Why buy the insurer when you already manage its money?

When investment firms buy insurers · Article 2/8 · Why buy an insurer?

Apollo was already managing Athene’s investments before the two companies merged. KKR paid a second time for Global Atlantic without acquiring its portfolio twice. Brookfield and Blackstone have found other ways to divide ownership and management fees. These transactions reveal four ways of putting a value on the years for which savings remain invested, together with the obligations that come with them.

The first instalment on AT&T pensions follows the contract to the insurer that owes the payments. This article examines the rights investment managers acquire when buying an insurer.

On January 1, 2022, Apollo and Athene complete their combination: the former asset manager and the insurer’s holding company become direct subsidiaries of the new Apollo Global Management. The consolidated accounts now include a large retirement insurer, together with its investments, contracts and obligations. Yet on the eve of the merger, Apollo was already managing or advising on $212.6 billion of assets in Athene accounts. The client relationship was firmly established before the two companies brought their ownership together. ^{3, 5, 6}

That sequence raises a question. If an investment firm can manage an insurer’s money and collect fees without owning it outright, why spend billions buying out its shareholders? The portfolio explains part of the attraction, but the transaction also concerns the durability of the mandate, control over decisions and the share of insurance earnings that goes to the owner. Each of those rights has a different value and carries different responsibilities.

The Apollo–Athene, KKR–Global Atlantic and Brookfield–American Equity transactions allow us to trace those rights through acquisition documents and published accounts. Blackstone’s partnership with Corebridge offers a comparison: a minority stake accompanies a contract to manage tens of billions of dollars. Understanding these deals means keeping both sides of the promise in view: the income that savings can generate over many years and the payments that the insurer must make over those same years. ^{1, 15, 25, 37}

The price of the shares and the policyholders’ money

In a share acquisition, the seller receives the agreed price and the buyer takes its place as an owner. Investments remain on the balance sheets of the companies that hold them, alongside those companies’ liabilities. The buyer gains a claim on earnings and, depending on its stake, the power to direct the business; policyholders retain their contractual claims. This distinction matters whenever a deal announcement places a purchase price of a few billion dollars beside assets worth many tens of billions. ^{43, 28}

American Equity Investment Life Holding Company, or AEL, provides a particularly clear example. In July 2023, Brookfield Reinsurance announces a transaction valuing AEL’s equity at about $4.3 billion, then completes the purchase of the remaining shares on May 2, 2024. In the final accounts of Brookfield Wealth Solutions, the buyer’s new name, the cash and shares delivered amount to $3.636 billion. Brookfield already held a stake, so the announced valuation of all the shares and the payment for the remaining shares relate to different dates and scopes. ^{25, 27, 28, 32}

The acquired balance sheet is much larger. The final purchase price allocation records $75.166 billion of identifiable assets and $71.123 billion of liabilities, measured at the acquisition date. Those liabilities include $61.473 billion of policyholder account balances. The $4.043 billion difference between assets and liabilities is an accounting balance before non-controlling interests; how much can be used to fund dividends depends on other requirements, including insurance capital rules. ²⁸

Method and scope

AEL at 2 May 2024, using BWS’s final purchase-price allocation. Both balance-sheet columns use the same scale. The $3.636bn combines cash and shares transferred; net assets before non-controlling interests are not distributable regulatory capital.

The composition of the assets also calls for careful language. Alongside investments and cash, the table includes the accounting value of the acquired insurance business and other intangible assets. The value of business acquired, or VOBA, arises from the accounting and actuarial valuation of the acquired contracts and is amortized over their remaining lives. This intangible asset has a different liquidity profile from a bond or a bank deposit. The roughly $75 billion balance sheet, the $49 billion that will enter the investment manager’s fee-bearing capital base and the price paid for the shares therefore need to retain their separate labels. ^{28, 30}

What the buyer acquires is a business able to receive premiums, invest and pay benefits. Its US contracts, often grouped under the term annuities, also include savings products during their accumulation phase; the business extends beyond lifetime pensions already in payment. The timing of cash outflows, the guarantees offered and policyholders’ ability to withdraw their money all shape the assets that an insurer can reasonably hold. ^{25, 43}

Apollo buys a more durable relationship and insurance earnings

Athene illustrates what an acquisition can add when the main investment management mandate already exists. In its March 2021 announcement, Apollo presents the combination as a way to make the relationship more durable and link the growth of the insurance business directly to the growth of asset management. At closing, the new Apollo shares issued as consideration are valued at $11.455 billion. This closing value pays for equity rights; the $212.6 billion managed at the end of 2021 measures a mandate. The acquisition note separately reconciles the full accounting consideration. ^{1, 6, 3}

For an investment manager, a secure mandate changes how it plans ahead. A credit team hires people, builds relationships with borrowers and arranges financing in the expectation of having capital to invest over time. Bringing an insurer into the group can make that activity more predictable, provided new business and portfolio reinvestment offset benefit payments and withdrawals. Here, durability takes the form of a commercial relationship that the shareholder can organize more closely, while each insurance contract continues to have its own payment schedule.

The acquisition also increases the share of insurance earnings attributable to the group: Apollo already held 28.4% of Athene’s shares at the end of 2021. For products with guarantees, part of the earnings comes from the difference between investment income and the cost of the obligations. Apollo tracks this activity through spread-related earnings (SRE), a pre-tax, non-GAAP measure after the costs and adjustments included in its definition. The owner gains greater exposure to that margin, to the quality of the assets, to the guarantees and to capital requirements. ^{3, 8}

The scale of the obligations is visible from the outset: the merger’s acquisition table records $219.779 billion of liabilities assumed at fair value. The insurance companies remain responsible for their contracts, while the shareholder now controls a business whose resources must be sufficient to honor them. The value of the management mandate and the value of the insurance operation come together within the group, along with risks that require different measures. ⁶

