Fourth Quarter 2023 Financial Supplement

Table of Contents

Important Notice	3
FINANCIAL RESULTS
Financial Highlights	4
Condensed Consolidated Statements of Income (Loss) (GAAP view)	5
Spread Related Earnings (Management view)	6
Reconciliation of Earnings Measures	7
Net Flows & Outflows Attributable to Athene by Type	8
Condensed Consolidated Balance Sheets	9
ASSETS
Net Invested Assets (Management view) & Agency Ratings	11
Net Alternative Investments (Management view)	12
Credit Quality of Securities & Net Invested Assets	13
LIABILITIES
Net Reserve Liabilities & Rollforwards	17
Deferred Annuity Liability Characteristics	18
ADDITIONAL INFORMATION
Notes to the Financial Supplement	19
Non-GAAP Reconciliations	22

Important Notice

The information included in this financial supplement is unaudited and intended for informational purposes only.

Athene Holding Ltd. (AHL) is a subsidiary of Apollo Global Management, Inc. (AGM).The financial statements and exhibits included in this financial supplement should be read in conjunction with AHL's reports and other filings with the US Securities and Exchange Commission, including its reports on Form 10-K, Form 10-Q and Form 8-K. This financial supplement does not constitute an offer to sell, or the solicitation of an offer to buy, any security of AHL, and nothing in this financial supplement shall in any way be relied on in connection with investment decisions. Each recipient of the information contained in this financial supplement is responsible for making its own independent assessment of the business, financial condition, prospects, status and affairs of AHL.

AHL adopted the US GAAP accounting standard related to Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) as of January 1, 2023, which required AHL to apply the new standard retrospectively back to January 1, 2022, the date of AHL's merger with AGM. The 2022 financial metrics and disclosures in this supplement have been retrospectively adjusted in accordance with the requirements of the adoption guidance of LDTI. Approximately 20% of Athene's total US GAAP liabilities as of January 1, 2022 were impacted by these changes. Please refer to the discussion of Key Operating and Non-GAAP Measures herein for additional information on items that are excluded from AHL's non-GAAP measure of spread related earnings, which was retrospectively adjusted in accordance with the requirements of the adoption guidance of LDTI. Please see Notes 1, 2, 9 and 10 to the consolidated financial statements included in AHL's Form 10-K for the year ended December 31, 2023 as well as the 2022 Financial Supplement LDTI Recast published on May 5, 2023 for more information on LDTI.

AHL undertakes no obligation to update or correct the information in this financial supplement. AHL makes no representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained in this financial supplement. AHL does not accept any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this financial supplement or its contents or any reliance on the information contained herein.

This financial supplement includes certain non-GAAP measures, including net investment earnings, cost of funds, other operating expenses, spread related earnings, net investment spread, net spread, adjusted debt-to-capital ratio, net invested assets, net reserve liabilities, spread related earnings - excluding notable items, net investment spread - excluding notable items and net spread - excluding notable items. Management believes the use of these non-GAAP measures (which are defined and discussed in greater detail and reconciled elsewhere in this financial supplement), together with the relevant GAAP measures, provides information that may enhance an investor's understanding of AHL's results of operations and the underlying profitability drivers of AHL's business. These measures should be considered supplementary to AHL's results in accordance with US GAAP and should not be viewed as a substitute for the corresponding US GAAP measures.

Financial Highlights

Unaudited (in millions, except percentages)

