Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 8, 2021

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, 2021
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-37963
ahl-20210930_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)
Second Floor, Washington House
16 Church Street
Hamilton, HM 11, 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
Depositary Shares, each representing a 1/1,000th interest in a
4.875% Fixed-Rate Perpetual Non-Cumulative Preference Share, Series D ATHPrD 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 29, 2021, 192,141,537 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, 2020 (2020 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 delay or failure to complete or realize the expected benefits from the proposed merger with AGM;
•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 laws or regulations affecting, among other things, group supervision and/or group capital requirements, entity-level regulatory capital standards, 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;
•increases in our tax liability resulting from the Base Erosion and Anti-Abuse Tax (BEAT);
•AHL or any of its non-United States (US) subsidiaries becoming subject to US federal income taxation;
•adverse changes in US tax law;
•changes in our ability to pay dividends or make distributions;
•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
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•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 2020 Annual Report and those discussed elsewhere in this report and in our 2020 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.
AADE Athene Annuity & Life Assurance Company
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) AGM, (2) AAA Guarantor – Athene, L.P. (3) any investment fund or other collective investment vehicle whose general partner or managing member is owned, directly or indirectly, by AGM or one or more of AGM’s subsidiaries, (4) BRH Holdings GP, Ltd. and its shareholders, (5) any executive officer or employee of AGM or AGM’s 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)
AUSA Athene USA Corporation
Athora Athora Holding Ltd.
BMA Bermuda Monetary Authority
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 ALRe’s Bermuda capital and applying NAIC risk-based capital factors to the statutory financial statements of ALRe and ALRe’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 group annuity 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
Payout annuities Annuities with a current cash payment component, which consist primarily of single premium immediate annuities, supplemental contracts and structured settlements
PGA Pension group annuity, formerly referred to as pension risk transfer
Policy loan A loan to a policyholder under the terms of, and which is secured by, a policyholder’s policy
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, 2021 December 31, 2020
Assets
Investments
Available-for-sale securities, at fair value (amortized cost: 2021 – $95,628 and 2020 – $76,100; allowance for credit losses: 2021 – $112 and 2020 – $103)
 $ 100,262  $ 82,853 
Trading securities, at fair value 2,115  2,093 
Equity securities (portion at fair value: 2021 – $666 and 2020 – $330)
 666  532 
Mortgage loans (allowance for credit losses: 2021 – $223 and 2020 – $232; portion at fair value: 2021 – $18 and 2020 – $19; consolidated variable interest entities: 2021 – $1,812 and 2020 – $1,880)
 19,700  15,264 
Investment funds (portion at fair value: 2021 – $428 and 2020 – $161; consolidated variable interest entities: 2021 – $261 and 2020 – $0)
 1,427  803 
Policy loans 320  369 
Funds withheld at interest (portion at fair value: 2021 – $1,142 and 2020 – $1,944)
 44,362  48,612 
Derivative assets 3,786  3,523 
Short-term investments, at fair value 125  222 
Other investments (allowance for credit losses: 2021 – $0 and 2020 – $3; portion at fair value: 2021 – $100 and 2020 – $105)
 1,725  572 
Total investments 174,488  154,843 
Cash and cash equivalents (consolidated variable interest entities: 2021 – $303 and 2020 – $0)
 7,753  7,704 
Restricted cash 757  738 
Investments in related parties
Available-for-sale securities, at fair value (amortized cost: 2021 – $7,125 and 2020 – $6,444; allowance for credit losses: 2021 – $4 and 2020 – $1)
 7,156  6,520 
Trading securities, at fair value 1,742  1,529 
Equity securities, at fair value 115  72 
Mortgage loans (allowance for credit losses: 2021 – $3 and 2020 – $14; consolidated variable interest entities: 2021 – $230 and 2020 – $0)
 1,110  674 
Investment funds (portion at fair value: 2021 – $2,955 and 2020 – $2,119; consolidated variable interest entities: 2021 – $403 and 2020 – $0)
 6,594  5,284 
Funds withheld at interest (portion at fair value: 2021 – $687 and 2020 – $862)
 12,441  13,030 
Other investments (allowance for credit losses: 2021 – $0 and 2020 – $4)
 178  469 
Accrued investment income (related party: 2021 – $43 and 2020 – $38)
 1,016  905 
Reinsurance recoverable (portion at fair value: 2021 – $1,969 and 2020 – $2,100)
 4,565  4,848 
Deferred acquisition costs, deferred sales inducements and value of business acquired 5,110  4,906 
Other assets (consolidated variable interest entities: 2021 – $16 and 2020 – $1)
 1,371  1,249 
Total assets $ 224,396  $ 202,771 
(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, 2021 December 31, 2020
Liabilities and Equity
Liabilities
Interest sensitive contract liabilities (related party: 2021 – $13,236 and 2020 – $14,150; portion at fair value: 2021 – $15,297 and 2020 – $14,181)
 $ 152,200  $ 144,566 
Future policy benefits (related party: 2021 – $1,804 and 2020 – $1,610; portion at fair value: 2021 – $2,289 and 2020 – $2,376)
 39,666  29,258 
Other policy claims and benefits 130  130 
Dividends payable to policyholders 103  110 
Long-term debt 2,469  1,976 
Derivative liabilities 303  298 
Payables for collateral on derivatives and securities to repurchase 4,129  3,801 
Funds withheld liability (portion at fair value: 2021 – $45 and 2020 – $59)
 437  452 
Other liabilities (related party: 2021 – $109 and 2020 – $112; consolidated variable interest entities: 2021 – $320 and 2020 – $134)
 2,587  2,040 
Total liabilities 202,024  182,631 
Commitments and Contingencies (Note 11)
Equity
Preferred stock
Series A – par value $1 per share; $863 aggregate liquidation preference; authorized, issued and outstanding: 2021 and 2020 – 0.0 shares
 —  — 
Series B – par value $1 per share; $345 aggregate liquidation preference; authorized, issued and outstanding: 2021 and 2020 – 0.0 shares
 —  — 
Series C – par value $1 per share; $600 aggregate liquidation preference; authorized, issued and outstanding: 2021 and 2020 – 0.0 shares
 —  — 
Series D – par value $1 per share; $575 aggregate liquidation preference; authorized, issued and outstanding: 2021 and 2020 – 0.0 shares
 —  — 
Common stock
Class A – par value $0.001 per share; authorized: 2021 and 2020 – 425.0 shares; issued and outstanding: 2021 – 192.1 and 2020 – 191.5 shares
 —  — 
Additional paid-in capital 6,651  6,613 
Retained earnings 10,727  8,073 
Accumulated other comprehensive income (related party: 2021 – $54 and 2020 – $59)
 3,011  3,971 
Total Athene Holding Ltd. shareholders’ equity 20,389  18,657 
Noncontrolling interests 1,983  1,483 
Total equity 22,372  20,140 
Total liabilities and equity $ 224,396  $ 202,771 
(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) 2021 2020 2021 2020
Revenues
Premiums (related party of $69 and $71 for the three months ended and $226 and $234 for the nine months ended September 30, 2021 and 2020, respectively)
 $ 6,686  $ 112  $ 11,295  $ 1,607 
Product charges (related party of $10 and $13 for the three months ended and $33 and $41 for the nine months ended September 30, 2021 and 2020, respectively)
 154  144  461  425 
Net investment income (related party investment income of $314 and $239 for the three months ended and $1,770 and $515 for the nine months ended September 30, 2021 and 2020, respectively; consolidated variable interest entities of $2 and $18 for the three months ended and $58 and $34 for the nine months ended September 30, 2021 and 2020, respectively; and related party investment expense of $146 and $111 for the three months ended and $430 and $362 for the nine months ended September 30, 2021 and 2020, respectively)
 1,474  1,209  5,216  3,290 
Investment related gains (losses) (related party of $86 and $299 for the three months ended and $227 and $429 for the nine months ended September 30, 2021 and 2020, respectively; and consolidated variable interest entities of $1 and $26 for the three months ended and $(47) and $20 for the nine months ended September 30, 2021 and 2020, respectively)
 386  1,797  2,508  773 
Other revenues (related party of $2 and $0 for the three months ended and $17 and $0 for the nine months ended September 30, 2021 and 2020, respectively)
 24  13  58  29 
Total revenues 8,724  3,275  19,538  6,124 
Benefits and expenses
Interest sensitive contract benefits (related party of $58 and $43 for the three months ended and $269 and $143 for the nine months ended September 30, 2021 and 2020, respectively)
 572  1,225  2,945  1,982 
Amortization of deferred sales inducements 32  48  138  37 
Future policy and other policy benefits (related party of $85 and $106 for the three months ended and $285 and $298 for the nine months ended September 30, 2021 and 2020, respectively)
 7,014  439  12,281  2,469 
Amortization of deferred acquisition costs and value of business acquired 136  299  530  247 
Dividends to policyholders 3  9  23  29 
Policy and other operating expenses (related party of $12 and $14 for the three months ended and $36 and $41 for the nine months ended September 30, 2021 and 2020, respectively)
 247  231  772  637 
Total benefits and expenses 8,004  2,251  16,689  5,401 
Income before income taxes 720  1,024  2,849  723 
Income tax expense (benefit) (50) 140  196  124 
Net income 770  884  2,653  599 
Less: Net income (loss) attributable to noncontrolling interests 37  232  (111) 151 
Net income attributable to Athene Holding Ltd. shareholders 733  652  2,764  448 
Less: Preferred stock dividends 35  30  106  67 
Net income available to Athene Holding Ltd. common shareholders $ 698  $ 622  $ 2,658  $ 381 
Earnings (loss) per share
Basic – Class A
 $ 3.64  $ 3.22  $ 13.88  $ 2.78 
Basic – Classes B, M-1, M-2, M-3 and M-4
 N/A N/A N/A (3.87)
Diluted – Class A
 3.51  3.16  13.42  2.73 
Diluted – Classes B, M-1, M-2, M-3 and M-4 N/A N/A N/A (3.87)
N/A – Not applicable. See Note 9 – Earnings Per Share.

