Insurers and asset managers: who keeps the investment return?

When investment firms buy insurers · Article 5/8 · Documentary investigation as of 23 October 2026

Two five-year contracts from Athene and Global Atlantic offer almost the same rate. Their terms, sales commissions and the accounts of Apollo and KKR open up a harder question: how is the income generated by savers’ money shared?

Following the investigation into affiliated investments at Apollo, Brookfield and KKR, this fifth article follows the income from a savings contract into the group’s different businesses.

On Athene’s rate card, the number is printed large: 6.05% for five years, for the premium level and state used in this comparison. Global Atlantic’s card advertises 6.00% for a contract of the same duration. The documents carry dates just two days apart, 14 and 12 October 2026. They turn an insurer’s promise into something anyone can grasp: a sum of money, a rate and a time horizon. ^{1, 2, 4}

Consider a wholly hypothetical comparison. A 60-year-old Florida resident pays $150,000 into a contract outside a retirement account, leaves the interest to accumulate and holds it until the five-year withdrawal-charge period has actually expired, making no withdrawals or additional payments. Under the annual-compounding assumption used in our calculation, the published rates produce approximately $201,208 at Athene and $200,734 at Forethought, the insurer that issues SecureFore II under the Global Atlantic brand. The calculated difference is $474 before tax. Global Atlantic specifies an annual effective rate; for Athene, annual compounding is a modeling assumption consistent with a historical MaxRate 5 illustration prepared in North Carolina in 2023. Values remain unrounded until the final result. ^{1, 2, 4, 5, 9}

That small difference opens a much larger investigation. Athene belongs to the Apollo group; Global Atlantic is part of KKR. In both groups, insurance brings obligations to honor and assets to manage, while asset management and corporate financing generate other revenues. Understanding who earns what means following these relationships while keeping the original contract in view. ^{13, 21}

Bringing two rates onto comparable terms

The products selected are multi-year guaranteed annuities, or MYGAs: US insurance contracts that guarantee an interest rate for several years. Here, we examine their accumulation phase. A lifetime annuity paying a monthly income would call for a different comparison, because its payments combine investment income, the return of capital and a guarantee tied to how long the recipient lives. ^{26, 27}

We compare Athene MaxRate 5, issued by Athene Annuity and Life Company, with five-year SecureFore II, issued by Forethought Life Insurance Company. A $150,000 premium places both contracts in their $100,000-and-above rate tier. Both accept a 60-year-old applicant. Florida is a deliberate choice: the versions offered can vary by state. Athene, for instance, publishes a different rate and withdrawal-charge schedule for another group of states. ^{1, 2, 4, 5}

FIG. 01 Five-year projection assuming annual compounding[S01][S02][S04][S05][S09]

Method and scope

l0g calculation: $150,000 × (1 + rate)⁵; hypothetical age-60 Florida customer, non-qualified policy, no withdrawals or additional premiums. Chart amounts rounded to cents and prose totals to whole dollars; the difference is calculated before rounding, after the charge period expires and before tax. Rate cards effective 14 and 12 October 2026, accessed 23 October; no simultaneous personalised quotes. Global Atlantic expressly states an annual effective rate; Athene’s annual compounding convention is checked against a historical 2023 illustration, without confirmation in a current Florida quote.

This establishes a common duration and a comparable promise of growth. Differences remain in what each contract provides, particularly the ability to take money out. The guarantees also depend on each issuing insurer’s capacity to meet its obligations. Even a carefully matched rate comparison captures only part of the contract. ^{1, 4}

Both cards were retrieved again on 23 October and still carry their respective effective dates of 14 and 12 October 2026. They are public schedules: insurers may change new-business offers before purchase, and a personalized quote would establish the applicable terms. Our comparison aligns a holding period and calculation inputs using the documents accessible on the verification date. ^{1, 4}

Access to the money has a price

At Athene, the annual free withdrawal allowance equals the guaranteed rate multiplied by the accumulated value at the most recent contract anniversary. The right begins in year one; its specific first-year reference base remains to be confirmed in the contract documents because the current brochure leaves it unstated. At our selected rate, the proportion used is 6.05%. SecureFore II allows 10% a year: the initial premium is the base in year one, followed by the contract value at the beginning of each year. Withdrawals within the prescribed limits are exempt from the withdrawal charges and market value adjustment applicable to excess withdrawals. ^{1, 3, 4, 5}

For perspective, on the same $150,000 base, 6.05% is $9,075 and 10% is $15,000. These amounts illustrate the two proportions; the amount available during an actual contract’s life will depend on its prescribed base and any withdrawals already made. Our five-year projection assumes that this access remains unused.