KKR buys a larger share of the same earnings

Global Atlantic offers a view of two successive purchases. When KKR’s acquisition of control closes on February 1, 2021, the cost attributable to KKR is approximately $2.914 billion for 61.5%, after adjustments. The roughly $4.7 billion highlighted for the transaction refers to the value of the whole business, including other investors’ interests. KKR’s accounts identify $97.503 billion of additional assets under management, also classified as fee-paying assets. ¹⁵

Three years later, KKR buys the remaining interest of approximately 37%. Final consideration consists of $2.622 billion in cash and $40.8 million in securities exchangeable for KKR shares, or approximately $2.663 billion. Global Atlantic had already been controlled and consolidated since 2021, so the second purchase increases KKR’s economic interest in a business and portfolio already within the group. ¹⁹

Method and scope

Three dated paths. Apollo already managed or advised the $212.6bn in Athene accounts; $97.503bn was the AUM added by Global Atlantic in 2021; $49bn was the AEL fee-bearing capital added by BAM in 2024. Arrow widths do not represent amounts.

The effect is especially clear in the earnings figures. In 2023, Global Atlantic produces $1,289.7 million of pre-tax operating earnings under KKR’s adjusted measure; after non-controlling interests, $816.6 million is attributable to KKR. In 2024, earnings for the entire business fall to $1,014.5 million, all of which now belongs to KKR. Earnings attributable to KKR rise by 24.2%, while earnings for the whole business fall by 21.3%. Both changes are calculated from the accounts and relate to explicitly different scopes. ¹⁹

Method and scope

Adjusted pre-tax insurance operating earnings, using the 2023–2024 comparatives from the same KKR report. Columns start at zero. The 24.2% increase concerns earnings attributed to KKR; the 21.3% decline concerns the whole business. Calculations by this investigation.

This divergence helps explain what the second purchase pays for. KKR has acquired a claim on a larger fraction of future earnings, together with the corresponding exposure to losses and capital requirements. The increase in attributable earnings reflects that change in ownership; assessing the insurer’s economic performance also requires looking at the earnings of the business as a whole. The annual report explicitly identifies the purchase of the remaining stake as a contributor to the increase in earnings attributable to KKR. ¹⁹

Brookfield separates the owner from the manager

At Brookfield, similar names cover different functions. Brookfield Reinsurance, renamed Brookfield Wealth Solutions, acquires the insurer. Brookfield Asset Management, or BAM, receives the investment management mandate. These are related companies, but the purchase price, insurance obligations and manager’s revenues appear in separate accounts. ^{27, 31, 32}

That separation makes the manager’s interest particularly visible. In its August 2023 shareholder letter, BAM anticipates approximately $50 billion of AEL capital to manage and $125 million in additional annual fee-related earnings, or FRE. This is management’s forecast for an adjusted earnings measure, after the costs included in that measure. The 2024 report subsequently records $49 billion of fee-bearing capital added through the AEL mandate. The addition to the manager’s fee base is therefore documented. ^{29, 30}

The available evidence goes less far in testing the earnings forecast. The 2025 report attributes a $55 million annual increase in fee revenue to the AEL mandate. That figure measures a change in revenue, whereas the forecast of $125 million described an expected annual level of earnings. The documents reviewed do not isolate realized AEL FRE that would allow a direct assessment of the 2023 target. The two figures cannot establish whether that target was met. ^{29, 31}

The manager’s ambitions also extend beyond the overarching mandate. The same 2023 letter envisages allocating about 40% of insurance capital to its private funds, generating additional fee revenue. That percentage is a target for the insurance capital discussed by BAM, rather than a reported allocation for AEL. It reveals another attraction of durable access to an insurer’s investments: the relationship can support several parts of the manager’s business, from selecting investments to managing specialist vehicles. ²⁹

Understanding this arrangement requires looking beyond the Brookfield name to the company that bears the guarantees, the company that charges for investment management and the shareholders who receive their earnings. The value of the owner’s investment also depends on the insurance business’s capital needs; the manager is paid for a service whose fee base and terms are determined by contract. The economic division runs between those functions, even when they sit within the same network of ownership relationships.

A fee moves through the group

Apollo’s and KKR’s accounts make it possible to trace the fees recorded between the two businesses. In 2025, Apollo reports $1,441 million of management fees between its insurance and asset management businesses. KKR reports $673.9 million charged by its asset management segment to its insurance segment. Each amount is revenue for the manager and an expense for the insurer within the respective group. ^{8, 20}

As early as February 2021, KKR’s management was targeting at least $200 million in additional annual net management fees once the business had ramped up. That forecast combined the general mandate and directly managed strategies, then deducted certain expenses. The subsequent series of internal fees measures gross revenue; assessing whether the target was achieved would require reconciling costs and reporting scopes. As at Brookfield, the announcement explains the economic benefit being sought, while tracking its delivery requires a consistent measure from beginning to end. ¹⁶

Method and scope

Reported intersegment management fees for 2025. The same amount is an insurance expense and an asset-management revenue; the internal transaction is eliminated on consolidation. The relevant insurance earnings already reflect the fees. This figure does not calculate group net profit.

In consolidated accounts, the internal revenue and corresponding expense are eliminated. The investment teams still incur costs, the assets still generate income and the insurer still has obligations, but a payment between two businesses in the same group does not by itself create additional external revenue. The reported insurance earnings already reflect these fees. Any reconstruction must therefore begin with the definition of each measure, to avoid deducting the same expense twice or treating a gross fee as net profit. ^{8, 20}

These charges still matter economically within each company. Fees compensate the investment management business and affect its profitability; their level reduces the investment income retained by the insurer. Assessing whether the arrangement creates value requires examining the service provided, its cost, the performance achieved and the capital at risk. Rising fees may accompany a larger portfolio or a different mix of investments. Their amount alone does not measure either an improvement in the return on savings or a loss to policyholders.

