Athene Operating Subsidiaries Ratings

Rating agencies meet annually with Athene to review and rate our performance. These ratings are independent opinions reflecting our ability to meet ongoing obligations to our customers.1

A.M. Best

as of 4/2022

A

Outlook: Stable

S&P

as of 12/2022

A+

Outlook: Stable

Fitch

as of 5/2022

A+

Outlook: Stable

Moody's

as of 7/2022

A1

Outlook: Stable

Financial Highlights

$246.0 

billion in total
GAAP assets2

$243.7 

billion in total
GAAP liabilities2

$916 

billion in total
GAAP AHL shareholders' deficit3

$47.9 

billion in
gross organic inflows4

$196.5 

billion in net
invested assets2

$2.3 

billion in
excess capital3

Why Athene?

Strong track record since inception. Well-positioned for future growth.

  • Efficient and scalable platform
  • Strong balance sheet
  • Stable and significant base of earnings
  • Strong capitalization levels with a growing capital base
  • Experienced management team
    • 165 years of leadership experience
  •   Multiple distribution channels to source liabilities
    • Retail: #1 in fixed-indexed annuity sales4 in 2021 and 2020
    • Flow reinsurance: a leading reinsurer in the annuity industry
    • Funding agreements5: For the year 2021, we generated $11.9 billion in funding agreement inflows. We were the #1 issuer of funding agreement backed notes (FABNs) with $11.1 billion of issuance across six different currencies.
    • Pension group annuities: Athene was the #1 U.S. PRT provider by volume6 in 2021 and 2020. We generated $13.8 billion in inflows for the year 2021. 
    • Acquisitions and block reinsurance transactions: ability to consummate complex transactions
  • Robust risk management
  • Powered by Apollo. Apollo gives us a competitive advantage through its tailored portfolio and asset management capabilities.

1 Financial strength ratings for Athene Annuity & Life Assurance Company, Athene Annuity and Life Company, Athene Annuity & Life Assurance Company of New York and Athene Life Re Ltd. S&P, Fitch, A.M. Best’s and Moody’s credit ratings reflect their assessment of the relative ability of an insurer to meet its ongoing insurance policy and contract obligations. S&P rating as of December 2022 (A+, 5th highest out of 21), Fitch rating as of May 2022 (A+, 5th highest of 19), A.M. Best rating as of April 2022 (A, 3rd highest of 16) and Moody’s rating as of July 2022 (A1, 5th highest of 21). Athene Holding Ltd.’s credit rating is A-/A-/bbb+ for S&P, Fitch and A.M. Best, respectively.

2  As of December 31, 2022. Pledged assets and funds in trust (restricted assets) total $25.4 billion and net reserve liabilities of $184.3 billion as of December 31, 2022. These financial metrics have not been updated for the adoption of the accounting standard relating to Targeted Improvements to the Accounting for Long-Duration Contracts (“LDTI”).  Please see Note 1 to Athene’s consolidated financial statements for the year ended December 31, 2022, included in Athene’s Form 10-K for the year ended December 31, 2022, for more information on LDTI.  Athene’s Form 10-K and other documents filed with the Securities and Exchange Commission are available at www.sec.gov.

3 As of December 31, 2022. Excess equity capital is computed as the capital in excess of the capital required to support our core operating strategies, as determined based upon internal modeling and analysis of economic risk, as well as inputs from rating agency capital models and consideration of both NAIC RBC and Bermuda capital requirements.

4 Gross organic inflows for the year ended December 31, 2022.

The following financial information is presented for Athene Annuity & Life Assurance Company of New York (AANY), on a statutory basis, based on the financial statement as of December 31, 2022:

Total Admitted Assets: $4.6 billion
Total Liabilities: $4.3 billion
Reserves Required:

Direct: $2.9 billion
Ceded: $2.4 billion
Net: $428 million

Total Capital & Surplus: $284 million
Securities Pledged As Collateral (Cash): $1.99 million

The following financial information is presented for Athene Annuity and Life Company (AAIA), on a statutory basis, based on the financial statement as of December 31, 2022:

Total Admitted Assets: $145.6 billion
Total Liabilities: $143.5 billion
Reserves Required:

Direct: $99.5 billion
Assumed: $0.36 billion
Ceded: $18.0 billion
Net: $82.0 billion

Capital & Surplus:

Common capital stock: $0.01 billion
Paid-in and contributed surplus: $3.09 billion
Unassigned surplus: $(1.03) billion

Total Capital & Surplus: $2.1 billion

5 Funding agreements are comprised of funding agreements issued under our FABN and FABR programs, funding agreements issued to the FHLB and long-term repurchase agreements.

6 LIMRA, U.S. Group Annuity Risk Transfer Survey, Fourth Quarter 2021 and Fourth Quarter 2020.

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Institutions
The institutional channel includes reinsurance and group annuity contracts related to pension group annuities.
Reinsurance Pension Group Annuities (PGA) Investors Privacy Legal

Annuities contain features, exclusions, limitations and availability that may vary by state and/or sales distributor. For a full explanation of an annuity, please refer to the Certificate of Disclosure or Prospectus (as applicable) and contact your financial professional or the company for costs and complete details. This material is a general description intended for general public use. 

Annuity contracts and group annuity contracts are issued by Athene Annuity and Life Company (61689), West Des Moines, IA, and Athene Annuity & Life Assurance Company (61492), Wilmington, Delaware, in all states (except New York), and in D.C. and PR. Annuity contracts and group annuity contracts are issued by Athene Annuity & Life Assurance Company of New York (68039), Pearl River, NY, in New York state. Payment obligations and guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. Insurance products may not be available in all states. These companies are not undertaking to provide investment advice for any individual or in any individual situation, and therefore nothing in this should be read as investment advice. This material should not be interpreted as a recommendation by Athene Annuity and Life Company, Athene Annuity & Life Assurance Company, Athene Annuity & Life Assurance Company of New York, or Athene Securities, LLC. Please reach out to your financial professional if you have any questions about insurance products and their features.

The term “financial professional” is not intended to imply engagement in an advisory business with compensation unrelated to sales. Financial professionals will be paid a commission on the sale of an annuity.

ANNUITIES ARE PRODUCTS OF THE INSURANCE INDUSTRY AND NOT GUARANTEED BY ANY BANK NOR INSURED BY FDIC OR NCUA/NCUSIF. MAY LOSE VALUE. NO BANK/CREDIT UNION GUARANTEE. NOT A DEPOSIT. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. MAY ONLY BE OFFERED BY A LICENSED INSURANCE AGENT.

Reinsurance contracts are entered into with Athene Annuity and Life Company (61689), West Des Moines, IA; Athene Annuity & Life Assurance Company (61492), Wilmington, Delaware; Athene Annuity & Life Assurance Company of New York (68039), Pearl River, NY; and Athene Life Re Ltd., Hamilton, Bermuda. Not all reinsurance products or structures offered are available in all jurisdictions. Reinsurers may not be licensed in all states. All transactions are subject to meeting a reinsurer’s underwriting requirements. Reinsurance products are not protected or guaranteed by state insurance guaranty associations or insolvency funds.