Between 2020 and early 2022, as investors got to grips with first Covid then war in Ukraine, the European insurance affiliate of Apollo Global Management – Athora Holdings – was busy building derivatives positions more typical of a hedge fund.
In Belgium, the insurer’s derivatives liabilities ballooned from €66 million ($71.5 million) at the end of 2021 to €1.1 billion a year later, on a balance sheet of €11.7 billion, while derivatives assets went from €300 million to €913 million.
The notional
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