Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 5, 2019

Documents

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Washington, D.C. 20549
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FORM 10-Q
 
 
 
 
 
 
 
 
 
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-37963
athenelogoa30.jpg
ATHENE HOLDING LTD.
 
 
 
 
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bermuda
 
 
 
 
 
98-0630022
 
 
(State or other jurisdiction of
 
 
 
 
 
(I.R.S. Employer
 
 
incorporation or organization)
 
 
 
 
 
Identification Number)
 
96 Pitts Bay Road
Pembroke, HM 08, Bermuda
(441) 279-8400
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Class A common shares, par value $0.001 per share
 
ATH
 
New York Stock Exchange
 
 
 
 
 
Depositary Shares, each representing a 1/1,000th interest in a
 
 
 
 
6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Share, Series A
 
ATHPrA
 
New York Stock Exchange
 
 
 
 
 
Depositary Shares, each representing a 1/1,000th interest in a
 
 
 
 
5.625% Fixed Rate Perpetual Non-Cumulative Preference Share, Series B
 
ATHPrB
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company
☐
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
The number of shares of each class of our common stock outstanding is set forth in the table below, as of September 30, 2019:
 
 
 
 
 
 
 
 
 
 
 
 
 
Class A common shares
150,165,459
 
 
Class M-2 common shares
841,011
 
 
Class B common shares
25,433,465
 
 
Class M-3 common shares
1,000,000
 
 
Class M-1 common shares
3,282,890
 
 
Class M-4 common shares
3,984,107
 


TABLE OF CONTENTS


PART I—FINANCIAL INFORMATION



PART II—OTHER INFORMATION

 
 




Table of Contents



As used in this Quarterly Report on Form 10-Q (report), unless the context otherwise indicates, any reference to “Athene,” “our Company,” “the Company,” “us,” “we” and “our” refer to Athene Holding Ltd. together with its consolidated subsidiaries and any reference to “AHL” refers to Athene Holding Ltd. only.

Forward-Looking Statements

Certain statements in this report are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “seek,” “assume,” “believe,” “may,” “will,” “should,” “could,” “would,” “likely” and other words and terms of similar meaning, including the negative of these or similar words and terms, in connection with any discussion of the timing or nature of future operating or financial performance or other events. However, not all forward-looking statements contain these identifying words. Forward-looking statements appear in a number of places throughout and give our current expectations and projections relating to our business, financial condition, results of operations, plans, strategies, objectives, future performance and other matters.

We caution you that forward-looking statements are not guarantees of future performance and that our actual consolidated financial condition, results of operations, liquidity and cash flows may differ materially from those made in or suggested by the forward-looking statements contained in this report. A number of important factors could cause actual results or conditions to differ materially from those contained or implied by the forward-looking statements, including the risks discussed in Part II–Item 1A. Risk Factors included in this report and Part I–Item 1A. Risk Factors included in our Annual Report on Form 10-K for the year ended December 31, 2018 (2018 Annual Report). Factors that could cause actual results or conditions to differ from those reflected in the forward-looking statements contained in this report include:

•
the accuracy of management’s assumptions and estimates;
•
variability in the amount of statutory capital that our insurance and reinsurance subsidiaries have or are required to hold;
•
interest rate and/or foreign currency fluctuations;
•
our potential need for additional capital in the future and the potential unavailability of such capital to us on favorable terms or at all;
•
changes in relationships with important parties in our product distribution network;
•
the activities of our competitors and our ability to grow our retail business in a highly competitive environment;
•
the impact of general economic conditions on our ability to sell our products and on the fair value of our investments;
•
our ability to successfully acquire new companies or businesses and/or integrate such acquisitions into our existing framework;
•
downgrades, potential downgrades or other negative actions by rating agencies;
•
our dependence on key executives and inability to attract qualified personnel, or the potential loss of Bermudian personnel as a result of Bermuda employment restrictions;
•
market and credit risks that could diminish the value of our investments;
•
the impact of changes to the creditworthiness of our reinsurance and derivative counterparties;
•
changes in consumer perception regarding the desirability of annuities as retirement savings products;
•
potential litigation (including class action litigation), enforcement investigations or regulatory scrutiny against us and our subsidiaries, which we may be required to defend against or respond to;
•
the impact of new accounting rules or changes to existing accounting rules on our business;
•
interruption or other operational failures in telecommunication and information technology and other operating systems, as well as our ability to maintain the security of those systems;
•
the termination by Apollo Global Management, Inc. (AGM) or any of its subsidiaries (collectively, AGM together with its subsidiaries, Apollo) of its investment management agreements with us and limitations on our ability to terminate such arrangements;
•
Apollo’s dependence on key executives and inability to attract qualified personnel;
•
increased regulation or scrutiny of alternative investment advisers and certain trading methods;
•
potential changes to regulations affecting, among other things, transactions with our affiliates, the ability of our subsidiaries to make dividend payments or distributions to AHL, acquisitions by or of us, minimum capitalization and statutory reserve requirements for insurance companies and fiduciary obligations on parties who distribute our products;
•
the failure to obtain or maintain approval of insurance regulators and other regulatory authorities as required for the operation of our insurance subsidiaries;
•
increases in our tax liability resulting from the Base Erosion and Anti-Abuse Tax (BEAT);
•
improper interpretation or application of Public Law no. 115-97, the Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018 (Tax Act) or subsequent changes to, clarifications of or guidance under the Tax Act that is counter to our interpretation and has retroactive effect;
•
AHL or any of its non-United States (U.S.) subsidiaries becoming subject to U.S. federal income taxation;
•
adverse changes in U.S. tax law;
•
our being subject to U.S. withholding tax under the Foreign Account Tax Compliance Act (FATCA);
•
changes in our ability to pay dividends or make distributions;
•
our failure to obtain approval of the share exchange transaction with Apollo by our shareholders or regulators;
•
our failure to recognize the benefits expected to be derived from the share exchange transaction with Apollo;
•
unexpected difficulties or expenditures related to the share exchange transaction with Apollo;
•
disruption of our current plans, operations and relationships with policyholders, reinsurance counterparties or other business partners caused by the announcement and pendency of the share exchange transaction with Apollo;

3
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•
the commencement of legal proceedings, including those that may be instituted against us, our board of directors, our executive officers and others following the announcement of the share exchange transaction with Apollo;
•
the failure to close the ACRA capital raise or the failure to achieve the economic benefits expected to be derived therefrom; and
•
other risks and factors listed in Part II–Item 1A. Risk Factors included in this report, Part I—Item 1A. Risk Factors included in our 2018 Annual Report and those discussed elsewhere in this report and in our 2018 Annual Report.

We caution you that the important factors referenced above may not be exhaustive. In light of these risks, you should not place undue reliance upon any forward-looking statements contained in this report. The forward-looking statements included in this report are made only as of the date that this report was filed with the U.S. Securities and Exchange Commission (SEC). We undertake no obligation, except as may be required by law, to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends, or indications of future performance, unless expressed as such, and should only be viewed as historical data.


GLOSSARY OF SELECTED TERMS

Unless otherwise indicated in this report, the following terms have the meanings set forth below:

Entities
Term or Acronym
 
Definition
A-A Mortgage
 
A-A Mortgage Opportunities, L.P.
AAA Investor
 
AAA Guarantor – Athene, L.P.
AAIA
 
Athene Annuity and Life Company
AAM
 
Athene Asset Management LLC, now known as Apollo Insurance Solutions Group LLC
AARe
 
Athene Annuity Re Ltd., a Bermuda reinsurance subsidiary
ACRA
 
Athene Co-Invest Reinsurance Affiliate 1A Ltd., together with its subsidiaries
ADIP
 
Apollo/Athene Dedicated Investment Program
AGM
 
Apollo Global Management, Inc.
AHL
 
Athene Holding Ltd.
ALRe
 
Athene Life Re Ltd., a Bermuda reinsurance subsidiary
AmeriHome
 
AmeriHome Mortgage Company, LLC
Apollo
 
Apollo Global Management, Inc., together with its subsidiaries
Apollo Group
 
(1) Apollo, (2) the AAA Investor, (3) any investment fund or other collective investment vehicle whose general partner or managing member is owned, directly or indirectly, by Apollo or one or more of Apollo’s subsidiaries, (4) BRH Holdings GP, Ltd. and its shareholders and (5) any affiliate of any of the foregoing (except that Athene, Athene employees, and ISG employees are not members of the Apollo Group)
Athene USA
 
Athene USA Corporation
Athora
 
Athora Holding Ltd., formerly known as AGER Bermuda Holding Ltd.
BMA
 
Bermuda Monetary Authority
CoInvest VI
 
AAA Investments (Co-Invest VI), L.P.
CoInvest VII
 
AAA Investments (Co-Invest VII), L.P.
ISG
 
Apollo Insurance Solutions Group LLC, formerly known as Athene Asset Management LLC
LIMRA
 
Life Insurance and Market Research Association
MidCap
 
MidCap FinCo Designated Activity Company
NAIC
 
National Association of Insurance Commissioners
NYSDFS
 
New York State Department of Financial Services
RLI
 
ReliaStar Life Insurance Company
Treasury
 
United States Department of the Treasury
Voya
 
Voya Financial, Inc.
VIAC
 
Voya Insurance and Annuity Company
Venerable
 
Venerable Holdings, Inc., together with its subsidiaries


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Certain Terms & Acronyms
Term or Acronym
 
Definition
ABS
 
Asset-backed securities
ACL
 
Authorized control level RBC as defined by the model created by the National Association of Insurance Commissioners
ALM
 
Asset liability management
ALRe RBC
 
The risk-based capital ratio of ALRe, when applying the NAIC risk-based capital factors.
Alternative investments
 
Alternative investments, including investment funds, CLO equity positions and certain other debt instruments considered to be equity-like
Base of earnings
 
Earnings generated from our results of operations and the underlying profitability drivers of our business
Bermuda capital
 
The capital of ALRe calculated under U.S. statutory accounting principles, including that for policyholder reserve liabilities which are subjected to U.S. cash flow testing requirements, but excluding certain items that do not exist under our applicable Bermuda requirements, such as interest maintenance reserves
Block reinsurance
 
A transaction in which the ceding company cedes all or a portion of a block of previously issued annuity contracts through a reinsurance agreement
BSCR
 
Bermuda Solvency Capital Requirement
CAL
 
Company action level risk-based capital as defined by the model created by the National Association of Insurance Commissioners
CLO
 
Collateralized loan obligation
CMBS
 
Commercial mortgage-backed securities
CML
 
Commercial mortgage loans
Cost of crediting
 
The interest credited to the policyholders on our fixed annuities, including, with respect to our fixed indexed annuities, option costs, as well as institutional costs related to institutional products, presented on an annualized basis for interim periods
Cost of funds
 
Cost of funds includes liability costs related to cost of crediting on both deferred annuities and institutional products, as well as other liability costs. Cost of funds is computed as the total liability costs divided by the average invested assets for the relevant period. Presented on an annualized basis for interim periods.
DAC
 
Deferred acquisition costs
Deferred annuities
 
Fixed indexed annuities, annual reset annuities and multi-year guaranteed annuities
DSI
 
Deferred sales inducement
Excess capital
 
Capital in excess of the level management believes is needed to support our current operating strategy
FIA
 
Fixed indexed annuity, which is an insurance contract that earns interest at a crediting rate based on a specified index on a tax-deferred basis
Fixed annuities
 
FIAs together with fixed rate annuities
Fixed rate annuity
 
An insurance contract that offers tax-deferred growth and the opportunity to produce a guaranteed stream of retirement income for the lifetime of its policyholder
Flow reinsurance
 
A transaction in which the ceding company cedes a portion of newly issued policies to the reinsurer
GAAP
 
Accounting principles generally accepted in the United States of America
GLWB
 
Guaranteed lifetime withdrawal benefit
GMDB
 
Guaranteed minimum death benefit
IMA
 
Investment management agreement
IMO
 
Independent marketing organization
Invested assets
 
The sum of (a) total investments on the consolidated balance sheet with available-for-sale securities at amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) consolidated variable interest entities’ assets, liabilities and noncontrolling interest and (f) policy loans ceded (which offset the direct policy loans in total investments). Invested assets includes investments supporting assumed funds withheld and modco agreements and excludes assets associated with funds withheld liabilities related to business exited through reinsurance agreements and derivative collateral (offsetting the related cash positions)
Investment margin
 
Investment margin applies to deferred annuities and is the excess of our net investment earned rate over the cost of crediting to our policyholders, presented on an annualized basis for interim periods
Liability outflows
 
The aggregate of withdrawals on our deferred annuities, maturities of our funding agreements, payments on payout annuities, and pension risk benefit payments
MMS
 
Minimum margin of solvency
Modco
 
Modified coinsurance

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Term or Acronym
 
Definition
MVA
 
Market value adjustment
MYGA
 
Multi-year guaranteed annuity
Net investment earned rate
 
Income from our invested assets divided by the average invested assets for the relevant period, presented on an annualized basis for interim periods
Net investment spread
 
Net investment spread measures our investment performance less the total cost of our liabilities, presented on an annualized basis for interim periods
Other liability costs
 
