Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 8, 2022

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, 2022
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-37963
ahl-20220930_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
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, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of October 31, 2022, 203,805,432 of our Class A common shares were outstanding, all of which are held by Apollo Global Management, Inc.


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, 2021 (2021 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 certain Inter-bank Offered Rates (IBORs), including the 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 certain limitations on our ability to terminate such arrangements;
•Apollo’s dependence on key executives and inability to attract qualified personnel;
•the failure to realize the expected benefits from our 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) or otherwise;
•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 Holding 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 2021 Annual Report and those discussed elsewhere in this report and in our 2021 Annual Report.

We caution you that the important factors referenced above may not be exhaustive. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect or anticipate. 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
AADE Athene Annuity & Life Assurance Company
AAIA Athene Annuity and Life Company
AAM Apollo Asset Management, Inc., formerly known as Apollo Global Management, Inc.
AARe Athene Annuity Re Ltd., a Bermuda reinsurance subsidiary
ACRA Athene Co-Invest Reinsurance Affiliate Holding Ltd., together with its subsidiaries
ACRA HoldCo Athene Co-Invest Reinsurance Affiliate Holding Ltd.
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
AOG Apollo Operating Group
Apollo Apollo Global Management, Inc., together with its subsidiaries (other than us or our subsidiaries)
Apollo Group
(1) AGM and AGM’s subsidiaries, including AAM, (2) any investment fund or other collective investment vehicle whose general partner or managing member is owned, directly or indirectly, by clause (1), (3) BRH Holdings GP, Ltd. and each of its shareholders, (4) any executive officer or employee of AGM or AGM’s subsidiaries, and (5) any affiliate of a person described in clauses (1), (2), (3) or (4) above; provided none of AHL or its subsidiaries (other than ACRA HoldCo and ACRA HoldCo’s subsidiaries) will be deemed to be a member of the Apollo Group
AUSA Athene USA Corporation
Athora Athora Holding Ltd.
BMA Bermuda Monetary Authority
ISG Apollo Insurance Solutions Group LP
Jackson Jackson Financial, Inc., together with its subsidiaries
LIMRA Life Insurance and Market Research Association
MidCap Financial MidCap FinCo Designated Activity Company
NAIC National Association of Insurance Commissioners
NYSDFS New York State Department of Financial Services
US Treasury United States Department of the Treasury
VIAC Venerable Insurance and Annuity Company
Venerable Venerable Holdings, Inc., together with its subsidiaries
Wheels Donlen Wheels, Inc. (Wheels), merged with Donlen LLC (Donlen)

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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
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.
Bermuda RBC The risk-based capital ratio of our non-US reinsurance subsidiaries by applying NAIC risk-based capital factors to the statutory financial statements 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.
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
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
MCR Minimum capital requirements
MMS Minimum margin of solvency
Modco Modified coinsurance
MVA Market value adjustment
MYGA Multi-year guaranteed annuity
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Term or Acronym Definition
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 (loss) 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
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)

Successor Predecessor
(In millions) September 30, 2022 December 31, 2021
Assets
Investments
Available-for-sale securities, at fair value (amortized cost: 2022 – $114,846 and 2021 – $96,458; allowance for credit losses: 2022 – $435 and 2021 – $123)
 $ 93,593  $ 100,159 
Trading securities, at fair value 1,590  2,056 
Equity securities (portion at fair value: 2022 – $1,207 and 2021 – $1,170)
 1,607  1,170 
Mortgage loans (allowance for credit losses: 2021 – $154; portion at fair value: 2022 – $25,145 and 2021 – $17)
 25,145  20,748 
Investment funds (portion at fair value: 2022 – $0 and 2021 – $183)
 29  1,178 
Policy loans 353  312 
Funds withheld at interest (portion at fair value: 2022 – $(5,259) and 2021 – $782)
 34,706  43,907 
Derivative assets 4,065  4,387 
Short-term investments (portion at fair value: 2022 – $292 and 2021 – $139)
 318  139 
Other investments (portion at fair value: 2022 – $666 and 2021 – $130)
 682  1,473 
Total investments 162,088  175,529 
Cash and cash equivalents 9,823  9,479 
Restricted cash 1,024  796 
Investments in related parties
Available-for-sale securities, at fair value (amortized cost: 2022 – $9,948 and 2021 – $10,401; allowance for credit losses: 2022 – $1 and 2021 – $0)
 9,205  10,402 
Trading securities, at fair value 905  1,781 
Equity securities, at fair value 340  284 
Mortgage loans (allowance for credit losses: 2021 – $5; portion at fair value: 2022 – $1,331 and 2021 – $0)
 1,331  1,360 
Investment funds (portion at fair value: 2022 – $789 and 2021 – $2,958)
 1,272  7,391 
Funds withheld at interest (portion at fair value: 2022 – $(1,571) and 2021 – $578)
 9,961  12,207 
Other investments (portion at fair value: 2022 – $274 and 2021 – $0)
 274  222 
Accrued investment income (related party: 2022 – $77 and 2021 – $54)
 1,226  962 
Reinsurance recoverable (portion at fair value: 2022 – $1,476 and 2021 – $1,991)
 4,356  4,594 
Deferred acquisition costs, deferred sales inducements and value of business acquired 5,191  5,362 
Goodwill 4,058  — 
Other assets (related party: 2022 – $88 and 2021 – $0)
 10,094  1,257 
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value (related party: 2022 – $7 and 2021 – $0)
 988  — 
Equity securities, at fair value 15  — 
Mortgage loans (related party: 2022 – $337 and 2021 – $231; allowance for credit losses: 2021 – $78; portion at fair value: 2022 – $1,663 and 2021 – $0)
 2,000  2,040 
Investment funds, at fair value (related party: 2022 – $10,921 and 2021 – $1,068)
 11,885  1,297 
Other investments, at fair value 152  — 
Cash and cash equivalents 418  154 
Other assets 94  32 
Total assets $ 236,700  $ 235,149 

(Continued)
See accompanying notes to the unaudited condensed consolidated financial statements
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ATHENE HOLDING LTD.
Condensed Consolidated Balance Sheets (Unaudited)

Successor Predecessor
(In millions, except per share data) September 30, 2022 December 31, 2021
Liabilities and Equity
Liabilities
Interest sensitive contract liabilities (related party: 2022 – $12,284 and 2021 – $12,948; portion at fair value: 2022 – $5,850 and 2021 – $16,142)
 $ 166,894  $ 156,325 
Future policy benefits (related party: 2022 – $2,107 and 2021 – $1,853; portion at fair value: 2022 – $1,769 and 2021 – $2,262)
 54,709  42,488 
Debt 3,271  2,964 
Derivative liabilities 2,222  472 
Payables for collateral on derivatives and securities to repurchase 7,015  7,044 
Other liabilities (related party: 2022 – $265 and 2021 – $936)
 3,054  3,214 
Liabilities of consolidated variable interest entities (related party: 2022 – $794 and 2021 – $0)
 1,401  461 
Total liabilities 238,566  212,968 
Commitments and Contingencies (Note 12)
Equity (deficit)
Preferred stock
Series A – par value $1 per share; $863 aggregate liquidation preference; authorized, issued and outstanding: 2022 and 2021 – 0.0 shares
 —  — 
Series B – par value $1 per share; $345 aggregate liquidation preference; authorized, issued and outstanding: 2022 and 2021 – 0.0 shares
 —  — 
Series C – par value $1 per share; $600 aggregate liquidation preference; authorized, issued and outstanding: 2022 and 2021 – 0.0 shares
 —  — 
Series D – par value $1 per share; $575 aggregate liquidation preference; authorized, issued and outstanding: 2022 and 2021 – 0.0 shares
 —  — 
Common stock
Class A – par value $0.001 per share; authorized: 2022 and 2021 – 425.0 shares; issued and outstanding: 2022 – 203.8 and 2021 – 192.2 shares
 —  — 
Additional paid-in capital 17,607  6,667 
Retained earnings (accumulated deficit) (5,198) 11,033 
Accumulated other comprehensive income (loss) (related party: 2022 – $(506) and 2021 – $33)
 (13,755) 2,430 
Total Athene Holding Ltd. shareholders’ equity (deficit) (1,346) 20,130 
Noncontrolling interests (520) 2,051 
Total equity (deficit) (1,866) 22,181 
Total liabilities and equity (deficit) $ 236,700  $ 235,149 
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements

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


Successor Predecessor Successor Predecessor
(In millions) Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021
Revenues
Premiums (related party of $61 and $69 for the three months ended and $208 and $226 for the nine months ended September 30, 2022 and 2021, respectively)
 $ 3,045  $ 6,686  $ 10,769  $ 11,295 
Product charges (related party of $11 and $10 for the three months ended and $31 and $33 for the nine months ended September 30, 2022 and 2021, respectively)
 184  154  525  461 
Net investment income (related party investment income of $234 and $314 for the three months ended and $959 and $1,770 for the nine months ended September 30, 2022 and 2021, respectively; and related party investment expense of $195 and $146 for the three months ended and $563 and $430 for the nine months ended September 30, 2022 and 2021, respectively)
 1,843  1,472  5,252  5,158 
Investment related gains (losses) (related party of $(541) and $71 for the three months ended and $(1,751) and $212 for the nine months ended September 30, 2022 and 2021, respectively)
 (2,849) 385  (12,812) 2,555 
Other revenues (related party of $(18) and $2 for the three months ended and $0 and $17 for the nine months ended September 30, 2022 and 2021, respectively)
 (26) 24  (38) 58 
Revenues of consolidated variable interest entities
Net investment income (related party of $15 and $0 for the three months ended and $15 and $0 for the nine months ended September 30, 2022 and 2021, respectively)
 33  2  80  58 
Investment related gains (losses) (related party of $171 and $15 for the three months ended and $230 and $15 for the nine months ended September 30, 2022 and 2021, respectively)
 79  1  59  (47)
Total revenues 2,309  8,724  3,835  19,538 
Benefits and expenses
Interest sensitive contract benefits (related party of $11 and $58 for the three months ended and $(36) and $269 for the nine months ended September 30, 2022 and 2021, respectively)
 89  572  (573) 2,945 
Amortization of deferred sales inducements —  32  —  138 
Future policy and other policy benefits (related party of $70 and $85 for the three months ended and $204 and $285 for the nine months ended September 30, 2022 and 2021, respectively)
 3,294  7,014  10,988  12,281 
Amortization of deferred acquisition costs and value of business acquired 125  136  375  530 
Policy and other operating expenses (related party of $77 and $12 for the three months ended and $193 and $36 for the nine months ended September 30, 2022 and 2021, respectively)
 388  250  1,081  795 
Total benefits and expenses 3,896  8,004  11,871  16,689 
Income (loss) before income taxes (1,587) 720  (8,036) 2,849 
Income tax expense (benefit) (210) (50) (1,101) 196 
Net income (loss) (1,377) 770  (6,935) 2,653 
Less: Net income (loss) attributable to noncontrolling interests (476) 37  (2,431) (111)
Net income (loss) attributable to Athene Holding Ltd. shareholders (901) 733  (4,504) 2,764 
Less: Preferred stock dividends 35  35  105  106 
Net income (loss) available to Athene Holding Ltd. common shareholder $ (936) $ 698  $ (4,609) $ 2,658 

See accompanying notes to the unaudited condensed consolidated financial statements

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

Successor Predecessor Successor Predecessor
(In millions) Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021
Net income (loss) $ (1,377) $ 770  $ (6,935) $ 2,653 
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities, net of offsets (5,711) (684) (19,414) (1,583)
Unrealized gains (losses) on hedging instruments (80) 200  (128) 261 
Foreign currency translation and other adjustments 41  (6) (13) (5)
Other comprehensive loss, before tax (5,750) (490) (19,555) (1,327)
Income tax benefit related to other comprehensive loss (991) (88) (3,444) (239)
Other comprehensive loss (4,759) (402) (16,111) (1,088)
Comprehensive income (loss) (6,136) 368  (23,046) 1,565 
Less: Comprehensive loss attributable to noncontrolling interests (1,267) (39) (4,787) (239)
Comprehensive income (loss) attributable to Athene Holding Ltd. shareholders $ (4,869) $ 407  $ (18,259) $ 1,804 

See accompanying notes to the unaudited condensed consolidated financial statements

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


Successor
Three months ended
(In millions) Preferred stock Common stock Additional paid-in capital Retained earnings (accumulated deficit) Accumulated other comprehensive income (loss) Total Athene Holding Ltd. shareholders’ equity (deficit) Noncontrolling interests Total equity (deficit)
Balance at June 30, 2022 $ —  $ —  $ 17,586  $ (4,074) $ (9,787) $ 3,725  $ (336) $ 3,389 
Net loss —  —  —  (901) —  (901) (476) (1,377)
Other comprehensive loss —  —  —  —  (3,968) (3,968) (791) (4,759)
Stock-based compensation allocation from parent —  —  14  —  —  14  —  14 
Preferred stock dividends —  —  —  (35) —  (35) —  (35)
Common stock dividends —  —  —  (188) —  (188) —  (188)
Contributions from parent —  —  7  —  —  7  —  7 
Contributions from noncontrolling interests —  —  —  —  —  —  336  336 
Contributions from noncontrolling interests of consolidated variable interest entities and other —  —  —  —  —  —  747  747 
Balance at September 30, 2022 $ —  $ —  $ 17,607  $ (5,198) $ (13,755) $ (1,346) $ (520) $ (1,866)
Predecessor
Three months ended
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 

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

Successor
Nine months ended
(In millions) Preferred stock Common stock Additional paid-in capital Retained earnings (accumulated deficit) Accumulated other comprehensive income (loss) Total Athene Holding Ltd. shareholders’ equity (deficit) Noncontrolling interests Total equity (deficit)
Balance as of January 1, 2022 $ —  $ —  $ 20,270  $ —  $ —  $ 20,270  $ 2,276  $ 22,546 
Net loss —  —  —  (4,504) —  (4,504) (2,431) (6,935)
Other comprehensive loss —  —  —  —  (13,755) (13,755) (2,356) (16,111)
Stock-based compensation allocation from parent —  —  37  —  —  37  —  37 
Preferred stock dividends —  —  —  (105) —  (105) —  (105)
Common stock dividends —  —  —  (563) —  (563) —  (563)
Contributions from parent —  —  26  —  —  26  —  26 
Distributions to parent —  —  (2,726) (26) —  (2,752) —  (2,752)
Contributions from noncontrolling interests —  —  —  —  —  —  1,047  1,047 
Contributions from noncontrolling interests of consolidated variable interest entities and other —  —  —  —  —  —  1,028  1,028 
Other changes in equity of noncontrolling interests —  —  —  —  —  —  (84) (84)
Balance at September 30, 2022 $ —  $ —  $ 17,607  $ (5,198) $ (13,755) $ (1,346) $ (520) $ (1,866)
Predecessor
Nine months ended
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 

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

Successor Predecessor
(In millions) Nine months ended September 30, 2022 Nine months ended September 30, 2021
Cash flows from operating activities
Net income (loss) $ (6,935) $ 2,653 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of deferred acquisition costs and value of business acquired 375  530 
Amortization of deferred sales inducements —  138 
Net amortization (accretion) of net investment premiums, discounts and other 234  (169)
Net investment (income) loss (related party: 2022 – $(119) and 2021 – $(986))
 (311) (1,070)
Net recognized (gains) losses on investments and derivatives (related party: 2022 – $427 and 2021 – $(162))
 5,958  (2,027)
Policy acquisition costs deferred (750) (471)
Changes in operating assets and liabilities:
Accrued investment income (related party: 2022 – $(20) and 2021 – $(5))
 (264) (111)
Interest sensitive contract liabilities (related party: 2022 – $(66) and 2021 – $237)
 (2,002) 2,095 
Future policy benefits and reinsurance recoverable (related party: 2022 – $115 and 2021 – $196)
 5,240  5,872 
Funds withheld assets (related party: 2022 – $1,389 and 2021 – $(332))
 6,118  (430)
Other assets and liabilities (1,586) 251 
Net cash provided by operating activities 6,077  7,261 
Cash flows from investing activities
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2022 – $3,657 and 2021 – $1,228)
 16,858  13,955 
Trading securities (related party: 2022 – $79 and 2021 – $66)
 167  151 
Equity securities 152  226 
Mortgage loans (related party: 2022 – $36 and 2021 – $16)
 2,695  1,917 
Investment funds (related party: 2022 – $1,733 and 2021 – $1,142)
 1,971  1,332 
Derivative instruments and other investments (related party: 2022 – $160 and 2021 – $330)
 2,739  3,879 
Short-term investments (related party: 2022 – $0 and 2021 – $98)
 172  448 
Purchases of:
Available-for-sale securities (related party: 2022 – $(3,008) and 2021 – $(2,091))
 (28,050) (28,994)
Trading securities (related party: 2022 – $(156) and 2021 – $(207))
 (874) (422)
Equity securities (related party: 2022 – $(208) and 2021 – $(46))
 (406) (326)
Mortgage loans (related party: 2022 – $(364) and 2021 – $(440))
 (9,824) (6,794)
Investment funds (related party: 2022 – $(5,243) and 2021 – $(1,192))
 (6,204) (1,876)
Derivative instruments and other investments (related party: 2022 – $(226) and 2021 – $(31))
 (2,235) (3,042)
Short-term investments (related party: 2022 – $(33) and 2021 – $(100))
 (384) (350)
Consolidation of new variable interest entities 393  — 
Deconsolidation of previously consolidated entities (377) — 
Other investing activities, net 869  447 
Net cash used in investing activities (22,338) (19,449)
(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)

Successor Predecessor
(In millions) Nine months ended September 30, 2022 Nine months ended September 30, 2021
Cash flows from financing activities
Issuance of common stock $ —  $ 10 
Proceeds from debt —  497 
Deposits on investment-type policies and contracts (related party: 2022 – $55 and 2021 – $64)
 23,329  16,030 
Withdrawals on investment-type policies and contracts (related party: 2022 – $(253) and 2021 – $(287))
 (7,903) (5,272)
Payments for coinsurance agreements on investment-type contracts, net
 (23) (5)
Capital contributions from noncontrolling interests 1,047  648 
Capital contributions from noncontrolling interests of consolidated variable interest entities 735  — 
Net change in cash collateral posted for derivative transactions and securities to repurchase (22) 328 
Preferred stock dividends (105) (106)
Common stock dividends (1,313) — 
Repurchase of common stock —  (4)
Other financing activities, net 1,370  133 
Net cash provided by financing activities 17,115  12,259 
Effect of exchange rate changes on cash and cash equivalents (18) (3)
Net increase in cash and cash equivalents 836  68 
Cash and cash equivalents at beginning of year1
10,429  8,442 
Cash and cash equivalents at end of period1
$ 11,265  $ 8,510 
Supplementary information
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2022 – $221 and 2021 – $258)
 $ 808  $ 980 
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2022 – $1,085 and 2021 – $1,179)
 6,190  6,144 
Investments received from settlements on reinsurance agreements 36  104 
Investments received from pension group annuity premiums 3,812  4,971 
Assets contributed to consolidated VIEs 8,007  169 
Distributions to parent 2,145  — 
1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities.
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements


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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, Athene Annuity Re Ltd. (AARe) 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 5 – Variable Interest Entities for further information on VIEs.