						Quarterly Trends							Δ			Year-to-Date		Δ
		4Q'22			1Q'23		2Q'23		3Q'23			4Q'23		Q/Q		Y/Y			2022			2023		Y/Y
SELECTED INCOME STATEMENT DATA
GAAP
Net income (loss) available to AHL common stockholder	$	361	$	721	$	396		$	442	$	3,054		NM		NM	$	(3,051)	$	4,613		NM
Retuon assets (ROA)		0.60 %			1.15 %		0.60 %				0.66 %			4.28 %		NM		NM			(1.27)%			1.72 %	NM
NON-GAAP
Spread related earnings (SRE)	$	697	$	687	$	799		$	872	$	749	(14)%	7 %	$	2,466	$	3,107	26 %
Net spread		1.42 %			1.36 %		1.52 %				1.68 %			1.41 %		(27)bps		(1)bp			1.31 %			1.49 %	18bps
Net investment spread		1.85 %			1.83 %		1.99 %				2.13 %			1.80 %		(33)bps		(5)bps			1.71 %			1.93 %	22bps
Spread related earnings, excluding notable items	$	732	$	662	$	799		$	782	$	749	(4)%	2 %	$	2,469	$	2,992	21 %
Net spread, excluding notable items		1.49 %			1.31 %		1.52 %				1.51 %			1.41 %		(10)bps		(8)bps			1.31 %			1.44 %	13bps
Net investment spread, excluding notable items		1.92 %			1.78 %		1.99 %				1.96 %			1.80 %		(16)bps		(12)bps			1.71 %			1.88 %	17bps
Alternative net investment income delta to long-term expectation1	$	14	$	148	$	75		$	96	$	132	38 %		NM	$	80	$	451		NM
Alternative net retudelta to long-term expectation		0.45 %			4.88 %		2.47 %				3.25 %			4.53 %		128bps		NM			0.58 %			3.78 %	NM
Impact to net spread		0.03 %			0.30 %		0.14 %				0.18 %			0.25 %		7bps		22bps			0.04 %			0.21 %	17bps
SELECTED BALANCE SHEET DATA
GAAP
Total assets	$	243,931	$	257,654	$	269,437		$	269,763	$	300,708	11 %	23 %	$	243,931	$	300,708	23 %
Goodwill		4,058			4,061		4,065				4,060			4,065		- %		- %			4,058			4,065	- %
Total liabilities		233,382			244,604		256,203				255,734			279,344	9 %	20 %			233,382			279,344	20 %
Debt		3,658			3,650		3,642				3,634			4,209	16 %	15 %			3,658			4,209	15 %
Total AHL stockholders' equity		7,158			8,698		8,701				8,537			13,967	64 %	95 %			7,158			13,967	95 %
Debt-to-capital ratio		33.8 %			29.6 %		29.5 %				29.9 %			23.2 %		NM		NM			33.8 %			23.2 %	NM
NON-GAAP
Gross invested assets	$	238,310	$	247,673	$	257,235		$	261,209	$	278,617	7 %	17 %	$	238,310	$	278,617	17 %
Invested assets - ACRA noncontrolling interests		(41,859)			(40,924)		(43,565)				(53,114)			(61,190)	15 %	46 %			(41,859)			(61,190)	46 %
Net invested assets		196,451			206,749		213,670				208,095			217,427	4 %	11 %			196,451			217,427	11 %
Net reserve liabilities		175,970			184,891		193,431				185,744			199,289	7 %	13 %			175,970			199,289	13 %
Notional debt		3,400			3,400		3,400				3,400			4,000	18 %	18 %			3,400			4,000	18 %
Adjusted AHL common stockholder's equity		16,653			16,505		17,001				19,089			20,497	7 %	23 %			16,653			20,497	23 %
Adjusted debt-to-capital ratio		14.7 %			14.7 %		14.4 %				13.3 %			14.5 %		120bps		(20)bps			14.7 %			14.5 %	(20)bps
INFLOWS DATA
Gross organic inflows	$	11,290	$	11,927	$	18,714		$	12,942	$	19,824	53 %	76 %	$	47,850	$	63,407	33 %
Gross inorganic inflows		-			-		-				-			2,214		NM		NM			-			2,214	NM
Total gross inflows	$	11,290	$	11,927	$	18,714		$	12,942	$	22,038	70 %	95 %	$	47,850	$	65,621	37 %

Note: "NM" represents changes that are not meaningful. Please refer to the Notes to the Financial Supplement section for discussion on non-GAAP metrics and the Non-GAAP Measure Reconciliations section for reconciliations of non-GAAP metrics. Effective for the quarter ended December 31, 2023, we no longer report spread related earnings - normalized. Instead we report spread related earnings, excluding notable items. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. Notable items were removed from spread related earnings - normalized historically, and are similarly removed from spread related earnings, excluding notable items. No changes were made to line-item balances deriving spread related earnings. 1. Refers to the amount that as- reported alternative net investment income is below (above) management's long-term expectation of an 11% average annual return. Our long-term expectation is based on historical experience and provides investors with supplemental information for period-to-period comparability as well as a basis for developing expectations of future performance. There is no assurance that management's expected long-term average annual retuwill be achieved. Actual results may differ materially.

