Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 3, 2020

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, 2020
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-37963
ahl-20200930_g1.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
Depositary Shares, each representing a 1/1,000th interest in a
6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preference Share, Series C ATHPrC 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 ☑
As of October 31, 2020, 191,463,918 of our Class A common shares were outstanding.


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, cash flows and performance may differ materially from that 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, 2019 (2019 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;
•major public health issues, and specifically the pandemic caused by the effects of the spread of the Coronavirus Disease of 2019 (COVID-19);
•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;
•changes to the creditworthiness of our reinsurance and derivative counterparties;
•the discontinuation of London Inter-bank Offered Rate (LIBOR);
•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;
•the accuracy of our estimates regarding the future performance of our investment portfolio;
•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 licenses and/or other regulatory approvals as required for the operation of our insurance subsidiaries;
•the 2020 presidential and congressional elections in the US resulting in changes in the US political environment that are unfavorable to us;
•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 (US) subsidiaries becoming subject to US federal income taxation;
•adverse changes in US tax law;
•our being subject to US withholding tax under the Foreign Account Tax Compliance Act (FATCA);
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•changes in our ability to pay dividends or make distributions;
•our failure to recognize the benefits expected to be derived from the share exchange transaction with Apollo;
•the failure to achieve the economic benefits expected to be derived from the Athene Co-Invest Reinsurance Affiliate 1A Ltd. (together with its subsidiaries, ACRA) capital raise or future ACRA capital raises;
•the failure of third-party ACRA investors to fund their capital commitment obligations; 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 2019 Annual Report and those discussed elsewhere in this report and in our 2019 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. Unless an earlier date is specified, the forward-looking statements included in this report are made only as of the date that this report was filed with the US 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
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
ALReI Athene Life Re International Ltd., a Bermuda reinsurance subsidiary
AmeriHome AmeriHome Mortgage Company, LLC
AOG Apollo Operating Group
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, (5) any executive officer or employee of AGM or its subsidiaries (6) any shareholder that has granted to AGM or any of its affiliates a valid proxy with respect to all of such shareholder’s Class A common shares pursuant to our bye-laws and (7) any affiliate of any of the foregoing (except that AHL or its subsidiaries are not members of the Apollo Group)
Athene USA Athene USA Corporation
Athora Athora 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 LP, formerly known as Athene Asset Management LLC
Jackson Jackson National Life Insurance Company
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
VIAC Venerable Insurance and Annuity Company, formerly 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 using Bermuda capital and applying NAIC risk-based capital factors to the statutory financial statements of AHL’s non-US reinsurance subsidiaries on an aggregate basis.  Adjustments are made to (i) exclude US subsidiaries which are included within our US RBC Ratio, (ii) exclude our interests in the AOG units and other non-insurance subsidiary holding companies from our capital base and (iii) limit RBC concentration charges such that when they are applied to determine target capital, the charges do not exceed 100% of the asset’s carrying value.
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 Athene’s non-US reinsurance subsidiaries calculated under US statutory accounting principles, including that for policyholder reserve liabilities which are subjected to US cash flow testing requirements, but (i) excluding certain items that do not exist under our applicable Bermuda requirements, such as interest maintenance reserves and (ii) including certain Bermuda statutory accounting differences, such as marking to market of inception date investment gains or losses relating to reinsurance transactions. Bermuda capital may from time to time materially differ from the calculation of statutory capital under US statutory accounting principles primarily due to the foregoing differences.
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 net 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, multi-year guaranteed annuities and registered index-linked 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
Gross 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). Gross 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). Gross invested assets includes the entire investment balance attributable to ACRA as ACRA is 100% consolidated
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Term or Acronym Definition
IMA Investment management agreement
IMO Independent marketing organization
Investment margin on deferred annuities 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
MVA Market value adjustment
MYGA Multi-year guaranteed annuity
Net 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). Net 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). Net invested assets includes our economic ownership of ACRA investments but does not include the investments associated with the noncontrolling interest
Net investment earned rate Income from our net invested assets divided by the average net 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
Net 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. Net 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. Net 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. Net reserve liabilities is net of the reserve liabilities attributable to the ACRA noncontrolling interest
Other liability costs Other liability costs include DAC, DSI and VOBA amortization, change in rider reserves, the cost of liabilities on products other than deferred annuities and institutional products, excise taxes, as well as 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
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
US RBC Ratio The CAL RBC ratio for AADE, our parent US 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, 2020 December 31, 2019
Assets
Investments
Available-for-sale securities, at fair value (amortized cost: 2020 – $69,160 and 2019 – $67,479; allowance for credit losses: 2020 – $140)
 $ 73,988  $ 71,374 
Trading securities, at fair value (consolidated variable interest entities: 2020 – $0 and 2019 – $16)
 2,069  2,070 
Equity securities (portion at fair value: 2020 – $265 and 2019 – $247)
 697  247 
Mortgage loans (allowance for credit losses: 2020 – $313 and 2019 – $11; portion at fair value: 2020 – $19 and 2019 – $27; consolidated variable interest entities: 2020 – $1,879 and 2019 – $0)
 14,591  14,306 
Investment funds (portion at fair value: 2020 – $156 and 2019 – $154; consolidated variable interest entities: 2020 – $0 and 2019 – $19)
 723  750 
Policy loans 387  417 
Funds withheld at interest (portion at fair value: 2020 – $1,259 and 2019 – $801)
 48,593  15,181 
Derivative assets 2,771  2,888 
Short-term investments (portion at fair value: 2020 – $165 and 2019 – $406)
 165  596 
Other investments (allowance for credit losses: 2020 – $8; portion at fair value: 2020 – $109 and 2019 – $93)
 949  158 
Total investments 144,933  107,987 
Cash and cash equivalents (consolidated variable interest entities: 2020 – $0 and 2019 – $3)
 7,548  4,240 
Restricted cash 1,226  402 
Investments in related parties
Available-for-sale securities, at fair value (amortized cost: 2020 – $4,861 and 2019 – $3,783; allowance for credit losses: 2020 – $2)
 4,857  3,804 
Trading securities, at fair value 1,397  785 
Equity securities, at fair value (consolidated variable interest entities: 2020 – $0 and 2019 – $6)
 50  64 
Mortgage loans (allowance for credit losses: 2020 – $15 and 2019 – $0)
 640  653 
Investment funds (portion at fair value: 2020 – $1,850 and 2019 – $819; consolidated variable interest entities: 2020 – $0 and 2019 – $664)
 4,808  3,550 
Funds withheld at interest (portion at fair value: 2020 – $721 and 2019 – $594)
 13,053  13,220 
Other investments (allowance for credit losses: 2020 – $5)
 467  487 
Accrued investment income (related party: 2020 – $38 and 2019 – $27)
 796  807 
Reinsurance recoverable (portion at fair value: 2020 – $2,155 and 2019 – $1,821)
 5,104  4,863 
Deferred acquisition costs, deferred sales inducements and value of business acquired 5,165  5,008 
Other assets (consolidated variable interest entities: 2020 – $1 and 2019 – $20)
 1,044  1,005 
Total assets $ 191,088  $ 146,875 
(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, 2020 December 31, 2019
Liabilities and Equity
Liabilities
Interest sensitive contract liabilities (related party: 2020 – $14,352 and 2019 – $15,285; portion at fair value: 2020 – $13,104 and 2019 – $11,992)
 $ 141,207  $ 102,745 
Future policy benefits (related party: 2020 – $1,527 and 2019 – $1,302; portion at fair value: 2020 – $2,354 and 2019 – $2,301)
 24,823  23,330 
Other policy claims and benefits (related party: 2020 – $2 and 2019 – $13)
 118  138 
Dividends payable to policyholders 110  113 
Short-term debt —  475 
Long-term debt 1,487  992 
Derivative liabilities 147  97 
Payables for collateral on derivatives and securities to repurchase 3,742  3,255 
Funds withheld liability (portion at fair value: 2020 – $50 and 2019 – $31)
 440  408 
Other liabilities (related party: 2020 – $92 and 2019 – $79; consolidated variable interest entities: 2020 – $134 and 2019 – $0)
 1,897  1,181 
Total liabilities 173,971  132,734 
Commitments and Contingencies (Note 12)
Equity
Preferred stock
Series A – par value $1 per share; $863 aggregate liquidation preference; authorized, issued and outstanding: 2020 and 2019 – 0.0 shares
 —  — 
Series B – par value $1 per share; $345 aggregate liquidation preference; authorized, issued and outstanding: 2020 and 2019 – 0.0 shares
 —  — 
Series C – par value $1 per share; $600 aggregate liquidation preference; authorized, issued and outstanding: 2020 – 0.0 shares
 —  — 
Common stock
Class A – par value $0.001 per share; authorized: 2020 and 2019 – 425.0 shares; issued and outstanding: 2020 – 191.5 and 2019 – 143.2 shares
 —  — 
Class B – par value $0.001 per share; convertible to Class A; authorized: 2020 – 0.0 and 2019 – 325.0 shares; issued and outstanding: 2020 – 0.0 and 2019 – 25.4 shares
 —  — 
Class M-1 – par value $0.001 per share; convertible to Class A; authorized: 2020 – 0.0 and 2019 – 7.1 shares; issued and outstanding: 2020 – 0.0 and 2019 – 3.3 shares
 —  — 
Class M-2 – par value $0.001 per share; convertible to Class A; authorized: 2020 – 0.0 and 2019 – 5.0 shares; issued and outstanding: 2020 – 0.0 and 2019 – 0.8 shares
 —  — 
Class M-3 – par value $0.001 per share; convertible to Class A; authorized: 2020 – 0.0 and 2019 – 7.5 shares; issued and outstanding: 2020 – 0.0 and 2019 – 1.0 shares
 —  — 
Class M-4 – par value $0.001 per share; convertible to Class A; authorized: 2020 – 0.0 and 2019 – 7.5 shares; issued and outstanding: 2020 – 0.0 and 2019 – 4.0 shares
 —  — 
Additional paid-in capital 6,045  4,171 
Retained earnings 7,010  6,939 
Accumulated other comprehensive income (related party: 2020 – $(19) and 2019 – $17)
 2,888  2,281 
Total Athene Holding Ltd. shareholders’ equity 15,943  13,391 
Noncontrolling interests 1,174  750 
Total equity 17,117  14,141 
Total liabilities and equity $ 191,088  $ 146,875 
(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) 2020 2019 2020 2019
Revenues
Premiums (related party of $71 and $51 for the three months ended and $234 and $173 for the nine months ended September 30, 2020 and 2019, respectively)
 $ 112  $ 2,688  $ 1,607  $ 5,475 
Product charges (related party of $13 and $14 for the three months ended and $41 and $42 for the nine months ended September 30, 2020 and 2019, respectively)
 144  135  425  392 
Net investment income (related party investment income of $239 and $175 for the three months ended and $515 and $528 for the nine months ended September 30, 2020 and 2019, respectively; consolidated variable interest entities of $18 and $20 for the three months ended and $34 and $57 for the nine months ended September 30, 2020 and 2019, respectively; and related party investment expense of $111 and $127 for the three months ended and $362 and $313 for the nine months ended September 30, 2020 and 2019, respectively)
 1,209  1,090  3,290  3,354 
Investment related gains (losses) (related party of $299 and $273 for the three months ended and $429 and $1,025 for the nine months ended September 30, 2020 and 2019, respectively; and consolidated variable interest entities of $26 and $2 for the three months ended and $20 and $10 for the nine months ended September 30, 2020 and 2019, respectively)
 1,797  665  773  3,754 
Other revenues 13  6  29  27 
Total revenues 3,275  4,584  6,124  13,002 
Benefits and expenses
Interest sensitive contract benefits (related party of $43 and $97 for the three months ended and $143 and $394 for the nine months ended September 30, 2020 and 2019, respectively)
 1,225  801  1,982  3,411 
Amortization of deferred sales inducements 48  20  37  38 
Future policy and other policy benefits (related party of $106 and $70 for the three months ended and $298 and $267 for the nine months ended September 30, 2020 and 2019, respectively)
 439  2,955  2,469  6,395 
Amortization of deferred acquisition costs and value of business acquired 299  323  247  815 
Dividends to policyholders 9  12  29  30 
Policy and other operating expenses (related party of $14 and $10 for the three months ended and $41 and $30 for the nine months ended September 30, 2020 and 2019, respectively)
 231  194  637  544 
Total benefits and expenses 2,251  4,305  5,401  11,233 
Income before income taxes 1,024  279  723  1,769 
Income tax expense (benefit) 140  (14) 124  48 
Net income 884  293  599  1,721 
Less: Net income attributable to noncontrolling interests 232  —  151  — 
Net income attributable to Athene Holding Ltd. shareholders 652  293  448  1,721 
Less: Preferred stock dividends 30  17  67  17 
Net income available to Athene Holding Ltd. common shareholders $ 622  $ 276  $ 381  $ 1,704 
Earnings (loss) per share
Basic – Class A
 $ 3.22  $ 1.50  $ 2.78  $ 8.97 
Basic – Classes B, M-1, M-2, M-3 and M-4
 N/A 1.50  (3.87) 8.97 
Diluted – Class A
 3.16  1.50  2.73  8.95 
Diluted – Class B
 N/A 1.50  (3.87) 8.97 
Diluted – Class M-1
 N/A 1.50  (3.87) 8.97 
Diluted – Class M-2
 N/A 1.50  (3.87) 8.97 
Diluted – Class M-3
 N/A 1.50  (3.87) 8.97 
Diluted – Class M-4
 N/A 1.29  (3.87) 7.77 
N/A – Not applicable. See Notes 9 – Earnings Per Share and 10 – Equity for further information.