Other liability costs include DAC, DSI and VOBA amortization, rider reserves, institutional costs, the cost of liabilities on products other than deferred annuities including offsets for premiums, product charges and other revenues
OTTI
 
Other-than-temporary impairment
Payout annuities
 
Annuities with a current cash payment component, which consist primarily of single premium immediate annuities, supplemental contracts and structured settlements
Policy loan
 
A loan to a policyholder under the terms of, and which is secured by, a policyholder’s policy
PRT
 
Pension risk transfer
RBC
 
Risk-based capital
Reserve liabilities
 
The sum of (a) interest sensitive contract liabilities, (b) future policy benefits, (c) dividends payable to policyholders, and (d) other policy claims and benefits, offset by reinsurance recoverable, excluding policy loans ceded. Reserve liabilities also includes the reserves related to assumed modco agreements in order to appropriately match the costs incurred in the consolidated statements of income with the liabilities. Reserve liabilities is 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
Rider reserves
 
Guaranteed lifetime withdrawal benefits and guaranteed minimum death benefits reserves
RMBS
 
Residential mortgage-backed securities
RML
 
Residential mortgage loan
Sales
 
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)
SPIA
 
Single premium immediate annuity
Surplus assets
 
Assets in excess of policyholder obligations, determined in accordance with the applicable domiciliary jurisdiction’s statutory accounting principles
TAC
 
Total adjusted capital as defined by the model created by the NAIC
U.S. RBC Ratio
 
The CAL RBC ratio for AADE, our parent U.S. insurance company
VIE
 
Variable interest entity
VOBA
 
Value of business acquired



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Item 1. Financial Statements


Index to Condensed Consolidated Financial Statements (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



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ATHENE HOLDING LTD.
Condensed Consolidated Balance Sheets (Unaudited)


(In millions)
September 30, 2019
 
December 31, 2018
Assets
 
 
 
Investments
 
 
 
Available-for-sale securities, at fair value (amortized cost: 2019 – $66,866 and 2018 – $60,025)
$
70,903

 
$
59,265

Trading securities, at fair value
2,411

 
1,949

Equity securities, at fair value
359

 
216

Mortgage loans, net of allowances (portion at fair value: 2019 – $28 and 2018 – $32)
13,465

 
10,340

Investment funds (portion at fair value: 2019 – $156 and 2018 – $182)
712

 
703

Policy loans
466

 
488

Funds withheld at interest (portion at fair value: 2019 – $804 and 2018 – $57)
15,280

 
15,023

Derivative assets
2,386

 
1,043

Short-term investments, at fair value
571

 
191

Other investments (portion at fair value: 2019 – $64 and 2018 – $52)
130

 
122

Total investments
106,683

 
89,340

Cash and cash equivalents
3,833

 
2,911

Restricted cash
199

 
492

Investments in related parties
 
 
 
Available-for-sale securities, at fair value (amortized cost: 2019 – $2,347 and 2018 – $1,462)
2,368

 
1,437

Trading securities, at fair value
306

 
249

Equity securities, at fair value
381

 
120

Mortgage loans
653

 
291

Investment funds (portion at fair value: 2019 – $249 and 2018 – $201)
2,763

 
2,232

Funds withheld at interest (portion at fair value: 2019 – $655 and 2018 – $(110))
13,560

 
13,577

Other investments
387

 
386

Accrued investment income (related party: 2019 – $28 and 2018 – $25)
781

 
682

Reinsurance recoverable (related party: 2019 – $320 and 2018 – $344; portion at fair value: 2019 – $1,954 and 2018 – $1,676)
5,697

 
5,534

Deferred acquisition costs, deferred sales inducements and value of business acquired
4,960

 
5,907

Other assets (related party: 2019 – $2 and 2018 – $357)
970

 
1,635

Assets of consolidated variable interest entities
 
 
 
Investments
 
 
 
Trading securities, at fair value (related party: 2019 – $1 and 2018 – $35)
19

 
35

Equity securities, at fair value – related party
6

 
50

Investment funds (related party: 2019 – $599 and 2018 – $583; portion at fair value: 2019 – $569 and 2018 – $567)
619

 
624

Cash and cash equivalents
3

 
2

Other assets
14

 
1

Total assets
$
144,202

 
$
125,505

(Continued)
See accompanying notes to the unaudited condensed consolidated financial statements

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ATHENE HOLDING LTD.
Condensed Consolidated Balance Sheets (Unaudited)


(In millions, except per share data)
September 30, 2019
 
December 31, 2018
Liabilities and Equity
 
 
 
Liabilities
 
 
 
Interest sensitive contract liabilities (related party: 2019 – $15,693 and 2018 – $16,850; portion at fair value: 2019 – $11,415 and 2018 – $8,901)
$
101,666

 
$
96,610

Future policy benefits (related party: 2019 – $1,474 and 2018 – $1,259; portion at fair value: 2019 – $2,369 and 2018 – $2,173)
22,909

 
16,704

Other policy claims and benefits (related party: 2019 – $9 and 2018 – $10)
129

 
142

Dividends payable to policyholders
115

 
118

Long-term debt
992

 
991

Derivative liabilities
46

 
85

Payables for collateral on derivatives
2,323

 
969

Funds withheld liability (related party: 2019 – $347 and 2018 – $337; portion at fair value: 2019 – $35 and 2018 – $(1))
768

 
721

Other liabilities (related party: 2019 – $85 and 2018 – $59)
1,708

 
888

Liabilities of consolidated variable interest entities
1

 
1

Total liabilities
130,657

 
117,229

Commitments and Contingencies (Note 10)
 
 
 
Equity
 
 
 
Preferred stock
 
 
 
Series A – par value $1 per share; $863 aggregate liquidation preference; authorized, issued and outstanding: 2019 and 2018 – 0.0 shares
—

 
—

Series B – par value $1 per share; $345 aggregate liquidation preference; authorized, issued and outstanding: 2019 and 2018 – 0.0 shares
—

 
—

Common stock
 
 
 
Class A – par value $0.001 per share; authorized: 2019 and 2018 – 425.0 shares; issued and outstanding: 2019 – 150.1 and 2018 – 162.4 shares
—

 
—

Class B – par value $0.001 per share; convertible to Class A; authorized: 2019 and 2018 – 325.0 shares; issued and outstanding: 2019 – 25.4 and 2018 – 25.4 shares
—

 
—

Class M-1 – par value $0.001 per share; convertible to Class A; authorized: 2019 and 2018 – 7.1 shares; issued and outstanding: 2019 – 3.3 and 2018 – 3.4 shares
—

 
—

Class M-2 – par value $0.001 per share; convertible to Class A; authorized: 2019 and 2018 – 5.0 shares; issued and outstanding: 2019 – 0.8 and 2018 – 0.8 shares
—

 
—

Class M-3 – par value $0.001 per share; convertible to Class A; authorized: 2019 and 2018 – 7.5 shares; issued and outstanding: 2019 – 1.0 and 2018 – 1.0 shares
—

 
—

Class M-4 – par value $0.001 per share; convertible to Class A; authorized: 2019 and 2018 – 7.5 shares; issued and outstanding: 2019 – 4.0 and 2018 – 4.1 shares
—

 
—

Additional paid-in capital
4,435

 
3,462

Retained earnings
6,668

 
5,286

Accumulated other comprehensive income (loss) (related party: 2019 – $22 and 2018 – $(25))
2,442

 
(472
)
Total shareholders’ equity
13,545

 
8,276

Total liabilities and equity
$
144,202

 
$
125,505

(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements


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ATHENE HOLDING LTD.
Condensed Consolidated Statements of Income (Unaudited)


 
Three months ended September 30,
 
Nine months ended September 30,
(In millions, except per share data)
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Premiums (related party of $51 and $41 for the three months ended and $173 and $623 for the nine months ended September 30, 2019 and 2018, respectively)
$
2,605

 
$
526

 
$
5,304

 
$
1,535

Product charges (related party of $14 and $14 for the three months ended and $42 and $19 for the nine months ended September 30, 2019 and 2018, respectively)
135

 
119

 
392

 
321

Net investment income (related party investment income of $155 and $193 for the three months ended and $472 and $369 for the nine months ended September 30, 2019 and 2018, respectively, and related party investment expense of $127 and $88 for the three months ended and $313 and $257 for the nine months ended September 30, 2019 and 2018, respectively)
1,070

 
1,070

 
3,297

 
2,883

Investment related gains (losses) (related party of $272 and $30 for the three months ended and $1,018 and $(12) for the nine months ended September 30, 2019 and 2018, respectively)
688

 
816

 
3,776

 
578

Other-than-temporary impairment investment losses
 
 
 
 
 
 
 
Other-than-temporary impairment losses
(34
)
 
(7
)
 
(43
)
 
(10
)
Other-than-temporary impairment losses reclassified to (from) other comprehensive income
9

 
4

 
11

 
4

Net other-than-temporary impairment losses
(25
)
 
(3
)
 
(32
)

(6
)
Other revenues
6

 
10

 
27

 
22

Revenues of consolidated variable interest entities
 
 
 
 
 
 
 
Net investment income (related party of $20 and $15 for the three months ended and $56 and $39 for the nine months ended September 30, 2019 and 2018, respectively)
20

 
15

 
57

 
39

Investment related gains (losses) (related party of $1 and $23 for the three months ended and $7 and $17 for the nine months ended September 30, 2019 and 2018, respectively)
2

 
23

 
10

 
17

Total revenues
4,501

 
2,576

 
12,831

 
5,389

Benefits and expenses
 
 
 
 
 
 
 
Interest sensitive contract benefits (related party of $97 and $129 for the three months ended and $394 and $145 for the nine months ended September 30, 2019 and 2018, respectively)
801

 
742

 
3,411

 
1,115

Amortization of deferred sales inducements
20

 
23

 
38

 
66

Future policy and other policy benefits (related party of $70 and $58 for the three months ended and $267 and $638 for the nine months ended September 30, 2019 and 2018, respectively)
2,872

 
928

 
6,224

 
2,193

Amortization of deferred acquisition costs and value of business acquired
323

 
36

 
815

 
207

Dividends to policyholders
12

 
10

 
30

 
32

Policy and other operating expenses (related party of $10 and $22 for the three months ended and $30 and $27 for the nine months ended September 30, 2019 and 2018, respectively)
194

 
158

 
544

 
454

Total benefits and expenses
4,222

 
1,897

 
11,062

 
4,067

Income before income taxes
279

 
679

 
1,769

 
1,322

Income tax expense (benefit)
(14
)
 
56

 
48

 
165

Net income
293

 
623

 
1,721

 
1,157

Less: Preferred stock dividends
17

 
—

 
17

 
—

Net income available to Athene Holding Ltd. common shareholders
$
276

 
$
623

 
$
1,704

 
$
1,157

 
 
 
 
 
 
 
 
Earnings per share
 
 
 
 
 
 
 
Basic – Classes A, B, M-1, M-2, M-3 and M-4
$
1.50

 
$
3.16

 
$
8.97

 
$
5.86

Diluted – Class A
1.50

 
3.15

 
8.95

 
5.85

Diluted – Class B
1.50

 
3.16

 
8.97

 
5.86

Diluted – Class M-1
1.50

 
3.16

 
8.97

 
5.86

Diluted – Class M-2
1.50

 
3.16

 
8.97

 
5.83

Diluted – Class M-3
1.50

 
3.16

 
8.97

 
5.83

Diluted – Class M-4
1.29

 
2.42

 
7.77

 
4.36


See accompanying notes to the unaudited condensed consolidated financial statements


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ATHENE HOLDING LTD.
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)


 
Three months ended September 30,
 
Nine months ended September 30,
(In millions)
2019
 
2018
 
2019
 
2018
Net income
$
293

 
$
623

 
$
1,721

 
$
1,157

Other comprehensive income (loss), before tax
 
 
 
 
 
 
 
Unrealized investment gains (losses) on available-for-sale securities
744

 
(140
)
 
3,484

 
(1,733
)
Noncredit component of other-than-temporary impairment losses on available-for-sale securities
(9
)
 
(4
)
 
(11
)
 
(4
)
Unrealized gains on hedging instruments
124

 
7

 
171

 
52

Pension adjustments
—

 
—

 
(1
)
 
3

Foreign currency translation adjustments
(1
)
 
—

 
(1
)
 
(10
)
Other comprehensive income (loss), before tax
858

 
(137
)
 
3,642

 
(1,692
)
Income tax expense (benefit) related to other comprehensive income (loss)
176

 
(23
)
 
728

 
(318
)
Other comprehensive income (loss)
682

 
(114
)
 
2,914

 
(1,374
)
Comprehensive income (loss)
$
975

 
$
509

 
$
4,635

 
$
(217
)

See accompanying notes to the unaudited condensed consolidated financial statements


11
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ATHENE HOLDING LTD.
Condensed Consolidated Statements of Equity (Unaudited)


 
Three months ended
(In millions)
Preferred stock
 
Common stock
 
Additional paid-in capital
 
Retained earnings
 
Accumulated other comprehensive income (loss)
 