Athene’s own disclosures describe the incentive that deserves scrutiny. Its documentation distinguishes a base fee from fees linked to asset categories, and its risk factors acknowledge that higher remuneration on certain investments may encourage the manager to allocate more to them, without guaranteeing a higher return for the insurer. That disclosure provides a precise line of inquiry: who approves the allocations, and what net results are used to assess them? It establishes a potential incentive; determining whether any fees are excessive requires further evidence. ⁹

Blackstone puts a value on a secure contract

The partnership with AIG’s life and retirement business, now Corebridge, shows how far a mandate can reach alongside a minority investment. Announced on July 14, 2021, the agreement provides for $2.2 billion in exchange for a 9.9% equity stake and an initial mandate to manage $50 billion of existing assets. The transaction closes on November 2. The minority investment and management relationship are arranged together, with distinct rights and sources of remuneration. ^{37, 38}

At the end of 2025, Corebridge reports that Blackstone manages $71.2 billion of its assets at book value. The schedule calls for $92.5 billion by the third quarter of 2027. The contract provides visibility well beyond the size of the equity stake: the assets entrusted to Blackstone, their scheduled growth and the termination provisions all shape the relationship. ^{40, 41}

The published fee schedule makes that visibility tangible. The annual rate is 0.30% on the original assets allocated, rising to 0.45% on additional assets and on the original amount as it is reinvested. Applied to $1 billion of eligible assets for a full year, those rates generate $3 million and $4.5 million in fees respectively. This illustrative calculation uses a constant fee base; an actual bill depends on the assets and terms involved. The schedule excludes investments in funds or structures sponsored by Blackstone or an affiliate, or entitling them to other fees. ⁴⁰

Method and scope

Columns show Corebridge’s annual expenses related to Blackstone services. The $3m and $4.5m examples apply to a constant eligible $1bn base for a full year, excluding Blackstone or affiliate-sponsored funds and structures, and those carrying other fee entitlements.

Another clause contributes to the mandate’s value. If the insurance subsidiaries fail to allocate the scheduled amounts at the quarterly deadlines, Corebridge remains liable for fees on the amount that should have been allocated. The commitment therefore provides a minimum level of remuneration as well. The contract also contains termination mechanisms, whose terms determine how secure the relationship is over time. ^{40, 41}

Corebridge’s recorded expenses for Blackstone’s services reach $175 million in 2023, $243 million in 2024 and $323 million in 2025. The interim accounts report $176 million for the first half of 2026. These are expenses incurred by the insurance client, from which Blackstone’s net profit cannot be inferred. They nevertheless establish that substantial management revenue can develop alongside an initial minority equity investment. ^{39, 42}

On the issuer page reviewed on October 23, 2026, Corebridge describes its proposed combination with Equitable as pending closing, with the companies continuing to operate separately until then. The management terms and expenses examined here retain the dates of their source documents. ⁴⁷

This arrangement completes the comparison with the three acquisitions. Apollo strengthens an established relationship; KKR increases its share of insurance earnings; Brookfield adds a fee base while distributing functions across related companies; Blackstone combines a minority investment with a long-term contract. The attraction of an acquisition depends on the right the investment manager seeks to secure and the risk it is willing to bear to obtain it.

Duration has a value, and so does risk

The strongest economic argument offered by these groups deserves serious examination. An insurer with predictable cash outflows can finance long-term loans and projects, while a manager able to select and monitor those investments can improve their fit with the insurer’s obligations. The authors of a study published by the BIS highlight both the capital and expertise these firms bring and the vulnerabilities associated with less liquid assets. ⁴³

A Federal Reserve Bank of Chicago working paper by Ralf Meisenzahl, Jackson Overpeck and Andy Polacek, revised on April 27, 2026, offers a more specific finding: certain forms of private credit improve maturity and cash-flow matching, with effects concentrated in the US market for indexed annuities, a form of indexed savings product. The finding applies within the scope of those products and that research; it cannot certify the quality of every portfolio held by the groups examined here. ⁴⁴

Distinguishing economic efficiency from a transfer of revenue therefore requires examining the portfolios themselves. Any additional yield must be assessed alongside losses, liquidity, guarantees and all the fees involved. A bond that is difficult to sell may suit a distant payment obligation yet become problematic if policyholders withdraw their savings faster than expected. The owner must also account for the capital committed to the business: a claim on more potential earnings brings greater exposure to the insurer’s results. ^{43, 9}

The public documents assembled here allow us to compare acquired rights, management fee bases and several streams of fees. Important questions remain open, including the net return an independent manager would have achieved, the full cost of each chain of investment vehicles and the earnings attributable to particular mandates. Ranking the acquisitions by profitability would require those data, together with capital contributions and distributions measured consistently over time.

For policyholders, the question ultimately concerns how this arrangement pays the manager while preserving the resources needed to fulfill the promise. Buying the insurer gives the owner influence over the duration of the relationship, asset allocation and residual earnings. The quality of the transaction will depend on how those rights are used: fees justified by the service provided, capital sufficient for the obligations and investments capable of funding benefits through to the final payment.

Read on: life insurers, retirement savings and private credit and the guide to reading a life insurer’s financial strength.

Research scope

Method. Documentary investigation with a research cutoff of October 23, 2026, based on the cited agreements, regulatory filings, accounts and research. All amounts are in current US dollars. Annual comparisons favor 2025, the latest complete financial year; half-year figures are identified separately. Adjusted earnings measures follow the groups’ own definitions. The reporting does not claim interviews or access to any individual policyholder’s contract. The source notes below detail price reconciliations, calculations, reporting scopes and the limits of the available evidence.

The latest complete quarterly accounts published by Apollo and KKR cover June 2026. Apollo also released a preliminary, partial third-quarter estimate on October 5. Full Q3 results are scheduled for November 3 at Apollo and November 9 at KKR. ^{12, 24, 45}

The historical AEL figures retain the definitions used in their original reports. On September 28, 2026, BAM announced a revised presentation of its partner managers, stating that previously reported FRE and distributable earnings remain unchanged. ⁴⁶

The third investigation follows the Jackson–Athene treaty in Bermuda: asset ownership, Apollo management, collateral and the terms for taking risks back.

