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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 13, 2025
Athene-Logo_rgb.jpg
ATHENE HOLDING LTD.
(Exact name of registrant as specified in its charter)
Delaware001-3796398-0630022
(State or other jurisdiction of(Commission file number)(I.R.S. Employer
incorporation or organization)Identification Number)
7700 Mills Civic Pkwy
West Des Moines, Iowa 50266
1-(515) 342-4678
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Depositary Shares, each representing a 1/1,000th interest in a 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series A
ATHPrANew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a 5.625% Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series B
ATHPrBNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C
ATHPrCNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a 4.875% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series D
ATHPrDNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a 7.75% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series E
ATHPrENew York Stock Exchange
7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064ATHSNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02        Results of Operations and Financial Condition.

On February 13, 2025, Athene Holding Ltd. (the “Company”) made available on its website the Company’s financial supplement for the fourth quarter ended December 31, 2024, furnished as Exhibit 99.1 hereto and incorporated by reference in this Item 2.02.

Item 7.01     Regulation FD Disclosure.

In connection with the previously announced fixed income investor call hosted by the Company taking place today, February 13, 2025, at 9:00 a.m. ET, the Company has made available to investors a presentation on its website at ir.athene.com titled “Athene Fixed Income Investor Presentation February 2025.”

The foregoing information, including the Exhibit referenced, is being furnished pursuant to these Items 2.02 and 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing or document, except as shall be expressly set forth by specific reference in such a filing or document.


Item 9.01Financial Statements and Exhibits.
(d)Exhibits
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ATHENE HOLDING LTD.
Date:February 13, 2025/s/ Martin P. Klein
Martin P. Klein
Executive Vice President and Chief Financial Officer











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Important Notice

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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. 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 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 leverage 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.

3




Financial Highlights
Unaudited (in millions, except percentages)
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Quarterly TrendsΔYear-to-DateΔ
4Q’231Q’242Q’243Q’244Q’24Q/QY/Y20232024Y/Y
SELECTED INCOME STATEMENT DATA
GAAP
Net income available to AHL common stockholder$2,925 $1,147 $583 $580 $970 67 %(67)%$4,484 $3,280 (27)%
Return on assets (ROA)4.10 %1.48 %0.71 %0.67 %1.08 %41bpsNM1.67 %0.98 %(69)bps
NON-GAAP
Spread related earnings (SRE)$749 $816 $712 $855 $838 (2)%12 %$3,107 $3,221 4 %
Net spread1.41 %1.47 %1.24 %1.44 %1.37 %(7)bps(4)bps1.49 %1.38 %(11)bps
Net investment spread1.80 %1.83 %1.64 %1.83 %1.79 %(4)bps(1)bp1.93 %1.78 %(15)bps
Spread related earnings, excluding notable items1
$749 $816 $712 $830 $838 1 %12 %$2,992 $3,196 7 %
Net spread, excluding notable items1
1.41 %1.47 %1.24 %1.40 %1.37 %(3)bps(4)bps1.44 %1.37 %(7)bps
Net investment spread, excluding notable items1
1.80 %1.83 %1.64 %1.79 %1.79 %0bps(1)bp1.88 %1.77 %(11)bps
Alternative net investment income delta to long-term expectation2,3
$132 $56 $154 $81 $58 $451 $349 
Alternative net return delta to long-term expectation4.53 %1.90 %5.27 %2.81 %1.75 %3.78 %2.97 %
Impact to net spread0.25 %0.10 %0.27 %0.13 %0.09 %0.21 %0.15 %
SELECTED BALANCE SHEET DATA
GAAP
Total assets
$300,579 $320,579 $332,627 $354,966 $363,343 2 %21 %$300,579 $363,343 21 %
Goodwill4,065 4,064 4,064 4,071 4,063 — %— %4,065 4,063 — %
Total liabilities279,344 297,423 308,295 327,855 337,469 3 %21 %279,344 337,469 21 %
Debt4,209 5,740 5,733 5,725 6,309 10 %50 %4,209 6,309 50 %
Total AHL stockholders' equity13,838 14,760 14,998 17,445 16,360 (6)%18 %13,838 16,360 18 %
Leverage ratio40.8 %43.4 %42.9 %38.3 %41.7 %NM90bps40.8 %41.7 %90bps
NON-GAAP
Gross invested assets
$278,617 $292,837 $302,215 $314,932 $326,964 4 %17 %$278,617 $326,964 17 %
Invested assets – ACRA noncontrolling interests
(61,190)(65,482)(69,258)(72,269)(78,321)8 %28 %(61,190)(78,321)28 %
Net invested assets
217,427 227,355 232,957 242,663 248,643 2 %14 %217,427 248,643 14 %
Net reserve liabilities
199,289 208,523 211,548 225,899 225,926 — %13 %199,289 225,926 13 %
Notional debt4,000 5,575 5,575 5,575 6,175 11 %54 %4,000 6,175 54 %
Adjusted AHL common stockholder’s equity20,368 21,540 21,810 20,907 22,313 7 %10 %20,368 22,313 10 %
Adjusted leverage ratio20.3 %22.7 %22.5 %23.2 %22.6 %(60)bps230bps20.3 %22.6 %230bps
INFLOWS DATA
Gross organic inflows$19,824 $20,094 $16,695 $20,017 $14,197 (29)%(28)%$63,407 $71,003 12 %
Gross inorganic inflows2,214 — — — — NMNM2,214 — NM
Total gross inflows$22,038 $20,094 $16,695 $20,017 $14,197 (29)%(36)%$65,621 $71,003 8 %
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. 1. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. 2. 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. Management’s 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 return will be achieved. Actual results may differ materially. 3. In 4Q’24, alternative net investment income delta to long-term expectation excludes the impact of Athene’s incremental investment in Apollo/Athene Dedicated Investment Program (ADIP I) and Apollo/Athene Dedicated Investment Program II (ADIP II), collectively ADIP, which earned $14 million of net investment earnings on an average net invested asset balance of $248 million.
4




Condensed Consolidated Statements of Income (GAAP view)
Unaudited (in millions, except percentages)
athene-logo_rgb.jpg
Quarterly TrendsΔYear-to-DateΔ
4Q’231Q’242Q’243Q’244Q’24Q/QY/Y20232024Y/Y
REVENUES
Premiums
$3,586 $101 $673 $389 $155 (60)%(96)%$12,749 $1,318 (90)%
Product charges
226 238 251 267 260 (3)%15 %848 1,016 20 %
Net investment income
3,078 3,292 3,509 3,777 3,903 3 %27 %11,130 14,481 30 %
Investment related gains (losses)2,621 1,677 (134)1,539 (1,037)NMNM1,428 2,045 43 %
Other revenues
7 2 3 4 10 150 %43 %591 19 (97)%
Revenues of consolidated variable interest entities
Net investment income47 77 56 77 72 (6)%53 %257 282 10 %
Investment related gains (losses)447 334 306 469 419 (11)%(6)%1,191 1,528 28 %
Total revenues10,012 5,721 4,664 6,522 3,782 (42)%(62)%28,194 20,689 (27)%
BENEFITS AND EXPENSES
Interest sensitive contract benefits
2,595 2,884 1,824 2,599 1,642 (37)%(37)%6,229 8,949 44 %
Future policy and other policy benefits
4,088 543 1,095 793 623 (21)%(85)%14,434 3,054 (79)%
Market risk benefits remeasurement (gains) losses570 (154)(16)524 (456)NMNM404 (102)NM
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired186 207 227 244 263 8 %41 %688 941 37 %
Policy and other operating expenses
489 459 507 687 560 (18)%15 %1,848 2,213 20 %
Total benefits and expenses7,928 3,939 3,637 4,847 2,632 (46)%(67)%23,603 15,055 (36)%
Income before income taxes2,084 1,782 1,027 1,675 1,150 (31)%(45)%4,591 5,634 23 %
Income tax expense (benefit)1
(1,619)307 161 191 71 (63)%NM(1,161)730 NM
Net income3,703 1,475 866 1,484 1,079 (27)%(71)%5,752 4,904 (15)%
Less: Net income attributable to noncontrolling interests733 283 237 859 64 (93)%(91)%1,087 1,443 33 %
Net income attributable to Athene Holding Ltd. stockholders2,970 1,192 629 625 1,015 62 %(66)%4,665 3,461 (26)%
Less: Preferred stock dividends
45 45 46 45 45 — %— %181 181 — %
Net income available to Athene Holding Ltd. common stockholder$2,925 $1,147 $583 $580 $970 67 %(67)%$4,484 $3,280 (27)%
1. 4Q’23 and FY’23 include a one-time tax benefit of $1.8 billion resulting from the establishment of deferred tax assets related to the Government of Bermuda’s enactment of the Corporate Income Tax Act of 2023 (Bermuda CIT). 4Q’24 and FY’24 include an estimated income tax benefit related to the Bermuda CIT, and the actual tax impact reported in the Company’s Annual Report on Form 10-K may differ, possibly materially, from this estimate.