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

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 condensed consolidated financial statements.

The condensed consolidated balance sheet as of December 31, 2021 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, 2021. 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.

Merger – On January 1, 2022, we completed our merger with Apollo Global Management, Inc. (AGM, and together with its subsidiaries other than us or our subsidiaries, Apollo) and are now a direct wholly owned subsidiary of AGM. We have elected pushdown accounting in which we use AGM’s basis of accounting, which reflects the fair market value of our assets and liabilities at the time of the merger, unless otherwise prescribed by GAAP. Our condensed consolidated financial statements are presented as Predecessor for the periods prior to the merger and Successor for subsequent periods. We, along with certain of our non-US subsidiaries, are Bermuda exempted companies that have historically not been subject to US corporate income taxes on earnings. Due to the merger, our non-US earnings will generally be subject to US corporate income taxes. See Note 2 – Business Combination for further information on the merger.

Segments—We operate our core business strategies out of one reportable segment. As a wholly owned subsidiary of AGM, we no longer report certain other operations in a corporate and other segment.

Significant Accounting Policies

Mortgage loans—Effective January 1, 2022, we elected the fair value option on our mortgage loan portfolio. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. We accrue interest on loans until it is probable we will not receive interest, or the loan is 90 days past due unless guaranteed by US government-sponsored agencies. Interest income and prepayment fees are reported in net investment income on the condensed consolidated statements of income (loss). Changes in the fair value of the mortgage loan portfolio are reported in investment related gains (losses) on the condensed consolidated statements of income (loss).

Derivative Instruments

Embedded Derivatives – We issue and reinsure products, primarily indexed annuity products, or purchase investments that contain embedded derivatives. If we determine the embedded derivative has economic characteristics not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for separately, unless the fair value option is elected on the host contract. Under the fair value option, bifurcation of the embedded derivative is not necessary as the entire contract is carried at fair value with all related gains and losses recognized in investment related gains (losses) on the condensed consolidated statements of income (loss). Embedded derivatives are carried on the condensed consolidated balance sheets at fair value in the same line item as the host contract.

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



Fixed indexed annuity, index-linked variable annuity and indexed universal life insurance contracts allow the policyholder to elect a fixed interest rate return or an equity market component for which interest credited is based on the performance of certain equity market indices. The equity market option is an embedded derivative. The benefit reserve is equal to the sum of the fair value of the embedded derivative and the host (or guaranteed) component of the contracts. The fair value of the embedded derivatives represents the present value of cash flows attributable to the indexed strategies. The embedded derivative cash flows are based on assumptions for future policy growth, which include assumptions for expected index credits on the next policy anniversary date, future equity option costs, volatility, interest rates and policyholder behavior assumptions including lapses and the use of benefit riders. The embedded derivative cash flows are discounted using a rate that reflects our own credit rating. The host contract is established at contract inception as the initial account value less the initial fair value of the embedded derivative and accreted over the policy’s life. Contracts acquired through a business combination which contain an embedded derivative are re-bifurcated as of the acquisition date. Changes in the fair value of embedded derivatives associated with fixed indexed annuities, index-linked variable annuities and indexed universal life insurance contracts are included in interest sensitive contract benefits on the condensed consolidated statements of income (loss).

Additionally, reinsurance agreements written on a funds withheld or modco basis contain embedded derivatives. We have determined that the right to receive or obligation to pay the total return on the assets supporting the funds withheld at interest or funds withheld liability, respectively, represents a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modco agreements is computed as the unrealized gain (loss) on the underlying assets and is included within funds withheld at interest for assumed agreements, and for ceded agreements the funds withheld liability is included in other liabilities on the condensed consolidated balance sheets. The change in the fair value of the embedded derivatives is recorded in investment related gains (losses) on the condensed consolidated statements of income (loss). Assumed and ceded earnings from funds withheld at interest, funds withheld liability and changes in the fair value of embedded derivatives are reported in operating activities on the condensed consolidated statements of cash flows. Contributions to and withdrawals from funds withheld at interest and funds withheld liability are reported in operating activities on the condensed consolidated statements of cash flows.

Variable Interest Entities—An entity that does not have sufficient equity to finance its activities without additional financial support, or in which the equity investors, as a group, do not have the characteristics typically afforded to common shareholders is a VIE. The determination as to whether an entity qualifies as a VIE depends on the facts and circumstances surrounding each entity and may require significant judgment. Our investment funds typically qualify as VIEs and are evaluated for consolidation under the VIE model.

We are required to consolidate a VIE if we are the primary beneficiary, defined as the variable interest holder with both the power to direct the activities that most significantly impact the VIE’s economic performance and rights to receive benefits or obligations to absorb losses that could be potentially significant to the VIE. We determine whether we are the primary beneficiary of an entity based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose and our relative exposure to the related risks of the VIE. Since affiliates of AGM, a related party under common control, are the decision makers in certain of the investment funds and securitization vehicles, we and a member of our related party group may together have the characteristics of the primary beneficiary in a VIE. In this situation, we have concluded we must consolidate the VIE when we have significant economic exposure to the entity. We reassess the VIE and primary beneficiary determinations on an ongoing basis.

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired

Deferred Acquisition Costs and Deferred Sales Inducements – Costs related directly to the successful acquisition of new, or renewal of, insurance or investment contracts are deferred to the extent they are recoverable from future premiums or gross profits. These costs consist of commissions and policy issuance costs, as well as sales inducements credited to policyholder account balances, and are included in deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA) on the condensed consolidated balance sheets. We perform periodic tests, including at issuance, to determine if the deferred costs are recoverable. If we determine that the deferred costs are not recoverable, we record a cumulative charge to the current period.

Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds are amortized over the lives of the policies, based upon the proportion of the present value of actual and expected deferred costs to the present value of actual and expected gross profits to be earned over the life of the policies. Gross profits include investment spread margins, surrender charge income, policy administration charges and expenses, changes in the guaranteed lifetime withdrawal benefit (GLWB) and guaranteed minimum death benefit (GMDB) reserves and realized gains and losses on investments. Current period gross profits for fixed indexed annuities also include the change in fair value of both freestanding and embedded derivatives. Estimates of the expected gross profits and margins are based on assumptions using accepted actuarial methods related to policyholder behavior, including lapses and the utilization of benefit riders, mortality, yields on investments supporting the liabilities, future interest credited amounts (including indexed related credited amounts on fixed indexed annuity products), and other policy changes as applicable, and the level of expenses necessary to maintain the policies over their expected lives. Each reporting period, we update estimated gross profits with actual gross profits as part of the amortization process and adjust the DAC and DSI balances due to the other comprehensive income (OCI) effects of unrealized investment gains and losses on AFS securities. We also periodically revise the key assumptions used in the amortization calculation, which results in revisions to the estimated future gross profits. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made.

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



Deferred costs related to investment contracts without significant revenue streams from sources other than investment of the policyholder funds are amortized using the effective interest method. The effective interest method amortizes the deferred costs by discounting the future liability cash flows at a break-even rate. The break-even rate is solved for such that the present value of future liability cash flows is equal to the net liability at the inception of the contract.

Value of Business Acquired – We establish VOBA for blocks of insurance contracts acquired through the acquisition of insurance entities and through application of pushdown accounting. We record the fair value of the liabilities assumed in two components: reserves and VOBA. Reserves are established using our best estimate assumptions, plus a provision for adverse deviation where applicable, as of the business combination date. VOBA is the difference between the fair value of the liabilities and the reserves. VOBA can be either positive or negative. Any negative VOBA is recorded to the same financial statement line on the condensed consolidated balance sheets as the associated reserves. Positive VOBA is recorded in deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated balance sheets. We perform periodic tests to determine if the VOBA remains recoverable. If we determine that VOBA is not recoverable, we record a cumulative charge to the current period.

In connection with the application of pushdown accounting, we changed our VOBA amortization method such that all VOBA and negative VOBA balances are amortized in relation to applicable policyholder liabilities. Significant assumptions that impact VOBA and negative VOBA amortization are consistent with those that impact the measurement of policyholder liabilities. See Note 7 – Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired for further information.