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) 2021 2020 2021 2020
Net income $ 770  $ 884  $ 2,653  $ 599 
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities, net of offsets (684) 1,043  (1,583) 710 
Unrealized gains (losses) on hedging instruments 200  (178) 261  140 
Foreign currency translation and other adjustments (6) 10  (5) 9 
Other comprehensive income (loss), before tax (490) 875  (1,327) 859 
Income tax expense (benefit) related to other comprehensive income (loss) (88) 157  (239) 165 
Other comprehensive income (loss) (402) 718  (1,088) 694 
Comprehensive income 368  1,602  1,565  1,293 
Less: Comprehensive income (loss) attributable to noncontrolling interests (39) 246  (239) 232 
Comprehensive income attributable to Athene Holding Ltd. shareholders $ 407  $ 1,356  $ 1,804  $ 1,061 

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 Total Athene Holding Ltd. shareholders’ equity Noncontrolling interests Total equity
Balance at June 30, 2021 $ —  $ —  $ 6,640  $ 10,029  $ 3,337  $ 20,006  $ 1,665  $ 21,671 
Net income —  —  —  733  —  733  37  770 
Other comprehensive loss —  —  —  —  (326) (326) (76) (402)
Issuance of common shares, net of expenses —  —  3  —  —  3  —  3 
Stock-based compensation —  —  8  —  —  8  —  8 
Preferred stock dividends —  —  —  (35) —  (35) —  (35)
Contributions from noncontrolling interests —  —  —  —  —  —  328  328 
Other changes in equity of noncontrolling interests —  —  —  —  —  —  29  29 
Balance at September 30, 2021 $ —  $ —  $ 6,651  $ 10,727  $ 3,011  $ 20,389  $ 1,983  $ 22,372 
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 

See accompanying notes to the unaudited condensed consolidated financial statements

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

Nine months ended
(In millions) Preferred stock Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Athene Holding Ltd. shareholders’ equity Noncontrolling interests Total equity
Balance at December 31, 2020 $ —  $ —  $ 6,613  $ 8,073  $ 3,971  $ 18,657  $ 1,483  $ 20,140 
Net income (loss) —  —  —  2,764  —  2,764  (111) 2,653 
Other comprehensive loss —  —  —  —  (960) (960) (128) (1,088)
Issuance of common shares, net of expenses —  —  10  —  —  10  —  10 
Stock-based compensation —  —  28  —  —  28  —  28 
Retirement or repurchase of shares —  —  —  (4) —  (4) —  (4)
Preferred stock dividends —  —  —  (106) —  (106) —  (106)
Contributions from noncontrolling interests —  —  —  —  —  —  648  648 
Other changes in equity of noncontrolling interests —  —  —  —  —  —  91  91 
Balance at September 30, 2021 $ —  $ —  $ 6,651  $ 10,727  $ 3,011  $ 20,389  $ 1,983  $ 22,372 
Balance at December 31, 2019 $ —  $ —  $ 4,171  $ 6,939  $ 2,281  $ 13,391  $ 750  $ 14,141 
Adoption of accounting standards —  —  —  (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 

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) 2021 2020
Cash flows from operating activities
Net income $ 2,653  $ 599 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred acquisition costs and value of business acquired 530  247 
Amortization of deferred sales inducements 138  37 
Accretion of net investment premiums, discounts and other (169) (139)
Payment at recapture of reinsurance agreement —  (723)
Net investment (income) loss (related party: 2021 – $(986) and 2020 – $(72); consolidated variable interest entities: 2021 – $(32), 2020 – $(24))
 (1,070) (90)
Net recognized (gains) losses on investments and derivatives (related party: 2021 – $(162) and 2020 – $15; consolidated variable interest entities: 2021 – $56 and 2020 – $6)
 (2,027) 462 
Policy acquisition costs deferred (471) (470)
Changes in operating assets and liabilities:
Accrued investment income (related party: 2021 – $(5) and 2020 – $(18))
 (111) (27)
Interest sensitive contract liabilities (related party: 2021 – $237 and 2020 – $135)
 2,095  1,691 
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable (related party: 2021 – $196 and 2020 – $209)
 5,864  338 
Funds withheld assets and liabilities (related party: 2021 – $(332) and 2020 – $(644))
 (444) (856)
Other assets and liabilities 273  (144)
Net cash provided by operating activities 7,261  925 
Cash flows from investing activities
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2021 – $1,228 and 2020 – $238)
 13,955  8,850 
Trading securities (related party: 2021 – $66 and 2020 – $31; consolidated variable interest entities: 2021 – $0 and 2020 – $10)
 151  133 
Equity securities (related party: 2021 – $7 and 2020 – $4)
 226  6 
Mortgage loans (related party: 2021 – $16 and 2020 – $0)
 1,917  1,593 
Investment funds (related party: 2021 – $1,142 and 2020 – $408; consolidated variable interest entities: 2021 – $102 and 2020 – $20)
 1,332  465 
Derivative instruments and other invested assets (related party: 2021 – $330 and 2020 – $0)
 3,879  1,331 
Short-term investments (related party: 2021 – $98 and 2020 – $28)
 448  766 
Purchases of:
Available-for-sale securities (related party: 2021 – $(2,091) and 2020 – $(1,526))
 (28,994) (14,071)
Trading securities (related party: 2021 – $(207) and 2020 – $(150))
 (422) (188)
Equity securities (related party: 2021 – $(46) and 2020 – $(3))
 (326) (481)
Mortgage loans (related party: 2021 – $(440) and 2020 – $(17); consolidated variable interest entities: 2021 – $(230) and 2020 – $0)
 (6,794) (2,971)
Investment funds (related party: 2021 – $(1,192) and 2020 – $(914); consolidated variable interest entities: 2021 – $(642) and 2020 – $0)
 (1,876) (970)
Derivative instruments and other invested assets (related party: 2021 – $(31) and 2020 – $0)
 (3,042) (1,451)
Short-term investments (related party: 2021 – $(100) and 2020 – $(28))
 (350) (449)
Other investing activities, net 447  338 
Net cash used in investing activities (19,449) (7,099)
(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) 2021 2020
Cash flows from financing activities
Issuance of common stock $ 10  $ 350 
Repayment of short-term debt —  (75)
Proceeds from long-term debt 497  499 
Deposits on investment-type policies and contracts (related party: 2021 – $64 and 2020 – $63)
 16,030  13,994 
Withdrawals on investment-type policies and contracts (related party: 2021 – $(287) and 2020 – $(292))
 (5,272) (5,320)
Payments for coinsurance agreements on investment-type contracts, net
 (5) (17)
Capital contributions from noncontrolling interests 648  240 
Capital distributions to noncontrolling interests —  (46)
Net change in cash collateral posted for derivative transactions and securities to repurchase 328  487 
Issuance of preferred stock, net of expenses —  583 
Preferred stock dividends (106) (67)
Repurchase of common stock (4) (425)
Other financing activities, net 133  131 
Net cash provided by financing activities 12,259  10,334 
Effect of exchange rate changes on cash and cash equivalents (3) (28)
Net increase in cash and cash equivalents 68  4,132 
Cash and cash equivalents at beginning of year1
8,442  4,642 
Cash and cash equivalents at end of period1
$ 8,510  $ 8,774 
Supplementary information
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2021 – $258 and 2020 – $252)
 $ 980  $ 29,876 
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2021 – $1,179 and 2020 – $1,063)
 6,144  3,313 
Investments received from settlements on reinsurance agreements 104  53 
Investments received from pension group annuity (formerly referred to as pension risk transfer) premiums 4,971  829 
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 
Assets contributed to consolidated VIEs 169  — 
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 financial services company specializing in retirement services 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, AUSA).

