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UNITED STATES SECURITIES AND EXCHANGE COMMISSION |
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Washington, D.C. 20549 |
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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, 2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-37963
ATHENE HOLDING LTD.
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(Exact name of registrant as specified in its charter) |
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Delaware |
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98-0630022 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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incorporation or organization) |
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Identification Number) |
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7700 Mills Civic Pkwy
West Des Moines, Iowa 50266
1-(515) 342-4678
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(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices) |
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Securities registered pursuant to Section 12(b) of the Act: |
Title of each class |
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Trading Symbol |
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Name of each exchange on which registered |
Depositary Shares, each representing a 1/1,000th interest in a
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6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series A |
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ATHPrA |
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New York Stock Exchange |
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Depositary Shares, each representing a 1/1,000th interest in a
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5.625% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series B |
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ATHPrB |
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New York Stock Exchange |
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Depositary Shares, each representing a 1/1,000th interest in a
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6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C |
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ATHPrC |
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New York Stock Exchange |
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Depositary Shares, each representing a 1/1,000th interest in a
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4.875% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series D |
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ATHPrD |
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New York Stock Exchange |
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Depositary Shares, each representing a 1/1,000th interest in a
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7.75% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series E |
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ATHPrE |
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New York Stock Exchange |
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7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064 |
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ATHS |
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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.
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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 November 4, 2024, 203,805,432 shares of our common stock were outstanding, all of which are held by Apollo Global Management, Inc.
TABLE OF CONTENTS
PART I—FINANCIAL INFORMATION
PART II—OTHER INFORMATION
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, 2023 (2023 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, such as 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;
•market and credit risks that could diminish the value of our investments;
•changes to the creditworthiness of our reinsurance and derivative counterparties;
•changes in consumer perception regarding the desirability of annuities as retirement savings products;
•potential litigation (including class action litigation), enforcement investigations or regulatory scrutiny against us and our subsidiaries, which we may be required to defend against or respond to;
•the impact of new accounting rules or changes to existing accounting rules on our business;
•interruption or other operational failures in telecommunication and information technology and other operating systems, including as a result of threat actors attempting to attack those systems, as well as our ability to maintain the security of those systems;
•the dependence of Apollo Global Management, Inc. and its subsidiaries (other than us or our subsidiaries, Apollo) on key executives and Apollo’s inability to attract qualified personnel;
•the accuracy of our estimates regarding the future performance of our investment portfolio;
•increased regulation or scrutiny of alternative investment advisers and certain trading methods;
•potential changes to 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 implementation in various jurisdictions of measures to introduce the Organisation for Economic Cooperation and Development’s (OECD) “Pillar Two” global minimum tax initiative, or similar rules in other jurisdictions (including the recently enacted corporate income tax in Bermuda or otherwise);
•certain of our non-United States (US) subsidiaries becoming subject to US federal income taxation in amounts greater than expected;
•adverse changes in tax law;
•adverse impacts of AHL changing its domicile from Bermuda to the US, causing AHL to become a US-domiciled corporation and a US taxpayer (Redomicile);
•changes in our ability to pay dividends or make distributions, including as a result of the Redomicile;
•the failure to achieve the economic benefits expected to be derived from Athene Co-Invest Reinsurance Affiliate Holding Ltd. and Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd. (together with their subsidiaries, ACRA) capital raise or future ACRA capital raises;
•the failure of third-party ACRA investors to fund their capital commitment obligations; and
•other risks and factors listed in Part II–Item 1A. Risk Factors included in this report, Part I—Item 1A. Risk Factors included in our 2023 Annual Report and those discussed elsewhere in this report and in our 2023 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 |
AAA |
|
Apollo Aligned Alternatives Aggregator, LP |
AADE |
|
Athene Annuity & Life Assurance Company |
AAIA |
|
Athene Annuity and Life Company |
AAM |
|
Apollo Asset Management, Inc. |
AARe |
|
Athene Annuity Re Ltd., a Bermuda reinsurance subsidiary |
ACRA |
|
ACRA 1 and ACRA 2 |
ACRA 1 |
|
Athene Co-Invest Reinsurance Affiliate Holding Ltd., together with its subsidiaries |
ACRA 1 HoldCo |
|
Athene Co-Invest Reinsurance Affiliate Holding Ltd. |
ACRA 2 |
|
Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd., together with its subsidiaries |
ACRA 2 HoldCo |
|
Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd. |
ADIP |
|
ADIP I and ADIP II |
ADIP I |
|
Apollo/Athene Dedicated Investment Program |
ADIP II |
|
Apollo/Athene Dedicated Investment Program II |
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 |
Apollo |
|
Apollo Global Management, Inc., together with its subsidiaries (other than us or our subsidiaries) |
Apollo Group |
|
(1) AGM and its 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) will be deemed to be a member of the Apollo Group |
Athora |
|
Athora Holding Ltd. |
AUSA |
|
Athene USA Corporation |
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 |
US Treasury |
|
United States Department of the Treasury |
Venerable |
|
Venerable Holdings, Inc., together with its subsidiaries |
VIAC |
|
Venerable Insurance and Annuity Company |
Wheels |
|
Wheels, Inc. |
Certain Terms & Acronyms
|
|
|
|
|
|
|
|
|
Term or Acronym |
|
Definition |
ABS |
|
Asset-backed securities |
ALM |
|
Asset liability management |
Alternative investments |
|
Alternative investments, including investment funds, VIEs and certain equity securities due to their underlying characteristics |
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 as reported in the Bermuda statutory financial statements and applying US statutory accounting principles for policyholder reserve liabilities which are subjected to US cash flow testing requirements, excluding certain items that do not exist under our applicable Bermuda requirements, such as interest maintenance reserves. There are certain Bermuda statutory accounting differences, primarily (1) marking to market of inception date investment gains or losses relating to reinsurance transactions and (2) admission of certain deferred tax assets, that may from time to time result in material differences from the calculation of statutory capital under US statutory accounting principles. |
Bermuda RBC |
|
The risk-based capital ratio of our non-US reinsurance subsidiaries calculated using Bermuda capital and applying NAIC risk-based capital factors on an aggregate basis. Adjustments are made to (1) exclude US subsidiaries which are included within our US RBC Ratio and (2) 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 NAIC |
CLO |
|
Collateralized loan obligation |
CMBS |
|
Commercial mortgage-backed securities |
CML |
|
Commercial mortgage loan |
Consolidated RBC |
|
The consolidated risk-based capital ratio of our non-US reinsurance and US insurance subsidiaries calculated by aggregating US RBC and Bermuda RBC. |
Cost of funds |
|
Cost of funds includes liability costs related to cost of crediting on both deferred annuities, including, with respect to our fixed indexed annuities, option costs, and institutional costs related to institutional products, as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the noncontrolling interests. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, premiums and certain product charges and other revenues. We include the costs related to business added through assumed reinsurance transactions and exclude the costs on business related to ceded reinsurance transactions. 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 equity 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 |
Funds withheld |
|
Funds withheld modified coinsurance |
GLWB |
|
Guaranteed lifetime withdrawal benefit |
GMDB |
|
Guaranteed minimum death benefit |
Gross invested assets |
|
Represent the investments that directly back our gross reserve liabilities as well as surplus assets. Gross invested assets include (a) total investments on the consolidated balance sheet with available-for-sale securities, trading securities and mortgage loans at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE assets, liabilities and noncontrolling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an adjustment for the allowance for credit losses. Gross invested assets exclude the derivative collateral offsetting the related cash positions. We include the investments supporting assumed funds withheld and modco agreements and exclude the investments related to ceded reinsurance transactions in order to match the assets with the income received. Gross invested assets include the entire investment balance attributable to ACRA as ACRA is 100% consolidated. |
IMO |
|
Independent marketing organization |
Liability outflows |
|
The aggregate of withdrawals on our deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities, repurchases and maturities of our funding agreements and block reinsurance outflows. |
Market risk benefits |
|
Guaranteed lifetime withdrawal benefits and guaranteed minimum death benefits |
Modco |
|
Modified coinsurance |
MVA |
|
Market value adjustment |
|
|
|
|
|
|
|
|
|
Term or Acronym |
|
Definition |
Net invested assets |
|
Represent the investments that directly back our net reserve liabilities as well as surplus assets. Net invested assets include (a) total investments on the condensed consolidated balance sheets, with available-for-sale securities, trading securities and mortgage loans at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE assets, liabilities and noncontrolling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an adjustment for the allowance for credit losses. Net invested assets exclude the derivative collateral offsetting the related cash positions. We include the investments supporting assumed funds withheld and modco agreements and exclude the investments related to ceded reinsurance transactions in order to match the assets with the income received. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests. |
Net investment earned rate |
|
Computed as the 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. The adjustments to net investment income to arrive at our net investment earnings add (a) alternative investment gains and losses, (b) gains and losses related to certain equity securities, (c) net VIE impacts (revenues, expenses and noncontrolling interest), (d) forward points gains and losses on foreign exchange derivative hedges, (e) amortization of premium/discount on held-for-trading securities and (f) the change in fair value of reinsurance assets, and remove the proportionate share of the ACRA net investment income associated with the noncontrolling interests. Net investment earned rate includes the income and assets supporting our change in fair value of reinsurance assets by evaluating the underlying investments of the funds withheld at interest receivables and including the net investment income from those underlying investments which does not correspond to the US GAAP presentation of change in fair value of reinsurance assets. Net investment earned rate excludes the income and assets on business related to ceded reinsurance transactions. |
Net investment spread |
|
Net investment spread measures our investment performance plus our strategic capital management fees less our total cost of funds, presented on an annualized basis for interim periods. |
Net reserve liabilities |
|
Represent our policyholder liability obligations net of reinsurance and used to analyze the costs of our liabilities. Net reserve liabilities include (a) interest sensitive contract liabilities, (b) future policy benefits, (c) net market risk benefits, (d) long-term repurchase obligations, (e) dividends payable to policyholders and (f) other policy claims and benefits, offset by reinsurance recoverable, excluding policy loans ceded. Net reserve liabilities include our economic ownership of ACRA reserve liabilities but do not include the reserve liabilities associated with the noncontrolling interests. Net reserve liabilities are 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 include the underlying liabilities assumed through modco reinsurance agreements in order to match the liabilities with the expenses incurred. |
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 |
RILA |
|
Registered index-linked annuity, which is an insurance contract similar to an FIA that has the potential for higher returns but also has the potential risk of loss to principal and related earnings, subject to a floor |
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) |
Spread Related Earnings, or SRE |
|
Pre-tax non-GAAP measure used to evaluate our financial performance excluding market volatility (other than with respect to alternative investments) as well as integration, restructuring, stock compensation and certain other expenses which are not part of our underlying profitability drivers. |
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 GAAP |
|
Accounting principles generally accepted in the United States of America |
US RBC |
|
The CAL RBC ratio for AADE, our parent US insurance company, which merged with and into AAIA on October 11, 2024 |
VIE |
|
Variable interest entity |
VOBA |
|
Value of business acquired |
Item 1. Financial Statements
Index to Condensed Consolidated Financial Statements (unaudited)
ATHENE HOLDING LTD.
Condensed Consolidated Balance Sheets (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
September 30, 2024 |
|
December 31, 2023 |
Assets |
|
|
|
Investments |
|
|
|
Available-for-sale securities, at fair value (amortized cost: 2024 – $174,252 and 2023 – $147,561; allowance for credit losses: 2024 – $677 and 2023 – $590) |
$ |
164,685 |
|
|
$ |
134,338 |
|
Trading securities, at fair value |
1,684 |
|
|
1,706 |
|
Equity securities (portion at fair value: 2024 – $1,292 and 2023 – $935) |
1,292 |
|
|
1,293 |
|
Mortgage loans, at fair value |
58,587 |
|
|
44,115 |
|
Investment funds |
107 |
|
|
109 |
|
Policy loans |
320 |
|
|
334 |
|
Funds withheld at interest (portion at fair value: 2024 – $(2,581) and 2023 – $(3,379)) |
21,231 |
|
|
24,359 |
|
Derivative assets |
7,529 |
|
|
5,298 |
|
Short-term investments (portion at fair value: 2024 – $409 and 2023 – $341) |
614 |
|
|
341 |
|
Other investments (portion at fair value: 2024 – $1,507 and 2023 – $943) |
1,727 |
|
|
1,206 |
|
Total investments |
257,776 |
|
|
213,099 |
|
Cash and cash equivalents |
13,587 |
|
|
13,020 |
|
Restricted cash |
964 |
|
|
1,761 |
|
Investments in related parties |
|
|
|
Available-for-sale securities, at fair value (amortized cost: 2024 – $18,130 and 2023 – $14,455; allowance for credit losses: 2024 – $1 and 2023 – $1) |
17,897 |
|
|
14,009 |
|
Trading securities, at fair value |
619 |
|
|
838 |
|
Equity securities, at fair value |
257 |
|
|
318 |
|
Mortgage loans, at fair value |
1,345 |
|
|
1,281 |
|
Investment funds (portion at fair value: 2024 – $1,106 and 2023 – $1,082) |
1,604 |
|
|
1,632 |
|
Funds withheld at interest (portion at fair value: 2024 – $(530) and 2023 – $(721)) |
5,444 |
|
|
6,474 |
|
Short-term investments |
812 |
|
|
947 |
|
Other investments, at fair value |
348 |
|
|
343 |
|
Accrued investment income (related party: 2024 – $171 and 2023 – $166) |
2,695 |
|
|
1,933 |
|
Reinsurance recoverable (related party: 2024 – $3,372 and 2023 – $0; portion at fair value: 2024 – $1,710 and 2023 – $1,367) |
7,454 |
|
|
4,154 |
|
Deferred acquisition costs, deferred sales inducements and value of business acquired |
6,971 |
|
|
5,979 |
|
Goodwill |
4,071 |
|
|
4,065 |
|
Other assets (related party: 2024 – $207 and 2023 – $189) |
10,726 |
|
|
10,179 |
|
Assets of consolidated variable interest entities |
|
|
|
Investments |
|
|
|
Trading securities, at fair value (related party: 2024 – $687 and 2023 – $644) |
2,379 |
|
|
2,136 |
|
|
|
|
|
Mortgage loans, at fair value (related party: 2024 – $412 and 2023 – $358) |
2,226 |
|
|
2,173 |
|
Investment funds, at fair value (related party: 2024 – $16,357 and 2023 – $15,425) |
17,135 |
|
|
15,927 |
|
Other investments, at fair value (related party: 2024 – $101 and 2023 – $80) |
159 |
|
|
103 |
|
Cash and cash equivalents (restricted cash: 2024 – $10 and 2023 – $0) |
305 |
|
|
98 |
|
Other assets |
192 |
|
|
110 |
|
Total assets |
$ |
354,966 |
|
|
$ |
300,579 |
|
(Continued)
See accompanying notes to the unaudited condensed consolidated financial statements
ATHENE HOLDING LTD.
Condensed Consolidated Balance Sheets (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
September 30, 2024 |
|
December 31, 2023 |
Liabilities and Equity |
|
|
|
Liabilities |
|
|
|
Interest sensitive contract liabilities (related party: 2024 – $7,085 and 2023 – $8,599; portion at fair value: 2024 – $12,816 and 2023 – $9,893) |
$ |
245,436 |
|
|
$ |
204,670 |
|
Future policy benefits (related party: 2024 – $23 and 2023 – $9; portion at fair value: 2024 – $1,711 and 2023 – $1,700) |
52,962 |
|
|
53,287 |
|
Market risk benefits (related party: 2024 – $257 and 2023 – $227) |
4,402 |
|
|
3,751 |
|
Debt |
5,725 |
|
|
4,209 |
|
Derivative liabilities |
2,758 |
|
|
1,995 |
|
Payables for collateral on derivatives and securities to repurchase |
7,952 |
|
|
7,536 |
|
Other liabilities (related party: 2024 – $3,938 and 2023 – $774) |
7,257 |
|
|
2,781 |
|
Liabilities of consolidated variable interest entities (related party: 2024 – $461 and 2023 – $513) |
1,363 |
|
|
1,115 |
|
Total liabilities |
327,855 |
|
|
279,344 |
|
Commitments and Contingencies (Note 12) |
|
|
|
Equity |
|
|
|
Preferred stock |
— |
|
|
— |
|
Common stock |
— |
|
|
— |
|
Additional paid-in capital |
19,567 |
|
|
19,499 |
|
Retained earnings (accumulated deficit) |
1,345 |
|
|
(92) |
|
Accumulated other comprehensive loss (related party: 2024 – $(211) and 2023 – $(357)) |
(3,467) |
|
|
(5,569) |
|
Total Athene Holding Ltd. stockholders’ equity |
17,445 |
|
|
13,838 |
|
Noncontrolling interests |
9,666 |
|
|
7,397 |
|
Total equity |
27,111 |
|
|
21,235 |
|
Total liabilities and equity |
$ |
354,966 |
|
|
$ |
300,579 |
|
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements
ATHENE HOLDING LTD.
Condensed Consolidated Statements of Income (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
(In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenues |
|
|
|
|
|
|
|
Premiums (related party of $4 and $3 for the three months ended and $16 and $11 for the nine months ended September 30, 2024 and 2023, respectively) |
$ |
389 |
|
|
$ |
26 |
|
|
$ |
1,163 |
|
|
$ |
9,163 |
|
Product charges (related party of $7 and $10 for the three months ended and $23 and $30 for the nine months ended September 30, 2024 and 2023, respectively) |
267 |
|
|
217 |
|
|
756 |
|
|
622 |
|
Net investment income (related party investment income of $482 and $405 for the three months ended and $1,295 and $1,195 for the nine months ended September 30, 2024 and 2023, respectively; and related party investment expense of $327 and $249 for the three months ended and $920 and $703 for the nine months ended September 30, 2024 and 2023, respectively) |
3,777 |
|
|
2,928 |
|
|
10,578 |
|
|
8,052 |
|
Investment related gains (losses) (related party of $144 and $(187) for the three months ended and $78 and $(168) for the nine months ended September 30, 2024 and 2023, respectively) |
1,539 |
|
|
(2,624) |
|
|
3,082 |
|
|
(1,193) |
|
Other revenues (related party of $5 and $563 for the three months ended and $5 and $563 for the nine months ended September 30, 2024 and 2023, respectively) |
4 |
|
|
564 |
|
|
9 |
|
|
584 |
|
Revenues of consolidated variable interest entities |
|
|
|
|
|
|
|
Net investment income (related party of $(5) and $18 for the three months ended and $13 and $45 for the nine months ended September 30, 2024 and 2023, respectively) |
77 |
|
|
75 |
|
|
210 |
|
|
210 |
|
Investment related gains (losses) (related party of $421 and $305 for the three months ended and $1,118 and $840 for the nine months ended September 30, 2024 and 2023, respectively) |
469 |
|
|
250 |
|
|
1,109 |
|
|
744 |
|
Total revenues |
6,522 |
|
|
1,436 |
|
|
16,907 |
|
|
18,182 |
|
Benefits and expenses |
|
|
|
|
|
|
|
Interest sensitive contract benefits (related party of $(52) and $14 for the three months ended and $(44) and $118 for the nine months ended September 30, 2024 and 2023, respectively) |
2,599 |
|
|
333 |
|
|
7,307 |
|
|
3,634 |
|
Future policy and other policy benefits (related party of $5 and $4 for the three months ended and $19 and $39 for the nine months ended September 30, 2024 and 2023, respectively; and remeasurement (gains) losses of $(111) and $(30) for the three months ended and $(104) and $(36) for the nine months ended September 30, 2024 and 2023, respectively) |
793 |
|
|
368 |
|
|
2,431 |
|
|
10,346 |
|
Market risk benefits remeasurement (gains) losses (related party of $12 and $(47) for the three months ended and $(3) and $(17) for the nine months ended September 30, 2024 and 2023, respectively) |
524 |
|
|
(441) |
|
|
354 |
|
|
(166) |
|
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired |
244 |
|
|
211 |
|
|
678 |
|
|
502 |
|
Policy and other operating expenses (related party of $15 and $34 for the three months ended and $16 and $95 for the nine months ended September 30, 2024 and 2023, respectively) |
687 |
|
|
472 |
|
|
1,653 |
|
|
1,359 |
|
Total benefits and expenses |
4,847 |
|
|
943 |
|
|
12,423 |
|
|
15,675 |
|
Income before income taxes |
1,675 |
|
|
493 |
|
|
4,484 |
|
|
2,507 |
|
Income tax expense |
191 |
|
|
162 |
|
|
659 |
|
|
458 |
|
Net income |
1,484 |
|
|
331 |
|
|
3,825 |
|
|
2,049 |
|
Less: Net income (loss) attributable to noncontrolling interests |
859 |
|
|
(155) |
|
|
1,379 |
|
|
354 |
|
Net income attributable to Athene Holding Ltd. stockholders |
625 |
|
|
486 |
|
|
2,446 |
|
|
1,695 |
|
Less: Preferred stock dividends |
45 |
|
|
44 |
|
|
136 |
|
|
136 |
|
Net income available to Athene Holding Ltd. common stockholder |
$ |
580 |
|
|
$ |
442 |
|
|
$ |
2,310 |
|
|
$ |
1,559 |
|
See accompanying notes to the unaudited condensed consolidated financial statements
ATHENE HOLDING LTD.
