Exhibit 99.2Exhibit 99.2

• – – – § • • • • – • – • – • 1 “Apollo” includes Apollo Global Management, Inc., its consolidated subsidiaries, its affiliates, related parties and employees. 2 Premium calculated off of ATH close price as of October 25, 2019. 3 Based on beneficial ownership and assumes full utilization of $600 million repurchase authorization at Athene’s current market price of $42 per share. 4 Assuming utilization of the increased repurchase authorization and a total return for Athene’s Apollo holding in line with analyst consensus targets for dividend and stock price appreciation (total return = 17.5%). 5 Apollo/Athene Dedicated Investment Program (“ADIP”) is the investment fund managed by Apollo Global Management that will help capitalize the Athene Co-Invest Reinsurance Affiliate (“ACRA”). • – – – § • • • • – • – • – • 1 “Apollo” includes Apollo Global Management, Inc., its consolidated subsidiaries, its affiliates, related parties and employees. 2 Premium calculated off of ATH close price as of October 25, 2019. 3 Based on beneficial ownership and assumes full utilization of $600 million repurchase authorization at Athene’s current market price of $42 per share. 4 Assuming utilization of the increased repurchase authorization and a total return for Athene’s Apollo holding in line with analyst consensus targets for dividend and stock price appreciation (total return = 17.5%). 5 Apollo/Athene Dedicated Investment Program (“ADIP”) is the investment fund managed by Apollo Global Management that will help capitalize the Athene Co-Invest Reinsurance Affiliate (“ACRA”).

Status Quo: Asymmetry between ownership / voting power Pro Forma: Single share class structure Economics Voting Power ü ü ü 1 Represents Apollo’s beneficial ownership in Athene, including direct investment, affiliates, and Apollo employees. 2 Represents Apollo’s beneficial ownership in Athene, including direct investment, affiliates, Apollo employees, and certain members of Athene management. Assumes full utilization of repurchase authorization at Athene’s current market price. Status Quo: Asymmetry between ownership / voting power Pro Forma: Single share class structure Economics Voting Power ü ü ü 1 Represents Apollo’s beneficial ownership in Athene, including direct investment, affiliates, and Apollo employees. 2 Represents Apollo’s beneficial ownership in Athene, including direct investment, affiliates, Apollo employees, and certain members of Athene management. Assumes full utilization of repurchase authorization at Athene’s current market price.

Transaction Illustration Other Transaction Details • •• • – – – • • • • • • 1 Exact number of ATH shares issued is 27,959,184 for $1.2bn in Apollo operating group units, and 7,575,758 for $350mn in cash. Exact number of Apollo operating group units issued is 29,154,519. 2 Represents Apollo’s beneficial ownership in Athene, including direct investment, affiliates, Apollo employees, and certain members of Athene management. 3 On a fully diluted basis. 4 Comprised of certain ATH disinterested directors. Transaction Illustration Other Transaction Details • •• • – – – • • • • • • 1 Exact number of ATH shares issued is 27,959,184 for $1.2bn in Apollo operating group units, and 7,575,758 for $350mn in cash. Exact number of Apollo operating group units issued is 29,154,519. 2 Represents Apollo’s beneficial ownership in Athene, including direct investment, affiliates, Apollo employees, and certain members of Athene management. 3 On a fully diluted basis. 4 Comprised of certain ATH disinterested directors.

• • • • • • • • • - • • • 1 Reference to Apollo includes Apollo, its affiliates, related parties and employees. 2 Assuming utilization of the increased repurchase authorization and a total return for Athene’s Apollo holding in line with analyst consensus targets for dividend and stock price appreciation (total return = 17.5%). • • • • • • • • • - • • • 1 Reference to Apollo includes Apollo, its affiliates, related parties and employees. 2 Assuming utilization of the increased repurchase authorization and a total return for Athene’s Apollo holding in line with analyst consensus targets for dividend and stock price appreciation (total return = 17.5%).

1 ATH’s Passive Ownership vs S&P 500 Insurers Ownership by Long-Only Investors / Mutual Funds Source: Bloomberg, IPREO 1 Includes: AFL, AIG, AIZ, ALL, CB, CINF, GL, HIG, LNC, MET, PFG, PGR, PRU, RE, TRV, and UNM. Analysis excludes AMP as company is included in the S&P 500 Capital Markets index, not Insurance. 1 ATH’s Passive Ownership vs S&P 500 Insurers Ownership by Long-Only Investors / Mutual Funds Source: Bloomberg, IPREO 1 Includes: AFL, AIG, AIZ, ALL, CB, CINF, GL, HIG, LNC, MET, PFG, PGR, PRU, RE, TRV, and UNM. Analysis excludes AMP as company is included in the S&P 500 Capital Markets index, not Insurance.