See accompanying notes to the unaudited condensed consolidated financial statements

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

Three months ended September 30, Nine months ended September 30,
(In millions) 2020 2019 2020 2019
Net income $ 884  $ 293  $ 599  $ 1,721 
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities, net of offsets 1,043  735  710  3,473 
Unrealized gains (losses) on hedging instruments (178) 124  140  171 
Foreign currency translation and other adjustments 10  (1) 9  (2)
Other comprehensive income, before tax 875  858  859  3,642 
Income tax expense related to other comprehensive income 157  176  165  728 
Other comprehensive income 718  682  694  2,914 
Comprehensive income 1,602  975  1,293  4,635 
Less: Comprehensive income attributable to noncontrolling interests 246  —  232  — 
Comprehensive income attributable to Athene Holding Ltd. shareholders $ 1,356  $ 975  $ 1,061  $ 4,635 

See accompanying notes to the unaudited condensed consolidated financial statements

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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 Athene Holding Ltd. shareholders’ equity Noncontrolling interests Total shareholders’ equity
Balance at June 30, 2020 $ —  $ —  $ 6,090  $ 6,437  $ 2,184  $ 14,711  $ 928  $ 15,639 
Net income —  —  —  652  —  652  232  884 
Other comprehensive income —  —  —  —  704  704  14  718 
Stock-based compensation —  —  3  —  —  3  —  3 
Retirement or repurchase of shares —  —  (48) (49) —  (97) —  (97)
Preferred stock dividends —  —  —  (30) —  (30) —  (30)
Balance at September 30, 2020 $ —  $ —  $ 6,045  $ 7,010  $ 2,888  $ 15,943  $ 1,174  $ 17,117 
Balance at June 30, 2019 $ —  $ —  $ 4,144  $ 6,461  $ 1,760  $ 12,365  $ —  $ 12,365 
Net income —  —  —  293  —  293  —  293 
Other comprehensive income —  —  —  —  682  682  —  682 
Issuance of preferred shares, net of expenses —  —  333  —  —  333  —  333 
Issuance of common shares, net of expenses —  —  2  —  —  2  —  2 
Stock-based compensation —  —  8  —  —  8  —  8 
Retirement or repurchase of shares —  —  (52) (69) —  (121) —  (121)
Preferred stock dividends —  —  —  (17) —  (17) —  (17)
Balance at September 30, 2019 $ —  $ —  $ 4,435  $ 6,668  $ 2,442  $ 13,545  $ —  $ 13,545 

Nine months ended
(In millions) Preferred stock Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income (loss) Total Athene Holding Ltd. shareholders’ equity Noncontrolling interests Total shareholders’ equity
Balance at December 31, 2019 $ —  $ —  $ 4,171  $ 6,939  $ 2,281  $ 13,391  $ 750  $ 14,141 
Adoption of accounting standard —  —  —  (117) (6) (123) (2) (125)
Net income —  —  —  448  —  448  151  599 
Other comprehensive income —  —  —  —  613  613  81  694 
Issuance of preferred shares, net of expenses —  —  583  —  —  583  —  583 
Issuance of common shares, net of expenses —  —  1,509  —  —  1,509  —  1,509 
Stock-based compensation —  —  14  —  —  14  —  14 
Retirement or repurchase of shares —  —  (232) (193) —  (425) —  (425)
Preferred stock dividends —  —  —  (67) —  (67) —  (67)
Contributions from noncontrolling interests —  —  —  —  —  —  240  240 
Distributions to noncontrolling interests —  —  —  —  —  —  (46) (46)
Balance at September 30, 2020 $ —  $ —  $ 6,045  $ 7,010  $ 2,888  $ 15,943  $ 1,174  $ 17,117 
Balance at December 31, 2018 $ —  $ —  $ 3,462  $ 5,286  $ (472) $ 8,276  $ —  $ 8,276 
Net income —  —  —  1,721  —  1,721  —  1,721 
Other comprehensive income —  —  —  —  2,914  2,914  —  2,914 
Issuance of preferred shares, net of expenses —  —  1,172  —  —  1,172  —  1,172 
Issuance of common shares, net of expenses —  —  4  —  —  4  —  4 
Stock-based compensation —  —  23  —  —  23  —  23 
Retirement or repurchase of shares —  —  (226) (322) —  (548) —  (548)
Preferred stock dividends —  —  —  (17) —  (17) —  (17)
Balance at September 30, 2019 $ —  $ —  $ 4,435  $ 6,668  $ 2,442  $ 13,545  $ —  $ 13,545 

See accompanying notes to the unaudited condensed consolidated financial statements
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ATHENE HOLDING LTD.
Condensed Consolidated Statements of Cash Flows (Unaudited)

Nine months ended September 30,
(In millions) 2020 2019
Cash flows from operating activities
Net income $ 599  $ 1,721 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred acquisition costs and value of business acquired 247  815 
Amortization of deferred sales inducements 37  38 
Accretion of net investment premiums, discounts and other (139) (60)
Payment at recapture of reinsurance agreement (723) — 
Net investment income (related party: 2020 – $(72) and 2019 – $(95); consolidated variable interest entities: 2020 – $(24), 2019 – $0)
 (90) (94)
Net recognized (gains) losses on investments and derivatives (related party: 2020 – $15 and 2019 – $(26); consolidated variable interest entities: 2020 – $6 and 2019 – $(10))
 462  (1,682)
Policy acquisition costs deferred (470) (521)
Changes in operating assets and liabilities:
Accrued investment income (related party: 2020 – $(18) and 2019 – $(3))
 (27) (99)
Interest sensitive contract liabilities (related party: 2020 – $135 and 2019 – $338)
 1,691  3,086 
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable (related party: 2020 – $209 and 2019 – $223)
 338  973 
Funds withheld assets and liabilities (related party: 2020 – $(644) and 2019 – $(1,261))
 (856) (2,488)
Other assets and liabilities (144) 296 
Net cash provided by operating activities 925  1,985 
Cash flows from investing activities
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2020 – $238 and 2019 – $101)
 8,850  8,344 
Trading securities (related party: 2020 – $31 and 2019 – $65; consolidated variable interest entities: 2020 – $10 and 2019 – $33)
 133  195 
Equity securities (related party: 2020 – $4 and 2019 – $51; consolidated variable interest entities: 2020 – $0 and 2019 – $51)
 6  120 
Mortgage loans (related party: 2020 – $0 and 2019 – $4)
 1,593  1,513 
Investment funds (related party: 2020 – $408 and 2019 – $196; consolidated variable interest entities: 2020 – $20 and 2019 – $8)
 465  309 
Derivative instruments and other invested assets 1,331  1,008 
Short-term investments (related party: 2020 – $28 and 2019 – $0)
 766  274 
Purchases of:
Available-for-sale securities (related party: 2020 – $(1,526) and 2019 – $(1,065))
 (14,071) (11,413)
Trading securities (related party: 2020 – $(150) and 2019 – $(6))
 (188) (425)
Equity securities (related party: 2020 – $(3) and 2019 – $(243))
 (481) (421)
Mortgage loans (related party: 2020 – $(17) and 2019 – $(366))
 (2,971) (5,013)
Investment funds (related party: 2020 – $(914) and 2019 – $(637); consolidated variable interest entities: 2020 – $0 and 2019 – $(27))
 (970) (765)
Derivative instruments and other invested assets (1,451) (853)
Short-term investments (related party: 2020 – $(28) and 2019 – $0)
 (449) (653)
Deconsolidation of previously consolidated variable interest entities (3) — 
Other investing activities, net 341  521 
Net cash used in investing activities (7,099) (7,259)
(Continued)
See accompanying notes to the unaudited condensed consolidated financial statements
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ATHENE HOLDING LTD.
Condensed Consolidated Statements of Cash Flows (Unaudited)

