Apollo has hit back against criticism of the close ties between its asset management arm and in-house insurer in an investor filing that instead points the finger at its chief rivals.
A presentation published by Apollo’s in-house insurer Athene last week zeroed in on life insurers owned by or affiliated with KKR, Blackstone and Brookfield, which Athene identified as having a larger proportion of related party investments than it did.
The presentation showed 12 per cent of Athene’s assets were “related party” ones. That compared with 22 per cent for KKR’s Global Atlantic, 30 per cent for Brookfield’s American National Insurance, 35 per cent for Blackstone’s Everlake and 43 per cent for Security Benefit Life, the insurer owned by billionaire sports investor Todd Boehly’s holding company.