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 except as noted below, 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.

For entities that are consolidated, but not wholly 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, 2020 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, 2020. The preparation of financial statements requires the use of management estimates. Actual results may differ from estimates used in preparing the condensed consolidated financial statements.

During the quarter ended September 30, 2021, we recorded an out-of-period adjustment that affected the condensed consolidated statements of income. The adjustment related to the correction of errors in taxable income by jurisdiction, which resulted in the misstatement of income tax expense. The adjustment overstated consolidated net income for the three and nine months ended September 30, 2021 by $116 million and $63 million, respectively. We evaluated the out-of-period adjustment and determined it was not material to the condensed consolidated financial statements for either the three or nine months ended September 30, 2021, or any other previously reported period.

Merger—On March 8, 2021, we entered into an Agreement and Plan of Merger (Merger Agreement), by and among the Company, Apollo Global Management, Inc., a Delaware corporation (AGM), Tango Holdings, Inc., a Delaware corporation and a direct wholly owned subsidiary of AGM (HoldCo), Blue Merger Sub, Ltd., a Bermuda exempted company and a direct wholly owned subsidiary of HoldCo (AHL Merger Sub), and Green Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of HoldCo (AGM Merger Sub). The Company and AGM have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine our respective businesses by: (1) AGM merging with AGM Merger Sub, with AGM surviving such merger as a direct wholly owned subsidiary of HoldCo (AGM Merger), (2) the Company merging with AHL Merger Sub, with the Company surviving such merger as a direct wholly owned subsidiary of HoldCo (AHL Merger and, together with the AGM Merger, Mergers), and (3) as of the effective time of the Mergers, changing the name of HoldCo to be Apollo Global Management, Inc. At the effective time of the Mergers, each AHL Class A common share, subject to certain exceptions, will be converted automatically into the right to receive 1.149 shares of HoldCo common stock. The Mergers are expected to close in January 2022, subject to shareholder and regulatory approvals and other customary closing conditions.

Adopted 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 adopted this update January 1, 2021 on a prospective basis for existing or newly purchased callable debt securities. The adoption of this update did not have a material effect on our condensed consolidated financial statements.

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

Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (ASU 2020-01)
The amendments in this update are related to certain equity securities without a readily determinable fair value that apply measurement alternative to measure based on cost, minus impairment, if any, adjusted for any observable price changes in orderly transactions of identical or similar investments of the same issuer. The amendment clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative immediately before applying or upon discontinuing the equity method. The amendment further clarifies that for the purpose of applying accounting for certain forward contracts or purchased options, an entity should not consider whether the underlying securities would be accounted for under the equity method or the fair value option upon settlement or exercise. We adopted this update on a prospective basis effective January 1, 2021. This update did not have a material effect on our condensed 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 adopted this update January 1, 2021 and applied certain aspects of the update retrospectively while other aspects were applied on a modified retrospective basis. The adoption of this update did not have a material effect on our condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

Insurance – Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2020-11, 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 guaranteed lifetime withdrawal benefit (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.

We are required to adopt these updates 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.


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

2. Investments

AFS Securities—Our AFS investment portfolio includes bonds, collateralized loan obligations (CLO), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS) and redeemable preferred stock. Our AFS investment portfolio includes related party investments that are primarily 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.

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, 2021
(In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value
AFS securities
US government and agencies $ 419  $ —  $ 2  $ (19) $ 402 
US state, municipal and political subdivisions
 982  —  135  (2) 1,115 
Foreign governments 930  —  23  (22) 931 
Corporate 65,158  (4) 4,723  (547) 69,330 
CLO 13,433  (4) 67  (117) 13,379 
ABS 6,052  (16) 173  (45) 6,164 
CMBS 2,626  (1) 79  (64) 2,640 
RMBS 6,028  (87) 377  (17) 6,301 
Total AFS securities 95,628  (112) 5,579  (833) 100,262 
AFS securities – related party
Corporate 496  —  10  (3) 503 
CLO 2,104  (4) 13  (16) 2,097 
ABS
 4,525  —  73  (42) 4,556 
Total AFS securities – related party
 7,125  (4) 96  (61) 7,156 
Total AFS securities including related party
 $ 102,753  $ (116) $ 5,675  $ (894) $ 107,418 

December 31, 2020
(In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses
Fair Value
AFS securities
US government and agencies $ 349  $ —  $ 3  $ (1) $ 351 
US state, municipal and political subdivisions 864  —  169  —  1,033 
Foreign governments 330  —  38  —  368 
Corporate 51,934  (6) 6,368  (116) 58,180 
CLO 9,631  (1) 145  (206) 9,569 
ABS 4,259  (6) 140  (123) 4,270 
CMBS 2,165  (10) 85  (71) 2,169 
RMBS 6,568  (80) 447  (22) 6,913 
Total AFS securities 76,100  (103) 7,395  (539) 82,853 
AFS securities – related party
Corporate 213  —  2  —  215 
CLO 1,511  (1) 23  (13) 1,520 
ABS 4,720  —  95  (30) 4,785 
Total AFS securities – related party 6,444  (1) 120  (43) 6,520 
Total AFS securities including related party $ 82,544  $ (104) $ 7,515  $ (582) $ 89,373 

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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, 2021
(In millions) Amortized Cost Fair Value
AFS securities
Due in one year or less $ 1,122  $ 1,140 
Due after one year through five years 10,519  10,982 
Due after five years through ten years 18,079  18,869 
Due after ten years 37,769  40,787 
CLO, ABS, CMBS and RMBS 28,139  28,484 
Total AFS securities 95,628  100,262 
AFS securities – related party
Due after one year through five years 16  17 
Due after five years through ten years 365  370 
Due after ten years 115  116 
CLO and ABS 6,629  6,653 
Total AFS securities – related party
 7,125  7,156 
Total AFS securities including related party $ 102,753  $ 107,418 