Recognition of Revenues and Related Expenses—Revenues for universal life-type policies and investment contracts, including surrender and market value adjustments, costs of insurance, policy administration, GMDB, GLWB and no-lapse guarantee charges, are earned when assessed against policyholder account balances during the period. Interest credited to policyholder account balances and the change in fair value of embedded derivatives within fixed indexed annuity contracts is included in interest sensitive contract benefits on the condensed consolidated statements of income (loss).

Premiums for long-duration contracts, including products with fixed and guaranteed premiums and benefits, are recognized as revenue when due from policyholders. When premiums are due over a significantly shorter period than the period over which benefits are provided, such as immediate annuities with life contingencies (which includes pension group annuities), a deferred profit liability is established equal to the excess of the gross premium over the net premium. The deferred profit liability is recognized in future policy benefits on the condensed consolidated balance sheets and amortized into income in relation to applicable policyholder liabilities through future policy and other policy benefits on the condensed consolidated statements of income (loss).

All insurance related revenue is reported net of reinsurance ceded.

Reclassifications—Certain reclassifications have been made to conform with current year presentation.

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 GLWB and 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 do not expect that the adoption of this standard will have a material effect on our shareholders’ equity as of our transition date, which is January 1, 2022. Subsequent to the transition date, the remeasurement of liabilities for certain products and features that include use of current discount rates can reasonably be expected to have a significant positive impact on our US GAAP shareholders’ equity as of September 30, 2022, given the increase in rates for the nine months then ended. We are continuing to evaluate the quantitative impact of adopting this guidance on our consolidated financial statements for periods subsequent to our transition date.
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)





2. Business Combination

At the closing of the merger with AGM, each issued and outstanding AHL Class A common share (other than shares held by Apollo, the Apollo Operating Group (AOG) or the respective direct or indirect wholly owned subsidiaries of Athene or the AOG) was converted automatically into 1.149 shares of AGM common shares and any cash paid in lieu of fractional AGM common shares. In connection with the merger, AGM issued to AHL Class A common shareholders 158.2 million AGM common shares in exchange for 137.6 million AHL Class A common shares that were issued and outstanding as of the acquisition date, exclusive of the 54.6 million shares previously held by Apollo immediately before the acquisition date.

The consideration was calculated based on historical AGM’s December 31, 2021 closing share price multiplied by the AGM common shares issued in the share exchange, as well as the fair value of stock-based compensation awards replaced, fair value of warrants converted to AGM common shares and other equity consideration, and effective settlement of pre-existing relationships and other consideration.

The following represents the calculation of consideration:

(In millions, except exchange ratio and share price data) Consideration
AHL common shares purchased 138 
Exchange ratio 1.149
Shares of common stock issued in exchange 158 
AGM Class A shares closing price $ 72.43 
Total merger consideration at closing $ 11,455 
Fair value of estimated RSUs, options and warrants assumed and other equity consideration 699 
Effective settlement of pre-existing relationships 896 
Total merger consideration 13,050 
Fair value of AHL common shares previously held by Apollo and other adjustments 4,554 
Total AHL equity value held by AGM 17,604 
Fair value of preferred stock 2,666 
Noncontrolling interest 2,276 
Total AHL equity value $ 22,546 

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



The following represents the calculation of goodwill and fair value amounts recognized:

(In millions) Fair value and goodwill calculation
Merger consideration $ 13,050 
Fair value of AHL common shares previously held by Apollo and other adjustments 4,554 
Total AHL equity value held by AGM 17,604 
Assets
Investments $ 176,015 
Cash and cash equivalents 9,479 
Restricted cash 796 
Investment in related parties 33,863 
Reinsurance recoverable 4,977 
VOBA 4,547 
Other assets 5,729 
Assets of consolidated variable interest entities 3,635 
Estimated fair value of total assets acquired by AGM 239,041 
Liabilities
Interest sensitive contract liabilities 160,205 
Future policy benefits 47,105 
Debt 3,295 
Payables for collateral on derivatives and securities to repurchase 7,044 
Other liabilities 2,443 
Liabilities of consolidated variable interest entities 461 
Estimated fair value of total liabilities assumed by AGM 220,553 
Identifiable net assets 18,488 
Less: Fair value of preferred stock 2,666 
Less: Fair value of noncontrolling interests 2,276 
Estimated fair value of net assets acquired by AGM, excluding goodwill 13,546 
Goodwill attributable to AHL $ 4,058 

Included within the above are provisional amounts for (1) VOBA, (2) interest sensitive contract liabilities, (3) future policy benefits, and (4) other assets and other liabilities for the portion of our net assets AGM acquired relating to other identifiable intangible assets and deferred taxes, based on the availability of data as of the date the financial statements were available to be issued. Adjustments to provisional amounts are made prospectively as data becomes available. The income effects from changes to provisional amounts are recorded in the period the adjustment is made, as if the adjustment had been recorded on the merger date. During the nine months ended September 30, 2022, we made adjustments which decreased provisional goodwill by $123 million. The adjustments were comprised of $40 million for measurement period adjustments and $83 million to adjust a valuation of an investment. The measurement period adjustments were primarily related to decreases in interest sensitive contract liabilities and future policy benefits and the income statement effects were immaterial to those periods. We expect to finalize pushdown accounting as soon as practicable but no later than one year from the merger date.

As part of pushdown accounting, we recorded the calculated goodwill based on the amount that our AHL equity value to be held by AGM exceeded the fair value of identifiable net assets less the amounts attributable to fair values of preferred stock and noncontrolling interests. Goodwill is primarily attributable to the scale, skill sets, operations, and synergies that can be achieved subsequent to the merger. The goodwill recorded is not expected to be deductible for tax purposes. We incurred transaction costs of $70 million associated with the merger which were included in policy and other operating expenses on the consolidated statements of income for the year ended December 31, 2021.

We also recorded VOBA and other identifiable intangible assets. Other identifiable intangible assets are included in other assets on the condensed consolidated balance sheets, as follows:

Distribution channels These assets are valued using the excess earnings method, which derives value based on the present value of the cash flow attributable to the distribution channels, less returns for contributory assets.
Trade name This represents the Athene trade name and was valued using the relief-from-royalty method considering publicly available third-party trade name royalty rates as well as expected premiums generated by the use of the trade name over its anticipated life.
Insurance licenses Licenses are protected through registration and were valued using the market approach based on third-party market transactions from which the prices paid for state insurance licenses could be derived.

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



The fair value and weighted average estimated useful life of identifiable intangible assets consists of the following:

Fair value
(in millions)
Weighted average useful life
(in years)
VOBA $ 4,547  7
Distribution channels 1,870  18
Trade name 160  20
Insurance licenses 26  Indefinite
Total $ 6,603 


3. 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:
Successor
September 30, 2022
(In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value
AFS securities
US government and agencies $ 3,229  $ —  $ —  $ (731) $ 2,498 
US state, municipal and political subdivisions
 1,217  —  —  (297) 920 
Foreign governments 1,208  (27) 2  (322) 861 
Corporate 72,556  (66) 50  (15,632) 56,908 
CLO 16,235  (5) 3  (2,087) 14,146 
ABS 10,691  (13) 8  (814) 9,872 
CMBS 3,462  (3) —  (396) 3,063 
RMBS 6,248  (321) 7  (609) 5,325 
Total AFS securities 114,846  (435) 70  (20,888) 93,593 
AFS securities – related party
Corporate 1,076  —  3  (57) 1,022 
CLO 3,047  (1) —  (415) 2,631 
ABS
 5,825  —  1  (274) 5,552 
Total AFS securities – related party
 9,948  (1) 4  (746) 9,205 
Total AFS securities including related party
 $ 124,794  $ (436) $ 74  $ (21,634) $ 102,798 


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



Predecessor
December 31, 2021
(In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses
Fair Value
AFS securities
US government and agencies $ 231  $ —  $ 2  $ (10) $ 223 
US state, municipal and political subdivisions 1,081  —  134  (2) 1,213 
Foreign governments 1,110  —  35  (17) 1,128 
Corporate 62,817  —  4,060  (651) 66,226 
CLO 13,793  —  44  (185) 13,652 
ABS 8,890  (17) 151  (35) 8,989 
CMBS 2,764  (3) 56  (59) 2,758 
RMBS 5,772  (103) 326  (25) 5,970 
Total AFS securities 96,458  (123) 4,808  (984) 100,159 
AFS securities – related party
Corporate 842  —  19  (2) 859 
CLO 2,573  —  5  (29) 2,549 
ABS 6,986  —  61  (53) 6,994 
Total AFS securities – related party 10,401  —  85  (84) 10,402 
Total AFS securities including related party $ 106,859  $ (123) $ 4,893  $ (1,068) $ 110,561 

The amortized cost and fair value of AFS securities, including related party, are shown by contractual maturity below:    
Successor
September 30, 2022
(In millions) Amortized Cost Fair Value
AFS securities
Due in one year or less $ 1,053  $ 1,031 
Due after one year through five years 10,912  9,837 
Due after five years through ten years 20,900  17,101 
Due after ten years 45,345  33,218 
CLO, ABS, CMBS and RMBS 36,636  32,406 
Total AFS securities 114,846  93,593 
AFS securities – related party
Due in one year or less 1  1 
Due after one year through five years 23  21 
Due after five years through ten years 898  870 
Due after ten years 154  130 
CLO and ABS 8,872  8,183 
Total AFS securities – related party
 9,948  9,205 
Total AFS securities including related party $ 124,794  $ 102,798 

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.