Sources

Company documents establish the transactions and measures their issuers report. Forecasts remain attributed to their authors, and calculations retain their original scope. Each source note states its limitations.

1. S01 · Apollo Global Management / Athene · 2021-03-08 · Accessed: 2026-10-23Apollo and Athene to Merge in All-Stock Transaction
   Passages and scope

   Announcement on 8 March 2021; reference share prices on 5 March 2021; subsequent completion on 1 January 2022

   Transaction terms and Strategic Rationale / Transaction Details: 1.149 exchange ratio, approximately $11bn announced equity value, approximately 35% ownership including related parties and employees, continuity of the mandate.

   The announcement describes an all-stock combination of already related businesses. The 35% figure is not Apollo’s own stake alone. The release says the combination is not predicated on staffing reductions or cost savings.

   Interested-party communication; announced valuation and expected benefits differ from final purchase accounting and observed results. Athene AUM were already managed before the merger.

2. S02 · Apollo Global Management / Athene · 2021-03-08 · Accessed: 2026-10-23Apollo and Athene : Merger Investor Presentation
   Passages and scope

   Announcement presentation; illustrations based in part on 2020 results

   PDF, p. 7: existing economic relationship, approximately 40% of AUM and 30% of FRE revenue; p. 18: pro forma illustration of 2020 distributable earnings.

   Sets out the strategic rationale for combining the manager and insurer, with pro forma earnings. Useful for identifying management’s proposition and the mandate already in place.

   Promotional presentation. The 2020 pro forma is neither a realised forecast nor a causal acquisition return. Rounded ownership figures have their own date and denominator.

3. S03 · Apollo Global Management / SEC · 2022-02-25 · Accessed: 2026-10-23Apollo Global Management, Inc. : Form 10-K 2021
   Passages and scope

   Year ended and position at 31 December 2021, before the merger

   Printed p. 16, Athene: $212.6bn AUM, all fee-generating; Note 15, p. 210: Apollo’s own 28.4% stake at year-end 2021 and 28.5% at year-end 2020; management agreement provisions in the same note.

   Central evidence: the $212.6bn Athene mandate was already included in Apollo AUM before control was acquired. The announcement’s 35% figure includes other holders.

   Legacy Apollo report before insurance consolidation. Managed or advised AUM differ from acquired assets, equity and purchase consideration. Published after closing but describing the preceding period. The large SEC HTML exceeded the reader limit; pages 16 and 210 of the original annual report were reviewed in the PDF copy hosted by AnnualReports, and the $212.6bn mandate was cross-checked in Apollo’s issuer-hosted 2022 report.

   Original Apollo report reviewed on AnnualReports

4. S04 · Athene Holding / SEC · 2022-02-25 · Accessed: 2026-10-23Athene Holding Ltd. : Form 10-K 2021
   Passages and scope

   Financial years 2019–2021, before the 1 January 2022 merger

   Note 14, Related Parties, p. 198: base and sub-allocation management fees of $592m in 2021; Apollo relationship sections: $936m of direct and indirect charges on a broader basis.

   Establishes substantial fees before the acquisition. Distinguishes contractual management fees from the broader set of amounts incurred directly or indirectly with Apollo and its affiliates.

   The $592m and $936m figures have different scopes. Joining them to later intersegment fees requires consistent definitions; they are not used in the consistent 2022–2025 fee series.

5. S05 · Apollo Global Management / SEC · 2022-01-03 · Accessed: 2026-10-23Apollo Global Management, Inc. : Form 8-K12B, completion of the mergers
   Passages and scope

   Merger effective on 1 January 2022

   Introductory Note and Item 2.01, Completion of Acquisition or Disposition of Assets: AAM/AHL mergers and the new holding-company structure.

   Confirms completion on 1 January 2022 and ownership of legacy Apollo and Athene by the new Apollo Global Management, Inc.

   A change of control at company level. The filing does not establish a general novation of insurance contracts to the Apollo holding company.

6. S06 · Apollo Global Management / SEC · 2025-02-24 · Accessed: 2026-10-23Apollo Global Management, Inc. : Form 10-K 2024, Note 3: Business Combinations
   Passages and scope

   Athene acquisition accounting at 1 January 2022, presented in the 2024 annual report

   Note 3, purchase-price table and estimated fair values of assets acquired and liabilities assumed; consideration-table footnotes 1–6.

   Shares issued at closing: $11,455m; additional equity consideration: $699m; settlement of pre-existing relationships: $896m; total consideration: $13,050m. Assets excluding goodwill: $238,252m; liabilities: $219,779m; goodwill: $4,073m.

   The $22,546m total equity value includes the pre-existing stake, other adjustments and non-controlling interests. This later assets/liabilities table differs from the original 2022 presentation: use one version consistently. Accounting consideration is not an all-cash payment.

7. S07 · Apollo Global Management / SEC · 2023-03-01 · Accessed: 2026-10-23Apollo Global Management, Inc. : Form 10-K 2022
   Passages and scope

   Financial year 2022; first year of Athene consolidation

   Printed pp. 13–14 and 76: Athene AUM of $236.0bn and $212.6bn comparative; Note 20, pp. 215–216: $764m intersegment management fees and reconciliation to consolidated revenue; Note 3, pp. 151–152: acquisition.

   Starting point for the consistent intersegment management-fee series. The reconciliation shows how internal fees remain relevant to business-segment analysis despite consolidation elimination.

   SEC filing date is 1 March, following system acceptance on the evening of 28 February. Liability data and some insurance earnings have later restated presentations; do not mix versions.

8. S08 · Apollo Global Management / SEC · 2026-02-25 · Accessed: 2026-10-23Apollo Global Management, Inc. : Form 10-K 2025
   Passages and scope

   Financial years 2023–2025; balances at 31 December 2025

   P. 15: Athene AUM; p. 97: SRE bridge; pp. 108–109: net invested assets; p. 154: intercompany elimination; Note 21, pp. 257–261, especially p. 259: intersegment fees and FRE/SRE.

