Apollo Is Opposing Push to Tighten Rule for Key Insurance Business
- Investment giant’s pension-risk transfer business is at stake
- Firm lobbying Congress as it pushes to keep rule flexibility
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Apollo Global Management Inc. is combating a campaign to toughen rules for corporate pension plans that want to offload their obligations to insurers, a crucial growth area for its Athene retirement annuities business.
The US Department of Labor has until December to tell Congress whether to update a policy advising pension plans to choose the “safest” option when transferring obligations — unless doing otherwise would be in the interest of participants.