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



Unrealized Losses on AFS Securities—The following summarizes the fair value and gross unrealized losses for AFS securities, including related party, 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:
Successor
September 30, 2022
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
 $ 2,482  $ (731) $ —  $ —  $ 2,482  $ (731)
US state, municipal and political subdivisions
 916  (297) —  —  916  (297)
Foreign governments 843  (322) —  —  843  (322)
Corporate 56,317  (15,631) —  —  56,317  (15,631)
CLO 13,636  (2,043) —  —  13,636  (2,043)
ABS 7,436  (730) —  —  7,436  (730)
CMBS
 2,880  (384) —  —  2,880  (384)
RMBS
 3,573  (428) —  —  3,573  (428)
Total AFS securities
 88,083  (20,566) —  —  88,083  (20,566)
AFS securities – related party
Corporate 409  (56) —  —  409  (56)
CLO 2,581  (412) —  —  2,581  (412)
ABS
 5,018  (249) —  —  5,018  (249)
Total AFS securities – related party
 8,008  (717) —  —  8,008  (717)
Total AFS securities including related party
 $ 96,091  $ (21,283) $ —  $ —  $ 96,091  $ (21,283)

Predecessor
December 31, 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 $ 164  $ (8) $ 22  $ (2) $ 186  $ (10)
US state, municipal and political subdivisions 122  (2) 1  —  123  (2)
Foreign governments 387  (17) 1  —  388  (17)
Corporate 18,995  (523) 863  (59) 19,858  (582)
CLO 7,685  (124) 1,537  (35) 9,222  (159)
ABS 4,038  (16) 165  (12) 4,203  (28)
CMBS 880  (29) 177  (22) 1,057  (51)
RMBS 437  (9) 274  (5) 711  (14)
Total AFS securities 32,708  (728) 3,040  (135) 35,748  (863)
AFS securities – related party
Corporate 313  (2) —  —  313  (2)
CLO 1,245  (20) 163  (3) 1,408  (23)
ABS 3,801  (52) 13  (1) 3,814  (53)
Total AFS securities – related party
 5,359  (74) 176  (4) 5,535  (78)
Total AFS securities including related party
 $ 38,067  $ (802) $ 3,216  $ (139) $ 41,283  $ (941)

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



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:
Successor
September 30, 2022
Unrealized loss position Unrealized loss position 12 months or more
AFS securities 9,160  — 
AFS securities – related party 173  — 

The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since application of pushdown accounting or acquisition. We did not recognize the unrealized losses in income as we intend to hold these securities and it is not more likely than not we will be required to sell a security before the recovery of its amortized cost.

Allowance for Credit Losses—The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type:
Successor
Three months ended September 30, 2022
Additions Reductions
(In millions) Beginning Balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending Balance
AFS securities
Foreign governments $ 61  $ —  $ —  $ (28) $ —  $ (6) $ 27 
Corporate 70  5  —  —  (6) (3) 66 
CLO 107  2  —  —  —  (104) 5 
ABS 14  7  —  —  —  (8) 13 
CMBS 9  —  —  —  —  (6) 3 
RMBS 348  1  2  (7) —  (23) 321 
Total AFS securities 609  15  2  (35) (6) (150) 435 
AFS securities – related party
CLO 19  —  —  —  —  (18) 1 
ABS 1  —  —  —  —  (1) — 
Total AFS securities – related party 20  —  —  —  —  (19) 1 
Total AFS securities including related party $ 629  $ 15  $ 2  $ (35) $ (6) $ (169) $ 436 

Predecessor
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 Securities intended to be sold prior to recovery of amortized cost basis 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)



Successor
Nine months ended September 30, 2022
Additions Reductions
(In millions) January 1, 2022 Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending Balance
AFS securities
Foreign governments $ —  $ 66  $ —  $ (28) $ —  $ (11) $ 27 
Corporate —  66  —  —  (6) 6  66 
CLO —  24  —  —  —  (19) 5 
ABS 5  16  —  —  —  (8) 13 
CMBS —  14  —  —  —  (11) 3 
RMBS 306  30  3  (24) —  6  321 
Total AFS securities 311  216  3  (52) (6) (37) 435 
AFS securities – related party
CLO —  3  —  —  —  (2) 1 
ABS —  18  —  —  —  (18) — 
Total AFS securities – related party —  21  —  —  —  (20) 1 
Total AFS securities including related party $ 311  $ 237  $ 3  $ (52) $ (6) $ (57) $ 436 

Predecessor
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 Securities intended to be sold prior to recovery of amortized cost basis 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 

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



Net Investment Income—Net investment income by asset class, including related party, consists of the following:
Successor Predecessor Successor Predecessor
(In millions) Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021
AFS securities $ 1,077  $ 937  $ 2,885  $ 2,736 
Trading securities 41  60  153  183 
Equity securities 17  8  41  15 
Mortgage loans 336  202  870  569 
Investment funds (35) 183  373  1,326 
Funds withheld at interest 534  188  1,347  566 
Other 75  47  165  206 
Investment revenue 2,045  1,625  5,834  5,601 
Investment expenses (202) (153) (582) (443)
Net investment income $ 1,843  $ 1,472  $ 5,252  $ 5,158 

Investment Related Gains (Losses)—Investment related gains (losses) by asset class, including related party, consists of the following:
Successor Predecessor Successor Predecessor
(In millions) Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021
AFS securities
Gross realized gains on investment activity $ 84  $ 118  $ 404  $ 399 
Gross realized losses on investment activity (761) (93) (2,003) (407)
Net realized investment gains (losses) on AFS securities (677) 25  (1,599) (8)
Net recognized investment losses on trading securities (121) (23) (489) (31)
Net recognized investment gains (losses) on equity securities (9) 57  (257) 82 
Net recognized investment losses on mortgage loans (1,199) —  (3,094) — 
Derivative gains (losses) (1,821) 254  (8,794) 2,300 
Provision for credit losses 171  12  (193) 72 
Other gains 807  60  1,614  140 
Investment related gains (losses) $ (2,849) $ 385  $ (12,812) $ 2,555 

Proceeds from sales of AFS securities were $635 million and $2,177 million for the three months ended September 30, 2022 and 2021, respectively, and $9,405 million and $5,762 million for the nine months ended September 30, 2022 and 2021, respectively. Proceeds from sales of AFS securities for the three and nine months ended September 30, 2021 have been revised to correct a misstatement, which was not material, to be comparable to current year amounts.

The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related party, we held as of the respective period end:
Successor Predecessor Successor Predecessor
(In millions) Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021
Trading securities $ (119) $ (15) $ (455) $ (70)
Trading securities – related party 3  20  (3) 74 
Equity securities 2  46  (237) 73 
Equity securities – related party (18) 3  (31) 4 
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Notes to Condensed Consolidated Financial Statements (Unaudited)




Repurchase Agreements—The following table summarizes the maturities of our repurchase agreements:
Successor
September 30, 2022
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
$ —  $ 150  $ 1,260  $ 201  $ 2,866  $ 4,477 
1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets.
Predecessor
December 31, 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
$ —  $ 2,512  $ —  $ —  $ 598  $ 3,110 
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:
Successor Predecessor
September 30, 2022 December 31, 2021
(In millions) Amortized Cost Fair Value Amortized Cost Fair Value
AFS securities
U.S. government and agencies $ 2,093  $ 1,592  $ —  $ — 
Foreign governments 147  104  —  — 
Corporate 1,965  1,580  2,923  3,208 
CLO 282  264  —  — 
ABS 1,207  1,066  —  — 
Total securities pledged under repurchase agreements $ 5,694  $ 4,606  $ 2,923  $ 3,208 

Reverse Repurchase Agreements—As of September 30, 2022, amounts loaned under reverse repurchase agreements were $26 million, and collateral received was $616 million.

