Financial Strength

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 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 January 2024 (A+, 5th highest out of 21), Fitch rating as of September 2023 (A+, 5th highest of 19), A.M. Best rating as of May 2023 (A, 3rd highest of 16) and Moody’s rating as of July 2023 (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  Athene Holding Ltd. GAAP total assets, AHL shareholders' equity and total liabilities as of December 31, 2023. Pledged assets and funds in trust (restricted assets) total $49.6 billion and net reserve liabilities of $199.3 billion as of December 31, 2023.

³ Gross organic inflows as of December 31, 2023.

⁴ As of December 31, 2023. 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 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 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 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 assets associated with funds withheld liabilities related to business exited through reinsurance agreements and derivative collateral (offsetting the related cash positions). We include the underlying investments supporting our assumed funds withheld and modco agreements 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. 

⁵ As of December 31, 2023. Excess equity capital is computed as 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. 

⁶ LIMRA, U.S. Individual Annuity Industry Sales Report, Fourth Quarter 2020 - Fourth Quarter 2023.

⁷ 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. 

⁸ LIMRA, U.S. Group Annuity Risk Transfer Survey, Fourth Quarter 2018 - Fourth Quarter 2023.

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, 2023.  

Total Admitted Assets: $5.25 billion
Total Liabilities: $4.96 billion
Reserves Required:

Direct:  $3.21 billion 
Ceded: $2.76 billion 
Net:  $455 million

Total Capital & Surplus: $290 million
Securities Pledged As Collateral (Cash): $5.88 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, 2023.  

Total Admitted Assets:  $201.98 billion
Total Liabilities: $199.10 billion
Reserves Required:

Direct: $131.15 billion
Assumed:  $1.72 billion 
Ceded: $17.47 billion
Net: $115.40 billion

Capital & Surplus:

Common capital stock:  $0.01 billion
Paid-in and contributed surplus: $4.65 billion
Unassigned surplus: $(1.79) billion

Total Capital & Surplus: $2.87 billion