Condensed Consolidated Statements of Income (Loss) (GAAP view)

Unaudited (in millions, except percentages)

						Quarterly Trends						Δ		Year-to-Date		Δ
		4Q'22			1Q'23		2Q'23		3Q'23			4Q'23	Q/Q		Y/Y			2022			2023		Y/Y
REVENUES
Premiums	$	869	$	96	$	9,041	$	26	$	3,586		NM	NM	$	11,638	$	12,749	10 %
Product charges		193			198		207				217		226	4 %	17 %			718			848	18 %
Net investment income		2,319			2,407		2,717				2,928		3,078	5 %	33 %			7,571			11,130	47 %
Investment related gains (losses)		105			1,065		366				(2,624)		2,621		NM		NM			(12,706)			1,428		NM
Other revenues		10			13		7				564		7	(99)%	(30)%			(28)			591		NM
Revenues of consolidated variable interest entities
Net investment income		31			80		55				75		47	(37)%	52 %			111			257	132 %
Investment related gains (losses)		260			201		293				250		447	79 %	72 %			319			1,191	273 %
Total revenues		3,787			4,060		12,686				1,436		10,012		NM	164 %			7,623			28,194	270 %
BENEFITS AND EXPENSES
Interest sensitive contract benefits		1,119			1,289		2,012				333		2,595		NM	132 %			538			6,229		NM
Future policy and other policy benefits		1,235			466		9,512				368		4,088		NM	231 %			12,465			14,434	16 %
Market risk benefits remeasurement (gains) losses		32			346		(71)				(441)		570		NM		NM			(1,657)			404		NM
Amortization of deferred acquisition costs, deferred sales		126			138		153				211		186	(12)%	48 %			444			688	55 %
inducements and value of business acquired
Policy and other operating expenses		412			435		452				472		489	4 %	19 %			1,495			1,848	24 %
Total benefits and expenses		2,924			2,674		12,058				943		7,928		NM	171 %			13,285			23,603	78 %
Income (loss) before income taxes		863			1,386		628				493		2,084		NM	141 %			(5,662)			4,591		NM
Income tax expense (benefit)1		137			163		133				162		(1,748)		NM		NM			(646)			(1,290)	(100)%
Net income (loss)		726			1,223		495				331		3,832		NM		NM			(5,016)			5,881		NM
Less: Net income (loss) attributable to noncontrolling interests		329			455		54				(155)		733		NM	123 %			(2,106)			1,087		NM
Net income (loss) attributable to Athene Holding Ltd.		397			768		441				486		3,099		NM		NM			(2,910)			4,794		NM
stockholders
Less: Preferred stock dividends		36			47		45				44		45	2 %	25 %			141			181	28 %
Net income (loss) available to Athene Holding Ltd. common	$	361	$	721	$	396	$	442	$	3,054		NM	NM	$	(3,051)	$	4,613		NM
stockholder

1. 4Q'23 and FY'23 include a one-time tax benefit of $1.9 billion resulting from the establishment of deferred tax assets related to the Government of Bermuda's enactment of the Corporate Income Tax Act 2023.

Spread Related Earnings (Management view)

Unaudited (in millions, except percentages)

						Quarterly Trends							Δ			Year-to-Date		Δ
		4Q'22			1Q'23		2Q'23		3Q'23			4Q'23		Q/Q		Y/Y			2022		2023		Y/Y
SPREAD RELATED EARNINGS
Fixed income and other net investment income	$	1,727	$	1,958	$	2,208		$	2,236	$	2,342	5 %	36 %	$	5,707	$	8,744	53 %
Alternative net investment income		322			185		259				230			190	(17)%	(41)%			1,206		864	(28)%
Net investment earnings		2,049			2,143		2,467				2,466			2,532	3 %	24 %			6,913		9,608	39 %
Strategic capital management fees		14			14		16				19			23	21 %	64 %			53		72	36 %
Cost of funds		(1,158)			(1,235)		(1,437)				(1,384)			(1,594)	15 %	38 %			(3,755)		(5,650)	50 %
Net investment spread		905			922		1,046				1,101			961	(13)%	6 %			3,211		4,030	26 %
Other operating expenses		(128)			(126)		(118)				(123)			(120)	(2)%	(6)%			(466)		(487)	5 %
Interest and other financing costs		(80)			(109)		(129)				(106)			(92)	(13)%	15 %			(279)		(436)	56 %
Spread related earnings	$	697	$	687	$	799		$	872	$	749	(14)%	7 %	$	2,466	$	3,107	26 %