   Intersegment management fees: $955m, $1,223m and $1,441m in 2023–2025. 2025 SRE: $3,361m. Athene AUM: $392.2bn; net invested assets: $292.414bn. Consolidated accounts eliminate intercompany transactions.

   FRE and SRE are non-GAAP measures. Fees are revenue before the manager’s costs; SRE includes the relevant investment-management expenses. AUM and net invested assets have distinct scopes and valuations.

9. S09 · Athene Holding / SEC · 2026-02-25 · Accessed: 2026-10-23Athene Holding Ltd. : Form 10-K 2025
   Passages and scope

   Financial years 2023–2025; terms and liabilities at 31 December 2025

   P. 45: sub-allocation incentives; p. 95: liability surrender terms; Note 15, p. 179: rates, fees and accounting; Item 13, p. 210: waiver of the 2025 performance fee and other Apollo relationships.

   Fees including base, sub-allocation and performance: $975m, $1,253m and $1,441m in 2023–2025. They reduce net investment income. Describes rates, ACRA interests and incentive risks. 36% of net reserve liabilities generally non-surrenderable and 53% subject to surrender penalties.

   ACRA allocations and additional fee categories cannot all be added together. Surrender penalties do not eliminate liquidity needs. The declining marginal base-fee schedule predated the merger.

10. S10 · Apollo Global Management / SEC · 2026-08-10 · Accessed: 2026-10-23Apollo Global Management, Inc. : Form 10-Q, quarter ended 30 June 2026
    Passages and scope

    Second quarter and six months ended 30 June 2026

    Note 18, p. 98: intersegment management fees; MD&A p. 130: Athene AUM; p. 136: insurance earnings and half-year comparatives.

    Athene AUM of $415.7bn at end-June. Management fees of $785m in the first half of 2026 versus $719m a year earlier; SRE of $1,596m versus $1,625m. The two measures move in different directions.

    Unaudited interim accounts; half-year flows are not annualised. AUM balances, fees and earnings have different time bases and definitions.

    Version reviewed on the issuer’s website

11. S11 · Apollo Global Management / Athene / SEC · 2021-11-05 · Accessed: 2026-10-23Apollo / Athene : Joint Proxy Statement and Prospectus
    Passages and scope

    Pre-merger voting documents; standalone projections for 2021–2025

    Printed pp. 31–32: expected continuation of service agreements and fees in business-line measures; pp. 160–162: unaudited Apollo projections, including $2,093m of 2025 pre-tax FRE.

    Distinguishes the integration rationale from the creation of new fees. The projections concern standalone Apollo and were prepared for the transaction review process.

    Unaudited forecasts with detailed assumptions and limitations. The $2,093m is neither Athene-only fees nor merger synergies; no direct causal comparison with observed 2025 FRE is justified. The common version filed by Athene and distributed on its site was reviewed; printed pages 160–162 correspond to PDF pages 178–180. The large Apollo SEC HTML exceeds the reader limit.

    Version reviewed on the issuer’s website

12. S12 · Apollo Global Management · 2026-09-29 · Accessed: 2026-10-23Apollo to Announce Third Quarter 2026 Financial Results on November 3, 2026
    Passages and scope

    Full results scheduled for 3 November 2026, after the 23 October research cutoff

    Opening paragraph: announced results-release and conference-call date.

    Second-quarter 2026 remains the latest quarter covered by full published accounts as of 23 October. A separate 5 October filing already provides a preliminary, partial estimate for the third quarter.

    An announced schedule; contains no third-quarter financial results and does not support forecasting them.

13. S13 · Global Atlantic / KKR · 2020-07-08 · Accessed: 2026-10-23KKR to Acquire Global Atlantic Financial Group Limited in a Strategic Transaction
    Passages and scope

    Agreement announced on 8 July 2020; indicative data as of 31 March 2020

    Transaction terms, book value, pro forma assets under management and financing.

    Announces the acquisition of control at one times adjusted book value, financed by KKR and co-investors.

    Indicative price and assets before closing. Expected synergies and revenues are the parties’ forecasts.

14. S14 · Global Atlantic / KKR · 2021-02-01 · Accessed: 2026-10-23KKR Closes Acquisition of Global Atlantic Financial Group Limited
    Passages and scope

    Closing on 1 February 2021

    Total transaction value, KKR ownership and subscription of new capital.

    Confirms closing and distinguishes the value of the whole business from KKR’s stake. The co-investment process provides Global Atlantic with $250m of new equity capital.

    Final figures appear in the 2021 10-K. The $250m is neither the price paid to sellers nor an amount demonstrated to have been provided entirely by KKR.

15. S15 · KKR & Co. Inc. · 2022-02-28 · Accessed: 2026-10-23KKR & Co. Inc. : Form 10-K, year ended December 31, 2021
    Passages and scope

    Year ended 31 December 2021; acquisition on 1 February 2021

    Pages 166 and 168–169, AUM/FPAUM; note 3, pages 262–264, acquisition; page 332, intersegment fees.

    Documents the $2.914bn cost attributable to KKR, its 61.5% stake after adjustments, $97.503bn of added assets under management and the acquisition balance sheet. The annual table already incorporates the adjustments finalized in June: the approximately $55m additional payment must not be added again to $2.914bn. The first-quarter 10-Q showed $2.859bn and 61.1% before adjustments.

    Acquisition-date fair values. The 2021 insurance earnings measure deducts tax and differs from later measures. Reconstructed balance-sheet totals must be identified as calculations.

16. S16 · KKR Investor Relations · 2021-02-09 · Accessed: 2026-10-23KKR Q4 2020 Earnings Call Transcript
    Passages and scope

    Fourth-quarter 2020 earnings discussion, following the Global Atlantic closing

    PDF pages 6 and 11–12.

    Management targets at least $200m in additional annual net management fees after ramp-up and explains the components and costs included.