Adjusted Book Value Per Common Share Growth Note: Adjusted book value per common share is calculated as the adjusted common shareholders’ equity divided by the adjusted operating common shares outstanding. Adjusted common shareholders’ equity is calculated as the ending shareholders’ equity excluding AOCI and the cumulative change in fair value of funds withheld and modco reinsurance assets and 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. 1 Source: Company documents; Peers include AEL, AIG, LNC, MET, PFG, and PRU.Adjusted Book Value Per Common Share Growth Note: Adjusted book value per common share is calculated as the adjusted common shareholders’ equity divided by the adjusted operating common shares outstanding. Adjusted common shareholders’ equity is calculated as the ending shareholders’ equity excluding AOCI and the cumulative change in fair value of funds withheld and modco reinsurance assets and 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. 1 Source: Company documents; Peers include AEL, AIG, LNC, MET, PFG, and PRU.

Differentiated Asset Management Opportunistic Capital Deployment at High Returns • • • 1 Represents average annual NIER from 2016-2018. Data based on earned investment yield, as reported in Schedule D (Bonds) / B (Mortgage Loans) statutory filings. Peers include: AEL, AIG, FG, LNC, MET, PFG, PRU and VOYA. 2 Includes retail, flow reinsurance, and funding agreements. 3 Through August 5, 2019. Differentiated Asset Management Opportunistic Capital Deployment at High Returns • • • 1 Represents average annual NIER from 2016-2018. Data based on earned investment yield, as reported in Schedule D (Bonds) / B (Mortgage Loans) statutory filings. Peers include: AEL, AIG, FG, LNC, MET, PFG, PRU and VOYA. 2 Includes retail, flow reinsurance, and funding agreements. 3 Through August 5, 2019.

Assets Capital Market Structure 1 Source: FactSet. 2 Including $600 million addition to repurchase authorization announced in connection with the transaction. 3 Source: Morningstar Direct, Bloomberg.Assets Capital Market Structure 1 Source: FactSet. 2 Including $600 million addition to repurchase authorization announced in connection with the transaction. 3 Source: Morningstar Direct, Bloomberg.

Share Repurchase Authorization History Quarterly Share Repurchase ActivityShare Repurchase Authorization History Quarterly Share Repurchase Activity

Substantial Earnings Growth Operating Performance vs Stock Performance 1 Industry-Leading Organic Growth at Targeted Returns 1 2019E consensus as of October 25, 2019. 2 As of October 25, 2017. 3 As of October 25, 2019. 4 Adjusted operating earnings per common share. Substantial Earnings Growth Operating Performance vs Stock Performance 1 Industry-Leading Organic Growth at Targeted Returns 1 2019E consensus as of October 25, 2019. 2 As of October 25, 2017. 3 As of October 25, 2019. 4 Adjusted operating earnings per common share.

• • • • • • • • Pre-Transaction Pro Forma • Note: Market data as of October 25, 2019. 1 Pro forma for transaction assuming no change in share price. • • • • • • • • Pre-Transaction Pro Forma • Note: Market data as of October 25, 2019. 1 Pro forma for transaction assuming no change in share price.

Apollo’s Fundamentals Should Support a Higher Valuation Strong Growth in Total Assets Under Management APO Fee-Related Earnings Are Being Improperly Discounted FRE as % of Implied P/E Multiple 1 Distributable Earnings on FRE Significant Growth in Fee-Related Earnings (FRE) 3 APO Dividend Yield Implies Valuation Upside 1 Assumes $0 value assigned to performance fees. 2 Represents average 2020E P/E multiple for FactSet Research Systems, IHS Markit, Moody’s Corp, MSCI Inc, S&P Global, Verisk Analytics, Equifax Inc, MasterCard, Visa, Hamilton Lane, and Partners Group. 3 As of October 25, 2019; shows 2020E dividend yield based on consensus. Peers include ARES, BX, CG, and KKR. Apollo’s Fundamentals Should Support a Higher Valuation Strong Growth in Total Assets Under Management APO Fee-Related Earnings Are Being Improperly Discounted FRE as % of Implied P/E Multiple 1 Distributable Earnings on FRE Significant Growth in Fee-Related Earnings (FRE) 3 APO Dividend Yield Implies Valuation Upside 1 Assumes $0 value assigned to performance fees. 2 Represents average 2020E P/E multiple for FactSet Research Systems, IHS Markit, Moody’s Corp, MSCI Inc, S&P Global, Verisk Analytics, Equifax Inc, MasterCard, Visa, Hamilton Lane, and Partners Group. 3 As of October 25, 2019; shows 2020E dividend yield based on consensus. Peers include ARES, BX, CG, and KKR.