The charges beyond the allowance differ too. The Florida version of MaxRate 5 specifies a 10% withdrawal charge in each of the five years. SecureFore II’s schedule starts at 8% for the first two years, then falls to 7%, 6% and 5%. These percentages apply to withdrawals subject to charges under the contract’s terms. Treating them as an annual reduction in the entire account balance would distort the comparison. ^{2, 3, 5}

FIG. 02 The contracts offer different withdrawal rights[S01][S02][S03][S04][S05]

Method and scope

Versions applicable to the Florida case. Athene’s allowance depends on its rate and value at the latest anniversary; the right starts in year one, whose base is not separately named in the current brochure. Global Atlantic uses the initial deposit in year one, then beginning-of-year value. Charges and MVA apply to withdrawals covered by their clauses; no early surrender value is simulated.

There is also the market value adjustment, or MVA. On withdrawals to which it applies, this adjustment can increase or reduce the amount received, depending on interest-rate movements and the contractual formula. It operates alongside withdrawal charges. For Florida, Athene’s brochure describes a 0.25 percentage-point interest-rate threshold: a fall smaller than that threshold leaves a negative adjustment. A precise withdrawal illustration therefore requires the applicable clause, the date and the relevant parameters. The charge percentages alone cannot produce that calculation. Waivers also exist for certain health circumstances, with conditions specific to each product. ^{3, 5}

For someone confident of holding the contract for five years, the additional five basis points have a measurable value. Someone who may need to withdraw part of the capital might place greater weight on the wider allowance and the charge schedule. Their preference will depend on a need for access that a column labeled “return” leaves unexplained.

The commission begins with a sale

Athene’s documents state that the professional selling the contract receives a sales commission, although the public rate card gives no exact amount. The SEC explains the broader economics of fixed annuities: costs can be embedded in the credited rate through the difference between what the insurer earns on its investments and what it promises the customer. An absence of an explicitly stated annual charge therefore says little, by itself, about the economic cost of distribution. ^{1, 27}

A public schedule offers a view of this compensation, within a specific set of limits. BetterAnnuityComp, a website recruiting distributors, advertises an October 2026 starting commission of 2% on MaxRate 5 for issue ages 0–70, and 2.5% on five-year SecureFore II for ages 0–80. This level is offered to producers with at least one year’s experience; the schedule does not specify a state. The site describes the commissions as payable at issue and says some distributors can receive more. At those levels, a $150,000 premium would correspond to $3,000 or $3,750. This is the intermediary’s advertised offer. Our research obtained neither independent confirmation from the insurers nor a payment statement establishing that these amounts were paid on a contract. ⁸

These conditional amounts expose a practical issue in distribution. Two products can offer customers very similar rates while promising different compensation to the salesperson. Assessing a particular sale would require the advice given, the customer’s needs and the compensation actually agreed. The schedule identifies information worth requesting: the intermediary’s actual agreed compensation, any payments elsewhere in the distribution chain, and the circumstances in which commission must be repaid following an early exit.

In our accumulation example, deducting $3,000 from the initial capital and then applying 6.05% would invent a charge outside the contractual assumptions used. The guaranteed rate governs the growth of the account. For the insurer, compensation paid to the distributor is a cost that the product’s economics must fund. The two perspectives describe the same contract using different timing and calculation bases.

That timing difference also appears in the accounts. Global Atlantic explains that certain commissions and expenses directly attributable to successfully acquiring contracts are recorded as deferred acquisition costs, then amortized over the expected contract life. In the first half of 2026, its fixed-rate annuity table adds $38 million to these costs and amortizes $63 million. Those figures describe the accounting for a portfolio spanning several generations of sales. They cannot establish a reliable average commission for a SecureFore II contract purchased today. ^{23, 18}

At Athene, more assets and a narrower margin

Once a contract has been sold, the insurer must generate the resources to fund its promise. Athene’s accounts show how that works at the company level. For the first half of 2026, management’s presentation starts with $7.795 billion of net investment earnings. After adding $73 million of management-fee revenue received by Athene and accounting for the cost of its obligations, other operating expenses and financing, it reaches $1.596 billion of Spread Related Earnings, or SRE. This is a pre-tax operating measure adjusted from accounts prepared under US generally accepted accounting principles, or US GAAP. ¹³

FIG. 03 Investment income finances several obligations[S13]

Method and scope

Athene Holding Ltd., first half of 2026; US$ millions, not annualised. Pre-tax, non-GAAP management presentation retaining Athene’s economic share and excluding ACRA minority interests. The $73m is management-fee income received by Athene. Cost of funds combines multiple products and expenses. Rates in the comparison panel are annualised; relative changes in average assets and earnings are calculated within the same standalone Athene series.