Fixed income and other net investment income		3.76 %			4.13 %		4.46 %				4.58 %			4.66 %		8bps		90bps		3.22 %			4.45 %	123bps
Alternative net investment income		10.55 %			6.12 %		8.53 %				7.75 %			6.47 %		NM		NM		10.42 %			7.22 %	NM
Net investment earnings		4.19 %			4.25 %		4.69 %				4.76 %			4.76 %		0bps		57bps		3.66 %			4.61 %	95bps
Strategic capital management fees		0.03 %			0.03 %		0.03 %				0.04 %			0.04 %		0bps		1bp		0.03 %			0.03 %	0bps
Cost of funds		(2.37)%			(2.45)%		(2.73)%				(2.67)%			(3.00)%		33bps		63bps		(1.98)%			(2.71)%	73bps
Net investment spread		1.85 %			1.83 %		1.99 %				2.13 %			1.80 %		(33)bps		(5)bps		1.71 %			1.93 %	22bps
Other operating expenses		(0.26)%			(0.25)%		(0.22)%				(0.24)%			(0.23)%		(1)bp		(3)bps		(0.25)%			(0.23)%	(2)bps
Interest and other financing costs		(0.17)%			(0.22)%		(0.25)%				(0.21)%			(0.16)%		(5)bps		(1)bp		(0.15)%			(0.21)%	6bps
Spread related earnings		1.42 %			1.36 %		1.52 %				1.68 %			1.41 %		(27)bps		(1)bp		1.31 %			1.49 %	18bps

Average net invested assets - fixed income and other	$	183,597	$	189,509	$	198,063		$	195,448	$	201,035	3 %	9 %	$	177,178	$	196,514	11 %
Average net invested assets - alternatives		12,207			12,091		12,146				11,864			11,726	(1)%	(4)%			11,564		11,965	3 %
Average net invested assets	$	195,804	$	201,600	$	210,209		$	207,312	$	212,761	3 %	9 %	$	188,742	$	208,479	10 %

Note: Please refer to the Notes to the Financial Supplement section for discussion on spread related earnings.

Reconciliation of Earnings Measures

Unaudited (in millions, except percentages)

						Quarterly Trends							Δ			Year-to-Date		Δ
		4Q'22			1Q'23		2Q'23				3Q'23			4Q'23		Q/Q		Y/Y			2022			2023		Y/Y
RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS
Net income (loss) available to Athene Holding Ltd. common	$	361	$	721	$	396		$	442	$	3,054		NM		NM	$	(3,051)	$	4,613		NM
stockholder
Preferred stock dividends		36			47		45				44			45	2 %	25 %			141			181	28 %
Net income (loss) attributable to noncontrolling interests		329			455		54				(155)			733		NM	123 %			(2,106)			1,087		NM
Net income (loss)		726			1,223		495				331			3,832		NM		NM			(5,016)			5,881		NM
Income tax expense (benefit)		137			163		133				162			(1,748)		NM		NM			(646)			(1,290)	(100)%
Income (loss) before income taxes		863			1,386		628				493			2,084		NM	141 %			(5,662)			4,591		NM
Realized gains (losses) on sale of AFS securities		(32)			(59)		(81)				(29)			(34)	(17)%	(6)%			(176)			(203)	(15)%
Unrealized, allowances and other investment gains (losses)		(442)			92		(338)				(261)			256		NM		NM			(3,187)			(251)	92 %
Change in fair value of reinsurance assets		331			357		(153)				(384)			765		NM	131 %			(4,084)			585		NM
Offsets to investment gains (losses)		6			7		9				11			12	9 %	100 %			13			39	200 %
Investment gains (losses), net of offsets		(137)			397		(563)				(663)			999		NM		NM			(7,434)			170		NM
Change in fair values of derivatives and embedded		(24)			143		206				(141)			59							(338)			267
derivatives - FIAs											NM		NM						NM

