Apollo Global Management : Retirement Services Update 2025

NOVEMBER 24, 2025

RETIREMENT SERVICES BUSINESS UPDATE 2025

Agenda

TOPIC	PRESENTER(S)
Welcome	Noah Gunn	Global Head of Investor Relations
Our Approach	Marc Rowan	Chair and Chief Executive Officer, Apollo
Business Update	Grant Kvalheim	Chief Executive Officer, Athene

Financial Update Martin Kelly LJ Tanguy

Chief Financial Officer, Apollo Chief Financial Officer, Athene

Q&A All

Appendix of Reference Material

3

RETIREMENT SERVICES BUSINESS UPDATE 2025

OUR APPROACH MARC ROWAN CHAIR AND CEO, APOLLO

The "Silver Tsunami" Is Far from Cresting

Who We Serve: A Booming Retirement Population…

RETIREE POPULATION (MILLIONS)

+40%

expected increase

# of people

age 65+ in

next 25 years

12K

Americans

are turning 65 every day

82 million

in 2050

74 million

in 2035

58 million

in 2023

40 42 44 46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 100

AGE DISTRIBUTION

Source: Life Insurance Marketing and Research Association (LIMRA) analysis of U.S. Census Bureau's Current Population Survey, March 2023 Supplement and 2024-2100 Census 2023 National Population Projections. ProtectedLifetimeIncome.org. 5

…Creates Robust Demand for Guaranteed Income

U.S. Industry Fixed Annuity Sales ($B)1

$391

$145

$125

$117

$106

$99

$86

$72

+5x

$144

$157

$168

$251

$334

$373

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E2

2%

5%

9%3

Athene U.S. Fixed Annuity Market Share

1. Data from LIMRA Secure Retirement Institute includes total fixed rate annuities and registered indexed linked annuities (RILA). 2. Annualized year-to-date LIMRA fixed annuity and RILA sales through 2Q'25. 3. Year-to-date as of June 30, 2025. 6

Our Right to Win in Retirement Services

ORIGINATED ASSETS

MANAGEMENT

What is needed to succeed?

We are a tough

LOW COST STRUCTURE

STRONG CAPITAL

STABLE LIABILITIES

competitor

7

Public Fixed Income Credit Spreads Have Declined; We Don't Count on Mean Reversion

'BBB' Corporate Spreads1

'A' CLO Spreads2

'A' RMBS Spreads3

6%

5% 7%

6% 5%

4%

5% 4%

3% 4%

3%

2% 3%

2%

2%

1%

1% 1%

0%

2015 2018 2021 2024

0%

2015 2018 2021 2024

0%

2015 2018 2021 2024

Note: All spreads shown relative to U.S. Treasuries. 1. Source: FRED ICE BofA BBB option adjusted spreads. 2. JP Morgan U.S. CLOIE A-rated index. Estimates made by Apollo analysts to adjust from spread over SOFR to spread over U.S. Treasuries. 3. 'A' rated fixed rate single family rental non-agency spreads. Spreads from BofA Securities global research, with estimates made by Apollo analysts to adjust from spread over SOFR to spread over U.S. Treasuries. 8

The Ability to Originate Differentiated Investment Grade Yield is Key

EASY BUSINESS HARDER BUSINESS

CLOs

(T+155bps @ A)

Directly originated private investment grade corporates (T+ 200-300bps)

Public Corporates

(T+100bps @ BBB)

Asset backed finance from proprietary origination platforms (T+ 200-300bps)

RMBS

(T+135bps @ A)

Fund Finance

(T+ 250-350bps)

Firms that originate differentiated assets earn differentiated economics

Note: Spreads as of November 6, 2025. 9

In the Context of Greater Demand from Six Markets, We Want to Retain More of the Economics in the Assets We Originate Through SRE & FRE

5 6

4

2

Individuals

1

Institutional Investors

(Alts Bucket)

3

Insurance

Traditional Asset Managers

Institutional Investors (Fixed Income /

Equity Replacement)

401(k)/ DC

10