The largest deduction, $5.749 billion, is called cost of funds. It combines several elements: interest credited to fixed strategies, the cost of options supporting indexed contracts, institutional obligations, amortization of acquisition costs and other expenses. Describing the entire amount as interest paid to savers would erase activities and costs that this investigation is trying to understand. ¹³

The year-on-year movement is revealing. Average net invested assets rise by about 15.4%, while SRE falls by 1.7%. The annualized investment earned rate increases from 5.14% to 5.16%, while the cost-of-funds rate climbs from 3.57% to 3.80%. A company can thus manage considerably more money while its margin narrows. The figures establish that movement; they cannot attribute all of it to competition for customers or to a particular pricing decision. ¹³

That 5.16% portfolio rate calls for care when we return to the MaxRate card: the portfolio’s 5.16% and the 6.05% offered in October belong to different comparisons. The first rate summarizes a portfolio of assets and obligations during the first six months of the year. The second is a new offer at a different date, for a particular product and duration. Establishing its profitability would require the returns on the assets used to back that new cohort of contracts, together with its funding and costs.

Management fees come before the insurer’s earnings

The word “net” in investment earnings carries part of the story. In its half-year report, Athene records $785 million in management fees incurred for Apollo, after any fee waivers and rebates. The fees contain several components of compensation. The disclosed amount excludes certain fees charged within investment funds and fees borne by reinsurance partners, so it does not capture every layer of investment-management charges connected to the business. ¹²

These fees are included in calculating Athene’s GAAP net investment income and appear at Apollo as intersegment revenue. Deducting them again from income already reported net would count the expense twice. Reversing the calculation also requires care: the $785 million includes the minority partners’ share in the ACRA vehicles, whereas the earnings bridge above reflects Athene’s economic share. Simply adding $785 million to $7.795 billion would therefore fail to reconstruct a consistent gross investment-income figure. ^{12, 13, 14}

For an investigation into how the income is shared, the crucial point is the service being paid for. The manager earns revenue by administering and directing investments, then bears its own expenses. The insurer calculates earnings after the charges attributable to its business. Apollo’s consolidated accounts eliminate internal transactions, preventing billing between subsidiaries from being confused with fresh revenue from outside the group. The economic question remains: how are revenues, costs and responsibilities allocated between the businesses? ¹⁴

KKR sets out the revenues connected to its insurer

KKR offers another useful perspective because it brings several sources of income together in an explicit table. In the first half of 2026, its insurance business generates $548.550 million of pre-tax operating earnings, under its adjusted, non-GAAP definition. The management fees paid to KKR have already reduced the investment income used to calculate that result. ²⁰

The group then adds three components: $289.460 million of management fees from the insurance segment, $125.578 million of fees on reinsurance vehicles that bring in third-party capital, and $33.817 million of capital-markets fees from transactions facilitated by Global Atlantic. Each of these three lines is net of the compensation expense counted in KKR’s fee-related earnings, or FRE, measure, which excludes equity-based compensation. Together, the components reach $997.405 million, labeled Total Insurance Economics. ²⁰

FIG. 04 Four contributions to KKR’s broader insurance economics[S20]

Method and scope

First half of 2026, US$ millions; KKR figures converted from reported US$ thousands. The non-GAAP Total Insurance Economics measure adds pre-tax Insurance Operating Earnings and three fee components net of FRE compensation. Associated compensation of $61.400m is calculated by subtraction. The total extends beyond the insurer alone and does not allocate all asset-management overhead; it is not after-tax net profit. FRE compensation excludes equity-based payments.

The table shows how one group can earn money by insuring obligations, managing the associated assets, bringing in investment partners and arranging financing. The services and payers differ. KKR attributes reinsurance-vehicle management fees to third parties; linking them to the holder of our $150,000 contract would require further evidence. The published total also leaves the allocation of some manager overhead across these activities unresolved. ²⁰

A careful reading therefore keeps the $997.405 million distinct from the insurer’s own net profit or money deducted from customers’ accounts. The measure describes a broader economic contribution under KKR’s conventions. It makes the group’s interest in several complementary businesses visible while leaving the final margin on an individual product unresolved. Athene’s $1.596 billion of SRE and KKR’s $997.405 million also cover different scopes. Ranking them as competing measures of profitability would imply a precision the figures cannot support.