Total shareholders’ equity
Balance at June 30, 2018
$
—

 
$
—

 
$
3,492

 
$
4,823

 
$
147

 
$
8,462

Net income
—

 
—

 
—

 
623

 
—

 
623

Other comprehensive loss
—

 
—

 
—

 
—

 
(114
)
 
(114
)
Issuance of common shares, net of expenses
—

 
—

 
1

 
—

 
—

 
1

Stock-based compensation
—

 
—

 
6

 
—

 
—

 
6

Balance at September 30, 2018
$
—

 
$
—

 
$
3,499

 
$
5,446

 
$
33

 
$
8,978

 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2019
$
—

 
$
—

 
$
4,144

 
$
6,461

 
$
1,760

 
$
12,365

Net income
—

 
—

 
—

 
293

 
—

 
293

Other comprehensive income
—

 
—

 
—

 
—

 
682

 
682

Issuance of preferred shares, net of expenses
—

 
—

 
333

 
—

 
—

 
333

Issuance of common shares, net of expenses
—

 
—

 
2

 
—

 
—

 
2

Stock-based compensation
—

 
—

 
8

 
—

 
—

 
8

Retirement or repurchase of shares
—

 
—

 
(52
)
 
(69
)
 
—

 
(121
)
Preferred stock dividends
—

 
—

 
—

 
(17
)
 
—

 
(17
)
Balance at September 30, 2019
$
—

 
$
—

 
$
4,435

 
$
6,668

 
$
2,442

 
$
13,545


 
Nine months ended
(In millions)
Preferred stock
 
Common stock
 
Additional paid-in capital
 
Retained earnings
 
Accumulated other comprehensive income (loss)
 
Total shareholders’ equity
Balance at December 31, 2017
$
—

 
$
—

 
$
3,472

 
$
4,255

 
$
1,449

 
$
9,176

Adoption of accounting standards
—

 
—

 
—

 
39

 
(42
)
 
(3
)
Net income
—

 
—

 
—

 
1,157

 
—

 
1,157

Other comprehensive loss
—

 
—

 
—

 
—

 
(1,374
)
 
(1,374
)
Issuance of common shares, net of expenses
—

 
—

 
2

 
—

 
—

 
2

Stock-based compensation
—

 
—

 
25

 
—

 
—

 
25

Retirement or repurchase of shares
—

 
—

 
—

 
(5
)
 
—

 
(5
)
Balance at September 30, 2018
$
—

 
$
—

 
$
3,499

 
$
5,446

 
$
33

 
$
8,978

 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
$
—

 
$
—

 
$
3,462

 
$
5,286

 
$
(472
)
 
$
8,276

Net income
—

 
—

 
—

 
1,721

 
—

 
1,721

Other comprehensive income
—

 
—

 
—

 
—

 
2,914

 
2,914

Issuance of preferred shares, net of expenses
—

 
—

 
1,172

 
—

 
—

 
1,172

Issuance of common shares, net of expenses
—

 
—

 
4

 
—

 
—

 
4

Stock-based compensation
—

 
—

 
23

 
—

 
—

 
23

Retirement or repurchase of shares
—

 
—

 
(226
)
 
(322
)
 


 
(548
)
Preferred stock dividends
—

 
—

 
—

 
(17
)
 
—

 
(17
)
Balance at September 30, 2019
$
—

 
$
—

 
$
4,435

 
$
6,668

 
$
2,442

 
$
13,545


See accompanying notes to the unaudited condensed consolidated financial statements


12
Table of Contents

ATHENE HOLDING LTD.
Condensed Consolidated Statements of Cash Flows (Unaudited)


 
Nine months ended September 30,
(In millions)
2019
 
2018
Cash flows from operating activities
 
 
 
Net income
$
1,721

 
$
1,157

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Amortization of deferred acquisition costs and value of business acquired
815

 
207

Amortization of deferred sales inducements
38

 
66

Accretion of net investment premiums, discounts and other
(60
)
 
(143
)
Payment at inception of reinsurance agreements, net (related party: 2019 – $0 and 2018 – $(407))
—

 
(394
)
Net investment (income) loss (related party: 2019 – $(95) and 2018 – $(77))
(94
)
 
(61
)
Net recognized (gains) losses on investments and derivatives (related party: 2019 – $(19) and 2018 – $(5))
(1,672
)
 
(559
)
Policy acquisition costs deferred
(521
)
 
(495
)
Changes in operating assets and liabilities:
 
 
 
Accrued investment income (related party: 2019 – $(3) and 2018 – $(13))
(99
)
 
(70
)
Interest sensitive contract liabilities (related party: 2019 – $338 and 2018 – $126)
3,086

 
591

Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable (related party: 2019 – $223 and 2018 – $54)
973

 
997

Funds withheld assets and liabilities (related party: 2019 – $(1,261) and 2018 – $(114))
(2,488
)
 
(232
)
Other assets and liabilities
299

 
97

Consolidated variable interest entities related:
 
 
 
Net recognized (gains) losses on investments and derivatives (related party: 2019 – $(7) and 2018 – $(18))
(10
)
 
(18
)
Other operating activities, net
(3
)
 
—

Net cash provided by operating activities
1,985

 
1,143

Cash flows from investing activities
 
 
 
Sales, maturities and repayments of:
 
 
 
Available-for-sale securities (related party: 2019 – $101 and 2018 – $120)
8,344

 
9,003

Trading securities (related party: 2019 – $32 and 2018 – $30)
162

 
320

Equity securities
69

 
25

Mortgage loans (related party: 2019 – $4 and 2018 – $0)
1,513

 
1,048

Investment funds (related party: 2019 – $196 and 2018 – $197)
301

 
330

Derivative instruments and other invested assets
1,008

 
1,548

Short-term investments (related party: 2019 – $0 and 2018 – $162)
274

 
430

Purchases of:
 
 
 
Available-for-sale securities (related party: 2019 – $(1,065) and 2018 – $(784))
(11,413
)
 
(12,029
)
Trading securities (related party: 2019 – $(6) and 2018 – $0)
(425
)
 
(17
)
Equity securities (related party: 2019 – $(243) and 2018 – $0)
(421
)
 
(163
)
Mortgage loans (related party: 2019 – $(366) and 2018 – $(389))
(5,013
)
 
(4,079
)
Investment funds (related party: 2019 – $(621) and 2018 – $(894))
(738
)
 
(1,073
)
Derivative instruments and other invested assets (related party: 2019 – $0 and 2018 – $(150))
(853
)
 
(973
)
Short-term investments (related party: 2019 – $0 and 2018 – $(121))
(653
)
 
(421
)
Consolidated variable interest entities related:
 
 
 
Sales, maturities and repayments of investments (related party: 2019 – $84 and 2018 – $103)
92

 
114

Purchases of investments (related party: 2019 – $(16) and 2018 – $(14))
(27
)
 
(66
)
Deconsolidation of Athora Holding Ltd.
—

 
(296
)
Other investing activities, net
521

 
245

Net cash used in investing activities
(7,259
)
 
(6,054
)
 
 
 
(Continued)

See accompanying notes to the unaudited condensed consolidated financial statements
 
 
 

13
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ATHENE HOLDING LTD.
Condensed Consolidated Statements of Cash Flows (Unaudited)


 
Nine months ended September 30,
(In millions)
2019
 
2018
Cash flows from financing activities
 
 
 
Proceeds from short-term debt
$
—

 
$
183

Repayment of short-term debt
—

 
(183
)
Proceeds from long-term debt
—

 
998

Deposits on investment-type policies and contracts (related party: 2019 – $130 and 2018 – $140)
8,879

 
7,011

Withdrawals on investment-type policies and contracts (related party: 2019 – $(332) and 2018 – $(143))
(4,846
)
 
(4,254
)
Payments (for) from coinsurance agreements on investment-type contracts, net
(39
)
 
9

Net change in cash collateral posted for derivative transactions
1,354

 
(8
)
Issuance of preferred stock, net of expenses
1,172

 
—

Preferred stock dividends
(17
)
 
—

Repurchase of common stock
(548
)
 
(5
)
Other financing activities, net
(51
)
 
106

Net cash provided by financing activities
5,904

 
3,857

Net increase (decrease) in cash and cash equivalents
630

 
(1,054
)
Cash and cash equivalents at beginning of year1
3,405

 
4,997

Cash and cash equivalents at end of period1
$
4,035

 
$
3,943

 
 
 
 
Supplementary information
 
 
 
Non-cash transactions
 
 
 
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2019 – $159 and 2018 – $17,574)
$
619

 
$
18,508

Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2019 – $1,351 and 2018 – $604)
2,764

 
899

Investments received from settlements on reinsurance agreements
56

 
36

Investments received from settlements on related party reinsurance agreements
97

 
—

Investments received from pension risk transfer premiums
4,506

 
92

Investments exchanged for related party investments
—

 
95

Investment in Athora Holding Ltd. received upon deconsolidation
—

 
108

 
 
 
 
1 Includes cash and cash equivalents, restricted cash, and cash and cash equivalents of consolidated variable interest entities.
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements



14
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)



1. Business, Basis of Presentation and Significant Accounting Policies

Athene Holding Ltd. (AHL), a Bermuda exempted company, together with its subsidiaries (collectively, Athene, we, our, us, or the Company), is a leading retirement services company that issues, reinsures and acquires retirement savings products in all United States (U.S.) states and the District of Columbia.

We conduct business primarily through the following consolidated subsidiaries:

•
Our non-U.S. reinsurance subsidiaries, to which AHL’s other insurance subsidiaries and third-party ceding companies directly and indirectly reinsure a portion of their liabilities, including Athene Life Re Ltd. (ALRe), a Bermuda exempted company; and
•
Athene USA Corporation, an Iowa corporation (together with its subsidiaries, Athene USA).

In addition, we consolidate certain variable interest entities (VIEs), for which we determined we are the primary beneficiary.

Basis of Presentation—We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the United States Securities and Exchange Commission’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments, consisting only of normal recurring items, considered necessary for fair statement of the results for the interim periods presented. All significant intercompany accounts and transactions have been eliminated. Interim operating results are not necessarily indicative of the results expected for the entire year.

The condensed consolidated balance sheet as of December 31, 2018 has been derived from the audited financial statements, but does not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018. The preparation of financial statements requires the use of management estimates. Actual results may differ from estimates used in preparing the condensed consolidated financial statements.

Adopted Accounting Pronouncements

Leases (ASU 2019-01, ASU 2018-20, ASU 2018-11, ASU 2018-10, ASU 2018-01, ASU 2017-13 and ASU 2016-02)
These updates increase transparency and comparability for lease transactions. ASU 2016-02 requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with an original term longer than twelve months and disclose key information about leasing arrangements. Lessor accounting is largely unchanged.

ASU 2016-02 requires the adoption on a modified retrospective basis. However, ASU 2018-11 provides the option to recognize the cumulative effect as an adjustment to the opening balance of retained earnings in the year of adoption, while continuing to present all prior periods under the previous lease guidance. These updates also provide optional practical expedients in transition.

We adopted these updates effective January 1, 2019 by recording a lease liability and right-of-use asset related to office space, copiers, reserved areas and equipment at data centers, and other agreements. We will continue to present all prior periods under the previous lease guidance. We elected the “package of practical expedients,” which permits us to maintain our prior conclusions about lease identification, classification and initial direct costs. We also elected the short-term lease exception, which allows us to exclude contracts with a lease term of 12 months or less, including any reasonably certain renewal options, from consideration under the new guidance. This update did not have a material effect on our consolidated financial statements.

Derivatives and Hedging (ASU 2018-16)
The amendments in this update allow entities to use the Overnight Index Swap rate based on the Secured Overnight Financing Rate as a U.S. benchmark interest rate for hedge accounting purposes, in addition to the previously acceptable rates. We adopted this update prospectively for qualifying new or redesignated hedging relationships entered into on or after January 1, 2019. This update did not have an effect on our consolidated financial statements.

Stock Compensation – Nonemployee Share-Based Payments (ASU 2018-07)
The amendments in this update simplify the accounting for share-based payments to nonemployees by aligning with the accounting for share-based payments to employees, with certain exceptions. We adopted this update on a modified retrospective basis effective January 1, 2019. This update did not have a material effect on our consolidated financial statements.


15
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


Recently Issued Accounting Pronouncements

Financial Instruments – Credit Losses (ASU 2019-05, ASU 2019-04, ASU 2018-19 and ASU 2016-13)
This update will limit the number of credit impairment models used for different assets, and will result in accelerated credit loss recognition on assets held at amortized cost, which includes our commercial and residential mortgage loans. The identification of purchased credit-deteriorated financial assets will include all assets that have experienced a more-than-insignificant deterioration in credit since origination. Additionally, changes in the expected cash flows of purchased credit-deteriorated financial assets will be recognized immediately in the income statement. Available-for-sale (AFS) securities are not in scope of the new credit loss model, but will undergo targeted improvements to the current reporting model including the establishment of a valuation allowance for credit losses versus the current direct write down approach. We will be required to adopt this update effective January 1, 2020, and we expect to make a cumulative-effect adjustment to the opening balance of retained earnings as of that date.

