - Autonomous Research - Analyst : Hey, thanks for the follow up. You and Mark, bring up this came issue I feel like more than others, so curious if there really are big competitors of yours doing this, or is it really more smaller insurance taking on more risk. Thank you.