5




Spread Related Earnings (Management view)
Unaudited (in millions, except percentages)
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Quarterly TrendsΔYear-to-DateΔ
4Q’231Q’242Q’243Q’244Q’24Q/QY/Y20232024Y/Y
SPREAD RELATED EARNINGS
Fixed income and other net investment income$2,342 $2,455 $2,635 $2,807 $2,914 4 %24 %$8,744 $10,811 24 %
Alternative net investment income190 266 168 236 269 14 %42 %864 939 9 %
Net investment earnings2,532 2,721 2,803 3,043 3,183 5 %26 %9,608 11,750 22 %
Strategic capital management fees23 25 24 27 29 7 %26 %72 105 46 %
Cost of funds(1,594)(1,723)(1,880)(1,983)(2,116)7 %33 %(5,650)(7,702)36 %
Net investment spread961 1,023 947 1,087 1,096 1 %14 %4,030 4,153 3 %
Other operating expenses(120)(116)(116)(114)(121)6 %1 %(487)(467)(4)%
Interest and other financing costs(92)(91)(119)(118)(137)16 %49 %(436)(465)7 %
Spread related earnings$749 $816 $712 $855 $838 (2)%12 %$3,107 $3,221 4 %
Fixed income and other net investment income4.66 %4.66 %4.83 %4.96 %5.00 %4bps34bps4.45 %4.87 %42bps
Alternative net investment income6.47 %9.10 %5.73 %8.19 %9.25 %106bps278bps7.22 %8.03 %81bps
Net investment earnings4.76 %4.89 %4.87 %5.12 %5.20 %8bps44bps4.61 %5.03 %42bps
Strategic capital management fees0.04 %0.04 %0.04 %0.05 %0.05 %0bps1bp0.03 %0.04 %1bp
Cost of funds(3.00)%(3.10)%(3.27)%(3.34)%(3.46)%12bps46bps(2.71)%(3.29)%58bps
Net investment spread1.80 %1.83 %1.64 %1.83 %1.79 %(4)bps(1)bp1.93 %1.78 %(15)bps
Other operating expenses(0.23)%(0.21)%(0.20)%(0.19)%(0.20)%1bp(3)bps(0.23)%(0.20)%(3)bps
Interest and other financing costs(0.16)%(0.15)%(0.20)%(0.20)%(0.22)%2bps6bps(0.21)%(0.20)%(1)bp
Spread related earnings1.41 %1.47 %1.24 %1.44 %1.37 %(7)bps(4)bps1.49 %1.38 %(11)bps
Average net invested assets - fixed income and other$201,035 $210,688 $218,446 $226,295 $233,153 3 %16 %$196,514 $222,122 13 %
Average net invested assets - alternatives11,726 11,703 11,710 11,515 11,643 1 %(1)%11,965 11,687 (2)%
Average net invested assets$212,761 $222,391 $230,156 $237,810 $244,796 3 %15 %$208,479 $233,809 12 %
Note: Please refer to the Notes to the Financial Supplement section for discussion on spread related earnings.
6




Reconciliation of Earnings Measures
Unaudited (in millions, except percentages)
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Quarterly TrendsΔYear-to-DateΔ
4Q’231Q’242Q’243Q’244Q’24Q/QY/Y20232024Y/Y
RECONCILIATION OF NET INCOME AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS
Net income available to Athene Holding Ltd. common stockholder$2,925 $1,147 $583 $580 $970 67 %(67)%$4,484 $3,280 (27)%
Preferred stock dividends45 45 46 45 45 — %— %181 181 — %
Net income attributable to noncontrolling interests733 283 237 859 64 (93)%(91)%1,087 1,443 33 %
Net income3,703 1,475 866 1,484 1,079 (27)%(71)%5,752 4,904 (15)%
Income tax expense (benefit) (1,619)307 161 191 71 (63)%NM(1,161)730 NM
Income before income taxes2,084 1,782 1,027 1,675 1,150 (31)%(45)%4,591 5,634 23 %
Realized gains (losses) on sale of AFS securities and mortgage loans(34)(23)(9)(276)(31)89 %9 %(203)(339)(67)%
Unrealized, allowances and other investment gains (losses)256 21 (100)439 (4)NMNM(251)356 NM
Change in fair value of reinsurance assets765 (35)(32)444 (246)NMNM585 131 (78)%
Offsets to investment gains (losses)12 15 17 21 16 (24)%33 %39 69 77 %
Investment gains (losses), net of offsets999 (22)(124)628 (265)NMNM170 217 28 %
Change in fair values of derivatives and embedded derivatives - FIAs59 484 126 (196)— NMNM267 414 55 %
Non-operating change in funding agreements19 23 18 47 55 17 %189 %35 143 NM
Change in fair value of market risk benefits(498)201 67 (364)453 NMNM(71)357 NM
Non-operating change in liability for future policy benefits2 (35)(8)— (25)NMNM(49)(68)(39)%
Non-operating change in insurance liabilities and related derivatives(418)673 203 (513)483 NMNM182 846 NM
Integration, restructuring and other non-operating expenses(32)(30)(31)(204)26 NMNM(130)(239)84 %
Stock compensation expense(46)(13)(11)(12)(14)17 %(70)%(88)(50)(43)%
Preferred stock dividends45 45 46 45 45 — %— %181 181 — %
Noncontrolling interests - pre-tax income and VIE adjustments787 313 232 876 37 (96)%(95)%1,169 1,458 25 %
Less: Total adjustments to income before income taxes1,335 966 315 820 312 (62)%(77)%1,484 2,413 63 %
Spread related earnings$749 $816 $712 $855 $838 (2)%12 %$3,107 $3,221 4 %
Note: Please refer to the Notes to the Financial Supplement section for discussion on spread related earnings.
7




Net Flows & Outflows Attributable to Athene by Type
Unaudited (in millions, except percentages)
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Quarterly TrendsΔYear-to-DateΔ
4Q’231Q’242Q’243Q’244Q’24Q/QY/Y20232024Y/Y
NET FLOWS
Retail$13,410 $9,663 $8,938 $9,209 $7,954 (14)%(41)%$35,293 $35,764 1 %
Flow reinsurance2,798 2,390 1,210 944 1,029 9 %(63)%10,547 5,573 (47)%
Funding agreements1
2,300 8,041 5,970 9,570 5,167 (46)%125 %7,193 28,748 300 %
Pension group annuities1,316 — 577 294 47 (84)%(96)%10,374 918 (91)%
Gross organic inflows19,824 20,094 16,695 20,017 14,197 (29)%(28)%63,407 71,003 12 %
Gross inorganic inflows2
2,214 — — — — NMNM2,214 — NM
Total gross inflows22,038 20,094 16,695 20,017 14,197 (29)%(36)%65,621 71,003 8 %
Gross outflows3
(7,116)(8,035)(10,140)(8,158)(7,136)(13)%— %(33,868)(33,469)(1)%
Net flows$14,922 $12,059 $6,555 $11,859 $7,061 (40)%(53)%$31,753 $37,534 18 %
Inflows attributable to Athene4
$13,026 $14,591 $10,840 $14,705 $8,948 (39)%(31)%$43,000 $49,084 14 %
Inflows attributable to ADIP4,5
9,012 4,437 4,824 4,244 4,343 2 %(52)%22,621 17,848 (21)%
Inflows ceded to third-party reinsurers6
— 1,066 1,031 1,068 906 (15)%NM— 4,071 NM
Total gross inflows$22,038 $20,094 $16,695 $20,017 $14,197 (29)%(36)%$65,621 $71,003 8 %
Outflows attributable to Athene$(5,791)$(6,748)$(8,627)$(6,176)$(5,697)(8)%(2)%$(28,763)$(27,248)(5)%
Outflows attributable to ADIP5
(1,325)(1,287)(1,513)(1,982)(1,439)(27)%9 %(5,105)(6,221)22 %
Total gross outflows3
$(7,116)$(8,035)$(10,140)$(8,158)$(7,136)(13)%— %$(33,868)$(33,469)(1)%
OUTFLOWS ATTRIBUTABLE TO ATHENE BY TYPE
Maturity-driven, contractual-based outflows7
$(1,952)$(2,818)$(4,799)$(2,312)$(2,167)(6)%11 %$(10,893)$(12,096)11 %
Policyholder-driven outflows8
(3,839)(3,930)(3,828)(3,864)(3,530)(9)%(8)%(15,147)(15,152)— %
Income oriented withdrawals (planned)9
(1,831)(1,691)(1,558)(1,517)(1,661)9 %(9)%(6,964)(6,427)(8)%
From policies out-of-surrender-charge (planned)10
(1,365)(1,512)(1,511)(1,444)(1,131)(22)%(17)%(5,548)(5,598)1 %
From policies in-surrender-charge (unplanned)11
(643)(727)(759)(903)(738)(18)%15 %(2,635)(3,127)19 %
Core outflows(5,791)(6,748)(8,627)(6,176)(5,697)(8)%(2)%(26,040)(27,248)5 %
Strategic reinsurance transactions12
— — — — — NMNM(2,723)— NM
Outflows attributable to Athene$(5,791)$(6,748)$(8,627)$(6,176)$(5,697)(8)%(2)%$(28,763)$(27,248)(5)%
Annualized rate13
Maturity-driven, contractual-based outflows7
(3.7)%(5.1)%(8.3)%(3.9)%(3.5)%(40)bps(20)bps(5.2)%(5.2)%0bps
Policyholder-driven outflows8
(7.2)%(7.0)%(6.7)%(6.5)%(5.8)%(70)bpsNM(7.3)%(6.5)%(80)bps
Income oriented withdrawals (planned)9
(3.4)%(3.0)%(2.7)%(2.6)%(2.7)%10bps(70)bps(3.3)%(2.8)%(50)bps
From policies out-of-surrender-charge (planned)10
(2.6)%(2.7)%(2.7)%(2.4)%(1.9)%(50)bps(70)bps(2.7)%(2.4)%(30)bps
From policies in-surrender-charge (unplanned)11
(1.2)%(1.3)%(1.3)%(1.5)%(1.2)%(30)bps0bps(1.3)%(1.3)%0bps
Core outflows(10.9)%(12.1)%(15.0)%(10.4)%(9.3)%NMNM(12.5)%(11.7)%(80)bps
Strategic reinsurance transactions12
— %— %— %— %— %NMNM(1.3)%— %NM
Outflows attributable to Athene(10.9)%(12.1)%(15.0)%(10.4)%(9.3)%NMNM(13.8)%(11.7)%NM
1. Funding agreements are comprised of funding agreements issued under our funding agreement backed notes (FABN) program, secured and other funding agreements, 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, payments related to interest, maturities and repurchases of funding agreements and block 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 ADIP II. Subsequent to the initial buy-in, ADIP II increased its economic ownership interests in ACRA 2 to 60% effective December 31, 2023 and 63% effective October 1, 2024. 5. ADIP refers to ADIP I and ADIP II and represents the noncontrolling interests in business ceded to ACRA. 6. During the first quarter of 2024, we entered into a modco reinsurance agreement with Catalina Re Archdale Life Insurance Company Ltd., a subsidiary of Catalina Holdings (Bermuda) Ltd. (together with its subsidiaries, Catalina), to cede a quota share of our retail deferred annuity business issued on or after January 1, 2024. 7. Represents outflows from funding agreements, pension group annuities and multi-year guarantee fixed annuities, 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 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.
8




