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Business Combination (Tables) | 6 Months Ended
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Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions, by Acquisition |
(In millions, except exchange ratio and share price data) | Consideration
AHL common shares purchased | 138 |
Exchange ratio | 1.149
Shares of common stock issued in exchange | 158 |
AGM Class A shares closing price | $ | 72.43 |
Total merger consideration at closing | $ | 11,455 |
Fair value of estimated RSUs, options and warrants assumed and other equity consideration | 699 |
Effective settlement of pre-existing relationships | 896 |
Total merger consideration | 13,050 |
Fair value of AHL common shares previously held by Apollo and other adjustments | 4,554 |
Total AHL equity value held by AGM | 17,604 |
Fair value of preferred stock | 2,666 |
Noncontrolling interests | 2,276 |
Total AHL equity value | $ | 22,546 |
The following represents the calculation of goodwill and fair value amounts recognized:
(In millions) | Fair value and goodwill calculation
Merger consideration | $ | 13,050 |
Fair value of AHL common shares previously held by Apollo and other adjustments | 4,554 |
Total AHL equity value held by AGM | 17,604 |
Assets |
Investments | $ | 176,015 |
Cash and cash equivalents | 9,479 |
Restricted cash | 796 |
Investment in related parties | 33,863 |
Reinsurance recoverable | 4,977 |
VOBA | 3,372 |
Other assets | 6,115 |
Assets of consolidated variable interest entities | 3,635 |
Estimated fair value of total assets acquired by AGM | 238,252 |
Liabilities |
Interest sensitive contract liabilities | 160,241 |
Future policy benefits | 41,482 |
Market risk benefits | 4,813 |
Debt | 3,295 |
Payables for collateral on derivatives and securities to repurchase | 7,044 |
Other liabilities | 2,443 |
Liabilities of consolidated variable interest entities | 461 |
Estimated fair value of total liabilities assumed by AGM | 219,779 |
Identifiable net assets | 18,473 |
Less: Fair value of preferred stock | 2,666 |
Less: Fair value of noncontrolling interests | 2,276 |
Estimated fair value of net assets acquired by AGM, excluding goodwill | 13,531 |
Goodwill attributable to AHL | $ | 4,073 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The fair value and weighted average estimated useful life of identifiable intangible assets consists of the following:
| Fair value (in millions) |  | Weighted average useful life (in years)
VOBA | $ | 3,372 |  |  | 7
Distribution channels | 1,870 |  |  | 18
Trade name | 160 |  |  | 20
Insurance licenses | 26 |  |  | Indefinite
Total | $ | 5,428 |  |  |

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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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