An additional return can pay for useful work

The groups’ case deserves examination in its strongest form. In its annual report, Athene argues that originating loans directly can save on intermediary costs, improve knowledge of borrowers and allow it to negotiate financing terms. Global Atlantic emphasizes asset-liability management, matching the duration of its obligations with that of less liquid investments. An insurer expecting to hold an asset for a long time may, in theory, be better placed to bear its illiquidity than an investor who could need to sell tomorrow. ^{15, 22}

The working paper by Meisenzahl, Overpeck and Polacek, published by the Federal Reserve Bank of Chicago and revised on 27 April 2026, studies this mechanism in a specific setting. Its findings concentrate on indexed annuities, for which certain private investments improve maturity and cash-flow matching. The authors also link these investments to market-share gains by private-equity-owned insurers. Higher yields accompany lower liquidity and security-specific distress or default profiles. Applying these observations therefore requires preserving the distinction between indexed annuities and fixed-rate contracts. ^{24, 25}

Measuring the additional return reaching a MaxRate or SecureFore II customer would require a product-specific analysis. A better-organized financing business could both support a competitive customer rate and leave more income with the group. It could also create an advantage largely absorbed by fees or compensation for risk. Distinguishing these possibilities requires comparable obligations and assets, examined over the same period and after all relevant costs.

Both contracts examined here come from groups connected to large alternative asset managers. On their own, they cannot serve as an experiment measuring the effect of that ownership against a mutual or an independent insurer. Their closely matched rates support a specific commercial comparison, while leaving the broader merits of different ownership structures unresolved.

From contract growth to group earnings

Under a fixed contract held through the chosen guarantee term, the policyholder earns the promised growth. The distributor is paid for the sale under its commercial agreement. The manager receives income for investing the assets, and the insurer retains the earnings left after meeting its obligations and expenses, while bearing the associated risks. Where these businesses belong to the same group, the shareholder can benefit from several sources of earnings. Adding them together requires accounting for costs and eliminating internal transactions within the scope being examined. ^{1, 4, 14, 21}

To establish the additional income actually retained from a new sale, a precise link between these levels is still missing: the actual distribution commission, the assets attributed to the cohort, every layer of fees, the cost of guarantees and capital, expected losses and the value of withdrawal rights. The public reports reviewed here do not disclose that calculation for our two products. The quote, applicable terms and economic data for that cohort of contracts would allow the comparison to proceed.

Under our annual-compounding assumption, the five-year projection shows about $474 in additional growth, alongside different rules for accessing the money. For the investigator, the decisive task is to trace the same money from the contract to the investments and the businesses within the group. Only then can an additional return be assessed as a shared benefit, payment for a useful service or a margin retained.

Method and scope

This investigation draws on public documents verified through 23 October 2026. The documentary comparison uses rate cards and brochures; a personalized quote and contract documents would establish the terms of a purchase. Global Atlantic explicitly describes its rate as annual effective. For Athene, our calculation assumes annual compounding, checked for consistency against a 2023 MaxRate 5 illustration for a 65-year-old man in North Carolina with a qualified contract. That check has a historical and methodological scope. The Florida rates come from October 2026 schedules, and simulated five-year values assume the withdrawal-charge period has actually expired. ^{1, 2, 3, 4, 9}

The commission figures come from an explicitly identified distributor’s advertised offer. Half-year accounts, their definitions and their reconciliations are examined separately from October pricing. No interview, request for comment or individual payment is presented as having taken place. The illustrations show calculations or representations of the cited data; they introduce no invented flows between contracts and assets.

Further reading: why investment firms buy insurers, the Jackson–Athene reinsurance treaty, and the guide to reading a life insurer’s financial health.

Sources

The notes give each document’s date, scope and limitations. Distributor offers and the groups’ positions are attributed to their authors; historical documents remain identified as such.

