Short answer
Apollo Global Management (APO) filed its fiscal 2024 10-K annual report with the SEC on Feb 24, 2025. It reported revenue of $26.1B (−20.0% year over year) and net income of $4.6B.
- Top risk flagged: Regulatory/legal risk: Dividend payments depend on distributions from subsidiaries meeting surplus and solvency requirements under applicable insurance laws
FY2024 key financial metrics · XBRL
- Revenue
- $26.1B
- −20.0% YoY
- Net income
- $4.6B
- −9.3% YoY
- EPS (diluted)
- $7.33
- −11.5% YoY
- ROE
- 26.5%
- −9.4 pp YoY
- Operating cash flow
- $3.3B
- −48.5% YoY
Source: XBRL data from the Apollo Global Management (APO) FY2024 10-K on SEC EDGAR. USD.
Apollo Global Management FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Alternative investment management with significant insurance and pension risk transfer operations
- Designated as an Internationally Active Insurance Group (IAIG) by Iowa Insurance Division as of Feb 2024, impacting Athene's capital standards
- Notable legal challenge: Since March 2024, multiple federal class actions against Athene’s pension annuity customers alleging ERISA violations, affecting reputation and inflows
- New tax regime exposure: Subject to Bermuda Corporate Income Tax starting Jan 2025, imposing 15% corporate tax on subsidiaries, altering prior tax assurances
- Increasing regulatory and ESG-related compliance demands from US, UK, and EU with varied rules causing complexity and resource allocation challenges
Management Discussion & Analysis
- Segment performance specifics absent from given content
- Key risk: 10% public equity price decline may reduce income by $617M in 2024 vs $538M in 2023 due to increased equity exposure
Risk Factors
- Regulatory/legal risk: Dividend payments depend on distributions from subsidiaries meeting surplus and solvency requirements under applicable insurance laws
- Macroeconomic threat: $291B investments in Athene exposed to shifts in interest rates and equity market volatility impacting insurance and retirement funds
- Operational vulnerability: Reliance on consolidated funds and VIEs for liquidity with potential impact from capital raising and investment performance fluctuations
- Market disruption risk: Competition from other alternative asset managers in credit and equity funds with performance fee dependence on fund returns
- Financial risk: $4.3B long-term debt maturing between 2026 and 2054 creating refinancing and interest expense risks
Generated from the filing text; verify against the original. How to read a 10-K
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