Nine months ended September 30,
(In millions) 2020 2019
Cash flows from financing activities
Issuance of common stock $ 350  $ — 
Repayment of short-term debt (75) — 
Proceeds from long-term debt 499  — 
Deposits on investment-type policies and contracts (related party: 2020 – $63 and 2019 – $130)
 13,994  8,879 
Withdrawals on investment-type policies and contracts (related party: 2020 – $(292) and 2019 – $(332))
 (5,320) (4,846)
Payments for coinsurance agreements on investment-type contracts, net
 (17) (39)
Capital contributions from noncontrolling interests 240  — 
Capital distributions to noncontrolling interests (46) — 
Net change in cash collateral posted for derivative transactions and securities to repurchase 487  1,354 
Issuance of preferred stock, net of expenses 583  1,172 
Preferred stock dividends (67) (17)
Repurchase of common stock (425) (548)
Other financing activities, net 131  (51)
Net cash provided by financing activities 10,334  5,904 
Effect of exchange rate changes on cash and cash equivalents (28) — 
Net increase in cash and cash equivalents 4,132  630 
Cash and cash equivalents at beginning of year1
4,642  3,405 
Cash and cash equivalents at end of period1
$ 8,774  $ 4,035 
Supplementary information
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2020 – $252 and 2019 – $159)
 $ 29,876  $ 619 
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2020 – $1,063 and 2019 – $1,351)
 3,313  2,764 
Investments received from settlements on reinsurance agreements 53  56 
Investments received from settlements on related party reinsurance agreements —  97 
Investments received from pension risk transfer premiums 829  4,506 
Related party investment funds exchanged for related party investments 516  — 
Reduction in investments and other assets and liabilities relating to recapture of reinsurance agreement 4,298  — 
Related party investments received in exchange for the issuance of Class A common shares 1,147  — 
1 Includes cash and cash equivalents and restricted cash.
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements


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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 the United States (US) and internationally.

We conduct business primarily through the following consolidated subsidiaries:

•Our non-US 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 Life Re International Ltd. (ALReI); 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 have determined we are the primary beneficiary. See Note 4 – Variable Interest Entities for further information on VIEs.

Consolidation and 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 intercompany accounts and transactions have been eliminated. Interim operating results are not necessarily indicative of the results expected for the entire year, particularly in light of the material risks and uncertainties surrounding the spread of the Coronavirus Disease of 2019 (COVID-19), which has resulted in significant volatility in the financial markets.

For entities that are consolidated, but not 100% owned, we allocate a portion of the income or loss and corresponding equity to the owners other than us. We include the aggregate of the income or loss and corresponding equity that is not owned by us in noncontrolling interests in the consolidated financial statements.

The condensed consolidated balance sheet as of December 31, 2019 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, 2019. The preparation of financial statements requires the use of management estimates. Our estimates may vary as more information about the extent to which COVID-19 and the resulting impact on economic conditions and the financial markets become known. Actual results may differ from estimates used in preparing the condensed consolidated financial statements.

Summary of Significant Accounting Policies

The following accounting policies have been updated for the adoption of Accounting Standards Update (ASU) 2016-13 and related ASUs, and apply for reporting periods beginning January 1, 2020.

Investments

Purchased Credit Deteriorated (PCD) Investments – We purchase certain structured securities, primarily residential mortgage backed securities (RMBS), and re-performing mortgage loans having experienced a more-than-insignificant deterioration in credit quality since their origination which upon our assessment have been determined to meet the definition of PCD investments. Additionally, structured securities classified as beneficial interests follow the initial measurement guidance for PCD investments if there is a significant difference between contractual cash flows adjusted for expected prepayments and expected cash flows at the date of recognition. The initial allowance for credit losses for PCD investments is recorded through a gross-up adjustment to the initial amortized cost. For mortgage loans, the initial allowance is determined using the methodology described in the Credit Losses – Assets Held at Amortized Cost and Off-Balance Sheet Credit Exposures section. For structured securities classified as beneficial interests, the initial allowance is calculated as the present value of the difference between contractual cash flows adjusted for expected prepayments and expected cash flows at the date of recognition. The non-credit purchase discount or premium is amortized into investment income using the effective interest method. The credit discount, represented by the allowance for expected credit losses, is remeasured each period following the policies for measuring credit losses described in the Credit Losses – Assets Held at Amortized Cost and Off-Balance Sheet Credit Exposures and Credit Losses – Available-for-Sale Securities sections below.

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

Credit Losses – Assets Held at Amortized Cost and Off-Balance Sheet Credit Exposures – We establish an allowance for expected credit losses at the time of purchase for assets held at amortized cost, which primarily includes our residential and commercial mortgage loan portfolios, but also includes certain other loans and reinsurance assets. The allowance for expected credit losses represents the portion of the asset's amortized cost basis that we do not expect to collect due to credit losses over the asset's contractual life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions or macroeconomic forecasts. We use a quantitative probability of default and loss given default methodology to develop our estimate of expected credit loss. We develop the estimate on a collective basis factoring in the risk characteristics of the assets in the portfolio. If an asset does not share similar risk characteristics with other assets, the asset is individually assessed.

Allowance estimates are highly dependent on expectations of future economic conditions and macroeconomic forecasts, which involve significant judgment and subjectivity. We use quantitative modeling to develop the allowance for expected credit losses. Key inputs into the model include data pertaining to the characteristics of the assets, historical losses and current market conditions. Additionally, the model incorporates management’s expectations around future economic conditions and macroeconomic forecasts over a reasonable and supportable forecast period, after which the model reverts to historical averages. These inputs, the reasonable and supportable forecast period, and reversion to historical average technique are subject to a formal governance and review process by management. Additionally, management considers qualitative adjustments to the model output to the extent that any relevant information regarding the collectability of the asset is available and not already considered in the quantitative model. If we determine that a financial asset has become collateral dependent, which we determine to be when foreclosure is probable, the allowance is measured as the difference between amortized cost and the fair value of the collateral, less any expected costs to sell.

The initial allowance for invested assets held at amortized cost other than for PCD investments, and subsequent changes in the allowance including PCD investments, are recorded through a charge to credit loss expense within investment related gains (losses) on the condensed consolidated statements of income. Credit loss expense for reinsurance assets held at amortized cost is recorded through policy and other operating expenses on the condensed consolidated statements of income.

We limit accrued interest income on loans to 90 days of interest. Once a loan becomes 90 days past due, the loan is put on non-accrual status and any accrued interest is written off. Once a loan is on non-accrual status, we first apply any payments received to the principal of the loan, and once the principal is repaid, we include amounts received in net investment income. We have elected to present accrued interest receivable separately in accrued investment income on the condensed consolidated balance sheets. We have also elected the practical expedient to exclude the accrued interest receivable from the amortized cost balance used to calculate the allowance given our policy to write off such balances in a timely manner. Any write-off of accrued interest is recorded through a reversal of net investment income on the condensed consolidated statements of income.

Upon determining that all or a portion of the amortized cost of an asset is uncollectible, which is generally when all efforts for collection are exhausted, the amortized cost is written off against the existing allowance. Any write off in excess of the existing allowance is recorded through credit loss expense within investment related gains (losses) on the condensed consolidated statements of income.

We also have certain off-balance sheet credit exposures for which we establish a liability for expected future credit losses. These exposures primarily relate to commitments to fund commercial or residential mortgage loans that are not unconditionally cancelable. The methodology for estimating the liability for these credit exposures is consistent with that described above, with the additional consideration pertaining to the probability of funding. At the time the commitment expires or is funded, the liability is reversed and an allowance for expected credit losses is established, as applicable. The liability for off-balance sheet credit exposures is included in other liabilities on the condensed consolidated balance sheets. The establishment of the initial liability and all subsequent changes are recorded through credit loss expense within investment related gains (losses) on the condensed consolidated statements of income.

Credit Losses – Available-for-Sale Securities – We evaluate available-for-sale (AFS) securities with a fair value that has declined below amortized cost to determine how the decline in fair value should be recognized. If we determine, based on the facts and circumstances related to the specific security, that we intend to sell a security or it is more likely than not that we would be required to sell a security before the recovery of its amortized cost, any existing allowance for credit losses is reversed and the amortized cost of the security is written down to fair value. If neither of these conditions exist, we evaluate whether the decline in fair value has resulted from a credit loss or other factors.

For non-structured AFS securities, we qualitatively consider relevant facts and circumstances in evaluating whether a decline below fair value is credit-related. Relevant facts and circumstances include but are not limited to: (1) the extent to which the fair value is less than amortized cost; (2) changes in agency credit ratings, (3) adverse conditions related to the security’s industry or geographical area, (4) failure to make scheduled payments, and (5) other known changes in the financial condition of the issuer or quality of any underlying collateral or credit enhancements. For structured AFS securities meeting the definition of beneficial interests, the qualitative assessment is bypassed, and any securities having experienced a decline in fair value below amortized cost move directly to a quantitative analysis.