Although we continue to evaluate the impact of this guidance on our consolidated financial statements, internal controls, and policies and procedures, we have run multiple economic scenarios through our credit loss models for our current commercial mortgage loan portfolio. These initial model runs indicate that our retained earnings will decrease by approximately $140 million to $240 million on a pre-tax basis, or 1.4% to 2.5% of the commercial mortgage loan portfolio, upon implementation.

The ultimate impact of adoption is dependent upon changes in the outstanding balance and composition of our investment portfolio, macroeconomic conditions and reasonable and supportable forecasts of those macroeconomic conditions used within our credit loss models. Further validation of our models could also impact our balance sheet adjustment upon implementation.

In the months ahead, we will continue to validate and test our credit loss models, further assess other assets within the scope of the new standard for which the impact to retained earnings is expected to be less significant, finalize new policies and procedures, and further establish the necessary controls for implementation.

Collaborative Arrangements (ASU 2018-18)
The amendments in this update provide guidance on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606, providing comparability in the presentation of revenue for certain transactions. The update is effective January 1, 2020. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

Consolidation (ASU 2018-17)
The amendments in this update expand certain discussions in the VIE guidance, including considerations necessary for determining when a decision-making fee is a variable interest. We will be required to adopt this update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The update is effective January 1, 2020. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

Cloud Computing Arrangements (ASU 2018-15)
The amendments in this update align the requirements for capitalizing implementation costs incurred in a cloud computing service arrangement with the requirements for capitalizing implementation costs incurred for internal-use software. We will be required to adopt this update on January 1, 2020, and we can elect to adopt this update either prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

Fair Value Measurement – Disclosure Requirements (ASU 2018-13)
The amendments in this update modify the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. We will be required to adopt this update on January 1, 2020, and depending on the specific amendment will be required to adopt prospectively or retrospectively. We early adopted the removal and modification of certain disclosures as permitted. We do not expect the adoption of this update will have a material effect on our consolidated financial statements.

Insurance – Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12)
This update amends four key areas pertaining to the accounting and disclosures for long-duration insurance and investment contracts.
•
The update requires cash flow assumptions used to measure the liability for future policy benefits to be updated at least annually and no longer allows a provision for adverse deviation. The remeasurement of the liability associated with the update of assumptions is required to be recognized in net income. Loss recognition testing is eliminated for traditional and limited-payment contracts. The update also requires the discount rate utilized in measuring the liability to be an upper-medium grade fixed-income instrument yield, which is to be updated at each reporting date. The change in liability due to changes in the discount rate is to be recognized in other comprehensive income.
•
The update simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. Deferred costs are required to be written off for unexpected contract terminations but are not subject to impairment testing.

16
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


•
The update requires certain contract features meeting the definition of market risk benefits to be measured at fair value. Among the features included in this definition are the guaranteed lifetime withdrawal benefits (GLWB) and guaranteed minimum death benefit (GMDB) riders attached to the Company’s annuity products. The change in fair value of the market risk benefits is to be recognized in net income, excluding the portion attributable to changes in instrument-specific credit risk which is recognized in other comprehensive income.
•
The update also introduces disclosure requirements around the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs. This includes disaggregated rollforwards of these balances and information about significant inputs, judgments, assumptions and methods used in their measurement.

We will be required to adopt this update effective January 1, 2021. Certain provisions of the update are required to be adopted on a fully retrospective basis, while others may be adopted on a modified retrospective basis. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

Intangibles – Simplifying the Test for Goodwill Impairment (ASU 2017-04)
The amendments in this update simplify the subsequent measurement of goodwill by eliminating the comparison of the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill to determine the goodwill impairment loss. With the adoption of this guidance, a goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of the goodwill allocated to that reporting unit. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. We will be required to adopt this update prospectively effective January 1, 2020. Early adoption is permitted. We do not expect the adoption of this update will have a material effect on our consolidated financial statements.


2. Investments

AFS Securities—Our AFS investment portfolio includes bonds, collateralized loan obligations (CLO), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS) and redeemable preferred stock. Our AFS investment portfolio includes related party investments that are primarily a result of investments over which Apollo Global Management, Inc. (AGM and, together with its subsidiaries, Apollo) can exercise significant influence. These investments are presented as investments in related parties on the condensed consolidated balance sheets, and are separately disclosed below.

The following table represents the amortized cost, gross unrealized gains and losses, fair value and other than temporary impairments (OTTI) in accumulated other comprehensive income (AOCI) of our AFS investments by asset type:
 
September 30, 2019
(In millions)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
OTTI
in AOCI
AFS securities
 
 
 
 
 
 
 
 
 
U.S. government and agencies
$
36

 
$
1

 
$
—

 
$
37

 
$
—

U.S. state, municipal and political subdivisions
1,233

 
260

 
(1
)
 
1,492

 
—

Foreign governments
301

 
27

 
—

 
328

 
—

Corporate
43,948

 
3,415

 
(318
)
 
47,045

 
9

CLO
7,044

 
15

 
(188
)
 
6,871

 
—

ABS
4,967

 
164

 
(20
)
 
5,111

 
2

CMBS
2,639

 
130

 
(4
)
 
2,765

 
7

RMBS
6,698

 
565

 
(9
)
 
7,254

 
12

Total AFS securities
66,866

 
4,577

 
(540
)
 
70,903

 
30

AFS securities – related party
 
 
 
 
 
 
 
 
 
Corporate
23

 
1

 
—

 
24

 
—

CLO
834

 
1

 
(17
)
 
818

 
—

ABS
1,490

 
36

 
—

 
1,526

 
—

Total AFS securities – related party
2,347

 
38

 
(17
)
 
2,368

 
—

Total AFS securities including related party
$
69,213

 
$
4,615

 
$
(557
)
 
$
73,271

 
$
30




17
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


 
December 31, 2018
(In millions)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
OTTI
in AOCI
AFS securities
 
 
 
 
 
 
 
 
 
U.S. government and agencies
$
57

 
$
—

 
$
—

 
$
57

 
$
—

U.S. state, municipal and political subdivisions
1,183

 
117

 
(7
)
 
1,293

 
—

Foreign governments
162

 
2

 
(3
)
 
161

 
—

Corporate
38,018

 
394

 
(1,315
)
 
37,097

 
1

CLO
5,658

 
2

 
(299
)
 
5,361

 
—

ABS
4,915

 
53

 
(48
)
 
4,920

 
—

CMBS
2,390

 
27

 
(60
)
 
2,357

 
7

RMBS
7,642

 
413

 
(36
)
 
8,019

 
11

Total AFS securities
60,025


1,008


(1,768
)

59,265


19

AFS securities – related party
 
 
 
 
 
 
 
 
 
CLO
587

 
—

 
(25
)
 
562

 
—

ABS
875

 
4

 
(4
)
 
875

 
—

Total AFS securities – related party
1,462

 
4

 
(29
)
 
1,437

 
—

Total AFS securities including related party
$
61,487

 
$
1,012

 
$
(1,797
)
 
$
60,702

 
$
19



The amortized cost and fair value of AFS securities, including related party, are shown by contractual maturity below:    
 
September 30, 2019
(In millions)
Amortized Cost
 
Fair Value
AFS securities
 
 
 
Due in one year or less
$
1,117

 
$
1,122

Due after one year through five years
9,246

 
9,540

Due after five years through ten years
11,319

 
11,907

Due after ten years
23,836

 
26,333

CLO, ABS, CMBS and RMBS
21,348

 
22,001

Total AFS securities
66,866

 
70,903

AFS securities – related party
 
 
 
Due in one year or less
5

 
5

Due after one year through five years
18

 
19

CLO and ABS
2,324

 
2,344

Total AFS securities – related party
2,347

 
2,368

Total AFS securities including related party
$
69,213

 
$
73,271



Actual maturities can differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


18
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


Unrealized Losses on AFS Securities—The following summarizes the fair value and gross unrealized losses for AFS securities including related party, aggregated by class of security and length of time the fair value has remained below amortized cost:
 
September 30, 2019
 
Less than 12 months
 
12 months or more
 
Total
(In millions)
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
AFS securities
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agencies
$
—

 
$
—

 
$
2

 
$
—

 
$
2

 
$
—

U.S. state, municipal and political subdivisions
13

 
—

 
22

 
(1
)
 
35

 
(1
)
Corporate
1,808

 
(215
)
 
1,313

 
(103
)
 
3,121

 
(318
)
CLO
3,128

 
(69
)
 
2,354

 
(119
)
 
5,482

 
(188
)
ABS
435

 
(5
)
 
245

 
(15
)
 
680

 
(20
)
CMBS
110

 
(2
)
 
99

 
(2
)
 
209

 
(4
)
RMBS
468

 
(7
)
 
78

 
(2
)
 
546

 
(9
)
Total AFS securities
5,962

 
(298
)
 
4,113

 
(242
)
 
10,075

 
(540
)
AFS securities – related party
 
 
 
 
 
 
 
 
 
 
 
CLO
400

 
(8
)
 
181

 
(9
)
 
581

 
(17
)
Total AFS securities – related party
400

 
(8
)
 
181

 
(9
)
 
581

 
(17
)
Total AFS securities including related party
$
6,362

 
$
(306
)
 
$
4,294

 
$
(251
)
 
$
10,656

 
$
(557
)

 
December 31, 2018
 
Less than 12 months
 
12 months or more
 
Total
(In millions)
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
AFS securities
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agencies
$
32

 
$
—

 
$
2

 
$
—

 
$
34

 
$
—

U.S. state, municipal and political subdivisions
139

 
(2
)
 
82

 
(5
)
 
221

 
(7
)
Foreign governments
97

 
(2
)
 
15

 
(1
)
 
112

 
(3
)
Corporate
20,213

 
(942
)
 
4,118

 
(373
)
 
24,331

 
(1,315
)
CLO
5,054

 
(297
)
 
90

 
(2
)
 
5,144

 
(299
)
ABS
1,336

 
(23
)
 
506

 
(25
)
 
1,842

 
(48
)
CMBS
932

 
(27
)
 
497

 
(33
)
 
1,429

 
(60
)
RMBS
1,417

 
(31
)
 
140

 
(5
)
 
1,557

 
(36
)
Total AFS securities
29,220


(1,324
)

5,450


(444
)

34,670


(1,768
)
AFS securities – related party
 
 
 
 
 
 
 
 
 
 
 
CLO
534

 
(25
)
 
—

 
—

 
534

 
(25
)
ABS
306

 
(2
)
 
116

 
(2
)
 
422

 
(4
)
Total AFS securities – related party
840

 
(27
)
 
116

 
(2
)
 
956

 
(29
)
Total AFS securities including related party
$
30,060

 
$
(1,351
)
 
$
5,566

 
$
(446
)
 
$
35,626

 
$
(1,797
)


As of September 30, 2019, we held 1,411 AFS securities that were in an unrealized loss position. Of this total, 484 were in an unrealized loss position 12 months or more. As of September 30, 2019, we held 30 related party AFS securities that were in an unrealized loss position. Of this total, three were in an unrealized loss position 12 months or more. The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since acquisition. We did not recognize the unrealized losses in income as we intend to hold these securities and it is not more likely than not we will be required to sell a security before the recovery of its amortized cost.


19
Table of Contents

ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


Other-Than-Temporary Impairments—For the nine months ended September 30, 2019, we incurred $32 million of net OTTI, of which $19 million related to intent-to-sell impairments. The net remaining OTTI of $13 million related to credit impairments where a portion was bifurcated in AOCI. Any credit loss impairments not bifurcated in AOCI are excluded from the rollforward below.

The following table represents a rollforward of the cumulative amounts recognized on the condensed consolidated statements of income for OTTI related to pre-tax credit loss impairments on AFS securities, for which a portion of the securities’ total OTTI was recognized in AOCI:
 
Three months ended September 30,
 
Nine months ended September 30,
(In millions)
2019
 
2018
 
2019
 
2018
Beginning balance
$
13

 
$
7

 
$
10

 
$
14

Initial impairments – credit loss OTTI recognized on securities not previously impaired
9

 
3

 
11

 
4

Additional impairments – credit loss OTTI recognized on securities previously impaired
1

 
1

 
2

 
1

Reduction in impairments from securities sold, matured or repaid
—

 
(1
)
 
—

 
(9
)
Ending balance
$
23

 
$
10

 
$
23

 
$
10



Net Investment Income—Net investment income by asset class consists of the following:
 
Three months ended September 30,
 
Nine months ended September 30,
(In millions)
2019
 
2018
 
2019
 
2018
AFS securities
$
760

 
$
730

 
$
2,276

 
$
2,117

Trading securities
48

 
52

 
139

 
150

Equity securities
4

 
4

 
11

 
8

Mortgage loans
173

 
120

 
483

 
315

Investment funds
76

 
56

 
188

 
179

Funds withheld at interest
106

 
169

 
403

 
301

Other
32

 
28

 
116

 
74

Investment revenue
1,199

 
1,159

 
3,616

 
3,144

Investment expenses
(129
)
 
(89
)
 
(319
)
 
(261
)
Net investment income
$
1,070

 
$
1,070

 
$
3,297

 
$
2,883



Investment Related Gains (Losses)—Investment related gains (losses) by asset class consists of the following:
 
Three months ended September 30,
 
Nine months ended September 30,
(In millions)
2019
 
2018
 
2019
 
2018
AFS securities
 
 
 
 
 
 
 
Gross realized gains on investment activity
$
47

 
$
56

 
$
120

 
$
128

Gross realized losses on investment activity
(21
)
 
(50
)
 
(38
)
 
(93
)
Net realized investment gains on AFS securities
26

 
6

 
82

 
35

Net recognized investment gains (losses) on trading securities
48

 
(49
)
 
176

 
(214
)
Net recognized investment gains (losses) on equity securities
(3
)
 
(2
)
 
16

 
2

Derivative gains
620

 
860

 
3,493

 
722

Other gains (losses)
(3
)
 
1

 
9

 
33

Investment related gains (losses)
$
688

 
$
816

 
$
3,776

 
$
578



Proceeds from sales of AFS securities were $852 million and $1,278 million for the three months ended September 30, 2019 and 2018, respectively, and $4,063 million and $4,216 million for the nine months ended September 30, 2019 and 2018, respectively. Proceeds from sales of AFS securities for the three and nine months ended September 30, 2018 have been revised for immaterial misstatements to be comparable to current year balances.