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, 2021
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
 $ 336  $ (18) $ 8  $ (1) $ 344  $ (19)
US state, municipal and political subdivisions
 147  (2) 3  —  150  (2)
Foreign governments 599  (22) 1  —  600  (22)
Corporate 16,978  (446) 544  (44) 17,522  (490)
CLO 5,605  (35) 1,935  (40) 7,540  (75)
ABS 820  (16) 240  (21) 1,060  (37)
CMBS
 702  (19) 194  (39) 896  (58)
RMBS
 414  (6) 321  (4) 735  (10)
Total AFS securities
 25,601  (564) 3,246  (149) 28,847  (713)
AFS securities – related party
Corporate 212  (3) —  —  212  (3)
CLO 803  (2) 160  (3) 963  (5)
ABS
 1,213  (33) 14  —  1,227  (33)
Total AFS securities – related party
 2,228  (38) 174  (3) 2,402  (41)
Total AFS securities including related party
 $ 27,829  $ (602) $ 3,420  $ (152) $ 31,249  $ (754)
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)

December 31, 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
 $ 31  $ (1) $ —  $ —  $ 31  $ (1)
US state, municipal and political subdivisions
 9  —  6  —  15  — 
Foreign governments 2  —  —  —  2  — 
Corporate 2,218  (66) 248  (24) 2,466  (90)
CLO 1,649  (33) 3,179  (167) 4,828  (200)
ABS 1,169  (73) 84  (18) 1,253  (91)
CMBS
 710  (37) 48  (13) 758  (50)
RMBS
 548  (11) 37  (2) 585  (13)
Total AFS securities 6,336  (221) 3,602  (224) 9,938  (445)
AFS securities – related party
CLO
 336  (3) 232  (10) 568  (13)
ABS
 1,012  (30) —  —  1,012  (30)
Total AFS securities – related party
 1,348  (33) 232  (10) 1,580  (43)
Total AFS securities including related party
 $ 7,684  $ (254) $ 3,834  $ (234) $ 11,518  $ (488)

The following summarizes the number of AFS securities that were in an unrealized loss position, including related party, for which an allowance for credit losses has not been recorded:
September 30, 2021
Unrealized loss position Unrealized loss position 12 months or more
AFS securities 3,780  393 
AFS securities – related party 56  7 

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, including Purchase Credit Deteriorated (PCD) securities, by asset type:


Three months ended September 30, 2021
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 $ 5  $ —  $ —  $ —  $ (1) $ 4 
CLO 3  4  —  —  (3) 4 
ABS 10  —  —  —  6  16 
CMBS
 6  —  —  —  (5) 1 
RMBS
 83  1  —  (4) 7  87 
Total AFS securities 107  5  —  (4) 4  112 
AFS securities – related party, CLO 2  3  —  —  (1) 4 
Total AFS securities including related party
 $ 109  $ 8  $ —  $ (4) $ 3  $ 116 

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

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 including related party $ 175  $ 16  $ —  $ (16) $ (33) $ 142 

Nine months ended September 30, 2021
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 $ 6  $ 3  $ —  $ (2) $ (3) $ 4 
CLO 1  7  —  —  (4) 4 
ABS 6  5  —  —  5  16 
CMBS
 10  2  —  —  (11) 1 
RMBS
 80  1  6  (10) 10  87 
Total AFS securities 103  18  6  (12) (3) 112 
AFS securities – related party, CLO 1  5  —  (1) (1) 4 
Total AFS securities including related party
 $ 104  $ 23  $ 6  $ (13) $ (4) $ 116 

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 including related party $ 17  $ 111  $ 61  $ (18) $ (29) $ 142 
    
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)

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) 2021 2020 2021 2020
AFS securities $ 937  $ 776  $ 2,736  $ 2,403 
Trading securities 60  47  183  137 
Equity securities 8  4  15  10 
Mortgage loans 230  184  625  545 
Investment funds 157  148  1,328  242 
Funds withheld at interest 188  81  566  165 
Other 47  83  206  158 
Investment revenue 1,627  1,323  5,659  3,660 
Investment expenses (153) (114) (443) (370)
Net investment income $ 1,474  $ 1,209  $ 5,216  $ 3,290 

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) 2021 2020 2021 2020
AFS securities
Gross realized gains on investment activity $ 118  $ 192  $ 399  $ 424 
Gross realized losses on investment activity (93) (178) (407) (378)
Net realized investment gains (losses) on AFS securities 25  14  (8) 46 
Net recognized investment gains (losses) on trading securities (23) 24  (31) (8)
Net recognized investment gains (losses) on equity securities 57  12  82  (8)
Derivative gains 254  1,648  2,300  959 
Provision for credit losses (2) 84  10  (205)
Other gains (losses) 75  15  155  (11)
Investment related gains (losses) $ 386  $ 1,797  $ 2,508  $ 773 

Proceeds from sales of AFS securities were $1,243 million and $3,940 million for the three months ended September 30, 2021 and 2020, respectively, and $4,141 million and $7,525 million for the nine months ended September 30, 2021 and 2020, respectively.

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) 2021 2020 2021 2020
Trading securities $ (15) $ 19  $ (70) $ 81 
Trading securities – related party 20  1  74  (42)
Equity securities 46  11  73  (9)
Equity securities – related party 3  —  4  — 

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, 2021 Nine months ended September 30, 2021
(In millions) Fixed maturity securities Mortgage loans Fixed maturity securities Mortgage loans
Purchase price $ 2  $ —  $ 18  $ 335 
Allowance for credit losses at acquisition —  —  6  6 
Discount (premiums) attributable to other factors —  —  1  (26)
Par value $ 2  $ —  $ 25  $ 315 
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Notes to Condensed Consolidated Financial Statements (Unaudited)


Repurchase Agreements—The following table summarizes the maturities of our repurchase agreements:
September 30, 2021
Remaining Contractual Maturity
(In millions) Overnight and continuous Less than 30 days 30-90 days 91 days to 1 year Greater than 1 year Total
Payables for repurchase agreements1
$ —  $ —  $ —  $ —  $ 598  $ 598 
1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets.
December 31, 2020
Remaining Contractual Maturity
(In millions) Overnight and continuous Less than 30 days 30-90 days 91 days to 1 year Greater than 1 year Total
Payables for repurchase agreements1
$ —  $ —  $ —  $ —  $ 598  $ 598 
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, 2021 December 31, 2020
(In millions) Amortized Cost Fair Value Amortized Cost Fair Value
AFS securities – Corporate $ 564  $ 620  $ 559  $ 644 


Mortgage Loans, including related party—Mortgage loans, net of allowances, consists of the following:
(In millions) September 30, 2021 December 31, 2020
Commercial mortgage loans $ 14,226  $ 11,383 
Commercial mortgage loans under development 381  232 
Total commercial mortgage loans 14,607  11,615 
Allowance for credit losses on commercial mortgage loans (164) (167)
Commercial mortgage loans, net of allowances 14,443  11,448 
Residential mortgage loans 6,429  4,569 
Allowance for credit losses on residential mortgage loans (62) (79)
Residential mortgage loans, net of allowances 6,367  4,490 
Mortgage loans, net of allowances $ 20,810  $ 15,938 

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.

