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Apollo Global Management Expands Insurance Asset Management Business

Apollo Global Management Inc. (APO) announced expansion of its insurance asset management business, as Athene Holding Ltd. (ATH) has reached a fixed annuity block reinsurance transaction with Jackson National Life Insurance Company, a subsidiary of Prudential plc (PRU.L), with the support of Athene Co-Invest Reinsurance Affiliate.

As per the terms of the agreement, Athene will reinsure a $27 billion in-force block of fixed deferred and fixed indexed annuities. Athene will also make a $500 million equity investment in Jackson, representing an 11% stake in the company.

Apollo Globa expects the deal will be immediately accretive. However, the full financial effect is expected to be achieved on a run rate basis in the second half of 2021. A large percentage of the assets in Jackson are expected to be redeployed in other quality assets over time.

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