Non-operating change in funding agreements		(26)			(6)		10				12			19	58 %		NM			(106)			35		NM
Change in fair value of market risk benefits		30			(271)		133				565			(498)		NM		NM			1,894			(71)		NM
Non-operating change in liability for future policy benefits		(4)			(1)		(45)				(5)			2		NM		NM			(17)			(49)		NM
Non-operating change in insurance liabilities and related		(24)			(135)		304				431			(418)		NM		NM			1,433			182	(87)%
derivatives
Integration, restructuring and other non-operating expenses		(29)			(29)		(28)				(41)			(32)	(22)%	10 %			(133)			(130)	(2)%
Stock compensation expense		(16)			(16)		(13)				(13)			(46)	254 %	188 %			(56)			(88)	57 %
Preferred stock dividends		36			47		45				44			45	2 %	25 %			141			181	28 %
Noncontrolling interests - pre-tax income (loss) and VIE		336			435		84				(137)			787		NM	134 %			(2,079)			1,169		NM
adjustments
Less: Total adjustments to income (loss) before income taxes		166			699		(171)				(379)			1,335		NM		NM			(8,128)			1,484		NM
Spread related earnings	$	697	$	687	$	799		$	872	$	749	(14)%	7 %	$	2,466	$	3,107	26 %

Note: Please refer to the Notes to the Financial Supplement section for discussion on spread related earnings.

Net Flows & Outflows Attributable to Athene by Type

Unaudited (in millions, except percentages)

						Quarterly Trends								Δ			Year-to-Date		Δ
		4Q'22			1Q'23			2Q'23		3Q'23			4Q'23		Q/Q		Y/Y			2022			2023		Y/Y
NET FLOWS
Retail	$	7,662	$	8,578	$	6,782			$	6,523	$	13,410	106 %	75 %	$	20,407	$	35,293	73 %
Flow reinsurance		1,856			1,793			2,782				3,174			2,798	(12)%	51 %			6,186			10,547	70 %
Funding agreements1		1,000			1,500			148				3,245			2,300	(29)%	130 %			10,039			7,193	(28)%
Pension group annuities		772			56			9,002				-			1,316		NM	70 %			11,218			10,374	(8)%
Gross organic inflows		11,290			11,927			18,714				12,942			19,824	53 %	76 %			47,850			63,407	33 %
Gross inorganic inflows2		-			-			-		-			2,214		NM		NM			-			2,214		NM
Total gross inflows		11,290			11,927			18,714				12,942			22,038	70 %	95 %			47,850			65,621	37 %
Gross outflows3		(11,064)			(6,879)			(9,135)				(10,738)			(7,116)	(34)%	(36)%			(27,872)			(33,868)	22 %
Net flows	$	226		$	5,048		$	9,579			$	2,204		$	14,922		NM		NM		$	19,978		$	31,753	59 %
Inflows attributable to Athene4
$	10,022	$	11,896	$	14,977			$	3,101	$	13,026		NM	30 %	$	39,244	$	43,000	10 %
Inflows attributable to ADIP4,5		1,268			31			3,737				9,841			9,012	(8)%		NM			8,606			22,621	163 %
Total gross inflows	$	11,290		$	11,927		$	18,714			$	12,942		$	22,038	70 %	95 %		$	47,850		$	65,621	37 %

Outflows attributable to Athene	$	(9,787)	$	(5,531)	$	(7,891)			$	(9,550)	$	(5,791)	(39)%	(41)%	$	(23,724)	$	(28,763)	21 %
Outflows attributable to ADIP5		(1,277)			(1,348)			(1,244)				(1,188)			(1,325)	12 %	4 %			(4,148)			(5,105)	23 %
Total gross outflows3	$	(11,064)	$	(6,879)	$	(9,135)			$	(10,738)	$	(7,116)	(34)%	(36)%	$	(27,872)	$	(33,868)	22 %
OUTFLOWS ATTRIBUTABLE TO ATHENE BY TYPE6
Maturity-driven,contractual-based outflows7	$	(1,472)	$	(1,717)	$	(3,981)			$	(3,243)	$	(1,952)	(40)%	33 %	$	(6,995)	$	(10,893)	56 %
Policyholder-driven outflows8		(3,453)			(3,814)			(3,910)				(3,584)			(3,839)	7 %	11 %			(11,867)			(15,147)	28 %
Income oriented withdrawals (planned)9		(1,813)			(1,766)			(1,750)				(1,617)			(1,831)	13 %	1 %			(6,271)			(6,964)	11 %
From policies out-of-surrender-charge (planned)10		(1,188)			(1,480)			(1,377)				(1,326)			(1,365)	3 %	15 %			(4,259)			(5,548)	30 %
From policies in-surrender-charge (unplanned)11		(452)			(568)			(783)				(641)			(643)		- %	42 %			(1,337)			(2,635)	97 %
Core outflows		(4,925)			(5,531)			(7,891)				(6,827)			(5,791)	(15)%	18 %			(18,862)			(26,040)	38 %
Strategic reinsurance transactions12		(4,862)			-			-				(2,723)			-		NM		NM			(4,862)			(2,723)	(44)%
Outflows attributable to Athene	$	(9,787)	$	(5,531)	$	(7,891)			$	(9,550)	$	(5,791)	(39)%	(41)%	$	(23,724)	$	(28,763)	21 %
Annualized rate13