20
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related party and consolidated VIEs, we held as of the respective period end:
 
Three months ended September 30,
 
Nine months ended September 30,
(In millions)
2019
 
2018
 
2019
 
2018
Trading securities
$
46

 
$
(8
)
 
$
215

 
$
(118
)
Trading securities – related party
3

 
(12
)
 
(13
)
 
(18
)
VIE trading securities – related party
1

 
—

 
2

 
1

Equity securities
—

 
(2
)
 
20

 
2

VIE equity securities – related party
—

 
13

 
(2
)
 
(26
)


Purchased Credit Impaired (PCI) Investments—The following table summarizes our PCI investments:
 
Fixed maturity securities
 
Mortgage loans
(In millions)
September 30, 2019
 
December 31, 2018
 
September 30, 2019
 
December 31, 2018
Contractually required payments receivable
$
7,017

 
$
8,179

 
$
3,591

 
$
2,675

Less: Cash flows expected to be collected1
(6,178
)
 
(7,195
)
 
(3,519
)
 
(2,628
)
Non-accretable difference
$
839

 
$
984

 
$
72

 
$
47

 
 
 
 
 
 
 
 
Cash flows expected to be collected1
$
6,178

 
$
7,195

 
$
3,519

 
$
2,628

Less: Amortized cost
(4,921
)
 
(5,518
)
 
(2,633
)
 
(1,931
)
Accretable difference
$
1,257

 
$
1,677

 
$
886

 
$
697

 
 
 
 
 
 
 
 
Fair value
$
5,376

 
$
5,828

 
$
2,804

 
$
1,933

Outstanding balance
6,090

 
6,773

 
2,975

 
2,210

 
 
 
 
 
 
 
 
1 Represents the undiscounted principal and interest cash flows expected.

During the nine months ended September 30, 2019, we acquired PCI investments with the following amounts at the time of purchase:
(In millions)
Fixed maturity securities
 
Mortgage loans
Contractually required payments receivable
$
141

 
$
1,163

Cash flows expected to be collected
117

 
1,126

Fair value
105

 
905


The following table summarizes the activity for the accretable yield on PCI investments:
 
Three months ended September 30, 2019
 
Nine months ended September 30, 2019
(In millions)
Fixed maturity securities
 
Mortgage loans
 
Fixed maturity securities
 
Mortgage loans
Beginning balance
$
1,382

 
$
860

 
$
1,677

 
$
697

Purchases of PCI investments, net of sales
(1
)
 
2

 
5

 
155

Accretion
(64
)
 
(22
)
 
(236
)
 
(83
)
Net reclassification from (to) non-accretable difference
(60
)
 
46

 
(189
)
 
117

Ending balance at September 30
$
1,257

 
$
886

 
$
1,257

 
$
886



Reverse Repurchase Agreements—Reverse repurchase agreements represent the purchase of investments from a seller with the agreement that the investments will be repurchased by the seller at a specified price and date or within a specified period of time. The investments purchased, which represent collateral on a secured lending arrangement, are not reflected in our condensed consolidated balance sheets; however, the secured lending arrangement is recorded as a short-term investment for the principal amount loaned under the agreement. As of September 30, 2019 and December 31, 2018, amounts loaned under reverse repurchase agreements were $190 million and $0 million, respectively, and collateral received was $612 million and $0 million, respectively.


21
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


Mortgage Loans, including related party—Mortgage loans, net of allowances, consists of the following:
(In millions)
September 30, 2019
 
December 31, 2018
Commercial mortgage loans
$
9,593

 
$
7,217

Commercial mortgage loans under development
108

 
80

Total commercial mortgage loans
9,701

 
7,297

Residential mortgage loans
4,417

 
3,334

Mortgage loans, net of allowances
$
14,118

 
$
10,631



We primarily invest in commercial mortgage loans on income producing properties including office and retail buildings, hotels, industrial properties and apartments. We diversify the commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. We evaluate mortgage loans based on relevant current information to confirm if properties are performing at a consistent and acceptable level to secure the related debt.

The distribution of commercial mortgage loans, including those under development, net of valuation allowances, by property type and geographic region, is as follows:
 
September 30, 2019
 
December 31, 2018
(In millions, except for percentages)
Net Carrying Value
 
Percentage of Total
 
Net Carrying Value
 
Percentage of Total
Property type
 
 
 
 
 
 
 
Office building
$
2,673

 
27.6
%
 
$
2,221

 
30.5
%
Retail
2,167

 
22.4
%
 
1,660

 
22.7
%
Hotels
1,028

 
10.6
%
 
1,040

 
14.3
%
Industrial
1,382

 
14.2
%
 
1,196

 
16.4
%
Apartment
1,749

 
18.0
%
 
791

 
10.8
%
Other commercial
702

 
7.2
%
 
389

 
5.3
%
Total commercial mortgage loans
$
9,701

 
100.0
%
 
$
7,297

 
100.0
%
 
 
 
 
 
 
 
 
U.S. Region
 
 
 
 
 
 
 
East North Central
$
961

 
9.9
%
 
$
855

 
11.7
%
East South Central
435

 
4.5
%
 
295

 
4.0
%
Middle Atlantic
2,185

 
22.5
%
 
1,131

 
15.5
%
Mountain
667

 
6.9
%
 
616

 
8.4
%
New England
346

 
3.6
%
 
374

 
5.1
%
Pacific
2,400

 
24.7
%
 
1,540

 
21.1
%
South Atlantic
1,678

 
17.3
%
 
1,468

 
20.2
%
West North Central
174

 
1.8
%
 
173

 
2.4
%
West South Central
771

 
7.9
%
 
845

 
11.6
%
Total U.S. Region
9,617

 
99.1
%
 
7,297

 
100.0
%
International Region
84

 
0.9
%
 
—

 
—
%
Total commercial mortgage loans
$
9,701

 
100.0
%
 
$
7,297

 
100.0
%



22
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties and is summarized in the following table:
 
September 30, 2019
 
December 31, 2018
U.S. States
 
 
 
California
27.9
%
 
30.3
%
Florida
12.8
%
 
16.3
%
Texas
5.9
%
 
3.3
%
New York
3.4
%
 
7.7
%
Other1
37.5
%
 
42.4
%
Total U.S. residential mortgage loan percentage
87.5
%
 
100.0
%
International
12.5
%
 
—
%
Total residential mortgage loan percentage
100.0
%
 
100.0
%
 
 
 
 
1Represents all other states, with each individual state comprising less than 5% of the portfolio.

Mortgage Loan Valuation Allowance—The assessment of mortgage loan impairments and valuation allowances is substantially the same for residential and commercial mortgage loans. The valuation allowance was $2 million as of September 30, 2019 and December 31, 2018. We did not record any material activity in the valuation allowance during the nine months ended September 30, 2019 or 2018.

Residential mortgage loans – The primary credit quality indicator of residential mortgage loans is loan performance. Nonperforming residential mortgage loans are 90 days or more past due and/or are in non-accrual status. As of September 30, 2019 and December 31, 2018, $64 million and $48 million, respectively, of our residential mortgage loans were nonperforming.

Commercial mortgage loans – As of September 30, 2019 and December 31, 2018, none of our commercial loans were 30 days or more past due.

Loan-to-value and debt service coverage ratios are measures we use to assess the risk and quality of commercial mortgage loans other than those under development. Loans under development are not evaluated using these ratios as the properties underlying these loans are generally not yet income-producing and the value of the underlying property significantly fluctuates based on the progress of construction. Therefore, the risk and quality of loans under development are evaluated based on the aging and geographical distribution of such loans as shown above.

The loan-to-value ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A loan-to-value ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances:    
(In millions)
September 30, 2019
 
December 31, 2018
Less than 50%
$
2,525

 
$
1,883

50% to 60%
2,403

 
1,988

61% to 70%
3,590

 
2,394

71% to 80%
1,075

 
898

81% to 100%
—

 
54

Commercial mortgage loans
$
9,593

 
$
7,217



The debt service coverage ratio, based upon the most recent financial statements, is expressed as a percentage of a property’s net operating income to its debt service payments. A debt service ratio of less than 1.0 indicates a property’s operations do not generate enough income to cover debt payments. The following represents the debt service coverage ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances:    
(In millions)
September 30, 2019
 
December 31, 2018
Greater than 1.20x
$
8,301

 
$
6,576

1.00x – 1.20x
625

 
474

Less than 1.00x
667

 
167

Commercial mortgage loans
$
9,593

 
$
7,217




23
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


Investment Funds—Our investment fund portfolio consists of funds that employ various strategies and include investments in real estate and other real assets, credit, equity and natural resources. Investment funds can meet the definition of VIEs. Our investment funds do not specify timing of distributions on the funds’ underlying assets.

The following summarizes our investment funds, including related party and those owned by consolidated VIEs:
 
September 30, 2019
 
December 31, 20181
(In millions, except for percentages and years)
Carrying value
 
Percent of total
 
Carrying value
 
Percent of total
Investment funds
 
 
 
 
 
 
 
Real estate
$
254

 
35.7
%
 
$
215

 
30.6
%
Credit funds
161

 
22.6
%
 
172

 
24.5
%
Private equity
231

 
32.5
%
 
253

 
36.0
%
Real assets
65

 
9.1
%
 
56

 
7.9
%
Natural resources
1

 
0.1
%
 
4

 
0.6
%
Other
—

 
—
%
 
3

 
0.4
%
Total investment funds
712

 
100.0
%
 
703

 
100.0
%
Investment funds – related parties
 
 
 
 
 
 
 
Differentiated investments
 
 
 
 
 
 
 
AmeriHome Mortgage Company, LLC (AmeriHome)2
469

 
17.0
%
 
463

 
20.7
%
Catalina Holdings Ltd. (Catalina)
270

 
9.7
%
 
233

 
10.4
%
Athora Holding Ltd. (Athora)2
127

 
4.6
%
 
105

 
4.7
%
Venerable Holdings, Inc. (Venerable)2
94

 
3.4
%
 
92

 
4.1
%
Other
218

 
7.9
%
 
196

 
8.8
%
Total differentiated investments
1,178

 
42.6
%
 
1,089

 
48.7
%
Real estate
721

 
26.1
%
 
497

 
22.3
%
Credit funds
378

 
13.7
%
 
316

 
14.2
%
Private equity
69

 
2.5
%
 
18

 
0.8
%
Real assets
155

 
5.6
%
 
145

 
6.5
%
Natural resources
162

 
5.9
%
 
104

 
4.7
%
Public equities
100

 
3.6
%
 
63

 
2.8
%
Total investment funds – related parties
2,763

 
100.0
%
 
2,232

 
100.0
%
Investment funds owned by consolidated VIEs
 
 
 
 
 
 
 
MidCap FinCo Designated Activity Company (MidCap)2
556

 
89.8
%
 
553

 
88.6
%
Real estate
44

 
7.1
%
 
30

 
4.8
%
Real assets
19

 
3.1
%
 
41

 
6.6
%
Total investment funds owned by consolidated VIEs
619

 
100.0
%
 
624

 
100.0
%
Total investment funds including related parties and funds owned by consolidated VIEs
$
4,094

 
 
 
$
3,559

 
 
 
 
 
 
 
 
 
 
1 Certain reclassifications have been made to conform with current year presentation.
2 See further discussions on AmeriHome, Athora, Venerable and MidCap in Note 9 – Related Parties.


Non-Consolidated Securities and Investment Funds

Fixed maturity securities – We invest in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, we are a debt investor within these entities and, as such, hold a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the trust that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which we hold the residual tranche are not consolidated because we do not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, we are not under common control, as defined by GAAP, with the related party, nor are substantially all of the activities conducted on our behalf; therefore, we are not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments and are held at fair value on the balance sheet and classified as AFS or trading.

Investment funds – Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures.

24
Table of Contents

ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)



Equity securities – We invest in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure.

Our risk of loss associated with our non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments.