Condensed Consolidated Balance Sheets
Unaudited (in millions, except percentages)
athene-logo_rgb.jpg
December 31, 2023December 31, 2024Δ
ASSETS
Investments
Available-for-sale securities, at fair value
$134,338 $165,364 23 %
Trading securities, at fair value
1,706 1,583 (7)%
Equity securities1,293 1,290 — %
Mortgage loans, at fair value44,115 63,239 43 %
Investment funds
109 107 (2)%
Policy loans
334 318 (5)%
Funds withheld at interest
24,359 18,866 (23)%
Derivative assets
5,298 8,154 54 %
Short-term investments341 447 31 %
Other investments1,206 2,915 142 %
Total investments
213,099 262,283 23 %
Cash and cash equivalents
13,020 12,733 (2)%
Restricted cash
1,761 943 (46)%
Investments in related parties
Available-for-sale securities, at fair value
14,009 19,127 37 %
Trading securities, at fair value
838 573 (32)%
Equity securities, at fair value
318 234 (26)%
Mortgage loans, at fair value1,281 1,297 1 %
Investment funds
1,632 1,853 14 %
Funds withheld at interest
6,474 5,050 (22)%
Short-term investments947 743 (22)%
Other investments, at fair value343 331 (3)%
Accrued investment income
1,933 2,816 46 %
Reinsurance recoverable
4,154 8,194 97 %
Deferred acquisition costs, deferred sales inducements and value of business acquired
5,979 7,173 20 %
Goodwill4,065 4,063 — %
Other assets
10,179 11,253 11 %
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value2,136 2,301 8 %
Mortgage loans, at fair value2,173 2,579 19 %
Investment funds, at fair value15,927 17,765 12 %
Other investments103 884 NM
Cash and cash equivalents98 583 NM
Other assets110 565 NM
Total assets
$300,579 $363,343 21 %
9




Condensed Consolidated Balance Sheets, continued
Unaudited (in millions, except percentages)
athene-logo_rgb.jpg
December 31, 2023December 31, 2024Δ
LIABILITIES
Interest sensitive contract liabilities
$204,670 $253,637 24 %
Future policy benefits
53,287 49,902 (6)%
Market risk benefits3,751 4,028 7 %
Debt4,209 6,309 50 %
Derivative liabilities
1,995 3,556 78 %
Payables for collateral on derivatives and securities to repurchase
7,536 11,652 55 %
Other liabilities
2,781 6,745 143 %
Liabilities of consolidated variable interest entities1,115 1,640 47 %
Total liabilities279,344 337,469 21 %
EQUITY
Preferred stock
— — NM
Common stock
— — NM
Additional paid-in capital19,499 19,588 — %
Retained earnings (accumulated deficit)(92)2,237 NM
Accumulated other comprehensive loss(5,569)(5,465)2 %
Total Athene Holding Ltd. stockholders' equity13,838 16,360 18 %
Noncontrolling interests
7,397 9,514 29 %
Total equity21,235 25,874 22 %
Total liabilities and equity$300,579 $363,343 21 %
10




Net Invested Assets (Management view) & Agency Ratings
Unaudited (in millions, except percentages)
athene-logo_rgb.jpg
December 31, 2023December 31, 2024
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
NET INVESTED ASSETS
Corporate$82,883 38.1 %$86,051 34.6 %
CLO20,538 9.4 %27,698 11.2 %
Credit103,421 47.5 %113,749 45.8 %
CML25,977 11.9 %28,055 11.3 %
RML18,021 8.3 %27,848 11.2 %
RMBS7,795 3.6 %7,635 3.1 %
CMBS5,580 2.6 %8,243 3.3 %
Real estate57,373 26.4 %71,781 28.9 %
ABS22,202 10.2 %28,670 11.5 %
Alternative investments11,659 5.4 %12,000 4.8 %
State, municipal, political subdivisions and foreign government3,384 1.5 %3,237 1.3 %
Equity securities1,727 0.8 %2,201 0.9 %
Short-term investments1,048 0.5 %1,015 0.4 %
US government and agencies4,052 1.9 %5,531 2.2 %
Other investments44,072 20.3 %52,654 21.1 %
Cash and cash equivalents10,467 4.8 %6,794 2.7 %
Other2,094 1.0 %3,665 1.5 %
Net invested assets$217,427 100.0 %$248,643 100.0 %

AM BestStandard & Poor’sFitchMoody’s
FINANCIAL STRENGTH RATINGS
Athene Annuity and Life Company
A+A+A+A1
Athene Annuity & Life Assurance Company of New York
A+A+A+A1
Athene Life Insurance Company of New YorkA+NRNRNR
Athene Annuity Re Ltd.A+A+A+A1
Athene Life Re Ltd.A+A+A+A1
Athene Life Re International Ltd.A+A+A+A1
Athene Co-Invest Reinsurance Affiliate 1A Ltd. and Athene Co-Invest Reinsurance Affiliate 1B Ltd.A+A+A+A1
Athene Co-Invest Reinsurance Affiliate 2A Ltd. and Athene Co-Invest Reinsurance Affiliate 2B Ltd.A+A+A+A1
Athene Co-Invest Reinsurance Affiliate International Ltd.A+A+A+A1
CREDIT RATINGS
Athene Holding Ltd.a-A-A-NR
Senior notesa-A-BBB+Baa1
Subordinated notesNRBBBBBB-Baa2
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets, and the Non-GAAP Measure Reconciliations section for the reconciliation of investments, including related parties, to net invested assets. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests.
11




Net Alternative Investments (Management view)
Unaudited (in millions, except percentages)
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December 31, 20231
December 31, 2024
Invested Asset Value2
Percentage of Total
Invested Asset Value2
Percentage of Total
NET ALTERNATIVE INVESTMENTS
Strategic origination platforms
Wheels$691 5.9 %$581 4.8 %
Redding Ridge571 4.9 %581 4.8 %
MidCap Financial524 4.5 %544 4.5 %
Aqua Finance215 1.8 %309 2.6 %
Skylign3
244 2.1 %300 2.5 %
Foundation Home Loans242 2.1 %184 1.5 %
Other240 2.1 %776 6.5 %
Strategic origination platforms2,727 23.4 %3,275 27.2 %
Apollo and other investments
Real assets2,010 17.2 %1,691 14.1 %
Private equity1,159 9.9 %1,107 9.2 %
Structured equity and other368 3.2 %522 4.4 %
Equity3,537 30.3 %3,320 27.7 %
Credit1,559 13.4 %1,481 12.4 %
Liquid assets and other298 2.6 %851 7.1 %
Apollo and other investments5,394 46.3 %5,652 47.2 %
Total AAA8,121 69.7 %8,927 74.4 %
Retirement Services
Athora1,106 9.5 %1,125 9.4 %
Venerable181 1.5 %273 2.3 %
Other1,014 8.7 %— — %
Retirement Services2,301 19.7 %1,398 11.7 %
Apollo and other investments
Equity969 8.3 %1,120 9.3 %
Credit215 1.8 %531 4.4 %
Other53 0.5 %24 0.2 %
Apollo and other investments1,237 10.6 %1,675 13.9 %
Total Non AAA3,538 30.3 %3,073 25.6 %
Net alternative investments4
$11,659 100.0 %$12,000 100.0 %
1. Prior period amounts have been reclassified to conform with the current year presentation as a result of aligning our alternative investment categories to reflect our updated investment strategies. 2. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets, including net alternative investments, and the Non-GAAP Measure Reconciliations section for the reconciliations of investments, including related parties, to net invested assets and investment funds, including related parties and consolidated VIEs, to net alternative investments. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests. Net alternative invested asset values reflect Athene’s ownership of Apollo Aligned Alternatives, L.P. (AAA). Athene’s ownership percentage of AAA was approximately 61%, 62%, 63%, 66% and 69% as of December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively. 3. Skylign Aviation Holdings, L.P. (Skylign) was previously referenced as PK AirFinance. Skylign is the holding company that comprises two operating businesses, PK AirFinance and Perseus Aviation. 4. Net alternative investments do not correspond to total investment funds, including related parties and consolidated VIEs, on our condensed consolidated balance sheets. Net alternative investments adjusts the GAAP presentation to include certain equity securities that are included in AFS or trading securities in the GAAP view, investment funds included in our funds withheld at interest and modco reinsurance portfolios and other investments.