    Management forecast. The net target cannot be compared directly with gross intersegment fees. The cap discussed for the general mandate does not cover every layer of fees.

17. S17 · Global Atlantic / KKR · 2023-11-29 · Accessed: 2026-10-23KKR to Acquire Remaining 37% of Global Atlantic in an All-Cash Transaction
    Passages and scope

    Purchase of the remaining stake announced on 29 November 2023

    Announced consideration, management reinvestment and assets under management.

    Announces the purchase of approximately 37% for an estimated $2.7bn, with planned reinvestment of part of management’s interests.

    Provisional consideration. The announcement describes an all-cash transaction; the final accounts also record securities. Reported assets relate to the announcement date.

18. S18 · Global Atlantic / KKR · 2024-01-02 · Accessed: 2026-10-23KKR Completes Acquisition of Global Atlantic
    Passages and scope

    Closing on 2 January 2024

    Full release.

    Confirms KKR’s 100% ownership of Global Atlantic, with its brand and management retained.

    Final payment details and accounting treatment appear in the 2024 10-K.

19. S19 · KKR & Co. Inc. / SEC EDGAR · 2025-02-28 · Accessed: 2026-10-23KKR & Co. Inc. : Form 10-K, year ended December 31, 2024
    Passages and scope

    Year ended 31 December 2024; purchase of the remaining stake on 2 January 2024

    Page 170, insurance earnings; pages 232 and 235, consideration; note 1, page 238, equity treatment; page 349, fees.

    Sets out the components of final consideration and compares insurance earnings before and after non-controlling interests. Buying the remaining stake is an equity transaction within an already consolidated group.

    Adjusted pre-tax earnings, distinct from GAAP net income. The $2.663bn consideration is calculated by adding cash and securities; the growth percentages have distinct reporting scopes.

    Version reviewed on the issuer’s website

20. S20 · KKR & Co. Inc. / SEC EDGAR · 2026-02-27 · Accessed: 2026-10-23KKR & Co. Inc. : Form 10-K, year ended December 31, 2025
    Passages and scope

    Year ended 31 December 2025

    Pages 19–21, assets; pages 87 and 111, definitions; pages 133 and 174, eliminations; note 21, pages 279–280; note 25, page 293.

    Documents $673.9m of intersegment fees, insurance earnings after KKR fees, consolidation eliminations and capital and dividend constraints.

    AUM, fee-paying assets and the GAAP balance sheet differ. Statutory capital across entities cannot be added without eliminations. Negative unassigned surplus does not mean negative total equity.

    Version reviewed on the issuer’s website

21. 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

    Six months ended 30 June 2026

    Note 21, pages 88–90; half-year discussion, page 152.

    Reports half-year intragroup fees and insurance earnings, with comparatives and reclassification of certain expenses.

    Unaudited interim accounts. Retain the half-year periods and use restated expense components when comparing periods.

    Version reviewed on the issuer’s website

22. S22 · KKR Investor Relations · 2026-07-30 · Accessed: 2026-10-23KKR & Co. Inc. Reports Second Quarter 2026 Financial Results
    Passages and scope

    Second-quarter and first-half 2026 results

    Printed page 35 (PDF 39), Total Insurance Economics; printed page 38 (PDF 42), definitions.

    Explains investment expenses included in net investment income, insurance costs and reconciliations of non-GAAP measures.

    Operating measures defined by KKR, distinct from GAAP net income. Printed and PDF page numbers differ by four pages.

23. S23 · KKR Investor Relations · 2026-09-22 · Accessed: 2026-10-23KKR Investor Presentation : September 2026
    Passages and scope

    Presentation dated 22 September 2026; financial data mainly as of 30 June 2026

    Page 25, AUM; page 37, Total Insurance Economics; page 39, fees; page 43, perpetual capital.

    Distinguishes Global Atlantic assets from co-investment vehicles, breaks down the insurance economics aggregate and explains how capital described as perpetual can decline.

    Issuer presentation. The aggregate is not GAAP net income; fees net of compensation differ from gross intersegment fees. Assets include third-party capital.

24. S24 · KKR Investor Relations · Accessed: 2026-10-23KKR Events and Presentations
    Passages and scope

    Page accessed on 23 October 2026

    Calendar and links to earnings releases and presentations.

    Records publication dates for second-quarter results and the September presentation; third-quarter results are scheduled for 9 November 2026.

    An evolving page, observed as of the access date. A release scheduled for November remains in the future at the research cutoff.

25. S25 · Brookfield Reinsurance / American Equity Investment Life · 2023-07-05 · Accessed: 2026-10-23Brookfield Reinsurance to Acquire AEL in $4.3 Billion Transaction
    Passages and scope

    Agreement dated 4 July 2023, announced on 5 July 2023

    Pages 1–2, transaction value and consideration.

    Announced equity value of $4.3bn; initial $55 per-share consideration combining cash and BAM shares, subject to an adjustment mechanism.

    Pre-closing announcement. Total equity value is neither the payment for the remaining shares alone nor the final accounting consideration.

26. S26 · American Equity Investment Life Holding Company / SEC · 2023-10-11 · Accessed: 2026-10-23AEL joint proxy statement/prospectus : DEFM14A
    Passages and scope

    Shareholding and voting power as of 4 July and 10 October 2023

    Questions and Answers; Voting Agreement; Summary : The Voting Agreement.

    Purchaser-group companies held 15,886,163 AEL shares, representing approximately 20.38% of voting power at signing.

    A dated percentage, not a measure of ownership at closing. Regulatory filing prepared by the transaction parties.

27. S27 · Brookfield Reinsurance / AEL · 2024-05-02 · Accessed: 2026-10-23Brookfield Reinsurance Completes Acquisition of AEL
    Passages and scope

    Closing on 2 May 2024

    Page 1, closing announcement and per-share consideration.

    Confirms completion and announced consideration of $56.50 per AEL share.

