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

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 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 at least what the priorities. That the, that you think the committee will have, and then anything on potential timelines for changes, if the committee at the NAC in fact decides to, cha make changes to RBC requirements.

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

Question: Matthew Healey - Fidelity Investments - Analyst : Hey, thanks very much as always for hosting the call. In the Apollo call, Mark 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 we've not allowed the European system or we've allowed the European system to crowd out the US system because we've not protected it, not been playing Team America in capital markets. 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 And America first also applies to capital formation. So, could you do a little bit more and expanding on that and kind of how does that really translate into how you, how we're, how you guys look at markets?

Question: Matthew Healey - Fidelity Investments - Analyst : That's great. Really good perspective. I appreciate it. Thanks.

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

Question: John Barnidge - Piper Sandler - Analyst : Opportunity. Good morning. How large of an.

Question: John Barnidge - Piper Sandler - Analyst : Thank You. And then another question, you talk about the funding agreement opportunities. 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. So.

Question: Mike Brown - Wells Fargo - Analyst : Thank you. So thanks for all the comments on the PGA business. 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 pick up in activity, or would it be kind of a gradual rebuild in that market?

Question: Chad Stogel - Spectrum - Analyst : Call. My question is for some of Mark's comments on the on the Apollo call in the air. 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 Can you opine a bit on came in, speaks 50% capital cameman and 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 you feel confident with that relative to.

Question: Chad Stogel - Spectrum - Analyst : That's quite helpful and I&I 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 stringencies 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 Those market 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 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 indirectly originated IG assets last year. Can you give us a little more color on the types of assets in that $36 billion? You know 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: John Barnidge - Piper Sandler - 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.