Deep Resources Broad Access to Capital Differentiated Unmatched M&A Capabilities Direct Asset Origination 1 Pro forma for transaction. 2 Announced but not yet closed. Deep Resources Broad Access to Capital Differentiated Unmatched M&A Capabilities Direct Asset Origination 1 Pro forma for transaction. 2 Announced but not yet closed.

Benefits for Athene Benefits for Apollo üü üü üü üüBenefits for Athene Benefits for Apollo üü üü üü üü

($ in thousands) FY’11 FY’12 FY’13 FY’14 FY’15 FY’16 FY’17 FY’18 LTM 2Q’19 Management fees 490,191 623,041 730,702 901,024 911,893 977,649 1,082,315 1,282,688 1,409,555 Advisory and transaction fees 73,542 133,257 88,627 89,633 46,244 147,115 117,624 111,567 133,115 Performance fees 44,540 37,842 36,922 41,199 40,625 22,941 17,666 28,390 27,271 Total Fee Related Revenues 608,273 794,140 856,251 1,031,856 998,762 1,147,705 1,217,605 1,422,645 1,569,941 Salary, bonus and benefits (251,095) (274,574) (294,753) (339,846) (355,922) (366,890) (394,155) (414,962) (419,924) Non-Compensation Expenses (183,146) (219,516) (272,949) (243,207) (218,745) (242,923) (242,492) (241,413) (257,248) Total Fee Related Expenses (434,241) (494,090) (567,702) (583,053) (574,667) (609,813) (636,647) (656,375) (677,172) Other income (loss) attributable to FRE 10,203 8,846 24,841 9,621 7,694 (554) 47,834 9,977 11,854 Non-Controlling Interest (12,146) (8,730) (13,985) (12,688) (11,684) (7,464) (4,379) (5,008) (3,677) Fee Related Earnings $172,089 $300,166 $299,405 $445,736 $420,105 $529,874 $624,413 $771,239 $900,946 ($ in thousands) FY’11 FY’12 FY’13 FY’14 FY’15 FY’16 FY’17 FY’18 LTM 2Q’19 GAAP Net Income (Loss) Attributable to Apollo ($468,826) $310,957 $659,391 $168,229 $134,497 $402,850 $615,566 ($42,038) $261,501 Global Management, Inc. Class A Shareholders Preferred distributions — — — — — — 13,538 31,662 36,655 Net income attributable to Non-Controlling Interests 104,939 2,051,481 456,953 157,011 21,364 5,789 8,891 31,648 30,758 in consolidated entities Net income (loss) attributable to Non-Controlling (940,312) 685,357 1,257,650 404,682 194,634 561,668 805,644 (2,021) 313,603 Interests in the Apollo Operating Group GAAP Net Income (Loss) ($1,304,199) $3,047,795 $2,373,994 $729,922 $350,495 $970,307 $1,443,639 $19,251 $642,517 Income tax provision 11,929 65,410 107,569 147,245 26,733 90,707 325,945 86,021 95,068 GAAP Income (Loss) Before Income Tax Provision ($1,292,270) $3,113,205 $2,481,563 $877,167 $377,228 $1,061,014 $1,769,584 $105,272 $737,585 1 Transaction related charges 1,096,180 597,450 163,361 34,487 39,085 55,302 17,496 (5,631) 23,020 Charges associated with corporate conversion — — — — — — — — 10,006 Gain from remeasurement of tax receivable 137 (3,937) (13,038) (32,182) — (3,208) (200,240) (35,405) (35,405) agreement liability Net (income) loss attributable to Non-Controlling (104,939) (2,051,481) (456,953) (157,011) (21,364) (5,789) (8,891) (31,648) (30,758) Interests in consolidated entities 2 Performance fees 441,947 (2,163,619) (2,859,239) (365,322) (56,665) (762,945) (1,319,924) 402,700 (1,632) 3 Profit sharing expense and other (59,541) 847,382 1,112,935 265,316 87,222 319,777 512,137 41,868 155,903 Equity-based compensation 68,172 68,942 66,341 105,495 61,701 63,081 64,954 68,229 71,426 Principal investment (income) loss (10,829) (121,120) (113,211) (54,905) (16,078) (102,581) (162,951) (7,614) (64,364) Net (gains) losses from investment activities 5,881 1,142 12,593 (9,062) (121,132) (138,608) (94,774) 186,426 (12,154) Net interest loss 36,119 31,477 23,191 19,098 26,533 39,019 44,984 37,573 43,363 4 Athene capital and surplus fee (8,768) (16,787) (107,935) (226,449) (1,942) — — — — Other — (2,488) (10,203) (10,896) 45,517 4,812 2,038 9,469 3,956 Fee Related Earnings $172,089 $300,166 $299,405 $445,736 $420,105 $529,874 $624,413 $771,239 $900,946($ in thousands) FY’11 FY’12 FY’13 FY’14 FY’15 FY’16 FY’17 FY’18 LTM 2Q’19 Management fees 490,191 623,041 730,702 901,024 911,893 977,649 1,082,315 1,282,688 1,409,555 Advisory and transaction fees 73,542 133,257 88,627 89,633 46,244 147,115 117,624 111,567 133,115 Performance fees 44,540 37,842 36,922 41,199 40,625 22,941 17,666 28,390 27,271 Total Fee Related Revenues 608,273 794,140 856,251 1,031,856 998,762 1,147,705 1,217,605 1,422,645 1,569,941 Salary, bonus and benefits (251,095) (274,574) (294,753) (339,846) (355,922) (366,890) (394,155) (414,962) (419,924) Non-Compensation Expenses (183,146) (219,516) (272,949) (243,207) (218,745) (242,923) (242,492) (241,413) (257,248) Total Fee Related Expenses (434,241) (494,090) (567,702) (583,053) (574,667) (609,813) (636,647) (656,375) (677,172) Other income (loss) attributable to FRE 10,203 8,846 24,841 9,621 7,694 (554) 47,834 9,977 11,854 Non-Controlling Interest (12,146) (8,730) (13,985) (12,688) (11,684) (7,464) (4,379) (5,008) (3,677) Fee Related Earnings $172,089 $300,166 $299,405 $445,736 $420,105 $529,874 $624,413 $771,239 $900,946 ($ in thousands) FY’11 FY’12 FY’13 FY’14 FY’15 FY’16 FY’17 FY’18 LTM 2Q’19 GAAP Net Income (Loss) Attributable to Apollo ($468,826) $310,957 $659,391 $168,229 $134,497 $402,850 $615,566 ($42,038) $261,501 Global Management, Inc. Class A Shareholders Preferred distributions — — — — — — 13,538 31,662 36,655 Net income attributable to Non-Controlling Interests 104,939 2,051,481 456,953 157,011 21,364 5,789 8,891 31,648 30,758 in consolidated entities Net income (loss) attributable to Non-Controlling (940,312) 685,357 1,257,650 404,682 194,634 561,668 805,644 (2,021) 313,603 Interests in the Apollo Operating Group GAAP Net Income (Loss) ($1,304,199) $3,047,795 $2,373,994 $729,922 $350,495 $970,307 $1,443,639 $19,251 $642,517 Income tax provision 11,929 65,410 107,569 147,245 26,733 90,707 325,945 86,021 95,068 GAAP Income (Loss) Before Income Tax Provision ($1,292,270) $3,113,205 $2,481,563 $877,167 $377,228 $1,061,014 $1,769,584 $105,272 $737,585 1 Transaction related charges 1,096,180 597,450 163,361 34,487 39,085 55,302 17,496 (5,631) 23,020 Charges associated with corporate conversion — — — — — — — — 10,006 Gain from remeasurement of tax receivable 137 (3,937) (13,038) (32,182) — (3,208) (200,240) (35,405) (35,405) agreement liability Net (income) loss attributable to Non-Controlling (104,939) (2,051,481) (456,953) (157,011) (21,364) (5,789) (8,891) (31,648) (30,758) Interests in consolidated entities 2 Performance fees 441,947 (2,163,619) (2,859,239) (365,322) (56,665) (762,945) (1,319,924) 402,700 (1,632) 3 Profit sharing expense and other (59,541) 847,382 1,112,935 265,316 87,222 319,777 512,137 41,868 155,903 Equity-based compensation 68,172 68,942 66,341 105,495 61,701 63,081 64,954 68,229 71,426 Principal investment (income) loss (10,829) (121,120) (113,211) (54,905) (16,078) (102,581) (162,951) (7,614) (64,364) Net (gains) losses from investment activities 5,881 1,142 12,593 (9,062) (121,132) (138,608) (94,774) 186,426 (12,154) Net interest loss 36,119 31,477 23,191 19,098 26,533 39,019 44,984 37,573 43,363 4 Athene capital and surplus fee (8,768) (16,787) (107,935) (226,449) (1,942) — — — — Other — (2,488) (10,203) (10,896) 45,517 4,812 2,038 9,469 3,956 Fee Related Earnings $172,089 $300,166 $299,405 $445,736 $420,105 $529,874 $624,413 $771,239 $900,946

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