Maturity-driven,contractual-based outflows7		(3.0)%			(3.4)%			(7.6)%				(6.3)%			(3.7)%		NM		70bps			(3.7)%			(5.2)%		150bps
Policyholder-driven outflows8		(7.1)%			(7.6)%			(7.4)%				(6.9)%			(7.2)%		30bps		10bps			(6.3)%			(7.3)%		100bps
Income oriented withdrawals (planned)9		(3.7)%			(3.5)%			(3.3)%				(3.1)%			(3.4)%		30bps		(30)bps			(3.3)%			(3.3)%		0bps
From policies out-of-surrender-charge (planned)10		(2.5)%			(3.0)%			(2.6)%				(2.6)%			(2.6)%		0bps		10bps			(2.3)%			(2.7)%		40bps
From policies in-surrender-charge (unplanned)11		(0.9)%			(1.1)%			(1.5)%				(1.2)%			(1.2)%		0bps		30bps			(0.7)%			(1.3)%		60bps
Core outflows		(10.1)%			(11.0)%			(15.0)%				(13.2)%			(10.9)%		NM		80bps			(10.0)%			(12.5)%		250bps
Strategic reinsurance transactions12		(9.9)%			- %			- %		(5.2)%			- %		NM		NM			(2.6)%			(1.3)%		NM
Outflows attributable to Athene		(20.0)%			(11.0)%			(15.0)%				(18.4)%			(10.9)%		NM		NM			(12.6)%			(13.8)%		120bps

1 Funding agreements are comprised of funding agreements issued under our funding agreement backed notes (FABN) and secured funding agreement backed repurchase agreements (FABR) programs, funding agreements issued to the Federal Home Loan Bank (FHLB) and long-term repurchase agreements. 2 Gross inorganic inflows represent acquisitions and block reinsurance transactions. On November 6, 2023, we entered into an agreement with a Japanese counterparty, effective October 1, 2023, pursuant to which we agreed to reinsure a block of whole life insurance policies on a coinsurance basis. In conjunction with the transaction, we entered into an agreement with a leading mortality reinsurer to retrocede the mortality risk related to this block of business. 3 Gross outflows include full and partial policyholder withdrawals on deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities, funding agreement repurchases and maturities and reinsurance outflows. 4 Effective July 1, 2023, Athene Life Re Ltd. (ALRe) sold 50% of Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd.'s (together with its subsidiaries, ACRA 2) economic interests to Apollo/Athene Dedicated Investment Program II (ADIP II), resulting in approximately $6.8 billion of inflows attributable to Athene for the first six months of 2023 being retroactively attributed to ADIP II. Effective December 31, 2023, ADIP II's ownership of economic interests in ACRA 2 increased to 60%, with ALRe owning the remaining 40% of economic interests. This resulted in approximately $3.0 billion of inflows attributable to Athene for the year ended December 31, 2023 being retroactively attributed to ADIP II. These were reflected as an inflow for ADIP and a reduction of Athene inflows in 3Q'23 and 4Q'23, respectively. 5 ADIP refers to Apollo/Athene Dedicated Investment Program (ADIP I) and ADIP II and represents the noncontrolling interests in business ceded to ACRA. 6 The format and methodology of this table was updated during 1Q'23 to provide additional information. 7 Represents outflows from funding agreements, pension group annuities and multi-year guarantee fixed annuities (MYGA), all of which occur based on defined maturities or substantially lapse upon reaching their contractual term. Amounts may vary on a quarterly basis, based on the timing of original issuance. 8 Represents outflows from fixed indexed annuities and other applicable products, which have varying degrees of predictability due to policyholder actions. 9 Represents partial annuity withdrawals to meet retirement income needs within contractual annual limits. 10 Represents outflows from policies that no longer have an active surrender charge in force. 11 Represents outflows from policies with an active surrender charge in force. 12 Strategic reinsurance transaction outflows include the cession of certain inforce funding agreements to Catalina General Insurance Ltd. (Catalina) in 4Q'22 and the portion of the reinsurance business recaptured by Venerable Insurance and Annuity Company (VIAC) in 3Q'23. 13 The outflow rate is calculated as outflows attributable to Athene divided by average net invested assets for the respective period, on an annualized basis.