12




Credit Quality of Securities
Unaudited (in millions, except percentages)
athene-logo_rgb.jpg
December 31, 2023December 31, 2024
CREDIT QUALITY OF AFS SECURITIES (GAAP VIEW)
Fair ValuePercentage of TotalFair ValuePercentage of Total
National Association of Insurance Commissioners (NAIC) designation
1 A-G$81,549 55.0 %$104,887 56.9 %
2 A-C61,664 41.5 %74,064 40.1 %
Total investment grade
143,213 96.5 %178,951 97.0 %
3 A-C3,544 2.4 %3,230 1.8 %
4 A-C1,013 0.7 %1,378 0.7 %
5 A-C129 0.1 %293 0.2 %
6448 0.3 %639 0.3 %
Total below investment grade
5,134 3.5 %5,540 3.0 %
Total AFS securities including related parties
$148,347 100.0 %$184,491 100.0 %
Nationally Recognized Statistical Rating Organization (NRSRO) designation
AAA/AA/A$71,887 48.5 %$96,095 52.2 %
BBB58,010 39.1 %70,150 38.0 %
Non-rated1
11,427 7.7 %11,300 6.1 %
Total investment grade141,324 95.3 %177,545 96.3 %
BB
3,421 2.3 %2,722 1.5 %
B
826 0.6 %972 0.5 %
CCC
1,037 0.6 %1,011 0.5 %
CC and lower
739 0.5 %791 0.4 %
Non-rated1
1,000 0.7 %1,450 0.8 %
Total below investment grade
7,023 4.7 %6,946 3.7 %
Total AFS securities including related parties
$148,347 100.0 %$184,491 100.0 %
1. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled loan backed and structured securities (LBaSS), the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. The NRSRO ratings methodology is focused on the likelihood of recovery of all contractual payments, including principal at par regardless of entry price, while the NAIC designation methodology considers an investment at amortized cost, and the likelihood of recovery of that book value. We view the NAIC designation methodology as the most appropriate way to view our AFS portfolio when evaluating credit risk since a portion of our holdings were purchased at a significant discount to par.
13




Credit Quality of Net Invested Assets (Management view)
Unaudited (In millions, except percentages)
athene-logo_rgb.jpg
December 31, 2023December 31, 2024December 31, 2023December 31, 2024
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
CREDIT QUALITY OF NET INVESTED ASSETS
CREDIT QUALITY OF NET INVESTED ASSETS
NAIC designation
NRSRO designation
1 A-G$79,503 53.9 %$93,116 55.4 %AAA/AA/A$67,768 45.9 %$83,176 49.5 %
2 A-C61,775 41.9 %68,559 40.8 %BBB57,345 38.9 %63,476 37.8 %
Non-rated322 0.2 %— — %
Non-rated2
14,397 9.8 %13,454 8.0 %
Total investment grade
141,600 96.0 %161,675 96.2 %Total investment grade139,510 94.6 %160,106 95.3 %
3 A-C3,833 2.6 %3,255 1.9 %
BB
3,551 2.4 %2,623 1.6 %
4 A-C1,170 0.8 %1,296 0.8 %
B
915 0.6 %892 0.5 %
5 A-C357 0.2 %522 0.3 %
CCC
1,280 0.9 %1,240 0.7 %
6522 0.4 %886 0.5 %
CC and lower
940 0.6 %998 0.6 %
Non-rated— — %446 0.3 %
Non-rated2
1,286 0.9 %2,221 1.3 %
Total below investment grade
5,882 4.0 %6,405 3.8 %
Total below investment grade
7,972 5.4 %7,974 4.7 %
Total NAIC designated assets3
147,482 100.0 %168,080 100.0 %
Total NRSRO designated assets3
147,482 100.0 %168,080 100.0 %
Assets without NAIC designation
Assets without NRSRO designation
Commercial mortgage loans
Commercial mortgage loans
CM1
4,384 16.9 %3,609 12.9 %
CM1
4,384 16.9 %3,609 12.9 %
CM2
15,645 60.2 %19,252 68.5 %
CM2
15,645 60.2 %19,252 68.5 %
CM3
5,304 20.4 %4,700 16.8 %
CM3
5,304 20.4 %4,700 16.8 %
CM4
623 2.4 %474 1.7 %
CM4
623 2.4 %474 1.7 %
CM5
— — %— — %
CM5
— — %— — %
CM6
13 0.1 %4 — %
CM6
13 0.1 %4 — %
CM7
8 — %16 0.1 %
CM7
8 — %16 0.1 %
Total CMLs
25,977 100.0 %28,055 100.0 %
Total CMLs
25,977 100.0 %28,055 100.0 %
Residential mortgage loans
Residential mortgage loans
In good standing
17,503 97.1 %27,122 97.4 %
In good standing
17,503 97.1 %27,122 97.4 %
90 days late
407 2.3 %521 1.9 %
90 days late
407 2.3 %521 1.9 %
In foreclosure
111 0.6 %205 0.7 %
In foreclosure
111 0.6 %205 0.7 %
Total RMLs
18,021 100.0 %27,848 100.0 %
Total RMLs
18,021 100.0 %27,848 100.0 %
Alternative investments
11,659 12,000 
Alternative investments
11,659 12,000 
Cash and equivalents10,467 6,794 Cash and equivalents10,467 6,794 
Equity securities
1,727 2,201 
Equity securities
1,727 2,201 
Other4
2,094 3,665 
Other4
2,094 3,665 
Net invested assets
$217,427 $248,643 
Net invested assets
$217,427 $248,643 
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. 3. NAIC and NRSRO designations include corporate securities, CLO, RMBS, CMBS, ABS, state, municipal, political subdivisions and foreign government securities, short-term investments and US government and agency securities. 4. Other includes investments in company owned life insurance, accrued investment income, policy loans and other net invested assets.
14




Credit Quality of Net Invested Assets - ABS and CLOs (Management view)
Unaudited (In millions, except percentages)
athene-logo_rgb.jpg
December 31, 2023December 31, 2024December 31, 2023December 31, 2024
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
CREDIT QUALITY OF ABS – NAIC DESIGNATIONCREDIT QUALITY OF ABS – NRSRO DESIGNATION
1 A-G$13,700 61.7 %$19,537 68.1 %AAA/AA/A$12,117 54.6 %$19,307 67.3 %
2 A-C7,227 32.6 %8,134 28.4 %BBB8,407 37.9 %8,287 28.9 %
Non-rated— — %— — %
Non-rated2
403 1.8 %140 0.5 %
Total investment grade20,927 94.3 %27,671 96.5 %Total investment grade20,927 94.3 %27,734 96.7 %
3 A-C809 3.6 %713 2.5 %BB822 3.6 %658 2.3 %
4 A-C261 1.2 %113 0.4 %B248 1.1 %104 0.4 %
5 A-C125 0.5 %120 0.4 %CCC12 0.1 %28 0.1 %
680 0.4 %53 0.2 %CC and lower35 0.2 %34 0.1 %
Non-rated— — %— — %
Non-rated2
158 0.7 %112 0.4 %
Total below investment grade1,275 5.7 %999 3.5 %Total below investment grade1,275 5.7 %936 3.3 %
ABS net invested assets$22,202 100.0 %$28,670 100.0 %ABS net invested assets$22,202 100.0 %$28,670 100.0 %
CREDIT QUALITY OF CLOs – NAIC DESIGNATIONCREDIT QUALITY OF CLOs – NRSRO DESIGNATION
1 A-G$13,232 64.4 %$19,052 68.8 %AAA/AA/A$13,232 64.4 %$19,060 68.8 %
2 A-C7,161 34.9 %8,533 30.8 %BBB7,161 34.9 %8,525 30.8 %
Non-rated— — %— — %
Non-rated2
— — %— — %
Total investment grade20,393 99.3 %27,585 99.6 %Total investment grade20,393 99.3 %27,585 99.6 %
3 A-C126 0.6 %94 0.3 %BB126 0.6 %94 0.3 %
4 A-C19 0.1 %19 0.1 %B19 0.1 %19 0.1 %
5 A-C— — %— — %CCC— — %— — %
6— — %— — %CC and lower— — %— — %
Non-rated— — %— — %
Non-rated2
— — %— — %
Total below investment grade145 0.7 %113 0.4 %Total below investment grade145 0.7 %113 0.4 %
CLO net invested assets$20,538 100.0 %$27,698 100.0 %CLO net invested assets$20,538 100.0 %$27,698 100.0 %
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology.
15