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

The distribution of commercial mortgage loans, including those under development, net of allowances, by property type and geographic region, is as follows:
September 30, 2021 December 31, 2020
(In millions, except for percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total
Property type
Office building $ 4,157  28.8  % $ 3,589  31.4  %
Retail 1,997  13.8  % 2,083  18.2  %
Apartment 3,402  23.6  % 2,441  21.3  %
Hotels 1,373  9.5  % 1,294  11.3  %
Industrial 2,220  15.3  % 1,362  11.9  %
Other commercial 1,294  9.0  % 679  5.9  %
Total commercial mortgage loans $ 14,443  100.0  % $ 11,448  100.0  %
US Region
East North Central $ 1,554  10.7  % $ 1,209  10.5  %
East South Central 421  2.9  % 402  3.5  %
Middle Atlantic 3,348  23.2  % 3,069  26.8  %
Mountain 513  3.6  % 487  4.2  %
New England 372  2.6  % 350  3.1  %
Pacific 3,382  23.4  % 2,746  24.0  %
South Atlantic 2,140  14.8  % 1,773  15.5  %
West North Central 151  1.0  % 145  1.3  %
West South Central 648  4.5  % 640  5.6  %
Total US Region 12,529  86.7  % 10,821  94.5  %
International Region
United Kingdom 1,024  7.1  % —  —  %
Other International1
890  6.2  % 627  5.5  %
Total International Region 1,914  13.3  % 627  5.5  %
Total commercial mortgage loans $ 14,443  100.0  % $ 11,448  100.0  %
1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.

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, 2021 December 31, 2020
US States
California 27.3  % 24.8  %
Florida 11.2  % 13.3  %
New York 5.4  % 6.2  %
New Jersey 5.0  % 4.0  %
Other1
39.0  % 37.1  %
Total US residential mortgage loan percentage 87.9  % 85.4  %
International
Ireland 7.7  % 12.9  %
Other2
4.4  % 1.7  %
Total International residential mortgage loan percentage 12.1  % 14.6  %
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.
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


Loan Valuation Allowance—The allowances for our mortgage loan portfolio and other loans is summarized as follows:

Three months ended September 30, 2021 Three months ended September 30, 2020
(In millions) Commercial Mortgage Residential Mortgage Other Investments Total Commercial Mortgage Residential Mortgage Other Investments Total
Beginning balance $ 165  $ 64  $ —  $ 229  $ 294  $ 85  $ 20  $ 399 
Provision (reversal) for expected credit losses (1) (2) —  (3) (62) 8  (7) (61)
Initial credit losses on PCD loans —  —  —  —  —  3  —  3 
Ending balance $ 164  $ 62  $ —  $ 226  $ 232  $ 96  $ 13  $ 341 


Nine months ended September 30, 2021 Nine months ended September 30, 2020
(In millions) Commercial Mortgage Residential Mortgage Other Investments Total Commercial Mortgage Residential Mortgage Other Investments Total
Beginning balance $ 167  $ 79  $ 7  $ 253  $ 10  $ 1  $ —  $ 11 
Adoption of accounting standard —  —  —  —  167  43  11  221 
Provision (reversal) for expected credit losses (3) (22) (7) (32) 55  50  2  107 
Initial credit losses on PCD loans —  6  —  6  —  3  —  3 
Loans charged-off —  (1) —  (1) —  (1) —  (1)
Ending balance $ 164  $ 62  $ —  $ 226  $ 232  $ 96  $ 13  $ 341 

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, London Inter-bank Offered Rate (LIBOR), commercial real estate price index, and market liquidity score. 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, 2021, our reasonable and supportable forecast period was one year, after which, we revert to the 20-year or greater historical average over one year.

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, 2021, 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.

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 10 – 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, 2021
(In millions) 2021 2020 2019 2018 2017 Prior Total
Current (less than 30 days past due) $ 1,607  $ 328  $ 31  $ 518  $ 43  $ 2,850  $ 5,377 
30 to 59 days past due 5  4  1  1  3  113  127 
60 to 89 days past due 3  3  2  2  2  49  61 
90 days or more past due1
5  97  71  66  128  497  864 
Total residential mortgages $ 1,620  $ 432  $ 105  $ 587  $ 176  $ 3,509  $ 6,429 
1 Includes $737 million of residential mortgage loans that are guaranteed by US government-sponsored agencies.
December 31, 20201
(In millions) 2020 2019 2018 2017 2016 Prior Total
Current (less than 30 days past due) $ 274  $ 68  $ 845  $ 72  $ 7  $ 2,993  $ 4,259 
30 to 59 days past due 28  1  3  —  —  121  153 
60 to 89 days past due 2  —  1  —  —  47  50 
90 days or more past due —  8  5  —  —  94  107 
Total residential mortgages $ 304  $ 77  $ 854  $ 72  $ 7  $ 3,255  $ 4,569 
1 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of residential mortgage loans by origination year.

As of September 30, 2021 and December 31, 2020, we had $737 million and $0 million respectively, of residential mortgage loans that were 90 days or more past due and are accruing interest.

The following represents our residential loan portfolio in non-accrual status:
(In millions) September 30, 2021 December 31, 2020
Beginning amortized cost of residential mortgage loans in non-accrual status $ 107  $ 67 
Ending amortized cost of residential mortgage loans in non-accrual status 126  107 
Amortized cost of residential mortgage loans in non-accrual status without a related allowance for credit losses 78  13 

During the three months ended September 30, 2021 and 2020, we recognized $2 million and $2 million, respectively, and during the nine months ended September 30, 2021 and 2020, we recognized $6 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, 2021
(In millions) 2021 2020 2019 2018 2017 Prior Total
Current (less than 30 days past due) $ 3,330  $ 1,897  $ 4,266  $ 2,738  $ 1,026  $ 1,325  $ 14,582 
90 days or more past due —  —  —  —  25  —  25 
Total commercial mortgages $ 3,330  $ 1,897  $ 4,266  $ 2,738  $ 1,051  $ 1,325  $ 14,607 
December 31, 2020
(In millions) 2020 2019 2018 2017 2016 Prior Total
Current (less than 30 days past due) $ 1,913  $ 4,400  $ 2,617  $ 987  $ 130  $ 1,452  $ 11,499 
30 to 59 days past due —  20  45  25  —  5  95 
90 days or more past due —  —  —  —  —  21  21 
Total commercial mortgages $ 1,913  $ 4,420  $ 2,662  $ 1,012  $ 130  $ 1,478  $ 11,615 

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

The following represents our commercial mortgage loan portfolio in non-accrual status:
(In millions) September 30, 2021 December 31, 2020
Beginning amortized cost of commercial mortgage loans in non-accrual status $ 38  $ — 
Ending amortized cost of commercial mortgage loans in non-accrual status 62  38 
Amortized cost of commercial mortgage loans in non-accrual status without a related allowance for credit losses 25  — 

During the three and nine months ended September 30, 2021 and 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.

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 National Association of Insurance Commissioners (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, 2021
(In millions) 2021 2020 2019 2018 2017 Prior Total
Less than 50% $ 203  $ 288  $ 595  $ 262  $ 149  $ 993  $ 2,490 
50% to 59% 1,042  479  1,333  722  351  174  4,101 
60% to 69% 1,382  563  1,929  1,317  449  121  5,761 
70% to 79% 563  460  340  373  101  —  1,837 
100% or greater —  —  —  —  —  37  37 
Commercial mortgage loans $ 3,190  $ 1,790  $ 4,197  $ 2,674  $ 1,050  $ 1,325  $ 14,226 
December 31, 2020
(In millions) 2020 2019 2018 2017 2016 Prior Total
Less than 50% $ 431  $ 600  $ 201  $ 152  $ 44  $ 1,153  $ 2,581 
50% to 59% 315  1,320  765  300  40  147 2,887 
60% to 69% 583  1,988  1,222  440  46  106 4,385 
70% to 79% 478  485  375  95  —  13 1,446 
80% to 99% —  —  —  25  —  21 46 
100% or greater —  —  —  —  —  38 38 
Commercial mortgage loans $ 1,807  $ 4,393  $ 2,563  $ 1,012  $ 130  $ 1,478  $ 11,383 

