Apollo’s Insurance Arm Rises to Second-Biggest FHLB Borrower

Apollo Global Management Inc.’s insurance arm was the second-biggest borrower last year in the Federal Home Loan Bank system, a Depression-era program designed to shore up mortgage lending that has morphed into a go-to — and controversial — source of cheap financing for banks and other financial institutions.

Athene Holding Ltd. owed the FHLB $23.3 billion in loans, known as principal advances, as of Dec. 31, second only to Truist Financial Corp. and ahead of every major US bank. That’s up from 2024, when Athene was the seventh-biggest borrower in the system with a balance of $15.6 billion.