Credit Quality of Net Invested Assets - RMBS and CMBS (Management view)
Unaudited (In millions, except percentages)
athene-logo_rgb.jpg
December 31, 2023December 31, 2024December 31, 2023December 31, 2024
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
Invested Asset Value1
Percentage of Total
CREDIT QUALITY OF RMBS – NAIC DESIGNATIONCREDIT QUALITY OF RMBS – NRSRO DESIGNATION
1 A-G$6,714 86.1 %$6,333 82.9 %AAA/AA/A$2,344 30.1 %$2,283 29.9 %
2 A-C262 3.4 %535 7.0 %BBB475 6.1 %681 8.9 %
Non-rated— — %— — %
Non-rated2
2,324 29.8 %2,342 30.7 %
Total investment grade6,976 89.5 %6,868 89.9 %Total investment grade5,143 66.0 %5,306 69.5 %
3 A-C335 4.3 %332 4.4 %BB99 1.3 %38 0.5 %
4 A-C323 4.2 %270 3.5 %B128 1.6 %123 1.6 %
5 A-C89 1.1 %102 1.4 %CCC1,144 14.7 %986 13.0 %
672 0.9 %63 0.8 %CC and lower835 10.7 %752 9.8 %
Non-rated— — %— — %
Non-rated2
446 5.7 %430 5.6 %
Total below investment grade819 10.5 %767 10.1 %Total below investment grade2,652 34.0 %2,329 30.5 %
RMBS net invested assets$7,795 100.0 %$7,635 100.0 %RMBS net invested assets$7,795 100.0 %$7,635 100.0 %
CREDIT QUALITY OF CMBS – NAIC DESIGNATIONCREDIT QUALITY OF CMBS – NRSRO DESIGNATION
1 A-G$4,000 71.7 %$6,598 80.0 %AAA/AA/A$3,447 61.8 %$5,800 70.4 %
2 A-C993 17.8 %912 11.1 %BBB962 17.2 %946 11.5 %
Non-rated— — %— — %
Non-rated2
291 5.2 %552 6.7 %
Total investment grade4,993 89.5 %7,510 91.1 %Total investment grade4,700 84.2 %7,298 88.6 %
3 A-C293 5.3 %293 3.6 %BB550 9.9 %390 4.7 %
4 A-C151 2.7 %155 1.9 %B216 3.8 %177 2.1 %
5 A-C75 1.3 %200 2.4 %CCC89 1.6 %173 2.1 %
668 1.2 %85 1.0 %CC and lower25 0.5 %130 1.6 %
Non-rated— — %— — %
Non-rated2
— — %75 0.9 %
Total below investment grade587 10.5 %733 8.9 %Total below investment grade880 15.8 %945 11.4 %
CMBS net invested assets$5,580 100.0 %$8,243 100.0 %CMBS net invested assets$5,580 100.0 %$8,243 100.0 %
1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology.
16




Net Reserve Liabilities & Rollforwards
Unaudited (in millions, except percentages)
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December 31, 2023December 31, 2024
DollarsPercentage of TotalDollarsPercentage of Total
NET RESERVE LIABILITIES
Indexed annuities$84,444 42.4 %$82,711 36.6 %
Fixed rate annuities
53,282 26.7 %62,705 27.8 %
Total deferred annuities137,726 69.1 %145,416 64.4 %
Pension group annuities26,313 13.2 %24,986 11.1 %
Payout annuities
4,897 2.4 %4,701 2.1 %
Funding agreements1
26,637 13.4 %47,384 21.0 %
Life and other
3,716 1.9 %3,439 1.4 %
Total net reserve liabilities$199,289 100.0 %$225,926 100.0 %
Quarterly TrendsΔYear-to-DateΔ
4Q’231Q’242Q’243Q’244Q’24Q/QY/Y20232024Y/Y
NET RESERVE LIABILITY ROLLFORWARD
Net reserve liabilities – beginning$185,744 $199,289 $208,523 $211,548 $225,899 7 %22 %$175,970 $199,289 13 %
Gross inflows2
20,167 20,408 16,979 20,301 14,465 (29)%(28)%64,524 72,153 12 %
Acquisition and block reinsurance3
2,214 — — — — NMNM2,214 — NM
Inflows attributable to ACRA noncontrolling interests(6,025)(4,519)(4,907)(4,318)(4,418)2 %(27)%(13,028)(18,162)39 %
Inflows ceded to third-party reinsurers4
— (1,083)(1,047)(1,083)(921)(15)%NM— (4,134)NM
Net inflows16,356 14,806 11,025 14,900 9,126 (39)%(44)%53,710 49,857 (7)%
Net withdrawals
(5,791)(6,748)(8,627)(6,176)(5,697)(8)%(2)%(26,040)(27,248)5 %
Strategic reinsurance outflows5
— — — — — NMNM(2,723)— NM
ACRA ownership changes6
(3,239)— — — (1,774)NM45 %(10,262)(1,774)83 %
Other reserve changes
6,219 1,176 627 5,627 (1,628)NMNM8,634 5,802 (33)%
Net reserve liabilities – ending
$199,289 $208,523 $211,548 $225,899 $225,926 — %13 %$199,289 $225,926 13 %
ACRA NONCONTROLLING INTERESTS RESERVE LIABILITY ROLLFORWARD
Reserve liabilities – beginning$46,576 $56,651 $60,142 $63,810 $68,092 7 %46 %$35,981 $56,651 57 %
Inflows6,025 4,519 4,907 4,318 4,418 2 %(27)%13,028 18,162 39 %
Withdrawals
(1,325)(1,287)(1,513)(1,982)(1,439)(27)%9 %(5,105)(6,221)22 %
ACRA ownership changes6
3,239 — — — 1,774 NM(45)%10,262 1,774 (83)%
Other reserve changes
2,136 259 274 1,946 (681)NMNM2,485 1,798 (28)%
Reserve liabilities – ending
$56,651 $60,142 $63,810 $68,092 $72,164 6 %27 %$56,651 $72,164 27 %
Note: Please refer to the Notes to the Financial Supplement section for discussion on net reserve liabilities and the Non-GAAP Measure Reconciliations section for the reconciliation of total liabilities to net reserve liabilities. Net reserve liabilities include our economic ownership of ACRA reserve liabilities but do not include the reserve liabilities associated with the noncontrolling interests. 1. Funding agreements are comprised of funding agreements issued under our FABN program, secured and other funding agreements, funding agreements issued to the FHLB and long-term repurchase agreements. 2. Gross inflows equal inflows from our retail, flow reinsurance and institutional channels as well as inflows for life and products other than deferred annuities or our institutional products, renewal inflows, annuitizations and foreign currency translation adjustments on large transactions between the transaction date and the translation period. Gross inflows include all inflows sourced by Athene, including all of the inflows reinsured to ACRA and third-party reinsurers. 3. Acquisition and block reinsurance transactions include the reserve liabilities acquired in our inorganic channel at inception. 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. 4. During the first quarter of 2024, we entered into a modco reinsurance agreement with Catalina to cede a quota share of our retail deferred annuity business issued on or after January 1, 2024. 5. Strategic reinsurance outflows include the portion of the reinsurance business recaptured by VIAC in 3Q’23. 6. Effective July 1, 2023, ALRe sold 50% of ACRA 2’s economic interests to ADIP II. Subsequent to the initial buy-in, ADIP II increased its economic ownership interests in ACRA 2 to 60% effective December 31, 2023 and 63% effective October 1, 2024.

17




Deferred Annuity Liability Characteristics
Unaudited (in millions, except percentages)
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Base surrender chargePercentage of totalSurrender charge (net of MVA)Percentage of total
SURRENDER CHARGE PERCENTAGES ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge
$25,610 18.5 %$25,610 18.5 %
0.0% < 2.0%
6,089 4.4 %2,815 2.0 %
2.0% < 4.0%
6,612 4.8 %6,391 4.6 %
4.0% < 6.0%
13,066 9.4 %9,668 7.0 %
6.0% or greater87,152 62.9 %94,045 67.9 %
$138,529 100.0 %$138,529 100.0 %
Base surrender chargeMVA charge (benefit)Surrender charge (net of MVA)
Aggregate surrender charge protection
5.8 %1.8 %7.6 %

Deferred annuitiesPercentage of totalAverage base surrender charge
YEARS OF SURRENDER CHARGE REMAINING ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge
$25,610 18.5 %— %
Less than 2
21,800 15.7 %5.6 %
2 to less than 4
38,352 27.7 %6.3 %
4 to less than 6
25,431 18.4 %7.3 %
6 to less than 8
13,217 9.5 %8.7 %
8 to less than 10
11,712 8.5 %8.7 %
10 or greater
2,407 1.7 %14.0 %
$138,529 100.0 %



18




Notes to the Financial Supplement

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KEY OPERATING AND NON-GAAP MEASURES
In addition to our results presented in accordance with US GAAP, we present certain financial information that includes non-GAAP measures. Management believes the use of these non-GAAP measures, together with the relevant US GAAP measures, provides information that may enhance an investor’s understanding of our results of operations and the underlying profitability drivers of our business. The majority of these non-GAAP measures are intended to remove from the results of operations the impact of market volatility (other than with respect to alternative investments), which consists of investment gains (losses), net of offsets, and non-operating change in insurance liabilities and related derivatives, both defined below, as well as integration, restructuring, stock compensation and certain other expenses which are not part of our underlying profitability drivers, as such items fluctuate from period to period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results in accordance with US GAAP and should not be viewed as a substitute for the corresponding US GAAP measures.