    The announced contractual amount per share differs from the accounting fair value of the shares delivered.

28. S28 · Brookfield Wealth Solutions · 2026-03-26 · Accessed: 2026-10-23Brookfield Wealth Solutions : Consolidated Financial Statements 2025
    Passages and scope

    2025 financial year; acquisition-date values as of 2 May 2024, finalised in the second quarter of 2025

    Note 16, pp. 53-55, purchase allocation table p. 54; Note 2, p. 17, VOBA definition; Note 26, p. 81.

    Final purchase accounting: $3.992bn consideration, $75.166bn identifiable assets and $71.123bn liabilities. Note 26 reports related-party management expenses across BWS.

    US GAAP acquisition-date values, including intangible assets; they do not measure regulatory capital. BWS expenses cover a broader scope than AEL.

29. S29 · Brookfield Asset Management / SEC · 2023-08-14 · Accessed: 2026-10-23Brookfield Asset Management : Q2 2023 Interim Report and Letter to Shareholders
    Passages and scope

    Second-quarter 2023 shareholder letter; SEC filing dated 14 August 2023

    Letter to Shareholders : We Will Triple Our Insurance Assets Under Management.

    BAM anticipates approximately $50bn of AEL capital to manage and $125m in annual fee-related earnings, without investing its own capital in the acquisition.

    Forecasts, not observed results. Fee-related earnings differ from fee revenues. The 40% private-fund allocation target concerns insurance capital overall.

30. S30 · Brookfield Asset Management · 2025-03-17 · Accessed: 2026-10-23Brookfield Asset Management : 2024 Form 10-K
    Passages and scope

    Year ended 31 December 2024

    Pages 56, 58 and 85–86.

    The AEL mandate adds $49bn of fee-bearing capital. The report also describes BAM’s share issuance and increased ownership of ULC.

    The $134m increase in perpetual credit strategy fee revenues includes capital deployment beyond AEL. Manager-level metrics and the listed company’s ownership interest have distinct scopes.

31. S31 · Brookfield Asset Management · 2026-03-02 · Accessed: 2026-10-23Brookfield Asset Management : 2025 Form 10-K
    Passages and scope

    Year ended 31 December 2025; arrangement completed on 4 February 2025

    Definitions, pages 59–60; fee revenue increase, page 65; note 2, page 76; note 3, page 105.

    Documents $55m of additional fee revenue related to the AEL mandate, management metrics for BWS as a whole, and BAM’s full ownership of ULC following the arrangement.

    The $55m measures an annual increase, not total AEL fees or realised AEL earnings. The $108bn capital base and $234m management revenue cover all of BWS.

32. S32 · Brookfield Wealth Solutions / SEC · 2026-03-26 · Accessed: 2026-10-23Brookfield Wealth Solutions : 2025 Form 20-F
    Passages and scope

    Year ended 31 December 2025

    Risk factors, pages 42–43; Item 10.C, Investment Management Agreements, pages 134–135; notes 1 and 23.

    Describes BN/BWS/BAM relationships, investment management agreements, affiliated sub-advisers and potential conflicts of interest.

    Terms for each AEL-specific mandate are not isolated. Disclosure of potential conflicts does not establish overcharging. BWS should not be depicted as a simple BAM subsidiary.

33. S33 · Brookfield Asset Management · 2026-08-10 · Accessed: 2026-10-23Brookfield Asset Management : Q2 2026 Form 10-Q
    Passages and scope

    Six months ended 30 June 2026

    Page 4, AEL Mandate; page 88, note 2.

    BWS fee-bearing capital reaches $150bn at the end of June; associated management revenue is $158m in the first half.

    An expanded BWS scope including subsequent acquisitions; figures cannot be attributed to AEL alone. SEC filing dated 10 August 2026, accepted on the evening of 7 August.

34. S34 · Brookfield Wealth Solutions · 2026-08-13 · Accessed: 2026-10-23Brookfield Wealth Solutions Announces Strong Second Quarter Results
    Passages and scope

    Second quarter and first half ended 30 June 2026

    Pages 1–2 and 4–7.

    Reports half-year results, the integration of Just Group and the BN–BNT simplification still awaiting completion.

    Results cover BWS as a whole. Distributable operating earnings are a non-GAAP measure distinct from net income. The release does not isolate AEL.

35. S35 · Brookfield Wealth Solutions · 2026-07-16 · Accessed: 2026-10-23Brookfield Wealth Solutions Announces Shareholder Approval of Transaction to Simplify Corporate Structure
    Passages and scope

    Shareholder approval on 16 July 2026

    Opening paragraphs, proposed parent company and expected timetable.

    Shareholders approve a new parent, Brookfield Corporation Ltd.; closing is expected before the end of 2026, subject to conditions.

    Approval and closing are separate events. No completion announcement was identified in the primary sources reviewed through 23 October 2026.

36. S36 · American National Group / SEC · 2024-07-23 · Accessed: 2026-10-23American National Group Inc. : Unaudited pro forma financial statements (Exhibit99.4)
    Passages and scope

    Pro forma presentation as of 31 March 2024; acquisition on 2 May and internal merger on 7 May 2024

    Pages 1 and 5–7.

    Describes approximately $3.7bn paid for the remaining shares and the surviving entity renamed American National Group Inc. Presents an initial provisional purchase allocation at ANGI level.

    Unaudited pro forma information filed 23 July 2024; provisional consideration and scope differ from final BWS accounts S28.

37. S37 · AIG / Blackstone · 2021-07-14 · Accessed: 2026-10-23AIG Announces Strategic Partnership with Blackstone for its Life & Retirement Business and Sale to Blackstone of Certain Affordable Housing Assets
    Passages and scope

    Agreement announced on 14 July 2021

    Opening paragraphs and bullets: 9.9% stake, $2.2bn consideration, initial $50bn mandate.

    The price relates to a minority equity stake. The $5.1bn real-estate sale announced in the same release is a separate transaction.

    Interested-party release; announced terms, checked against the closing release.