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

If upon completion of this analysis it is determined that a potential credit loss exists, an allowance for expected credit losses is established equal to the amount by which the present value of expected cash flows is less than amortized cost, limited by the amount by which fair value is less than amortized cost. A non-structured security’s cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or the disposition of assets using security-specific facts and circumstances including timing, security interests and loss severity. A structured security’s cash flow estimates are based on security-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity, prepayments and structural support, including subordination and guarantees. The expected cash flows are discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete a structured security. For securities with a contractual interest rate that varies based on changes in an independent factor, such as an index or rate, the effective interest rate is calculated based on the factor as it changes over the life of the security. Inherently under the discounted cash flow model, both the timing and amount of cash flows affect the measurement of the allowance for expected credit losses.

The allowance for expected credit losses is remeasured each period for the passage of time, any change in expected cash flows, and changes in the fair value of the security. All impairments, whether intent or requirement to sell or credit-related, are recorded through a charge to credit loss expense within investment related gains (losses) on the condensed consolidated statements of income. All changes in the allowance for expected credit losses are recorded through credit loss expense within investment related gains (losses) on the condensed consolidated statements of income.

We have elected to present accrued interest receivable separately in accrued investment income on the condensed consolidated balance sheets. We have also elected the practical expedient to exclude the accrued interest receivable from the amortized cost balance used to calculate the allowance for expected credit losses, as we have a policy to write off such balances in a timely manner, when they become 90 days past due. Any write-off of accrued interest is recorded through a reversal of net investment income on the condensed consolidated statements of income.

Upon determining that all or a portion of the amortized cost of an asset is uncollectible, which is generally when all efforts for collection are exhausted, the amortized cost is written off against the existing allowance. Any write off in excess of the existing allowance is recorded through credit loss expense within investment related gains (losses) on the condensed consolidated statements of income.

Adopted Accounting Pronouncements

Financial Instruments – Credit Losses (ASU 2019-05, ASU 2019-04, ASU 2018-19 and ASU 2016-13)
This update limits the number of credit impairment models used for different assets and results in accelerated credit loss recognition on assets held at amortized cost, which primarily includes our commercial and residential mortgage loans, but also includes certain other loans and reinsurance assets. The identification of PCD financial assets includes 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 are recognized immediately in the income statement. AFS securities are not in scope of the new credit loss model, but were subject to targeted improvements including the establishment of a valuation allowance for credit losses versus the previous direct write down approach. We adopted this update effective January 1, 2020 with a cumulative-effect adjustment that decreased retained earnings by $117 million net of tax and offsetting impacts to DAC, DSI, VOBA and the SOP 03-1 reserve. The adjustment to retained earnings primarily relates to the establishment of an allowance on our commercial mortgage loan portfolio, which represented 1.59% of the amortized cost of the portfolio, but also includes immaterial impacts relating to other assets in scope, including residential mortgage loans, funds withheld at interest, and reinsurance recoverable.

Additionally, the update requires investments previously considered purchased credit impaired (PCI), which includes certain of our residential mortgage loans and RMBS to become subject to a modified PCD framework at the transition date. Any required allowance at transition for these assets is to be recorded through a gross-up of the amortized cost, rather than a charge to retained earnings. Additionally, under the AFS impairment model, the recording of an allowance is prohibited in instances where fair value exceeds amortized cost as such securities are not considered impaired under the AFS impairment model. Therefore, no allowance was recorded at transition for PCI RMBS that were in an unrealized gain position. The transition increase of amortized cost and corresponding valuation allowance for residential mortgage loans and RMBS was $36 million and $17 million, respectively.

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. We adopted this update effective January 1, 2020. This update did not have a material effect 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 adopted this update effective January 1, 2020. The adoption of this update did not have a material effect 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 adopted this update on a prospective basis effective January 1, 2020. This update did not have a material effect on our consolidated financial statements.
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


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. On October 1, 2018, we early adopted the removal and modification of certain disclosures as permitted. The additional disclosures in the update were adopted effective January 1, 2020. The adoption of this update did not have a material effect 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 is 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 continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. We do not have material goodwill and adopted this update on a prospective basis effective January 1, 2020. The adoption of this update did not have a material effect on our consolidated financial statements.

Recently Issued Accounting Pronouncements

Codification Improvements to Subtopic 310-20, Receivables–Nonrefundable Fees and Other Costs (ASU 2020-08)
The amendments in this update clarify that callable debt securities should be reevaluated each reporting period to determine if the amortized cost exceeds the amount repayable by the issuer at the next earliest call date and, if so, the excess should be amortized to the next call date. We will be required to adopt this update January 1, 2021 and apply it on a prospective basis for existing or newly purchased callable debt securities. Early adoption is not permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

Insurance – Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2019-09, ASU 2018-12)
These updates amend 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 used 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.
•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 our 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.

While we are currently required to adopt these updates on January 1, 2022, the Financial Accounting Standards Board has proposed a deferral to the adoption date, which, if codified, would require adoption on January 1, 2023. 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.

Income Taxes – Simplifying the Accounting for Income Taxes (ASU 2019-12)
The amendments in this update simplify the accounting for income taxes by eliminating certain exceptions to the tax accounting guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities related to foreign investment ownership changes. It also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill and allocating consolidated income taxes to separate financial statements of entities not subject to income tax. We will be required to adopt this update January 1, 2021 and apply certain aspects of the update retrospectively while other aspects will be applied on a modified retrospective basis. Early adoption is permitted. We are currently evaluating the impact of this guidance 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), RMBS and redeemable preferred stock. Our AFS investment portfolio includes related party investments that are primarily comprised of investments over which 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.

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

The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of our AFS investments by asset type:
September 30, 2020
(In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value
AFS securities
US government and agencies $ 71  $ —  $ 2  $ —  $ 73 
US state, municipal and political subdivisions
 765  —  163  (1) 927 
Foreign governments 311  —  29  —  340 
Corporate 46,424  (30) 5,094  (359) 51,129 
CLO 8,621  (1) 68  (318) 8,370 
ABS 4,255  (3) 136  (188) 4,200 
CMBS 2,279  (19) 68  (89) 2,239 
RMBS 6,434  (87) 397  (34) 6,710 
Total AFS securities 69,160  (140) 5,957  (989) 73,988 
AFS securities – related party
Corporate 780  —  4  —  784 
CLO 1,365  (2) 11  (30) 1,344 
ABS
 2,716  —  62  (49) 2,729 
Total AFS securities – related party
 4,861  (2) 77  (79) 4,857 
Total AFS securities including related party
 $ 74,021  $ (142) $ 6,034  $ (1,068) $ 78,845 

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:
December 31, 2019
(In millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI
in AOCI
AFS securities
US government and agencies $ 35  $ 1  $ —  $ 36  $ — 
US state, municipal and political subdivisions
 1,322  220  (1) 1,541  — 
Foreign governments 298  29  —  327  — 
Corporate 44,106  3,332  (210) 47,228  1 
CLO 7,524  21  (196) 7,349  — 
ABS 5,018  124  (24) 5,118  4 
CMBS 2,304  104  (8) 2,400  1 
RMBS 6,872  513  (10) 7,375  19 
Total AFS securities 67,479  4,344  (449) 71,374  25 
AFS securities – related party
Corporate 18  1  —  19  — 
CLO 951  3  (18) 936  — 
ABS
 2,814  37  (2) 2,849  — 
Total AFS securities – related party
 3,783  41  (20) 3,804  — 
Total AFS securities including related party
 $ 71,262  $ 4,385  $ (469) $ 75,178  $ 25 

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

The amortized cost and fair value of AFS securities, including related party, are shown by contractual maturity below:    
September 30, 2020
(In millions) Amortized Cost Fair Value
AFS securities
Due in one year or less $ 876  $ 885 
Due after one year through five years 7,209  7,636 
Due after five years through ten years 11,799  12,771 
Due after ten years 27,687  31,177 
CLO, ABS, CMBS and RMBS 21,589  21,519 
Total AFS securities 69,160  73,988 
AFS securities – related party
Due after one year through five years 34  36 
Due after ten years 746  748 
CLO and ABS 4,081  4,073 
Total AFS securities – related party
 4,861  4,857 
Total AFS securities including related party $ 74,021  $ 78,845 

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.

Unrealized Losses on AFS Securities—The following summarizes the fair value and gross unrealized losses for AFS securities, including related party, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost:
September 30, 2020
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
US government and agencies
 $ 9  $ —  $ —  $ —  $ 9  $ — 
US state, municipal and political subdivisions
 50  —  8  (1) 58  (1)
Foreign governments 4  —  —  —  4  — 
Corporate 5,899  (248) 414  (57) 6,313  (305)
CLO 2,475  (73) 3,118  (232) 5,593  (305)
ABS 1,238  (130) 82  (26) 1,320  (156)
CMBS
 685  (60) 23  (20) 708  (80)
RMBS
 540  (16) 25  (1) 565  (17)
Total AFS securities
 10,900  (527) 3,670  (337) 14,570  (864)
AFS securities – related party
CLO 766  (15) 232  (15) 998  (30)
ABS
 1,534  (49) —  —  1,534  (49)
Total AFS securities – related party
 2,300  (64) 232  (15) 2,532  (79)
Total AFS securities including related party
 $ 13,200  $ (591) $ 3,902  $ (352) $ 17,102  $ (943)

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

The following summarizes the fair value and gross unrealized losses for AFS securities, including related party, aggregated by asset type and length of time the fair value has remained below amortized cost:
December 31, 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
US government and agencies
 $ 3  $ —  $ —  $ —  $ 3  $ — 
US state, municipal and political subdivisions
 78  (1) 10  —  88  (1)
Corporate 2,898  (140) 902  (70) 3,800  (210)
CLO 1,959  (38) 3,241  (158) 5,200  (196)
ABS 642  (6) 255  (18) 897  (24)
CMBS
 220  (4) 41  (4) 261  (8)
RMBS
 445  (6) 163  (4) 608  (10)
Total AFS securities 6,245  (195) 4,612  (254) 10,857  (449)
AFS securities – related party
CLO
 362  (7) 242  (11) 604  (18)
ABS
 357  (2) —  —  357  (2)
Total AFS securities – related party
 719  (9) 242  (11) 961  (20)
Total AFS securities including related party
 $ 6,964  $ (204) $ 4,854  $ (265) $ 11,818  $ (469)

As of September 30, 2020, we held 1,748 AFS securities that were in an unrealized loss position. Of this total, 353 were in an unrealized loss position 12 months or more. As of September 30, 2020, we held 60 related party AFS securities that were in an unrealized loss position. Of this total, nine 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.

