v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Equity
14. Equity

Common Stock

Holders of common stock are entitled to participate in dividends from the Company on a pro rata basis.

The Company issues shares of common stock in settlement of vested RSUs, and generally allows holders of vested RSUs and exercised share options to settle their tax liabilities by reducing the number of shares of common stock issued to them, which the Company refers to as “net share settlement.” Additionally, the Company has generally allowed holders of share options to settle their exercise price by reducing the number of shares of common stock issued to them at the time of exercise by an amount sufficient to cover the exercise price. The net share settlement results in a liability for the Company and a corresponding adjustment to retained earnings.

On February 8, 2024, the AGM board of directors terminated the Company’s prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $3.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Company’s equity incentive plans.

Effective February 9, 2026, the AGM board of directors terminated the Company’s prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $4.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Company’s equity incentive plans. Shares of common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, as well as through reductions of shares that otherwise would have been issued to participants under the Company’s Equity Plan in order to satisfy associated tax obligations. The repurchase program does not obligate the Company to make any repurchases at any specific time. The program is effective until the aggregate repurchase amount that has been approved by the AGM board of directors has been expended and may be suspended, extended, modified or discontinued at any time.

The table below outlines the share activity:

Six months ended June 30,
20262025
Shares of common stock issued in settlement of vested RSUs and options exercised1
4,557,767 8,017,170 
Reduction of shares of common stock issued2
(1,735,561)(3,298,981)
Issuance of shares of common stock for equity-based awards2,822,206 4,718,189 
1 The gross value of shares issued was $591 million and $1.3 billion for the six months ended June 30, 2026 and 2025, respectively, based on the closing price of the shares of common stock at the time of issuance.
2 Cash paid for tax liabilities associated with net share settlement was $229 million and $542 million for the six months ended June 30, 2026 and 2025, respectively.

During the six months ended June 30, 2026 and 2025, 5,926,713 and 1,392,000 shares of common stock, respectively, were repurchased in open market transactions as part of the publicly announced share repurchase programs discussed above, and such shares were subsequently canceled by the Company. The Company paid $729 million and $193 million for these open market share repurchases during the six months ended June 30, 2026 and 2025, respectively.

During the six months ended June 30, 2025, the Company issued 540,177 shares of common stock in settlement of a deferred consideration obligation.
Mandatory Convertible Preferred Stock

On August 11, 2023, the Company issued 28,750,000 shares, or $1.4 billion aggregate liquidation preference, of its 6.75% Series A Mandatory Convertible Preferred Stock (the “Mandatory Convertible Preferred Stock”).

As of December 31, 2025, there were 28,749,665 shares of Mandatory Convertible Preferred Stock issued and outstanding. Holders of Mandatory Convertible Preferred Stock shares had the option to convert all or any portion of their shares at any time. During the six months ended June 30, 2026, 438 shares of Mandatory Convertible Preferred Stock were converted at the option of the respective holders. As of June 30, 2026, there were 28,749,227 shares of Mandatory Convertible Preferred Stock issued and outstanding.

On July 31, 2026, each outstanding share of Mandatory Convertible Preferred Stock automatically converted (the “Conversion”) into shares of common stock pursuant to the certificate of designations related to the Mandatory Convertible Preferred Stock, at a conversion rate of 0.5074 shares of common stock per share of Mandatory Convertible Preferred Stock (the “Mandatory Conversion Rate”). The Mandatory Conversion Rate was determined based on the average volume weighted average price per share of common stock over the 20 consecutive trading day settlement period ended July 29, 2026. Cash was paid in lieu of fractional shares of common stock. An aggregate of 14,587,300 shares of common stock were issued following June 30, 2026, including early conversions and shares issued as part of the Conversion. Following the Conversion, there were no shares of Mandatory Convertible Preferred Stock outstanding.

Dividends on the Mandatory Convertible Preferred Stock were paid on a cumulative basis when and as declared by the AGM board of directors, or an authorized committee thereof, at an annual rate of 6.75% on the liquidation preference of $50.00 per share, and were paid in cash. Dividends on the Mandatory Convertible Preferred Stock were paid quarterly on January 31, April 30, July 31 and October 31 of each year, with the final dividend paid on July 31, 2026. For the quarters ended June 30, 2026 and 2025, the Company paid quarterly cash dividends of $0.8438 per share of Mandatory Convertible Preferred Stock.

Warrants

In 2022, the Company issued warrants in a private placement exercisable for up to 12.5 million shares of common stock at an exercise price of $82.80 per share. In April 2025, the Company issued 1,080,041 shares of common stock in relation to a cashless exercise of 2.6 million vested warrants issued in 2022. As of June 30, 2026, pursuant to certain anti-dilution provisions, the exercise price for the warrants was adjusted to $82.56. As of June 30, 2026, warrants exercisable for 9.9 million shares of common stock were vested and exercisable.