Condensed Consolidated Balance Sheets

Unaudited (in millions, except percentages)

		December 31, 2022			December 31, 2023		Δ
ASSETS
Investments
Available-for-sale securities, at fair value	$	102,404	$	134,338	31 %
Trading securities, at fair value		1,595			1,706	7 %
Equity securities		1,487			1,293	(13)%
Mortgage loans, at fair value		27,454			44,115	61 %
Investment funds		79			109	38 %
Policy loans		347			334	(4)%
Funds withheld at interest		32,880			24,359	(26)%
Derivative assets		3,309			5,298	60 %
Short-term investments		2,160			341	(84)%
Other investments		773			1,206	56 %
Total investments		172,488			213,099	24 %
Cash and cash equivalents		7,779			13,020	67 %
Restricted cash		628			1,761	180 %
Investments in related parties
Available-for-sale securities, at fair value		9,821			14,009	43 %
Trading securities, at fair value		878			838	(5)%
Equity securities, at fair value		279			318	14 %
Mortgage loans, at fair value		1,302			1,281	(2)%
Investment funds		1,569			1,632	4 %
Funds withheld at interest		9,808			6,474	(34)%
Short-term investments		-			947		NM
Other investments, at fair value		303			343	13 %
Accrued investment income		1,328			1,933	46 %
Reinsurance recoverable		4,358			4,154	(5)%
Deferred acquisition costs, deferred sales inducements and value of business acquired		4,466			5,979	34 %
Goodwill		4,058			4,065		- %
Other assets		8,693			10,308	19 %
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value		1,063			2,136	101 %
Mortgage loans, at fair value		2,055			2,173	6 %
Investment funds, at fair value		12,480			15,927	28 %
Other investments, at fair value		101			103	2 %
Cash and cash equivalents		362			98	(73)%
Other assets		112			110	(2)%
Total assets	$	243,931	$	300,708	23 %

Condensed Consolidated Balance Sheets, continued

Unaudited (in millions, except percentages)

		December 31, 2022			December 31, 2023		Δ
LIABILITIES
Interest sensitive contract liabilities	$	173,616	$	204,670	18 %
Future policy benefits		42,110			53,287	27 %
Market risk benefits		2,970			3,751	26 %
Debt		3,658			4,209	15 %
Derivative liabilities		1,646			1,995	21 %
Payables for collateral on derivatives and securities to repurchase		6,707			7,536	12 %
Other liabilities		1,860			2,781	50 %
Liabilities of consolidated variable interest entities		815			1,115	37 %
Total liabilities		233,382			279,344	20 %
EQUITY
Preferred stock		-			-		NM
Common stock		-			-		NM
Additional paid-in capital		18,119			19,499	8 %
Retained earnings (accumulated deficit)		(3,640)			37		NM
Accumulated other comprehensive loss		(7,321)			(5,569)	24 %
Total Athene Holding Ltd. stockholders' equity		7,158			13,967	95 %
Noncontrolling interests		3,391			7,397	118 %
Total equity		10,549			21,364	103 %
Total liabilities and equity	$	243,931	$	300,708	23 %

Attachments

Disclaimer

Athene Holding Ltd. published this content on 09 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 February 2024 22:11:13 UTC.

Fourth Quarter 2023 Financial Supplement

Advisor News

Annuity News

Health/Employee Benefits News

Life Insurance News

Fourth Quarter 2023 Financial Supplement

Advisor News

Annuity News

Health/Employee Benefits News

Life Insurance News

Sign in with your Insider Pro Account