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, 2021
(In millions) 2021 2020 2019 2018 2017 Prior Total
Greater than 1.20x $ 2,245  $ 920  $ 2,147  $ 2,076  $ 838  $ 1,214  $ 9,440 
1.00x – 1.20x 885  701  1,390  115  29  75  3,195 
Less than 1.00x 60  169  660  483  183  36  1,591 
Commercial mortgage loans $ 3,190  $ 1,790  $ 4,197  $ 2,674  $ 1,050  $ 1,325  $ 14,226 
December 31, 2020
(In millions) 2020 2019 2018 2017 2016 Prior Total
Greater than 1.20x $ 1,274  $ 2,964  $ 2,440  $ 846  $ 129  $ 1,369  $ 9,022 
1.00x – 1.20x 533  1,122  36  70  1  101  1,863 
Less than 1.00x —  307  87  96  —  8  498 
Commercial mortgage loans $ 1,807  $ 4,393  $ 2,563  $ 1,012  $ 130  $ 1,478  $ 11,383 
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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, which are discussed further in Note 4 – Variable Interest Entities. 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, 2021 December 31, 2020
(In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total
Investment funds
Real estate $ 837  58.7  % $ 348  43.3  %
Credit funds 96  6.7  % 107  13.3  %
Private equity 327  22.9  % 267  33.3  %
Real assets 167  11.7  % 81  10.1  %
Total investment funds 1,427  100.0  % 803  100.0  %
Investment funds – related parties
Differentiated investments
A-A Mortgage Opportunities, L.P. (A-A Mortgage)1
77  1.2  % 444  8.4  %
Catalina Holdings Ltd. (Catalina) 421  6.4  % 334  6.3  %
Athora Holding Ltd. (Athora)1
728  11.0  % 709  13.4  %
Venerable Holdings, Inc. (Venerable)1
235  3.6  % 123  2.3  %
Other 445  6.7  % 279  5.3  %
Total differentiated investments 1,906  28.9  % 1,889  35.7  %
Real estate 1,270  19.3  % 828  15.7  %
Credit funds 623  9.4  % 375  7.1  %
Private equity 585  8.9  % 473  8.9  %
Real assets 319  4.8  % 172  3.3  %
Natural resources 138  2.1  % 113  2.1  %
Public equities 27  0.4  % 110  2.1  %
Investment in Apollo1
1,726  26.2  % 1,324  25.1  %
Total investment funds – related parties 6,594  100.0  % 5,284  100.0  %
Total investment funds including related party
 $ 8,021  $ 6,087 
1 Our Venerable investment is in its parent company, VA Capital Company LLC (VA Capital). See further discussion on this investment and our investments in Apollo, Athora and A-A Mortgage in Note 10 – Related Parties.

Non-Consolidated Securities and Investment Funds

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

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

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.

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

The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:
September 30, 2021 December 31, 2020
(In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure
Investment funds $ 1,427  $ 2,312  $ 803  $ 1,265 
Investment in related parties – investment funds 6,594  9,295  5,284  7,989 
Investment in fixed maturity securities 28,896  28,551  23,325  23,027 
Investment in related parties – fixed maturity securities 8,395  9,809  7,834  8,126 
Investment in related parties – equity securities 115  115  72  72 
Total non-consolidated investments $ 45,427  $ 50,082  $ 37,318  $ 40,479 


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, 2021 December 31, 2020
Notional Amount Fair Value Notional Amount Fair Value
(In millions) Assets Liabilities Assets Liabilities
Derivatives designated as hedges
Foreign currency swaps 5,765  $ 202  $ 71  4,417  $ 134  $ 181 
Foreign currency forwards 2,584  —  136  2,038  3  9 
Foreign currency interest rate swaps 5,571  210  4  —  —  — 
Foreign currency forwards on net investments 232  5  —  173  —  2 
Total derivatives designated as hedges 417  211  137  192 
Derivatives not designated as hedges
Equity options 55,746  3,093  45  53,666  3,209  22 
Futures 38  62  —  24  58  2 
Total return swaps 155  —  2  97  6  — 
Foreign currency swaps 1,897  34  10  1,510  96  — 
Interest rate swaps 482  71  1  803  —  34 
Credit default swaps 10  —  4  10  —  4 
Foreign currency forwards 5,781  109  30  3,595  17  44 
Embedded derivatives
Funds withheld including related party 1,829  45  2,806  59 
Interest sensitive contract liabilities —  14,102  —  12,873 
Total derivatives not designated as hedges 5,198  14,239  6,192  13,038 
Total derivatives $ 5,615  $ 14,450  $ 6,329  $ 13,230 

Derivatives Designated as Hedges

Cash Flow Hedges – We use foreign currency swaps to convert foreign currency denominated cash flows of investments or liabilities to US dollars to reduce cash flow fluctuations due to changes in currency exchange rates. These swaps will expire by March 2052. The following is a summary of the gains (losses) related to cash flow hedges:
Three months ended September 30, Nine months ended September 30,
(In millions) 2021 2020 2021 2020
Foreign currency swaps – Other comprehensive income $ 114  $ (178) $ 171  $ 140 
Foreign currency swaps – Investment related gains (losses) (21) —  6  — 

There were no amounts deemed ineffective during the three and nine months ended September 30, 2021 and 2020. As of September 30, 2021, no amounts are expected to be reclassified to income within the next 12 months.

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

Fair Value Hedges – We use foreign currency forward contracts and foreign currency interest rate swaps that are designated and accounted for as fair value hedges. 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. We use foreign currency interest rate swaps to hedge certain exposures to foreign currency risk and interest rate risk relating to foreign currency denominated funding agreements.

The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities:
September 30, 2021 December 31, 2020
(In millions)
Carrying amount of the hedged assets or liabilities1
Cumulative amount of fair value hedging gains (losses)
Carrying amount of the hedged assets or liabilities1
Cumulative amount of fair value hedging gains (losses)
AFS securities – Foreign currency forwards $ 3,598  $ (64) $ 1,932  $ 117 
Mortgage loans – Foreign currency forwards 1,316  (24) —  — 
Interest sensitive contract liabilities
Foreign currency forwards 87  4  65  (1)
Foreign currency interest rate swaps 2,574  98  —  — 
1 The carrying amount disclosed for AFS securities is amortized cost.

The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships:
(In millions) Derivatives Hedged Items Net
Amount Excluded1
Three months ended September 30, 2021
Investment related gains (losses)
Foreign currency forwards $ 133  $ (149) $ (16) $ (37)
Foreign currency interest rate swaps (51) 50  (1) — 
Interest sensitive contract benefits
Foreign currency interest rate swaps 7  (6) 1  — 
Three months ended September 30, 2020
Investment related gains (losses) – Foreign currency forwards $ (52) $ 50  $ (2) $ — 
1 Amount of derivative gains (losses) excluded from the assessment of hedge effectiveness are primarily recognized in income through changes in fair value.

(In millions) Derivatives Hedged Items Net
Amount Excluded1
Nine months ended September 30, 2021
Investment related gains (losses)
Foreign currency forwards $ 338  $ (337) $ 1  $ (37)
Foreign currency interest rate swaps (82) 82  —  — 
Interest sensitive contract benefits
Foreign currency interest rate swaps 13  (11) 2  — 
Nine months ended September 30, 2020
Investment related gains (losses) – Foreign currency forwards $ (60) $ 59  $ (1) $ — 
1 Amount of derivative gains (losses) excluded from the assessment of hedge effectiveness are primarily recognized in income through changes in fair value.
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)


Foreign currency forward gains and losses excluded from the assessment of hedge effectiveness that were recognized in OCI were gains of $86 million and $0 million for the three months ended September 30, 2021 and 2020, respectively, and gains of $90 million and $0 million for the nine months ended September 30, 2021 and 2020, respectively.

Net Investment Hedges – We use foreign currency forwards to 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 ended September 30, 2021 and 2020, these derivatives had gains of $7 million and $3 million, respectively. During the nine months ended September 30, 2021 and 2020, these derivatives had gains of $5 million and $5 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income. As of September 30, 2021 and December 31, 2020, the cumulative foreign currency translation recorded in accumulated other comprehensive income (AOCI) related to these net investment hedges were gains of $5 million and $0 million, respectively. During the three and nine months ended September 30, 2021 and 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.