S01 · Athene Annuity and Life Company · Accessed: 2026-10-23Athene MaxRate : Rate Card for most states, 76052
Passages and scope
Document/version 2026-10-14; accessed 23 October 2026.
PDF p. 1, 5 Year Term / $100,000+; p. 2, withdrawals, MVA and commission.
Rate schedule effective 14 October 2026, retrieved unchanged on 23 October: 6.05% for five years at $100,000 and above; 10% withdrawal charge in each of five years; annual free withdrawal from year one equals the multiyear rate multiplied by accumulated value at the latest anniversary. Sales commission disclosed without amount.
Public schedule, not a quote. Annual-effective convention and specific first-year reference base are not explicit; l0g projection assumes annual compounding. State availability checked with S02. Upload date unknown.
S02 · Athene Annuity and Life Company · Accessed: 2026-10-23Athene MaxRate 3, 5 & 7 : Rates and Availability, 76048
Passages and scope
Document/version 2026-10-14; accessed 23 October 2026.
PDF p. 1, state list and 5-year row in each of the two groups.
Florida expressly included at 6.05% with 10/10/10/10/10 charges; Texas in the other group at 6.00%; issue ages 0–83; initial premium earns the multiyear rate guaranteed for five years.
Features and availability vary by distributor. The schedule confirms Florida, premium tier and age 60; individual underwriting/acceptance remains separate. Additional premiums and value after five years enter a strategy with annually renewed rates. Financial-professional document. Upload date unknown.
S03 · Athene Annuity and Life Company · Accessed: 2026-10-23Athene MaxRate : Asset growth you can depend on, 76046
Passages and scope
Document/version 2026-04-22; accessed 23 October 2026.
PDF pp. 4–7: premium, term, withdrawals, death, annuitization and MVA; p. 8: version.
Initial premium $10,000 to $1 million; annual free withdrawal; full access after the charge period expires and transfer to the annually renewable strategy. For Florida, the described MVA offset is 0.25 percentage points; exact amount depends on the contract. Obligations belong to the issuing insurer.
Summary to be supplemented by contract and Certificate of Disclosure. Dollar MVA and all waiver conditions cannot be established from this brochure alone. Upload date unknown.
S04 · Global Atlantic / Forethought Life Insurance Company · Accessed: 2026-10-23SecureFore II 5-Year Fixed Annuity : Rate promotion, FA9000
Passages and scope
Document/version 2026-10-12; accessed 23 October 2026.
PDF p. 1, rate panel, footnote 2, withdrawal and issuer disclosures.
6.00% at $100,000 and above; 5.80% below; five-year guarantee; annual effective rate explicitly stated; annual 10% free withdrawal.
Schedule effective 12 October 2026, retrieved unchanged on 23 October. New-business rates can change; no simultaneous quotes or purchase. California and New York excluded. Upload date unknown.
S05 · Global Atlantic / Forethought Life Insurance Company · Accessed: 2026-10-23SecureFore II 5-Year Fixed Annuity : Product Highlights, FA8658
Passages and scope
Document/version 2026-04; accessed 23 October 2026.
PDF p. 1: age, premium, withdrawal rights, charges, MVA; p. 2 footnote 5: Florida.
Ages 0–85; single premium minimum $10,000, maximum $1 million at age 60; 10% of deposit free in year one, beginning-year value thereafter; 8/8/7/6/5/0 charges; MVA; Florida variation expressly described.
Non-qualified expressly available; Florida is named in the nursing-home waiver: at least 60 consecutive days and availability from the first contract anniversary. Products/options vary by state and firm; signed contract needed for complete terms. Upload date unknown.
S06 · Athene · Accessed: 2026-10-23Fixed Annuities for Retirement Investment : Athene MaxRate resources
Passages and scope
Document/version undated; accessed 23 October 2026.
Athene MaxRate section, brochure and rate-card links.
Official provenance of documents hosted by Widen.
Changing page without publication date; links can replace earlier versions. Upload date unknown.
S07 · Global Atlantic · Accessed: 2026-10-23SecureFore II : product page
Passages and scope
Document/version undated; accessed 23 October 2026.
Resource links and withdrawal disclosures.
Official provenance of FA8658.
Changing page. Old /retirement-annuities/ URL returns 404 when opened: its indexed no-annual-fee claim is not retained. Upload date unknown.
S08 · BetterAnnuityComp.com · Accessed: 2026-10-23Annuity Carrier List and Starting Commission Levels
Passages and scope
Distributor-stated update: October 2026; page rechecked 23 October 2026.
How to read / Where these numbers come from; Athene > Max Rate 5 Yr ages 0–70; Global Atlantic > SecureFore II 5 Yr ages 0–80.
Statement of this distributor's own starting compensation: 2% MaxRate 5 and 2.5% SecureFore II 5 at age 60. Percentage of premium paid at issue, for producers with one year of experience.