Allowance for Credit Losses—The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type:
Three months ended September 30, 2020
Additions Reductions
(In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance
AFS securities
Corporate $ 31  $ 1  $ —  $ (2) $ —  $ 30 
CLO 1  —  —  —  —  1 
ABS 2  —  —  —  1  3 
CMBS
 10  12  —  (1) (2) 19 
RMBS
 129  2  —  (12) (32) 87 
Total AFS securities 173  15  —  (15) (33) 140 
AFS securities – related party
CLO
 2  1  —  (1) —  2 
Total AFS securities – related party
 2  1  —  (1) —  2 
Total AFS securities including related party
 $ 175  $ 16  $ —  $ (16) $ (33) $ 142 
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)

Nine months ended September 30, 2020
Additions Reductions
(In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending Balance
AFS securities
Corporate $ —  $ 32  $ —  $ (2) $ —  $ 30 
CLO —  1  —  —  —  1 
ABS —  5  —  —  (2) 3 
CMBS
 —  21  —  (1) (1) 19 
RMBS
 17  50  61  (14) (27) 87 
Total AFS securities 17  109  61  (17) (30) 140 
AFS securities – related party
CLO
 —  2  —  (1) 1  2 
Total AFS securities – related party
 —  2  —  (1) 1  2 
Total AFS securities including related party
 $ 17  $ 111  $ 61  $ (18) $ (29) $ 142 
    
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) 2020 2019 2020 2019
AFS securities $ 776  $ 760  $ 2,403  $ 2,276 
Trading securities 47  48  137  139 
Equity securities 4  4  10  11 
Mortgage loans 184  173  545  483 
Investment funds 148  96  242  245 
Funds withheld at interest 81  106  165  403 
Other 83  32  158  116 
Investment revenue 1,323  1,219  3,660  3,673 
Investment expenses (114) (129) (370) (319)
Net investment income $ 1,209  $ 1,090  $ 3,290  $ 3,354 

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) 2020 2019 2020 2019
AFS securities
Gross realized gains on investment activity $ 192  $ 47  $ 424  $ 120 
Gross realized losses on investment activity (178) (21) (378) (38)
Net realized investment gains on AFS securities 14  26  46  82 
Net recognized investment gains (losses) on trading securities 24  48  (8) 183 
Net recognized investment gains (losses) on equity securities 12  (4) (8) 15 
Derivative gains 1,648  620  959  3,493 
Provision for credit losses 84  —  (205) — 
Other gains (losses) 15  (25) (11) (19)
Investment related gains (losses) $ 1,797  $ 665  $ 773  $ 3,754 

Proceeds from sales of AFS securities were $3,940 million and $852 million for the three months ended September 30, 2020 and 2019, respectively, and $7,525 million and $4,063 million for the nine months ended September 30, 2020 and 2019, respectively.

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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 we held as of the respective period end:
Three months ended September 30, Nine months ended September 30,
(In millions) 2020 2019 2020 2019
Trading securities $ 19  $ 46  $ 81  $ 215 
Trading securities – related party 1  4  (42) (11)
Equity securities 11  —  (9) 20 
Equity securities – related party —  —  —  (2)

Purchased Financial Assets with Credit Deterioration—The following table summarizes our PCD investment purchases with the following amounts at the time of purchase:
Three months ended September 30, 2020 Nine months ended September 30, 2020
(In millions) Fixed maturity securities Mortgage loans Fixed maturity securities Mortgage loans
Purchase price $ —  $ 142  $ 239  $ 142 
Allowance for credit losses at acquisition —  3  61  3 
Discount (premiums) attributable to other factors —  —  34  — 
Par value $ —  $ 145  $ 334  $ 145 

Repurchase Agreements—The following table summarizes the maturities of our repurchase agreements:
September 30, 2020
Remaining Contractual Maturity
(In millions) Overnight and continuous Less than 30 days 30-90 days 91 days – 1 year Greater than 1 year Total
Payables for repurchase agreements1
$ —  $ 500  $ —  $ —  $ 598  $ 1,098 
1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets.
December 31, 2019
Remaining Contractual Maturity
(In millions) Overnight and continuous Less than 30 days 30-90 days 91 days – 1 year Greater than 1 year Total
Payables for repurchase agreements1
$ —  $ 102  $ 200  $ 210  $ —  $ 512 
1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets.


The following table summarizes the securities pledged as collateral for repurchase agreements:
September 30, 2020 December 31, 2019
(In millions) Amortized Cost Fair Value Amortized Cost Fair Value
AFS securities – Corporate $ 1,085  $ 1,249  $ 498  $ 534 

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, 2020 and December 31, 2019, amounts loaned under reverse repurchase agreements were $0 million and $190 million, respectively, and collateral backing the agreement was $0 million and $630 million, respectively.

Other Investments—Other investments includes, but is not limited to, term loans collateralized by mortgages on residential and commercial real estate. Mortgage collateralized term loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, and net of allowance for credit losses. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. We record amortization of premiums and discounts using the effective interest method and contractual cash flows on the underlying loan. We accrue interest on loans until it is probable we will not receive interest or the loan is 90 day past due. Interest income, amortization of premiums and discounts, and prepayment and other fees are reported in net investment income on the consolidated statements of income.

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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, 2020 December 31, 2019
Commercial mortgage loans $ 11,194  $ 10,422 
Commercial mortgage loans under development 196  93 
Total commercial mortgage loans 11,390  10,515 
Allowance for credit losses on commercial mortgage loans (232) (10)
Commercial mortgage loans, net of allowances 11,158  10,505 
Residential mortgage loans 4,169  4,455 
Allowance for credit losses on residential mortgage loans (96) (1)
Residential mortgage loans, net of allowances 4,073  4,454 
Mortgage loans, net of allowances $ 15,231  $ 14,959 

We primarily invest in commercial mortgage loans on income producing properties including office and retail buildings, apartments, hotels and industrial properties. 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 allowances, by property type and geographic region, is as follows:
September 30, 2020 December 31, 2019
(In millions, except for percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total
Property type
Office building $ 3,526  31.6  % $ 2,899  27.6  %
Retail 2,029  18.2  % 2,182  20.8  %
Apartment 2,335  20.9  % 2,142  20.4  %
Hotels 1,182  10.6  % 1,104  10.5  %
Industrial 1,407  12.6  % 1,448  13.8  %
Other commercial 679  6.1  % 730  6.9  %
Total commercial mortgage loans $ 11,158  100.0  % $ 10,505  100.0  %
US Region
East North Central $ 1,176  10.5  % $ 1,036  9.9  %
East South Central 404  3.6  % 428  4.1  %
Middle Atlantic 3,058  27.4  % 2,580  24.6  %
Mountain 482  4.3  % 528  5.0  %
New England 330  3.0  % 340  3.2  %
Pacific 2,577  23.1  % 2,502  23.8  %
South Atlantic 1,848  16.6  % 1,920  18.3  %
West North Central 147  1.3  % 146  1.4  %
West South Central 642  5.8  % 791  7.5  %
Total US Region 10,664  95.6  % 10,271  97.8  %
International Region 494  4.4  % 234  2.2  %
Total commercial mortgage loans $ 11,158  100.0  % $ 10,505  100.0  %

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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 in various geographic locations and is summarized by proportion of the portfolio in the following table:
September 30, 2020 December 31, 2019
US States
California 25.8  % 27.0  %
Florida 13.2  % 12.7  %
Texas 4.8  % 6.2  %
New York 5.2  % 3.3  %
Other1
36.5  % 38.4  %
Total US residential mortgage loan percentage 85.5  % 87.6  %
International – Ireland 13.9  % 12.4  %
International – Other2
0.6  % —  %
Total residential mortgage loan percentage 100.0  % 100.0  %
1 Represents all other states, with each individual state comprising less than 5% of the portfolio.
2 Represents all other countries, with each individual country comprising less than 5% of the portfolio.
Loan Valuation Allowance—The allowances for our mortgage loan portfolio and other loans is summarized as follows:
Three months ended September 30, 2020 Nine months ended September 30, 2020
(In millions) Commercial Mortgage Residential Mortgage Other Investments Total Commercial Mortgage Residential Mortgage Other Investments Total
Beginning balance $ 294  $ 85  $ 20  $ 399  $ 10  $ 1  $ —  $ 11 
Adoption of accounting standard —  —  —  —  167  43  11  221 
Provision (reversal) for expected credit losses
 (62) 8  (7) (61) 55  50  2  107 
Initial credit losses on PCD loans —  3  —  3  —  3  —  3 
Loans charged-off —  —  —  —  —  (1) —  (1)
Ending balance $ 232  $ 96  $ 13  $ 341  $ 232  $ 96  $ 13  $ 341 

Residential mortgage loans – Our allowance model for residential mortgage loans is based on the characteristics of the loans in our portfolio, historical economic data and loss information, and current and forecasted economic conditions. Key loan characteristics affecting the estimate include, among others: time to maturity, delinquency status, original credit scores and loan-to-value ratios. Key macroeconomic variables include unemployment rates and the housing price index. Management reviews and approves forecasted macroeconomic variables, along with the reasonable and supportable forecast period and mean reversion technique. Management also evaluates assumptions from independent third parties and these assumptions have a high degree of subjectivity. The mean reversion technique varies by macroeconomic variable and may vary by geographic location. As of September 30, 2020, our reasonable and supportable forecast period was one year, after which, we revert to the 30-year or greater historical average over a period of up to one year and then continue at those averages through the contractual life of the loan.

Commercial mortgage loans – Our allowance model for commercial mortgage loans is based on the characteristics of the loans in our portfolio, historical economic data and loss information, and current and forecasted economic conditions. Key loan characteristics affecting the estimate include, among others: time to maturity, delinquency status, loan-to-value ratios, debt service coverage ratios, etc. Key macroeconomic variables include unemployment rates, rent growth, capitalization rates, and the housing price index. Management reviews and approves forecasted macroeconomic variables, along with the reasonable and supportable forecast period and mean reversion technique. Management also evaluates assumptions from independent third parties and these assumptions have a high degree of subjectivity. The mean reversion technique varies by macroeconomic variable and may vary by geographic location. As of September 30, 2020, our reasonable and supportable forecast period ranged from one year to two years, after which, we revert to the 30-year or greater historical average over a period of up to eight years.