38. S38 · AIG / Blackstone · 2021-11-02 · Accessed: 2026-10-23AIG and Blackstone Close Transaction Relating to Life & Retirement Business
    Passages and scope

    Closing on 2 November 2021

    Page 1, opening paragraph.

    Confirms completion of the 9.9% investment and initial $50bn mandate.

    Closing occurred after the initially anticipated third quarter. This release does not state a revised price.

39. S39 · Corebridge Financial / SEC · 2026-02-11 · Accessed: 2026-10-23Corebridge Financial : Form 10-K 2025, Note 23: Related Party Transactions
    Passages and scope

    Years ended 31 December 2023, 2024 and 2025

    Note 23, Partnership and Transactions with Blackstone / Investment Management Relationships.

    Investment expense related to Blackstone services: $175m in 2023, $243m in 2024 and $323m in 2025.

    Corebridge expenses, not Blackstone net profit or a measure of fees directly charged to policyholders. Accrual expenses rather than a cash-payment ledger.

40. S40 · Corebridge Financial / SEC · 2026-04-22 · Accessed: 2026-10-23Corebridge Financial : Form 10-K/A 2025, Item 13
    Passages and scope

    Mandate as of 31 December 2025; schedule extending to the third quarter of 2027

    Printed pages 75–76, Investment Management Relationships.

    Sets out the $71.2bn book-value base, the scheduled $92.5bn mandate, and 0.30% / 0.45% rates, with exclusions and minimum fees.

    A year-end stock does not establish the average billed base. The 0.45% rate does not automatically apply to every asset. The $92.5bn amount is scheduled for the future.

41. S41 · AIG / Blackstone / SEC · 2022-03-28 · Accessed: 2026-10-23Investment Management Commitment Letter : Exhibit 10.7
    Passages and scope

    Agreement dated 2 November 2021; exhibit filed in 2022

    Sections 2 (commitments) and 3 (term and termination).

    Underlying contract for the term, management commitments and termination provisions.

    Read with the updated 2025 10-K/A. The term is not a guarantee that the mandate lasts forever.

42. S42 · Corebridge Financial / SEC · 2026-08-05 · Accessed: 2026-10-23Corebridge Financial : Form 10-Q, quarter ended 30 June 2026, Note 19
    Passages and scope

    Six months ended 30 June 2026

    Related Party Transactions, Partnership and Transactions with Blackstone.

    Blackstone-related expense: $176m in the first half of 2026, versus $156m in the first half of 2025.

    Unaudited interim accounts. These half-year flows are not annualised and are kept separate from the 2023–2025 annual chart.

43. S43 · Fabian Garavito, Ulf Lewrick, Tomas Stastny et Karamfil Todorov : BIS Quarterly Review · 2024-09-16 · Accessed: 2026-10-23Shifting landscapes: life insurance and financial stability
    Passages and scope

    Analysis published in September 2024

    Sections Life insurers’ profitability and interest rates – a primer; Expanding footprint of private equity firms in life insurance.

    Economic framework: insurance obligations, equity, management and origination revenues, capital provision and liquidity risks.

    Authors’ analysis, not necessarily the views of the BIS or IAIS. It does not establish the net return on any individual acquisition.

44. S44 · Ralf Meisenzahl, Jackson Overpeck et Andy Polacek : Federal Reserve Bank of Chicago · 2026-04-27 · Accessed: 2026-10-23Life Insurers’ Private Credit Investments and Annuity Market Share Capture : Working Paper 2025-09
    Passages and scope

    First published in June 2025; revised on 27 April 2026

    Abstract and results on maturity and cash-flow matching for indexed annuities.

    The authors identify improved matching for certain US indexed annuity products, relevant to the economic-efficiency argument.

    Working paper reflecting the authors’ views. Findings on indexed annuities do not automatically extend to every lifetime annuity and do not measure each acquisition’s profitability.

45. S45 · Apollo Global Management / SEC · 2026-10-05 · Accessed: 2026-10-23Apollo Global Management, Inc. : Form 8-K, preliminary alternative investment income estimates for Q3 2026
    Passages and scope

    Preliminary alternative net investment income estimates for the quarter ended 30 September 2026

    Items 2.02 and 7.01: pre-tax estimate and preliminary status; Cautionary Note Regarding Preliminary Estimates.

    Apollo and Athene estimate alternative net investment income of approximately $375m before tax for Q3 2026. This partial information precedes full quarterly results scheduled for 3 November and concerns one component of SRE.

    Management estimate prepared before completion of closing procedures, subject to change and without auditor assurance. It provides neither full Q3 SRE nor Q3 intersegment fees; no comparison with annual management fees is inferred.

46. S46 · Brookfield Asset Management / SEC · 2026-09-28 · Accessed: 2026-10-23Brookfield Asset Management, Form 8-K, presentation changes
    Passages and scope

    Presentation change announced 28 September 2026; expected from Q3 2026 results scheduled for 6 November

    Item 7.01; Exhibit 99.1, introduction and old/new presentation tables

    BAM announces a revised presentation of partner-manager revenues, costs and capital from Q3 reporting; it says previously reported FRE and distributable earnings are unchanged. The AEL figures cited here retain their original-report definitions.

    An aggregate-metric presentation change; retain original definitions and dates for historic AEL data. BAM says previously reported FRE and distributable earnings are unchanged.

47. S47 · Corebridge Financial · Accessed: 2026-10-23Corebridge Financial + Equitable Holdings, issuer transaction information
    Passages and scope

    Merger announced 26 March 2026; issuer information page reviewed 23 October 2026

    FAQ, What was announced / What does this transaction mean for Corebridge stakeholders / Will accounts, contracts, services, or points of contact change

    The issuer page reviewed 23 October describes the merger as pending closing, with both companies continuing to operate separately until then. Historic management terms remain dated to their cited filings.

    Interested issuer information. This update does not establish an amendment, termination or extension of the Blackstone mandate.