The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:
 
September 30, 2019
 
December 31, 2018
(In millions)
Carrying Value
 
Maximum Loss Exposure
 
Carrying Value
 
Maximum Loss Exposure
Investment funds
$
712

 
$
1,237

 
$
703

 
$
1,329

Investment in related parties – investment funds
2,763

 
5,057

 
2,232

 
4,331

Assets of consolidated VIEs – investment funds
619

 
714

 
624

 
727

Investment in fixed maturity securities
22,541

 
21,888

 
21,188

 
21,139

Investment in related parties – fixed maturity securities
2,650

 
2,707

 
1,686

 
1,788

Investment in related parties – equity securities
381

 
381

 
120

 
120

Total non-consolidated investments
$
29,666

 
$
31,984

 
$
26,553

 
$
29,434




3. Derivative Instruments

We use a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See Note 4 – Fair Value for information about the fair value hierarchy for derivatives.

The following table presents the notional amount and fair value of derivative instruments:
 
September 30, 2019
 
December 31, 2018
 
Notional Amount
 
Fair Value
 
Notional Amount
 
Fair Value
(In millions)
 
Assets
 
Liabilities
 
 
Assets
 
Liabilities
Derivatives designated as hedges
 
 
 
 
 
 
 
 
 
 
 
Foreign currency swaps
2,811

 
$
216

 
$
17

 
2,041

 
$
83

 
$
55

Foreign currency forwards
1,130

 
9

 
5

 
85

 
—

 
1

Total derivatives designated as hedges
 
 
225

 
22

 
 
 
83

 
56

Derivatives not designated as hedges
 
 
 
 
 
 
 
 
 
 
 
Equity options
49,288

 
2,123

 
8

 
49,821

 
942

 
11

Futures
8

 
7

 
1

 
4

 
9

 
3

Total return swaps
70

 
—

 
1

 
62

 
—

 
3

Foreign currency swaps
38

 
3

 
—

 
38

 
3

 
2

Interest rate swaps
310

 
—

 
2

 
326

 
—

 
1

Credit default swaps
10

 
—

 
4

 
10

 
—

 
4

Foreign currency forwards
1,718

 
28

 
8

 
646

 
6

 
5

Embedded derivatives
 
 
 
 
 
 
 
 
 
 
 
Funds withheld including related party
—

 
1,459

 
35

 
—

 
(53
)
 
(1
)
Interest sensitive contract liabilities
—

 
—

 
10,273

 
—

 
—

 
7,969

Total derivatives not designated as hedges
 
 
3,620

 
10,332

 
 
 
907

 
7,997

Total derivatives
 
 
$
3,845

 
$
10,354

 
 
 
$
990

 
$
8,053




25
Table of Contents

ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


Derivatives Designated as Hedges

Foreign currency swaps – We use foreign currency swaps to convert foreign currency denominated cash flows of an investment to U.S. dollars to reduce cash flow fluctuations due to changes in currency exchange rates. Certain of these swaps are designated and accounted for as cash flow hedges, which will expire by July 2049. During the three months ended September 30, 2019 and 2018, we had foreign currency swap gains of $124 million and $7 million, respectively, recorded in AOCI. During the nine months ended September 30, 2019 and 2018, we had foreign currency swap gains of $171 million and $52 million, respectively, recorded in AOCI. There were no amounts reclassified to income and no amounts deemed ineffective for the nine months ended September 30, 2019 and 2018. As of September 30, 2019, no amounts are expected to be reclassified to income within the next 12 months.

Foreign currency forwards – We use foreign currency forward contracts to hedge certain exposures to foreign currency risk. The price is agreed upon at the time of the contract and payment is made at a specified future date. Certain of these forwards entered into during the fourth quarter of 2018 are designated and accounted for as fair value hedges. As of September 30, 2019 and December 31, 2018, the carrying amount of the hedged AFS securities was $347 million and $88 million, respectively, and the cumulative amount of fair value hedging adjustments included in the hedged AFS securities included losses of $11 million and gains of $1 million, respectively. The gains and losses on derivatives and the related hedged items in fair value hedge relationships are recorded in investment related gains (losses) on the condensed consolidated statements of income. The derivatives had gains of $13 million during the three months ended September 30, 2019 and $13 million for the nine months ended September 30, 2019, and the related hedged items had losses of $11 million during the three months ended September 30, 2019 and $12 million for the nine months ended September 30, 2019.

Derivatives Not Designated as Hedges

Equity options – We use equity indexed options to economically hedge fixed indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index, primarily the S&P 500. To hedge against adverse changes in equity indices, we enter into contracts to buy equity indexed options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price.

Futures – Futures contracts are purchased to hedge the growth in interest credited to the customer as a direct result of increases in the related indices. We enter into exchange-traded futures with regulated futures commission clearing brokers who are members of a trading exchange. Under exchange-traded futures contracts, we agree to purchase a specified number of contracts with other parties and to post variation margin on a daily basis in an amount equal to the difference in the daily fair values of those contracts.

Total return swaps – We purchase total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. Total rate of return swaps are contracts in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of the underlying asset or index, which includes both the income it generates and any capital gains.

Interest rate swaps – We use interest rate swaps to reduce market risks from interest rate changes and to alter interest rate exposure arising from duration mismatches between assets and liabilities. With an interest rate swap, we agree with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed-upon notional principal amount at specified intervals. Certain of these swaps entered into during the fourth quarter of 2016 were designated as fair value hedges. These fair value hedges were dedesignated during the second quarter of 2018 and there was no material impact as a result.

Credit default swaps – Credit default swaps provide a measure of protection against the default of an issuer or allow us to gain credit exposure to an issuer or traded index. We use credit default swaps coupled with a bond to synthetically create the characteristics of a reference bond. These transactions have a lower cost and are generally more liquid relative to the cash market. We receive a periodic premium for these transactions as compensation for accepting credit risk.

Hedging credit risk involves buying protection for existing credit risk. The exposure resulting from the agreements, which is usually the notional amount, is equal to the maximum proceeds that must be paid by a counterparty for a defaulted security. If a credit event occurs on a reference entity, then a counterparty who sold protection is required to pay the buyer the trade notional amount less any recovery value of the security.

Embedded derivatives – We have embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance agreements structured on a modified coinsurance (modco) or funds withheld basis and indexed annuity products.


26
Table of Contents

ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


The following is a summary of the gains (losses) related to derivatives not designated as hedges:
 
Three months ended September 30,
 
Nine months ended September 30,
(In millions)
2019
 
2018
 
2019
 
2018
Equity options
$
77

 
$
756

 
$
1,365

 
$
703

Futures
(3
)
 
1

 
(17
)
 
(3
)
Swaps
8

 
1

 
37

 
(6
)
Foreign currency forwards
42

 
3

 
47

 
10

Embedded derivatives on funds withheld
496

 
99

 
2,061

 
18

Amounts recognized in investment related gains (losses)
620

 
860

 
3,493

 
722

Embedded derivatives in indexed annuity products1
(265
)
 
(469
)
 
(1,920
)
 
(178
)
Total gains (losses) on derivatives not designated as hedges
$
355

 
$
391

 
$
1,573

 
$
544

 
 
 
 
 
 
 
 
1 Included in interest sensitive contract benefits on the condensed consolidated statements of income.


Credit Risk—We may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of our derivative contracts is the fair value at the reporting date less any collateral received from the counterparty.

We manage credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, we maintain collateral arrangements and use master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. We have also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure.

Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in our financial strength rating to a specified level can result in settlement of the derivative position.

The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows:
 
 
 
 
Gross amounts not offset on the condensed consolidated balance sheets
 
 
 
 
 
 
(In millions)
Gross amount recognized1
 
Financial instruments2
 
Collateral received/pledged
 
Net amount
 
Off-balance sheet securities collateral3
 
Net amount after securities collateral
September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
$
2,386

 
$
(42
)
 
$
(2,323
)
 
$
21

 
$
—

 
$
21

Derivative liabilities
(46
)
 
42

 
13

 
9

 
—

 
9

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
$
1,043

 
$
(52
)
 
$
(969
)
 
$
22

 
$
(4
)
 
$
18

Derivative liabilities
(85
)
 
52

 
24

 
(9
)
 
—

 
(9
)
 
 
 
 
 
 
 
 
 
 
 
 
 
1 
 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of September 30, 2019 and December 31, 2018, amounts not subject to master netting or similar agreements were immaterial.
2 
Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets.
3 
For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.




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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


4. Fair Value

Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. We determine fair value based on the following fair value hierarchy:

Level 1 – Unadjusted quoted prices for identical assets or liabilities in an active market.

Level 2 – Quoted prices for inactive markets or valuation techniques that require observable direct or indirect inputs for substantially the full term of the asset or liability. Level 2 inputs include the following:

•
Quoted prices for similar assets or liabilities in active markets,
•
Observable inputs other than quoted market prices, and
•
Observable inputs derived principally from market data through correlation or other means.

Level 3 – Prices or valuation techniques with unobservable inputs significant to the overall fair value estimate. These valuations use critical assumptions not readily available to market participants. Level 3 valuations are based on market standard valuation methodologies, including discounted cash flows, matrix pricing or other similar techniques.

NAV – Investment funds are typically measured using NAV as a practical expedient in determining fair value and are not classified in the fair value hierarchy. The underlying investments of the investment funds may have significant unobservable inputs, which may include but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model.

The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the instrument’s fair value measurement.

We use a number of valuation sources to determine fair values. Valuation sources can include quoted market prices; third-party commercial pricing services; third-party brokers; industry-standard, vendor modeling software that uses market observable inputs; and other internal modeling techniques based on projected cash flows. We periodically review the assumptions and inputs of third-party commercial pricing services through internal valuation price variance reviews, comparisons to internal pricing models, back testing to recent trades, or monitoring trading volumes.


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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis:
 
September 30, 2019
(In millions)
Total
 
NAV
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
 
 
AFS securities
 
 
 
 
 
 
 
 
 
U.S. government and agencies
$
37

 
$
—

 
$
37

 
$
—

 
$
—

U.S. state, municipal and political subdivisions
1,492

 
—

 
—

 
1,452

 
40

Foreign governments
328

 
—

 
—

 
328

 
—

Corporate
47,045

 
—

 
—

 
46,098

 
947

CLO
6,871

 
—

 
—

 
6,740

 
131

ABS
5,111

 
—

 
—

 
3,823

 
1,288

CMBS
2,765

 
—

 
—

 
2,434

 
331

RMBS
7,254

 
—

 
—

 
7,254

 
—

Total AFS securities
70,903

 
—

 
37

 
68,129

 
2,737

Trading securities
 
 
 
 
 
 
 
 
 
U.S. government and agencies
6

 
—

 
3

 
3

 
—

U.S. state, municipal and political subdivisions
140

 
—

 
—

 
140

 
—

Foreign governments
24

 
—

 
—

 
24

 
—

Corporate
1,701

 
—

 
—

 
1,701

 
—

CLO
32

 
—

 
—

 
26

 
6

ABS
92

 
—

 
—

 
9

 
83

CMBS
51

 
—

 
—

 
51

 
—

RMBS
365

 
—

 
—

 
274

 
91

Total trading securities
2,411

 
—

 
3

 
2,228

 
180

Equity securities
359

 
—

 
45

 
313

 
1

Mortgage loans
28

 
—

 
—

 
—

 
28

Investment funds
156

 
134

 
—

 
—

 
22

Funds withheld at interest – embedded derivative
804

 
—

 
—

 
—

 
804

Derivative assets
2,386

 
—

 
7

 
2,379

 
—

Short-term investments
571

 
—

 
54

 
291

 
226

Other investments
64

 
—

 
—

 
64

 
—

Cash and cash equivalents
3,833

 
—

 
3,833

 
—

 
—

Restricted cash
199

 
—

 
199

 
—

 
—

Investments in related parties
 
 
 
 
 
 
 
 
 
AFS securities
 
 
 
 
 
 
 
 
 
Corporate
24

 
—

 
—

 
24

 
—

CLO
818

 
—

 
—

 
818

 
—

ABS
1,526

 
—

 
—

 
532

 
994

Total AFS securities – related party
2,368

 
—

 
—

 
1,374

 
994

Trading securities
 
 
 
 
 
 
 
 
 
CLO
82

 
—

 
—

 
41

 
41

ABS
224

 
—

 
—

 
—

 
224

Total trading securities – related party
306

 
—

 
—

 
41

 
265

Equity securities
381

 
—

 
—

 
—

 
381

Investment funds
249

 
122

 
—

 
—

 
127

Funds withheld at interest – embedded derivative
655

 
—

 
—

 
—

 
655

Reinsurance recoverable
1,954

 
—

 
—

 
—

 
1,954

Assets of consolidated VIEs
 
 
 
 
 
 
 
 
 
Trading securities
19

 
—

 
—

 
—

 
19

Equity securities
6

 
—

 
—

 
—

 
6

Investment funds
569

 
556

 
—

 
—

 
13

Cash and cash equivalents
3

 
—

 
3

 
—

 
—

Total assets measured at fair value
$
88,224

 
$
812

 
$
4,181

 
$
74,819

 
$
8,412

 
 
 
 
 
 
 
 
 
(Continued)