Other investments – The allowance model for the loans included in other investments and related party other investments derives an estimate based on historical loss data available for similarly rated unsecured corporate debt obligations, while also incorporating management’s expectations around prepayment. See Note 11 – Related Parties for further information on the related party loans.

Credit Quality Indicators

Residential mortgage loans – The underwriting process for our residential mortgage loans includes an evaluation of relevant credit information including past loan performance, credit scores, loan-to-value and other relevant information. Subsequent to purchase or origination, we closely monitor economic conditions and loan performance to manage and evaluate our exposure to credit risk in our residential mortgage loan portfolio. The primary credit quality indicator monitored for residential mortgage loans is loan performance. Nonperforming residential mortgage loans are 90 days or more past due and/or are in non-accrual status.

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

The following represents our residential loan portfolio by origination year and performance status:
September 30, 2020
(In millions) 2020 2019 2018 2017 2016 Prior Total
Current (less than 30 days past due) $ 384  $ 1,016  $ 1,852  $ 507  $ 144  $ 7  $ 3,910 
30 to 59 days past due 23  20  35  39  8  —  125 
60 to 89 days past due 6  11  21  9  6  —  53 
Over 90 days past due 1  12  21  32  13  2  81 
Total residential mortgages $ 414  $ 1,059  $ 1,929  $ 587  $ 171  $ 9  $ 4,169 

As of December 31, 2019, $67 million of our residential mortgage loans were nonperforming.

The following represents our residential loan portfolio in non-accrual status:
(In millions) September 30, 2020
Beginning amortized cost of residential mortgage loans in non-accrual status $ 67 
Ending amortized cost of residential mortgage loans in non-accrual status 81 
Amortized cost of residential mortgage loans in non-accrual status without a related allowance for credit losses 8 

During the three months and nine months ended September 30, 2020, we recognized $2 million and $3 million, respectively, of interest income on residential mortgage loans in non-accrual status.

Commercial mortgage loans – The following represents our commercial mortgage loan portfolio by origination year and loan performance status:
September 30, 2020
(In millions) 2020 2019 2018 2017 2016 Prior Total
Current (less than 30 days past due) $ 1,398  $ 4,399  $ 2,750  $ 1,047  $ 131  $ 1,546  $ 11,271 
30 to 59 days past due 98  —  —  —  —  —  98 
60 to 89 days past due —  —  —  —  —  21  21 
Total commercial mortgages $ 1,496  $ 4,399  $ 2,750  $ 1,047  $ 131  $ 1,567  $ 11,390 

As of December 31, 2019, none of our commercial loans were 30 days or more past due.

The following represents our commercial mortgage loan portfolio in non-accrual status:
(In millions) September 30, 2020
Beginning amortized cost of commercial mortgage loans in non-accrual status $ — 
Ending amortized cost of commercial mortgage loans in non-accrual status 39 
Amortized cost of commercial mortgage loans in non-accrual status without a related allowance for credit losses — 

During the three months and nine months ended September 30, 2020, no interest income was recognized on commercial mortgage loans in non-accrual status.

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.

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

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 value of the underlying collateral. Loan-to-value information is updated annually as part of the re-underwriting process supporting the NAIC risk based capital rating criteria. The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, by origination year:    
September 30, 2020
(In millions) 2020 2019 2018 2017 2016 Prior Total
Less than 50% $ 282  $ 611  $ 207  $ 200  $ 45  $ 1,250  $ 2,595 
50% to 60% 249  1,215  733  277  40  162  2,676 
61% to 70% 539  1,978  1,430  475  46  71  4,539 
71% to 80% 331  574  287  95  —  45  1,332 
81% to 100% 13  —  —  —  —  —  13 
Greater than 100% —  —  —  —  —  39  39 
Commercial mortgage loans $ 1,414  $ 4,378  $ 2,657  $ 1,047  $ 131  $ 1,567  $ 11,194 

The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances:    
(In millions) December 31, 2019
Less than 50% $ 2,640 
50% to 60% 2,486 
61% to 70% 4,093 
71% to 80% 1,162 
81% to 100% 31 
Commercial mortgage loans $ 10,412 

The debt service coverage ratio 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. Debt service coverage ratios are updated as more recent financial statements become available, at least annually or as frequently as quarterly in some cases. The following represents the debt service coverage ratio of the commercial mortgage loan portfolio, excluding those under development, by origination year:    
September 30, 2020
(In millions) 2020 2019 2018 2017 2016 Prior Total
Greater than 1.20x $ 1,039  $ 3,413  $ 2,657  $ 993  $ 130  $ 1,494  $ 9,726 
1.00x – 1.20x 375  965  —  31  1  66  1,438 
Less than 1.00x —  —  —  23  —  7  30 
Commercial mortgage loans $ 1,414  $ 4,378  $ 2,657  $ 1,047  $ 131  $ 1,567  $ 11,194 

The following represents the debt service coverage ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances:    
(In millions) December 31, 2019
Greater than 1.20x $ 9,212 
1.00x – 1.20x 1,166 
Less than 1.00x 34 
Commercial mortgage loans $ 10,412 

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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, 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:
September 30, 2020 December 31, 2019
(In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total
Investment funds
Real estate $ 290  40.2  % $ 277  36.9  %
Credit funds 110  15.2  % 153  20.4  %
Private equity 257  35.5  % 236  31.5  %
Real assets 66  9.1  % 83  11.1  %
Natural resources —  —  % 1  0.1  %
Total investment funds 723  100.0  % 750  100.0  %
Investment funds – related parties
Differentiated investments
MidCap FinCo Designated Activity Company (MidCap)1
—  —  % 547  15.4  %
AmeriHome Mortgage Company, LLC (AmeriHome)2
666  13.9  % 487  13.7  %
Catalina Holdings Ltd. (Catalina) 317  6.6  % 271  7.6  %
Athora Holding Ltd. (Athora)1
572  11.9  % 132  3.7  %
Venerable Holdings, Inc. (Venerable)1
108  2.2  % 99  2.8  %
Other 272  5.7  % 222  6.3  %
Total differentiated investments 1,935  40.3  % 1,758  49.5  %
Real estate 686  14.3  % 853  24.0  %
Credit funds 373  7.7  % 370  10.4  %
Private equity 257  5.3  % 105  3.0  %
Real assets 196  4.1  % 182  5.1  %
Natural resources 101  2.1  % 163  4.6  %
Public equities 62  1.3  % 119  3.4  %
Investment in Apollo1
1,198  24.9  % —  —  %
Total investment funds – related parties 4,808  100.0  % 3,550  100.0  %
Total investment funds including related party
 $ 5,531  $ 4,300 
1 See further discussion on MidCap, Athora, Venerable and our investment in Apollo in Note 11 – Related Parties.
2 Our AmeriHome investment is held indirectly through A-A Mortgage Opportunities, L.P. (A-A Mortgage). See further discussion on A-A Mortgage and AmeriHome in Note 11 – Related Parties.

Summarized Ownership of A-A Mortgage—The following is the summarized income statement information of our equity method investee, A-A Mortgage:

Nine months ended September 30,
(In millions) 2020 2019
Net income $ 334  $ 88 

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.

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

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

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, 2020 December 31, 2019
(In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure
Investment funds $ 723  $ 1,183  $ 750  $ 1,265 
Investment in related parties – investment funds 4,808  7,256  3,550  5,955 
Investment in fixed maturity securities 21,930  22,000  22,694  22,170 
Investment in related parties – fixed maturity securities 6,218  6,586  4,570  4,878 
Investment in related parties – equity securities 50  50  58  58 
Total non-consolidated investments $ 33,729  $ 37,075  $ 31,622  $ 34,326 


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 5 – 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, 2020 December 31, 2019
Notional Amount Fair Value Notional Amount Fair Value
(In millions) Assets Liabilities Assets Liabilities
Derivatives designated as hedges
Foreign currency swaps 3,268  $ 243  $ 45  3,158  $ 113  $ 56 
Foreign currency forwards 1,736  15  1  717  1  9 
Foreign currency forwards on net investments 136  —  1  139  —  2 
Total derivatives designated as hedges 258  47  114  67 
Derivatives not designated as hedges
Equity options 53,997  2,401  26  49,549  2,746  5 
Futures 16  48  4  8  10  1 
Total return swaps 72  1  —  106  6  — 
Foreign currency swaps 1,510  25  8  35  2  1 
Interest rate swaps 911  11  41  776  3  4 
Credit default swaps 10  —  5  10  —  3 
Foreign currency forwards 2,963  27  16  1,924  7  16 
Embedded derivatives
Funds withheld including related party 1,980  50  1,395  31 
Interest sensitive contract liabilities —  11,741  —  10,942 
Total derivatives not designated as hedges 4,493  11,891  4,169  11,003 
Total derivatives $ 4,751  $ 11,938  $ 4,283  $ 11,070 

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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 US 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 December 2050. During the three months ended September 30, 2020 and 2019, we had foreign currency swap losses of $178 million and gains of $124 million, respectively, recorded in AOCI. During the nine months ended September 30, 2020 and 2019, we had foreign currency swap gains of $140 million and $171 million, respectively, recorded in AOCI. There were no amounts reclassified to income and no amounts deemed ineffective during the nine months ended September 30, 2020 and 2019. As of September 30, 2020, 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 are designated and accounted for as fair value hedges. As of September 30, 2020 and December 31, 2019, the carrying amount of the hedged AFS securities was $1,739 million and $456 million, respectively, and the cumulative amount of fair value hedging adjustments included in the hedged AFS securities included gains of $60 million and $1 million, respectively.