Commercial offer from a distributor recruiting producers; current issuer schedule not obtained. Higher levels possible and final level set in contracting documents. State unspecified; actual payment and total network cost unknown. No causal link established with the crediting-rate difference. Verification claims belong to the site. HTML changed since the package; selected rows unchanged.
S09 · Athene (illustration); Cardinal Guide (public host) · Accessed: 2026-10-23Athene MaxRate 5 hypothetical illustration : 7 November 2023, reproduced in 3 Retirement Income Annuities
Passages and scope
Document/version 2023-11-07; accessed 23 October 2026.
PDF pp. 21–27: complete Athene illustration; p. 23 (3/7): $100,000 at 6.15% and annual values.
Historical illustration: $106,150, $112,678, $119,608, $126,964 and $134,772 exactly match 100000×1.0615^t rounded to dollars. This check makes the annual-compounding assumption consistent with this old example.
Male age 65, North Carolina, qualified contract, prepared 7 November 2023. Historical methodology check, not confirmation of terms or guaranteed sums for a 60-year-old in Florida in 2026. The table still distinguishes accumulated and surrender values at the end of year five; full availability follows actual term expiry. Upload date unknown.
S10 · Athene Annuity & Life Assurance Company of New York (document); Nest Egg Builders (host) · Accessed: 2026-10-23Athene MaxRate Certificate of Disclosure and Acknowledgement : NY, 20911 MAXCOD7
Passages and scope
Document/version 2018-03; accessed 23 October 2026.
PDF pp. 19–22; p. 21, certificate p. 3: How is the insurance producer compensated?
Commission paid by the insurer, distinct from deduction from premium; cost enters pricing and access restrictions; possible volume-related compensation.
Old New York seven-year certificate, revision 03/18. Historical mechanism evidence with no automatic application to 2026 Florida five-year terms. No current amount inferred. Upload date unknown.
S11 · Forethought Life Insurance Company (document); Ideal Producers Group (host) · Accessed: 2026-10-23Commission Schedule for Annuity Sales : Standard IMO 1, GA70015-02(IMO1)
Passages and scope
Document/version 2025-09-22; accessed 23 October 2026.
PDF p. 2 SecureFore 5; p. 3 premium basis and hierarchy; p. 4 chargebacks.
Insurer schedule for one IMO level: SecureFore five years ages 0–80 at 3%, with possible allocation within a hierarchy.
Product name lacks II, dated 2025, with no evidence it remains effective. Excluded from current comparison; retained to make the lead and exclusion auditable. Upload date unknown.
S12 · Athene Holding Ltd. · 2026-08-10 · Accessed: 2026-10-23Athene Holding Ltd. : Form 10-Q, quarter ended June 30, 2026
Passages and scope
Period 2026-01-01 to 2026-06-30; publication date is distinct from accounting period.
Note 11, p. 58: Apollo fees; Note 6, p. 47: deferred acquisition costs.
H1 2026 Apollo fees of $785m incurred, net of waivers/rebates, included in GAAP investment income. This scope includes ACRA minority interests, while SRE excludes their economic share. Further fund and reinsurance fee layers sit outside this amount.
Issuer disclosure. The $785m includes ACRA noncontrolling interests, which SRE excludes. Deferred acquisition costs encompass more than distribution commissions.
S13 · Athene Holding Ltd. · 2026-08-10 · Accessed: 2026-10-23Athene Holding Ltd. : Second Quarter 2026 Financial Supplement
Passages and scope
Period 2026-01-01 to 2026-06-30; publication date is distinct from accounting period.
P. 6: SRE bridge and rates; pp. 20–21: definitions; pp. 24–25: GAAP reconciliations.
H1 amounts in $m: 7,795 + 73 − 5,749 − 229 − 294 = 1,596 of pre-tax SRE. Rates are annualized and the measures exclude the economic share of ACRA noncontrolling interests.
Unaudited management non-GAAP measures. Dollar amounts are half-year amounts; rates are annualized. Cost of funds combines multiple products and expense categories.
S14 · Apollo Global Management, Inc. · 2026-08-10 · Accessed: 2026-10-23Apollo Global Management, Inc. : Form 10-Q, quarter ended June 30, 2026
Passages and scope
Period 2026-01-01 to 2026-06-30; publication date is distinct from accounting period.
Note 2, p. 20: consolidation; Note 18, p. 98: segments and internal fees.
Confirms $785m of intersegment management fees in H1 2026 and their consolidation elimination. FRE of $1,513m covers all asset-management activities, without a client-level profit allocation.
Fees are revenue before the manager’s own costs. FRE is not broken down by client. The 2025 Retirement Services comparative differs slightly from standalone Athene.
S15 · Athene Holding Ltd. · 2026-02-25 · Accessed: 2026-10-23Athene Holding Ltd. : Form 10-K, year ended December 31, 2025
Passages and scope
Period 2025-01-01 to 2025-12-31; publication date is distinct from accounting period.
P. 16: origination; pp. 69–70: 2025 results; p. 125: deferred costs; p. 179: fees.