SPREAD RELATED EARNINGS AND NET SPREAD
Spread related earnings is a pre-tax non-GAAP measure used to evaluate our financial performance including the impact of any reinsurance transactions and excluding market volatility and expenses related to integration, restructuring, stock compensation and other expenses. Our spread related earnings equals net income (loss) available to AHL common stockholder adjusted to eliminate the impact of the following:

•Investment Gains (Losses), Net of Offsets—Consists of the realized gains and losses on the sale of AFS securities and mortgage loans, the change in fair value of reinsurance assets, unrealized gains and losses, changes in the provision for credit losses and other investment gains and losses. Unrealized, allowances and other investment gains and losses are comprised of the fair value adjustments of trading securities (other than certain equity tranche securities) and mortgage loans, investments held under the fair value option, derivative gains and losses not hedging FIA index credits, all foreign exchange impacts and the change in provision for credit losses recognized in operations net of the change in AmerUs Closed Block fair value reserve related to the corresponding change in fair value of investments. Investment gains and losses are net of offsets related to the market value adjustments (MVA) associated with surrenders or terminations of contracts.
•Non-operating Change in Insurance Liabilities and Related Derivatives
•Change in Fair Values of Derivatives and Embedded Derivatives – FIAs—Consists of impacts related to the fair value accounting for derivatives hedging the FIA index credits and the related embedded derivative liability fluctuations from period to period. The index reserve is measured at fair value for the current period and all periods beyond the current policyholder index term. However, the FIA hedging derivatives are purchased to hedge only the current index period. Upon policyholder renewal at the end of the period, new FIA hedging derivatives are purchased to align with the new term. The difference in duration between the FIA hedging derivatives and the index credit reserves creates a timing difference in earnings. This timing difference of the FIA hedging derivatives and index credit reserves is included as a non-operating adjustment. We primarily hedge with options that align with the index terms of our FIA products (typically 1–2 years). On an economic basis, we believe this is suitable because policyholder accounts are credited with index performance at the end of each index term. However, because the term of an embedded derivative in an FIA contract is longer-dated, there is a duration mismatch which may lead to mismatches for accounting purposes.
•Non-operating Change in Funding Agreements—Consists of timing differences caused by changes to interest rates on variable funding agreements and funding agreement backed notes and the associated reserve accretion patterns of those contracts. Further included are adjustments for gains associated with our repurchases of funding agreement backed notes.
•Change in Fair Value of Market Risk Benefits—Consists primarily of volatility in capital market inputs used in the measurement at fair value of our market risk benefits, including certain impacts from changes in interest rates, equity returns and implied equity volatilities.
•Non-operating Change in Liability for Future Policy Benefits—Consists of the non-economic loss incurred at issuance for certain pension group annuities and other payout annuities with life contingencies when valuation interest rates prescribed by US GAAP are lower than the net investment earned rates, adjusted for profit, assumed in pricing. For such contracts with non-economic US GAAP losses, the SRE reserve accretes interest using an imputed discount rate that produces zero gain or loss at issuance.
•Integration, Restructuring, and Other Non-operating Expenses—Consists of restructuring and integration expenses related to acquisitions and block reinsurance costs as well as certain other expenses, which are not predictable or related to our underlying profitability drivers.
•Stock Compensation Expense—Consists of stock compensation expenses associated with our share incentive plans, including long-term incentive expenses, which are not related to our underlying profitability drivers and fluctuate from time to time due to the structure of our plans.
•Income Tax (Expense) Benefit—Consists of the income tax effect of all income statement adjustments and is computed by applying the appropriate jurisdiction’s tax rate to all adjustments subject to income tax.
We consider these adjustments to be meaningful adjustments to net income (loss) available to AHL common stockholder for the reasons discussed in greater detail above. Accordingly, we believe using a measure which excludes the impact of these items is useful in analyzing our business performance and the trends in our results of operations. Together with net income (loss) available to AHL common stockholder, we believe spread related earnings provides a meaningful financial metric that helps investors understand our underlying results and profitability. Spread related earnings should not be used as a substitute for net income (loss) available to AHL common stockholder.

Net spread is a non-GAAP measure used to evaluate our financial performance and profitability. Net spread is computed using our spread related earnings divided by average net invested assets for the relevant period. To enhance the ability to analyze this measure across periods, interim periods are annualized. While we believe this metric is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for ROA presented under US GAAP.

SRE, EXCLUDING NOTABLE ITEMS AND NET SPREAD, EXCLUDING NOTABLE ITEMS
Spread related earnings, excluding notable items and net spread, excluding notable items represent SRE and net spread with an adjustment to exclude notable items. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. We use these measures to assess the long-term performance of the business against projected earnings, by excluding items that are expected to be infrequent or not indicative of the ongoing operations of the business. We view these non-GAAP measures as additional measures that provide insight to management and investors on the historical, period-to-period comparability of our key non-GAAP operating measures.



19




Notes to the Financial Supplement, continued

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NET INVESTMENT SPREAD
Net investment spread is a key measure of profitability used in analyzing the trends of our core business operations. Net investment spread measures our investment performance plus our strategic capital management fees, less our total cost of funds. Net investment earned rate is a key measure of our investment performance while cost of funds is a key measure of the cost of our policyholder benefits and liabilities. Strategic capital management fees consist of management fees received by us for business managed for others.
•Net investment earned rate is a non-GAAP measure we use to evaluate the performance of our net invested assets. Net investment earned rate is computed as the income from our net invested assets divided by the average net invested assets, for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. The primary adjustments to net investment income to arrive at our net investment earnings are (a) net VIE impacts (revenues, expenses and noncontrolling interests), (b) forward points gains and losses on foreign exchange derivative hedges, (c) amortization of premium/discount on held-for-trading securities, (d) the change in fair value of reinsurance assets, (e) an adjustment to the change in net asset value of our ADIP investments to recognize our proportionate share of spread related earnings based on our ownership in the investment funds and (f) the removal of the proportionate share of the ACRA net investment income associated with the noncontrolling interests. We include the income and assets supporting our change in fair value of reinsurance assets by evaluating the underlying investments of the funds withheld at interest receivables and we include the net investment income from those underlying investments which does not correspond to the US GAAP presentation of change in fair value of reinsurance assets. We exclude the income and assets on business related to ceded reinsurance transactions. We believe the adjustments for reinsurance provide a net investment earned rate on the assets for which we have economic exposure. We believe a measure like net investment earned rate is useful in analyzing the trends of our core business operations, profitability and pricing discipline. While we believe net investment earned rate is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for net investment income presented under US GAAP.
•Cost of funds includes liability costs related to cost of crediting on both deferred annuities and institutional products as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the noncontrolling interests. Cost of crediting on deferred annuities is the interest credited to the policyholders on our fixed strategies as well as the option costs on the indexed annuity strategies. With respect to FIAs, the cost of providing index credits includes the expenses incurred to fund the annual index credits, and where applicable, minimum guaranteed interest credited. Cost of crediting on institutional products is comprised of (1) pension group annuity costs, including interest credited, benefit payments and other reserve changes, net of premiums received when issued, and (2) funding agreement costs, including the interest payments and other reserve changes. Additionally, cost of crediting includes forward points gains and losses on foreign exchange derivative hedges. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, premiums and certain product charges and other revenues. We include the costs related to business added through assumed reinsurance transactions and exclude the costs on business related to ceded reinsurance transactions. Cost of funds is computed as the total liability costs divided by the average net invested assets for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. We believe a measure like cost of funds is useful in analyzing the trends of our core business operations, profitability and pricing discipline. While we believe cost of funds is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total benefits and expenses presented under US GAAP.

NET INVESTMENT SPREAD, EXCLUDING NOTABLE ITEMS
Net investment spread, excluding notable items represents net investment spread with an adjustment to exclude notable items. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. We use this measure to assess the long-term performance of the business against projected earnings, by excluding items that are expected to be infrequent or not indicative of the ongoing operations of the business. We view this non-GAAP measure as an additional measure that provides insight to management and investors on the historical, period-to-period comparability of our key non-GAAP operating measures.

OTHER OPERATING EXPENSES
Other operating expenses excludes interest expense, policy acquisition expenses, net of deferrals, integration, restructuring and other non-operating expenses, stock compensation and long-term incentive plan expenses and the proportionate share of the ACRA operating expenses associated with the noncontrolling interests. We believe a measure like other operating expenses is useful in analyzing the trends of our core business operations and profitability. While we believe other operating expenses is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for policy and other operating expenses presented under US GAAP.

ADJUSTED LEVERAGE RATIO
Adjusted leverage ratio is a non-GAAP measure used to evaluate our capital structure excluding the impacts of AOCI and the cumulative changes in fair value of funds withheld and modco reinsurance assets as well as mortgage loan assets, net of tax. Adjusted leverage ratio is calculated as total debt at notional value adjusted to exclude 50% of the notional value of subordinated debt as an equity credit plus 50% of preferred stock divided by adjusted capitalization. Adjusted capitalization includes our adjusted AHL common stockholder’s equity, preferred stock and the notional value of our total debt. Adjusted AHL common stockholder’s equity is calculated as the ending AHL stockholders’ equity excluding AOCI, the cumulative changes in fair value of funds withheld and modco reinsurance assets and mortgage loan assets as well as preferred stock. These adjustments fluctuate period to period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities, reinsurance assets and mortgage loans. Except with respect to reinvestment activity relating to acquired blocks of businesses, we typically buy and hold investments to maturity throughout the duration of market fluctuations, therefore, the period-over-period impacts in unrealized gains and losses are not necessarily indicative of current operating fundamentals or future performance. Adjusted leverage ratio should not be used as a substitute for the leverage ratio. However, we believe the adjustments to stockholders’ equity and debt are significant to gaining an understanding of our capitalization, debt and preferred stock utilization and overall leverage capacity, because they provide insight into how rating agencies measure our capitalization, which is a consideration in how we manage our leverage capacity.



