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  "documentTitle": "Apollo Global Management | Results Presentation Deck | 44 slides",
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  "authorName": "Apollo Global Management",
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  "presentationDate": "2023-02-01 00:00:00",
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  "notes": "Includes detailed reconciliation of Spread Related Earnings to Normalized Spread Related Earnings.",
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      "text": "Note: Amounts for spread related earnings on this page and subsequent pages are not presented for periods prior to the closing of the merger with Athene on January 1, 2022. As part of the closing process for the Athene merger, Athene's assets and liabilities were marked to fair market value as part of purchase GAAP accounting (\"PGAAP\"). 1. Athene issued $400 million of senior unsecured debt in 4Q'22. 2. Other notable items include unusual variability such as actuarial experience (mortality, lapses, or income rider utilization) or assumption updates. 3. Spread Related Earnings - Normalized reflects adjustments to exclude notable items and normalize alternative income to an 11% long-term return, net of offsets.",
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      "text": "Spread related earnings increased in the fourth quarter, driven by another quarter of strong organic growth trends and an expanding net investment spread that benefited from rising interest rates and resilient performance within the alternatives portfolio, which returned 10.6% on an annualized basis",
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      "text": "Adjusting for other notable items and a normalized alternative investment return, normalized SRE grew 15% quarter-over-quarter to a net spread of 140 basis points, due to higher floating rate income and continued profitable growth of the business",
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      "text": "Retirement Services Segment",
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