Athene Holding Ltd. · NYSE:ATH/PA
Athene — Investor Presentation (August 2026)
30 slides from Athene's investor presentation, August 2026
Slide 1: Overview of Athene's Corporate Structure
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Overview of Athene’s Corporate Structure August 2026 Update
Slide 2: Disclaimer
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Disclaimer This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any security of Athene Holding Ltd. ("Athene"). This presentation is not intended to constitute a solicitation of any insurance policy or contract or ap
Slide 3: Key Takeaways on Athene's Corporate Structure
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Key Takeaways on Athene’s Corporate Structure • U.S. entity RBC 436%1 Athene is a U.S. domiciled corporation and conducts most of its new business 1 via its U.S. subsidiaries • Full U.S. taxpayer • Iowa Insurance Division (IID) is group supervisor Athene has
Slide 4: Athene Maintains a Distinct Credit Profile Within Apollo
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Athene Maintains a Distinct Credit Profile Within Apollo GLOBAL MANAGEMENT Asset $79B 6,100+ Retirement Management Market Capitalization1 Employees Globally Services A SSET M A NA GEM ENT $938B A from S&P, Fitch; $35B A+ from S&P, Assets Under A2 from Moody’s
Slide 5: Athene's Key Subsidiaries are in Iowa and Bermuda
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Athene’s Key Subsidiaries are in Iowa and Bermuda Athene benefits from strategic HOLDING COMPANY Athene Holding Ltd. capital sidecars (ACRA 1 & 2) that (AHL) are funded nearly two-thirds BERMUDA INSURANCE SUBSIDIARY by third-party investors Delaware (Apollo/A
Slide 6: Bermuda Entities Allow Athene to Raise Third Party Capital Efficiently
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Bermuda Entities Allow Athene to Raise Third Party Capital Efficiently Apollo Equity Raised for Life Insurance Industry by Domicile1 • Sidecar vehicles provide tax-efficient means for $0.5B 2% BERMUDA third-party foreign capital to invest and REST OF WORLD su
Slide 7: Athene Uses Normal-Course Reinsurance to Support Growth
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Athene Uses Normal-Course Reinsurance to Support Growth Athene utilizes modified (ModCo) and funds-withheld (FWH) coinsurance to reinsure new and existing business to its Bermuda entities. These reinsurance structures are commonly used across the industry wit
Slide 8: Policyholders Benefit from Combined Strength of All Athene Entities
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Policyholders Benefit from Combined Strength of All Athene Entities Through internal reinsurance, All reinsurance treaties between affiliates Regulatory and rating agency capital policyholders benefit from Athene’s are approved in accordance with ratios refle
Slide 9: Asset Mix and Investment Quality are Substantially Similar Across Geographies
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Asset Mix and Investment Quality are Substantially Similar Across Geographies U.S. Statutory & Other Invested Assets Mix1 Bermuda Invested Assets Mix4 Alternatives Other Alternatives Other 5% CMBS 2%2 5% 4%2 RMBS 2% CMBS 4% Corporates 3% RMBS 23%3 2% CLO 7% C
Slide 10: Athene Remains Very Well Capitalized
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Athene Remains Very Well Capitalized Summary of Total Capitalization ($B) Statutory Capital to Reserves U.S. Entities Total Adjusted Capital $9.5 Bermuda Entities Capital & Surplus $25.3 10.1% 9.7% Athene Holding Ltd.1 $0.3 Gross Regulatory Capital2 $35.1 Les
Slide 11: Athene Has Many Regulatory Constituencies; Iowa is Group Supervisor
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Athene Has Many Regulatory Constituencies; Iowa is Group Supervisor KEY CONSTITUENTS K E Y D E L I V E R A B L E S & D I S C LO S U RE S Independent • U.S. GAAP SEC reporting (e.g. Form 10-K and 10-Q) Registered Public • 10-K includes audit by Deloitte Athene
Slide 12: Regulatory Financial Summary of Key Entities
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Regulatory Financial Summary of Key Entities Pro forma presentation reflects impact of intercompany reinsurance 1 2 3 4 See Appendix for specific references to items 1-4 within public filings Note: Variances will arise from prescribed accounting basis treatme
Slide 13: Corporate Structure FAQs
OVERVIEW ASSET PORTFOLIO OF ATHENE’S COMPENDIUM CORPORATE STRUCTURE Corporate Structure FAQs
Slide 14: Frequently Asked Questions
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Frequently Asked Questions QUESTION COMMENTARY • Bermuda provides Athene an efficient means to raise third-party capital. Investing in a Bermuda reinsurance entity provides non-U.S. investors a more tax efficient means to invest capital that supports Athene’s
Slide 15: Frequently Asked Questions
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Frequently Asked Questions QUESTION COMMENTARY • Intercompany reinsurance is a common practice in the insurance industry. Intercompany reinsurance allows insurance companies to pool and diversify risk within particular entities and strengthens the creditworth