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
(In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Net income |
$ |
1,484 |
|
|
$ |
331 |
|
|
$ |
3,825 |
|
|
$ |
2,049 |
|
Other comprehensive income (loss), before tax |
|
|
|
|
|
|
|
Unrealized investment gains (losses) on available-for-sale securities |
5,476 |
|
|
(3,155) |
|
|
3,760 |
|
|
(1,767) |
|
Unrealized gains (losses) on hedging instruments |
221 |
|
|
(213) |
|
|
229 |
|
|
(280) |
|
Remeasurement gains (losses) on future policy benefits related to discount rate |
(2,263) |
|
|
1,317 |
|
|
(832) |
|
|
1,328 |
|
Remeasurement gains (losses) on market risk benefits related to credit risk |
(93) |
|
|
(254) |
|
|
(87) |
|
|
(220) |
|
Foreign currency translation and other adjustments |
36 |
|
|
(21) |
|
|
15 |
|
|
6 |
|
Other comprehensive income (loss), before tax |
3,377 |
|
|
(2,326) |
|
|
3,085 |
|
|
(933) |
|
Income tax expense (benefit) related to other comprehensive income (loss) |
680 |
|
|
(476) |
|
|
632 |
|
|
(175) |
|
Other comprehensive income (loss) |
2,697 |
|
|
(1,850) |
|
|
2,453 |
|
|
(758) |
|
Comprehensive income (loss) |
4,181 |
|
|
(1,519) |
|
|
6,278 |
|
|
1,291 |
|
Less: Comprehensive income (loss) attributable to noncontrolling interests |
1,214 |
|
|
(299) |
|
|
1,730 |
|
|
357 |
|
Comprehensive income (loss) attributable to Athene Holding Ltd. stockholders |
$ |
2,967 |
|
|
$ |
(1,220) |
|
|
$ |
4,548 |
|
|
$ |
934 |
|
|
|
|
|
|
|
|
|
See accompanying notes to the unaudited condensed consolidated financial statements
ATHENE HOLDING LTD.
Condensed Consolidated Statements of Equity (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
(In millions) |
Preferred stock |
|
Common stock |
|
Additional paid-in capital |
|
Retained earnings (accumulated deficit) |
|
Accumulated other comprehensive income (loss) |
|
Total Athene Holding Ltd. stockholders’ equity |
|
Noncontrolling interests |
|
Total equity |
Balance at June 30, 2024 |
$ |
— |
|
|
$ |
— |
|
|
$ |
19,543 |
|
|
$ |
1,264 |
|
|
$ |
(5,809) |
|
|
$ |
14,998 |
|
|
$ |
9,334 |
|
|
$ |
24,332 |
|
Net income |
— |
|
|
— |
|
|
— |
|
|
625 |
|
|
— |
|
|
625 |
|
|
859 |
|
|
1,484 |
|
Other comprehensive income |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,342 |
|
|
2,342 |
|
|
355 |
|
|
2,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation allocation from parent |
— |
|
|
— |
|
|
11 |
|
|
— |
|
|
— |
|
|
11 |
|
|
— |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends |
— |
|
|
— |
|
|
— |
|
|
(45) |
|
|
— |
|
|
(45) |
|
|
— |
|
|
(45) |
|
Common stock dividends |
— |
|
|
— |
|
|
— |
|
|
(499) |
|
|
— |
|
|
(499) |
|
|
— |
|
|
(499) |
|
Contribution from parent |
— |
|
|
— |
|
|
13 |
|
|
— |
|
|
— |
|
|
13 |
|
|
— |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions from noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
126 |
|
|
126 |
|
Distributions to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(95) |
|
|
(95) |
|
Distributions to noncontrolling interests of consolidated variable interest entities, net of contributions and other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(919) |
|
|
(919) |
|
Subsidiary issuance of equity interests and other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6 |
|
|
6 |
|
Balance at September 30, 2024 |
$ |
— |
|
|
$ |
— |
|
|
$ |
19,567 |
|
|
$ |
1,345 |
|
|
$ |
(3,467) |
|
|
$ |
17,445 |
|
|
$ |
9,666 |
|
|
$ |
27,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
Balance at June 30, 2023 |
$ |
— |
|
|
$ |
— |
|
|
$ |
18,162 |
|
|
$ |
(3,085) |
|
|
$ |
(6,376) |
|
|
$ |
8,701 |
|
|
$ |
4,533 |
|
|
$ |
13,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
486 |
|
|
— |
|
|
486 |
|
|
(155) |
|
|
331 |
|
Other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,706) |
|
|
(1,706) |
|
|
(144) |
|
|
(1,850) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation allocation from parent |
— |
|
|
— |
|
|
13 |
|
|
— |
|
|
— |
|
|
13 |
|
|
— |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends |
— |
|
|
— |
|
|
— |
|
|
(44) |
|
|
— |
|
|
(44) |
|
|
— |
|
|
(44) |
|
Common stock dividends |
— |
|
|
— |
|
|
— |
|
|
(188) |
|
|
— |
|
|
(188) |
|
|
— |
|
|
(188) |
|
Contributions from parent |
— |
|
|
— |
|
|
1,262 |
|
|
— |
|
|
— |
|
|
1,262 |
|
|
— |
|
|
1,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions from noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
325 |
|
|
325 |
|
Distributions to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(254) |
|
|
(254) |
|
Contributions from noncontrolling interests of consolidated variable interest entities, net of distributions and other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
602 |
|
|
602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary issuance of equity interests and other |
|
|
— |
|
|
10 |
|
|
— |
|
|
3 |
|
|
13 |
|
|
585 |
|
|
598 |
|
Balance at September 30, 2023 |
$ |
— |
|
|
$ |
— |
|
|
$ |
19,447 |
|
|
$ |
(2,831) |
|
|
$ |
(8,079) |
|
|
$ |
8,537 |
|
|
$ |
5,492 |
|
|
$ |
14,029 |
|
See accompanying notes to the unaudited condensed consolidated financial statements
ATHENE HOLDING LTD.
Condensed Consolidated Statements of Equity (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
(In millions) |
Preferred stock |
|
Common stock |
|
Additional paid-in capital |
|
Retained earnings (accumulated deficit) |
|
Accumulated other comprehensive income (loss) |
|
Total Athene Holding Ltd. stockholders’ equity |
|
Noncontrolling interests |
|
Total equity |
Balance at December 31, 2023 |
$ |
— |
|
|
$ |
— |
|
|
$ |
19,499 |
|
|
$ |
(92) |
|
|
$ |
(5,569) |
|
|
$ |
13,838 |
|
|
$ |
7,397 |
|
|
$ |
21,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
— |
|
|
— |
|
|
— |
|
|
2,446 |
|
|
— |
|
|
2,446 |
|
|
1,379 |
|
|
3,825 |
|
Other comprehensive income |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,102 |
|
|
2,102 |
|
|
351 |
|
|
2,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation allocation from parent |
— |
|
|
— |
|
|
32 |
|
|
— |
|
|
— |
|
|
32 |
|
|
— |
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends |
— |
|
|
— |
|
|
— |
|
|
(136) |
|
|
— |
|
|
(136) |
|
|
— |
|
|
(136) |
|
Common stock dividends |
— |
|
|
— |
|
|
— |
|
|
(873) |
|
|
— |
|
|
(873) |
|
|
— |
|
|
(873) |
|
Contributions from parent |
— |
|
|
— |
|
|
36 |
|
|
— |
|
|
— |
|
|
36 |
|
|
— |
|
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions from noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
831 |
|
|
831 |
|
Distributions to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(603) |
|
|
(603) |
|
Contributions from noncontrolling interests of consolidated variable interest entities, net of distributions and other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
305 |
|
|
305 |
|
Subsidiary issuance of equity interests and other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6 |
|
|
6 |
|
Balance at September 30, 2024 |
$ |
— |
|
|
$ |
— |
|
|
$ |
19,567 |
|
|
$ |
1,345 |
|
|
$ |
(3,467) |
|
|
$ |
17,445 |
|
|
$ |
9,666 |
|
|
$ |
27,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
Balance at December 31, 2022 |
$ |
— |
|
|
$ |
— |
|
|
$ |
18,119 |
|
|
$ |
(3,640) |
|
|
$ |
(7,321) |
|
|
$ |
7,158 |
|
|
$ |
3,391 |
|
|
$ |
10,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
— |
|
|
— |
|
|
— |
|
|
1,695 |
|
|
— |
|
|
1,695 |
|
|
354 |
|
|
2,049 |
|
Other comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(761) |
|
|
(761) |
|
|
3 |
|
|
(758) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation allocation from parent |
— |
|
|
— |
|
|
36 |
|
|
— |
|
|
— |
|
|
36 |
|
|
— |
|
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends |
— |
|
|
— |
|
|
— |
|
|
(136) |
|
|
— |
|
|
(136) |
|
|
— |
|
|
(136) |
|
Common stock dividends |
— |
|
|
— |
|
|
— |
|
|
(750) |
|
|
— |
|
|
(750) |
|
|
— |
|
|
(750) |
|
Contributions from parent |
— |
|
|
— |
|
|
1,282 |
|
|
— |
|
|
— |
|
|
1,282 |
|
|
— |
|
|
1,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions from noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
325 |
|
|
325 |
|
Distributions to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(381) |
|
|
(381) |
|
Contributions from noncontrolling interests of consolidated variable interest entities, net of distributions and other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,215 |
|
|
1,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary issuance of equity interests and other |
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
3 |
|
|
13 |
|
|
585 |
|
|
598 |
|
Balance at September 30, 2023 |
$ |
— |
|
|
$ |
— |
|
|
$ |
19,447 |
|
|
$ |
(2,831) |
|
|
$ |
(8,079) |
|
|
$ |
8,537 |
|
|
$ |
5,492 |
|
|
$ |
14,029 |
|
See accompanying notes to the unaudited condensed consolidated financial statements
ATHENE HOLDING LTD.
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
(In millions) |
2024 |
|
2023 |
Cash flows from operating activities |
|
|
|
Net income |
$ |
3,825 |
|
|
$ |
2,049 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired |
678 |
|
|
502 |
|
Net amortization (accretion) of net investment premiums, discounts and other |
(47) |
|
|
70 |
|
Gain on recapture of reinsurance agreements, net of cash received |
— |
|
|
(489) |
|
|
|
|
|
Net investment income (related party: 2024 – $(22) and 2023 – $(51)) |
(100) |
|
|
(76) |
|
Net recognized (gains) losses on investments and derivatives (related party: 2024 – $(1,194) and 2023 – $(767)) |
(3,558) |
|
|
325 |
|
Policy acquisition costs deferred |
(1,191) |
|
|
(1,040) |
|
Changes in operating assets and liabilities: |
|
|
|
Accrued investment income (related party: 2024 – $(5) and 2023 – $(59)) |
(762) |
|
|
(436) |
|
Interest sensitive contract liabilities (related party: 2024 – $68 and 2023 – $88) |
4,948 |
|
|
1,485 |
|
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2024 – $(125) and 2023 – $(338)) |
(1,135) |
|
|
2,917 |
|
Funds withheld assets (related party: 2024 – $(290) and 2023 – $(114)) |
(1,933) |
|
|
(1,990) |
|
Other assets and liabilities |
765 |
|
|
387 |
|
Net cash provided by operating activities |
1,490 |
|
|
3,704 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
Sales, maturities and repayments of: |
|
|
|
Available-for-sale securities (related party: 2024 – $4,778 and 2023 – $1,153) |
33,603 |
|
|
9,145 |
|
Trading securities (related party: 2024 – $266 and 2023 – $21) |
482 |
|
|
234 |
|
Equity securities (related party: 2024 – $62 and 2023 – $0) |
394 |
|
|
110 |
|
Mortgage loans (related party: 2024 – $63 and 2023 – $24) |
5,691 |
|
|
3,093 |
|
Investment funds (related party: 2024 – $93 and 2023 – $285) |
109 |
|
|
339 |
|
Derivative instruments and other investments |
2,533 |
|
|
4,221 |
|
Short-term investments (related party: 2024 – $1,281 and 2023 – $967) |
2,240 |
|
|
3,195 |
|
Purchases of: |
|
|
|
Available-for-sale securities (related party: 2024 – $(8,156) and 2023 – $(4,102)) |
(63,102) |
|
|
(24,568) |
|
Trading securities (related party: 2024 – $(80) and 2023 – $(827)) |
(417) |
|
|
(1,053) |
|
Equity securities |
(625) |
|
|
(70) |
|
Mortgage loans (related party: 2024 – $(27) and 2023 – $0) |
(19,319) |
|
|
(14,398) |
|
Investment funds (related party: 2024 – $(1,452) and 2023 – $(1,884)) |
(1,745) |
|
|
(2,009) |
|
Derivative instruments and other investments (related party: 2024 – $(16) and 2023 – $(46)) |
(2,845) |
|
|
(5,242) |
|
Short-term investments (related party: 2024 – $(1,144) and 2023 – $(1,858)) |
(2,360) |
|
|
(2,392) |
|
Consolidation of new variable interest entities |
— |
|
|
3 |
|
Deconsolidation of previously consolidated entities |
(1) |
|
|
(51) |
|
Other investing activities, net |
(46) |
|
|
443 |
|
Net cash used in investing activities |
(45,408) |
|
|
(29,000) |
|
|
|
|
|
|
|
|
(Continued) |
See accompanying notes to the unaudited condensed consolidated financial statements |
|
|
|
ATHENE HOLDING LTD.
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
(In millions) |
2024 |
|
2023 |
Cash flows from financing activities |
|
|
|
Deposits on investment-type policies and contracts |
$ |
57,013 |
|
|
$ |
35,168 |
|
Withdrawals on investment-type policies and contracts (related party: 2024 – $(314) and 2023 – $(304)) |
(16,054) |
|
|
(10,229) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from debt |
1,569 |
|
|
— |
|
Capital contributions from parent |
— |
|
|
1,250 |
|
Capital contributions from noncontrolling interests |
831 |
|
|
325 |
|
Capital contributions from noncontrolling interests of consolidated variable interest entities |
1,555 |
|
|
1,385 |
|
Capital distributions to noncontrolling interests |
(603) |
|
|
(381) |
|
Subsidiary issuance of equity interests to noncontrolling interests |
— |
|
|
632 |
|
Net change in cash collateral posted for derivative transactions and securities to repurchase |
416 |
|
|
945 |
|
|
|
|
|
Preferred stock dividends |
(181) |
|
|
(136) |
|
Common stock dividends |
(374) |
|
|
(750) |
|
|
|
|
|
Other financing activities, net |
(280) |
|
|
(318) |
|
Net cash provided by financing activities |
43,892 |
|
|
27,891 |
|
Effect of exchange rate changes on cash and cash equivalents |
3 |
|
|
2 |
|
Net (decrease) increase in cash and cash equivalents |
(23) |
|
|
2,597 |
|
Cash and cash equivalents at beginning of year1
|
14,879 |
|
|
8,769 |
|
Cash and cash equivalents at end of period1
|
$ |
14,856 |
|
|
$ |
11,366 |
|
|
|
|
|
Supplementary information |
|
|
|
Non-cash transactions |
|
|
|
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2024 – $(3,201) and 2023 – $16) |
$ |
(3,152) |
|
|
$ |
78 |
|
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2024 – $1,267 and 2023 – $1,239) |
6,092 |
|
|
10,212 |
|
Investments received from settlements on reinsurance agreements (received from related parties: 2024 – $48 and 2023 – $65) |
48 |
|
|
164 |
|
|
|
|
|
Investments received from pension group annuity premiums |
521 |
|
|
4,776 |
|
Reduction in investments relating to recapture of reinsurance agreements |
— |
|
|
482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments distributed as common stock dividends |
499 |
|
|
— |
|
Distribution of investments to noncontrolling interests of consolidated variable interest entities |
1,107 |
|
|
— |
|
|
|
|
|
|
|
|
|
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
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
1. Business, Basis of Presentation and Significant Accounting Policies
Athene Holding Ltd. (AHL), together with its subsidiaries (collectively, Athene, we, our, us, or the Company), is a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products in the United States (US) and internationally. We are a direct subsidiary of Apollo Global Management, Inc. (AGM, and together with its subsidiaries other than us or our subsidiaries, Apollo).
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), 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 4 – Variable Interest Entities for further information on VIEs.
Consolidation and Basis of Presentation—We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (US 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. Certain reclassifications have been made to conform with current year presentation. 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, 2023 has been derived from the audited financial statements, but does not include all of the information and footnotes required by US 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, 2023. 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.
Recently Issued Accounting Pronouncements
Compensation – Stock Compensation (Accounting Standards Update (ASU) 2024-01)
The amendments in this update clarify how an entity determines whether it is required to account for profits interest awards (and similar awards) in accordance with Accounting Standards Codification (ASC) 718 Compensation – Stock Compensation or other guidance. The ASU provides specific examples on when profits interest awards should be accounted for as a share-based payment arrangement under ASC 718 or in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 Compensation – General or other ASC topics. The guidance is effective for us on January 1, 2025, and early adoption is permitted but must be implemented as of the beginning of the fiscal year. We are currently evaluating the impact of the new pronouncement on our consolidated financial statements.
Income Taxes—Improvements to Income Tax Disclosures (ASU 2023-09)
The amendments in this update revise certain disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state and foreign taxes. The guidance is effective for us for annual periods beginning in 2025. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.
Segment Reporting – Improvements to Reporting Segment Disclosures (ASU 2023-07)
The amendments in this update require disclosures of incremental segment information on an annual and interim basis for all public entities to provide analyses useful to investors for decision making. The update requires public entities, including those with a single reportable segment, to report significant segment expenses that are regularly provided to and used by the chief operating decision maker in managing the business. The guidance is effective for us for the 2024 annual period and in interim periods in 2025 on a retrospective basis. We are evaluating the impact of this guidance and plan to include updated financial statement disclosures in our consolidated financial statements for the year ended December 31, 2024.
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Business Combinations – Joint Venture Formations (ASU 2023-05)
The amendments in this update address how a joint venture initially recognizes and measures contributions received at its formation date. The amendments require a joint venture to apply a new basis of accounting upon formation and to initially recognize its assets and liabilities at fair value. The guidance is effective prospectively for all joint ventures formed on or after January 1, 2025, while retrospective application may be elected for a joint venture formed before the effective date. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.
Adopted Accounting Pronouncements
Reference Rate Reform (Topic 848) (ASU 2022-06, ASU 2021-01, ASU 2020-04)
We adopted ASU 2020-04 and ASU 2021-01 and elected to apply certain of the practical expedients related to contract modifications, hedge accounting relationships, and derivative modifications pertaining to discounting, margining, or contract price alignment. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts impacted by reference rate reform, and these elections did not have, and are not expected to have, a material impact on the consolidated financial statements. ASU 2022-06 amended and deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which we will no longer be permitted to apply the expedients provided in Topic 848. We will continue to evaluate the impact of reference rate reform on contract modifications and hedging relationships.
2. Investments
AFS Securities—Our AFS investment portfolio includes bonds, collateralized loan obligations (CLO), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS) and redeemable preferred stock. Our AFS investment portfolio includes related party investments, primarily comprised of investments over which Apollo can exercise significant influence, which are presented as investments in related parties on the condensed consolidated balance sheets, and are separately disclosed below.