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) 2021 2020 2021 2020
Equity options $ (45) $ 606  $ 1,501  $ (303)
Futures (2) 50  53  63 
Swaps (40) 29  (4) 9 
Foreign currency forwards 75  (114) 25  (70)
Embedded derivatives on funds withheld 205  1,077  463  1,260 
Amounts recognized in investment related gains (losses) 193  1,648  2,038  959 
Embedded derivatives in indexed annuity products1
132  (553) (716) (910)
Total gains (losses) on derivatives not designated as hedges $ 325  $ 1,095  $ 1,322  $ 49 
1 Included in interest sensitive contract benefits on the condensed consolidated statements of income.

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

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, 2021
Derivative assets $ 3,786  $ (277) $ (3,531) $ (22) $ —  $ (22)
Derivative liabilities (303) 277  18  (8) —  (8)
December 31, 2020
Derivative assets $ 3,523  $ (165) $ (3,196) $ 162  $ (46) $ 116 
Derivative liabilities (298) 165  144  11  —  11 
1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of September 30, 2021 and December 31, 2020, 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.


4. Variable Interest Entities

As of September 30, 2021, we consolidate the following primary VIEs:
•Hamlet Securitization Trust 2020-CRE1 (Hamlet)
•A-A SPN-9 (ASREII - ACRASP), L.P. and A-A SPN-9 (ASREII - ALRESP), L.P. (collectively, A-A SPN-9)
•A-A Offshore 2021-1 (Java), L.P. (Java)
•NNN AGP Opportunities Fund, L.P. and NNN AGP Opportunities Fund II, L.P. (collectively, NNN AGP Opportunities)
•A-A Debt Euro Investment Fund (Lux) SCSP and A-A Euro Investment Fund (Lux) SCSP (collectively, A-A Euro)
•AOP Finance Partners, LP (AOP)

The following summarizes the investments of these consolidated VIEs:
(In millions) September 30, 2021 December 31, 2020
Mortgage loans
Hamlet $ 1,795  $ 1,880 
A-A Euro 230  — 
Other 17  — 
Investment funds
AOP 241  — 
A-A SPN-9 181  — 
NNN AGP Opportunities 106  — 
Java 80  — 
A-A Euro 56  — 

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

Hamlet was formed to securitize a portion of our commercial mortgage loan portfolio as CMBS securities held by AHL subsidiaries and third-party cedant portfolios. Securitization of these commercial mortgage loans allows retention of 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 11 – Commitments and Contingencies.

A-A SPN-9 is comprised of limited partnership entities that invest in an underlying investment fund. We are a limited partner in these entities and receive a significant portion of the economic benefits and losses, other than management fees and carried interest, as applicable, paid to the general partner in each entity, which are Apollo affiliates and related parties. We do not have any direct voting rights as a limited partner at the A-A SPN-9 level, but we do have an ability to dissolve the underlying investment that results in dissolution of the entities. Therefore, as we have a unilateral ability to ultimately dissolve the entities and also receive a significant portion of the economics of each of the entities, we are deemed to be the primary beneficiary of the VIEs.

Java is an investment fund. We are both the general partner and the only limited partner in this investment fund and receive all of the economic benefits and losses. As the general partner, we hired an Apollo affiliate as the related party investment manager who receives management fees and service fees, as applicable. We hold both the power, as a general partner, and significant economics, as a limited partner, satisfying the primary beneficiary criteria.

NNN AGP Opportunities is an investment fund formed to purchase US-based net lease properties. We are both the general partner and a limited partner of the fund. As the general partner, we hired an Apollo affiliate as the related party investment manager who receives management fees and service fees, as applicable. We hold both the power, as a general partner, and significant economics, as a limited partner, satisfying the primary beneficiary criteria.

A-A Euro is an investment fund formed to purchase investments in European real estate. We are both the general partner and a limited partner in the entity and receive a significant portion of its economic benefits and losses. As the general partner, we hired an Apollo affiliate as the related party investment manager who receives management fees and service fees, as applicable. As we control this entity and receive a significant portion of its economic benefits and losses, we are deemed to be the primary beneficiary of the VIE.

AOP is an investment fund formed to participate in a platform that originates loans. We are a limited partner in this entity and receive a significant portion of its economic benefits and losses, other than management fees and carried interest, as applicable, paid to the general partner, which is an Apollo affiliate and related party. We do not have any direct voting rights as a limited partner, but we do have a unilateral ability to dissolve the entity; therefore, we are deemed to be the primary beneficiary of the VIE.

No arrangement exists requiring us to provide additional funding in excess of our committed capital investment, liquidity, or the funding of losses or an increase to our loss exposure in excess of our investment in any of the consolidated VIEs.


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

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.

Net Asset Value (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. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the investment fund financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. 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, 2021
(In millions) Total NAV Level 1 Level 2 Level 3
Assets
AFS securities
US government and agencies $ 402  $ —  $ 393  $ 9  $ — 
US state, municipal and political subdivisions
 1,115  —  —  1,115  — 
Foreign governments 931  —  —  929  2 
Corporate 69,330  —  —  68,271  1,059 
CLO 13,379  —  —  13,365  14 
ABS 6,164  —  —  4,435  1,729 
CMBS 2,640  —  —  2,615  25 
RMBS 6,301  —  —  6,301  — 
Total AFS securities 100,262  —  393  97,040  2,829 
Trading securities
US government and agencies 6  —  3  3  — 
US state, municipal and political subdivisions
 104  —  —  104  — 
Foreign governments
 16  —  —  16  — 
Corporate 1,577  —  —  1,577  — 
CLO 6  —  —  3  3 
ABS 136  —  —  94  42 
CMBS 97  —  —  97  — 
RMBS 173  —  —  123  50 
Total trading securities 2,115  —  3  2,017  95 
Equity securities 666  —  84  558  24 
Mortgage loans 18  —  —  —  18 
Investment funds 428  148  —  —  280 
Funds withheld at interest – embedded derivative 1,142  —  —  —  1,142 
Derivative assets 3,786  —  62  3,724  — 
Short-term investments 125  —  69  27  29 
Other investments 100  —  —  100  — 
Cash and cash equivalents 7,753  —  7,753  —  — 
Restricted cash 757  —  757  —  — 
Investments in related parties
AFS securities
Corporate 503  —  —  175  328 
CLO 2,097  —  —  2,097  — 
ABS 4,556  —  —  603  3,953 
Total AFS securities – related party 7,156  —  —  2,875  4,281 
Trading securities
CLO 66  —  —  29  37 
ABS 1,676  —  —  —  1,676 
Total trading securities – related party 1,742  —  —  29  1,713 
Equity securities 115  —  —  —  115 
Investment funds 2,955  98  —  —  2,857 
Funds withheld at interest – embedded derivative 687  —  —  —  687 
Reinsurance recoverable 1,969  —  —  —  1,969 
Total assets measured at fair value $ 131,776  $ 246  $ 9,121  $ 106,370  $ 16,039 
Liabilities
Interest sensitive contract liabilities
Embedded derivative $ 14,102  $ —  $ —  $ —  $ 14,102 
Universal life benefits 1,195  —  —  —  1,195 
Future policy benefits
AmerUs Life Insurance Company (AmerUs) Closed Block 1,530  —  —  —  1,530 
Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 759  —  —  —  759 
Derivative liabilities 303  —  —  299  4 
Funds withheld liability – embedded derivative 45  —  —  45  — 
Total liabilities measured at fair value $ 17,934  $ —  $ —  $ 344  $ 17,590 
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)