Mortgage Loans, including related party and consolidated VIEs—Mortgage loans includes both commercial and residential loans. In connection with the merger, we elected the fair value option on our mortgage loan portfolio. See Note 6 – Fair Value for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:
Successor
(In millions) September 30, 2022
Commercial mortgage loans $ 19,976 
Commercial mortgage loans under development 780 
Total commercial mortgage loans 20,756 
Mark to fair value (1,849)
Commercial mortgage loans 18,907 
Residential mortgage loans 10,332 
Mark to fair value (763)
Residential mortgage loans 9,569 
Mortgage loans $ 28,476 

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



The following represents the mortgage loan portfolio based on amortized cost:
Predecessor
(In millions) December 31, 2021
Commercial mortgage loans $ 16,565 
Commercial mortgage loans under development 499 
Total commercial mortgage loans 17,064 
Allowance for credit losses on commercial mortgage loans (167)
Commercial mortgage loans 16,897 
Residential mortgage loans 7,321 
Allowance for credit losses on residential mortgage loans (70)
Residential mortgage loans 7,251 
Mortgage loans $ 24,148 

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

The distribution of commercial mortgage loans, including those under development, by property type and geographic region, is as follows:
Successor Predecessor
September 30, 2022 December 31, 2021
(In millions, except for percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total
Property type
Office building $ 4,730  25.0  % $ 4,870  28.8  %
Retail 1,411  7.5  % 2,022  12.0  %
Apartment 5,935  31.4  % 4,626  27.4  %
Hotels 1,818  9.6  % 1,727  10.2  %
Industrial 1,726  9.1  % 2,336  13.8  %
Other commercial 3,287  17.4  % 1,316  7.8  %
Total commercial mortgage loans $ 18,907  100.0  % $ 16,897  100.0  %
US region
East North Central $ 1,560  8.3  % $ 1,697  10.0  %
East South Central 408  2.2  % 470  2.8  %
Middle Atlantic 4,141  21.9  % 3,637  21.5  %
Mountain 884  4.7  % 460  2.7  %
New England 1,063  5.6  % 453  2.7  %
Pacific 3,875  20.5  % 3,994  23.6  %
South Atlantic 2,743  14.5  % 2,817  16.7  %
West North Central 253  1.3  % 271  1.6  %
West South Central 1,080  5.7  % 997  5.9  %
Total US region 16,007  84.7  % 14,796  87.5  %
International region
United Kingdom 1,802  9.5  % 1,279  7.6  %
Other International1
1,098  5.8  % 822  4.9  %
Total international region 2,900  15.3  % 2,101  12.5  %
Total commercial mortgage loans $ 18,907  100.0  % $ 16,897  100.0  %
1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.

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Notes to Condensed Consolidated Financial Statements (Unaudited)



Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table:
Successor Predecessor
September 30, 2022 December 31, 2021
US states
California 30.8  % 28.4  %
Florida 9.9  % 11.4  %
New Jersey 5.6  % 5.1  %
New York 5.6  % 4.8  %
Other1
35.3  % 38.5  %
Total US residential mortgage loan percentage 87.2  % 88.2  %
International
United Kingdom 4.6  % 3.8  %
Ireland 3.4  % 6.4  %
Other2
4.8  % 1.6  %
Total international residential mortgage loan percentage 12.8  % 11.8  %
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.


Investment Funds—Our investment fund portfolio consists of funds that employ various strategies and include investments in origination platforms, insurance platforms, and equity, hybrid, yield and other funds. Investment funds can meet the definition of VIEs, which are discussed further in Note 5 – Variable Interest Entities. Our investment funds do not specify timing of distributions on the funds’ underlying assets.
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The following summarizes our investment funds, including related party and consolidated VIEs:
Successor Predecessor
September 30, 2022
December 31, 20211
(In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total
Investment funds
Equity $ 5  17.2  % $ 410  34.8  %
Hybrid 20  69.0  % 667  56.6  %
Yield 4  13.8  % 99  8.4  %
Other —  —  % 2  0.2  %
Total investment funds 29  100.0  % 1,178  100.0  %
Investment funds – related parties
Strategic origination platforms 68  5.3  % 1,338  18.1  %
Strategic insurance platforms 1,048  82.4  % 1,440  19.5  %
Apollo and other fund investments
Equity 135  10.7  % 1,199  16.2  %
Hybrid —  —  % 952  12.9  %
Yield 4  0.3  % 305  4.1  %
Other2
17  1.3  % 2,157  29.2  %
Total investment funds – related parties 1,272  100.0  % 7,391  100.0  %
Investment funds owned by consolidated VIEs
Strategic origination platforms 4,524  38.1  % 264  20.3  %
Strategic insurance platforms 545  4.6  % —  —  %
Apollo and other fund investments
Equity 2,568  21.5  % 229  17.7  %
Hybrid 3,183  26.8  % 56  4.3  %
Yield 985  8.3  % 748  57.7  %
Other 80  0.7  % —  —  %
Total investment funds owned by consolidated VIEs 11,885  100.0  % 1,297  100.0  %
Total investment funds including related party and funds owned by consolidated VIEs $ 13,186  $ 9,866 
Note: During 2022, we contributed the majority of our investment funds to Apollo Aligned Alternatives, L.P. (AAA), which we consolidate as a VIE. See Note 11 – Related Parties for further information on AAA.
1 Certain reclassifications have been made to conform with current year presentation.
2 Includes our investment in Apollo held as of December 31, 2021.

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 at risk 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 securitization entity 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 sheets 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 at risk 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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Notes to Condensed Consolidated Financial Statements (Unaudited)



The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:
Successor Predecessor
September 30, 2022 December 31, 2021
(In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure
Investment funds $ 29  $ 323  $ 1,178  $ 1,792 
Investment in related parties – investment funds 1,272  1,272  7,391  10,922 
Assets of consolidated VIEs – investment funds 11,885  19,330  1,297  1,647 
Investment in fixed maturity securities 32,801  37,775  31,769  31,622 
Investment in related parties – fixed maturity securities 9,088  9,806  11,324  12,681 
Investment in related parties – equity securities 340  340  284  284 
Total non-consolidated investments $ 55,415  $ 68,846  $ 53,243  $ 58,948 

Concentrations—The following table represents our investment concentrations. The evaluation for concentration is based on 10% of shareholders’ equity; however, due to our shareholders’ equity being in a deficit position as of September 30, 2022, we are providing the top 30 investment concentrations.

Successor Predecessor
(In millions) September 30, 2022 December 31, 2021
Athene Freedom1
$ 1,422  $ 3,119 
Athora1
1,123  N/A
PK AirFinance1
933  N/A
AP Tundra 894  N/A
Cayman Universe 762  N/A
AOP Finance 754  N/A
MidCap Financial1
680  N/A
SoftBank Vision Fund II 666  N/A
AA Infrastructure 621  N/A
Bank of America 593  N/A
Apollo Rose2
545  N/A
Morgan Stanley 512  N/A
Venerable1
506  N/A
AP Hansel2
500  N/A
Citigroup 494  N/A
AP Maia2
487  N/A
JPMorgan Chase 452  N/A
AT&T Inc. 413  N/A
FWD Group 400  N/A
Comcast 372  N/A
Mileage Plus 371  N/A
Verizon 347  N/A
Goldman Sachs 310  N/A
AA Warehouse 299  N/A
HWIRE 294  N/A
Enterprise Products 280  N/A
Wheels Fleet Lease 279  N/A
Shell 279  N/A
Energy Trans 266  N/A
Wells Fargo 249  N/A
1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in Note 11 – Related Parties.
2 Represents a consolidated VIE investment in which an underlying investment includes a single issuer exceeding concentration threshold.
N/A – Not applicable as investment did not meet single issuer concentration threshold for the period.

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4. Derivative Instruments

We use a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See Note 6 – Fair Value for information about the fair value hierarchy for derivatives.

The following table presents the notional amount and fair value of derivative instruments:
Successor Predecessor
September 30, 2022 December 31, 2021
Notional Amount Fair Value Notional Amount Fair Value
(In millions) Assets Liabilities Assets Liabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps 6,517  $ 1,122  $ 241  6,371  $ 281  $ 56 
Forwards 5,627  697  5  6,395  189  2 
Interest rate swaps 4,468  —  1,055  2,783  —  173 
Forwards on net investments 193  4  —  231  —  4 
Interest rate swaps 9,505  1  159  500  —  1 
Total derivatives designated as hedges 1,824  1,460  470  236 
Derivatives not designated as hedges
Equity options 61,670  905  122  57,890  3,629  115 
Futures 21  30  2  33  67  — 
Total return swaps 99  —  10  231  10  — 
Foreign currency swaps 3,428  354  188  2,592  57  19 
Interest rate swaps 465  88  —  483  78  1 
Credit default swaps 10  —  1  10  —  3 
Foreign currency forwards 14,013  864  439  7,382  76  98 
Embedded derivatives
Funds withheld including related party (6,830) (82) 1,360  45 
Interest sensitive contract liabilities —  4,998  —  14,907 
Total derivatives not designated as hedges (4,589) 5,678  5,277  15,188 
Total derivatives $ (2,765) $ 7,138  $ 5,747  $ 15,424 

Derivatives Designated as Hedges

Cash Flow Hedges – We used 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. Effective January 1, 2022, our foreign currency swaps were redesignated to fair value hedges as they no longer qualified for cash flow hedge accounting. We use interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by July 2027. The following is a summary of the gains (losses) related to cash flow hedges:
Successor Predecessor Successor Predecessor
(In millions) Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021
Investment related gains (losses)
Foreign currency swaps $ —  $ (21) $ —  $ 6 
Other comprehensive income
Foreign currency swaps —  114  —  171 
Interest rate swaps (111) —  (111) — 

There were no amounts deemed ineffective during the three and nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, no amounts are expected to be reclassified to income within the next 12 months.

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Fair Value Hedges – We use foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date.