Athene attributes intermediation savings, an origination premium and better access to diligence to direct origination. These company claims remain separate from a measured net benefit for an individual policyholder.
Claims about yield and risk-management benefits are the company’s own; the filing does not measure a causal gain, net of all fees, for an individual policyholder or a matched contract.
S16 · Athene Holding Ltd. · 2026-10-05 · Accessed: 2026-10-23Athene Holding Ltd. : Form 8-K, preliminary third-quarter alternatives performance
Passages and scope
Period 2026-07-01 to 2026-09-30; publication date is distinct from accounting period.
Item 7.01: preliminary Q3 alternative-investment estimates.
Partial disclosure dated 5 October 2026, with full results scheduled for 3 November. Alternative-investment estimates remain separate from the half-year bridge.
Preliminary estimates restricted to alternatives; they must not be inserted into the H1 earnings bridge.
S17 · Athene Holding Ltd. · Accessed: 2026-10-23Athene Holding Ltd. : Financial Results
Passages and scope
Index accessed 23 October 2026.
2026 section, latest complete quarter available at the 23 October check: Q2.
Discovery index checked on 23 October 2026. Numerical bridges rely on the identified S12–S16 filings and retain their own reporting periods.
Changing webpage. Investigation figures come from the identified S12–S16 filings.
S18 · Global Atlantic Limited (Delaware) · Accessed: 2026-10-23Global Atlantic Limited (Delaware) : Interim unaudited consolidated financial statements, June 30, 2026
Passages and scope
First half of 2026 and balances at 30 June 2026; statements available to be issued on 10 August 2026, with public publication date unconfirmed.
Note 3, p. 26/PDF27; Note 6, p. 53/PDF54; Note 14, pp. 69–71; Note 16, p. 73.
Unaudited GALD H1 accounts: 4,706 − 759 − 71 − 61 = $3,815m of net investment income. The $759m includes $351m of KKR fees. Fixed-rate annuities: $38m of DAC capitalized and $63m amortized across multiple contract cohorts.
Unaudited interim accounts for consolidated GALD. The amounts are neither contractual crediting rates nor cash flows for an individual product. Investment management fees and acquisition costs have different functions and recognition calendars.
S19 · Global Atlantic Limited (Delaware) · Accessed: 2026-10-23Global Atlantic Limited (Delaware) : Financial Supplement, Second Quarter 2026
Passages and scope
Quarter and half year ended 30 June 2026; public publication date unconfirmed.
P. 9: ratios; pp. 28–32: definitions; pp. 35–36: reconciliations.
Annualized GALD H1 ratios on average adjusted invested assets: investment yield 4.91%, insurance cost 3.67%, overhead 0.49%, tax 0.15%, after-tax operating return 0.60%. Scope differs from KKR measures and customer rates.
GALD-specific non-GAAP measures; interim periods are annualised by the issuer. Aggregated insurance cost is not a policyholder’s return, and these measures cannot be directly combined with KKR insurance-segment measures.
S20 · KKR & Co. Inc. · 2026-07-30 · Accessed: 2026-10-23KKR & Co. Inc. : Second Quarter 2026 Financial Results
Passages and scope
First half of 2026, quarter ended 30 June 2026, and recast comparative periods.
P. 16/PDF20: insurance; p. 17/PDF21 and p. 35/PDF39: total; pp. 38–41: definitions.
H1 2026, $m: 548.550 + 289.460 + 125.578 + 33.817 = 997.405. The three fee lines are net of FRE compensation, which excludes equity compensation. KKR attributes sidecar fees to third parties; the total measures a broader group contribution.
Segment and non-GAAP measures. Insurance Operating Earnings is pre-tax and investment income already deducts KKR fees. Total Insurance Economics exceeds the insurer-only profitability scope; sidecar fees are paid by third parties and capital-markets fees arise from transactions facilitated by GA.
S21 · KKR & Co. Inc. / SEC EDGAR · 2026-08-06 · Accessed: 2026-10-23KKR & Co. Inc. : Form 10-Q, quarter ended June 30, 2026
Passages and scope
Quarter and half year ended 30 June 2026; filed with the SEC on 6 August 2026.
Note 2, p. 20: intercompany transactions; Note 21: segments. Official KKR copy, 186 pages.
Filed 6 August 2026 for the period ended 30 June: intragroup balances and transactions are eliminated on consolidation. Segment metrics follow the published management conventions, without an individual policy profitability calculation.
The filing is consolidated at KKR level. Consolidation does not allocate fees or income to individual products or policies; adjusted measures must retain their definitions.
Official copy consulted
S22 · Global Atlantic Financial Group · 2026-04 · Accessed: 2026-10-23Global Atlantic Credit Investor Update : April 2026
Passages and scope
April 2026 presentation; principal portfolio data at 31 December 2025.
P. 6: asset–liability model; p. 18: private origination and illiquidity premium.
Global Atlantic sets out its asset–liability cash-flow matching model and claims an illiquidity premium without incremental credit risk. This is the issuer’s assessment; portfolio data predominantly refer to year-end 2025.
