Don’t Judge an Asset by Its Label

Apollo Updates | Athene In Context
June 30, 2026

Don’t Judge an Asset by Its Label

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Co-President of Athene USA & Chief Operating Officer, Athene Holding; Partner, Apollo Global Management

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Partner

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This episode of Athene: In Context breaks down one of the most misunderstood parts of the insurance balance sheet: “affiliated” and “related party” assets.

Mike Downing and Bogdan Ignaschenko walk through what the terms actually mean and why the "affiliated" label is really just a description of who originated the asset.

From the role of Apollo as an originator to how assets are selected, underwritten, and approved, the conversation focuses on what actually matters: asset quality, investment discipline, and outcomes for policyholders. For Athene, we point to the facts about our balance sheet: 95% investment grade, blue chip borrowers, and zero exposure to the one category that warrants real scrutiny: equity in an affiliate with no third-party participation.

"If an asset is a product, the affiliate label is just the factory where it was made. It tells you who originated the asset. It says nothing about whether the asset is a good one.”

Bogdan Ignaschenko, Partner


Apollo Updates | Athene In Context
June 30, 2026

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Apollo Updates | Athene In Context
June 30, 2026
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