The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of our AFS investments by asset type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
(In millions) |
Amortized Cost |
|
Allowance for Credit Losses |
|
Gross Unrealized Gains |
|
Gross Unrealized Losses |
|
Fair Value |
AFS securities |
|
|
|
|
|
|
|
|
|
US government and agencies |
$ |
7,501 |
|
|
$ |
— |
|
|
$ |
84 |
|
|
$ |
(824) |
|
|
$ |
6,761 |
|
US state, municipal and political subdivisions |
1,175 |
|
|
— |
|
|
2 |
|
|
(200) |
|
|
977 |
|
Foreign governments |
2,088 |
|
|
— |
|
|
44 |
|
|
(374) |
|
|
1,758 |
|
Corporate |
95,432 |
|
|
(168) |
|
|
1,309 |
|
|
(8,963) |
|
|
87,610 |
|
CLO |
27,362 |
|
|
(1) |
|
|
437 |
|
|
(188) |
|
|
27,610 |
|
ABS |
22,488 |
|
|
(74) |
|
|
500 |
|
|
(444) |
|
|
22,470 |
|
CMBS |
9,704 |
|
|
(57) |
|
|
112 |
|
|
(395) |
|
|
9,364 |
|
RMBS |
8,502 |
|
|
(377) |
|
|
338 |
|
|
(328) |
|
|
8,135 |
|
Total AFS securities |
174,252 |
|
|
(677) |
|
|
2,826 |
|
|
(11,716) |
|
|
164,685 |
|
AFS securities – related parties |
|
|
|
|
|
|
|
|
|
Corporate |
1,642 |
|
|
— |
|
|
7 |
|
|
(35) |
|
|
1,614 |
|
CLO |
5,763 |
|
|
— |
|
|
41 |
|
|
(24) |
|
|
5,780 |
|
ABS |
10,725 |
|
|
(1) |
|
|
40 |
|
|
(261) |
|
|
10,503 |
|
|
|
|
|
|
|
|
|
|
|
Total AFS securities – related parties |
18,130 |
|
|
(1) |
|
|
88 |
|
|
(320) |
|
|
17,897 |
|
Total AFS securities, including related parties |
$ |
192,382 |
|
|
$ |
(678) |
|
|
$ |
2,914 |
|
|
$ |
(12,036) |
|
|
$ |
182,582 |
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
(In millions) |
Amortized Cost |
|
Allowance for Credit Losses |
|
Gross Unrealized Gains |
|
Gross Unrealized Losses |
|
Fair Value
|
AFS securities |
|
|
|
|
|
|
|
|
|
US government and agencies |
$ |
6,161 |
|
|
$ |
— |
|
|
$ |
67 |
|
|
$ |
(829) |
|
|
$ |
5,399 |
|
US state, municipal and political subdivisions |
1,296 |
|
|
— |
|
|
— |
|
|
(250) |
|
|
1,046 |
|
Foreign governments |
2,083 |
|
|
— |
|
|
71 |
|
|
(255) |
|
|
1,899 |
|
Corporate |
88,343 |
|
|
(129) |
|
|
830 |
|
|
(10,798) |
|
|
78,246 |
|
CLO |
20,506 |
|
|
(2) |
|
|
261 |
|
|
(558) |
|
|
20,207 |
|
ABS |
13,942 |
|
|
(49) |
|
|
120 |
|
|
(630) |
|
|
13,383 |
|
CMBS |
7,070 |
|
|
(29) |
|
|
52 |
|
|
(502) |
|
|
6,591 |
|
RMBS |
8,160 |
|
|
(381) |
|
|
252 |
|
|
(464) |
|
|
7,567 |
|
Total AFS securities |
147,561 |
|
|
(590) |
|
|
1,653 |
|
|
(14,286) |
|
|
134,338 |
|
AFS securities – related parties |
|
|
|
|
|
|
|
|
|
Corporate |
1,423 |
|
|
— |
|
|
1 |
|
|
(72) |
|
|
1,352 |
|
CLO |
4,367 |
|
|
— |
|
|
21 |
|
|
(120) |
|
|
4,268 |
|
ABS |
8,665 |
|
|
(1) |
|
|
34 |
|
|
(309) |
|
|
8,389 |
|
Total AFS securities – related parties |
14,455 |
|
|
(1) |
|
|
56 |
|
|
(501) |
|
|
14,009 |
|
Total AFS securities, including related parties |
$ |
162,016 |
|
|
$ |
(591) |
|
|
$ |
1,709 |
|
|
$ |
(14,787) |
|
|
$ |
148,347 |
|
The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below:
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
(In millions) |
Amortized Cost |
|
Fair Value |
AFS securities |
|
|
|
Due in one year or less |
$ |
2,407 |
|
|
$ |
2,394 |
|
Due after one year through five years |
19,358 |
|
|
19,138 |
|
Due after five years through ten years |
27,393 |
|
|
26,016 |
|
Due after ten years |
57,038 |
|
|
49,558 |
|
CLO, ABS, CMBS and RMBS |
68,056 |
|
|
67,579 |
|
Total AFS securities |
174,252 |
|
|
164,685 |
|
AFS securities – related parties |
|
|
|
|
|
|
|
Due after one year through five years |
1,028 |
|
|
1,024 |
|
Due after five years through ten years |
43 |
|
|
45 |
|
Due after ten years |
571 |
|
|
545 |
|
CLO and ABS |
16,488 |
|
|
16,283 |
|
Total AFS securities – related parties |
18,130 |
|
|
17,897 |
|
Total AFS securities, including related parties |
$ |
192,382 |
|
|
$ |
182,582 |
|
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.
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 parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
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 |
$ |
1,031 |
|
|
$ |
(6) |
|
|
$ |
3,795 |
|
|
$ |
(818) |
|
|
$ |
4,826 |
|
|
$ |
(824) |
|
US state, municipal and political subdivisions |
22 |
|
|
(1) |
|
|
893 |
|
|
(198) |
|
|
915 |
|
|
(199) |
|
Foreign governments |
886 |
|
|
(134) |
|
|
737 |
|
|
(239) |
|
|
1,623 |
|
|
(373) |
|
Corporate |
7,810 |
|
|
(314) |
|
|
45,086 |
|
|
(8,624) |
|
|
52,896 |
|
|
(8,938) |
|
CLO |
3,742 |
|
|
(7) |
|
|
3,146 |
|
|
(131) |
|
|
6,888 |
|
|
(138) |
|
ABS |
435 |
|
|
(93) |
|
|
4,319 |
|
|
(258) |
|
|
4,754 |
|
|
(351) |
|
CMBS |
918 |
|
|
(5) |
|
|
2,074 |
|
|
(341) |
|
|
2,992 |
|
|
(346) |
|
RMBS |
270 |
|
|
(4) |
|
|
1,201 |
|
|
(102) |
|
|
1,471 |
|
|
(106) |
|
Total AFS securities |
15,114 |
|
|
(564) |
|
|
61,251 |
|
|
(10,711) |
|
|
76,365 |
|
|
(11,275) |
|
AFS securities – related parties |
|
|
|
|
|
|
|
|
|
|
|
Corporate |
211 |
|
|
(12) |
|
|
368 |
|
|
(23) |
|
|
579 |
|
|
(35) |
|
CLO |
680 |
|
|
(1) |
|
|
690 |
|
|
(20) |
|
|
1,370 |
|
|
(21) |
|
ABS |
2,403 |
|
|
(34) |
|
|
3,398 |
|
|
(213) |
|
|
5,801 |
|
|
(247) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total AFS securities – related parties |
3,294 |
|
|
(47) |
|
|
4,456 |
|
|
(256) |
|
|
7,750 |
|
|
(303) |
|
Total AFS securities, including related parties |
$ |
18,408 |
|
|
$ |
(611) |
|
|
$ |
65,707 |
|
|
$ |
(10,967) |
|
|
$ |
84,115 |
|
|
$ |
(11,578) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
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 |
$ |
2,013 |
|
|
$ |
(94) |
|
|
$ |
2,389 |
|
|
$ |
(735) |
|
|
$ |
4,402 |
|
|
$ |
(829) |
|
US state, municipal and political subdivisions |
123 |
|
|
(5) |
|
|
888 |
|
|
(245) |
|
|
1,011 |
|
|
(250) |
|
Foreign governments |
690 |
|
|
(13) |
|
|
760 |
|
|
(242) |
|
|
1,450 |
|
|
(255) |
|
Corporate |
7,752 |
|
|
(474) |
|
|
50,028 |
|
|
(10,311) |
|
|
57,780 |
|
|
(10,785) |
|
CLO |
689 |
|
|
(2) |
|
|
11,579 |
|
|
(543) |
|
|
12,268 |
|
|
(545) |
|
ABS |
2,129 |
|
|
(75) |
|
|
4,378 |
|
|
(458) |
|
|
6,507 |
|
|
(533) |
|
CMBS |
859 |
|
|
(12) |
|
|
1,967 |
|
|
(406) |
|
|
2,826 |
|
|
(418) |
|
RMBS |
467 |
|
|
(9) |
|
|
2,057 |
|
|
(263) |
|
|
2,524 |
|
|
(272) |
|
Total AFS securities |
14,722 |
|
|
(684) |
|
|
74,046 |
|
|
(13,203) |
|
|
88,768 |
|
|
(13,887) |
|
AFS securities – related parties |
|
|
|
|
|
|
|
|
|
|
|
Corporate |
548 |
|
|
(35) |
|
|
382 |
|
|
(37) |
|
|
930 |
|
|
(72) |
|
CLO |
397 |
|
|
(16) |
|
|
2,592 |
|
|
(102) |
|
|
2,989 |
|
|
(118) |
|
ABS |
2,008 |
|
|
(66) |
|
|
2,793 |
|
|
(225) |
|
|
4,801 |
|
|
(291) |
|
Total AFS securities – related parties |
2,953 |
|
|
(117) |
|
|
5,767 |
|
|
(364) |
|
|
8,720 |
|
|
(481) |
|
Total AFS securities, including related parties |
$ |
17,675 |
|
|
$ |
(801) |
|
|
$ |
79,813 |
|
|
$ |
(13,567) |
|
|
$ |
97,488 |
|
|
$ |
(14,368) |
|
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 parties, for which an allowance for credit losses has not been recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
Unrealized loss position |
|
Unrealized loss position 12 months or more |
AFS securities |
7,058 |
|
|
6,167 |
|
AFS securities – related parties |
139 |
|
|
62 |
|
The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since the application of pushdown accounting or acquisition. We did not recognize the unrealized losses in income, unless as required for hedge accounting, as we intend to hold these securities and it is not more likely than not we will be required to sell a security before the recovery of its amortized cost.
Allowance for Credit Losses—The following table summarizes the activity in the allowance for credit losses for AFS securities including purchased credit deteriorated (PCD) securities by asset type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2024 |
|
|
|
Additions |
|
Reductions |
|
|
|
|
(In millions) |
Beginning balance |
|
Initial credit losses |
|
Initial credit losses on PCD securities |
|
Securities sold during the period |
|
|
|
|
|
|
|
|
|
Additions (reductions) to previously impaired securities |
|
Ending balance |
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
$ |
168 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
168 |
|
CLO |
— |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
1 |
|
ABS |
67 |
|
|
13 |
|
|
— |
|
|
(14) |
|
|
|
|
|
|
|
|
|
|
8 |
|
|
74 |
|
CMBS |
57 |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
(1) |
|
|
57 |
|
RMBS |
378 |
|
|
5 |
|
|
— |
|
|
(4) |
|
|
|
|
|
|
|
|
|
|
(2) |
|
|
377 |
|
Total AFS securities |
670 |
|
|
20 |
|
|
— |
|
|
(18) |
|
|
|
|
|
|
|
|
|
|
5 |
|
|
677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities – related parties, ABS |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total AFS securities, including related parties |
$ |
671 |
|
|
$ |
20 |
|
|
$ |
— |
|
|
$ |
(18) |
|
|
|
|
|
|
|
|
|
|
$ |
5 |
|
|
$ |
678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2023 |
|
|
|
Additions |
|
Reductions |
|
|
|
|
(In millions) |
Beginning balance |
|
Initial credit losses |
|
Initial credit losses on PCD securities |
|
Securities sold during the period |
|
|
|
Additions (reductions) to previously impaired securities |
|
Ending balance |
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign governments |
$ |
27 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
$ |
27 |
|
Corporate |
73 |
|
|
67 |
|
|
— |
|
|
(2) |
|
|
|
|
2 |
|
|
140 |
|
CLO |
3 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
3 |
|
ABS |
35 |
|
|
1 |
|
|
— |
|
|
(4) |
|
|
|
|
(2) |
|
|
30 |
|
CMBS |
6 |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
7 |
|
RMBS |
377 |
|
|
4 |
|
|
1 |
|
|
(5) |
|
|
|
|
(6) |
|
|
371 |
|
Total AFS securities |
521 |
|
|
73 |
|
|
1 |
|
|
(11) |
|
|
|
|
(6) |
|
|
578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities – related parties, ABS |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total AFS securities, including related parties |
$ |
522 |
|
|
$ |
73 |
|
|
$ |
1 |
|
|
$ |
(11) |
|
|
|
|
$ |
(6) |
|
|
$ |
579 |
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2024 |
|
|
|
Additions |
|
Reductions |
|
|
|
|
(In millions) |
Beginning balance |
|
Initial credit losses |
|
Initial credit losses on PCD securities |
|
Securities sold during the period |
|
|
|
|
|
|
|
|
|
Additions (reductions) to previously impaired securities |
|
Ending balance |
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
$ |
129 |
|
|
$ |
48 |
|
|
$ |
— |
|
|
$ |
(8) |
|
|
|
|
|
|
|
|
|
|
$ |
(1) |
|
|
$ |
168 |
|
CLO |
2 |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
(2) |
|
|
1 |
|
ABS |
49 |
|
|
25 |
|
|
— |
|
|
(15) |
|
|
|
|
|
|
|
|
|
|
15 |
|
|
74 |
|
CMBS |
29 |
|
|
27 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
1 |
|
|
57 |
|
RMBS |
381 |
|
|
10 |
|
|
— |
|
|
(14) |
|
|
|
|
|
|
|
|
|
|
— |
|
|
377 |
|
Total AFS securities |
590 |
|
|
111 |
|
|
— |
|
|
(37) |
|
|
|
|
|
|
|
|
|
|
13 |
|
|
677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities – related parties, ABS |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total AFS securities, including related parties |
$ |
591 |
|
|
$ |
111 |
|
|
$ |
— |
|
|
$ |
(37) |
|
|
|
|
|
|
|
|
|
|
$ |
13 |
|
|
$ |
678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2023 |
|
|
|
Additions |
|
Reductions |
|
|
|
|
(In millions) |
Beginning balance |
|
Initial credit losses |
|
Initial credit losses on PCD securities |
|
Securities sold during the period |
|
|
|
Additions (reductions) to previously impaired securities |
|
Ending balance |
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign governments |
$ |
27 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
$ |
27 |
|
Corporate |
61 |
|
|
88 |
|
|
— |
|
|
(8) |
|
|
|
|
(1) |
|
|
140 |
|
CLO |
7 |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
|
(5) |
|
|
3 |
|
ABS |
29 |
|
|
2 |
|
|
— |
|
|
(4) |
|
|
|
|
3 |
|
|
30 |
|
CMBS |
5 |
|
|
4 |
|
|
— |
|
|
— |
|
|
|
|
(2) |
|
|
7 |
|
RMBS |
329 |
|
|
15 |
|
|
40 |
|
|
(13) |
|
|
|
|
— |
|
|
371 |
|
Total AFS securities |
458 |
|
|
110 |
|
|
40 |
|
|
(25) |
|
|
|
|
(5) |
|
|
578 |
|
AFS securities – related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLO |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
(1) |
|
|
— |
|
ABS |
— |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
1 |
|
Total AFS securities – related parties |
1 |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
|
(1) |
|
|
1 |
|
Total AFS securities, including related parties |
$ |
459 |
|
|
$ |
111 |
|
|
$ |
40 |
|
|
$ |
(25) |
|
|
|
|
$ |
(6) |
|
|
$ |
579 |
|
Net Investment Income—Net investment income by asset class consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
|
(In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
AFS securities |
$ |
2,520 |
|
|
$ |
1,822 |
|
|
$ |
6,997 |
|
|
$ |
4,940 |
|
|
|
|
|
Trading securities |
40 |
|
|
49 |
|
|
125 |
|
|
135 |
|
|
|
|
|
Equity securities |
19 |
|
|
14 |
|
|
65 |
|
|
54 |
|
|
|
|
|
Mortgage loans |
1,007 |
|
|
642 |
|
|
2,711 |
|
|
1,632 |
|
|
|
|
|
Investment funds |
42 |
|
|
(13) |
|
|
36 |
|
|
59 |
|
|
|
|
|
Funds withheld at interest |
279 |
|
|
486 |
|
|
1,001 |
|
|
1,368 |
|
|
|
|
|
Other |
218 |
|
|
214 |
|
|
621 |
|
|
623 |
|
|
|
|
|
Investment revenue |
4,125 |
|
|
3,214 |
|
|
11,556 |
|
|
8,811 |
|
|
|
|
|
Investment expenses |
(348) |
|
|
(286) |
|
|
(978) |
|
|
(759) |
|
|
|
|
|
Net investment income |
$ |
3,777 |
|
|
$ |
2,928 |
|
|
$ |
10,578 |
|
|
$ |
8,052 |
|
|
|
|
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Investment Related Gains (Losses)—Investment related gains (losses) by asset class consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
|
(In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
AFS securities1
|
|
|
|
|
|
|
|
|
|
|
|
Gross realized gains on investment activity |
$ |
744 |
|
|
$ |
55 |
|
|
$ |
936 |
|
|
$ |
379 |
|
|
|
|
|
Gross realized losses on investment activity |
(237) |
|
|
(431) |
|
|
(802) |
|
|
(647) |
|
|
|
|
|
Net realized investment gains (losses) on AFS securities |
507 |
|
|
(376) |
|
|
134 |
|
|
(268) |
|
|
|
|
|
Net recognized investment gains (losses) on trading securities |
119 |
|
|
(137) |
|
|
21 |
|
|
(105) |
|
|
|
|
|
Net recognized investment gains (losses) on equity securities |
38 |
|
|
(3) |
|
|
65 |
|
|
(34) |
|
|
|
|
|
Net recognized investment gains (losses) on mortgage loans |
1,139 |
|
|
(911) |
|
|
874 |
|
|
(838) |
|
|
|
|
|
Derivative gains (losses) |
1,608 |
|
|
(1,480) |
|
|
2,486 |
|
|
(66) |
|
|
|
|
|
Provision for credit losses |
(14) |
|
|
(60) |
|
|
(114) |
|
|
(237) |
|
|
|
|
|
Other gains (losses) |
(1,858) |
|
|
343 |
|
|
(384) |
|
|
355 |
|
|
|
|
|
Investment related gains (losses) |
$ |
1,539 |
|
|
$ |
(2,624) |
|
|
$ |
3,082 |
|
|
$ |
(1,193) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.
|
|
|
|
|
|
|
|
|
Proceeds from sales of AFS securities were $8,539 million and $724 million for the three months ended September 30, 2024 and 2023, respectively, and $19,305 million and $3,918 million for the nine months ended September 30, 2024 and 2023, respectively.
The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related parties, we held as of the respective period end:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
(In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Trading securities |
$ |
83 |
|
|
$ |
(75) |
|
|
$ |
42 |
|
|
$ |
(35) |
|
Trading securities – related parties |
(1) |
|
|
3 |
|
|
(2) |
|
|
3 |
|
Equity securities |
28 |
|
|
6 |
|
|
56 |
|
|
9 |
|
Equity securities – related parties |
10 |
|
|
(9) |
|
|
2 |
|
|
(16) |
|
Repurchase Agreements—The following table summarizes the remaining contractual maturities of our repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
September 30, 2024 |
|
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Less than 30 days |
$ |
— |
|
|
$ |
686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
91 days to 1 year |
1,097 |
|
|
— |
|
|
|
|
|
Greater than 1 year |
1,569 |
|
|
3,167 |
|
|
|
|
|
Payables for repurchase agreements |
$ |
2,666 |
|
|
$ |
3,853 |
|
|
|
|
|
The following table summarizes the securities pledged as collateral for repurchase agreements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
December 31, 2023 |
(In millions) |
Amortized Cost |
|
Fair Value |
|
Amortized Cost |
|
Fair Value |
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign governments |
$ |
155 |
|
|
$ |
113 |
|
|
$ |
137 |
|
|
$ |
99 |
|
Corporate |
1,770 |
|
|
1,549 |
|
|
2,735 |
|
|
2,307 |
|
CLO |
587 |
|
|
589 |
|
|
580 |
|
|
579 |
|
ABS |
597 |
|
|
559 |
|
|
1,207 |
|
|
1,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities pledged under repurchase agreements |
$ |
3,109 |
|
|
$ |
2,810 |
|
|
$ |
4,659 |
|
|
$ |
4,071 |
|
Reverse Repurchase Agreements—As of September 30, 2024 and December 31, 2023, amounts loaned under reverse repurchase agreements were $1,017 million and $947 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities and commercial mortgage loans, was $2,347 million and $1,504 million, respectively.
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Mortgage Loans, including related parties and consolidated VIEs—Mortgage loans include both commercial and residential loans. We have elected the fair value option on our mortgage loan portfolio. See Note 5 – 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:
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
September 30, 2024 |
|
December 31, 2023 |
Commercial mortgage loans |
$ |
32,066 |
|
|
$ |
27,630 |
|
Commercial mortgage loans under development |
1,722 |
|
|
1,228 |
|
Total commercial mortgage loans |
33,788 |
|
|
28,858 |
|
Mark to fair value |
(1,926) |
|
|
(2,246) |
|
Commercial mortgage loans |
31,862 |
|
|
26,612 |
|
Residential mortgage loans |
30,616 |
|
|
21,894 |
|
Mark to fair value |
(320) |
|
|
(937) |
|
Residential mortgage loans |
30,296 |
|
|
20,957 |
|
Mortgage loans |
$ |
62,158 |
|
|
$ |
47,569 |
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
December 31, 2023 |
(In millions, except percentages) |
Fair Value |
|
Percentage of Total |
|
Fair Value |
|
Percentage of Total |
Property type |
|
|
|
|
|
|
|
Apartment |
$ |
11,556 |
|
|
36.3 |
% |
|
$ |
9,591 |
|
|
36.0 |
% |
Office building |
4,140 |
|
|
13.0 |
% |
|
4,455 |
|
|
16.7 |
% |
Industrial |
6,144 |
|
|
19.3 |
% |
|
4,143 |
|
|
15.6 |
% |
Hotels |
2,941 |
|
|
9.2 |
% |
|
2,913 |
|
|
11.0 |
% |
Retail |
2,447 |
|
|
7.7 |
% |
|
2,158 |
|
|
8.1 |
% |
Other commercial |
4,634 |
|
|
14.5 |
% |
|
3,352 |
|
|
12.6 |
% |
Total commercial mortgage loans |
$ |
31,862 |
|
|
100.0 |
% |
|
$ |
26,612 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
US region |
|
|
|
|
|
|
|
East North Central |
$ |
1,494 |
|
|
4.7 |
% |
|
$ |
1,517 |
|
|
5.7 |
% |
East South Central |
443 |
|
|
1.3 |
% |
|
523 |
|
|
2.0 |
% |
Middle Atlantic |
8,497 |
|
|
26.7 |
% |
|
7,147 |
|
|
26.9 |
% |
Mountain |
1,335 |
|
|
4.2 |
% |
|
1,196 |
|
|
4.5 |
% |
New England |
1,126 |
|
|
3.5 |
% |
|
1,295 |
|
|
4.9 |
% |
Pacific |
5,788 |
|
|
18.2 |
% |
|
4,860 |
|
|
18.3 |
% |
South Atlantic |
5,504 |
|
|
17.3 |
% |
|
4,583 |
|
|
17.2 |
% |
West North Central |
228 |
|
|
0.7 |
% |
|
249 |
|
|
0.9 |
% |
West South Central |
1,965 |
|
|
6.2 |
% |
|
1,228 |
|
|
4.6 |
% |
Total US region |
26,380 |
|
|
82.8 |
% |
|
22,598 |
|
|
85.0 |
% |
International region |
|
|
|
|
|
|
|
United Kingdom |
2,638 |
|
|
8.3 |
% |
|
2,343 |
|
|
8.7 |
% |
Other international1
|
2,844 |
|
|
8.9 |
% |
|
1,671 |
|
|
6.3 |
% |
Total international region |
5,482 |
|
|
17.2 |
% |
|
4,014 |
|
|
15.0 |
% |
Total commercial mortgage loans |
$ |
31,862 |
|
|
100.0 |
% |
|
$ |
26,612 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Our residential mortgage loan portfolio primarily consists of first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
December 31, 2023 |
US States |
|
|
|
California |
26.2 |
% |
|
27.6 |
% |
Florida |
12.6 |
% |
|
12.0 |
% |
Texas |
7.0 |
% |
|
6.1 |
% |
New York |
5.1 |
% |
|
5.9 |
% |
|
|
|
|
|
|
|
|
Other1
|
40.2 |
% |
|
39.4 |
% |
Total US residential mortgage loan percentage |
91.1 |
% |
|
91.0 |
% |
International |
|
|
|
United Kingdom |
5.1 |
% |
|
4.0 |
% |
|
|
|
|
Other1
|
3.8 |
% |
|
5.0 |
% |
Total international residential mortgage loan percentage |
8.9 |
% |
|
9.0 |
% |
Total residential mortgage loan percentage |
100.0 |
% |
|
100.0 |
% |
|
|
|
|
1 Represents all other states or countries, with each individual state or country comprising less than 5% of the portfolio.
|
Investment Funds—Our investment fund portfolio strategy primarily focuses on core holdings of strategic origination and retirement services platforms, equity and credit funds, and other funds. Strategic origination platforms include investments sourced by affiliated platforms that originate loans to third parties and in which we gain exposure directly to the loan or indirectly through our ownership of the origination platform and/or securitizations of assets originated by the origination platform. Retirement services platforms include investments in equity of financial services companies. Our credit strategy comprises direct origination, asset-backed, multi credit and opportunistic credit funds focused on generating returns through high-quality credit underwriting and origination. Our equity strategy comprises private equity, hybrid value, secondaries equity, real estate equity, impact investing platform, infrastructure and clean transition equity funds that raise capital from investors to pursue control-oriented investments across the universe of private assets. Our investment funds can meet the definition of a VIE, which are discussed further in Note 4 – Variable Interest Entities. Our investment funds do not specify timing of distributions on the funds’ underlying assets.
The following summarizes our investment funds, including related parties and consolidated VIEs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
December 31, 2023 1
|
(In millions, except percentages) |
Carrying value |
|
Percent of total |
|
Carrying value |
|
Percent of total |
Investment funds |
|
|
|
|
|
|
|
Equity |
$ |
107 |
|
|
0.6 |
% |
|
$ |
109 |
|
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment funds – related parties |
|
|
|
|
|
|
|
Strategic origination platforms |
28 |
|
|
0.2 |
% |
|
32 |
|
|
0.2 |
% |
Retirement services platforms |
1,287 |
|
|
6.8 |
% |
|
1,300 |
|
|
7.3 |
% |
Equity |
264 |
|
|
1.4 |
% |
|
267 |
|
|
1.5 |
% |
Credit |
16 |
|
|
0.1 |
% |
|
20 |
|
|
0.1 |
% |
Other |
9 |
|
|
0.0 |
% |
|
13 |
|
|
0.1 |
% |
Total investment funds – related parties |
1,604 |
|
|
8.5 |
% |
|
1,632 |
|
|
9.2 |
% |
Investment funds – consolidated VIEs |
|
|
|
|
|
|
|
Strategic origination platforms |
5,519 |
|
|
29.3 |
% |
|
4,987 |
|
|
28.2 |
% |
Retirement services platforms |
— |
|
|
— |
% |
|
483 |
|
|
2.7 |
% |
Equity |
7,837 |
|
|
41.6 |
% |
|
7,032 |
|
|
39.8 |
% |
Credit |
3,077 |
|
|
16.3 |
% |
|
2,852 |
|
|
16.2 |
% |
Other |
702 |
|
|
3.7 |
% |
|
573 |
|
|
3.3 |
% |
Total investment funds – consolidated VIEs |
17,135 |
|
|
90.9 |
% |
|
15,927 |
|
|
90.2 |
% |
Total investment funds, including related parties and funds owned by consolidated VIEs |
$ |
18,846 |
|
|
100.0 |
% |
|
$ |
17,668 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
1 Prior period amounts have been reclassified to conform with the current year presentation as a result of aligning our investment fund categories to reflect our updated investment strategies.
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Non-Consolidated Securities and Investment Funds
Fixed maturity securities – We invest in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, we are a debt investor within these entities and, as such, hold a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the trust that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which we hold the residual tranche are not consolidated because we do not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, we are not under common control, as defined by US GAAP, with the related parties, 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 and classified as AFS or trading securities on the condensed consolidated balance sheets.
Investment funds – Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures.
Equity securities – We invest in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure.
Our risk of loss associated with our non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments.
The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
December 31, 2023 |
(In millions) |
Carrying Value |
|
Maximum Loss Exposure |
|
Carrying Value |
|
Maximum Loss Exposure |
Investment funds |
$ |
107 |
|
|
$ |
862 |
|
|
$ |
109 |
|
|
$ |
876 |
|
Investment in related parties – investment funds |
1,604 |
|
|
2,659 |
|
|
1,632 |
|
|
2,377 |
|
Assets of consolidated VIEs – investment funds |
17,135 |
|
|
23,698 |
|
|
15,927 |
|
|
22,240 |
|
Investment in fixed maturity securities |
67,990 |
|
|
69,290 |
|
|
48,155 |
|
|
50,623 |
|
Investment in related parties – fixed maturity securities |
16,902 |
|
|
20,764 |
|
|
13,495 |
|
|
15,608 |
|
Investment in related parties – equity securities |
257 |
|
|
257 |
|
|
318 |
|
|
318 |
|
Total non-consolidated investments |
$ |
103,995 |
|
|
$ |
117,530 |
|
|
$ |
79,636 |
|
|
$ |
92,042 |
|
Concentrations—The following table represents our investment concentrations in excess of 10% of AHL stockholders’ equity:
|
|
|
|
|
|
(In millions) |
September 30, 2024 |
AP Grange Holdings, LLC |
$ |
4,626 |
|
Atlas1
|
3,240 |
|
Fox Hedge L.P. |
3,050 |
|
|
|
|
|
|
|
|
December 31, 2023 |
Wheels1
|
$ |
1,591 |
|
AT&T Inc. |
1,526 |
|
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.
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
3. Derivative Instruments
We use a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See Note 5 – Fair Value for information about the fair value hierarchy for derivatives.
The following table presents the notional amount and fair value of derivative instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
December 31, 2023 |
|
Notional Amount |
|
Fair Value |
|
Notional Amount |
|
Fair Value |
(In millions) |
|
Assets |
|
Liabilities |
|
|
Assets |
|
Liabilities |
Derivatives designated as hedges |
|
|
|
|
|
|
|
|
|
|
|
Foreign currency hedges |
|
|
|
|
|
|
|
|
|
|
|
Swaps |
15,119 |
|
|
$ |
503 |
|
|
$ |
345 |
|
|
9,034 |
|
|
$ |
477 |
|
|
$ |
230 |
|
Forwards |
3,691 |
|
|
195 |
|
|
36 |
|
|
6,294 |
|
|
275 |
|
|
102 |
|
Interest rate swaps |
4,506 |
|
|
56 |
|
|
418 |
|
|
4,468 |
|
|
— |
|
|
521 |
|
Forwards on net investments |
218 |
|
|
— |
|
|
3 |
|
|
219 |
|
|
— |
|
|
6 |
|
Interest rate swaps |
21,079 |
|
|
131 |
|
|
40 |
|
|
10,031 |
|
|
29 |
|
|
95 |
|
Total derivatives designated as hedges |
|
|
885 |
|
|
842 |
|
|
|
|
781 |
|
|
954 |
|
Derivatives not designated as hedges |
|
|
|
|
|
|
|
|
|
|
|
Equity options |
82,762 |
|
|
5,820 |
|
|
127 |
|
|
73,881 |
|
|
3,809 |
|
|
102 |
|
Futures |
44 |
|
|
119 |
|
|
— |
|
|
35 |
|
|
72 |
|
|
— |
|
Foreign currency swaps |
13,706 |
|
|
223 |
|
|
354 |
|
|
8,072 |
|
|
230 |
|
|
244 |
|
Interest rate swaps |
1,870 |
|
|
76 |
|
|
1 |
|
|
3,499 |
|
|
81 |
|
|
9 |
|
Other swaps |
2,591 |
|
|
12 |
|
|
1 |
|
|
2,588 |
|
|
39 |
|
|
1 |
|
Foreign currency forwards |
40,174 |
|
|
394 |
|
|
1,433 |
|
|
28,236 |
|
|
286 |
|
|
685 |
|
Embedded derivatives |
|
|
|
|
|
|
|
|
|
|
|
Funds withheld including related parties |
|
|
(3,111) |
|
|
80 |
|
|
|
|
(4,100) |
|
|
(64) |
|
Interest sensitive contract liabilities |
|
|
— |
|
|
11,996 |
|
|
|
|
— |
|
|
9,059 |
|
Total derivatives not designated as hedges |
|
|
3,533 |
|
|
13,992 |
|
|
|
|
417 |
|
|
10,036 |
|
Total derivatives |
|
|
$ |
4,418 |
|
|
$ |
14,834 |
|
|
|
|
$ |
1,198 |
|
|
$ |
10,990 |
|
Derivatives Designated as Hedges
Cash Flow Hedges – 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 2031. During the three months ended September 30, 2024 and 2023, we recognized gains of $152 million and $91 million, respectively, in other comprehensive income (OCI) associated with these hedges. During the nine months ended September 30, 2024 and 2023, we recognized gains of $149 million and losses of $35 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three and nine months ended September 30, 2024 and 2023. As of September 30, 2024, no amounts were expected to be reclassified to income within the next 12 months.
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
December 31, 2023 |
(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 |
$ |
3,851 |
|
|
$ |
(13) |
|
|
$ |
4,883 |
|
|
$ |
(15) |
|
Foreign currency swaps |
11,588 |
|
|
71 |
|
|
6,820 |
|
|
(141) |
|
Interest sensitive contract liabilities |
|
|
|
|
|
|
|
Foreign currency swaps |
2,507 |
|
|
(44) |
|
|
1,438 |
|
|
19 |
|
Foreign currency interest rate swaps |
4,220 |
|
|
205 |
|
|
4,010 |
|
|
363 |
|
Interest rate swaps |
17,483 |
|
|
(121) |
|
|
6,910 |
|
|
189 |
|
|
|
|
|
|
|
|
|
1 The carrying amount disclosed for AFS securities is amortized cost.
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts 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, 2024 |
|
|
|
|
|
|
|
|
|
Investment related gains (losses) |
|
|
|
|
|
|
|
|
|
Foreign currency forwards |
$ |
(180) |
|
|
$ |
184 |
|
|
$ |
4 |
|
|
$ |
4 |
|
|
$ |
8 |
|
Foreign currency swaps |
(313) |
|
|
282 |
|
|
(31) |
|
|
— |
|
|
— |
|
Foreign currency interest rate swaps |
255 |
|
|
(258) |
|
|
(3) |
|
|
— |
|
|
— |
|
Interest rate swaps |
382 |
|
|
(386) |
|
|
(4) |
|
|
— |
|
|
— |
|
Interest sensitive contract benefits |
|
|
|
|
|
|
|
|
|
Foreign currency interest rate swaps |
26 |
|
|
(25) |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
Investment related gains (losses) |
|
|
|
|
|
|
|
|
|
Foreign currency forwards |
$ |
179 |
|
|
$ |
(187) |
|
|
$ |
(8) |
|
|
$ |
21 |
|
|
$ |
5 |
|
Foreign currency swaps |
161 |
|
|
(166) |
|
|
(5) |
|
|
— |
|
|
— |
|
Foreign currency interest rate swaps |
(90) |
|
|
95 |
|
|
5 |
|
|
— |
|
|
— |
|
Interest rate swaps |
(74) |
|
|
63 |
|
|
(11) |
|
|
— |
|
|
— |
|
Interest sensitive contract benefits |
|
|
|
|
|
|
|
|
|
Foreign currency interest rate swaps |
16 |
|
|
(14) |
|
|
2 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts 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, 2024 |
|
|
|
|
|
|
|
|
|
Investment related gains (losses) |
|
|
|
|
|
|
|
|
|
Foreign currency forwards |
$ |
(1) |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
35 |
|
|
$ |
14 |
|
Foreign currency swaps |
(158) |
|
|
144 |
|
|
(14) |
|
|
— |
|
|
— |
|
Foreign currency interest rate swaps |
132 |
|
|
(135) |
|
|
(3) |
|
|
— |
|
|
— |
|
Interest rate swaps |
267 |
|
|
(310) |
|
|
(43) |
|
|
— |
|
|
— |
|
Interest sensitive contract benefits |
|
|
|
|
|
|
|
|
|
Foreign currency interest rate swaps |
66 |
|
|
(64) |
|
|
2 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
Investment related gains (losses) |
|
|
|
|
|
|
|
|
|
Foreign currency forwards |
$ |
74 |
|
|
$ |
(77) |
|
|
$ |
(3) |
|
|
$ |
66 |
|
|
$ |
12 |
|
Foreign currency swaps |
59 |
|
|
(57) |
|
|
2 |
|
|
— |
|
|
— |
|
Foreign currency interest rate swaps |
(5) |
|
|
15 |
|
|
10 |
|
|
— |
|
|
— |
|
Interest rate swaps |
(92) |
|
|
79 |
|
|
(13) |
|
|
— |
|
|
— |
|
Interest sensitive contract benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency interest rate swaps |
44 |
|
|
(44) |
|
|
— |
|
|
— |
|
|
— |
|
The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
(In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Foreign currency forwards |
$ |
13 |
|
|
$ |
(65) |
|
|
$ |
(2) |
|
|
$ |
(63) |
|
Foreign currency swaps |
56 |
|
|
(239) |
|
|
82 |
|
|
(182) |
|
|
|
|
|
|
|
|
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
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, 2024 and 2023, these derivatives had losses of $14 million and gains of $13 million, respectively. During the nine months ended September 30, 2024 and 2023, these derivatives had losses of $11 million and gains of $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, 2024 and December 31, 2023, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $15 million and $26 million, respectively. During the three and nine months ended September 30, 2024 and 2023, 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.
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.
Other swaps – Other swaps include total return swaps, credit default swaps and swaptions. We purchase total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. 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. Swaptions provide an option to enter into an interest rate swap and are used to hedge against interest rate exposure.
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 modco or funds withheld basis and indexed annuity products.
The following is a summary of the gains (losses) related to derivatives not designated as hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
(In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Equity options |
$ |
596 |
|
|
$ |
(951) |
|
|
$ |
2,298 |
|
|
$ |
390 |
|
Futures |
26 |
|
|
(73) |
|
|
152 |
|
|
22 |
|
Swaps |
(126) |
|
|
(24) |
|
|
(156) |
|
|
38 |
|
Foreign currency forwards |
209 |
|
|
146 |
|
|
(657) |
|
|
(191) |
|
Embedded derivatives on funds withheld |
747 |
|
|
(780) |
|
|
560 |
|
|
(439) |
|
Amounts recognized in investment related gains (losses) |
1,452 |
|
|
(1,682) |
|
|
2,197 |
|
|
(180) |
|
Embedded derivatives in indexed annuity products1
|
(275) |
|
|
1,251 |
|
|
(1,270) |
|
|
(277) |
|
Total gains (losses) on derivatives not designated as hedges |
$ |
1,177 |
|
|
$ |
(431) |
|
|
$ |
927 |
|
|
$ |
(457) |
|
|
|
|
|
|
|
|
|
1 Included in interest sensitive contract benefits on the condensed consolidated statements of income.
|
Credit Risk—We may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of our derivative contracts is the fair value at the reporting date less any collateral received from the counterparty.
We manage credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, we maintain collateral arrangements and use master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. We have also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure.
Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in our financial strength rating to a specified level can result in settlement of the derivative position.
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
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, 2024 |
|
|
|
|
|
|
|
|
|
|
|
Derivative assets |
$ |
7,529 |
|
|
$ |
(1,739) |
|
|
$ |
(5,272) |
|
|
$ |
518 |
|
|
$ |
— |
|
|
$ |
518 |
|
Derivative liabilities |
(2,758) |
|
|
1,739 |
|
|
1,091 |
|
|
72 |
|
|
1 |
|
|
73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
Derivative assets |
$ |
5,298 |
|
|
$ |
(1,497) |
|
|
$ |
(3,676) |
|
|
$ |
125 |
|
|
$ |
— |
|
|
$ |
125 |
|
Derivative liabilities |
(1,995) |
|
|
1,497 |
|
|
848 |
|
|
350 |
|
|
— |
|
|
350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of September 30, 2024 and December 31, 2023, amounts not subject to master netting or similar agreements were immaterial.
|
2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets.
|
3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.
|
4. Variable Interest Entities
We determined that we are required to consolidate certain Apollo-managed investment funds and other Apollo-managed structures. Since the criteria for the primary beneficiary are satisfied by our related party group, we are deemed the primary beneficiary. In addition, we consolidate certain securitization entities where 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
(In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Trading securities |
$ |
39 |
|
|
$ |
28 |
|
|
$ |
104 |
|
|
$ |
79 |
|
|
|
|
|
|
|
|
|
Mortgage loans |
30 |
|
|
29 |
|
|
91 |
|
|
83 |
|
Investment funds |
22 |
|
|
20 |
|
|
43 |
|
|
55 |
|
Other |
(14) |
|
|
(2) |
|
|
(28) |
|
|
(7) |
|
Net investment income |
$ |
77 |
|
|
$ |
75 |
|
|
$ |
210 |
|
|
$ |
210 |
|
|
|
|
|
|
|
|
|
Net recognized investment gains (losses) on trading securities |
$ |
29 |
|
|
$ |
(16) |
|
|
$ |
21 |
|
|
$ |
(15) |
|
Net recognized investment gains (losses) on mortgage loans |
24 |
|
|
(25) |
|
|
(4) |
|
|
(45) |
|
Net recognized investment gains on investment funds |
414 |
|
|
292 |
|
|
1,099 |
|
|
833 |
|
Other gains (losses) |
2 |
|
|
(1) |
|
|
(7) |
|
|
(29) |
|
Investment related gains (losses) |
$ |
469 |
|
|
$ |
250 |
|
|
$ |
1,109 |
|
|
$ |
744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
5. Fair Value
Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. We determine fair value based on the following fair value hierarchy:
Level 1 – Unadjusted quoted prices for identical assets or liabilities in an active market.
Level 2 – Quoted prices for inactive markets or valuation techniques that require observable direct or indirect inputs for substantially the full term of the asset or liability. Level 2 inputs include the following:
•Quoted prices for similar assets or liabilities in active markets,
•Observable inputs other than quoted market prices, and
•Observable inputs derived principally from market data through correlation or other means.
Level 3 – Prices or valuation techniques with unobservable inputs significant to the overall fair value estimate. These valuations use critical assumptions not readily available to market participants. Level 3 valuations are based on market standard valuation methodologies, including discounted cash flows, matrix pricing or other similar techniques.
Net Asset Value (NAV) – Investment funds are typically measured using NAV as a practical expedient in determining fair value and are not classified in the fair value hierarchy. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the investment fund financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. The underlying investments of the investment funds may have significant unobservable inputs, which may include but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model.
The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the instrument’s fair value measurement.
We use a number of valuation sources to determine fair values. Valuation sources can include quoted market prices; third-party commercial pricing services; third-party brokers; industry-standard, vendor modeling software that uses market observable inputs; and other internal modeling techniques based on projected cash flows. We periodically review the assumptions and inputs of third-party commercial pricing services through internal valuation price variance reviews, comparisons to internal pricing models, back testing to recent trades, or monitoring trading volumes.
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
(In millions) |
Total |
|
NAV |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
|
US government and agencies |
$ |
6,761 |
|
|
$ |
— |
|
|
$ |
6,759 |
|
|
$ |
2 |
|
|
$ |
— |
|
|
US state, municipal and political subdivisions |
977 |
|
|
— |
|
|
— |
|
|
977 |
|
|
— |
|
|
Foreign governments |
1,758 |
|
|
— |
|
|
756 |
|
|
967 |
|
|
35 |
|
|
Corporate |
87,610 |
|
|
— |
|
|
12 |
|
|
83,423 |
|
|
4,175 |
|
|
CLO |
27,610 |
|
|
— |
|
|
— |
|
|
27,610 |
|
|
— |
|
|
ABS |
22,470 |
|
|
— |
|
|
— |
|
|
6,855 |
|
|
15,615 |
|
|
CMBS |
9,364 |
|
|
— |
|
|
— |
|
|
9,347 |
|
|
17 |
|
|
RMBS |
8,135 |
|
|
— |
|
|
— |
|
|
7,792 |
|
|
343 |
|
|
Total AFS securities |
164,685 |
|
|
— |
|
|
7,527 |
|
|
136,973 |
|
|
20,185 |
|
|
Trading securities |
1,684 |
|
|
— |
|
|
24 |
|
|
1,623 |
|
|
37 |
|
|
Equity securities |
1,292 |
|
|
— |
|
|
207 |
|
|
1,059 |
|
|
26 |
|
|
Mortgage loans |
58,587 |
|
|
— |
|
|
— |
|
|
— |
|
|
58,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds withheld at interest – embedded derivative |
(2,581) |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,581) |
|
|
Derivative assets |
7,529 |
|
|
— |
|
|
143 |
|
|
7,385 |
|
|
1 |
|
|
Short-term investments |
409 |
|
|
— |
|
|
202 |
|
|
39 |
|
|
168 |
|
|
Other investments |
1,507 |
|
|
— |
|
|
— |
|
|
603 |
|
|
904 |
|
|
Cash and cash equivalents |
13,587 |
|
|
— |
|
|
13,587 |
|
|
— |
|
|
— |
|
|
Restricted cash |
964 |
|
|
— |
|
|
964 |
|
|
— |
|
|
— |
|
|
Investments in related parties |
|
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
|
Corporate |
1,614 |
|
|
— |
|
|
— |
|
|
233 |
|
|
1,381 |
|
|
CLO |
5,780 |
|
|
— |
|
|
— |
|
|
5,215 |
|
|
565 |
|
|
ABS |
10,503 |
|
|
— |
|
|
— |
|
|
694 |
|
|
9,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total AFS securities – related parties |
17,897 |
|
|
— |
|
|
— |
|
|
6,142 |
|
|
11,755 |
|
|
Trading securities |
619 |
|
|
— |
|
|
— |
|
|
— |
|
|
619 |
|
|
Equity securities |
257 |
|
|
— |
|
|
— |
|
|
— |
|
|
257 |
|
|
Mortgage loans |
1,345 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,345 |
|
|
Investment funds |
1,106 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,106 |
|
|
Funds withheld at interest – embedded derivative |
(530) |
|
|
— |
|
|
— |
|
|
— |
|
|
(530) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investments |
348 |
|
|
— |
|
|
— |
|
|
— |
|
|
348 |
|
|
Reinsurance recoverable |
1,710 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,710 |
|
|
Other assets |
313 |
|
|
— |
|
|
— |
|
|
— |
|
|
313 |
|
|
Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
Trading securities |
2,379 |
|
|
— |
|
|
— |
|
|
441 |
|
|
1,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
2,226 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,226 |
|
|
Investment funds |
17,135 |
|
|
16,317 |
|
|
— |
|
|
— |
|
|
818 |
|
|
Other investments |
159 |
|
|
— |
|
|
5 |
|
|
— |
|
|
154 |
|
|
Cash and cash equivalents |
305 |
|
|
— |
|
|
305 |
|
|
— |
|
|
— |
|
|
Total assets measured at fair value |
$ |
292,932 |
|
|
$ |
16,317 |
|
|
$ |
22,964 |
|
|
$ |
154,265 |
|
|
$ |
99,386 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Interest sensitive contract liabilities |
|
|
|
|
|
|
|
|
|
|
Embedded derivative |
$ |
11,996 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,996 |
|
|
Universal life benefits |
820 |
|
|
— |
|
|
— |
|
|
— |
|
|
820 |
|
|
Future policy benefits |
|
|
|
|
|
|
|
|
|
|
AmerUs Life Insurance Company (AmerUs) Closed Block |
1,166 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,166 |
|
|
Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits |
545 |
|
|
— |
|
|
— |
|
|
— |
|
|
545 |
|
|
Market risk benefits |
4,402 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,402 |
|
|
Derivative liabilities |
2,758 |
|
|
— |
|
|
1 |
|
|
2,756 |
|
|
1 |
|
|
Other liabilities |
337 |
|
|
— |
|
|
— |
|
|
— |
|
|
337 |
|
|
Total liabilities measured at fair value |
$ |
22,024 |
|
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
2,756 |
|
|
$ |
19,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
(In millions) |
Total |
|
NAV |
|
Level 1 |
|
Level 2 |
|
Level 3 |
Assets |
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
US government and agencies |
$ |
5,399 |
|
|
$ |
— |
|
|
$ |
5,392 |
|
|
$ |
7 |
|
|
$ |
— |
|
US state, municipal and political subdivisions |
1,046 |
|
|
— |
|
|
— |
|
|
1,046 |
|
|
— |
|
Foreign governments |
1,899 |
|
|
— |
|
|
895 |
|
|
964 |
|
|
40 |
|
Corporate |
78,246 |
|
|
— |
|
|
10 |
|
|
75,711 |
|
|
2,525 |
|
CLO |
20,207 |
|
|
— |
|
|
— |
|
|
20,207 |
|
|
— |
|
ABS |
13,383 |
|
|
— |
|
|
— |
|
|
6,440 |
|
|
6,943 |
|
CMBS |
6,591 |
|
|
— |
|
|
— |
|
|
6,570 |
|
|
21 |
|
RMBS |
7,567 |
|
|
— |
|
|
— |
|
|
7,302 |
|
|
265 |
|
Total AFS securities |
134,338 |
|
|
— |
|
|
6,297 |
|
|
118,247 |
|
|
9,794 |
|
Trading securities |
1,706 |
|
|
— |
|
|
24 |
|
|
1,654 |
|
|
28 |
|
Equity securities |
935 |
|
|
— |
|
|
210 |
|
|
699 |
|
|
26 |
|
Mortgage loans |
44,115 |
|
|
— |
|
|
— |
|
|
— |
|
|
44,115 |
|
|
|
|
|
|
|
|
|
|
|
Funds withheld at interest – embedded derivative |
(3,379) |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,379) |
|
Derivative assets |
5,298 |
|
|
— |
|
|
108 |
|
|
5,190 |
|
|
— |
|
Short-term investments |
341 |
|
|
— |
|
|
— |
|
|
236 |
|
|
105 |
|
Other investments |
943 |
|
|
— |
|
|
— |
|
|
313 |
|
|
630 |
|
Cash and cash equivalents |
13,020 |
|
|
— |
|
|
13,020 |
|
|
— |
|
|
— |
|
Restricted cash |
1,761 |
|
|
— |
|
|
1,761 |
|
|
— |
|
|
— |
|
Investments in related parties |
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
Corporate |
1,352 |
|
|
— |
|
|
— |
|
|
181 |
|
|
1,171 |
|
CLO |
4,268 |
|
|
— |
|
|
— |
|
|
3,762 |
|
|
506 |
|
ABS |
8,389 |
|
|
— |
|
|
— |
|
|
563 |
|
|
7,826 |
|
Total AFS securities – related parties |
14,009 |
|
|
— |
|
|
— |
|
|
4,506 |
|
|
9,503 |
|
Trading securities |
838 |
|
|
— |
|
|
— |
|
|
— |
|
|
838 |
|
Equity securities |
318 |
|
|
— |
|
|
63 |
|
|
— |
|
|
255 |
|
Mortgage loans |
1,281 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,281 |
|
Investment funds |
1,082 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,082 |
|
Funds withheld at interest – embedded derivative |
(721) |
|
|
— |
|
|
— |
|
|
— |
|
|
(721) |
|
|
|
|
|
|
|
|
|
|
|
Other investments |
343 |
|
|
— |
|
|
— |
|
|
— |
|
|
343 |
|
Reinsurance recoverable |
1,367 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,367 |
|
Other assets |
378 |
|
|
— |
|
|
— |
|
|
— |
|
|
378 |
|
Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
Trading securities |
2,136 |
|
|
— |
|
|
— |
|
|
284 |
|
|
1,852 |
|
Mortgage loans |
2,173 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,173 |
|
Investment funds |
15,927 |
|
|
14,950 |
|
|
— |
|
|
— |
|
|
977 |
|
Other investments |
103 |
|
|
— |
|
|
— |
|
|
2 |
|
|
101 |
|
Cash and cash equivalents |
98 |
|
|
— |
|
|
98 |
|
|
— |
|
|
— |
|
Total assets measured at fair value |
$ |
238,410 |
|
|
$ |
14,950 |
|
|
$ |
21,581 |
|
|
$ |
131,131 |
|
|
$ |
70,748 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
Interest sensitive contract liabilities |
|
|
|
|
|
|
|
|
|
Embedded derivative |
$ |
9,059 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,059 |
|
Universal life benefits |
834 |
|
|
— |
|
|
— |
|
|
— |
|
|
834 |
|
Future policy benefits |
|
|
|
|
|
|
|
|
|
AmerUs Closed Block |
1,178 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,178 |
|
ILICO Closed Block and life benefits |
522 |
|
|
— |
|
|
— |
|
|
— |
|
|
522 |
|
Market risk benefits |
3,751 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,751 |
|
Derivative liabilities |
1,995 |
|
|
— |
|
|
17 |
|
|
1,977 |
|
|
1 |
|
Other liabilities |
266 |
|
|
— |
|
|
— |
|
|
(64) |
|
|
330 |
|
Total liabilities measured at fair value |
$ |
17,605 |
|
|
$ |
— |
|
|
$ |
17 |
|
|
$ |
1,913 |
|
|
$ |
15,675 |
|
|
|
|
|
|
|
|
|
|
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Fair Value Valuation Methods—We used the following valuation methods and assumptions to estimate fair value:
AFS and trading securities – We obtain the fair value for most marketable securities without an active market from several commercial pricing services. These are classified as Level 2 assets. The pricing services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data. This category typically includes US and non-US corporate bonds, US agency and government guaranteed securities, CLO, ABS, CMBS and RMBS.
We also have fixed maturity securities priced based on indicative broker quotes or by employing market accepted valuation models. For certain fixed maturity securities, the valuation model uses significant unobservable inputs and these 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.
Other investments – The fair values of other investments are primarily determined using a discounted cash flow model using discount rates for similar investments.
Funds withheld at interest embedded derivatives – Funds withheld at interest embedded derivatives represent 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, and are analogous to a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modco agreements is measured as the unrealized gain (loss) on the underlying assets and classified as Level 3.
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.
Other assets and market risk benefits liability – Other assets at fair value consist of market risk benefit assets. See Note 7 – Long-duration Contracts for additional information on market risk benefits valuation methodology and additional fair value disclosures. The estimates are classified as Level 3.
Interest sensitive contract liabilities embedded derivatives – 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.
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
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.
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 reflect the riskiness of the business. These universal life policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3.
Other liabilities – Other liabilities include funds withheld liability embedded derivatives, as described above in funds withheld at interest embedded derivatives, and a ceded modco agreement of certain inforce funding agreement contracts for which we elected the fair value option. We estimate the fair value of the ceded modco agreement by discounting projected cash flows for net settlements and certain periodic and non-periodic payments. Unobservable inputs include estimates for asset portfolio returns and economic inputs used in the discount rate, including risk margin. Depending on the projected cash flows and other assumptions, the contract may be recorded as an asset or liability. The estimate is classified as Level 3.
Fair Value Option—The following represents the gains (losses) recorded for instruments for which we have elected the fair value option, including related parties and consolidated VIEs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
(In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Trading securities |
$ |
131 |
|
|
$ |
(137) |
|
|
$ |
31 |
|
|
$ |
(105) |
|
Mortgage loans |
1,186 |
|
|
(984) |
|
|
868 |
|
|
(909) |
|
Investment funds |
37 |
|
|
(66) |
|
|
18 |
|
|
25 |
|
Future policy benefits |
(46) |
|
|
59 |
|
|
12 |
|
|
64 |
|
Other |
5 |
|
|
(4) |
|
|
9 |
|
|
(71) |
|
Total gains (losses) |
$ |
1,313 |
|
|
$ |
(1,132) |
|
|
$ |
938 |
|
|
$ |
(996) |
|
Gains and losses on trading securities, mortgage loans, investments of consolidated VIEs, and other are recorded in investment related gains (losses) on the condensed consolidated statements of income. Gains and losses related to investment funds are recorded in net investment income on the condensed consolidated statements of income. We record the change in fair value of future policy benefits to future policy and other policy benefits on the condensed consolidated statements of income.
The following summarizes information for fair value option mortgage loans, including related parties and consolidated VIEs:
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
September 30, 2024 |
|
December 31, 2023 |
Unpaid principal balance |
$ |
64,404 |
|
|
$ |
50,752 |
|
Mark to fair value |
(2,246) |
|
|
(3,183) |
|
Fair value |
$ |
62,158 |
|
|
$ |
47,569 |
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
The following represents our commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status:
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
September 30, 2024 |
|
December 31, 2023 |
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status |
$ |
507 |
|
|
$ |
221 |
|
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status |
(191) |
|
|
(74) |
|
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status |
$ |
316 |
|
|
$ |
147 |
|
|
|
|
|
Fair value of commercial mortgage loans 90 days or more past due |
$ |
254 |
|
|
$ |
64 |
|
Fair value of commercial mortgage loans in non-accrual status |
316 |
|
|
147 |
|
The following represents our residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status:
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
September 30, 2024 |
|
December 31, 2023 |
Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status |
$ |
850 |
|
|
$ |
528 |
|
Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status |
(74) |
|
|
(49) |
|
Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status |
$ |
776 |
|
|
$ |
479 |
|
|
|
|
|
Fair value of residential mortgage loans 90 days or more past due1
|
$ |
776 |
|
|
$ |
479 |
|
Fair value of residential mortgage loans in non-accrual status |
679 |
|
|
355 |
|
|
|
|
|
1 As of September 30, 2024 and December 31, 2023 includes $97 million and $124 million, respectively, of residential mortgage loans that are guaranteed by US government-sponsored agencies.
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
(In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Mortgage loans |
$ |
(19) |
|
|
$ |
(20) |
|
|
$ |
(49) |
|
|
$ |
(31) |
|
We estimated the portion of gains and losses attributable to changes in instrument-specific credit risk by identifying commercial mortgage loans with loan-to-value ratios meeting credit quality criteria, and residential mortgage loans with delinquency status meeting credit quality criteria.
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Level 3 Financial Instruments—The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis. 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2024 |
|
|
|
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 |
$ |
34 |
|
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
35 |
|
|
$ |
— |
|
|
$ |
— |
|
Corporate |
8,114 |
|
|
6 |
|
|
80 |
|
|
775 |
|
|
(4,800) |
|
|
4,175 |
|
|
2 |
|
|
98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABS |
8,420 |
|
|
1 |
|
|
313 |
|
|
2,202 |
|
|
4,679 |
|
|
15,615 |
|
|
— |
|
|
301 |
|
CMBS |
20 |
|
|
2 |
|
|
(5) |
|
|
— |
|
|
— |
|
|
17 |
|
|
— |
|
|
(3) |
|
RMBS |
261 |
|
|
2 |
|
|
2 |
|
|
78 |
|
|
— |
|
|
343 |
|
|
— |
|
|
2 |
|
Trading securities |
37 |
|
|
1 |
|
|
— |
|
|
(1) |
|
|
— |
|
|
37 |
|
|
1 |
|
|
— |
|
Equity securities |
36 |
|
|
(1) |
|
|
— |
|
|
— |
|
|
(9) |
|
|
26 |
|
|
— |
|
|
— |
|
Mortgage loans |
52,645 |
|
|
1,096 |
|
|
— |
|
|
4,846 |
|
|
— |
|
|
58,587 |
|
|
1,236 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds withheld at interest – embedded derivative |
(3,283) |
|
|
702 |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,581) |
|
|
— |
|
|
— |
|
Derivative assets |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
— |
|
Short-term investments |
80 |
|
|
— |
|
|
— |
|
|
166 |
|
|
(78) |
|
|
168 |
|
|
— |
|
|
— |
|
Other investments |
904 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
904 |
|
|
(1) |
|
|
— |
|
Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
1,194 |
|
|
(3) |
|
|
12 |
|
|
(23) |
|
|
201 |
|
|
1,381 |
|
|
— |
|
|
9 |
|
CLO |
521 |
|
|
— |
|
|
2 |
|
|
42 |
|
|
— |
|
|
565 |
|
|
— |
|
|
2 |
|
ABS |
10,580 |
|
|
28 |
|
|
75 |
|
|
(874) |
|
|
— |
|
|
9,809 |
|
|
7 |
|
|
73 |
|
Trading securities |
719 |
|
|
— |
|
|
— |
|
|
(100) |
|
|
— |
|
|
619 |
|
|
(1) |
|
|
— |
|
Equity securities |
247 |
|
|
10 |
|
|
— |
|
|
— |
|
|
— |
|
|
257 |
|
|
10 |
|
|
— |
|
Mortgage loans |
1,320 |
|
|
39 |
|
|
— |
|
|
(14) |
|
|
— |
|
|
1,345 |
|
|
(43) |
|
|
— |
|
Investment funds |
1,066 |
|
|
40 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,106 |
|
|
40 |
|
|
— |
|
Funds withheld at interest – embedded derivative |
(717) |
|
|
187 |
|
|
— |
|
|
— |
|
|
— |
|
|
(530) |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investments |
335 |
|
|
13 |
|
|
— |
|
|
— |
|
|
— |
|
|
348 |
|
|
13 |
|
|
— |
|
Reinsurance recoverable |
1,518 |
|
|
99 |
|
|
— |
|
|
93 |
|
|
— |
|
|
1,710 |
|
|
— |
|
|
— |
|
Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading securities |
1,876 |
|
|
82 |
|
|
— |
|
|
34 |
|
|
(54) |
|
|
1,938 |
|
|
82 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
2,120 |
|
|
51 |
|
|
— |
|
|
55 |
|
|
— |
|
|
2,226 |
|
|
51 |
|
|
— |
|
Investment funds |
913 |
|
|
(1) |
|
|
— |
|
|
338 |
|
|
(432) |
|
|
818 |
|
|
(1) |
|
|
— |
|
Other investments |
113 |
|
|
4 |
|
|
— |
|
|
37 |
|
|
— |
|
|
154 |
|
|
4 |
|
|
— |
|
Total Level 3 assets |
$ |
89,074 |
|
|
$ |
2,358 |
|
|
$ |
480 |
|
|
$ |
7,654 |
|
|
$ |
(493) |
|
|
$ |
99,073 |
|
|
$ |
1,400 |
|
|
$ |
482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest sensitive contract liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Embedded derivative |
$ |
(11,234) |
|
|
$ |
(275) |
|
|
$ |
— |
|
|
$ |
(487) |
|
|
$ |
— |
|
|
$ |
(11,996) |
|
|
$ |
— |
|
|
$ |
— |
|
Universal life benefits |
(769) |
|
|
(51) |
|
|
— |
|
|
— |
|
|
— |
|
|
(820) |
|
|
— |
|
|
— |
|
Future policy benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmerUs Closed Block |
(1,120) |
|
|
(46) |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,166) |
|
|
— |
|
|
— |
|
ILICO Closed Block and life benefits |
(529) |
|
|
(16) |
|
|
— |
|
|
— |
|
|
— |
|
|
(545) |
|
|
— |
|
|
— |
|
Derivative liabilities |
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
— |
|
Other liabilities |
(253) |
|
|
(86) |
|
|
— |
|
|
2 |
|
|
— |
|
|
(337) |
|
|
— |
|
|
— |
|
Total Level 3 liabilities |
$ |
(13,906) |
|
|
$ |
(474) |
|
|
$ |
— |
|
|
$ |
(485) |
|
|
$ |
— |
|
|
$ |
(14,865) |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Related to instruments held at end of period.