The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities:
Successor Predecessor
September 30, 2022 December 31, 2021
(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 $ 3,989  $ (644) $ 4,224  $ (136)
Foreign currency swaps 3,878  (792) —  — 
Mortgage loans – Foreign currency forwards —  —  1,686  (44)
Interest sensitive contract liabilities
Foreign currency swaps 1,081  162  —  — 
Foreign currency interest rate swaps 4,348  879  2,773  121 
Interest rate swaps 6,750  357  500  — 
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:
Amount Excluded
(In millions) Derivatives Hedged Items Net Recognized in income through amortization approach Recognized in income through changes in fair value
Three months ended September 30, 2022 (Successor)
Investment related gains (losses)
Foreign currency forwards $ 288  $ (290) $ (2) $ 18  $ — 
Foreign currency swaps 256  (283) (27) —  — 
Foreign currency interest rate swaps (379) 384  5  —  — 
Interest rate swaps (268) 264  (4) —  — 
Interest sensitive contract benefits
Foreign currency interest rate swaps 12  (14) (2) —  — 
Three months ended September 30, 2021 (Predecessor)
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  —  — 
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Amount Excluded
(In millions) Derivatives Hedged Items Net Recognized in income through amortization approach Recognized in income through changes in fair value
Nine months ended September 30, 2022 (Successor)
Investment related gains (losses)
Foreign currency forwards $ 616  $ (648) $ (32) $ 48  $ 1 
Foreign currency swaps 589  (630) (41) —  — 
Foreign currency interest rate swaps (873) 879  6  —  — 
Interest rate swaps (345) 357  12  —  — 
Interest sensitive contract benefits
Foreign currency interest rate swaps 37  (37) —  —  — 
Nine months ended September 30, 2021 (Predecessor)
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  —  — 

The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:
Successor Predecessor Successor Predecessor
(In millions) Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021
Foreign currency forwards $ (20) $ 86  $ (77) $ 90 
Foreign currency swaps 51  —  60  — 

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, 2022 and 2021, these derivatives had gains of $22 million and $7 million, respectively. During the nine months ended September 30, 2022 and 2021, these derivatives had gains of $47 million and $5 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of September 30, 2022 and December 31, 2021, the cumulative foreign currency translations recorded in accumulated other comprehensive income (loss) (AOCI) related to these net investment hedges were gains of $47 million and gains of $1 million, respectively. During the three and nine months ended September 30, 2022 and 2021, 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.

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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:
Successor Predecessor Successor Predecessor
(In millions) Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021
Equity options $ (449) $ (45) $ (2,728) $ 1,501 
Futures (34) (2) (153) 53 
Swaps 132  (40) 121  (4)
Foreign currency forwards 454  75  971  25 
Embedded derivatives on funds withheld (1,839) 205  (7,041) 463 
Amounts recognized in investment related gains (losses) (1,736) 193  (8,830) 2,038 
Embedded derivatives in indexed annuity products1
800  132  3,244  (716)
Total net gains (losses) on derivatives not designated as hedges $ (936) $ 325  $ (5,586) $ 1,322 
1 Included in interest sensitive contract benefits on the condensed consolidated statements of income (loss).

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.
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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, 2022 (Successor)
Derivative assets $ 4,065  $ (1,671) $ (2,538) $ (144) $ —  $ (144)
Derivative liabilities (2,222) 1,671  598  47  —  47 
December 31, 2021 (Predecessor)
Derivative assets $ 4,387  $ (430) $ (3,934) $ 23  $ —  $ 23 
Derivative liabilities (472) 430  32  (10) —  (10)
1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of September 30, 2022 and December 31, 2021, 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.


5. Variable Interest Entities

As a result of our merger with AGM, we reassessed consolidation conclusions for VIEs. We determined that we are required to consolidate additional Apollo-managed investment funds. Since the criteria for the primary beneficiary are satisfied by our related party group, we are deemed the primary beneficiary. 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.

The following summarizes the income statement activity of the consolidated VIEs:
Successor Predecessor Successor Predecessor
(In millions) Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021
Trading securities $ 10  $ —  $ 10  $ — 
Equity securities 13  —  13  — 
Mortgage loans 22  28  65  56 
Investment funds 4  (26) (5) 2 
Other investments (16) —  (3) — 
Net investment income $ 33  $ 2  $ 80  $ 58 
Trading securities $ (38) $ —  $ (38) $ — 
Net recognized investment losses on mortgage loans (103) —  (262) — 
Provision for credit losses —  (14) —  (62)
Investment funds 236  15  354  15 
Other gains (losses) (16) —  5  — 
Investment related gains (losses) $ 79  $ 1  $ 59  $ (47)


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6. 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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The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis:
Successor
September 30, 2022
(In millions) Total NAV Level 1 Level 2 Level 3
Assets
AFS securities
US government and agencies $ 2,498  $ —  $ 2,496  $ 2  $ — 
US state, municipal and political subdivisions
 920  —  —  920  — 
Foreign governments 861  —  —  859  2 
Corporate 56,908  —  —  55,246  1,662 
CLO 14,146  —  —  14,143  3 
ABS 9,872  —  —  6,024  3,848 
CMBS 3,063  —  —  3,063  — 
RMBS 5,325  —  —  5,325  — 
Total AFS securities 93,593  —  2,496  85,582  5,515 
Trading securities 1,590  —  24  1,512  54 
Equity securities 1,207  —  265  870  72 
Mortgage loans 25,145  —  —  —  25,145 
Funds withheld at interest – embedded derivative (5,259) —  —  —  (5,259)
Derivative assets 4,065  —  31  4,034  — 
Short-term investments 292  —  81  176  35 
Other investments 666  —  —  170  496 
Cash and cash equivalents 9,823  —  9,823  —  — 
Restricted cash 1,024  —  1,024  —  — 
Investments in related parties
AFS securities
Corporate 1,022  —  —  169  853 
CLO 2,631  —  —  2,320  311 
ABS 5,552  —  —  224  5,328 
Total AFS securities – related party 9,205  —  —  2,713  6,492 
Trading securities 905  —  —  —  905 
Equity securities 340  —  —  —  340 
Mortgage loans 1,331  —  —  —  1,331 
Investment funds 789  —  —  —  789 
Funds withheld at interest – embedded derivative (1,571) —  —  —  (1,571)
Other investments 274  —  —  —  274 
Reinsurance recoverable 1,476  —  —  —  1,476 
Assets of consolidated VIEs
Trading securities 988  —  4  364  620 
Equity securities 15  —  —  —  15 
Mortgage loans 1,663  —  —  —  1,663 
Investment funds 11,885  9,579  —  —  2,306 
Other investments 152  —  —  16  136 
Cash and cash equivalents 418  —  418  —  — 
Total assets measured at fair value $ 160,016  $ 9,579  $ 14,166  $ 95,437  $ 40,834 
Liabilities
Interest sensitive contract liabilities
Embedded derivative $ 4,998  $ —  $ —  $ —  $ 4,998 
Universal life benefits 852  —  —  —  852 
Future policy benefits
AmerUs Life Insurance Company (AmerUs) Closed Block 1,157  —  —  —  1,157 
Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 612  —  —  —  612 
Derivative liabilities 2,222  —  (8) 2,229  1 
Funds withheld liability – embedded derivative (82) —  —  (82) — 
Total liabilities measured at fair value $ 9,759  $ —  $ (8) $ 2,147  $ 7,620 

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Predecessor
December 31, 2021
(In millions) Total NAV Level 1 Level 2 Level 3
Assets
AFS securities
US government and agencies $ 223  $ —  $ 214  $ 9  $ — 
US state, municipal and political subdivisions
 1,213  —  —  1,213  — 
Foreign governments 1,128  —  —  1,126  2 
Corporate 66,226  —  —  64,887  1,339 
CLO 13,652  —  —  13,638  14 
ABS 8,989  —  —  5,370  3,619 
CMBS 2,758  —  —  2,715  43 
RMBS 5,970  —  —  5,970  — 
Total AFS securities 100,159  —  214  94,928  5,017 
Trading securities 2,056  —  3  1,984  69 
Equity securities 1,170  —  86  655  429 
Mortgage loans 17  —  —  —  17 
Investment funds 183  165  —  —  18 
Funds withheld at interest – embedded derivative 782  —  —  —  782 
Derivative assets 4,387  —  67  4,320  — 
Short-term investments 139  —  49  61  29 
Other investments 130  —  —  130  — 
Cash and cash equivalents 9,479  —  9,479  —  — 
Restricted cash 796  —  796  —  — 
Investments in related parties
AFS securities
Corporate 859  —  —  189  670 
CLO 2,549  —  —  2,347  202 
ABS 6,994  —  —  549  6,445 
Total AFS securities – related party 10,402  —  —  3,085  7,317 
Trading securities 1,781  —  —  10  1,771 
Equity securities 284  —  —  —  284 
Investment funds 2,958  103  —  —  2,855 
Funds withheld at interest – embedded derivative 578  —  —  —  578 
Reinsurance recoverable 1,991  —  —  —  1,991 
Assets of consolidated VIEs
Investment funds 1,297  —  —  —  1,297 
Cash and cash equivalents 154  —  154  —  — 
Total assets measured at fair value $ 138,743  $ 268  $ 10,848  $ 105,173  $ 22,454 
Liabilities
Interest sensitive contract liabilities
Embedded derivative $ 14,907  $ —  $ —  $ —  $ 14,907 
Universal life benefits 1,235  —  —  —  1,235 
Future policy benefits
AmerUs Closed Block
 1,520  —  —  —  1,520 
ILICO Closed Block and life benefits
 742  —  —  —  742 
Derivative liabilities 472  —  —  469  3 
Funds withheld liability – embedded derivative 45  —  —  45  — 
Total liabilities measured at fair value $ 18,921  $ —  $ —  $ 514  $ 18,407 

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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 – 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 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.