20




Notes to the Financial Supplement, continued

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NET INVESTED ASSETS
In managing our business, we analyze net invested assets, which does not correspond to total investments, including investments in related parties, as disclosed in our consolidated financial statements and notes thereto. Net invested assets represent the investments that directly back our net reserve liabilities as well as surplus assets. Net invested assets is used in the computation of net investment earned rate, which allows us to analyze the profitability of our investment portfolio. Net invested assets include (a) total investments on the consolidated balance sheets, with AFS securities, trading securities and mortgage loans at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE and VOE assets, liabilities and noncontrolling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an adjustment for the allowance for credit losses. Net invested assets exclude the derivative collateral offsetting the related cash positions. We include the underlying investments supporting our assumed funds withheld and modco agreements and exclude the underlying investments related to ceded reinsurance transactions in our net invested assets calculation in order to match the assets with the income received. We believe the adjustments for reinsurance provide a view of the assets for which we have economic exposure. Net invested assets include our proportionate share of ACRA investments, based on our economic ownership, but do not include the proportionate share of investments associated with the noncontrolling interests. Our net invested assets are averaged over the number of quarters in the relevant period to compute our net investment earned rate for such period. While we believe net invested assets is a meaningful financial metric and enhances our understanding of the underlying drivers of our investment portfolio, it should not be used as a substitute for total investments, including related parties, presented under US GAAP.

NET RESERVE LIABILITIES
In managing our business, we also analyze net reserve liabilities, which does not correspond to total liabilities as disclosed in our consolidated financial statements and notes thereto. Net reserve liabilities represent our policyholder liability obligations net of reinsurance and are used to analyze the costs of our liabilities. Net reserve liabilities include (a) interest sensitive contract liabilities, (b) future policy benefits, (c) net market risk benefits, (d) long-term repurchase obligations, (e) dividends payable to policyholders and (f) other policy claims and benefits, offset by reinsurance recoverable, excluding policy loans ceded. Net reserve liabilities include our proportionate share of ACRA reserve liabilities, based on our economic ownership, but do not include the proportionate share of reserve liabilities associated with the noncontrolling interests. Net reserve liabilities are net of the ceded liabilities to third-party reinsurers as the costs of the liabilities are passed to such reinsurers and, therefore, we have no net economic exposure to such liabilities, assuming our reinsurance counterparties perform under our agreements. For such transactions, US GAAP requires the ceded liabilities and related reinsurance recoverables to continue to be recorded in our consolidated financial statements despite the transfer of economic risk to the counterparty in connection with the reinsurance transaction. We include the underlying liabilities assumed through modco reinsurance agreements in our net reserve liabilities calculation in order to match the liabilities with the expenses incurred. While we believe net reserve liabilities is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total liabilities presented under US GAAP.

SALES
Sales statistics do not correspond to revenues under US GAAP but are used as relevant measures to understand our business performance as it relates to inflows generated during a specific period of time. Our sales statistics include inflows for fixed rate annuities and FIAs and align with the LIMRA definition of all money paid into an individual annuity, including money paid into new contracts with initial purchase occurring in the specified period and existing contracts with initial purchase occurring prior to the specified period (excluding internal transfers). We believe sales is a meaningful metric that enhances our understanding of our business performance and is not the same as premiums presented in our consolidated statements of income (loss).
21




Non-GAAP Reconciliations
Unaudited (in millions, except percentages)
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Quarterly Trends
4Q’231Q’242Q’243Q’244Q’24
RECONCILIATION OF TOTAL AHL STOCKHOLDERS’ EQUITY TO TOTAL ADJUSTED AHL COMMON STOCKHOLDER’S EQUITY
Total AHL stockholders’ equity$13,838 $14,760 $14,998 $17,445 $16,360 
Less: Preferred stock3,154 3,154 3,154 3,154 3,154 
Total AHL common stockholder’s equity10,684 11,606 11,844 14,291 13,206 
Less: Accumulated other comprehensive loss(5,569)(5,628)(5,809)(3,467)(5,465)
Less: Accumulated change in fair value of reinsurance assets(1,882)(1,880)(1,787)(1,416)(1,591)
Less: Accumulated change in fair value of mortgage loan assets(2,233)(2,426)(2,370)(1,733)(2,051)
Total adjusted AHL common stockholder’s equity$20,368 $21,540 $21,810 $20,907 $22,313 
RECONCILIATION OF LEVERAGE RATIO TO ADJUSTED LEVERAGE RATIO
Total debt$4,209 $5,740 $5,733 $5,725 $6,309 
Add: 50% of preferred stock1,577 1,577 1,577 1,577 1,577 
Less: 50% of subordinated debt— 288 288 288 588 
Less: Adjustment to arrive at notional debt209 165 158 150 134 
Adjusted leverage$5,577 $6,864 $6,864 $6,864 $7,164 
Total debt$4,209 $5,740 $5,733 $5,725 $6,309 
Total AHL stockholders’ equity13,838 14,760 14,998 17,445 16,360 
Total capitalization18,047 20,500 20,731 23,170 22,669 
Less: Accumulated other comprehensive loss(5,569)(5,628)(5,809)(3,467)(5,465)
Less: Accumulated change in fair value of reinsurance assets(1,882)(1,880)(1,787)(1,416)(1,591)
Less: Accumulated change in fair value of mortgage loan assets(2,233)(2,426)(2,370)(1,733)(2,051)
Less: Adjustment to arrive at notional debt209 165 158 150 134 
Total adjusted capitalization$27,522 $30,269 $30,539 $29,636 $31,642 
Leverage ratio40.8 %43.4 %42.9 %38.3 %41.7 %
Accumulated other comprehensive loss(8.2)%(8.0)%(8.0)%(4.4)%(7.1)%
Accumulated change in fair value of reinsurance assets(2.8)%(2.7)%(2.5)%(1.8)%(2.1)%
Accumulated change in fair value of mortgage loan assets(3.3)%(3.5)%(3.3)%(2.2)%(2.7)%
Adjustment to exclude 50% of preferred stock(5.6)%(5.2)%(5.2)%(5.3)%(5.0)%
Adjustment to exclude 50% of subordinated debt— %(0.9)%(1.0)%(1.0)%(1.9)%
Adjustment to arrive at notional debt(0.6)%(0.4)%(0.4)%(0.4)%(0.3)%
Adjusted leverage ratio20.3 %22.7 %22.5 %23.2 %22.6 %



22




Non-GAAP Reconciliations, continued
Unaudited (in millions, except percentages)
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Quarterly TrendsYear-to-Date
4Q’231Q’242Q’243Q’244Q’2420232024
RECONCILIATION OF NET INCOME AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS, EXCLUDING NOTABLE ITEMS
Net income available to Athene Holding Ltd. common stockholder$2,925 $1,147 $583 $580 $970 $4,484 $3,280 
Preferred stock dividends45 45 46 45 45 181 181 
Net income attributable to noncontrolling interests733 283 237 859 64 1,087 1,443 
Net income3,703 1,475 866 1,484 1,079 5,752 4,904 
Income tax expense (benefit) (1,619)307 161 191 71 (1,161)730 
Income before income taxes2,084 1,782 1,027 1,675 1,150 4,591 5,634 
Less: Total adjustments to income before income taxes1,335 966 315 820 312 1,484 2,413 
Spread related earnings749 816 712 855 838 3,107 3,221 
Notable items— — — (25)— (115)(25)
Spread related earnings, excluding notable items$749 $816 $712 $830 $838 $2,992 $3,196 
RECONCILIATION OF NET INVESTMENT INCOME TO NET INVESTMENT EARNINGS
US GAAP net investment income$3,078 $3,292 $3,509 $3,777 $3,903 $11,130 $14,481 
Change in fair value of reinsurance assets21 (10)(37)(11)(71)86 (129)
VIE earnings and noncontrolling interests335 311 257 362 380 1,078 1,310 
Forward points adjustment on FX derivative hedges33 51 32 30 20 187 133 
Held-for-trading amortization(45)(35)(8)(30)(35)(191)(108)
Reinsurance impacts(65)(64)(55)(54)(50)(264)(223)
ACRA noncontrolling interests(749)(868)(921)(1,011)(1,064)(2,377)(3,864)
Other(76)44 26 (20)100 (41)150 
Total adjustments to arrive at net investment earnings
(546)(571)(706)(734)(720)(1,522)(2,731)
Total net investment earnings
$2,532 $2,721 $2,803 $3,043 $3,183 $9,608 $11,750 
RECONCILIATION OF NET INVESTMENT INCOME RATE TO NET INVESTMENT EARNED RATE
US GAAP net investment income5.79 %5.92 %6.10 %6.35 %6.38 %5.34 %6.19 %
Change in fair value of reinsurance assets0.04 %(0.02)%(0.06)%(0.02)%(0.11)%0.04 %(0.05)%
VIE earnings and noncontrolling interests0.63 %0.56 %0.45 %0.61 %0.62 %0.52 %0.56 %
Forward points adjustment on FX derivative hedges0.06 %0.09 %0.05 %0.05 %0.03 %0.09 %0.06 %
Held-for-trading amortization(0.09)%(0.06)%(0.01)%(0.05)%(0.06)%(0.09)%(0.05)%
Reinsurance impacts(0.12)%(0.12)%(0.10)%(0.09)%(0.08)%(0.13)%(0.09)%
ACRA noncontrolling interests(1.41)%(1.56)%(1.60)%(1.70)%(1.74)%(1.14)%(1.65)%
Other(0.14)%0.08 %0.04 %(0.03)%0.16 %(0.02)%0.06 %
Total adjustments to arrive at net investment earned rate
(1.03)%(1.03)%(1.23)%(1.23)%(1.18)%(0.73)%(1.16)%
Net investment earned rate4.76 %4.89 %4.87 %5.12 %5.20 %4.61 %5.03 %
Average net invested assets$212,761 $222,391 $230,156 $237,810 $244,796 $208,479 $233,809 
23




