Through Athene, an insurer it helped create and later merged with, Apollo acquired portfolios of annuities [...] and used the premiums collected to help expand its lending businesses.
Carlyle, KKR and Blackstone are among the private equity behemoths that have bought either stakes in other insurers or books of business from them.
But the firms' swift move into insurance has worried regulators, bankers and researchers [...] because the firms often invest the insurance premiums more aggressively in private markets [...] than in securities like U.S. government and corporate bonds.
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