December 31, 2020
(In millions) Total NAV Level 1 Level 2 Level 3
Assets
AFS securities
US government and agencies $ 351  $ —  $ 332  $ 19  $ — 
US state, municipal and political subdivisions
 1,033  —  —  999  34 
Foreign governments 368  —  —  366  2 
Corporate 58,180  —  —  57,402  778 
CLO 9,569  —  —  9,361  208 
ABS 4,270  —  —  3,470  800 
CMBS 2,169  —  —  2,126  43 
RMBS 6,913  —  —  6,913  — 
Total AFS securities 82,853  —  332  80,656  1,865 
Trading securities
US government and agencies 6  —  3  3  — 
US state, municipal and political subdivisions
 106  —  —  106  — 
Corporate 1,577  —  —  1,577  — 
CLO 4  —  —  —  4 
ABS 128  —  —  93  35 
CMBS 52  —  —  52  — 
RMBS 220  —  —  173  47 
Total trading securities 2,093  —  3  2,004  86 
Equity securities 330  —  57  262  11 
Mortgage loans 19  —  —  —  19 
Investment funds 161  144  —  —  17 
Funds withheld at interest – embedded derivative 1,944  —  —  —  1,944 
Derivative assets 3,523  —  58  3,465  — 
Short-term investments 222  —  146  74  2 
Other investments 105  —  —  105  — 
Cash and cash equivalents 7,704  —  7,704  —  — 
Restricted cash 738  —  738  —  — 
Investments in related parties
AFS securities
Corporate 215  —  —  20  195 
CLO 1,520  —  —  1,520  — 
ABS 4,785  —  —  676  4,109 
Total AFS securities – related party 6,520  —  —  2,216  4,304 
Trading securities
CLO 54  —  —  4  50 
ABS 1,475  —  —  —  1,475 
Total trading securities – related party 1,529  —  —  4  1,525 
Equity securities 72  —  —  —  72 
Investment funds 2,119  86  —  —  2,033 
Funds withheld at interest – embedded derivative 862  —  —  —  862 
Reinsurance recoverable 2,100  —  —  —  2,100 
Total assets measured at fair value $ 112,894  $ 230  $ 9,038  $ 88,786  $ 14,840 
Liabilities
Interest sensitive contract liabilities
Embedded derivative $ 12,873  $ —  $ —  $ —  $ 12,873 
Universal life benefits 1,308  —  —  —  1,308 
Future policy benefits
AmerUs Closed Block
 1,600  —  —  —  1,600 
ILICO Closed Block and life benefits
 776  —  —  —  776 
Derivative liabilities 298  —  2  292  4 
Funds withheld liability – embedded derivative 59  —  —  59  — 
Total liabilities measured at fair value $ 16,914  $ —  $ 2  $ 351  $ 16,561 

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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: discount rates, 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) 2021 2020 2021 2020
Trading securities $ (23) $ 24  $ (31) $ (8)
Investment funds 4  (57) 439  109 
Future policy benefits 21  (4) 70  (31)
Total gains (losses) $ 2  $ (37) $ 478  $ 70 

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, 2021 December 31, 2020
Unpaid principal balance $ 16  $ 17 
Mark to fair value 2  2 
Fair value $ 18  $ 19 

There were no fair value option mortgage loans 90 days or more past due as of September 30, 2021 and December 31, 2020.

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

Level 3 Financial Instruments—The following are reconciliations for 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, 2021
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
Foreign governments $ 2  $ —  $ —  $ —  $ —  $ 2  $ —  $ — 
Corporate 983  (2) 3  136  (61) 1,059  —  3 
CLO 276  2  —  (22) (242) 14  —  — 
ABS 1,481  (5) 5  139  109  1,729  —  11 
CMBS 51  —  (1) 1  (26) 25  —  (1)
Trading securities
CLO 3  —  —  —  —  3  —  — 
ABS 38  —  —  4  —  42  —  — 
CMBS 2  —  —  (2) —  —  —  — 
RMBS 56  (6) —  1  (1) 50  (3) — 
Equity securities 22  2  —  —  —  24  2  — 
Mortgage loans 18  —  —  —  —  18  —  — 
Investment funds 366  1  —  (87) —  280  1  — 
Funds withheld at interest – embedded derivative 1,373  (231) —  —  —  1,142  —  — 
Short-term investments —  —  —  29  —  29  —  — 
Investments in related parties
AFS securities
Corporate —  —  1  115  212  328  —  (3)
ABS 4,237  (5) (2) 45  (322) 3,953  —  — 
Trading securities
CLO 30  —  —  7  —  37  —  — 
ABS 1,680  (4) —  23  (23) 1,676  (3) — 
Equity securities 115  3  —  (3) —  115  3  — 
Investment funds 2,521  3  —  333  —  2,857  3  — 
Funds withheld at interest – embedded derivative 752  (65) —  —  —  687  —  — 
Reinsurance recoverable 1,946  23  —  —  —  1,969  —  — 
Total Level 3 assets $ 15,952  $ (284) $ 6  $ 719  $ (354) $ 16,039  $ 3  $ 10 
Liabilities
Interest sensitive contract liabilities
Embedded derivative $ (13,635) $ 132  $ —  $ (599) $ —  $ (14,102) $ —  $ — 
Universal life benefits (1,188) (7) —  —  —  (1,195) —  — 
Future policy benefits
AmerUs Closed Block (1,551) 21  —  —  —  (1,530) —  — 
ILICO Closed Block and life benefits (743) (16) —  —  —  (759) —  — 
Derivative liabilities (4) —  —  —  —  (4) —  — 
Total Level 3 liabilities $ (17,121) $ 130  $ —  $ (599) $ —  $ (17,590) $ —  $ — 
1 Related to instruments held at end of period.

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

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 income1
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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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)

Nine months ended September 30, 2021
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 $ 34  $ —  $ —  $ (1) $ (33) $ —  $ —  $ — 
Foreign governments 2  —  —  —  —  2  —  — 
Corporate 778  6  37  108  130  1,059  —  37 
CLO 208  —  1  (37) (158) 14  —  1 
ABS 800  (4) 34  894  5  1,729  —  47 
CMBS 43  1  4  —  (23) 25  —  4 
Trading securities
CLO 4  —  —  (1) —  3  —  — 
ABS 35  —  —  7  —  42  —  — 
RMBS 47  (4) —  4  3  50  (2) — 
Equity securities 11  13  —  —  —  24  13  — 
Mortgage loans 19  —  —  (1) —  18  —  — 
Investment funds 17  17  —  137  109  280  18  — 
Funds withheld at interest – embedded derivative 1,944  (802) —  —  —  1,142  —  — 
Short-term investments 2  —  —  29  (2) 29  —  — 
Investments in related parties
AFS securities
Corporate 195  —  (2) 330  (195) 328  —  (3)
ABS 4,109  (5) (27) (63) (61) 3,953  —  (27)
Trading securities
CLO 50  9  —  7  (29) 37  18  — 
ABS 1,475  30  —  248  (77) 1,676  33  — 
Equity securities 72  4  —  39  —  115  4  — 
Investment funds 2,033  422  —  402  —  2,857  422  — 
Funds withheld at interest – embedded derivative 862  (175) —  —  —  687  —  — 
Reinsurance recoverable 2,100  (131) —  —  —  1,969  —  — 
Total Level 3 assets $ 14,840  $ (619) $ 47  $ 2,102  $ (331) $ 16,039  $ 506  $ 59 
Liabilities
Interest sensitive contract liabilities
Embedded derivative $ (12,873) $ (716) $ —  $ (513) $ —  $ (14,102) $ —  $ — 
Universal life benefits (1,308) 113  —  —  —  (1,195) —  — 
Future policy benefits
AmerUs Closed Block (1,600) 70  —  —  —  (1,530) —  — 
ILICO Closed Block and life benefits (776) 17  —  —  —  (759) —  — 
Derivative liabilities (4) —  —  —  —  (4) —  — 
Total Level 3 liabilities $ (16,561) $ (516) $ —  $ (513) $ —  $ (17,590) $ —  $ — 
1 Related to instruments held at end of period.
41
Table of Contents

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  —  —