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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


 
September 30, 2019
(In millions)
Total
 
NAV
 
Level 1
 
Level 2
 
Level 3
Liabilities
 
 
 
 
 
 
 
 
 
Interest sensitive contract liabilities
 
 
 
 
 
 
 
 
 
Embedded derivative
$
10,273

 
$
—

 
$
—

 
$
—

 
$
10,273

Universal life benefits
1,142

 
—

 
—

 
—

 
1,142

Future policy benefits
 
 
 
 
 
 
 
 
 
AmerUs Life Insurance Company (AmerUs) Closed Block
1,572

 
—

 
—

 
—

 
1,572

Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits
797

 
—

 
—

 
—

 
797

Derivative liabilities
46

 
—

 
1

 
41

 
4

Funds withheld liability – embedded derivative
35

 
—

 
—

 
35

 
—

Total liabilities measured at fair value
$
13,865

 
$
—

 
$
1

 
$
76

 
$
13,788

 
 
 
 
 
 
 
 
 
(Concluded)


 
December 31, 2018
(In millions)
Total
 
NAV
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
 
 
AFS securities
 
 
 
 
 
 
 
 
 
U.S. government and agencies
$
57

 
$
—

 
$
54

 
$
3

 
$
—

U.S. state, municipal and political subdivisions
1,293

 
—

 
—

 
1,293

 
—

Foreign governments
161

 
—

 
—

 
161

 
—

Corporate
37,097

 
—

 
—

 
36,199

 
898

CLO
5,361

 
—

 
—

 
5,254

 
107

ABS
4,920

 
—

 
—

 
3,305

 
1,615

CMBS
2,357

 
—

 
—

 
2,170

 
187

RMBS
8,019

 
—

 
—

 
7,963

 
56

Total AFS securities
59,265

 
—

 
54

 
56,348

 
2,863

Trading securities
 
 
 
 
 
 
 
 
 
U.S. government and agencies
5

 
—

 
3

 
2

 
—

U.S. state, municipal and political subdivisions
126

 
—

 
—

 
126

 
—

Corporate
1,287

 
—

 
—

 
1,287

 
—

CLO
9

 
—

 
—

 
8

 
1

ABS
87

 
—

 
—

 
87

 
—

CMBS
49

 
—

 
—

 
49

 
—

RMBS
386

 
—

 
—

 
252

 
134

Total trading securities
1,949

 
—

 
3

 
1,811

 
135

Equity securities
216

 
—

 
40

 
173

 
3

Mortgage loans
32

 
—

 
—

 
—

 
32

Investment funds
182

 
153

 
—

 
—

 
29

Funds withheld at interest – embedded derivative
57

 
—

 
—

 
—

 
57

Derivative assets
1,043

 
—

 
9

 
1,034

 
—

Short-term investments
191

 
—

 
66

 
125

 
—

Other investments
52

 
—

 
—

 
52

 
—

Cash and cash equivalents
2,911

 
—

 
2,911

 
—

 
—

Restricted cash
492

 
—

 
492

 
—

 
—

 
 
 
 
 
 
 
 
 
(Continued)



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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


 
December 31, 2018
(In millions)
Total
 
NAV
 
Level 1
 
Level 2
 
Level 3
Investments in related parties
 
 
 
 
 
 
 
 
 
AFS securities
 
 
 
 
 
 
 
 
 
CLO
562

 
—

 
—

 
562

 
—

ABS
875

 
—

 
—

 
547

 
328

Total AFS securities – related party
1,437

 
—

 
—

 
1,109

 
328

Trading securities
 
 
 
 
 
 
 
 
 
CLO
100

 
—

 
—

 
22

 
78

ABS
149

 
—

 
—

 
—

 
149

Total trading securities – related party
249

 
—

 
—

 
22

 
227

Equity securities
120

 
—

 
—

 
—

 
120

Investment funds
201

 
96

 
—

 
—

 
105

Funds withheld at interest – embedded derivative
(110
)
 
—

 
—

 
—

 
(110
)
Reinsurance recoverable
1,676

 
—

 
—

 
—

 
1,676

Assets of consolidated VIEs
 
 
 
 
 
 
 
 
 
Trading securities
35

 
—

 
—

 
—

 
35

Equity securities
50

 
—

 
37

 
—

 
13

Investment funds
567

 
552

 
—

 
—

 
15

Cash and cash equivalents
2

 
—

 
2

 
—

 
—

Total assets measured at fair value
$
70,617

 
$
801

 
$
3,614

 
$
60,674

 
$
5,528

Liabilities
 
 
 
 
 
 
 
 
 
Interest sensitive contract liabilities
 
 
 
 
 
 
 
 
 
Embedded derivative
$
7,969

 
$
—

 
$
—

 
$
—

 
$
7,969

Universal life benefits
932

 
—

 
—

 
—

 
932

Future policy benefits
 
 
 
 
 
 
 
 
 
AmerUs Closed Block
1,443

 
—

 
—

 
—

 
1,443

ILICO Closed Block and life benefits
730

 
—

 
—

 
—

 
730

Derivative liabilities
85

 
—

 
3

 
78

 
4

Funds withheld liability – embedded derivative
(1
)
 
—

 
—

 
(1
)
 
—

Total liabilities measured at fair value
$
11,158

 
$
—

 
$
3

 
$
77

 
$
11,078

 
 
 
 
 
 
 
 
 
(Concluded)




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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


Fair Value Valuation Methods—We used the following valuation methods and assumptions to estimate fair value:

AFS and trading securities – We obtain the fair value for most marketable securities without an active market from several commercial pricing services. These are classified as Level 2 assets. The pricing services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data. This category typically includes U.S. and non-U.S. corporate bonds, U.S. agency and government guaranteed securities, CLO, ABS, CMBS and RMBS.

We also have fixed maturity securities priced based on indicative broker quotes or by employing market accepted valuation models. For certain fixed maturity securities, the valuation model uses significant unobservable inputs and are included in Level 3 in our fair value hierarchy.  Significant unobservable inputs used include: issue specific credit adjustments, material non-public financial information, estimation of future earnings and cash flows, default rate assumptions, liquidity assumptions and indicative quotes from market makers. These inputs are usually considered unobservable, as not all market participants have access to this data.

We value privately placed fixed maturity securities based on the credit quality and duration of comparable marketable securities, which may be securities of another issuer with similar characteristics. In some instances, we use a matrix-based pricing model. These models consider the current level of risk-free interest rates, corporate spreads, credit quality of the issuer and cash flow characteristics of the security. We also consider additional factors such as net worth of the borrower, value of collateral, capital structure of the borrower, presence of guarantees and our evaluation of the borrower’s ability to compete in its relevant market. Privately placed fixed maturity securities are classified as Level 2 or 3.

Equity securities – Fair values of publicly traded equity securities are based on quoted market prices and classified as Level 1. Other equity securities, typically private equities or equity securities not traded on an exchange, we value based on other sources, such as commercial pricing services or brokers, and are classified as Level 2 or 3.

Mortgage loans – Mortgage loans for which we have elected the fair value option or those held for sale are carried at fair value. We estimate fair value on a monthly basis using discounted cash flow analysis and rates being offered for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. The discounted cash flow model uses unobservable inputs, including estimates of discount rates and loan prepayments. Mortgage loans are classified as Level 3.

Investment funds – Certain investment funds for which we elected the fair value option are included in Level 3 and are priced based on market accepted valuation models. The valuation models use significant unobservable inputs, which include material non-public financial information, estimation of future distributable earnings and demographic assumptions. These inputs are usually considered unobservable, as not all market participants have access to this data.

Funds withheld at interest embedded derivative – We estimate the fair value of the embedded derivative based on the change in the fair value of the assets supporting the funds withheld payable under modco and funds withheld reinsurance agreements. As a result, the fair value of the embedded derivative is classified as Level 2 or 3 based on the valuation methods used for the assets held supporting the reinsurance agreements.

Derivatives – Derivative contracts can be exchange traded or over-the-counter. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy depending on trading activity. Over-the-counter derivatives are valued using valuation models or an income approach using third-party broker valuations. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates and correlation of the inputs. We consider and incorporate counterparty credit risk in the valuation process through counterparty credit rating requirements and monitoring of overall exposure. We also evaluate and include our own nonperformance risk in valuing derivatives. The majority of our derivatives trade in liquid markets; therefore, we can verify model inputs and model selection does not involve significant management judgment. These are typically classified within Level 2 of the fair value hierarchy.

Cash and cash equivalents including restricted cash – The carrying amount for cash equals fair value. We estimate the fair value for cash equivalents based on quoted market prices. These assets are classified as Level 1.

Interest sensitive contract liabilities embedded derivative – Embedded derivatives related to interest sensitive contract liabilities with fixed indexed annuity products are classified as Level 3. The valuations include significant unobservable inputs associated with economic assumptions and actuarial assumptions for policyholder behavior.

AmerUs Closed Block – We elected the fair value option for the future policy benefits liability in the AmerUs Closed Block. Our valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component is the present value of the projected release of required capital and future earnings before income taxes on required capital supporting the AmerUs Closed Block, discounted at a rate which represents a market participant’s required rate of return, less the initial required capital. Unobservable inputs include estimates for these items. The AmerUs Closed Block policyholder liabilities and any corresponding reinsurance recoverable are classified as Level 3.


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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


ILICO Closed Block – We elected the fair value option for the ILICO Closed Block. Our valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component uses the present value of future cash flows which include commissions, administrative expenses, reinsurance premiums and benefits, and an explicit cost of capital. The discount rate includes a margin to reflect the business and nonperformance risk. Unobservable inputs include estimates for these items. The ILICO Closed Block policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3.

Universal life liabilities and other life benefits – We elected the fair value option for certain blocks of universal and other life business ceded to Global Atlantic. We use a present value of liability cash flows. Unobservable inputs include estimates of mortality, persistency, expenses, premium payments and a risk margin used in the discount rates that reflects the riskiness of the business. These universal life policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3.

Fair Value Option—The following represents the gains (losses) recorded for instruments for which we have elected the fair value option, including related parties and consolidated VIEs:
 
Three months ended September 30,
 
Nine months ended September 30,
(In millions)
2019
 
2018
 
2019
 
2018
Trading securities
$
48

 
$
(49
)
 
$
176

 
$
(213
)
Mortgage loans
—

 
—

 
1

 
—

Investment funds
3

 
13

 
3

 
28

Future policy benefits
(37
)
 
21

 
(129
)
 
156

Total gains (losses)
$
14

 
$
(15
)
 
$
51

 
$
(29
)


Gains and losses on trading securities are recorded in investment related gains (losses) on the condensed consolidated statements of income. For fair value option mortgage loans, we record interest income in net investment income and subsequent changes in fair value in investment related gains (losses) on the condensed consolidated statements of income. Gains and losses related to investment funds, including related party investment funds, are recorded in net investment income on the condensed consolidated statements of income. We record the change in fair value of future policy benefits to future policy and other policy benefits on the condensed consolidated statements of income.

The following summarizes information for fair value option mortgage loans:
(In millions)
September 30, 2019
 
December 31, 2018
Unpaid principal balance
$
25

 
$
30

Mark to fair value
3

 
2

Fair value
$
28

 
$
32



There were no fair value option mortgage loans 90 days or more past due as of September 30, 2019 and December 31, 2018.