The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships, which are included in investment related gains (losses) on the condensed consolidated statements of income:
Three months ended September 30, Nine months ended September 30,
(In millions) 2020 2019 2020 2019
Derivatives $ (52) $ 13  $ (60) $ 13 
Related AFS securities 50  (11) 59  (12)
Total gains (losses) on derivatives and related hedged items $ (2) $ 2  $ (1) $ 1 

Foreign currency forwards on net investments – We have foreign currency forwards designated as net investment hedges. These forwards hedge the foreign currency exchange rate risk of our investments in subsidiaries that have a reporting currency other than the US dollar. We assess hedge effectiveness based on the changes in forward rates. During the three months and nine months ended September 30, 2020, these derivatives had gains of $3 million and $5 million, respectively, which are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income. As of September 30, 2020 and December 31, 2019, the cumulative foreign currency translation recorded in AOCI related to these net investment hedges were gains of $3 million and losses of $2 million, respectively. During the three and nine months ended September 30, 2020, there were no amounts deemed ineffective.
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.

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.

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

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.

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) 2020 2019 2020 2019
Equity options $ 606  $ 77  $ (303) $ 1,365 
Futures 50  (3) 63  (17)
Swaps 29  8  9  37 
Foreign currency forwards (114) 42  (70) 47 
Embedded derivatives on funds withheld 1,077  496  1,260  2,061 
Amounts recognized in investment related gains (losses) 1,648  620  959  3,493 
Embedded derivatives in indexed annuity products1
(553) (265) (910) (1,920)
Total gains (losses) on derivatives not designated as hedges $ 1,095  $ 355  $ 49  $ 1,573 
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, 2020
Derivative assets $ 2,771  $ (61) $ (2,564) $ 146  $ (41) $ 105 
Derivative liabilities (147) 61  77  (9) —  (9)
December 31, 2019
Derivative assets $ 2,888  $ (67) $ (2,743) $ 78  $ (145) $ (67)
Derivative liabilities (97) 67  31  1  —  1 
1
  The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of September 30, 2020 and December 31, 2019, 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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Notes to Condensed Consolidated Financial Statements (Unaudited)

4. Variable Interest Entities

VIE Deconsolidation—During the first quarter 2020, as a result of the Apollo Global Management, Inc. (AGM and, together with its subsidiaries, Apollo) share transaction discussed further in Note 11 – Related Parties, we reassessed the consolidation conclusions for the following VIEs, which are managed by Apollo affiliates:

•AAA Investments (Co-Invest VI), L.P. (CoInvest VI);
•AAA Investments (Co-Invest VII), L.P. (CoInvest VII);
•AAA Investments (Other), L.P. (CoInvest Other);
•Entities included under our agreement to purchase funds managed by Apollo entities (Strategic Partnership).

Following the share transaction, we determined that we are no longer the primary beneficiary of these entities, as a result of Apollo receiving significant economics of these entities through their increased economic ownership in us. We did not recognize a gain or loss upon deconsolidation, as the deconsolidated VIEs accounted for their assets and liabilities at fair value. The investments remaining from the deconsolidated VIEs are included at net asset value (NAV) in related party investment funds on the condensed consolidated balance sheets after March 31, 2020.

Commercial Mortgage Loan Securitization Trust—During the second quarter of 2020, we formed Hamlet Securitization Trust 2020-CRE1 (Hamlet) to securitize a portion of our commercial mortgage loan portfolio as CMBS securities, which are held by AHL subsidiaries and third-party cedant portfolios. Securitization of these commercial mortgage loans allows us to retain the full economics of these assets while being able to pledge these assets as collateral to the Federal Home Loan Bank (FHLB) under the funding agreement program. As substantially all of the activities and economics of Hamlet are conducted on our behalf, we are the primary beneficiary and consolidate Hamlet and the assets are included in mortgage loans on the condensed consolidated balance sheets. Additionally, as Hamlet is in the form of a trust, the commercial mortgage loan assets are included in the pledged assets and funds in trust table in Note 12 – Commitments and Contingencies.

ALR Aircraft Investment Ireland Limited (ALR)—ALR was formed to invest in a joint venture that provides airplane lease financing to a major commercial airline. We were the only investor in the profit participating notes and, as substantially all of the activities of ALR were conducted on our behalf, we were the primary beneficiary and consolidated ALR. During the second quarter of 2020, we received final payment on the profit participating notes and no longer consolidate ALR.


5. 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, 2020
(In millions) Total NAV Level 1 Level 2 Level 3
Assets
AFS securities
US government and agencies $ 73  $ —  $ 73  $ —  $ — 
US state, municipal and political subdivisions
 927  —  —  893  34 
Foreign governments 340  —  —  339  1 
Corporate 51,129  —  —  50,229  900 
CLO 8,370  —  —  8,179  191 
ABS 4,200  —  —  3,221  979 
CMBS 2,239  —  —  2,169  70 
RMBS 6,710  —  —  6,710  — 
Total AFS securities 73,988  —  73  71,740  2,175 
Trading securities
US government and agencies 11  —  8  3  — 
US state, municipal and political subdivisions
 115  —  —  115  — 
Corporate 1,532  —  —  1,526  6 
CLO 3  —  —  —  3 
ABS 119  —  —  84  35 
CMBS 52  —  —  52  — 
RMBS 237  —  —  178  59 
Total trading securities 2,069  —  8  1,958  103 
Equity securities 265  —  29  220  16 
Mortgage loans 19  —  —  —  19 
Investment funds 156  139  —  —  17 
Funds withheld at interest – embedded derivative 1,259  —  —  —  1,259 
Derivative assets 2,771  —  48  2,723  — 
Short-term investments 165  —  45  110  10 
Other investments 109  —  —  109  — 
Cash and cash equivalents 7,548  —  7,548  —  — 
Restricted cash 1,226  —  1,226  —  — 
Investments in related parties
AFS securities
Corporate 784  —  —  20  764 
CLO 1,344  —  —  1,333  11 
ABS 2,729  —  —  666  2,063 
Total AFS securities – related party 4,857  —  —  2,019  2,838 
Trading securities
CLO 52  —  —  24  28 
ABS 1,345  —  —  —  1,345 
Total trading securities – related party 1,397  —  —  24  1,373 
Equity securities 50  —  —  —  50 
Investment funds 1,850  80  —  —  1,770 
Funds withheld at interest – embedded derivative 721  —  —  —  721 
Reinsurance recoverable 2,155  —  —  —  2,155 
Total assets measured at fair value $ 100,605  $ 219  $ 8,977  $ 78,903  $ 12,506 
(Continued)
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Notes to Condensed Consolidated Financial Statements (Unaudited)

September 30, 2020
(In millions) Total NAV Level 1 Level 2 Level 3
Liabilities
Interest sensitive contract liabilities
Embedded derivative $ 11,741  $ —  $ —  $ —  $ 11,741 
Universal life benefits 1,363  —  —  —  1,363 
Future policy benefits
AmerUs Life Insurance Company (AmerUs) Closed Block 1,577  —  —  —  1,577 
Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits
 777  —  —  —  777 
Derivative liabilities 147  —  5  137  5 
Funds withheld liability – embedded derivative 50  —  —  50  — 
Total liabilities measured at fair value $ 15,655  $ —  $ 5  $ 187  $ 15,463 
(Concluded)
December 31, 2019
(In millions) Total NAV Level 1 Level 2 Level 3
Assets
AFS securities
US government and agencies $ 36  $ —  $ 36  $ —  $ — 
US state, municipal and political subdivisions
 1,541  —  —  1,501  40 
Foreign governments 327  —  —  327  — 
Corporate 47,228  —  —  46,503  725 
CLO 7,349  —  —  7,228  121 
ABS 5,118  —  —  3,744  1,374 
CMBS 2,400  —  —  2,354  46 
RMBS 7,375  —  —  7,375  — 
Total AFS securities 71,374  —  36  69,032  2,306 
Trading securities
US government and agencies 11  —  8  3  — 
US state, municipal and political subdivisions
 135  —  —  135  — 
Corporate 1,456  —  —  1,456  — 
CLO 6  —  —  —  6 
ABS 108  —  —  92  16 
CMBS 51  —  —  51  — 
RMBS 303  —  —  251  52 
Total trading securities 2,070  —  8  1,988  74 
Equity securities 247  —  43  201  3 
Mortgage loans 27  —  —  —  27 
Investment funds 154  132  —  —  22 
Funds withheld at interest – embedded derivative 801  —  —  —  801 
Derivative assets 2,888  —  10  2,878  — 
Short-term investments 406  —  46  319  41 
Other investments 93  —  —  93  — 
Cash and cash equivalents 4,240  —  4,240  —  — 
Restricted cash 402  —  402  —  — 
(Continued)
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)

December 31, 2019
(In millions) Total NAV Level 1 Level 2 Level 3
Investments in related parties
AFS securities
Corporate 19  —  —  19  — 
CLO 936  —  —  936  — 
ABS 2,849  —  —  525  2,324 
Total AFS securities – related party 3,804  —  —  1,480  2,324 
Trading securities
CLO 74  —  —  36  38 
ABS 711  —  —  —  711 
Total trading securities – related party 785  —  —  36  749 
Equity securities 64  —  —  —  64 
Investment funds 819  687  —  —  132 
Funds withheld at interest – embedded derivative 594  —  —  —  594 
Reinsurance recoverable 1,821  —  —  —  1,821 
Total assets measured at fair value $ 90,589  $ 819  $ 4,785  $ 76,027  $ 8,958 
Liabilities
Interest sensitive contract liabilities
Embedded derivative $ 10,942  $ —  $ —  $ —  $ 10,942 
Universal life benefits 1,050  —  —  —  1,050 
Future policy benefits
AmerUs Closed Block
 1,546  —  —  —  1,546 
ILICO Closed Block and life benefits
 755  —  —  —  755 
Derivative liabilities 97  —  1  93  3 
Funds withheld liability – embedded derivative 31  —  —  31  — 
Total liabilities measured at fair value $ 14,421  $ —  $ 1  $ 124  $ 14,296 
(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 US and non-US corporate bonds, US 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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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:
Three months ended September 30, Nine months ended September 30,
(In millions) 2020 2019 2020 2019
Trading securities $ 24  $ 48  $ (8) $ 183 
Mortgage loans —  —  —  1 
Investment funds (57) 3  109  3 
Future policy benefits (4) (37) (31) (129)
Total gains (losses) $ (37) $ 14  $ 70  $ 58 

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, 2020 December 31, 2019
Unpaid principal balance $ 17  $ 25 
Mark to fair value 2  2 
Fair value $ 19  $ 27 

There were no fair value option mortgage loans 90 days or more past due as of September 30, 2020 and December 31, 2019.