Commercial presentation for financial professionals containing issuer assessments. Its claim of no incremental credit risk is not independently verified by this document; no projection is treated as a realised result.
S23 · Global Atlantic Limited (Delaware) · Accessed: 2026-10-23Global Atlantic Limited (Delaware) : Audited consolidated financial statements, December 31, 2025
Passages and scope
Financial year 2025; auditor’s report dated 2 March 2026, with public publication date unconfirmed.
Note 2, pp. 21–22/PDF22–23: DAC composition and amortization.
Commissions and other costs directly related to successful acquisition or renewal are capitalized by cohort and amortized over expected economic life. This aggregate accounting policy differs from a sales commission schedule. Auditor’s report dated 2 March 2026.
Aggregated accounting policy, not a distributor commission schedule or the exact cost of an individual policy. The audit date is distinguished from publication.
S24 · Ralf R. Meisenzahl, Jackson Overpeck & Andy Polacek / Federal Reserve Bank of Chicago · 2026-04-27 · Accessed: 2026-10-23Life Insurers’ Private Credit Investments and Annuity Market Share Capture
Passages and scope
27 April 2026 revision of WP 2025-09; portfolios through 2024; analyses use distinct samples and empirical designs.
Pp. 21–22/PDF23–24: indexed-annuity market; pp. 29–31/PDF31–33: yield spreads, liquidity and distress.
Working paper revised 27 April 2026. The authors’ findings concentrate on indexed annuities and improved cash-flow matching. Yield spreads accompany illiquidity and security-specific distress or default profiles. The margins on the two MYGAs fall outside its scope.
Authors’ research, concentrated on indexed annuities: no margin-sharing estimate for MaxRate or SecureFore II. Differences between the text on p. 29 and Figure 11 led us to omit numerical spread estimates from our illustrations.
S25 · Federal Reserve Bank of Chicago · 2026-04-27 · Accessed: 2026-10-23Working-paper publication and revision record, WP 2025-09
Passages and scope
First published June 2025; revision dated 27 April 2026.
WP 2025-09 publication notice: authors, revision date and PDF link.
Confirms the 27 April 2026 revision and working-paper status. Findings belong to the authors; publication by the Chicago Fed preserves that attribution.
The recorded date is the revision date; the publication notice does not make the authors’ conclusions official Federal Reserve policy.
S26 · National Association of Insurance Commissioners · Accessed: 2026-10-23Insurance Topics : Annuities
Passages and scope
General annuity terminology reviewed 23 October 2026; publication date not established.
Overview; immediate and deferred, fixed, variable and indexed annuity categories.
Background distinguishing fixed-rate accumulation from converting capital into income.
Terminology only. Indexed versions display different update dates (9 January 2025 and 30 September 2026); no regulatory chronology relies on this page. Direct canonical opening failed; a full indexed version was read and current terminology was also retrieved in official-domain search.
S27 · US Securities and Exchange Commission · Accessed: 2026-10-23Investor.gov : Annuities
Passages and scope
Guide accessed 23 October 2026; publication date unconfirmed.
Product-category table, “What will I pay…” section and paragraphs on implicit charges, withdrawals and MVA.
Explains how a fixed annuity’s crediting rate can incorporate insurer costs and distinguishes commissions, withdrawal charges and market value adjustments.
General guide; product-specific rates and conditions come from issuer documents. No personal tax simulation is derived from it. Upload date unknown.
S28 · National Association of Insurance Commissioners · Accessed: 2026-10-23Insurance Agent (Producer) Disclosure for Annuities : Appendix A
Passages and scope
Reference form bearing a 2020 copyright, linked by the working group in 2026.
PDF p.2: “How I’m Paid for My Work”; p.1: South Dakota reference.
Documentary example distinguishing commissions generally paid by insurers, fees generally paid by customers and other indirect compensation; invites customers to ask the producer about compensation.
Reference form with a state-specific mention; it does not establish a uniform legal requirement across all US states. Upload date unknown.
S29 · National Association of Insurance Commissioners · Accessed: 2026-10-23Annuity Buyer’s Guide Working Group : public documents
Passages and scope
Working-group activity in 2026; consultation and meetings.
Document links, 3 August draft and 24 September 2026 meeting.
Provenance for the disclosure form and a check on the status of the work.
The page still presents the 3 August draft and 24 September 2026 meeting. Appendix A is an example provided for discussion. No adopted status or new rule is inferred from this work; page publication date unknown.