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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


Level 3 Financial Instruments—The following is a reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis:
 
Three months ended September 30, 2019
 
 
 
Total realized and unrealized gains (losses)
 
 
 
Transfers
 
 
 
 
(In millions)
Beginning Balance
 
Included in income
 
Included in OCI
 
Net purchases, issuances, sales and settlements
 
In
 
(Out)
 
Ending Balance
 
Total gains (losses) included in earnings1
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AFS securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. state, municipal and political subdivisions
$
40

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
40

 
$
—

Corporate
821

 
(3
)
 
10

 
189

 
1

 
(71
)
 
947

 
—

CLO
200

 
—

 
1

 
34

 
—

 
(104
)
 
131

 
—

ABS
1,396

 
1

 
12

 
16

 
—

 
(137
)
 
1,288

 
—

CMBS
206

 
—

 
3

 
195

 
—

 
(73
)
 
331

 
—

Trading securities
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Corporate
6

 
—

 
—

 
—

 
—

 
(6
)
 
—

 
—

CLO
7

 
(1
)
 
—

 
—

 
—

 
—

 
6

 
—

ABS
6

 
—

 
—

 
(1
)
 
78

 
—

 
83

 
—

RMBS
46

 
(5
)
 
—

 
15

 
35

 
—

 
91

 
(2
)
Equity securities
3

 
—

 
—

 
—

 
—

 
(2
)
 
1

 
—

Mortgage loans
32

 
—

 
—

 
(4
)
 
—

 
—

 
28

 
—

Investment funds
25

 
(1)

 
—

 
(2
)
 
—

 
—

 
22

 
(1)

Funds withheld at interest – embedded derivative
704

 
100

 
—

 
—

 
—

 
—

 
804

 
—

Short-term investments
45

 
—

 
—

 
181

 
—

 
—

 
226

 
—

Investments in related parties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AFS securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CLO
37

 
—

 
—

 
—

 
—

 
(37
)
 
—

 
—

ABS
399

 
—

 
8

 
587

 
—

 
—

 
994

 
—

Trading securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CLO
74

 
(5
)
 
—

 
(5
)
 
—

 
(23
)
 
41

 
—

ABS
218

 
4

 
—

 
2

 
—

 
—

 
224

 
5

Equity securities
344

 
6

 
—

 
31

 
—

 
—

 
381

 
—

Investment funds
127

 
—

 
—

 
—

 
—

 
—

 
127

 
—

Funds withheld at interest – embedded derivative
501

 
154

 
—

 
—

 
—

 
—

 
655

 
—

Reinsurance recoverable
1,834

 
120

 
—

 
—

 
—

 
—

 
1,954

 
—

Investments of consolidated VIEs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading securities
21

 
—

 
—

 
(2
)
 
—

 
—

 
19

 
—

Equity securities
6

 
—

 
—

 
—

 
—

 
—

 
6

 
—

Investment funds
14

 
(1
)
 
—

 
—

 
—

 
—

 
13

 
1

Total Level 3 assets
$
7,112

 
$
369

 
$
34

 
$
1,236

 
$
114

 
$
(453
)
 
$
8,412

 
$
3

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest sensitive contract liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Embedded derivative
$
(9,905
)
 
$
(265
)
 
$
—

 
$
(103
)
 
$
—

 
$
—

 
$
(10,273
)
 
$
—

Universal life benefits
(1,051
)
 
(91
)
 
—

 
—

 
—

 
—

 
(1,142
)
 
—

Future policy benefits
 
 
 
 
 
 
 
 
 
 
 
 

 
 
AmerUs Closed Block
(1,535
)
 
(37
)
 
—

 
—

 
—

 
—

 
(1,572
)
 
—

ILICO Closed Block and life benefits
(769
)
 
(28
)
 
—

 
—

 
—

 
—

 
(797
)
 
—

Derivative liabilities
(4
)
 
—

 
—

 
—

 
—

 
—

 
(4
)
 
—

Total Level 3 liabilities
$
(13,264
)
 
$
(421
)
 
$
—

 
$
(103
)
 
$
—

 
$
—

 
$
(13,788
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Related to instruments held at end of period.


34
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


 
Three months ended September 30, 2018
 
 
 
Total realized and unrealized gains (losses)
 
 
 
Transfers
 
 
 
 
(In millions)
Beginning Balance
 
Included in income
 
Included in OCI
 
Net purchases, issuances, sales and settlements
 
In
 
(Out)
 
Ending Balance
 
Total gains (losses) included in earnings1
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AFS securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate
$
962

 
$
(1
)
 
$
(3
)
 
$
110

 
$
5

 
$
(109
)
 
$
964

 
$
—

CLO
281

 
—

 
(1
)
 
52

 
8

 
—

 
340

 
—

ABS
1,447

 
1

 
1

 
55

 
161

 
(294
)
 
1,371

 
—

CMBS
197

 
—

 
(1
)
 
—

 
—

 
(14
)
 
182

 
—

RMBS
7

 
—

 
—

 
—

 
—

 
(7
)
 
—

 
—

Trading securities
 
 
 
 
 
 
 
 
 
 
 
 

 
 
U.S. state, municipal and political subdivisions
17

 
—

 
—

 
—

 
—

 
—

 
17

 
—

Corporate
4

 
—

 
—

 
—

 
—

 
(4
)
 
—

 
—

CLO
26

 
(2
)
 
—

 
(11
)
 
—

 
(10
)
 
3

 
1

ABS
89

 
1

 
—

 
—

 
—

 
(90
)
 
—

 
1

RMBS
304

 
(19
)
 
—

 
—

 
—

 
—

 
285

 
2

Equity securities
2

 
—

 
—

 
—

 
—

 
—

 
2

 
—

Mortgage loans
38

 
—

 
—

 
(1
)
 
—

 
—

 
37

 
—

Investment funds
31

 
(1
)
 
—

 
—

 
—

 
—

 
30

 
(1
)
Funds withheld at interest – embedded derivative
150

 
1

 
—

 
—

 
—

 
—

 
151

 
—

Investments in related parties
 
 
 
 
 
 
 
 
 
 
 
 

 
 
AFS securities
 
 
 
 
 
 
 
 
 
 
 
 

 
 
CLO
39

 
—

 
(1
)
 
—

 
—

 
—

 
38

 
—

ABS
50

 
—

 
—

 
281

 
—

 
—

 
331

 
—

Trading securities
 
 
 
 
 
 
 
 
 
 
 
 

 
 
CLO
114

 
(7
)
 
—

 
—

 
—

 
(31
)
 
76

 
(5
)
ABS
164

 
(4
)
 
—

 
(9
)
 
—

 
—

 
151

 
(4
)
Investment funds
105

 
—

 
—

 
—

 
—

 
—

 
105

 
—

Funds withheld at interest – embedded derivative
162

 
(71
)
 
—

 
—

 
—

 
—

 
91

 
—

Short-term investments
10

 
—

 
—

 
—

 
—

 
—

 
10

 
—

Reinsurance recoverable
1,717

 
(38
)
 
—

 
—

 
—

 
—

 
1,679

 
—

Investments of consolidated VIEs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading securities
48

 
—

 
—

 
—

 
—

 
—

 
48

 
—

Equity securities
26

 
(1
)
 
—

 
—

 
—

 
—

 
25

 
(1
)
Investment funds
1

 
—

 
—

 
14

 
—

 
—

 
15

 
—

Total Level 3 assets
$
5,991

 
$
(141
)
 
$
(5
)
 
$
491

 
$
174

 
$
(559
)
 
$
5,951

 
$
(7
)
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest sensitive contract liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Embedded derivative
$
(8,088
)
 
$
(469
)
 
$
—

 
$
(102
)
 
$
—

 
$
—

 
$
(8,659
)
 
$
—

Universal life benefits
(943
)
 
42

 
—

 
—

 
—

 
—

 
(901
)
 
—

Future policy benefits
 
 
 
 
 
 
 
 
 
 
 
 

 
 
AmerUs Closed Block
(1,490
)
 
21

 
—

 
—

 
—

 
—

 
(1,469
)
 
—

ILICO Closed Block and life benefits
(759
)
 
(5
)
 
—

 
—

 
—

 
—

 
(764
)
 
—

Derivative liabilities
(5
)
 
1

 
—

 
—

 
—

 
—

 
(4
)
 
—

Total Level 3 liabilities
$
(11,285
)
 
$
(410
)
 
$
—

 
$
(102
)
 
$
—

 
$
—

 
$
(11,797
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Related to instruments held at end of period.


35
Table of Contents

ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


 
Nine months ended September 30, 2019
 
 
 
Total realized and unrealized gains (losses)
 
 
 
Transfers
 
 
 
 
(In millions)
Beginning Balance
 
Included in income
 
Included in OCI
 
Net purchases, issuances, sales and settlements
 
In
 
(Out)
 
Ending Balance
 
Total gains (losses) included in earnings1
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AFS securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. state, municipal and political subdivisions
$
—

 
$
—

 
$
—

 
$
40

 
$
—

 
$
—

 
$
40

 
$
—

Corporate
898

 
(2
)
 
20

 
164

 
1

 
(134
)
 
947

 
—

CLO
107

 
—

 
3

 
60

 
—

 
(39
)
 
131

 
—

ABS
1,615

 
6

 
43

 
43

 
—

 
(419
)
 
1,288

 
—

CMBS
187

 
1

 
7

 
154

 
—

 
(18
)
 
331

 
—

RMBS
56

 
—

 
4

 
2

 
—

 
(62
)
 
—

 
—

Trading securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CLO
1

 
(1
)
 
—

 
—

 
6

 
—

 
6

 
6

ABS
—

 
—

 
—

 
5

 
78

 
—

 
83

 
—

RMBS
134

 
(13
)
 
—

 
15

 
34

 
(79
)
 
91

 
3

Equity securities
3

 
—

 
—

 
—

 
—

 
(2
)
 
1

 
—

Mortgage loans
32

 
1

 
—

 
(5
)
 
—

 
—

 
28

 
1

Investment funds
29

 
(2
)
 
—

 
(5
)
 
—

 
—

 
22

 
(2
)
Funds withheld at interest – embedded derivative
57

 
747

 
—

 
—

 
—

 
—

 
804

 
—

Short-term investments
—

 
—

 
—

 
226

 
—

 
—

 
226

 
—

Investments in related parties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AFS securities, ABS
328

 
—

 
21

 
748

 
—

 
(103
)
 
994

 
—

Trading securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CLO
78

 
(6
)
 
—

 
(14
)
 
18

 
(35
)
 
41

 
2

ABS
149

 
(13
)
 
—

 
(15
)
 
103

 
—

 
224

 
(13
)
Equity securities
120

 
18

 
—

 
243

 
—

 
—

 
381

 
—

Investment funds
105

 
3

 
—

 
19

 
—

 
—

 
127

 
3

Funds withheld at interest – embedded derivative
(110
)
 
765

 
—

 
—

 
—

 
—

 
655

 
—

Reinsurance recoverable
1,676

 
278

 
—

 
—

 
—

 
—

 
1,954

 
—

Investments of consolidated VIEs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading securities
35

 
(1)

 
—

 
(40
)
 
25

 
—

 
19

 
—

Equity securities
13

 
(3
)
 
—

 
(4
)
 
—

 
—

 
6

 
(2
)
Investment funds
15

 
(2
)
 
—

 
—

 
—

 
—

 
13

 
—

Total Level 3 assets
$
5,528

 
$
1,776

 
$
98

 
$
1,636

 
$
265

 
$
(891
)
 
$
8,412

 
$
(2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest sensitive contract liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Embedded derivative
$
(7,969
)
 
$
(1,920
)
 
$
—

 
$
(384
)
 
$
—

 
$
—

 
$
(10,273
)
 
$
—

Universal life benefits
(932
)
 
(210
)
 
—

 
—

 
—

 
—

 
(1,142
)
 
—

Future policy benefits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AmerUs Closed Block
(1,443
)
 
(129
)
 
—

 
—

 
—

 
—

 
(1,572
)
 
—

ILICO Closed Block and life benefits
(730
)
 
(67
)
 
—

 
—

 
—

 
—

 
(797
)
 
—

Derivative liabilities
(4
)
 
—

 
—

 
—

 
—

 
—

 
(4
)
 
—

Total Level 3 liabilities
$
(11,078
)
 
$
(2,326
)
 
$
—

 
$
(384
)
 
$
—

 
$
—

 
$
(13,788
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Related to instruments held at end of period.


36
Table of Contents

ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


 
Nine months ended September 30, 2018
 
 
 
Total realized and unrealized gains (losses)
 
 
 
Transfers
 
 
 
 
(In millions)
Beginning balance
 
Included in income
 
Included in OCI
 
Net purchases, issuances, sales and settlements
 
In
 
Out
 
Ending balance
 
Total gains (losses) included in earnings1
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AFS securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate
$
578

 
$
(3
)
 
$
(12
)
 
$
385

 
$
24

 
$
(8
)
 
$
964

 
$
—

CLO
64

 
2

 
—

 
264

 
10

 
—

 
340

 
—

ABS
1,457

 
6

 
(17
)
 
(56
)
 
161

 
(180
)
 
1,371

 
—

CMBS
137

 
1

 
(2
)
 
137

 
—

 
(91
)
 
182

 
—

RMBS
301

 
3

 
(11
)
 
(26
)
 
—

 
(267
)
 
—

 
—

Trading securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. state, municipal and political subdivisions
17

 
—

 
—

 
—

 
—

 
—

 
17

 
—

CLO
17

 
(5
)
 
—

 
—

 
—

 
(9
)
 
3

 
(3
)
ABS
77

 
(4
)
 
—

 
—

 
—

 
(73
)
 
—

 
(2
)
RMBS
342

 
(57
)
 
—

 
—

 
—

 
—

 
285

 
4

Equity securities
8

 
1

 
—

 
(7
)
 
—

 
—

 
2

 
1

Mortgage loans
41

 
—

 
—

 
(4
)
 
—

 
—

 
37

 
—

Investment funds
41

 
(4
)
 
—

 
(7
)
 
—

 
—

 
30

 
—

Funds withheld at interest – embedded derivative
312

 
(161
)
 
—

 
—

 
—

 
—

 
151

 
—

Investments in related parties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AFS Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CLO
—

 
—

 
—

 
38

 
—

 
—

 
38

 
—

ABS
4

 
—

 
—

 
327

 
—

 
—

 
331

 
—

Trading securities
 
 
 
 
 
 
 
 
 
 
 
 

 
 
CLO
105

 
(8
)
 
—

 
(18
)
 
18

 
(21
)
 
76

 
(4
)
ABS
—

 
—

 
—

 
—

 
151

 
—

 
151

 
—

Investment funds
—

 
(3
)
 
—

 
108

 
—

 
—

 
105

 
—

Funds withheld at interest – embedded derivative
—

 
91

 
—

 
—

 
—

 
—

 
91

 
—

Short-term investments