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.
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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 party and consolidated VIEs:
Successor Predecessor Successor Predecessor
(In millions) Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021
Trading securities $ (121) $ (23) $ (489) $ (31)
Mortgage loans (1,279) —  (3,344) — 
Investment funds (47) 4  9  439 
Future policy benefits 90  21  363  70 
Total gains (losses) $ (1,357) $ 2  $ (3,461) $ 478 

Gains and losses on trading securities are recorded in investment related gains (losses) on the condensed consolidated statements of income (loss). 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 (loss). 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 (loss). 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 (loss).

The following summarizes information for fair value option mortgage loans, including related party and consolidated VIEs:
Successor Predecessor
(In millions) September 30, 2022 December 31, 2021
Unpaid principal balance $ 30,751  $ 15 
Mark to fair value (2,612) 2 
Fair value $ 28,139  $ 17 


The following represents our commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status:
Successor
(In millions) September 30, 2022
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 163 
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (76)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 87 
Fair value of commercial mortgage loans 90 days or more past due $ 1 
Fair value of commercial mortgage loans in non-accrual status 87 

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The following represents our residential loan portfolio 90 days or more past due and/or in non-accrual status:
Successor
(In millions) September 30, 2022
Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 502 
Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (40)
Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 462 
Fair value of residential mortgage loans 90 days or more past due1
$ 462 
Fair value of residential mortgage loans in non-accrual status 205 
1 Includes $257 million of residential mortgage loans that are guaranteed by US government-sponsored agencies.

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

The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio:
Successor Predecessor Successor Predecessor
(In millions) Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021
Mortgage loans $ 18  $ —  $ (34) $ — 

We estimated the portion of gains and losses attributable to changes in instrument-specific credit risk by identifying commercial loans with loan-to-value ratios meeting credit quality criteria, and residential mortgage loans with delinquency status meeting credit quality criteria.

Level 3 Financial Instruments—The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis. Transfers in and out of Level 3 are primarily based on changes in the availability of pricing sources, as described in the valuation methods above.

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Successor
Three months ended September 30, 2022
Total realized and unrealized gains (losses)
(In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets
AFS securities
Foreign governments $ 2  $ —  $ —  $ —  —  $ 2  $ —  $ — 
Corporate 1,588  (16) (58) 205  (57) 1,662  —  (55)
CLO —  —  —  3  —  3  —  — 
ABS 3,594  2  (50) 198  104  3,848  —  (60)
RMBS 68  —  (1) (1) (66) —  —  — 
Trading securities 58  (4) —  (2) 2  54  (4) — 
Equity securities 62  10  —  —  —  72  11  — 
Mortgage loans 25,218  (1,117) —  1,044  —  25,145  (1,111) — 
Investment funds 19  —  —  —  (19) —  —  — 
Funds withheld at interest – embedded derivative (3,958) (1,301) —  —  —  (5,259) —  — 
Short-term investments 58  —  —  (23) —  35  —  — 
Other investments —  —  —  —  496  496  —  — 
Investments in related parties
AFS securities
Corporate 849  1  (17) 114  (94) 853  —  (15)
CLO 325  —  (14) —  —  311  —  (14)
ABS 5,026  (3) (73) 284  94  5,328  —  (73)
Trading securities 891  4  —  5  5  905  4  — 
Equity securities 163  (18) —  195  —  340  (18) — 
Mortgage loans 1,416  (82) —  (3) —  1,331  (82) — 
Investment funds 818  (29) —  —  —  789  (29) — 
Funds withheld at interest – embedded derivative (1,129) (442) —  —  —  (1,571) —  — 
Other investments —  —  —  —  274  274  —  — 
Reinsurance recoverable 1,580  (104) —  —  —  1,476  —  — 
Assets of consolidated VIEs
Trading securities 330  (7) —  529  (232) 620  (7) — 
Equity securities —  —  —  —  15  15  —  — 
Mortgage loans 1,626  (80) —  96  21  1,663  (79) — 
Investment funds 1,053  (19) —  1,694  (422) 2,306  (19) — 
Other investments 31  —  —  —  105  136  —  — 
Total Level 3 assets $ 39,688  $ (3,205) $ (213) $ 4,338  $ 226  $ 40,834  $ (1,334) $ (217)
Liabilities
Interest sensitive contract liabilities
Embedded derivative $ (5,451) $ 800  $ —  $ (347) $ —  $ (4,998) $ —  $ — 
Universal life benefits (943) 91  —  —  —  (852) —  — 
Future policy benefits
AmerUs Closed Block (1,247) 90  —  —  —  (1,157) —  — 
ILICO Closed Block and life benefits (623) 11  —  —  —  (612) —  — 
Derivative liabilities (1) —  —  —  —  (1) —  — 
Total Level 3 liabilities $ (8,265) $ 992  $ —  $ (347) $ —  $ (7,620) $ —  $ — 
1 Related to instruments held at end of period.
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ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)



Predecessor
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 earnings1
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
 99  (6) —  3  (1) 95  (3) — 
Equity securities
 22  2  —  —  —  24  2  — 
Mortgage loans 18  —  —  —  —  18  —  — 
Investment funds 18  1  —  —  —  19  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 1,710  (4) —  30  (23) 1,713  (3) — 
Equity securities 115  3  —  (3) —  115  3  — 
Investment funds 2,452  1  —  —  —  2,453  1  — 
Funds withheld at interest – embedded derivative
752  (65) —  —  —  687  —  — 
Reinsurance recoverable 1,946  23  —  —  —  1,969  —  — 
Assets of consolidated VIEs – investment funds 417  2  —  246  —  665  2  — 
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)



Successor
Nine months ended September 30, 2022
Total realized and unrealized gains (losses)
(In millions) Balance at January 1, 2022 Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets
AFS securities
Foreign governments $ 2  $ —  $ —  $ —  $ —  $ 2  $ —  $ — 
Corporate 1,339  (19) (135) 385  92  1,662  —  (120)
CLO 14  (2) —  (9) —  3  —  — 
ABS 3,619  9  (145) 198  167  3,848  —  (116)
CMBS 43  —  (17) —  (26) —  —  — 
RMBS —  —  (1) 67  (66) —  —  — 
Trading securities 69  (10) —  6  (11) 54  (4) — 
Equity securities 429  27  —  (3) (381) 72  25  — 
Mortgage loans 21,154  (2,888) —  6,879  —  25,145  (2,878) — 
Investment funds 18  1  —  —  (19) —  —  — 
Funds withheld at interest – embedded derivative —  (5,259) —  —  —  (5,259) —  — 
Short-term investments 29  —  (1) 7  —  35  —  (1)
Other investments —  —  —  —  496  496  —  — 
Investments in related parties
AFS securities
Corporate 670  (3) (23) 250  (41) 853  —  (22)
CLO 202  —  (21) 130  —  311  —  (21)
ABS 6,445  (4) (208) (957) 52  5,328  —  (193)
Trading securities 1,771  3  —  (1,057) 188  905  (4) — 
Equity securities 284  (32) —  76  12  340  (27) — 
Mortgage loans 1,369  (206) —  168  —  1,331  (206) — 
Investment funds 2,855  (1) —  (34) (2,031) 789  (1) — 
Funds withheld at interest – embedded derivative —  (1,571) —  —  —  (1,571) —  — 
Short-term investments —  —  —  53  (53) —  —  — 
Other investments —  —  —  —  274  274  —  — 
Reinsurance recoverable 1,991  (515) —  —  —  1,476  —  — 
Assets of consolidated VIEs
Trading securities —  (7) —  529  98  620  (7) — 
Equity securities —  —  —  —  15  15  —  — 
Mortgage loans 2,152  (250) —  (58) (181) 1,663  (250) — 
Investment funds 1,297  9  —  1,855  (855) 2,306  9  — 
Other investments —  —  —  31  105  136  —  — 
Total Level 3 assets $ 45,752  $ (10,718) $ (551) $ 8,516  $ (2,165) $ 40,834  $ (3,343) $ (473)
Liabilities
Interest sensitive contract liabilities
Embedded derivative $ (7,559) $ 3,244  $ —  $ (683) $ —  $ (4,998) $ —  $ — 
Universal life benefits (1,235) 383  —  —  —  (852) —  — 
Future policy benefits
AmerUs Closed Block (1,520) 363  —  —  —  (1,157) —  — 
ILICO Closed Block and life benefits (742) 130  —  —  —  (612) —  — 
Derivative liabilities (3) 2  —  —  —  (1) —  — 
Total Level 3 liabilities $ (11,059) $ 4,122  $ —  $ (683) $ —  $ (7,620) $ —  $ — 
1 Related to instruments held at end of period.

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



Predecessor
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 earnings1
Total gains (losses) included in OCI1
Assets
AFS securities
US state, municipal and political subdivisions
 $