// definition
SRE
Spread-related earnings
Short definition
Apollo’s adjusted pre-tax earnings measure for its retirement-services business, based on investment income less the cost of liabilities and the expenses included in its definition. The relevant publication specifies the scope, adjustments and earnings attributable to the group.
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Knowledge map
Related analyses
Primary sources
- Apollo, 2025 annual reportAUM, FRE and SRE definitions and adjusted-measure reconciliations.