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

Level 3 Financial Instruments—The following tables are reconciliations for all Level 3 assets and liabilities measured at fair value on a recurring basis. All transfers in and out of Level 3 are based on changes in the availability of pricing sources, as described in the valuation methods above.
Three months ended September 30, 2020
Total realized and unrealized gains (losses)
(In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets
AFS securities
US state, municipal and political subdivisions
 $ 40  $ —  $ (1) $ (5) $ —  $ 34  $ —  $ (1)
Foreign governments
 —  —  —  1  —  1  —  — 
Corporate
 874  (26) 62  39  (49) 900  —  75 
CLO
 160  —  2  (7) 36  191  —  2 
ABS
 868  (4) 12  (44) 147  979  —  13 
CMBS
 49  —  5  —  16  70  —  5 
RMBS
 16  —  2  (2) (16) —  —  — 
Trading securities
Corporate
 6  —  —  —  —  6  —  — 
CLO
 3  —  —  —  —  3  —  — 
ABS
 —  —  —  35  —  35  —  — 
RMBS
 55  (3) —  —  7  59  —  — 
Equity securities 6  —  —  10  —  16  2  — 
Mortgage loans 25  —  —  (6) —  19  —  — 
Investment funds
 17  —  —  —  —  17  —  — 
Funds withheld at interest – embedded derivative
 763  496  —  —  —  1,259  —  — 
Short-term investments
 114  —  —  (16) (88) 10  —  — 
Investments in related parties
AFS securities
Corporate —  1  2  761  —  764  —  2 
CLO —  —  —  11  —  11  —  — 
ABS 2,061  8  25  (31) —  2,063  —  25 
Trading securities
CLO
 45  3  —  —  (20) 28  3  — 
ABS
 824  14  —  507  —  1,345  13  — 
Equity securities
 52  —  —  (2) —  50  1  — 
Investment funds
 1,810  (56) —  16  —  1,770  —  — 
Funds withheld at interest – embedded derivative
 560  161  —  —  —  721  —  — 
Reinsurance recoverable
 2,099  56  —  —  —  2,155  —  — 
Total Level 3 assets
 $ 10,447  $ 650  $ 109  $ 1,267  $ 33  $ 12,506  $ 19  $ 121 
Liabilities
Interest sensitive contract liabilities
Embedded derivative
 $ (11,140) $ (553) $ —  $ (48) $ —  $ (11,741) $ —  $ — 
Universal life benefits
 (1,323) (40) —  —  —  (1,363) —  — 
Future policy benefits
AmerUs Closed Block
 (1,573) (4) —  —  —  (1,577) —  — 
ILICO Closed Block and life benefits
 (761) (16) —  —  —  (777) —  — 
Derivative liabilities
 (5) —  —  —  —  (5) —  — 
Total Level 3 liabilities $ (14,802) $ (613) $ —  $ (48) $ —  $ (15,463) $ —  $ — 
1 Related to instruments held at end of period.
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Notes to Condensed Consolidated Financial Statements (Unaudited)

Three months ended September 30, 2019
Total realized and unrealized gains (losses)
(In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance
Total gains (losses) included in earnings1
Assets
AFS securities
US state, municipal and political subdivisions
 $ 40  $ —  $ —  $ —  $ —  $ 40  $ — 
Corporate 821  (3) 10  189  (70) 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 95  (5) —  (7) (23) 60  — 
ABS
 218  4  —  2  —  224  5 
Equity securities
 350  6  —  31  —  387  — 
Investment funds
 141  (1) —  —  —  140  1 
Funds withheld at interest – embedded derivative
 501  154  —  —  —  655  — 
Reinsurance recoverable
 1,834  120  —  —  —  1,954  — 
Total Level 3 assets
 $ 7,112  $ 369  $ 34  $ 1,236  $ (339) $ 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.

39
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)

Nine months ended September 30, 2020
Total realized and unrealized gains (losses)
(In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance
Total gains (losses) included in income1
Total gains (losses) included in OCI1
Assets
AFS securities
US state, municipal and political subdivisions
 $ 40  $ —  $ —  $ (6) $ —  $ 34  $ —  $ — 
Foreign governments
 —  —  —  1  —  1  —  — 
Corporate
 725  1  (1) 118  57  900  —  (1)
CLO
 121  —  —  56  14  191  —  — 
ABS
 1,374  19  (71) (301) (42) 979  —  (69)
CMBS
 46  (5) (5) (5) 39  70  —  (5)
Trading securities
Corporate
 —  —  —  —  6  6  —  — 
CLO
 6  (3) —  —  —  3  (1) — 
ABS
 16  —  —  19  —  35  —  — 
RMBS
 52  (4) —  —  11  59  5  — 
Equity securities 3  3  —  10  —  16  3  — 
Mortgage loans 27  —  —  (8) —  19  —  — 
Investment funds
 22  (5) —  —  —  17  (4) — 
Funds withheld at interest – embedded derivative
 801  458  —  —  —  1,259  —  — 
Short-term investments
 41  —  —  (31) —  10  —  — 
Investments in related parties
AFS securities
Corporate —  1  2  761  —  764  —  2 
CLO
 —  —  —  11  —  11  —  — 
ABS 2,324  9  (20) (85) (165) 2,063  —  (20)
Trading securities
CLO
 38  (11) —  1  —  28  (11) — 
ABS
 711  (13) —  647  —  1,345  (14) — 
Equity securities
 64  (5) —  (3) (6) 50  (5) — 
Investment funds
 132  113  —  1,525  —  1,770  113  — 
Funds withheld at interest – embedded derivative
 594  127  —  —  —  721  —  — 
Reinsurance recoverable
 1,821  334  —  —  —  2,155  —  — 
Total Level 3 assets
 $ 8,958  $ 1,019  $ (95) $ 2,710  $ (86) $ 12,506  $ 86  $ (93)
Liabilities
Interest sensitive contract liabilities
Embedded derivative
 $ (10,942) $ (910) $ —  $ 111  $ —  $ (11,741) $ —  $ — 
Universal life benefits
 (1,050) (313) —  —  —  (1,363) —  — 
Future policy benefits
AmerUs Closed Block
 (1,546) (31) —  —  —  (1,577) —  — 
ILICO Closed Block and life benefits
 (755) (22) —  —  —  (777) —  — 
Derivative liabilities (3) (2) —  —  —  (5) (2) — 
Total Level 3 liabilities
 $ (14,296) $ (1,278) $ —  $ 111  $ —  $ (15,463) $ (2) $ — 
1 Related to instruments held at end of period.
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)

Nine months ended September 30, 2019
Total realized and unrealized gains (losses)
(In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance
Total gains (losses) included in earnings1
Assets
AFS securities
US state, municipal and political subdivisions
 $ —  $ —  $ —  $ 40  $ —  $ 40  $ — 
Corporate 898  (2) 20  164  (133) 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  (45) 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 113  (7) —  (54) 8  60  2 
ABS 149  (13) —  (15) 103  224  (13)
Equity securities 133  15  —  239  —  387  (2)
Investment funds 120  1  —  19  —  140  3 
Funds withheld at interest – embedded derivative
(110) 765  —  —  —  655  — 
Reinsurance recoverable
 1,676  278  —  —  —  1,954  — 
Total Level 3 assets
 $ 5,528  $ 1,776  $ 98  $ 1,636  $ (626) $ 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.
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)

The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:
Three months ended September 30, 2020
(In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out)
Assets
AFS securities
US state, municipal and political subdivisions
 $ —  $ —  $ (5) $ —  $ (5) $ —  $ —  $ — 
Foreign governments
 1  —  —  —  1  —  —  — 
Corporate 58  —  —  (19) 39  157  (206) (49)
CLO
 12  —  (18) (1) (7) 36  —  36 
ABS
 47  —  (43) (48) (44) 218  (71) 147 
CMBS
 —  —  —  —  —  39  (23) 16 
RMBS
 —  —  (1) (1) (2) —  (16) (16)
Trading securities
ABS
 35  —  —  —  35  —  —  — 
RMBS
 —  —  —  —  —  8  (1) 7 
Equity securities 10  —  —  —  10  —  —  — 
Mortgage loans —  —  —  (6) (6) —  —  — 
Short-term investments
 1  —  (7) (10) (16) —  (88) (88)
Investments in related parties
AFS securities
Corporate 761  —  —  —  761  —  —  — 
CLO
 11  —  —  —  11  —  —  — 
ABS 2  —  (10) (23) (31) —  —  — 
Trading securities
CLO —  —  —  —  —  4  (24) (20)
ABS 517  —  (10) —  507  —  —  — 
Equity securities
 2  —  (1) (3) (2) —  —  — 
Investment funds
 16  —  —  —  16  —  —  — 
Total Level 3 assets
 $ 1,473  $ —  $ (95) $ (111) $ 1,267  $ 462  $ (429) $ 33 
Liabilities
Interest sensitive contract liabilities – embedded derivative
 $ —  $ (202) $ —  $ 154  $ (48) $ —  $ —  $ — 
Total Level 3 liabilities
 $ —  $ (202) $ —  $ 154  $ (48) $ —  $ —  $ — 
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)

Three months ended September 30, 2019
(In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out)
Assets
AFS securities
Corporate $ 199  $ —  $ —  $ (10) $ 189  $ 1  $ (71) $ (70)
CLO
 37  —  —  (3) 34  —  (104) (104)
ABS
 64  —  (21) (27) 16  —  (137) (137)
CMBS
 251  —  (4) (52) 195  —  (73) (73)
Trading securities
Corporate —  —  —  —  —  —  (6) (6)
ABS
 —  —  —  (1) (1) 78  —  78 
RMBS
 15  —  —  —  15  35  —  35 
Equity securities —  —  —  —  —  —  (2) (2)
Mortgage loans —  —  —  (4) (4) —  —  — 
Investment funds
 —  —  (2) —  (2) —  —  — 
Short-term investments
 200  —  —  (19) 181  —  —  — 
Investments in related parties
AFS securities
CLO —  —  —  —  —  —  (37) (37)
ABS 587  —  —  —  587  —  —  — 
Trading securities
CLO —  —  (7) —  (7) —  (23) (23)
ABS 2  —  —  —  2  —  —  — 
Equity securities
 31  —