Athene Holding Ltd. · NYSE:ATH/PA
Athene — Investor Presentation (September 2026)
20 slides from Athene's investor presentation, September 2026
Slide 1: Athene Asset Risk & Stress Considerations
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Athene Asset Risk & Stress Considerations September 2026 Update
Slide 2: Disclaimer
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Disclaimer This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any security of Athene Holding Ltd. ("AHL" or "Athene"). Unless the context requires otherwise, references in this presentation to "Apollo"
Slide 3: Fortress Balance Sheet Allows Us To Go On Offense in Times of Stress
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Fortress Balance Sheet Allows Us To Go On Offense in Times of Stress 1 2 3 4 Athene maintains a Best-in-class This is Athene’s Stress test results are fortress balance sheet enterprise risk eighth consecutive very manageable — with A+ / A1 rating
Slide 4: Athene Maintains a Fortress Balance Sheet
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Athene Maintains a Fortress Balance Sheet A+ $37B $1.4B $79B $6.1B Financial Regulatory Excess Available Total Deployable Strength Profile1 Capital2 Equity Capital3 Liquidity4 Capital5 Note: Data presented net of the noncontrolling interests in A
Slide 5: Athene's Regulatory Capital is Among the Highest of its Peers
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Athene’s Regulatory Capital is Among the Highest of its Peers $37 $36 $34 $24 $17 $16 $16 $9 $8 $8 Peer 1 Peer 21 PEER Peer 32 PEER Peer 43 PEER Peer 54 PEER Peer 65 PEER Peer 76 PEER Peer 87 PEER Peer 98 PEER Peer 109 PEER Athene is one of the l
Slide 6: Strong Capital and Liquidity Profile
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Strong Capital and Liquidity Profile Athene’s Available Liquidity (Net, $B) 2025 441% Consolidated RBC Ratio1 1 Cash & Cash Equivalents4 $9.2 2 Credit Facilities5 5.6 2025 436% US RBC Ratio2 3 Committed Repurchase Facilities 2.0 4 Other Liquidity
Slide 7: Consistent Investment Management Philosophy
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Consistent Investment Management Philosophy 30 – 40 bps Targeted Asset Yield Outperformance vs the Industry Without Incremental Credit Risk TARGET HIGHER FOCUS ON DYNAMIC ASSET DIFFERENTIATION AND SUSTAINABLE DOWNSIDE ALLOCATION to take driven by
Slide 8: Asset Allocation vs. Industry
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Asset Allocation vs. Industry INDUSTRY AVERAGE 3 Cash & Other1 4 Equivalents 3% Other Cash & 10% 4% Alternatives Equivalents 5% 4% Alternatives Corporate & 3% Corporate CML 98% 95% Govt. & Govt. 12% 50% 36% CML 14% NAIC 1 & 22 NAIC 1 & 25 RML 14%
Slide 9: Athene Asset Impairments Have Historically Been Lower Than Those of Industry
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Athene Asset Impairments Have Historically Been Lower Than Those of Industry 20 Industry (10Y Avg): 11 bps 18 17 16 16 Athene (10Y Avg): 9 bps 14 13 11 10 9 9 8 8 6 6 5 5 4 3 3 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ATHENE 1 INDUSTRY 2
Slide 10: Risk Management is Embedded in Everything We Do
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Risk Management is Embedded in Everything We Do Athene’s eighth consecutive public stress test Transparent, Disciplined Risk Appetite What Makes It Possible DURATION MANAGED WITHIN LIMITS REGULAR STRESS TESTING on both sides of balance sheet focu
Slide 11: How Athene's Risk Team Delivers
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Athene Risk Management Awarded 2026 InsuranceERM Insurer of the Year How Athene’s Risk Team Delivers Culture of Risk Discipline RISK MANAGEMENT is embedded into every core function of the business: investment decisions, product design, asset liab
Slide 12: Investment Oversight Supported by Robust, Multi-Layered Governance
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Investment Oversight Supported by Robust, Multi-Layered Governance Athene’s Chief Risk Officer reports to the Athene Board Risk Committee and sits on the Risk Team ATHENE Athene Executive Committee Investment & Asset / Liability Committee Committ
Slide 13: Athene's Asset Stress Assumptions are Conservative Relative to Historical Experience
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Athene’s Asset Stress Assumptions are Conservative Relative to Historical Experience Athene’s stress CORP ORATES Utilize Moody’s historical recession-era bond default rates and recovery rates. Deep recession framework utilizes applies two-year co
Slide 14: Athene's Stress Assumptions in Historical Context
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Athene’s Stress Assumptions in Historical Context ATHENE ASSUMPTIONS SAMPLE HISTORICAL RECESSION DATA Baseline Deep Stagflation Euro COVID Recession Recession 1990 2001 2008 Scenario 2016 20201 Scenario Scenario 10-year US Down 60% Down 83% Up 15
Slide 15: Various Stress Scenarios are Highly Manageable
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Various Stress Scenarios are Highly Manageable Baseline Recession Deep Recession Stagflation Scenario Scenario Scenario Portfolio Loss Loss % of Loss Loss % of Loss Loss % of Allocation Impact Net Invested Impact Net Invested Impact Net Invested
Slide 16: Impact on Excess Capital from Ratings Migration in Stress is Net Favorable
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Impact on Excess Capital from Ratings Migration in Stress is Net Favorable, Driven by Capital Relief from a Lower Alternative Investments Balance Baseline Recession Deep Recession ($B) and Stagflation Scenarios Scenario Corporate & Gov’t ($1.1) (
Slide 17: Management Actions Can Restore Capital and Provide Opportunistic Liquidity in Stress
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Management Actions Can Restore Capital and Provide Opportunistic Liquidity in Stress CAPITAL & LIQUIDITY ADDITIONAL LEVERS THIRD PARTY CAPITAL • Athene has access to a range of • Athene retains additional • In addition, Athene's sidecars, committ
Slide 18: Athene is Committed to Transparency and Ongoing Disclosure
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Athene is Committed to Transparency and Ongoing Disclosure New supplemental materials Host quarterly calls Publish asset stress test address focus areas (private dedicated to fixed results and corporate credit, Alts, "related party" and income in
Slide 19: Non-GAAP Measures & Definitions
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Non-GAAP Measures & Definitions Non-GAAP Definitions In addition to our results presented in accordance with accounting principles generally accepted in the United States of America (US GAAP), we present certain financial information that include
Slide 20: Non-GAAP Measure Reconciliations
ATHENE ASSET PORTFOLIO RISK AND STRESS CONSIDERATIONS Non-GAAP Measure Reconciliations (in millions) RECONCILIATION OF TOTAL INVESTMENTS, INCLUDING RELATED PARTIES, TO NET INVESTED ASSETS March 31, 2026 June 30, 2026 Total investments, including related parties $ 358,127 $ 377,369 Derivative assets
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