Slide 16: Frequently Asked Questions
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Frequently Asked Questions QUESTION COMMENTARY • Athene has the ability to move capital among its subsidiaries through dividends or other distributions, capital contributions, 4 intercompany loans and other methods, subject in each case to applicable laws and
Slide 17: Frequently Asked Questions
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Frequently Asked Questions QUESTION COMMENTARY • The reinsurance treaties between Athene’s U.S. insurance entities and their affiliated Bermuda reinsurers are generally similar to other modified and funds withheld coinsurance reinsurance treaties used between
Slide 18: Frequently Asked Questions
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Frequently Asked Questions QUESTION COMMENTARY • Athene makes financial statements of several of its insurance operating subsidiaries, including its Bermudian reinsurance entities, Athene Annuity Re and Athene Life Re Ltd., available here in addition to the l
Slide 19: Frequently Asked Questions
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Frequently Asked Questions QUESTION COMMENTARY 10 • Athene Holding Ltd. and Apollo Asset Management maintain separate and distinct credit profiles and capital structures. Will Apollo support Athene • While there are no explicit guarantees of support, Athene i
Slide 20: Frequently Asked Questions
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Frequently Asked Questions QUESTION COMMENTARY ( $B) 2025 Adjusted AHL Common Stockholder’s Equity $22.8 Add: Senior Debt Notional 6.0 Add: Preferred Stock Notional 2.3 12 Add: Subordinated Debt Notional 1.8 What are the major differences between Cumulative A
Slide 21: Appendix
OVERVIEW ASSET PORTFOLIO OF ATHENE’S COMPENDIUM CORPORATE STRUCTURE Appendix
Slide 22: U.S. Statutory Filings – Where to Find Total Assets
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE U.S. Statutory Filings – Where to Find Total Assets 11 Standalone U.S. Entity Assets (YE ‘25) • Total regulatory assets are reported on the key statutory financial pages AAIA 2025 Insurance Statutory Filings $340.7 billion of stat assets at Athene Annuity and
Slide 23: U.S. Statutory Filings – Where to Find Total Reserves and Funds Withheld
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE U.S. Statutory Filings – Where to Find Total Reserves and Funds Withheld 2 Standalone U.S. Entity Assets (YE ‘25) • Total regulatory reserves are reported on the key statutory financial pages • AAIA Funds Withheld (YE ‘25) is disclosed annually AAIA 2025 YE I
Slide 24: U.S. Statutory Filings – Where to Find ModCo Reserves
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE U.S. Statutory Filings – Where to Find ModCo Reserves 2 AAIA Modified Coinsurance Reserves (YE ‘25) • Reserves ceded to affiliates are disclosed annually in Schedule S Part 3 AAIA 2025 YE Insurance Statutory Filings $168.3 billion of ModCo reserves as of 12/3
Slide 25: U.S. Statutory Filings – Where to Find Capital and Surplus
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE U.S. Statutory Filings – Where to Find Capital and Surplus 3 Standalone U.S. Entity Disclosure (YE ‘25) • U.S. insurance companies disclose Capital and Surplus quarterly in statutory filings • Athene’s Iowa-domiciled insurance company AAIA includes all its U.
Slide 26: Bermuda Statutory Filings – Capital & Surplus
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Bermuda Statutory Filings – Capital & Surplus 3 Athene Life Re Capital & Surplus (4Q ‘25) • Athene Life Re’s capital & surplus is reported to the Bermuda Monetary Authority, and posted on Athene’s IR website Excerpt from Athene Life Re Filing (4Q ‘25) Excerpt
Slide 27: U.S. Statutory Filings – Where to Find Risk-Based Capital (RBC)
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE U.S. Statutory Filings – Where to Find Risk-Based Capital (RBC) 3 Standalone U.S. Entity Disclosure (YE ‘25) • U.S. insurance companies disclose Total Adjusted Capital (TAC) annually in statutory filings • Athene’s Iowa-domiciled insurance Company AAIA includ
Slide 28: Risk-Based Capital Ratio Disclosure Included in SEC Filings
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Risk-Based Capital Ratio Disclosure Included in SEC Filings 4 Annual Disclosure of RBC Ratios (2025) • Athene discloses the RBC of both its U.S. and Bermuda entities annually in its 10-K Excerpt from ATH 2025 10-K Link: 2025 Athene 10-K. 28
Slide 29: Non-GAAP Measures & Definitions
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Non-GAAP Measures & Definitions Assets Under Management Assets Under Management, or AUM, refers to the assets of the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, incl
Slide 30: Non-GAAP Measures Reconciliations
OVERVIEW OF ATHENE’S CORPORATE STRUCTURE Non-GAAP Measures Reconciliations RECONCILIATION OF TOTAL ATHENE HOLDING LTD. STOCKHOLDERS’ EQUITY TO TOTAL ADJUSTED ATHENE HOLDING LTD. COMMON STOCKHOLDER’S EQUITY (In millions) December 31, 2025 Total Athene Holding Ltd. stockholders' equity $ 20,492 Less: