May 7, 2025 - EX-99.1 - 8-K: Current report


Table of Contents

Important Notice			3

FINANCIAL RESULTS
Financial Highlights			4
Condensed Consolidated Statements of Income (GAAP view)			5
Spread Related Earnings (Management view)			6
Reconciliation of Earnings Measures			7
Net Flows & Outflows Attributable to Athene by Type			8
Condensed Consolidated Balance Sheets			9

ASSETS
Net Invested Assets (Management view) & Agency Ratings			11
Net Alternative Investments (Management view)			12
Credit Quality of Securities & Net Invested Assets			13

LIABILITIES
Net Reserve Liabilities & Rollforwards			17
Deferred Annuity Liability Characteristics			18

ADDITIONAL INFORMATION
Notes to the Financial Supplement			19
Non-GAAP Reconciliations			22


Important Notice

The information included in this financial supplement is unaudited and intended for informational purposes only.

Athene Holding Ltd. (AHL) is a subsidiary of Apollo Global Management, Inc. The financial statements and exhibits included in this financial supplement should be read in conjunction with AHL’s reports and other filings with the US Securities and Exchange Commission, including its reports on Form 10-K, Form 10-Q and Form 8-K. This financial supplement does not constitute an offer to sell, or the solicitation of an offer to buy, any security of AHL, and nothing in this financial supplement shall in any way be relied on in connection with investment decisions. Each recipient of the information contained in this financial supplement is responsible for making its own independent assessment of the business, financial condition, prospects, status and affairs of AHL.

AHL undertakes no obligation to update or correct the information in this financial supplement. AHL makes no representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained in this financial supplement. AHL does not accept any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this financial supplement or its contents or any reliance on the information contained herein.

This financial supplement includes certain non-GAAP measures, including net investment earnings, cost of funds, other operating expenses, spread related earnings, net investment spread, net spread, adjusted AHL common stockholder’s equity, adjusted leverage ratio, net invested assets, net reserve liabilities, spread related earnings - excluding notable items, net investment spread - excluding notable items and net spread - excluding notable items. Management believes the use of these non-GAAP measures (which are defined and discussed in greater detail and reconciled elsewhere in this financial supplement), together with the relevant GAAP measures, provides information that may enhance an investor’s understanding of AHL’s results of operations and the underlying profitability drivers of AHL’s business. These measures should be considered supplementary to AHL’s results in accordance with US GAAP and should not be viewed as a substitute for the corresponding US GAAP measures.

Beginning on January 1, 2025, domestic insurance companies were required to adopt new statutory accounting guidance for the principles-based bond definition. Under the new guidance, certain debt securities, which were formerly treated as a bond, will now be accounted for as a non-bond debt security. These non-bond debt securities are required to be filed with and designated by the National Association of Insurance Commissioners (NAIC). Certain of our non-bond debt securities have not received a designation and are accordingly presented as “Non-designated” within the NAIC rating tables in this financial supplement.


Financial Highlights Unaudited (in millions, except percentages)

	Quarterly Trends															Δ				Year-to-Date						Δ
	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25			Q/Q		Y/Y		2024			2025			Y/Y
SELECTED INCOME STATEMENT DATA
GAAP
Net income available to AHL common stockholder	$	1,147		$	583		$	580		$	970		$	420		(57)	%	(63)	%	$	1,147		$	420		(63)	%
Return on assets (ROA)	1.48		%	0.71		%	0.67		%	1.08		%	0.45		%	(63)bps		NM		1.48		%	0.45		%	NM


NON-GAAP
Spread related earnings (SRE)	$	816		$	712		$	855		$	838		$	804		(4)	%	(1)	%	$	816		$	804		(1)	%
Net spread	1.47		%	1.24		%	1.44		%	1.37		%	1.26		%	(11)bps		(21)bps		1.47		%	1.26		%	(21)bps
Net investment spread	1.83		%	1.64		%	1.83		%	1.79		%	1.65		%	(14)bps		(18)bps		1.83		%	1.65		%	(18)bps

Spread related earnings, excluding notable items1	$	816		$	712		$	830		$	838		$	826		(1)	%	1	%	$	816		$	826		1	%
Net spread, excluding notable items1	1.47		%	1.24		%	1.40		%	1.37		%	1.29		%	(8)bps		(18)bps		1.47		%	1.29		%	(18)bps
Net investment spread, excluding notable items1	1.83		%	1.64		%	1.79		%	1.79		%	1.68		%	(11)bps		(15)bps		1.83		%	1.68		%	(15)bps

Alternative net investment income delta to long-term expectation2	$	56		$	154		$	81		$	58		$	29						$	56		$	29
Alternative net return delta to long-term expectation	1.90		%	5.27		%	2.81		%	1.75		%	0.92		%					1.90		%	0.92		%
Impact to net spread	0.10		%	0.27		%	0.13		%	0.09		%	0.05		%					0.10		%	0.05		%

SELECTED BALANCE SHEET DATA
GAAP
Total assets	$	320,579		$	332,627		$	354,966		$	363,343		$	381,478		5	%	19	%	$	320,579		$	381,478		19	%
Goodwill	4,064			4,064			4,071			4,063			4,067			—	%	—	%	4,064			4,067			—	%
Total liabilities	297,423			308,295			327,855			337,469			353,704			5	%	19	%	297,423			353,704			19	%
Debt	5,740			5,733			5,725			6,309			6,301			—	%	10	%	5,740			6,301			10	%
Total AHL stockholders' equity	14,760			14,998			17,445			16,360			17,519			7	%	19	%	14,760			17,519			19	%
Leverage ratio	43.4		%	42.9		%	38.3		%	41.7		%	39.7		%	NM		NM		43.4		%	39.7		%	NM

NON-GAAP
Gross invested assets	$	292,837		$	302,215		$	314,932		$	326,964		$	343,972		5	%	17	%	$	292,837		$	343,972		17	%
Invested assets – ACRA noncontrolling interests	(65,482)			(69,258)			(72,269)			(78,321)			(81,605)			4	%	25	%	(65,482)			(81,605)			25	%
Net invested assets	227,355			232,957			242,663			248,643			262,367			6	%	15	%	227,355			262,367			15	%
Net reserve liabilities	208,523			211,548			225,899			225,926			241,666			7	%	16	%	208,523			241,666			16	%
Notional debt	5,575			5,575			5,575			6,175			6,175			—	%	11	%	5,575			6,175			11	%
Adjusted AHL common stockholder’s equity	21,540			21,810			20,907			22,313			21,965			(2)	%	2	%	21,540			21,965			2	%
Adjusted leverage ratio	22.7		%	22.5		%	23.2		%	22.6		%	22.9		%	30bps		20bps		22.7		%	22.9		%	20bps

INFLOWS DATA
Gross organic inflows	$	20,094		$	16,695		$	20,017		$	14,197		$	25,563		80	%	27	%	$	20,094		$	25,563		27	%
Gross inorganic inflows	—			—			—			—			—			NM		NM		—			—			NM
Total gross inflows	$	20,094		$	16,695		$	20,017		$	14,197		$	25,563		80	%	27	%	$	20,094		$	25,563		27	%

Note: “NM” represents changes that are not meaningful. Please refer to the Notes to the Financial Supplement section for discussion on non-GAAP metrics and the Non-GAAP Measure Reconciliations section for reconciliations of non-GAAP metrics. 1. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. 2. Refers to the amount that as-reported alternative net investment income is below (above) management's long-term expectation of an 11% average annual return. Management’s long-term expectation is based on historical experience and provides investors with supplemental information for period-to-period comparability as well as a basis for developing expectations of future performance. There is no assurance that management’s expected long-term average annual return will be achieved. Actual results may differ materially.


Condensed Consolidated Statements of Income (GAAP view) Unaudited (in millions, except percentages)

	Quarterly Trends										Δ				Year-to-Date				Δ
	1Q’24		2Q’24		3Q’24		4Q’24		1Q’25		Q/Q		Y/Y		2024		2025		Y/Y
REVENUES
Premiums	$	101	$	673	$	389	$	155	$	127	(18)	%	26	%	$	101	$	127	26	%
Product charges	238		251		267		260		265		2	%	11	%	238		265		11	%
Net investment income	3,292		3,509		3,777		3,903		3,991		2	%	21	%	3,292		3,991		21	%
Investment related gains (losses)	1,677		(134)		1,539		(1,037)		(828)		20	%	NM		1,677		(828)		NM
Other revenues	2		3		4		10		4		(60)	%	100	%	2		4		100	%
Revenues of consolidated variable interest entities
Net investment income	77		56		77		72		77		7	%	—	%	77		77		—	%
Investment related gains (losses)	334		306		469		419		550		31	%	65	%	334		550		65	%
Total revenues	5,721		4,664		6,522		3,782		4,186		11	%	(27)	%	5,721		4,186		(27)	%

BENEFITS AND EXPENSES
Interest sensitive contract benefits	2,884		1,824		2,599		1,642		1,494		(9)	%	(48)	%	2,884		1,494		(48)	%
Future policy and other policy benefits	543		1,095		793		623		541		(13)	%	—	%	543		541		—	%
Market risk benefits remeasurement (gains) losses	(154)		(16)		524		(456)		385		NM		NM		(154)		385		NM
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	207		227		244		263		267		2	%	29	%	207		267		29	%

Policy and other operating expenses	459		507		687		560		565		1	%	23	%	459		565		23	%

Total benefits and expenses	3,939		3,637		4,847		2,632		3,252		24	%	(17)	%	3,939		3,252		(17)	%
Income before income taxes	1,782		1,027		1,675		1,150		934		(19)	%	(48)	%	1,782		934		(48)	%
Income tax expense	307		161		191		71		175		146	%	(43)	%	307		175		(43)	%
Net income	1,475		866		1,484		1,079		759		(30)	%	(49)	%	1,475		759		(49)	%
Less: Net income attributable to noncontrolling interests	283		237		859		64		294		NM		4	%	283		294		4	%
Net income attributable to Athene Holding Ltd. stockholders	1,192		629		625		1,015		465		(54)	%	(61)	%	1,192		465		(61)	%
Less: Preferred stock dividends	45		46		45		45		45		—	%	—	%	45		45		—	%
Net income available to Athene Holding Ltd. common stockholder	$	1,147	$	583	$	580	$	970	$	420	(57)	%	(63)	%	$	1,147	$	420	(63)	%


Spread Related Earnings (Management view) Unaudited (in millions, except percentages)

	Quarterly Trends															Δ				Year-to-Date						Δ
	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25			Q/Q		Y/Y		2024			2025			Y/Y
SPREAD RELATED EARNINGS
Fixed income and other net investment income	$	2,455		$	2,635		$	2,807		$	2,914		$	2,916		—	%	19	%	$	2,455		$	2,916		19	%
Alternative net investment income	266			168			236			269			315			17	%	18	%	266			315			18	%
Net investment earnings	2,721			2,803			3,043			3,183			3,231			2	%	19	%	2,721			3,231			19	%
Strategic capital management fees	25			24			27			29			29			—	%	16	%	25			29			16	%
Cost of funds	(1,723)			(1,880)			(1,983)			(2,116)			(2,210)			4	%	28	%	(1,723)			(2,210)			28	%
Net investment spread	1,023			947			1,087			1,096			1,050			(4)	%	3	%	1,023			1,050			3	%
Other operating expenses	(116)			(116)			(114)			(121)			(116)			(4)	%	—	%	(116)			(116)			—	%
Interest and other financing costs	(91)			(119)			(118)			(137)			(130)			(5)	%	43	%	(91)			(130)			43	%
Spread related earnings	$	816		$	712		$	855		$	838		$	804		(4)	%	(1)	%	$	816		$	804		(1)	%

Fixed income and other net investment income	4.66		%	4.83		%	4.96		%	5.00		%	4.80		%	(20)bps		14bps		4.66		%	4.80		%	14bps
Alternative net investment income	9.10		%	5.73		%	8.19		%	9.25		%	10.08		%	83bps		98bps		9.10		%	10.08		%	98bps
Net investment earnings	4.89		%	4.87		%	5.12		%	5.20		%	5.06		%	(14)bps		17bps		4.89		%	5.06		%	17bps
Strategic capital management fees	0.04		%	0.04		%	0.05		%	0.05		%	0.05		%	0bps		1bp		0.04		%	0.05		%	1bp
Cost of funds	(3.10)		%	(3.27)		%	(3.34)		%	(3.46)		%	(3.46)		%	0bps		36bps		(3.10)		%	(3.46)		%	36bps
Net investment spread	1.83		%	1.64		%	1.83		%	1.79		%	1.65		%	(14)bps		(18)bps		1.83		%	1.65		%	(18)bps
Other operating expenses	(0.21)		%	(0.20)		%	(0.19)		%	(0.20)		%	(0.18)		%	(2)bps		(3)bps		(0.21)		%	(0.18)		%	(3)bps
Interest and other financing costs	(0.15)		%	(0.20)		%	(0.20)		%	(0.22)		%	(0.21)		%	(1)bp		6bps		(0.15)		%	(0.21)		%	6bps
Spread related earnings	1.47		%	1.24		%	1.44		%	1.37		%	1.26		%	(11)bps		(21)bps		1.47		%	1.26		%	(21)bps

Average net invested assets - fixed income and other	$	210,688		$	218,446		$	226,295		$	233,153		$	242,999		4	%	15	%	$	210,688		$	242,999		15	%
Average net invested assets - alternatives	11,703			11,710			11,515			11,643			12,506			7	%	7	%	11,703			12,506			7	%
Average net invested assets	$	222,391		$	230,156		$	237,810		$	244,796		$	255,505		4	%	15	%	$	222,391		$	255,505		15	%

Note: Please refer to the Notes to the Financial Supplement section for discussion on spread related earnings.


Reconciliation of Earnings Measures Unaudited (in millions, except percentages)

	Quarterly Trends										Δ				Year-to-Date				Δ
	1Q’24		2Q’24		3Q’24		4Q’24		1Q’25		Q/Q		Y/Y		2024		2025		Y/Y
RECONCILIATION OF NET INCOME AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS
Net income available to Athene Holding Ltd. common stockholder	$	1,147	$	583	$	580	$	970	$	420	(57)	%	(63)	%	$	1,147	$	420	(63)	%
Preferred stock dividends	45		46		45		45		45		—	%	—	%	45		45		—	%
Net income attributable to noncontrolling interests	283		237		859		64		294		NM		4	%	283		294		4	%
Net income	1,475		866		1,484		1,079		759		(30)	%	(49)	%	1,475		759		(49)	%
Income tax expense	307		161		191		71		175		146	%	(43)	%	307		175		(43)	%
Income before income taxes	1,782		1,027		1,675		1,150		934		(19)	%	(48)	%	1,782		934		(48)	%
Realized gains (losses) on sale of AFS securities and mortgage loans	(23)		(9)		(276)		(31)		(143)		NM		NM		(23)		(143)		NM
Unrealized, allowances and other investment gains (losses)	21		(100)		439		(4)		173		NM		NM		21		173		NM
Change in fair value of reinsurance assets	(35)		(32)		444		(246)		102		NM		NM		(35)		102		NM
Offsets to investment gains (losses)	15		17		21		16		19		19	%	27	%	15		19		27	%
Investment gains (losses), net of offsets	(22)		(124)		628		(265)		151		NM		NM		(22)		151		NM
Change in fair values of derivatives and embedded derivatives - FIAs	484		126		(196)		—		(95)		NM		NM		484		(95)		NM
Non-operating change in funding agreements	23		18		47		55		8		(85)	%	(65)	%	23		8		(65)	%
Change in fair value of market risk benefits	201		67		(364)		453		(297)		NM		NM		201		(297)		NM
Non-operating change in liability for future policy benefits	(35)		(8)		—		(25)		17		NM		NM		(35)		17		NM
Non-operating change in insurance liabilities and related derivatives	673		203		(513)		483		(367)		NM		NM		673		(367)		NM
Integration, restructuring and other non-operating expenses	(30)		(31)		(204)		26		(30)		215	%	—	%	(30)		(30)		—	%
Stock compensation expense	(13)		(11)		(12)		(14)		(11)		(21)	%	(15)	%	(13)		(11)		(15)	%
Preferred stock dividends	45		46		45		45		45		—	%	—	%	45		45		—	%
Noncontrolling interests - pre-tax income and VIE adjustments	313		232		876		37		342		NM		9	%	313		342		9	%
Less: Total adjustments to income before income taxes	966		315		820		312		130		(58)	%	(87)	%	966		130		(87)	%
Spread related earnings	$	816	$	712	$	855	$	838	$	804	(4)	%	(1)	%	$	816	$	804	(1)	%

Note: Please refer to the Notes to the Financial Supplement section for discussion on spread related earnings.


Net Flows & Outflows Attributable to Athene by Type Unaudited (in millions, except percentages)

	Quarterly Trends															Δ				Year-to-Date						Δ
	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25			Q/Q		Y/Y		2024			2025			Y/Y
NET FLOWS
Retail	$	9,663		$	8,938		$	9,209		$	7,954		$	9,482		19	%	(2)	%	$	9,663		$	9,482		(2)	%
Flow reinsurance	2,390			1,210			944			1,029			4,933			NM		106	%	2,390			4,933			106	%
Funding agreements1	8,041			5,970			9,570			5,167			11,144			116	%	39	%	8,041			11,144			39	%
Pension group annuities	—			577			294			47			4			(91)	%	NM		—			4			NM
Gross organic inflows	20,094			16,695			20,017			14,197			25,563			80	%	27	%	20,094			25,563			27	%
Gross inorganic inflows2	—			—			—			—			—			NM		NM		—			—			NM
Total gross inflows	20,094			16,695			20,017			14,197			25,563			80	%	27	%	20,094			25,563			27	%
Gross outflows3	(8,035)			(10,140)			(8,158)			(7,136)			(8,392)			18	%	4	%	(8,035)			(8,392)			4	%
Net flows	$	12,059		$	6,555		$	11,859		$	7,061		$	17,171		143	%	42	%	$	12,059		$	17,171		42	%

Inflows attributable to Athene	$	14,591		$	10,840		$	14,705		$	8,948		$	20,118		125	%	38	%	$	14,591		$	20,118		38	%
Inflows attributable to ADIP4	4,437			4,824			4,244			4,343			4,956			14	%	12	%	4,437			4,956			12	%
Inflows ceded to third-party reinsurers	1,066			1,031			1,068			906			489			(46)	%	(54)	%	1,066			489			(54)	%
Total gross inflows	$	20,094		$	16,695		$	20,017		$	14,197		$	25,563		80	%	27	%	$	20,094		$	25,563		27	%

Outflows attributable to Athene	$	(6,748)		$	(8,627)		$	(6,176)		$	(5,697)		$	(7,017)		23	%	4	%	$	(6,748)		$	(7,017)		4	%
Outflows attributable to ADIP4	(1,287)			(1,513)			(1,982)			(1,439)			(1,375)			(4)	%	7	%	(1,287)			(1,375)			7	%
Total gross outflows3	$	(8,035)		$	(10,140)		$	(8,158)		$	(7,136)		$	(8,392)		18	%	4	%	$	(8,035)		$	(8,392)		4	%

OUTFLOWS ATTRIBUTABLE TO ATHENE BY TYPE
Maturity-driven, contractual-based outflows5	$	(2,818)		$	(4,799)		$	(2,312)		$	(2,167)		$	(3,535)		63	%	25	%	$	(2,818)		$	(3,535)		25	%
Policyholder-driven outflows6	(3,930)			(3,828)			(3,864)			(3,530)			(3,482)			(1)	%	(11)	%	(3,930)			(3,482)			(11)	%
Income oriented withdrawals (planned)7	(1,691)			(1,558)			(1,517)			(1,661)			(1,680)			1	%	(1)	%	(1,691)			(1,680)			(1)	%
From policies out-of-surrender-charge (planned)8	(1,512)			(1,511)			(1,444)			(1,131)			(1,058)			(6)	%	(30)	%	(1,512)			(1,058)			(30)	%
From policies in-surrender-charge (unplanned)9	(727)			(759)			(903)			(738)			(744)			1	%	2	%	(727)			(744)			2	%
Core outflows	(6,748)			(8,627)			(6,176)			(5,697)			(7,017)			23	%	4	%	(6,748)			(7,017)			4	%
Strategic reinsurance transactions	—			—			—			—			—			NM		NM		—			—			NM
Outflows attributable to Athene	$	(6,748)		$	(8,627)		$	(6,176)		$	(5,697)		$	(7,017)		23	%	4	%	$	(6,748)		$	(7,017)		4	%

Annualized rate10
Maturity-driven, contractual-based outflows5	(5.1)		%	(8.3)		%	(3.9)		%	(3.5)		%	(5.5)		%	200bps		40bps		(5.1)		%	(5.5)		%	40bps
Policyholder-driven outflows6	(7.0)		%	(6.7)		%	(6.5)		%	(5.8)		%	(5.5)		%	(30)bps		NM		(7.0)		%	(5.5)		%	NM
Income oriented withdrawals (planned)7	(3.0)		%	(2.7)		%	(2.6)		%	(2.7)		%	(2.6)		%	(10)bps		(40)bps		(3.0)		%	(2.6)		%	(40)bps
From policies out-of-surrender-charge (planned)8	(2.7)		%	(2.7)		%	(2.4)		%	(1.9)		%	(1.7)		%	(20)bps		(100)bps		(2.7)		%	(1.7)		%	(100)bps
From policies in-surrender-charge (unplanned)9	(1.3)		%	(1.3)		%	(1.5)		%	(1.2)		%	(1.2)		%	0bps		(10)bps		(1.3)		%	(1.2)		%	(10)bps
Core outflows	(12.1)		%	(15.0)		%	(10.4)		%	(9.3)		%	(11.0)		%	170bps		NM		(12.1)		%	(11.0)		%	NM
Strategic reinsurance transactions	—		%	—		%	—		%	—		%	—		%	NM		NM		—		%	—		%	NM
Outflows attributable to Athene	(12.1)		%	(15.0)		%	(10.4)		%	(9.3)		%	(11.0)		%	170bps		NM		(12.1)		%	(11.0)		%	NM

1. Funding agreements are comprised of funding agreements issued under our funding agreement backed notes (FABN) program, secured and other funding agreements, funding agreements issued to the Federal Home Loan Bank (FHLB) and long-term repurchase agreements. 2. Gross inorganic inflows represent acquisitions and block reinsurance transactions. 3. Gross outflows include full and partial policyholder withdrawals on deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities, payments related to interest, maturities and repurchases of funding agreements and block reinsurance outflows. 4. ADIP refers to Apollo/Athene Dedicated Investment Program (ADIP I) and Apollo/Athene Dedicated Investment Program II (ADIP II) and represents the noncontrolling interests in business ceded to ACRA. 5. Represents outflows from funding agreements, pension group annuities and multi-year guarantee fixed annuities, all of which occur based on defined maturities or substantially lapse upon reaching their contractual term. Amounts may vary on a quarterly basis, based on the timing of original issuance. 6. Represents outflows from fixed indexed annuities and other applicable products, which have varying degrees of predictability due to policyholder actions. 7. Represents partial annuity withdrawals to meet retirement income needs within contractual annual limits. 8. Represents outflows from policies that no longer have an active surrender charge in force. 9. Represents outflows from policies with an active surrender charge in force. 10. The outflow rate is calculated as outflows attributable to Athene divided by average net invested assets for the respective period, on an annualized basis.


Condensed Consolidated Balance Sheets Unaudited (in millions, except percentages)

	December 31, 2024		March 31, 2025		Δ
ASSETS
Investments
Available-for-sale securities, at fair value	$	165,364	$	176,553	7	%
Trading securities, at fair value	1,583		2,106		33	%
Equity securities, at fair value	1,290		1,055		(18)	%
Mortgage loans, at fair value	63,239		70,916		12	%
Investment funds	107		104		(3)	%
Policy loans	318		313		(2)	%
Funds withheld at interest	18,866		17,860		(5)	%
Derivative assets	8,154		6,153		(25)	%
Short-term investments	447		252		(44)	%
Other investments	2,915		3,011		3	%
Total investments	262,283		278,323		6	%
Cash and cash equivalents	12,733		11,023		(13)	%
Restricted cash	943		2,210		134	%
Investments in related parties
Available-for-sale securities, at fair value	19,127		20,315		6	%
Trading securities, at fair value	573		437		(24)	%
Equity securities, at fair value	234		244		4	%
Mortgage loans, at fair value	1,297		1,296		—	%
Investment funds	1,853		1,935		4	%
Funds withheld at interest	5,050		4,810		(5)	%
Short-term investments	743		784		6	%
Other investments, at fair value	331		340		3	%
Accrued investment income	2,816		2,891		3	%
Reinsurance recoverable	8,194		8,790		7	%
Deferred acquisition costs, deferred sales inducements and value of business acquired	7,173		7,606		6	%
Goodwill	4,063		4,067		—	%
Other assets	11,253		11,064		(2)	%
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value	2,301		3,011		31	%

Mortgage loans, at fair value	2,579		2,519		(2)	%
Investment funds, at fair value	17,765		18,340		3	%
Other investments	884		936		6	%
Cash and cash equivalents	583		175		(70)	%
Other assets	565		362		(36)	%
Total assets	$	363,343	$	381,478	5	%


Condensed Consolidated Balance Sheets, continued Unaudited (in millions, except percentages)

	December 31, 2024		March 31, 2025		Δ
LIABILITIES
Interest sensitive contract liabilities	$	253,637	$	273,439	8	%
Future policy benefits	49,902		49,897		—	%
Market risk benefits	4,028		4,362		8	%



Debt	6,309		6,301		—	%
Derivative liabilities	3,556		3,365		(5)	%
Payables for collateral on derivatives and securities to repurchase	11,652		7,253		(38)	%

Other liabilities	6,745		7,535		12	%


Liabilities of consolidated variable interest entities	1,640		1,552		(5)	%
Total liabilities	337,469		353,704		5	%

EQUITY
Preferred stock	—		—		NM
Common stock	—		—		NM
Additional paid-in capital	19,588		19,611		—	%
Retained earnings	2,237		2,469		10	%
Accumulated other comprehensive loss	(5,465)		(4,561)		17	%
Total Athene Holding Ltd. stockholders' equity	16,360		17,519		7	%
Noncontrolling interests	9,514		10,255		8	%
Total equity	25,874		27,774		7	%
Total liabilities and equity	$	363,343	$	381,478	5	%


Net Invested Assets (Management view) & Agency Ratings Unaudited (in millions, except percentages)

	December 31, 2024				March 31, 2025
	Invested Asset Value1		Percentage of Total		Invested Asset Value1		Percentage of Total
NET INVESTED ASSETS
Corporate	$	86,051	34.6	%	$	88,164	33.6	%
CLO	27,698		11.2	%	28,094		10.7	%
Credit	113,749		45.8	%	116,258		44.3	%
CML	28,055		11.3	%	29,359		11.2	%
RML	27,848		11.2	%	31,291		11.9	%
RMBS	7,635		3.1	%	8,036		3.1	%
CMBS	8,243		3.3	%	9,150		3.5	%
Real estate	71,781		28.9	%	77,836		29.7	%
ABS	28,670		11.5	%	29,082		11.1	%
Alternative investments	12,000		4.8	%	13,012		5.0	%
State, municipal, political subdivisions and foreign government	3,237		1.3	%	3,161		1.2	%
Equity securities	2,201		0.9	%	2,068		0.8	%
Short-term investments	1,015		0.4	%	802		0.3	%
US government and agencies	5,531		2.2	%	7,220		2.7	%
Other investments	52,654		21.1	%	55,345		21.1	%
Cash and cash equivalents	6,794		2.7	%	9,192		3.5	%
Other	3,665		1.5	%	3,736		1.4	%
Net invested assets	$	248,643	100.0	%	$	262,367	100.0	%

AM Best

Standard & Poor’s

Fitch

Moody’s

FINANCIAL STRENGTH RATINGS

Athene Annuity and Life Company

A+

Athene Annuity & Life Assurance Company of New York

A+

Athene Life Insurance Company of New York

A+

Athene Annuity Re Ltd.

A+

Athene Life Re Ltd.

A+

Athene Life Re International Ltd.

A+

Athene Co-Invest Reinsurance Affiliate 1A Ltd. and Athene Co-Invest Reinsurance Affiliate 1B Ltd.

A+

Athene Co-Invest Reinsurance Affiliate 2A Ltd. and Athene Co-Invest Reinsurance Affiliate 2B Ltd.

A+

Athene Co-Invest Reinsurance Affiliate International Ltd.

A+

CREDIT RATINGS

Athene Holding Ltd.

A-

Senior notes

A-

BBB+

Baa1

Subordinated notes

BBB

BBB-

Baa2

1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets, and the Non-GAAP Measure Reconciliations section for the reconciliation of investments, including related parties, to net invested assets. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests.


Net Alternative Investments (Management view) Unaudited (in millions, except percentages)

	December 31, 2024				March 31, 2025
	Invested Asset Value1		Percentage of Total		Invested Asset Value1		Percentage of Total
NET ALTERNATIVE INVESTMENTS
Strategic origination platforms
Wheels	$	581	4.8	%	$	647	5.0	%
Redding Ridge	581		4.8	%	625		4.8	%
MidCap Financial	544		4.5	%	571		4.4	%
Aqua Finance	309		2.6	%	362		2.8	%
Skylign	300		2.5	%	289		2.2	%
Apterra	221		1.9	%	312		2.4	%
Foundation Home Loans	184		1.5	%	185		1.4	%
Other	555		4.6	%	656		5.0	%
Strategic origination platforms	3,275		27.2	%	3,647		28.0	%
Apollo and other investments
Real assets	1,691		14.1	%	1,771		13.6	%
Private equity	1,107		9.2	%	1,232		9.5	%
Structured equity and other	522		4.4	%	557		4.3	%
Equity	3,320		27.7	%	3,560		27.4	%
Credit	1,481		12.4	%	1,694		13.0	%
Liquid assets and other	851		7.1	%	903		6.9	%
Apollo and other investments	5,652		47.2	%	6,157		47.3	%
Total AAA	8,927		74.4	%	9,804		75.3	%
Retirement Services
Athora	1,125		9.4	%	1,118		8.6	%
Venerable	273		2.3	%	275		2.1	%

Retirement Services	1,398		11.7	%	1,393		10.7	%
Apollo and other investments
Equity	1,120		9.3	%	1,163		9.0	%
Credit	531		4.4	%	600		4.6	%
Other	24		0.2	%	52		0.4	%
Apollo and other investments	1,675		13.9	%	1,815		14.0	%
Total Non AAA	3,073		25.6	%	3,208		24.7	%
Net alternative investments2	$	12,000	100.0	%	$	13,012	100.0	%

1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets, including net alternative investments, and the Non-GAAP Measure Reconciliations section for the reconciliations of investments, including related parties, to net invested assets and investment funds, including related parties and consolidated VIEs, to net alternative investments. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests. Net alternative invested asset values reflect Athene’s ownership of Apollo Aligned Alternatives, L.P. (AAA). Athene’s ownership percentage of AAA was approximately 61% as of each of March 31, 2025 and December 31, 2024. 2. Net alternative investments do not correspond to total investment funds, including related parties and consolidated VIEs, on our condensed consolidated balance sheets. Net alternative investments adjusts the GAAP presentation to include investment funds included in our funds withheld at interest and modco reinsurance portfolios and VIE adjustments and exclude other investments. Net alternative investments include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests.


Credit Quality of Securities Unaudited (in millions, except percentages)

	December 31, 2024				March 31, 2025
CREDIT QUALITY OF AFS SECURITIES (GAAP VIEW)	Fair Value		Percentage of Total		Fair Value		Percentage of Total
NAIC designation
1 A-G	$	104,887	56.9	%	$	108,937	55.4	%
2 A-C	74,064		40.1	%	82,149		41.7	%
Total investment grade	178,951		97.0	%	191,086		97.1	%
3 A-C	3,230		1.8	%	2,804		1.4	%
4 A-C	1,378		0.7	%	1,426		0.7	%
5 A-C	293		0.2	%	346		0.2	%
6	639		0.3	%	623		0.3	%
Non-designated	—		—	%	583		0.3	%
Total below investment grade	5,540		3.0	%	5,782		2.9	%
Total AFS securities including related parties	$	184,491	100.0	%	$	196,868	100.0	%

Nationally Recognized Statistical Rating Organization (NRSRO) designation
AAA/AA/A	$	96,095	52.2	%	$	99,973	50.8	%
BBB	70,150		38.0	%	79,342		40.3	%
Non-rated1	11,300		6.1	%	10,784		5.5	%
Total investment grade	177,545		96.3	%	190,099		96.6	%
BB	2,722		1.5	%	2,280		1.1	%
B	972		0.5	%	1,037		0.5	%
CCC	1,011		0.5	%	1,178		0.6	%
CC and lower	791		0.4	%	757		0.4	%
Non-rated1	1,450		0.8	%	1,517		0.8	%
Total below investment grade	6,946		3.7	%	6,769		3.4	%
Total AFS securities including related parties	$	184,491	100.0	%	$	196,868	100.0	%

1. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled loan backed and structured securities (LBaSS), the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. The NRSRO ratings methodology is focused on the likelihood of recovery of all contractual payments, including principal at par regardless of entry price, while the NAIC designation methodology considers an investment at amortized cost, and the likelihood of recovery of that book value. We view the NAIC designation methodology as the most appropriate way to view our AFS portfolio when evaluating credit risk since a portion of our holdings were purchased at a significant discount to par.


Credit Quality of Net Invested Assets (Management view) Unaudited (In millions, except percentages)

	December 31, 2024				March 31, 2025					December 31, 2024				March 31, 2025
	Invested Asset Value1		Percentage of Total		Invested Asset Value1		Percentage of Total			Invested Asset Value1		Percentage of Total		Invested Asset Value1		Percentage of Total
CREDIT QUALITY OF NET INVESTED ASSETS									CREDIT QUALITY OF NET INVESTED ASSETS
NAIC designation									NRSRO designation
1 A-G	$	93,116	55.4	%	$	94,257	54.3	%	AAA/AA/A	$	83,176	49.5	%	$	84,314	48.5	%
2 A-C	68,559		40.8	%	72,798		41.9	%	BBB	63,476		37.8	%	68,712		39.6	%
Non-designated	—		—	%	—		—	%	Non-rated2	13,454		8.0	%	12,745		7.3	%
Total investment grade	161,675		96.2	%	167,055		96.2	%	Total investment grade	160,106		95.3	%	165,771		95.4	%
3 A-C	3,255		1.9	%	2,977		1.7	%	BB	2,623		1.6	%	2,380		1.4	%
4 A-C	1,296		0.8	%	1,339		0.8	%	B	892		0.5	%	955		0.6	%
5 A-C	522		0.3	%	550		0.3	%	CCC	1,240		0.7	%	1,416		0.8	%
6	886		0.5	%	882		0.5	%	CC and lower	998		0.6	%	931		0.5	%
Non-designated	446		0.3	%	906		0.5	%	Non-rated2	2,221		1.3	%	2,256		1.3	%
Total below investment grade	6,405		3.8	%	6,654		3.8	%	Total below investment grade	7,974		4.7	%	7,938		4.6	%
Total NAIC designated assets3	168,080		100.0	%	173,709		100.0	%	Total NRSRO designated assets3	168,080		100.0	%	173,709		100.0	%

Assets without NAIC designation									Assets without NRSRO designation
Commercial mortgage loans									Commercial mortgage loans
CM1	3,609		12.9	%	4,142		14.1	%	CM1	3,609		12.9	%	4,142		14.1	%
CM2	19,252		68.5	%	19,457		66.3	%	CM2	19,252		68.5	%	19,457		66.3	%
CM3	4,700		16.8	%	5,487		18.7	%	CM3	4,700		16.8	%	5,487		18.7	%
CM4	474		1.7	%	242		0.8	%	CM4	474		1.7	%	242		0.8	%
CM5	—		—	%	—		—	%	CM5	—		—	%	—		—	%
CM6	4		—	%	12		—	%	CM6	4		—	%	12		—	%
CM7	16		0.1	%	19		0.1	%	CM7	16		0.1	%	19		0.1	%
Total CMLs	28,055		100.0	%	29,359		100.0	%	Total CMLs	28,055		100.0	%	29,359		100.0	%
Residential mortgage loans									Residential mortgage loans
In good standing	27,122		97.4	%	30,467		97.4	%	In good standing	27,122		97.4	%	30,467		97.4	%
90 days late	521		1.9	%	556		1.8	%	90 days late	521		1.9	%	556		1.8	%
In foreclosure	205		0.7	%	268		0.8	%	In foreclosure	205		0.7	%	268		0.8	%
Total RMLs	27,848		100.0	%	31,291		100.0	%	Total RMLs	27,848		100.0	%	31,291		100.0	%
Alternative investments	12,000				13,012				Alternative investments	12,000				13,012
Cash and equivalents	6,794				9,192				Cash and equivalents	6,794				9,192
Equity securities	2,201				2,068				Equity securities	2,201				2,068
Other4	3,665				3,736				Other4	3,665				3,736
Net invested assets	$	248,643			$	262,367			Net invested assets	$	248,643			$	262,367

1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. 3. NAIC and NRSRO designations include corporate securities, CLO, RMBS, CMBS, ABS, state, municipal, political subdivisions and foreign government securities, short-term investments and US government and agency securities. 4. Other includes investments in company owned life insurance, accrued investment income, policy loans and other net invested assets.


Credit Quality of Net Invested Assets - ABS and CLOs (Management view) Unaudited (In millions, except percentages)

	December 31, 2024				March 31, 2025					December 31, 2024				March 31, 2025
	Invested Asset Value1		Percentage of Total		Invested Asset Value1		Percentage of Total			Invested Asset Value1		Percentage of Total		Invested Asset Value1		Percentage of Total
CREDIT QUALITY OF ABS – NAIC DESIGNATION									CREDIT QUALITY OF ABS – NRSRO DESIGNATION
1 A-G	$	19,537	68.1	%	$	17,867	61.5	%	AAA/AA/A	$	19,307	67.3	%	$	17,262	59.4	%
2 A-C	8,134		28.4	%	10,045		34.5	%	BBB	8,287		28.9	%	11,032		37.9	%
Non-designated	—		—	%	—		—	%	Non-rated2	140		0.5	%	42		0.1	%
Total investment grade	27,671		96.5	%	27,912		96.0	%	Total investment grade	27,734		96.7	%	28,336		97.4	%
3 A-C	713		2.5	%	489		1.7	%	BB	658		2.3	%	497		1.7	%
4 A-C	113		0.4	%	64		0.2	%	B	104		0.4	%	57		0.2	%
5 A-C	120		0.4	%	120		0.4	%	CCC	28		0.1	%	28		0.1	%
6	53		0.2	%	38		0.1	%	CC and lower	34		0.1	%	34		0.1	%
Non-designated	—		—	%	459		1.6	%	Non-rated2	112		0.4	%	130		0.5	%
Total below investment grade	999		3.5	%	1,170		4.0	%	Total below investment grade	936		3.3	%	746		2.6	%
ABS net invested assets	$	28,670	100.0	%	$	29,082	100.0	%	ABS net invested assets	$	28,670	100.0	%	$	29,082	100.0	%

CREDIT QUALITY OF CLOs – NAIC DESIGNATION									CREDIT QUALITY OF CLOs – NRSRO DESIGNATION
1 A-G	$	19,052	68.8	%	$	19,432	69.2	%	AAA/AA/A	$	19,060	68.8	%	$	19,429	69.2	%
2 A-C	8,533		30.8	%	8,553		30.4	%	BBB	8,525		30.8	%	8,549		30.4	%
Non-designated	—		—	%	—		—	%	Non-rated2	—		—	%	7		—	%
Total investment grade	27,585		99.6	%	27,985		99.6	%	Total investment grade	27,585		99.6	%	27,985		99.6	%
3 A-C	94		0.3	%	90		0.3	%	BB	94		0.3	%	90		0.3	%
4 A-C	19		0.1	%	19		0.1	%	B	19		0.1	%	19		0.1	%
5 A-C	—		—	%	—		—	%	CCC	—		—	%	—		—	%
6	—		—	%	—		—	%	CC and lower	—		—	%	—		—	%
Non-designated	—		—	%	—		—	%	Non-rated2	—		—	%	—		—	%
Total below investment grade	113		0.4	%	109		0.4	%	Total below investment grade	113		0.4	%	109		0.4	%
CLO net invested assets	$	27,698	100.0	%	$	28,094	100.0	%	CLO net invested assets	$	27,698	100.0	%	$	28,094	100.0	%

1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology.


Credit Quality of Net Invested Assets - RMBS and CMBS (Management view) Unaudited (In millions, except percentages)

	December 31, 2024				March 31, 2025					December 31, 2024				March 31, 2025
	Invested Asset Value1		Percentage of Total		Invested Asset Value1		Percentage of Total			Invested Asset Value1		Percentage of Total		Invested Asset Value1		Percentage of Total
CREDIT QUALITY OF RMBS – NAIC DESIGNATION									CREDIT QUALITY OF RMBS – NRSRO DESIGNATION
1 A-G	$	6,333	82.9	%	$	6,763	84.2	%	AAA/AA/A	$	2,283	29.9	%	$	2,574	32.0	%
2 A-C	535		7.0	%	529		6.5	%	BBB	681		8.9	%	734		9.1	%
Non-designated	—		—	%	—		—	%	Non-rated2	2,342		30.7	%	2,409		30.0	%
Total investment grade	6,868		89.9	%	7,292		90.7	%	Total investment grade	5,306		69.5	%	5,717		71.1	%
3 A-C	332		4.4	%	327		4.1	%	BB	38		0.5	%	36		0.4	%
4 A-C	270		3.5	%	259		3.2	%	B	123		1.6	%	117		1.5	%
5 A-C	102		1.4	%	93		1.2	%	CCC	986		13.0	%	1,069		13.3	%
6	63		0.8	%	65		0.8	%	CC and lower	752		9.8	%	682		8.5	%
Non-designated	—		—	%	—		—	%	Non-rated2	430		5.6	%	415		5.2	%
Total below investment grade	767		10.1	%	744		9.3	%	Total below investment grade	2,329		30.5	%	2,319		28.9	%
RMBS net invested assets	$	7,635	100.0	%	$	8,036	100.0	%	RMBS net invested assets	$	7,635	100.0	%	$	8,036	100.0	%

CREDIT QUALITY OF CMBS – NAIC DESIGNATION									CREDIT QUALITY OF CMBS – NRSRO DESIGNATION
1 A-G	$	6,598	80.0	%	$	7,521	82.2	%	AAA/AA/A	$	5,800	70.4	%	$	6,697	73.2	%
2 A-C	912		11.1	%	943		10.3	%	BBB	946		11.5	%	1,139		12.4	%
Non-designated	—		—	%	—		—	%	Non-rated2	552		6.7	%	357		3.9	%
Total investment grade	7,510		91.1	%	8,464		92.5	%	Total investment grade	7,298		88.6	%	8,193		89.5	%
3 A-C	293		3.6	%	253		2.8	%	BB	390		4.7	%	323		3.5	%
4 A-C	155		1.9	%	155		1.7	%	B	177		2.1	%	294		3.2	%
5 A-C	200		2.4	%	177		1.9	%	CCC	173		2.1	%	206		2.3	%
6	85		1.0	%	101		1.1	%	CC and lower	130		1.6	%	134		1.5	%
Non-designated	—		—	%	—		—	%	Non-rated2	75		0.9	%	—		—	%
Total below investment grade	733		8.9	%	686		7.5	%	Total below investment grade	945		11.4	%	957		10.5	%
CMBS net invested assets	$	8,243	100.0	%	$	9,150	100.0	%	CMBS net invested assets	$	8,243	100.0	%	$	9,150	100.0	%

1. Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology.


Net Reserve Liabilities & Rollforwards Unaudited (in millions, except percentages)

	December 31, 2024				March 31, 2025
	Dollars		Percentage of Total		Dollars		Percentage of Total
NET RESERVE LIABILITIES
Indexed annuities	$	82,711	36.6	%	$	82,709	34.2	%
Fixed rate annuities	62,705		27.8	%	70,436		29.2	%
Total deferred annuities	145,416		64.4	%	153,145		63.4	%
Pension group annuities	24,986		11.1	%	24,903		10.3	%
Payout annuities	4,701		2.1	%	4,780		2.0	%
Funding agreements1	47,384		21.0	%	55,375		22.9	%
Life and other	3,439		1.4	%	3,463		1.4	%
Total net reserve liabilities	$	225,926	100.0	%	$	241,666	100.0	%


	Quarterly Trends										Δ				Year-to-Date				Δ
	1Q’24		2Q’24		3Q’24		4Q’24		1Q’25		Q/Q		Y/Y		2024		2025		Y/Y
NET RESERVE LIABILITY ROLLFORWARD
Net reserve liabilities – beginning	$	199,289	$	208,523	$	211,548	$	225,899	$	225,926	—	%	13	%	$	199,289	$	225,926	13	%
Gross inflows2	20,408		16,979		20,301		14,465		25,830		79	%	27	%	20,408		25,830		27	%

Inflows attributable to ACRA noncontrolling interests	(4,519)		(4,907)		(4,318)		(4,418)		(5,011)		13	%	11	%	(4,519)		(5,011)		11	%
Inflows ceded to third-party reinsurers	(1,083)		(1,047)		(1,083)		(921)		(496)		(46)	%	(54)	%	(1,083)		(496)		(54)	%
Net inflows	14,806		11,025		14,900		9,126		20,323		123	%	37	%	14,806		20,323		37	%
Net withdrawals	(6,748)		(8,627)		(6,176)		(5,697)		(7,017)		23	%	4	%	(6,748)		(7,017)		4	%

ACRA ownership changes3	—		—		—		(1,774)		—		NM		NM		—		—		NM
Other reserve changes	1,176		627		5,627		(1,628)		2,434		NM		107	%	1,176		2,434		107	%
Net reserve liabilities – ending	$	208,523	$	211,548	$	225,899	$	225,926	$	241,666	7	%	16	%	$	208,523	$	241,666	16	%

ACRA NONCONTROLLING INTERESTS RESERVE LIABILITY ROLLFORWARD
Reserve liabilities – beginning	$	56,651	$	60,142	$	63,810	$	68,092	$	72,164	6	%	27	%	$	56,651	$	72,164	27	%
Inflows	4,519		4,907		4,318		4,418		5,011		13	%	11	%	4,519		5,011		11	%

Withdrawals	(1,287)		(1,513)		(1,982)		(1,439)		(1,375)		(4)	%	7	%	(1,287)		(1,375)		7	%
ACRA ownership changes3	—		—		—		1,774		—		NM		NM		—		—		NM
Other reserve changes	259		274		1,946		(681)		1,042		NM		NM		259		1,042		NM
Reserve liabilities – ending	$	60,142	$	63,810	$	68,092	$	72,164	$	76,842	6	%	28	%	$	60,142	$	76,842	28	%

Note: Please refer to the Notes to the Financial Supplement section for discussion on net reserve liabilities and the Non-GAAP Measure Reconciliations section for the reconciliation of total liabilities to net reserve liabilities. Net reserve liabilities include our economic ownership of ACRA reserve liabilities but do not include the reserve liabilities associated with the noncontrolling interests. 1. Funding agreements are comprised of funding agreements issued under our FABN program, secured and other funding agreements, funding agreements issued to the FHLB and long-term repurchase agreements. 2. Gross inflows equal inflows from our retail, flow reinsurance and institutional channels as well as inflows for life and products other than deferred annuities or our institutional products, renewal inflows, annuitizations and foreign currency translation adjustments on large transactions between the transaction date and the translation period. Gross inflows include all inflows sourced by Athene, including all of the inflows reinsured to ACRA and third-party reinsurers. 3. Effective October 1, 2024, Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd. (together with its subsidiaries, ACRA 2) repurchased a portion of its shares held by Athene Life Re Ltd. (ALRe), which increased ADIP II’s ownership of economic interests in ACRA 2 to 63%, with ALRe owning the remaining 37% of the economic interests.


Deferred Annuity Liability Characteristics Unaudited (in millions, except percentages)

	Base surrender charge		Percentage of total		Surrender charge (net of MVA)			Percentage of total
SURRENDER CHARGE PERCENTAGES ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge	$	25,075	17.1	%	$	25,075		17.1	%
0.0% < 2.0%	6,543		4.4	%	2,113			1.4	%
2.0% < 4.0%	6,709		4.6	%	5,552			3.8	%
4.0% < 6.0%	13,321		9.1	%	13,926			9.5	%
6.0% or greater	95,229		64.8	%	100,211			68.2	%
	$	146,877	100.0	%	$	146,877		100.0	%

			Base surrender charge		MVA charge (benefit)			Surrender charge (net of MVA)
Aggregate surrender charge protection			5.9	%	1.4		%	7.3	%


	Deferred annuities		Percentage of total		Average base surrender charge
YEARS OF SURRENDER CHARGE REMAINING ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge	$	25,075	17.1	%	—	%
Less than 2	22,880		15.6	%	5.6	%
2 to less than 4	44,401		30.2	%	6.3	%
4 to less than 6	26,542		18.1	%	7.4	%
6 to less than 8	13,568		9.2	%	8.3	%
8 to less than 10	12,046		8.2	%	8.8	%
10 or greater	2,365		1.6	%	13.9	%
	$	146,877	100.0	%


Notes to the Financial Supplement

KEY OPERATING AND NON-GAAP MEASURES

In addition to our results presented in accordance with US GAAP, we present certain financial information that includes non-GAAP measures. Management believes the use of these non-GAAP measures, together with the relevant US GAAP measures, provides information that may enhance an investor’s understanding of our results of operations and the underlying profitability drivers of our business. The majority of these non-GAAP measures are intended to remove from the results of operations the impact of market volatility (other than with respect to alternative investments), which consists of investment gains (losses), net of offsets, and non-operating change in insurance liabilities and related derivatives, both defined below, as well as integration, restructuring, stock compensation and certain other expenses which are not part of our underlying profitability drivers, as such items fluctuate from period to period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results in accordance with US GAAP and should not be viewed as a substitute for the corresponding US GAAP measures.

SPREAD RELATED EARNINGS AND NET SPREAD

Spread related earnings is a pre-tax non-GAAP measure used to evaluate our financial performance including the impact of any reinsurance transactions and excluding market volatility and expenses related to integration, restructuring, stock compensation and other expenses. Our spread related earnings equals net income available to AHL common stockholder adjusted to eliminate the impact of the following:

•Investment Gains (Losses), Net of Offsets—Consists of the realized gains and losses on the sale of AFS securities and mortgage loans, the change in fair value of reinsurance assets, unrealized gains and losses, changes in the provision for credit losses and other investment gains and losses. Unrealized, allowances and other investment gains and losses are comprised of the fair value adjustments of trading securities and mortgage loans, investments held under the fair value option, derivative gains and losses not hedging FIA index credits, all foreign exchange impacts and the change in provision for credit losses recognized in operations net of the change in AmerUs Closed Block fair value reserve related to the corresponding change in fair value of investments. Investment gains and losses are net of offsets related to the market value adjustments (MVA) associated with surrenders or terminations of contracts.

•Non-operating Change in Insurance Liabilities and Related Derivatives

•Change in Fair Values of Derivatives and Embedded Derivatives – FIAs—Consists of impacts related to the fair value accounting for derivatives hedging the FIA index credits and the related embedded derivative liability fluctuations from period to period. The index reserve is measured at fair value for the current period and all periods beyond the current policyholder index term. However, the FIA hedging derivatives are purchased to hedge only the current index period. Upon policyholder renewal at the end of the period, new FIA hedging derivatives are purchased to align with the new term. The difference in duration between the FIA hedging derivatives and the index credit reserves creates a timing difference in earnings. This timing difference of the FIA hedging derivatives and index credit reserves is included as a non-operating adjustment. We primarily hedge with options that align with the index terms of our FIA products (typically 1–2 years). On an economic basis, we believe this is suitable because policyholder accounts are credited with index performance at the end of each index term. However, because the term of an embedded derivative in an FIA contract is longer-dated, there is a duration mismatch which may lead to mismatches for accounting purposes.

•Non-operating Change in Funding Agreements—Consists of timing differences caused by changes to interest rates on variable funding agreements and funding agreement backed notes and the associated reserve accretion patterns of those contracts. Further included are adjustments for gains associated with our early repurchases of funding agreements.

•Change in Fair Value of Market Risk Benefits—Consists primarily of volatility in capital market inputs used in the measurement at fair value of our market risk benefits, including certain impacts from changes in interest rates, equity returns and implied equity volatilities.

•Non-operating Change in Liability for Future Policy Benefits—Consists of the non-economic loss incurred at issuance for certain pension group annuities and other payout annuities with life contingencies when valuation interest rates prescribed by US GAAP are lower than the net investment earned rates, adjusted for profit, assumed in pricing. For such contracts with non-economic US GAAP losses, the SRE reserve accretes interest using an imputed discount rate that produces zero gain or loss at issuance.

•Integration, Restructuring, and Other Non-operating Expenses—Consists of restructuring and integration expenses related to acquisitions and block reinsurance costs as well as certain other expenses, which are not predictable or related to our underlying profitability drivers.

•Stock Compensation Expense—Consists of stock compensation expenses associated with our share incentive plans, including long-term incentive expenses, which are not related to our underlying profitability drivers and fluctuate from time to time due to the structure of our plans.

•Income Tax Expense (Benefit)—Consists of the income tax effect of all income statement adjustments and is computed by applying the appropriate jurisdiction’s tax rate to all adjustments subject to income tax.

We consider these adjustments to be meaningful adjustments to net income available to AHL common stockholder for the reasons discussed in greater detail above. Accordingly, we believe using a measure which excludes the impact of these items is useful in analyzing our business performance and the trends in our results of operations. Together with net income available to AHL common stockholder, we believe spread related earnings provides a meaningful financial metric that helps investors understand our underlying results and profitability. Spread related earnings should not be used as a substitute for net income available to AHL common stockholder.

Net spread is a non-GAAP measure used to evaluate our financial performance and profitability. Net spread is computed using our spread related earnings divided by average net invested assets for the relevant period. To enhance the ability to analyze this measure across periods, interim periods are annualized. While we believe this metric is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for ROA presented under US GAAP.

SRE, EXCLUDING NOTABLE ITEMS AND NET SPREAD, EXCLUDING NOTABLE ITEMS

Spread related earnings, excluding notable items and net spread, excluding notable items represent SRE and net spread with an adjustment to exclude notable items. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. We use these measures to assess the long-term performance of the business against projected earnings, by excluding items that are expected to be infrequent or not indicative of the ongoing operations of the business. We view these non-GAAP measures as additional measures that provide insight to management and investors on the historical, period-to-period comparability of our key non-GAAP operating measures.


Notes to the Financial Supplement, continued

NET INVESTMENT SPREAD

Net investment spread is a key measure of profitability used in analyzing the trends of our core business operations. Net investment spread measures our investment performance plus our strategic capital management fees, less our total cost of funds. Net investment earned rate is a key measure of our investment performance while cost of funds is a key measure of the cost of our policyholder benefits and liabilities. Strategic capital management fees consist of management fees received by us for business managed for others.

•Net investment earned rate is a non-GAAP measure we use to evaluate the performance of our net invested assets. Net investment earned rate is computed as the income from our net invested assets divided by the average net invested assets, for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. The primary adjustments to net investment income to arrive at our net investment earnings are (a) net VIE impacts (revenues, expenses and noncontrolling interests), (b) forward points gains and losses on foreign exchange derivative hedges, (c) amortization of premium/discount on held-for-trading securities, (d) the change in fair value of reinsurance assets, (e) an adjustment to the change in net asset value of our ADIP investments to recognize our proportionate share of spread related earnings based on our ownership in the investment funds and (f) the removal of the proportionate share of the ACRA net investment income associated with the noncontrolling interests. We include 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 we include 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. We exclude the income and assets on business related to ceded reinsurance transactions. We believe the adjustments for reinsurance provide a net investment earned rate on the assets for which we have economic exposure. We believe a measure like net investment earned rate is useful in analyzing the trends of our core business operations, profitability and pricing discipline. While we believe net investment earned rate is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for net investment income presented under US GAAP.

•Cost of funds includes liability costs related to cost of crediting on both deferred annuities and 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. Cost of crediting on deferred annuities is the interest credited to the policyholders on our fixed strategies as well as the option costs on the indexed annuity strategies. With respect to FIAs, the cost of providing index credits includes the expenses incurred to fund the annual index credits, and where applicable, minimum guaranteed interest credited. Cost of crediting on institutional products is comprised of (1) pension group annuity costs, including interest credited, benefit payments and other reserve changes, net of premiums received when issued, and (2) funding agreement costs, including the interest payments and other reserve changes. Additionally, cost of crediting includes forward points gains and losses on foreign exchange derivative hedges. 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. To enhance the ability to analyze these measures across periods, interim periods are annualized. We believe a measure like cost of funds is useful in analyzing the trends of our core business operations, profitability and pricing discipline. While we believe cost of funds is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total benefits and expenses presented under US GAAP.

NET INVESTMENT SPREAD, EXCLUDING NOTABLE ITEMS

Net investment spread, excluding notable items represents net investment spread with an adjustment to exclude notable items. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. We use this measure to assess the long-term performance of the business against projected earnings, by excluding items that are expected to be infrequent or not indicative of the ongoing operations of the business. We view this non-GAAP measure as an additional measure that provides insight to management and investors on the historical, period-to-period comparability of our key non-GAAP operating measures.

OTHER OPERATING EXPENSES

Other operating expenses excludes interest expense, policy acquisition expenses, net of deferrals, integration, restructuring and other non-operating expenses, stock compensation and long-term incentive plan expenses and the proportionate share of the ACRA operating expenses associated with the noncontrolling interests. We believe a measure like other operating expenses is useful in analyzing the trends of our core business operations and profitability. While we believe other operating expenses is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for policy and other operating expenses presented under US GAAP.

ADJUSTED LEVERAGE RATIO

Adjusted leverage ratio is a non-GAAP measure used to evaluate our capital structure excluding the impacts of AOCI and the cumulative changes in fair value of funds withheld and modco reinsurance assets as well as mortgage loan assets, net of tax. Adjusted leverage ratio is calculated as total debt at notional value adjusted to exclude 50% of the notional value of subordinated debt as an equity credit plus 50% of preferred stock divided by adjusted capitalization. Adjusted capitalization includes our adjusted AHL common stockholder’s equity, preferred stock and the notional value of our total debt. Adjusted AHL common stockholder’s equity is calculated as the ending AHL stockholders’ equity excluding AOCI, the cumulative changes in fair value of funds withheld and modco reinsurance assets and mortgage loan assets as well as preferred stock. These adjustments fluctuate period to period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities, reinsurance assets and mortgage loans. Except with respect to reinvestment activity relating to acquired blocks of businesses, we typically buy and hold investments to maturity throughout the duration of market fluctuations, therefore, the period-over-period impacts in unrealized gains and losses are not necessarily indicative of current operating fundamentals or future performance. Adjusted leverage ratio should not be used as a substitute for the leverage ratio. However, we believe the adjustments to stockholders’ equity and debt are significant to gaining an understanding of our capitalization, debt and preferred stock utilization and overall leverage capacity, because they provide insight into how rating agencies measure our capitalization, which is a consideration in how we manage our leverage capacity.


Notes to the Financial Supplement, continued

NET INVESTED ASSETS

In managing our business, we analyze net invested assets, which does not correspond to total investments, including investments in related parties, as disclosed in our condensed consolidated financial statements and notes thereto. Net invested assets represent the investments that directly back our net reserve liabilities as well as surplus assets. Net invested assets is used in the computation of net investment earned rate, which allows us to analyze the profitability of our investment portfolio. Net invested assets include (a) total investments on the condensed consolidated balance sheets, with AFS 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 and VOE 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 underlying investments supporting our assumed funds withheld and modco agreements and exclude the underlying investments related to ceded reinsurance transactions in our net invested assets calculation in order to match the assets with the income received. We believe the adjustments for reinsurance provide a view of the assets for which we have economic exposure. Net invested assets include our proportionate share of ACRA investments, based on our economic ownership, but do not include the proportionate share of investments associated with the noncontrolling interests. Our net invested assets are averaged over the number of quarters in the relevant period to compute our net investment earned rate for such period. While we believe net invested assets is a meaningful financial metric and enhances our understanding of the underlying drivers of our investment portfolio, it should not be used as a substitute for total investments, including related parties, presented under US GAAP.

NET RESERVE LIABILITIES

In managing our business, we also analyze net reserve liabilities, which does not correspond to total liabilities as disclosed in our condensed consolidated financial statements and notes thereto. Net reserve liabilities represent our policyholder liability obligations net of reinsurance and are 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 proportionate share of ACRA reserve liabilities, based on our economic ownership, but do not include the proportionate share of 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. For such transactions, US GAAP requires the ceded liabilities and related reinsurance recoverables to continue to be recorded in our consolidated financial statements despite the transfer of economic risk to the counterparty in connection with the reinsurance transaction. We include the underlying liabilities assumed through modco reinsurance agreements in our net reserve liabilities calculation in order to match the liabilities with the expenses incurred. While we believe net reserve liabilities is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total liabilities presented under US GAAP.

SALES

Sales statistics do not correspond to revenues under US GAAP but are used as relevant measures to understand our business performance as it relates to inflows generated during a specific period of time. Our sales statistics include inflows for fixed rate annuities and FIAs and align with the LIMRA definition of 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). We believe sales is a meaningful metric that enhances our understanding of our business performance and is not the same as premiums presented in our condensed consolidated statements of income.


Non-GAAP Reconciliations Unaudited (in millions, except percentages)

	Quarterly Trends
	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25
RECONCILIATION OF TOTAL AHL STOCKHOLDERS’ EQUITY TO TOTAL ADJUSTED AHL COMMON STOCKHOLDER’S EQUITY
Total AHL stockholders’ equity	$	14,760		$	14,998		$	17,445		$	16,360		$	17,519
Less: Preferred stock	3,154			3,154			3,154			3,154			3,154
Total AHL common stockholder’s equity	11,606			11,844			14,291			13,206			14,365
Less: Accumulated other comprehensive loss	(5,628)			(5,809)			(3,467)			(5,465)			(4,561)
Less: Accumulated change in fair value of reinsurance assets	(1,880)			(1,787)			(1,416)			(1,591)			(1,459)
Less: Accumulated change in fair value of mortgage loan assets	(2,426)			(2,370)			(1,733)			(2,051)			(1,580)
Total adjusted AHL common stockholder’s equity	$	21,540		$	21,810		$	20,907		$	22,313		$	21,965

RECONCILIATION OF LEVERAGE RATIO TO ADJUSTED LEVERAGE RATIO
Total debt	$	5,740		$	5,733		$	5,725		$	6,309		$	6,301
Add: 50% of preferred stock	1,577			1,577			1,577			1,577			1,577
Less: 50% of subordinated debt	288			288			288			588			588
Less: Adjustment to arrive at notional debt	165			158			150			134			126
Adjusted leverage	$	6,864		$	6,864		$	6,864		$	7,164		$	7,164

Total debt	$	5,740		$	5,733		$	5,725		$	6,309		$	6,301
Total AHL stockholders’ equity	14,760			14,998			17,445			16,360			17,519
Total capitalization	20,500			20,731			23,170			22,669			23,820
Less: Accumulated other comprehensive loss	(5,628)			(5,809)			(3,467)			(5,465)			(4,561)
Less: Accumulated change in fair value of reinsurance assets	(1,880)			(1,787)			(1,416)			(1,591)			(1,459)
Less: Accumulated change in fair value of mortgage loan assets	(2,426)			(2,370)			(1,733)			(2,051)			(1,580)
Less: Adjustment to arrive at notional debt	165			158			150			134			126
Total adjusted capitalization	$	30,269		$	30,539		$	29,636		$	31,642		$	31,294

Leverage ratio	43.4		%	42.9		%	38.3		%	41.7		%	39.7		%
Accumulated other comprehensive loss	(8.0)		%	(8.0)		%	(4.4)		%	(7.1)		%	(5.8)		%
Accumulated change in fair value of reinsurance assets	(2.7)		%	(2.5)		%	(1.8)		%	(2.1)		%	(1.8)		%
Accumulated change in fair value of mortgage loan assets	(3.5)		%	(3.3)		%	(2.2)		%	(2.7)		%	(2.0)		%
Adjustment to exclude 50% of preferred stock	(5.2)		%	(5.2)		%	(5.3)		%	(5.0)		%	(5.0)		%
Adjustment to exclude 50% of subordinated debt	(0.9)		%	(1.0)		%	(1.0)		%	(1.9)		%	(1.9)		%
Adjustment to arrive at notional debt	(0.4)		%	(0.4)		%	(0.4)		%	(0.3)		%	(0.3)		%
Adjusted leverage ratio	22.7		%	22.5		%	23.2		%	22.6		%	22.9		%


Non-GAAP Reconciliations, continued Unaudited (in millions, except percentages)

	Quarterly Trends															Year-to-Date
	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25			2024			2025
RECONCILIATION OF NET INCOME AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS, EXCLUDING NOTABLE ITEMS
Net income available to Athene Holding Ltd. common stockholder	$	1,147		$	583		$	580		$	970		$	420		$	1,147		$	420
Preferred stock dividends	45			46			45			45			45			45			45
Net income attributable to noncontrolling interests	283			237			859			64			294			283			294
Net income	1,475			866			1,484			1,079			759			1,475			759
Income tax expense	307			161			191			71			175			307			175
Income before income taxes	1,782			1,027			1,675			1,150			934			1,782			934
Less: Total adjustments to income before income taxes	966			315			820			312			130			966			130
Spread related earnings	816			712			855			838			804			816			804
Notable items	—			—			(25)			—			22			—			22
Spread related earnings, excluding notable items	$	816		$	712		$	830		$	838		$	826		$	816		$	826

RECONCILIATION OF NET INVESTMENT INCOME TO NET INVESTMENT EARNINGS
US GAAP net investment income	$	3,292		$	3,509		$	3,777		$	3,903		$	3,991		$	3,292		$	3,991
Change in fair value of reinsurance assets	(10)			(37)			(11)			(71)			(63)			(10)			(63)
VIE earnings and noncontrolling interests	311			257			362			380			434			311			434
Forward points adjustment on FX derivative hedges	51			32			30			20			24			51			24
Held-for-trading amortization	(35)			(8)			(30)			(35)			(29)			(35)			(29)
Reinsurance impacts	(64)			(55)			(54)			(50)			(40)			(64)			(40)
ACRA noncontrolling interests	(868)			(921)			(1,011)			(1,064)			(1,074)			(868)			(1,074)
Other	44			26			(20)			100			(12)			44			(12)
Total adjustments to arrive at net investment earnings	(571)			(706)			(734)			(720)			(760)			(571)			(760)
Total net investment earnings	$	2,721		$	2,803		$	3,043		$	3,183		$	3,231		$	2,721		$	3,231

RECONCILIATION OF NET INVESTMENT INCOME RATE TO NET INVESTMENT EARNED RATE
US GAAP net investment income	5.92		%	6.10		%	6.35		%	6.38		%	6.25		%	5.92		%	6.25		%
Change in fair value of reinsurance assets	(0.02)		%	(0.06)		%	(0.02)		%	(0.11)		%	(0.10)		%	(0.02)		%	(0.10)		%
VIE earnings and noncontrolling interests	0.56		%	0.45		%	0.61		%	0.62		%	0.68		%	0.56		%	0.68		%
Forward points adjustment on FX derivative hedges	0.09		%	0.05		%	0.05		%	0.03		%	0.04		%	0.09		%	0.04		%
Held-for-trading amortization	(0.06)		%	(0.01)		%	(0.05)		%	(0.06)		%	(0.05)		%	(0.06)		%	(0.05)		%
Reinsurance impacts	(0.12)		%	(0.10)		%	(0.09)		%	(0.08)		%	(0.06)		%	(0.12)		%	(0.06)		%
ACRA noncontrolling interests	(1.56)		%	(1.60)		%	(1.70)		%	(1.74)		%	(1.68)		%	(1.56)		%	(1.68)		%
Other	0.08		%	0.04		%	(0.03)		%	0.16		%	(0.02)		%	0.08		%	(0.02)		%
Total adjustments to arrive at net investment earned rate	(1.03)		%	(1.23)		%	(1.23)		%	(1.18)		%	(1.19)		%	(1.03)		%	(1.19)		%
Net investment earned rate	4.89		%	4.87		%	5.12		%	5.20		%	5.06		%	4.89		%	5.06		%

Average net invested assets	$	222,391		$	230,156		$	237,810		$	244,796		$	255,505		$	222,391		$	255,505


Non-GAAP Reconciliations, continued Unaudited (in millions, except percentages)

	Quarterly Trends															Year-to-Date
	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25			2024			2025
RECONCILIATION OF BENEFITS AND EXPENSES TO COST OF FUNDS
US GAAP benefits and expenses	$	3,939		$	3,637		$	4,847		$	2,632		$	3,252		$	3,939		$	3,252
Premiums	(101)			(673)			(389)			(155)			(127)			(101)			(127)
Product charges	(238)			(251)			(267)			(260)			(265)			(238)			(265)
Other revenues	(2)			(3)			(4)			(10)			(4)			(2)			(4)
FIA option costs	392			402			410			413			430			392			430
Reinsurance impacts	(42)			(31)			(47)			(37)			(30)			(42)			(30)
Non-operating change in insurance liabilities and embedded derivatives	(1,339)			(374)			(1,252)			318			(47)			(1,339)			(47)
Policy and other operating expenses, excluding policy acquisition expenses	(341)			(393)			(573)			(453)			(440)			(341)			(440)

Forward points adjustment on FX derivative hedges	70			70			77			76			52			70			52
AmerUs Closed Block fair value liability	15			13			(55)			52			(18)			15			(18)
ACRA noncontrolling interests	(692)			(577)			(833)			(522)			(656)			(692)			(656)
Other	62			60			69			62			63			62			63
Total adjustments to arrive at cost of funds	(2,216)			(1,757)			(2,864)			(516)			(1,042)			(2,216)			(1,042)
Total cost of funds	$	1,723		$	1,880		$	1,983		$	2,116		$	2,210		$	1,723		$	2,210

RECONCILIATION OF TOTAL BENEFITS AND EXPENSES RATE TO COST OF FUNDS RATE
US GAAP benefits and expenses	7.08		%	6.32		%	8.15		%	4.30		%	5.09		%	7.08		%	5.09		%
Premiums	(0.18)		%	(1.17)		%	(0.65)		%	(0.25)		%	(0.20)		%	(0.18)		%	(0.20)		%
Product charges	(0.43)		%	(0.44)		%	(0.45)		%	(0.42)		%	(0.41)		%	(0.43)		%	(0.41)		%
Other revenues	—		%	(0.01)		%	(0.01)		%	(0.02)		%	—		%	—		%	—		%
FIA option costs	0.70		%	0.70		%	0.69		%	0.67		%	0.67		%	0.70		%	0.67		%
Reinsurance impacts	(0.08)		%	(0.05)		%	(0.08)		%	(0.06)		%	(0.05)		%	(0.08)		%	(0.05)		%
Non-operating change in insurance liabilities and embedded derivatives	(2.41)		%	(0.65)		%	(2.11)		%	0.52		%	(0.07)		%	(2.41)		%	(0.07)		%
Policy and other operating expenses, excluding policy acquisition expenses	(0.61)		%	(0.68)		%	(0.96)		%	(0.74)		%	(0.69)		%	(0.61)		%	(0.69)		%

Forward points adjustment on FX derivative hedges	0.13		%	0.12		%	0.13		%	0.12		%	0.08		%	0.13		%	0.08		%
AmerUs Closed Block fair value liability	0.03		%	0.02		%	(0.09)		%	0.09		%	(0.03)		%	0.03		%	(0.03)		%
ACRA noncontrolling interests	(1.24)		%	(1.00)		%	(1.40)		%	(0.85)		%	(1.03)		%	(1.24)		%	(1.03)		%
Other	0.11		%	0.11		%	0.12		%	0.10		%	0.10		%	0.11		%	0.10		%
Total adjustments to arrive at cost of funds	(3.98)		%	(3.05)		%	(4.81)		%	(0.84)		%	(1.63)		%	(3.98)		%	(1.63)		%
Total cost of funds	3.10		%	3.27		%	3.34		%	3.46		%	3.46		%	3.10		%	3.46		%

Average net invested assets	$	222,391		$	230,156		$	237,810		$	244,796		$	255,505		$	222,391		$	255,505


Non-GAAP Reconciliations, continued Unaudited (in millions)

	Quarterly Trends										Year-to-Date
	1Q’24		2Q’24		3Q’24		4Q’24		1Q’25		2024		2025
RECONCILIATION OF POLICY AND OTHER OPERATING EXPENSES TO OTHER OPERATING EXPENSES
US GAAP policy and other operating expenses	$	459	$	507	$	687	$	560	$	565	$	459	$	565
Interest expense	(102)		(129)		(142)		(179)		(167)		(102)		(167)
Policy acquisition expenses, net of deferrals	(118)		(114)		(114)		(107)		(125)		(118)		(125)
Integration, restructuring and other non-operating expenses	(30)		(31)		(204)		26		(30)		(30)		(30)
Stock compensation expenses	(13)		(11)		(12)		(14)		(11)		(13)		(11)
ACRA noncontrolling interests	(70)		(95)		(88)		(153)		(100)		(70)		(100)
Other	(10)		(11)		(13)		(12)		(16)		(10)		(16)
Total adjustments to arrive at other operating expenses	(343)		(391)		(573)		(439)		(449)		(343)		(449)
Other operating expenses	$	116	$	116	$	114	$	121	$	116	$	116	$	116



							December 31, 2024				March 31, 2025
RECONCILIATION OF INVESTMENT FUNDS, INCLUDING RELATED PARTIES AND CONSOLIDATED VIES, TO NET ALTERNATIVE INVESTMENTS
Investment funds, including related parties and consolidated VIEs							$	19,725			$	20,379
Investment funds within funds withheld at interest							900				944
Net assets of the VIE, excluding investment funds							(4,850)				(4,716)
Unrealized (gains) losses							92				47
ACRA noncontrolling interests							(3,731)				(3,480)
Other assets							(136)				(162)
Total adjustments to arrive at net alternative investments							(7,725)				(7,367)
Net alternative investments							$	12,000			$	13,012


Non-GAAP Reconciliations, continued Unaudited (in millions)

	Quarterly Trends
	1Q’24		2Q’24		3Q’24		4Q’24		1Q’25
RECONCILIATION OF TOTAL INVESTMENTS, INCLUDING RELATED PARTIES, TO NET INVESTED ASSETS
Total investments, including related parties	$	254,239	$	265,044	$	286,102	$	291,491	$	308,484
Derivative assets	(7,159)		(7,488)		(7,529)		(8,154)		(6,153)
Cash and cash equivalents (including restricted cash)	16,825		14,097		14,551		13,676		13,233
Accrued investment income	2,332		2,507		2,695		2,816		2,891
Net receivable (payable) for collateral on derivatives	(4,293)		(4,258)		(4,194)		(4,602)		(2,793)
Reinsurance impacts	(1,358)		(2,132)		(4,284)		(4,435)		(4,635)
VIE and VOE assets, liabilities and noncontrolling interests	14,979		15,339		15,697		17,289		17,459
Unrealized (gains) losses	17,809		18,869		11,674		18,320		15,392
Ceded policy loans	(171)		(170)		(167)		(167)		(164)
Net investment receivables (payables)	(950)		(252)		(291)		97		(379)
Allowance for credit losses	615		682		689		720		720
Other investments	(31)		(23)		(11)		(87)		(83)
Total adjustments to arrive at gross invested assets	38,598		37,171		28,830		35,473		35,488
Gross invested assets	292,837		302,215		314,932		326,964		343,972
ACRA noncontrolling interests	(65,482)		(69,258)		(72,269)		(78,321)		(81,605)
Net invested assets	$	227,355	$	232,957	$	242,663	$	248,643	$	262,367

RECONCILIATION OF TOTAL LIABILITIES TO NET RESERVE LIABILITIES
Total liabilities	$	297,423	$	308,295	$	327,855	$	337,469	$	353,704
Debt	(5,740)		(5,733)		(5,725)		(6,309)		(6,301)
Derivative liabilities	(2,429)		(3,212)		(2,758)		(3,556)		(3,365)
Payables for collateral on derivatives and short-term securities to repurchase	(5,481)		(7,210)		(5,286)		(8,988)		(4,189)
Other liabilities	(4,195)		(4,839)		(7,058)		(6,546)		(7,329)
Liabilities of consolidated VIEs	(1,082)		(1,526)		(1,363)		(1,640)		(1,552)
Reinsurance impacts	(9,277)		(9,876)		(11,196)		(11,861)		(12,011)
Ceded policy loans	(171)		(170)		(167)		(167)		(164)
Market risk benefit asset	(383)		(371)		(311)		(312)		(285)
ACRA noncontrolling interests	(60,142)		(63,810)		(68,092)		(72,164)		(76,842)

Total adjustments to arrive at net reserve liabilities	(88,900)		(96,747)		(101,956)		(111,543)		(112,038)
Net reserve liabilities	$	208,523	$	211,548	$	225,899	$	225,926	$	241,666

Form: 8-K

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