|
|
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2023 |
|
|
|
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 |
$ |
48 |
|
|
$ |
— |
|
|
$ |
(2) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
46 |
|
|
$ |
— |
|
|
$ |
(2) |
|
Corporate |
2,460 |
|
|
(8) |
|
|
(25) |
|
|
(26) |
|
|
(20) |
|
|
2,381 |
|
|
— |
|
|
(27) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABS |
5,305 |
|
|
— |
|
|
14 |
|
|
(255) |
|
|
(438) |
|
|
4,626 |
|
|
— |
|
|
4 |
|
CMBS |
12 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
12 |
|
|
— |
|
|
— |
|
RMBS |
6 |
|
|
— |
|
|
— |
|
|
261 |
|
|
(4) |
|
|
263 |
|
|
— |
|
|
— |
|
Trading securities |
38 |
|
|
(1) |
|
|
— |
|
|
(5) |
|
|
— |
|
|
32 |
|
|
(1) |
|
|
— |
|
Equity securities |
67 |
|
|
7 |
|
|
— |
|
|
— |
|
|
— |
|
|
74 |
|
|
7 |
|
|
— |
|
Mortgage loans |
34,668 |
|
|
(850) |
|
|
— |
|
|
4,160 |
|
|
— |
|
|
37,978 |
|
|
(850) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds withheld at interest – embedded derivative |
(4,356) |
|
|
(625) |
|
|
— |
|
|
— |
|
|
— |
|
|
(4,981) |
|
|
— |
|
|
— |
|
Short-term investments |
30 |
|
|
— |
|
|
(1) |
|
|
100 |
|
|
— |
|
|
129 |
|
|
— |
|
|
(1) |
|
Other investments |
337 |
|
|
(5) |
|
|
— |
|
|
145 |
|
|
— |
|
|
477 |
|
|
(5) |
|
|
— |
|
Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
1,171 |
|
|
1 |
|
|
(10) |
|
|
24 |
|
|
— |
|
|
1,186 |
|
|
— |
|
|
(10) |
|
CLO |
495 |
|
|
— |
|
|
8 |
|
|
— |
|
|
— |
|
|
503 |
|
|
— |
|
|
8 |
|
ABS |
7,742 |
|
|
(2) |
|
|
(11) |
|
|
110 |
|
|
— |
|
|
7,839 |
|
|
(6) |
|
|
(14) |
|
Trading securities |
867 |
|
|
4 |
|
|
— |
|
|
— |
|
|
— |
|
|
871 |
|
|
3 |
|
|
— |
|
Equity securities |
252 |
|
|
(7) |
|
|
— |
|
|
— |
|
|
— |
|
|
245 |
|
|
(7) |
|
|
— |
|
Mortgage loans |
1,296 |
|
|
(61) |
|
|
— |
|
|
(1) |
|
|
— |
|
|
1,234 |
|
|
(61) |
|
|
— |
|
Investment funds |
1,061 |
|
|
(18) |
|
|
— |
|
|
— |
|
|
— |
|
|
1,043 |
|
|
(18) |
|
|
— |
|
Funds withheld at interest – embedded derivative |
(1,297) |
|
|
325 |
|
|
— |
|
|
— |
|
|
— |
|
|
(972) |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investments |
343 |
|
|
(16) |
|
|
— |
|
|
— |
|
|
— |
|
|
327 |
|
|
(16) |
|
|
— |
|
Reinsurance recoverable |
1,436 |
|
|
(135) |
|
|
— |
|
|
— |
|
|
— |
|
|
1,301 |
|
|
— |
|
|
— |
|
Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading securities |
1,425 |
|
|
(48) |
|
|
— |
|
|
(45) |
|
|
526 |
|
|
1,858 |
|
|
(48) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
2,113 |
|
|
(73) |
|
|
— |
|
|
2 |
|
|
— |
|
|
2,042 |
|
|
(73) |
|
|
— |
|
Investment funds |
1,351 |
|
|
(30) |
|
|
— |
|
|
81 |
|
|
— |
|
|
1,402 |
|
|
(30) |
|
|
— |
|
Other investments |
99 |
|
|
5 |
|
|
— |
|
|
(12) |
|
|
— |
|
|
92 |
|
|
5 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Level 3 assets |
$ |
56,969 |
|
|
$ |
(1,537) |
|
|
$ |
(27) |
|
|
$ |
4,539 |
|
|
$ |
64 |
|
|
$ |
60,008 |
|
|
$ |
(1,100) |
|
|
$ |
(42) |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest sensitive contract liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Embedded derivative |
$ |
(8,198) |
|
|
$ |
1,251 |
|
|
$ |
— |
|
|
$ |
(398) |
|
|
$ |
— |
|
|
$ |
(7,345) |
|
|
$ |
— |
|
|
$ |
— |
|
Universal life benefits |
(854) |
|
|
115 |
|
|
— |
|
|
— |
|
|
— |
|
|
(739) |
|
|
— |
|
|
— |
|
Future policy benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmerUs Closed Block |
(1,159) |
|
|
59 |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,100) |
|
|
— |
|
|
— |
|
ILICO Closed Block and life benefits |
(571) |
|
|
20 |
|
|
— |
|
|
— |
|
|
— |
|
|
(551) |
|
|
— |
|
|
— |
|
Derivative liabilities |
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
— |
|
Other liabilities |
(209) |
|
|
(4) |
|
|
— |
|
|
— |
|
|
— |
|
|
(213) |
|
|
— |
|
|
— |
|
Total Level 3 liabilities |
$ |
(10,992) |
|
|
$ |
1,441 |
|
|
$ |
— |
|
|
$ |
(398) |
|
|
$ |
— |
|
|
$ |
(9,949) |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Related to instruments held at end of period.
|
|
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2024 |
|
|
|
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 |
$ |
40 |
|
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
(6) |
|
|
$ |
— |
|
|
$ |
35 |
|
|
$ |
— |
|
|
$ |
1 |
|
Corporate |
2,525 |
|
|
3 |
|
|
87 |
|
|
2,387 |
|
|
(827) |
|
|
4,175 |
|
|
— |
|
|
110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABS |
6,943 |
|
|
(14) |
|
|
314 |
|
|
8,371 |
|
|
1 |
|
|
15,615 |
|
|
— |
|
|
298 |
|
CMBS |
21 |
|
|
1 |
|
|
(5) |
|
|
— |
|
|
— |
|
|
17 |
|
|
— |
|
|
(3) |
|
RMBS |
265 |
|
|
5 |
|
|
3 |
|
|
72 |
|
|
(2) |
|
|
343 |
|
|
— |
|
|
2 |
|
Trading securities |
28 |
|
|
1 |
|
|
— |
|
|
(6) |
|
|
14 |
|
|
37 |
|
|
— |
|
|
— |
|
Equity securities |
26 |
|
|
(1) |
|
|
— |
|
|
1 |
|
|
— |
|
|
26 |
|
|
— |
|
|
— |
|
Mortgage loans |
44,115 |
|
|
825 |
|
|
— |
|
|
13,647 |
|
|
— |
|
|
58,587 |
|
|
965 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds withheld at interest – embedded derivative |
(3,379) |
|
|
798 |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,581) |
|
|
— |
|
|
— |
|
Derivative assets |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
1 |
|
|
— |
|
|
— |
|
Short-term investments |
105 |
|
|
— |
|
|
— |
|
|
142 |
|
|
(79) |
|
|
168 |
|
|
— |
|
|
— |
|
Other investments |
630 |
|
|
(6) |
|
|
— |
|
|
280 |
|
|
— |
|
|
904 |
|
|
(7) |
|
|
— |
|
Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
1,171 |
|
|
(2) |
|
|
33 |
|
|
(22) |
|
|
201 |
|
|
1,381 |
|
|
— |
|
|
31 |
|
CLO |
506 |
|
|
— |
|
|
17 |
|
|
42 |
|
|
— |
|
|
565 |
|
|
— |
|
|
18 |
|
ABS |
7,826 |
|
|
46 |
|
|
22 |
|
|
1,915 |
|
|
— |
|
|
9,809 |
|
|
2 |
|
|
20 |
|
Trading securities |
838 |
|
|
(1) |
|
|
— |
|
|
(218) |
|
|
— |
|
|
619 |
|
|
(2) |
|
|
— |
|
Equity securities |
255 |
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
257 |
|
|
2 |
|
|
— |
|
Mortgage loans |
1,281 |
|
|
41 |
|
|
— |
|
|
23 |
|
|
— |
|
|
1,345 |
|
|
(41) |
|
|
— |
|
Investment funds |
1,082 |
|
|
24 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,106 |
|
|
24 |
|
|
— |
|
Funds withheld at interest – embedded derivative |
(721) |
|
|
191 |
|
|
— |
|
|
— |
|
|
— |
|
|
(530) |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investments |
343 |
|
|
5 |
|
|
— |
|
|
— |
|
|
— |
|
|
348 |
|
|
5 |
|
|
— |
|
Reinsurance recoverable |
1,367 |
|
|
51 |
|
|
— |
|
|
292 |
|
|
— |
|
|
1,710 |
|
|
— |
|
|
— |
|
Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading securities |
1,852 |
|
|
31 |
|
|
— |
|
|
103 |
|
|
(48) |
|
|
1,938 |
|
|
30 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
2,173 |
|
|
2 |
|
|
— |
|
|
51 |
|
|
— |
|
|
2,226 |
|
|
2 |
|
|
— |
|
Investment funds |
977 |
|
|
(66) |
|
|
— |
|
|
339 |
|
|
(432) |
|
|
818 |
|
|
(66) |
|
|
— |
|
Other investments |
101 |
|
|
— |
|
|
— |
|
|
53 |
|
|
— |
|
|
154 |
|
|
1 |
|
|
— |
|
Total Level 3 assets |
$ |
70,370 |
|
|
$ |
1,936 |
|
|
$ |
472 |
|
|
$ |
27,466 |
|
|
$ |
(1,171) |
|
|
$ |
99,073 |
|
|
$ |
915 |
|
|
$ |
477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest sensitive contract liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Embedded derivative |
$ |
(9,059) |
|
|
$ |
(1,270) |
|
|
$ |
— |
|
|
$ |
(1,667) |
|
|
$ |
— |
|
|
$ |
(11,996) |
|
|
$ |
— |
|
|
$ |
— |
|
Universal life benefits |
(834) |
|
|
14 |
|
|
— |
|
|
— |
|
|
— |
|
|
(820) |
|
|
— |
|
|
— |
|
Future policy benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmerUs Closed Block |
(1,178) |
|
|
12 |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,166) |
|
|
— |
|
|
— |
|
ILICO Closed Block and life benefits |
(522) |
|
|
(23) |
|
|
— |
|
|
— |
|
|
— |
|
|
(545) |
|
|
— |
|
|
— |
|
Derivative liabilities |
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
— |
|
Other liabilities |
(330) |
|
|
(123) |
|
|
— |
|
|
52 |
|
|
64 |
|
|
(337) |
|
|
— |
|
|
— |
|
Total Level 3 liabilities |
$ |
(11,924) |
|
|
$ |
(1,390) |
|
|
$ |
— |
|
|
$ |
(1,615) |
|
|
$ |
64 |
|
|
$ |
(14,865) |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Related to instruments held at end of period.
|
|
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2023 |
|
|
|
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 |
$ |
1 |
|
|
$ |
— |
|
|
$ |
(2) |
|
|
$ |
47 |
|
|
$ |
— |
|
|
$ |
46 |
|
|
$ |
— |
|
|
$ |
(2) |
|
Corporate |
1,665 |
|
|
(9) |
|
|
(1) |
|
|
1,170 |
|
|
(444) |
|
|
2,381 |
|
|
— |
|
|
(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABS |
4,867 |
|
|
— |
|
|
(36) |
|
|
794 |
|
|
(999) |
|
|
4,626 |
|
|
— |
|
|
(49) |
|
CMBS |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
12 |
|
|
12 |
|
|
— |
|
|
(1) |
|
RMBS |
232 |
|
|
6 |
|
|
2 |
|
|
258 |
|
|
(235) |
|
|
263 |
|
|
— |
|
|
— |
|
Trading securities |
53 |
|
|
2 |
|
|
— |
|
|
(12) |
|
|
(11) |
|
|
32 |
|
|
— |
|
|
— |
|
Equity securities |
92 |
|
|
(5) |
|
|
— |
|
|
— |
|
|
(13) |
|
|
74 |
|
|
(5) |
|
|
— |
|
Mortgage loans |
27,454 |
|
|
(794) |
|
|
— |
|
|
11,318 |
|
|
— |
|
|
37,978 |
|
|
(792) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds withheld at interest – embedded derivative |
(4,847) |
|
|
(134) |
|
|
— |
|
|
— |
|
|
— |
|
|
(4,981) |
|
|
— |
|
|
— |
|
Short-term investments |
36 |
|
|
— |
|
|
(3) |
|
|
70 |
|
|
26 |
|
|
129 |
|
|
— |
|
|
(1) |
|
Other investments |
441 |
|
|
(5) |
|
|
— |
|
|
41 |
|
|
— |
|
|
477 |
|
|
(7) |
|
|
— |
|
Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
812 |
|
|
2 |
|
|
(18) |
|
|
175 |
|
|
215 |
|
|
1,186 |
|
|
— |
|
|
(18) |
|
CLO |
303 |
|
|
— |
|
|
15 |
|
|
185 |
|
|
— |
|
|
503 |
|
|
— |
|
|
15 |
|
ABS |
5,542 |
|
|
7 |
|
|
38 |
|
|
1,968 |
|
|
284 |
|
|
7,839 |
|
|
(2) |
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading securities |
878 |
|
|
6 |
|
|
— |
|
|
(13) |
|
|
— |
|
|
871 |
|
|
3 |
|
|
— |
|
Equity securities |
279 |
|
|
(2) |
|
|
— |
|
|
(32) |
|
|
— |
|
|
245 |
|
|
(3) |
|
|
— |
|
Mortgage loans |
1,302 |
|
|
(44) |
|
|
— |
|
|
(24) |
|
|
— |
|
|
1,234 |
|
|
(44) |
|
|
— |
|
Investment funds |
959 |
|
|
52 |
|
|
— |
|
|
32 |
|
|
— |
|
|
1,043 |
|
|
53 |
|
|
— |
|
Funds withheld at interest – embedded derivative |
(1,425) |
|
|
453 |
|
|
— |
|
|
— |
|
|
— |
|
|
(972) |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investments |
303 |
|
|
(18) |
|
|
— |
|
|
42 |
|
|
— |
|
|
327 |
|
|
(19) |
|
|
— |
|
Reinsurance recoverable |
1,388 |
|
|
(87) |
|
|
— |
|
|
— |
|
|
— |
|
|
1,301 |
|
|
— |
|
|
— |
|
Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading securities |
622 |
|
|
(40) |
|
|
— |
|
|
(55) |
|
|
1,331 |
|
|
1,858 |
|
|
(40) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
2,055 |
|
|
(71) |
|
|
— |
|
|
58 |
|
|
— |
|
|
2,042 |
|
|
(71) |
|
|
— |
|
Investment funds |
2,471 |
|
|
(7) |
|
|
— |
|
|
73 |
|
|
(1,135) |
|
|
1,402 |
|
|
(7) |
|
|
— |
|
Other investments |
99 |
|
|
7 |
|
|
— |
|
|
(14) |
|
|
— |
|
|
92 |
|
|
7 |
|
|
— |
|
Total Level 3 assets |
$ |
45,582 |
|
|
$ |
(681) |
|
|
$ |
(5) |
|
|
$ |
16,081 |
|
|
$ |
(969) |
|
|
$ |
60,008 |
|
|
$ |
(927) |
|
|
$ |
(31) |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest sensitive contract liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Embedded derivative |
$ |
(5,841) |
|
|
$ |
(277) |
|
|
$ |
— |
|
|
$ |
(1,227) |
|
|
$ |
— |
|
|
$ |
(7,345) |
|
|
$ |
— |
|
|
$ |
— |
|
Universal life benefits |
(829) |
|
|
90 |
|
|
— |
|
|
— |
|
|
— |
|
|
(739) |
|
|
— |
|
|
— |
|
Future policy benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmerUs Closed Block |
(1,164) |
|
|
64 |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,100) |
|
|
— |
|
|
— |
|
ILICO Closed Block and life benefits |
(548) |
|
|
(3) |
|
|
— |
|
|
— |
|
|
— |
|
|
(551) |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities |
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
— |
|
Other liabilities |
(142) |
|
|
(71) |
|
|
— |
|
|
— |
|
|
— |
|
|
(213) |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Level 3 liabilities |
$ |
(8,525) |
|
|
$ |
(197) |
|
|
$ |
— |
|
|
$ |
(1,227) |
|
|
$ |
— |
|
|
$ |
(9,949) |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Related to instruments held at end of period.
|
|
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2024 |
(In millions) |
Purchases |
|
Issuances |
|
Sales |
|
Settlements |
|
Net purchases, issuances, sales and settlements |
|
Transfers in |
|
Transfers out |
|
Net transfers in (out) |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
$ |
912 |
|
|
$ |
— |
|
|
$ |
(16) |
|
|
$ |
(121) |
|
|
$ |
775 |
|
|
$ |
68 |
|
|
$ |
(4,868) |
|
|
$ |
(4,800) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABS |
3,004 |
|
|
— |
|
|
(351) |
|
|
(451) |
|
|
2,202 |
|
|
4,897 |
|
|
(218) |
|
|
4,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMBS |
81 |
|
|
— |
|
|
— |
|
|
(3) |
|
|
78 |
|
|
— |
|
|
— |
|
|
— |
|
Trading securities |
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
(1) |
|
|
— |
|
|
— |
|
|
— |
|
Equity securities |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(9) |
|
|
(9) |
|
Mortgage loans |
7,518 |
|
|
— |
|
|
— |
|
|
(2,672) |
|
|
4,846 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments |
168 |
|
|
— |
|
|
— |
|
|
(2) |
|
|
166 |
|
|
— |
|
|
(78) |
|
|
(78) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
45 |
|
|
— |
|
|
(65) |
|
|
(3) |
|
|
(23) |
|
|
201 |
|
|
— |
|
|
201 |
|
CLO |
42 |
|
|
— |
|
|
— |
|
|
— |
|
|
42 |
|
|
— |
|
|
— |
|
|
— |
|
ABS |
1,193 |
|
|
— |
|
|
— |
|
|
(2,067) |
|
|
(874) |
|
|
— |
|
|
— |
|
|
— |
|
Trading securities |
— |
|
|
— |
|
|
— |
|
|
(100) |
|
|
(100) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
— |
|
|
— |
|
|
— |
|
|
(14) |
|
|
(14) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinsurance recoverable |
— |
|
|
94 |
|
|
— |
|
|
(1) |
|
|
93 |
|
|
— |
|
|
— |
|
|
— |
|
Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading securities |
38 |
|
|
— |
|
|
(4) |
|
|
— |
|
|
34 |
|
|
34 |
|
|
(88) |
|
|
(54) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
70 |
|
|
— |
|
|
— |
|
|
(15) |
|
|
55 |
|
|
— |
|
|
— |
|
|
— |
|
Investment funds |
338 |
|
|
— |
|
|
— |
|
|
— |
|
|
338 |
|
|
— |
|
|
(432) |
|
|
(432) |
|
Other investments |
37 |
|
|
— |
|
|
— |
|
|
— |
|
|
37 |
|
|
— |
|
|
— |
|
|
— |
|
Total Level 3 assets |
$ |
13,446 |
|
|
$ |
94 |
|
|
$ |
(436) |
|
|
$ |
(5,450) |
|
|
$ |
7,654 |
|
|
$ |
5,200 |
|
|
$ |
(5,693) |
|
|
$ |
(493) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest sensitive contract liabilities – embedded derivative |
$ |
— |
|
|
$ |
(750) |
|
|
$ |
— |
|
|
$ |
263 |
|
|
$ |
(487) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities |
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
Total Level 3 liabilities |
$ |
— |
|
|
$ |
(750) |
|
|
$ |
— |
|
|
$ |
265 |
|
|
$ |
(485) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2023 |
(In millions) |
Purchases |
|
Issuances |
|
Sales |
|
Settlements |
|
Net purchases, issuances, sales and settlements |
|
Transfers in |
|
Transfers out |
|
Net transfers in (out) |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
$ |
26 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(52) |
|
|
$ |
(26) |
|
|
$ |
— |
|
|
$ |
(20) |
|
|
$ |
(20) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABS |
221 |
|
|
— |
|
|
(13) |
|
|
(463) |
|
|
(255) |
|
|
357 |
|
|
(795) |
|
|
(438) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMBS |
261 |
|
|
— |
|
|
— |
|
|
— |
|
|
261 |
|
|
— |
|
|
(4) |
|
|
(4) |
|
Trading securities |
— |
|
|
— |
|
|
— |
|
|
(5) |
|
|
(5) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
5,696 |
|
|
— |
|
|
(285) |
|
|
(1,251) |
|
|
4,160 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments |
100 |
|
|
— |
|
|
— |
|
|
— |
|
|
100 |
|
|
— |
|
|
— |
|
|
— |
|
Other investments |
145 |
|
|
— |
|
|
— |
|
|
— |
|
|
145 |
|
|
— |
|
|
— |
|
|
— |
|
Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
27 |
|
|
— |
|
|
— |
|
|
(3) |
|
|
24 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABS |
426 |
|
|
— |
|
|
— |
|
|
(316) |
|
|
110 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading securities |
1 |
|
|
— |
|
|
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading securities |
6 |
|
|
— |
|
|
(51) |
|
|
— |
|
|
(45) |
|
|
526 |
|
|
— |
|
|
526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
4 |
|
|
— |
|
|
— |
|
|
(2) |
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
Investment funds |
113 |
|
|
— |
|
|
(32) |
|
|
— |
|
|
81 |
|
|
— |
|
|
— |
|
|
— |
|
Other investments |
2 |
|
|
— |
|
|
(14) |
|
|
— |
|
|
(12) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Level 3 assets |
$ |
7,028 |
|
|
$ |
— |
|
|
$ |
(396) |
|
|
$ |
(2,093) |
|
|
$ |
4,539 |
|
|
$ |
883 |
|
|
$ |
(819) |
|
|
$ |
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest sensitive contract liabilities – embedded derivative |
$ |
— |
|
|
$ |
(573) |
|
|
$ |
— |
|
|
$ |
175 |
|
|
$ |
(398) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Level 3 liabilities |
$ |
— |
|
|
$ |
(573) |
|
|
$ |
— |
|
|
$ |
175 |
|
|
$ |
(398) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2024 |
(In millions) |
Purchases |
|
Issuances |
|
Sales |
|
Settlements |
|
Net purchases, issuances, sales and settlements |
|
Transfers in |
|
Transfers out |
|
Net transfers in (out) |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign governments |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(6) |
|
|
$ |
(6) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Corporate |
2,623 |
|
|
— |
|
|
(18) |
|
|
(218) |
|
|
2,387 |
|
|
166 |
|
|
(993) |
|
|
(827) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABS |
9,635 |
|
|
— |
|
|
(423) |
|
|
(841) |
|
|
8,371 |
|
|
748 |
|
|
(747) |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMBS |
81 |
|
|
— |
|
|
— |
|
|
(9) |
|
|
72 |
|
|
— |
|
|
(2) |
|
|
(2) |
|
Trading securities |
— |
|
|
— |
|
|
— |
|
|
(6) |
|
|
(6) |
|
|
14 |
|
|
— |
|
|
14 |
|
Equity securities |
2 |
|
|
— |
|
|
(1) |
|
|
— |
|
|
1 |
|
|
9 |
|
|
(9) |
|
|
— |
|
Mortgage loans |
19,226 |
|
|
— |
|
|
(26) |
|
|
(5,553) |
|
|
13,647 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative assets |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
1 |
|
Short-term investments |
171 |
|
|
— |
|
|
(6) |
|
|
(23) |
|
|
142 |
|
|
— |
|
|
(79) |
|
|
(79) |
|
Other investments |
280 |
|
|
— |
|
|
— |
|
|
— |
|
|
280 |
|
|
— |
|
|
— |
|
|
— |
|
Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
51 |
|
|
— |
|
|
(66) |
|
|
(7) |
|
|
(22) |
|
|
201 |
|
|
— |
|
|
201 |
|
CLO |
42 |
|
|
— |
|
|
— |
|
|
— |
|
|
42 |
|
|
— |
|
|
— |
|
|
— |
|
ABS |
5,780 |
|
|
— |
|
|
(504) |
|
|
(3,361) |
|
|
1,915 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading securities |
4 |
|
|
— |
|
|
— |
|
|
(222) |
|
|
(218) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
87 |
|
|
— |
|
|
— |
|
|
(64) |
|
|
23 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinsurance recoverable |
— |
|
|
294 |
|
|
— |
|
|
(2) |
|
|
292 |
|
|
— |
|
|
— |
|
|
— |
|
Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading securities |
201 |
|
|
— |
|
|
(91) |
|
|
(7) |
|
|
103 |
|
|
40 |
|
|
(88) |
|
|
(48) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
125 |
|
|
— |
|
|
— |
|
|
(74) |
|
|
51 |
|
|
— |
|
|
— |
|
|
— |
|
Investment funds |
339 |
|
|
— |
|
|
— |
|
|
— |
|
|
339 |
|
|
— |
|
|
(432) |
|
|
(432) |
|
Other investments |
56 |
|
|
— |
|
|
(3) |
|
|
— |
|
|
53 |
|
|
— |
|
|
— |
|
|
— |
|
Total Level 3 assets |
$ |
38,703 |
|
|
$ |
294 |
|
|
$ |
(1,138) |
|
|
$ |
(10,393) |
|
|
$ |
27,466 |
|
|
$ |
1,179 |
|
|
$ |
(2,350) |
|
|
$ |
(1,171) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest sensitive contract liabilities – embedded derivative |
$ |
— |
|
|
$ |
(2,408) |
|
|
$ |
— |
|
|
$ |
741 |
|
|
$ |
(1,667) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities |
— |
|
|
— |
|
|
— |
|
|
52 |
|
|
52 |
|
|
64 |
|
|
— |
|
|
64 |
|
Total Level 3 liabilities |
$ |
— |
|
|
$ |
(2,408) |
|
|
$ |
— |
|
|
$ |
793 |
|
|
$ |
(1,615) |
|
|
$ |
64 |
|
|
$ |
— |
|
|
$ |
64 |
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2023 |
(In millions) |
Purchases |
|
Issuances |
|
Sales |
|
Settlements |
|
Net purchases, issuances, sales and settlements |
|
Transfers in |
|
Transfers out |
|
Net transfers in (out) |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign governments |
$ |
53 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(6) |
|
|
$ |
47 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Corporate |
1,338 |
|
|
— |
|
|
— |
|
|
(168) |
|
|
1,170 |
|
|
29 |
|
|
(473) |
|
|
(444) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABS |
1,552 |
|
|
— |
|
|
(33) |
|
|
(725) |
|
|
794 |
|
|
695 |
|
|
(1,694) |
|
|
(999) |
|
CMBS |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
12 |
|
|
— |
|
|
12 |
|
RMBS |
262 |
|
|
— |
|
|
— |
|
|
(4) |
|
|
258 |
|
|
5 |
|
|
(240) |
|
|
(235) |
|
Trading securities |
8 |
|
|
— |
|
|
— |
|
|
(20) |
|
|
(12) |
|
|
5 |
|
|
(16) |
|
|
(11) |
|
Equity securities |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(13) |
|
|
(13) |
|
Mortgage loans |
14,361 |
|
|
— |
|
|
(348) |
|
|
(2,695) |
|
|
11,318 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments |
100 |
|
|
— |
|
|
— |
|
|
(30) |
|
|
70 |
|
|
26 |
|
|
— |
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investments |
472 |
|
|
— |
|
|
— |
|
|
(431) |
|
|
41 |
|
|
— |
|
|
— |
|
|
— |
|
Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
184 |
|
|
— |
|
|
— |
|
|
(9) |
|
|
175 |
|
|
215 |
|
|
— |
|
|
215 |
|
CLO |
185 |
|
|
— |
|
|
— |
|
|
— |
|
|
185 |
|
|
— |
|
|
— |
|
|
— |
|
ABS |
3,132 |
|
|
— |
|
|
(162) |
|
|
(1,002) |
|
|
1,968 |
|
|
284 |
|
|
— |
|
|
284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading securities |
28 |
|
|
— |
|
|
(38) |
|
|
(3) |
|
|
(13) |
|
|
— |
|
|
— |
|
|
— |
|
Equity securities |
— |
|
|
— |
|
|
— |
|
|
(32) |
|
|
(32) |
|
|
— |
|
|
— |
|
|
— |
|
Mortgage loans |
— |
|
|
— |
|
|
— |
|
|
(24) |
|
|
(24) |
|
|
— |
|
|
— |
|
|
— |
|
Investment funds |
32 |
|
|
— |
|
|
— |
|
|
— |
|
|
32 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investments |
42 |
|
|
— |
|
|
— |
|
|
— |
|
|
42 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading securities |
26 |
|
|
— |
|
|
(81) |
|
|
— |
|
|
(55) |
|
|
1,362 |
|
|
(31) |
|
|
1,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
63 |
|
|
— |
|
|
— |
|
|
(5) |
|
|
58 |
|
|
— |
|
|
— |
|
|
— |
|
Investment funds |
113 |
|
|
— |
|
|
(40) |
|
|
— |
|
|
73 |
|
|
475 |
|
|
(1,610) |
|
|
(1,135) |
|
Other investments |
7 |
|
|
— |
|
|
(21) |
|
|
— |
|
|
(14) |
|
|
— |
|
|
— |
|
|
— |
|
Total Level 3 assets |
$ |
21,958 |
|
|
$ |
— |
|
|
$ |
(723) |
|
|
$ |
(5,154) |
|
|
$ |
16,081 |
|
|
$ |
3,108 |
|
|
$ |
(4,077) |
|
|
$ |
(969) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest sensitive contract liabilities – embedded derivative |
$ |
— |
|
|
$ |
(1,708) |
|
|
$ |
— |
|
|
$ |
481 |
|
|
$ |
(1,227) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Level 3 liabilities |
$ |
— |
|
|
$ |
(1,708) |
|
|
$ |
— |
|
|
$ |
481 |
|
|
$ |
(1,227) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Significant Unobservable Inputs—Significant unobservable inputs occur when we cannot obtain or corroborate the quantitative detail of the inputs. This applies to fixed maturity securities, equity securities, mortgage loans and certain investment funds, as well as embedded derivatives in liabilities. Additional significant unobservable inputs are described below.
AFS, trading and equity securities – We use discounted cash flow models to calculate the fair value for certain fixed maturity and equity securities. The discount rate is a significant unobservable input because the credit spread includes adjustments made to the base rate. The base rate represents a market comparable rate for securities with similar characteristics. This excludes assets for which fair value is provided by independent broker quotes, but includes assets for which fair value is provided by affiliated quotes.
Mortgage loans – We use discounted cash flow models from independent commercial pricing services to calculate the fair value of our mortgage loan portfolio. The discount rate is a significant unobservable input. This approach uses market transaction information and client portfolio-oriented information, such as prepayments or defaults, to support the valuations.
Investment funds – We use various methods of valuing our investment funds from both independent pricing services and affiliated modeling.
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Interest sensitive contract liabilities – embedded derivative – Significant unobservable inputs we use in the fixed indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include:
1.Nonperformance risk – For contracts we issue, we use the credit spread, relative to the US Department of the Treasury (US Treasury) curve based on our public credit rating as of the valuation date. This represents our credit risk for use in the estimate of the fair value of embedded derivatives.
2.Option budget – We assume future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth.
3.Policyholder behavior – We regularly review the full withdrawal (surrender rate) assumptions. These are based on our initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products.
The following summarizes the unobservable inputs for AFS, trading and equity securities, mortgage loans, investment funds and the embedded derivatives of fixed indexed annuities, including those of consolidated VIEs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
(In millions, except percentages and multiples) |
|
Fair value |
|
Valuation technique |
|
Unobservable inputs |
|
Minimum |
|
Maximum |
|
Weighted average |
|
Impact of an increase in the input on fair value |
AFS, trading and equity securities |
|
$ |
27,344 |
|
|
Discounted cash flow |
|
Discount rate |
|
4.3 |
% |
|
17.7 |
% |
|
6.9 |
% |
1 |
|
Decrease |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
|
62,158 |
|
|
Discounted cash flow |
|
Discount rate |
|
1.0 |
% |
|
36.5 |
% |
|
7.4 |
% |
1 |
|
Decrease |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment funds |
|
1,623 |
|
|
Discounted cash flow |
|
Discount rate |
|
6.3 |
% |
|
13.5 |
% |
|
11.3 |
% |
1 |
|
Decrease |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives |
|
11,996 |
|
|
Discounted cash flow |
|
Nonperformance risk |
|
0.5 |
% |
|
1.2 |
% |
|
0.8 |
% |
2 |
|
Decrease |
|
|
|
|
|
|
Option budget |
|
0.5 |
% |
|
6.0 |
% |
|
2.7 |
% |
3 |
|
Increase |
|
|
|
|
|
|
Surrender rate |
|
6.2 |
% |
|
14.0 |
% |
|
8.7 |
% |
3 |
|
Decrease |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
(In millions, except percentages and multiples) |
|
Fair value |
|
Valuation technique |
|
Unobservable inputs |
|
Minimum |
|
Maximum |
|
Weighted average |
|
Impact of an increase in the input on fair value |
AFS, trading and equity securities |
|
$ |
14,247 |
|
|
Discounted cash flow |
|
Discount rate |
|
2.3 |
% |
|
18.1 |
% |
|
7.0 |
% |
1 |
|
Decrease |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans |
|
47,569 |
|
|
Discounted cash flow |
|
Discount rate |
|
2.5 |
% |
|
20.6 |
% |
|
6.8 |
% |
1 |
|
Decrease |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment funds |
|
1,574 |
|
|
Discounted cash flow |
|
Discount rate |
|
6.3 |
% |
|
13.5 |
% |
|
11.2 |
% |
1 |
|
Decrease |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
483 |
|
|
Net tangible asset values |
|
Implied multiple |
|
1.14x |
|
1.14x |
|
1.14x |
|
|
Increase |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives |
|
9,059 |
|
|
Discounted cash flow |
|
Nonperformance risk |
|
0.4 |
% |
|
1.4 |
% |
|
0.9 |
% |
2 |
|
Decrease |
|
|
|
|
|
|
Option budget |
|
0.5 |
% |
|
6.0 |
% |
|
2.3 |
% |
3 |
|
Increase |
|
|
|
|
|
|
Surrender rate |
|
6.0 |
% |
|
13.4 |
% |
|
8.7 |
% |
3 |
|
Decrease |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 The discount rate weighted average is calculated based on the relative fair values of the securities or loans.
|
2 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.
|
3 The option budget and surrender rate weighted averages are calculated based on projected account values.
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Financial Instruments Without Readily Determinable Fair Values—We elected the measurement alternative for certain equity securities that did not have a readily determinable fair value. The equity securities were held at cost less any impairment. During the third quarter of 2024, the equity securities were distributed as a dividend to AGM. As of December 31, 2023, the carrying amount of the equity securities was $358 million, net of an impairment of $42 million.
Fair Value of Financial Instruments Not Carried at Fair Value—The following represents our financial instruments not carried at fair value on the condensed consolidated balance sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
(In millions) |
Carrying Value |
|
Fair Value |
|
NAV |
|
Level 1 |
|
Level 2 |
|
Level 3 |
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment funds |
$ |
107 |
|
|
$ |
107 |
|
|
$ |
107 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Policy loans |
320 |
|
|
320 |
|
|
— |
|
|
— |
|
|
320 |
|
|
— |
|
Funds withheld at interest |
23,812 |
|
|
23,812 |
|
|
— |
|
|
— |
|
|
— |
|
|
23,812 |
|
Short-term investments |
205 |
|
|
205 |
|
|
— |
|
|
— |
|
|
— |
|
|
205 |
|
Other investments |
17 |
|
|
28 |
|
|
— |
|
|
— |
|
|
— |
|
|
28 |
|
Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment funds |
498 |
|
|
498 |
|
|
498 |
|
|
— |
|
|
— |
|
|
— |
|
Funds withheld at interest |
5,974 |
|
|
5,974 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,974 |
|
Short-term investments |
812 |
|
|
812 |
|
|
— |
|
|
— |
|
|
812 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial assets not carried at fair value |
$ |
31,745 |
|
|
$ |
31,756 |
|
|
$ |
605 |
|
|
$ |
— |
|
|
$ |
1,132 |
|
|
$ |
30,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
Interest sensitive contract liabilities |
$ |
191,137 |
|
|
$ |
187,554 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
187,554 |
|
Debt |
5,725 |
|
|
5,448 |
|
|
— |
|
|
591 |
|
|
4,857 |
|
|
— |
|
Securities to repurchase |
2,666 |
|
|
2,666 |
|
|
— |
|
|
— |
|
|
2,666 |
|
|
— |
|
Funds withheld liability |
3,416 |
|
|
3,416 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,416 |
|
Total financial liabilities not carried at fair value |
$ |
202,944 |
|
|
$ |
199,084 |
|
|
$ |
— |
|
|
$ |
591 |
|
|
$ |
7,523 |
|
|
$ |
190,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
(In millions) |
Carrying Value |
|
Fair Value |
|
NAV |
|
Level 1 |
|
Level 2 |
|
Level 3 |
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment funds |
$ |
109 |
|
|
$ |
109 |
|
|
$ |
109 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Policy loans |
334 |
|
|
334 |
|
|
— |
|
|
— |
|
|
334 |
|
|
— |
|
Funds withheld at interest |
27,738 |
|
|
27,738 |
|
|
— |
|
|
— |
|
|
— |
|
|
27,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investments |
46 |
|
|
52 |
|
|
— |
|
|
— |
|
|
— |
|
|
52 |
|
Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment funds |
550 |
|
|
550 |
|
|
550 |
|
|
— |
|
|
— |
|
|
— |
|
Funds withheld at interest |
7,195 |
|
|
7,195 |
|
|
— |
|
|
— |
|
|
— |
|
|
7,195 |
|
Short-term investments |
947 |
|
|
947 |
|
|
— |
|
|
— |
|
|
947 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial assets not carried at fair value |
$ |
36,919 |
|
|
$ |
36,925 |
|
|
$ |
659 |
|
|
$ |
— |
|
|
$ |
1,281 |
|
|
$ |
34,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
Interest sensitive contract liabilities |
$ |
154,095 |
|
|
$ |
146,038 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
146,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
4,209 |
|
|
3,660 |
|
|
— |
|
|
— |
|
|
3,660 |
|
|
— |
|
Securities to repurchase |
3,853 |
|
|
3,853 |
|
|
— |
|
|
— |
|
|
3,853 |
|
|
— |
|
Funds withheld liability |
350 |
|
|
350 |
|
|
— |
|
|
— |
|
|
350 |
|
|
— |
|
Total financial liabilities not carried at fair value |
$ |
162,507 |
|
|
$ |
153,901 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,863 |
|
|
$ |
146,038 |
|
We estimate the fair value for financial instruments not carried at fair value using the same methods and assumptions as those we carry at fair value. The financial instruments presented above are reported at carrying value on the condensed consolidated balance sheets; however, in the case of policy loans, funds withheld at interest and liability, short-term investments and securities to repurchase, the carrying amount approximates fair value.
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Interest sensitive contract liabilities – The carrying and fair value of interest sensitive contract liabilities above includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of these investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using current market risk-free interest rates, adding a spread to reflect our nonperformance risk and subtracting a risk margin to reflect uncertainty inherent in the projected cash flows.
Debt – We obtain the fair value of debt from commercial pricing services. These are classified as Level 1 or Level 2. The pricing services use quoted market prices, if available, or 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.
6. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired
The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See Note 7 – Long-duration Contracts for more information on our products.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2024 |
|
DAC |
|
DSI |
|
VOBA |
|
Total DAC, DSI and VOBA |
(In millions) |
Traditional deferred annuities |
|
Indexed annuities |
|
Funding agreements |
|
Other investment-type |
|
Indexed annuities |
|
|
Balance at December 31, 2023 |
$ |
890 |
|
|
$ |
1,517 |
|
|
$ |
10 |
|
|
$ |
11 |
|
|
$ |
970 |
|
|
$ |
2,581 |
|
|
$ |
5,979 |
|
Additions |
404 |
|
|
751 |
|
|
36 |
|
|
— |
|
|
479 |
|
|
— |
|
|
1,670 |
|
Amortization |
(176) |
|
|
(131) |
|
|
(8) |
|
|
(1) |
|
|
(88) |
|
|
(274) |
|
|
(678) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2024 |
$ |
1,118 |
|
|
$ |
2,137 |
|
|
$ |
38 |
|
|
$ |
10 |
|
|
$ |
1,361 |
|
|
$ |
2,307 |
|
|
$ |
6,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2023 |
|
DAC |
|
DSI |
|
VOBA |
|
Total DAC, DSI and VOBA |
(In millions) |
Traditional deferred annuities |
|
Indexed annuities |
|
Funding agreements |
|
Other investment-type |
|
Indexed annuities |
|
|
Balance at December 31, 2022 |
$ |
304 |
|
|
$ |
755 |
|
|
$ |
11 |
|
|
$ |
9 |
|
|
$ |
399 |
|
|
$ |
2,988 |
|
|
$ |
4,466 |
|
Additions |
426 |
|
|
609 |
|
|
2 |
|
|
3 |
|
|
447 |
|
|
— |
|
|
1,487 |
|
Amortization |
(74) |
|
|
(69) |
|
|
(3) |
|
|
(1) |
|
|
(40) |
|
|
(315) |
|
|
(502) |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(3) |
|
|
(3) |
|
Balance at September 30, 2023 |
$ |
656 |
|
|
$ |
1,295 |
|
|
$ |
10 |
|
|
$ |
11 |
|
|
$ |
806 |
|
|
$ |
2,670 |
|
|
$ |
5,448 |
|
Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds, including traditional deferred annuities and indexed annuities, are amortized on a constant-level basis for a cohort of contracts using initial premium or deposit. Significant inputs and assumptions are required for determining the expected duration of the cohort and involves using accepted actuarial methods to determine decrement rates related to policyholder behavior for lapses, withdrawals (surrenders) and mortality. The assumptions used to determine the amortization of DAC and DSI are consistent with those used to estimate the related liability balance.
Deferred costs related to investment contracts without significant revenue streams from sources other than investment of policyholder funds are amortized using the effective interest method, which primarily includes funding agreements. The effective interest method requires inputs to project future cash flows, which for funding agreements includes contractual terms of notional value, periodic interest payments based on either fixed or floating interest rates, and duration. For other investment-type contracts which include immediate annuities and assumed endowments without significant mortality risks, assumptions are required related to policyholder behavior for lapses and withdrawals (surrenders).
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
7. Long-duration Contracts
Interest sensitive contract liabilities – Interest sensitive contract liabilities primarily include:
▪traditional deferred annuities,
▪indexed annuities consisting of fixed indexed and index-linked variable annuities,
▪funding agreements, and
▪other investment-type contracts comprising of immediate annuities without significant mortality risk (which includes pension group annuities without life contingencies) and assumed endowments without significant mortality risks.
The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2024 |
(In millions, except percentages) |
Traditional deferred annuities |
|
Indexed annuities |
|
|
|
Funding agreements |
|
Other investment-type |
|
Total |
|
|
Balance at December 31, 2023 |
$ |
64,763 |
|
|
$ |
93,147 |
|
|
|
|
$ |
32,350 |
|
|
$ |
7,629 |
|
|
$ |
197,889 |
|
|
|
Deposits |
19,786 |
|
|
12,761 |
|
|
|
|
24,083 |
|
|
933 |
|
|
57,563 |
|
|
|
Policy charges |
(2) |
|
|
(522) |
|
|
|
|
— |
|
|
— |
|
|
(524) |
|
|
|
Surrenders and withdrawals |
(3,691) |
|
|
(9,724) |
|
|
|
|
— |
|
|
(63) |
|
|
(13,478) |
|
|
|
Benefit payments |
(830) |
|
|
(1,204) |
|
|
|
|
(7,746) |
|
|
(173) |
|
|
(9,953) |
|
|
|
Interest credited |
2,323 |
|
|
2,313 |
|
|
|
|
1,173 |
|
|
152 |
|
|
5,961 |
|
|
|
Foreign exchange |
(1) |
|
|
1 |
|
|
|
|
116 |
|
|
(56) |
|
|
60 |
|
|
|
Other |
— |
|
|
— |
|
|
|
|
421 |
|
|
(74) |
|
|
347 |
|
|
|
Balance at September 30, 2024 |
$ |
82,348 |
|
|
$ |
96,772 |
|
|
|
|
$ |
50,397 |
|
|
$ |
8,348 |
|
|
$ |
237,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average crediting rate |
4.3 |
% |
|
2.6 |
% |
|
|
|
4.5 |
% |
|
2.6 |
% |
|
|
|
|
Net amount at risk |
$ |
427 |
|
|
$ |
15,221 |
|
|
|
|
$ |
— |
|
|
$ |
65 |
|
|
|
|
|
Cash surrender value |
78,049 |
|
|
89,378 |
|
|
|
|
— |
|
|
7,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2023 |
(In millions, except percentages) |
Traditional deferred annuities |
|
Indexed annuities |
|
|
|
Funding agreements |
|
Other investment-type |
|
Total |
|
|
Balance at December 31, 2022 |
$ |
43,518 |
|
|
$ |
92,660 |
|
|
|
|
$ |
27,439 |
|
|
$ |
4,722 |
|
|
$ |
168,339 |
|
|
|
Deposits |
18,011 |
|
|
8,960 |
|
|
|
|
4,893 |
|
|
3,760 |
|
|
35,624 |
|
|
|
Policy charges |
(2) |
|
|
(481) |
|
|
|
|
— |
|
|
— |
|
|
(483) |
|
|
|
Surrenders and withdrawals |
(8,207) |
|
|
(8,292) |
|
|
|
|
(110) |
|
|
(25) |
|
|
(16,634) |
|
|
|
Benefit payments |
(738) |
|
|
(1,216) |
|
|
|
|
(2,264) |
|
|
(223) |
|
|
(4,441) |
|
|
|
Interest credited |
1,284 |
|
|
802 |
|
|
|
|
628 |
|
|
110 |
|
|
2,824 |
|
|
|
Foreign exchange |
(77) |
|
|
(1) |
|
|
|
|
(26) |
|
|
(344) |
|
|
(448) |
|
|
|
Other1
|
63 |
|
|
77 |
|
|
|
|
(46) |
|
|
(1,419) |
|
|
(1,325) |
|
|
|
Balance at September 30, 2023 |
$ |
53,852 |
|
|
$ |
92,509 |
|
|
|
|
$ |
30,514 |
|
|
$ |
6,581 |
|
|
$ |
183,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average crediting rate |
3.7 |
% |
|
2.3 |
% |
|
|
|
3.1 |
% |
|
2.7 |
% |
|
|
|
|
Net amount at risk |
$ |
425 |
|
|
$ |
14,438 |
|
|
|
|
$ |
— |
|
|
$ |
104 |
|
|
|
|
|
Cash surrender value |
50,352 |
|
|
84,052 |
|
|
|
|
— |
|
|
5,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Other includes $1,371 million reduction of reserves related to the Venerable Insurance and Annuity Company (VIAC) recapture agreement. See Note 11 – Related Parties for further information.
|
|
|
|
|
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated balance sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
(In millions) |
2024 |
|
2023 |
Traditional deferred annuities |
$ |
82,348 |
|
|
$ |
53,852 |
|
Indexed annuities |
96,772 |
|
|
92,509 |
|
|
|
|
|
Funding agreements |
50,397 |
|
|
30,514 |
|
Other investment-type |
8,348 |
|
|
6,581 |
|
|
|
|
|
Reconciling items1
|
7,571 |
|
|
5,609 |
|
Interest sensitive contract liabilities |
$ |
245,436 |
|
|
$ |
189,065 |
|
|
|
|
|
1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts.
|
The following represents policyholder account balances by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
(In millions) |
At guaranteed minimum |
|
1 basis point – 100 basis points above guaranteed minimum |
|
Greater than 100 basis points above guaranteed minimum |
|
Total |
< 2.0% |
$ |
28,488 |
|
|
$ |
15,531 |
|
|
$ |
126,352 |
|
|
$ |
170,371 |
|
2.0% – < 4.0% |
23,576 |
|
|
1,787 |
|
|
1,927 |
|
|
27,290 |
|
4.0% – < 6.0% |
28,764 |
|
|
75 |
|
|
1 |
|
|
28,840 |
|
6.0% and greater |
11,364 |
|
|
— |
|
|
— |
|
|
11,364 |
|
Total |
$ |
92,192 |
|
|
$ |
17,393 |
|
|
$ |
128,280 |
|
|
$ |
237,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
(In millions) |
At guaranteed minimum |
|
1 basis point – 100 basis points above guaranteed minimum |
|
Greater than 100 basis points above guaranteed minimum |
|
Total |
< 2.0% |
$ |
28,564 |
|
|
$ |
19,709 |
|
|
$ |
90,121 |
|
|
$ |
138,394 |
|
2.0% – < 4.0% |
28,838 |
|
|
1,128 |
|
|
541 |
|
|
30,507 |
|
4.0% – < 6.0% |
11,433 |
|
|
9 |
|
|
1 |
|
|
11,443 |
|
6.0% and greater |
3,112 |
|
|
— |
|
|
— |
|
|
3,112 |
|
Total |
$ |
71,947 |
|
|
$ |
20,846 |
|
|
$ |
90,663 |
|
|
$ |
183,456 |
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Future policy benefits – Future policy benefits consist primarily of payout annuities, including single premium immediate annuities with life contingencies (which include pension group annuities with life contingencies), and whole life insurance contracts.
The following is a rollforward by product within future policy benefits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2024 |
(In millions, except percentages and years) |
Payout annuities with life contingencies |
|
Whole life |
|
Total |
Present value of expected net premiums |
|
|
|
|
|
Beginning balance |
$ |
— |
|
|
$ |
1,182 |
|
|
$ |
1,182 |
|
Effect of changes in discount rate assumptions |
— |
|
|
(45) |
|
|
(45) |
|
Effect of foreign exchange on the change in discount rate assumptions |
— |
|
|
(2) |
|
|
(2) |
|
Beginning balance at original discount rate |
— |
|
|
1,135 |
|
|
1,135 |
|
|
|
|
|
|
|
Effect of actual to expected experience |
— |
|
|
(4) |
|
|
(4) |
|
Adjusted balance |
— |
|
|
1,131 |
|
|
1,131 |
|
|
|
|
|
|
|
Interest accrual |
— |
|
|
17 |
|
|
17 |
|
Net premium collected |
— |
|
|
(144) |
|
|
(144) |
|
Foreign exchange |
— |
|
|
(28) |
|
|
(28) |
|
Ending balance at original discount rate |
— |
|
|
976 |
|
|
976 |
|
Effect of changes in discount rate assumptions |
— |
|
|
41 |
|
|
41 |
|
Effect of foreign exchange on the change in discount rate assumptions |
— |
|
|
1 |
|
|
1 |
|
Ending balance |
$ |
— |
|
|
$ |
1,018 |
|
|
$ |
1,018 |
|
Present value of expected future policy benefits |
|
|
|
|
|
Beginning balance |
$ |
45,001 |
|
|
$ |
3,371 |
|
|
$ |
48,372 |
|
Effect of changes in discount rate assumptions |
6,233 |
|
|
(89) |
|
|
6,144 |
|
Effect of foreign exchange on the change in discount rate assumptions |
1 |
|
|
(6) |
|
|
(5) |
|
Beginning balance at original discount rate |
51,235 |
|
|
3,276 |
|
|
54,511 |
|
Effect of changes in cash flow assumptions |
(104) |
|
|
— |
|
|
(104) |
|
Effect of actual to expected experience |
(89) |
|
|
(4) |
|
|
(93) |
|
Adjusted balance |
51,042 |
|
|
3,272 |
|
|
54,314 |
|
Issuances |
1,010 |
|
|
— |
|
|
1,010 |
|
Interest accrual |
1,353 |
|
|
52 |
|
|
1,405 |
|
Benefit payments |
(3,355) |
|
|
(66) |
|
|
(3,421) |
|
Foreign exchange |
33 |
|
|
(64) |
|
|
(31) |
|
|
|
|
|
|
|
Ending balance at original discount rate |
50,083 |
|
|
3,194 |
|
|
53,277 |
|
Effect of changes in discount rate assumptions |
(5,362) |
|
|
46 |
|
|
(5,316) |
|
Effect of foreign exchange on the change in discount rate assumptions |
(16) |
|
|
(3) |
|
|
(19) |
|
Ending balance |
$ |
44,705 |
|
|
$ |
3,237 |
|
|
$ |
47,942 |
|
|
|
|
|
|
|
Net future policy benefits |
$ |
44,705 |
|
|
$ |
2,219 |
|
|
$ |
46,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average liability duration (in years)
|
9.4 |
|
31.3 |
|
|
Weighted-average interest accretion rate |
3.7 |
% |
|
4.8 |
% |
|
|
Weighted-average current discount rate |
5.0 |
% |
|
4.0 |
% |
|
|
Expected future gross premiums, undiscounted |
$ |
— |
|
|
$ |
1,255 |
|
|
|
Expected future gross premiums, discounted1
|
— |
|
|
1,064 |
|
|
|
Expected future benefit payments, undiscounted |
73,523 |
|
|
10,235 |
|
|
|
|
|
|
|
|
|
1 Discounted at the original discount rate.
|
|
|
|
|
|
|
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2023 |
(In millions, except percentages and years) |
Payout annuities with life contingencies |
|
Whole life |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Present value of expected future policy benefits |
|
|
|
Beginning balance |
$ |
36,422 |
|
|
$ |
— |
|
|
$ |
36,422 |
|
Effect of changes in discount rate assumptions |
8,425 |
|
|
— |
|
|
8,425 |
|
Effect of foreign exchange on the change in discount rate assumptions |
(13) |
|
|
— |
|
|
(13) |
|
Beginning balance at original discount rate |
44,834 |
|
|
— |
|
|
44,834 |
|
Effect of changes in cash flow assumptions |
(297) |
|
|
— |
|
|
(297) |
|
Effect of actual to expected experience |
(36) |
|
|
— |
|
|
(36) |
|
Adjusted balance |
44,501 |
|
|
— |
|
|
44,501 |
|
Issuances |
9,120 |
|
|
— |
|
|
9,120 |
|
Interest accrual |
1,194 |
|
|
— |
|
|
1,194 |
|
Benefit payments |
(2,731) |
|
|
— |
|
|
(2,731) |
|
Foreign exchange |
6 |
|
|
— |
|
|
6 |
|
Other1
|
(1,509) |
|
|
— |
|
|
(1,509) |
|
Ending balance at original discount rate |
50,581 |
|
|
— |
|
|
50,581 |
|
Effect of changes in discount rate assumptions |
(9,753) |
|
|
— |
|
|
(9,753) |
|
Effect of foreign exchange on the change in discount rate assumptions |
12 |
|
|
— |
|
|
12 |
|
Ending balance |
$ |
40,840 |
|
|
$ |
— |
|
|
$ |
40,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net future policy benefits |
$ |
40,840 |
|
|
$ |
— |
|
|
$ |
40,840 |
|
|
|
|
|
|
|
Weighted-average liability duration (in years)
|
9.6 |
|
0.0 |
|
|
Weighted-average interest accretion rate |
3.6 |
% |
|
— |
% |
|
|
Weighted-average current discount rate |
6.1 |
% |
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected future benefit payments, undiscounted |
$ |
73,933 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
1 Other includes $1,509 million reduction of reserves related to the VIAC recapture agreement. See Note 11 – Related Parties for further information.
|
The following is a reconciliation of future policy benefits to the condensed consolidated balance sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
(In millions) |
2024 |
|
2023 |
Payout annuities with life contingencies |
$ |
44,705 |
|
|
$ |
40,840 |
|
Whole life |
2,219 |
|
|
— |
|
Reconciling items1
|
6,038 |
|
|
5,832 |
|
Future policy benefits |
$ |
52,962 |
|
|
$ |
46,672 |
|
|
|
|
|
1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded.
|
The following is a reconciliation of premiums and interest expense relating to future policy benefits to the condensed consolidated statements of income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums |
|
Interest expense |
|
|
|
|
|
Nine months ended September 30, |
|
Nine months ended September 30, |
|
|
(In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
Payout annuities with life contingencies |
$ |
985 |
|
|
$ |
9,142 |
|
|
$ |
1,353 |
|
|
$ |
1,194 |
|
|
|
|
|
Whole life |
154 |
|
|
— |
|
|
35 |
|
|
— |
|
|
|
|
|
Reconciling items1
|
24 |
|
|
21 |
|
|
— |
|
|
— |
|
|
|
|
|
Total |
$ |
1,163 |
|
|
$ |
9,163 |
|
|
$ |
1,388 |
|
|
$ |
1,194 |
|
|
|
|
|
|
1 Reconciling items primarily relate to immaterial lines of business including term life, fully ceded whole life, and accident and health and disability.
|
Significant assumptions and inputs to the calculation of future policy benefits for payout annuities with life contingencies include policyholder demographic data, assumptions for policyholder longevity and policyholder utilization for contracts with deferred lives, and discount rates. For whole life products, significant assumptions and inputs include policyholder demographic data, assumptions for mortality, morbidity, and lapse and discount rates.
ATHENE HOLDING LTD.
Notes to Condensed Consolidated Financial Statements (Unaudited)
We base certain key assumptions related to policyholder behavior on industry standard data adjusted to align with actual company experience, if necessary. At least annually, we review all significant cash flow assumptions and update as necessary, unless emerging experience indicates a more frequent review is necessary. The discount rate reflects market observable inputs from upper-medium grade fixed income instrument yields and is interpolated, where necessary, to conform to the duration of our liabilities.
During the nine months ended September 30, 2024, the present value of expected future policy benefits decreased by $430 million, which was driven by $3,421 million of benefit payments and $104 million of favorable unlocking of assumptions, offset by $1,405 million of interest accruals, $1,010 million of issuances, primarily pension group annuities, and an $832 million change in discount rate assumptions related to a decrease in market observable rates.
During the nine months ended September 30, 2023, the present value of expected future policy benefits increased by $4,418 million, which was driven by $9,120 million of issuances, primarily pension group annuities, and $1,194 million of interest accrual, partially offset by $2,731 million of benefit payments, a $1,509 million reduction in reserve related to recapture, a $1,328 million change in discount rate assumptions related to an increase in rates, and $297 million resulting from favorable unlocking of assumptions, primarily related to higher interest rates and favorable mortality experience lowering future benefit payments.
The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
(In millions) |
2024 |
|
2023 |
Reserves |
$ |
193 |
|
|
$ |
333 |
|
Deferred profit liability |
(37) |
|
|
(243) |
|
Negative VOBA |
(52) |
|
|
(54) |
|
Total remeasurement gains (losses) |
$ |
104 |
|
|
$ |
36 |
|
During the nine months ended September 30, 2024 and 2023, we recorded reserve increases of $15 million and $110 million, respectively, on the condensed consolidated statements of income as a result of the present value of benefits and expenses exceeding the present value of gross premiums.
Market risk benefits – We issue and reinsure traditional deferred and indexed annuity products that contain guaranteed lifetime withdrawal benefit (GLWB) and guaranteed minimum death benefit (GMDB) riders that meet the criteria to be classified as market risk benefits.
The following is a rollfoward of net market risk benefit liabilities by product:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2024 |
(In millions, except years) |
Traditional deferred annuities |
|
Indexed annuities |
|
|
|
Total |
Balance at December 31, 2023 |
$ |
192 |
|
|
$ |
3,181 |
|
|
|
|
$ |
3,373 |
|
Effect of changes in instrument-specific credit risk |
2 |
|
|
(10) |
|
|
|
|
(8) |
|
Balance, beginning of period, before changes in instrument-specific credit risk |
194 |
|
|
3,171 |
|
|
|
|
3,365 |
|
Issuances |
— |
|
|
270 |
|
|
|
|
270 |
|
Interest accrual |
8 |
|
|
143 |
|
|
|
|
151 |
|
Attributed fees collected |
1 |
|
|
265 |
|
|
|
|
266 |
|
Benefit payments |
(3) |
|
|
(39) |
|
|
|
|
(42) |
|
Effect of changes in interest rates |
(2) |
|
|
(34) |
|
|
|
|
(36) |
|
Effect of changes in equity |
— |
|
|
(115) |
|
|
|
|
(115) |
|
Effect of actual policyholder behavior compared to expected behavior |
5 |
|
|
64 |
|
|
|
|
69 |
|
Effect of changes in future expected policyholder behavior |
(3) |
|
|
88 |
|
|
|
|
85 |
|
Effect of changes in other future expected assumptions |
— |
|
|
(19) |
|
|
|
|
(19) |
|
Balance, end of period, before changes in instrument-specific credit risk |
200 |
|
|
3,794 |
|
|
|
|
3,994 |
|
Effect of changes in instrument-specific credit risk |
1 |
|
|
94 |
|
|
|
|
95 |
|
Balance at September 30, 2024 |
201 |
|
|
3,888 |
|
|
|
|
4,089 |
|
Less: Reinsurance recoverable |
— |
|
|
(40) |
|
|
|
|
(40) |
|
Balance at September 30, 2024, net of reinsurance |
$ |
201 |
|
|
$ |
3,848 |
|
|
|
|
$ |
4,049 |
|
|
|
|
|
|
|
|
|
Net amount at risk |
$ |
427 |
|
|
$ |
15,221 |
|
|
|
|
|
Weighted-average attained age of contract holders (in years)
|
76 |
|
|