In November 2024, the Company issued warrants in a private placement exercisable for up to 2.9 million shares of common stock at an exercise price of $173.51 per share. The warrants are exercisable on the issuance date and each of the first, second, third, fourth, fifth and sixth anniversaries thereof. As of June 30, 2026, warrants exercisable for 0.8 million shares of common stock were vested and exercisable. Each warrant, to the extent exercised, will be settled on a “cashless net exercise basis.” The warrants will expire on the seventh anniversary of the issuance date, with any vested but unexercised warrants being automatically exercised at such time if the trading price of common stock is above the exercise price.

Donor-Advised Fund

In February 2025, the Company established a donor-advised fund (the “Apollo DAF”) as part of its ongoing commitment to philanthropy. The Company issued 1,213,003 shares of common stock in February 2025 to fund the Apollo DAF.

Purchase of Interests

In June 2026, the Company entered into an agreement to purchase interests in a consolidated partnership previously issued to employees, which resulted in a modification of the original agreement and incremental compensation expense of $177 million, of which $46 million was recognized during the three months ended June 30, 2026, and the remaining expense will be recognized over the next three years. As part of the purchase, the Company will issue $128 million of equity, with the number of shares determined in August 2026.
Dividends and Distributions

Outlined below is information regarding quarterly dividends and distributions (in millions, except per share data).

Dividend Declaration DateDividend per Share of Common StockPayment DateDividend to Common StockholdersDistribution Equivalents on Participating Securities
February 4, 2025$0.4600 February 28, 2025$264 $14 
May 2, 20250.5100 May 30, 2025292 14 
August 5, 20250.5100 August 29, 2025291 15 
November 4, 20250.5100 November 28, 2025296 15 
Year ended December 31, 2025$1.9900 $1,143 $58 
February 9, 2026$0.5100 February 27, 2026$295 $17 
May 6, 20260.5625 May 29, 2026324 18 
Six months ended June 30, 2026$1.0725 $619 $35 

Accumulated Other Comprehensive Income (Loss)

(In millions)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss)
Balance at March 31, 2026$(7,600)$(249)$81 $4,631 $(28)$21 $(3,144)
Other comprehensive income (loss) before reclassifications784 76 (228)(199)(180)(3)250 
Less: Reclassification adjustments for gains (losses) realized1
521 (4)8 — — — 525 
Less: Income tax expense (benefit)46 13 (50)(38)(37)(2)(68)
Less: Other comprehensive loss attributable to non-controlling interests, net of tax7 15 (76)(63)(26)1 (142)
Balance at June 30, 2026$(7,390)$(197)$(29)$4,533 $(145)$19 $(3,209)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.
(In millions)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss)
Balance at March 31, 2025$(8,217)$(313)$— $3,986 $(23)$(16)$(4,583)
Other comprehensive income (loss) before reclassifications1,258 66 1 (45)(135)163 1,308 
Less: Reclassification adjustments for gains (losses) realized1
(77)(3)9 — — — (71)
Less: Income tax expense (benefit)268 13 (2)(6)(28)21 266 
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax234 13 20 (96)(15)67 223 
Balance at June 30, 2025$(7,384)$(270)$(26)$4,043 $(115)$59 $(3,693)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

(In millions)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss)
Balance at December 31, 2025$(6,372)$(252)$(17)$4,137 $(169)$28 $(2,645)
Other comprehensive income (loss) before reclassifications(1,326)62 (91)710 36 (33)(642)
Less: Reclassification adjustments for gains (losses) realized1
460 (13)15 — — — 462 
Less: Income tax expense (benefit)(360)12 (22)148 8 (10)(224)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax(408)8 (72)166 4 (14)(316)
Balance at June 30, 2026$(7,390)$(197)$(29)$4,533 $(145)$19 $(3,209)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.
(In millions)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss)
Balance at December 31, 2024$(9,174)$(284)$(119)$4,235 $(103)$(49)$(5,494)
Other comprehensive income (loss) before reclassifications2,596 31 240 (573)(19)224 2,499 
Less: Reclassification adjustments for gains (losses) realized1
(268)(3)19 — — — (252)
Less: Income tax expense (benefit)580 5 46 (116)(4)28 539 
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax494 15 82 (265)(3)88 411 
Balance at June 30, 2025$(7,384)$(270)$(26)$4,043 $(115)$59 $(3,693)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.