Non-GAAP Reconciliations, continued
Unaudited (in millions, except percentages)
athene-logo_rgb.jpg
Quarterly TrendsYear-to-Date
4Q’231Q’242Q’243Q’244Q’2420232024
RECONCILIATION OF BENEFITS AND EXPENSES TO COST OF FUNDS
US GAAP benefits and expenses$7,928 $3,939 $3,637 $4,847 $2,632 $23,603 $15,055 
Premiums(3,586)(101)(673)(389)(155)(12,749)(1,318)
Product charges(226)(238)(251)(267)(260)(848)(1,016)
Other revenues(7)(2)(3)(4)(10)(150)(19)
FIA option costs388 392 402 410 413 1,512 1,617 
Reinsurance impacts(39)(42)(31)(47)(37)(155)(157)
Non-operating change in insurance liabilities and embedded derivatives(1,913)(1,339)(374)(1,252)318 (2,930)(2,647)
Policy and other operating expenses, excluding policy acquisition expenses(373)(341)(393)(573)(453)(1,341)(1,760)
Forward points adjustment on FX derivative hedges58 70 70 77 76 141 293 
AmerUs Closed Block fair value liability(85)15 13 (55)52 (58)25 
ACRA noncontrolling interests(610)(692)(577)(833)(522)(1,587)(2,624)
Other59 62 60 69 62 212 253 
Total adjustments to arrive at cost of funds(6,334)(2,216)(1,757)(2,864)(516)(17,953)(7,353)
Total cost of funds$1,594 $1,723 $1,880 $1,983 $2,116 $5,650 $7,702 
RECONCILIATION OF TOTAL BENEFITS AND EXPENSES RATE TO COST OF FUNDS RATE
US GAAP benefits and expenses14.90 %7.08 %6.32 %8.15 %4.30 %11.32 %6.44 %
Premiums(6.74)%(0.18)%(1.17)%(0.65)%(0.25)%(6.12)%(0.56)%
Product charges(0.42)%(0.43)%(0.44)%(0.45)%(0.42)%(0.41)%(0.44)%
Other revenues(0.01)%— %(0.01)%(0.01)%(0.02)%(0.07)%(0.01)%
FIA option costs0.73 %0.70 %0.70 %0.69 %0.67 %0.73 %0.69 %
Reinsurance impacts(0.07)%(0.08)%(0.05)%(0.08)%(0.06)%(0.07)%(0.07)%
Non-operating change in insurance liabilities and embedded derivatives(3.60)%(2.41)%(0.65)%(2.11)%0.52 %(1.41)%(1.13)%
Policy and other operating expenses, excluding policy acquisition expenses(0.70)%(0.61)%(0.68)%(0.96)%(0.74)%(0.64)%(0.75)%
Forward points adjustment on FX derivative hedges0.11 %0.13 %0.12 %0.13 %0.12 %0.07 %0.12 %
AmerUs Closed Block fair value liability(0.16)%0.03 %0.02 %(0.09)%0.09 %(0.03)%0.01 %
ACRA noncontrolling interests(1.15)%(1.24)%(1.00)%(1.40)%(0.85)%(0.76)%(1.12)%
Other0.11 %0.11 %0.11 %0.12 %0.10 %0.10 %0.11 %
Total adjustments to arrive at cost of funds(11.90)%(3.98)%(3.05)%(4.81)%(0.84)%(8.61)%(3.15)%
Total cost of funds3.00 %3.10 %3.27 %3.34 %3.46 %2.71 %3.29 %
Average net invested assets$212,761 $222,391 $230,156 $237,810 $244,796 $208,479 $233,809 
24




Non-GAAP Reconciliations, continued
Unaudited (in millions)
athene-logo_rgb.jpg
Quarterly TrendsYear-to-Date
4Q’231Q’242Q’243Q’244Q’2420232024
RECONCILIATION OF POLICY AND OTHER OPERATING EXPENSES TO OTHER OPERATING EXPENSES
US GAAP policy and other operating expenses$489 $459 $507 $687 $560 $1,848 $2,213 
Interest expense(99)(102)(129)(142)(179)(459)(552)
Policy acquisition expenses, net of deferrals(116)(118)(114)(114)(107)(507)(453)
Integration, restructuring and other non-operating expenses(32)(30)(31)(204)26 (130)(239)
Stock compensation expenses(46)(13)(11)(12)(14)(88)(50)
ACRA noncontrolling interests(65)(70)(95)(88)(153)(143)(406)
Other(11)(10)(11)(13)(12)(34)(46)
Total adjustments to arrive at other operating expenses(369)(343)(391)(573)(439)(1,361)(1,746)
Other operating expenses$120 $116 $116 $114 $121 $487 $467 
December 31, 2023December 31, 2024
RECONCILIATION OF INVESTMENT FUNDS, INCLUDING RELATED PARTIES AND CONSOLIDATED VIES, TO NET ALTERNATIVE INVESTMENTS
Investment funds, including related parties and consolidated VIEs$17,668 $19,725 
Equity securities430 — 
Certain equity securities included in AFS or trading securities201 34 
Investment funds within funds withheld at interest827 900 
Royalties14 7 
Net assets of the VIE, excluding investment funds(4,508)(4,850)
Unrealized (gains) losses26 92 
ACRA noncontrolling interests(2,829)(3,731)
Other assets(170)(177)
Total adjustments to arrive at net alternative investments
(6,009)(7,725)
Net alternative investments
$11,659 $12,000 
    










25




Non-GAAP Reconciliations, continued
Unaudited (in millions)
athene-logo_rgb.jpg
Quarterly Trends
4Q’231Q’242Q’243Q’244Q’24
RECONCILIATION OF TOTAL INVESTMENTS, INCLUDING RELATED PARTIES, TO NET INVESTED ASSETS
Total investments, including related parties$238,941 $254,239 $265,044 $286,102 $291,491 
Derivative assets(5,298)(7,159)(7,488)(7,529)(8,154)
Cash and cash equivalents (including restricted cash)14,781 16,825 14,097 14,551 13,676 
Accrued investment income1,933 2,332 2,507 2,695 2,816 
Net receivable (payable) for collateral on derivatives(2,835)(4,293)(4,258)(4,194)(4,602)
Reinsurance impacts(572)(1,358)(2,132)(4,284)(4,435)
VIE and VOE assets, liabilities and noncontrolling interests14,818 14,979 15,339 15,697 17,289 
Unrealized (gains) losses16,445 17,809 18,869 11,674 18,320 
Ceded policy loans(174)(171)(170)(167)(167)
Net investment receivables (payables)11 (950)(252)(291)97 
Allowance for credit losses608 615 682 689 720 
Other investments(41)(31)(23)(11)(87)
Total adjustments to arrive at gross invested assets
39,676 38,598 37,171 28,830 35,473 
Gross invested assets
278,617 292,837 302,215 314,932 326,964 
ACRA noncontrolling interests(61,190)(65,482)(69,258)(72,269)(78,321)
Net invested assets
$217,427 $227,355 $232,957 $242,663 $248,643 
RECONCILIATION OF TOTAL LIABILITIES TO NET RESERVE LIABILITIES
Total liabilities$279,344 $297,423 $308,295 $327,855 $337,469 
Debt(4,209)(5,740)(5,733)(5,725)(6,309)
Derivative liabilities(1,995)(2,429)(3,212)(2,758)(3,556)
Payables for collateral on derivatives and short-term securities to repurchase(4,370)(5,481)(7,210)(5,286)(8,988)
Other liabilities(2,590)(4,195)(4,839)(7,058)(6,546)
Liabilities of consolidated VIEs(1,115)(1,082)(1,526)(1,363)(1,640)
Reinsurance impacts(8,574)(9,277)(9,876)(11,196)(11,861)
Ceded policy loans(174)(171)(170)(167)(167)
Market risk benefit asset(377)(383)(371)(311)(312)
ACRA noncontrolling interests(56,651)(60,142)(63,810)(68,092)(72,164)
Total adjustments to arrive at net reserve liabilities
(80,055)(88,900)(96,747)(101,956)(111,543)
Net reserve liabilities
$199,289 $208,523 $211,548 $225,899 $225,926 
26
v3.25.0.1
Document and Entity Information Document and Entity Information
Feb. 13, 2025
Document Information [Line Items]  
Entity Central Index Key 0001527469
Written Communications false
Entity Incorporation, State or Country Code DE
Document Type 8-K
Document Period End Date Feb. 13, 2025
Entity Registrant Name ATHENE HOLDING LTD
Entity File Number 001-37963
Entity Tax Identification Number 98-0630022
Entity Address, Address Line One 7700 Mills Civic Pkwy
Entity Address, City or Town West Des Moines
Entity Address, Postal Zip Code 50266
City Area Code 515
Local Phone Number 342-4678
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Address, State or Province IA
Series A Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series A
Trading Symbol ATHPrA
Security Exchange Name NYSE
Series B Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a 5.625% Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series B
Trading Symbol ATHPrB
Security Exchange Name NYSE
Series C Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C
Trading Symbol ATHPrC
Security Exchange Name NYSE
Series D Preferred Stock  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a 4.875% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series D
Trading Symbol ATHPrD
Security Exchange Name NYSE
Series E Preferred Stock  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a 7.75% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series E
Trading Symbol ATHPrE
Security Exchange Name NYSE
Junior Subordinated Debt  
Document Information [Line Items]  
Title of 12(b) Security 7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064
Trading Symbol ATHS
Security Exchange Name NYSE
Athene (NYSE:ATHS)
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