Athene Holding Ltd. · NYSE:ATH/PA
Athene — Debt Investor Presentation (February 2026)
27 slides from Athene's debt investor presentation, February 2026
Slide 1: Athene Fixed Income Investor Presentation
Athene Fixed Income Investor Presentation February 2026
Slide 2: Disclaimer
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” and together with its consolidated subsidiaries, “Athene”). This presentation is not intended to constitute a solicitation of any insurance policy or
Slide 3: Record Full Year Inflows Amid High Demand for Retirement Savings Products
Record Full Year Inflows Amid High Demand for Retirement Savings Products Record annual earnings generation $3.4B Spread Related Earnings (SRE) Record annual organic new business growth $82B Organic Inflows1 Increasing gross invested assets +18% YoY $387B Gross Invested Assets Robust capitalization
Slide 4: Athene Maintains a Distinct Credit Profile Within Apollo
Athene Maintains a Distinct Credit Profile Within Apollo $84B 6,100+ ASSET Market Employees RETIREMENT Capitalization Globally MANAGEMENT SERVICES $938 billion A from S&P, Fitch; $35 billion A+ from S&P, Fitch, A.M. Best; Assets Under A2 from Moody’s Regulatory Capital1 A1 from Moody’s2 Management S
Slide 5: Our Right to Win ‒ Consistent Growth Driven by Competitive Differentiation
Our Right to Win ‒ Consistent Growth Driven by Competitive Differentiation 1 2 3 4 5 Asset Cost Structure / Product Culture & Capital Outperformance Scale Distribution Management Team • Target 30-40bps of • ~35bps operating • #1 market share in • Fortress balance sheet • High performance outperforma
Slide 6: Continuing Track Record of Strong, Diversified Organic Growth
Continuing Track Record of Strong, Diversified Organic Growth Athene is a Market Leader Across Organic Inflow Channels $82 Retail Funding 11 Annuities Agreements $71 $63 5 #1 Market Share in #1 FABN Market Share 20251 in 20252 10 $48 29 35 11 11 $37 7 6 $28 14 Flow Pension Group 6 2 10 Reinsurance A
Slide 7: Retail Distribution Remains a Key Competitive Advantage
Retail Distribution Remains a Key Competitive Advantage 4Q’25 Highlights 2025 Retail Inflows by Distribution Channel • Financial institutions drove 77% of retail volume in the fourth quarter 78% IMO Financial 22% • 23% of Athene’s retail flows were sold through independent Institutions marketing org
Slide 8: Differentiated, Multi-Faceted Funding Agreement Capabilities
Differentiated, Multi-Faceted Funding Agreement Capabilities Athene is the #1 issuer of FABNs1 Funding Agreement Inflows Simple, predictable liability with known maturities and no customer behavior or refinance risk Global Issuance Strong institutional demand given higher Across 9 $35B yields vs. si
Slide 9: New Markets Are Starting to Build
New Markets Are Starting to Build Launch / Scale New Products Unlock New Markets “Widening “Opening the the Funnel” Aperture” International Grow RILA Stable Structured Tax Defined ‘New’ New Markets Market Share Value Market Settlements Advantaged Contribution Markets Launched Launched Continued expa
Slide 10: Athene Maintains a Fortress Balance Sheet…
Athene Maintains a Fortress Balance Sheet… A+ $35B $3.2B $75B $8.6B Financial Regulatory Excess Available Total 2 3 4 5 Strength Profile 1 Capital Equity Capital Liquidity Deployable Capital Note: Athene metrics are net of the noncontrolling interests in ACRA, unless otherwise noted, as of December
Slide 11: …That Outperforms the Competition
…That Outperforms the Competition Higher Statutory Capital Lower Adjusted Lower Credit Losses vs. Reserves1 Leverage Ratio2 $35B of Trailing 5 Year Avg. Stat Capital (2020-2024) 26.5% 10.1% 24.4% 9.4% 13bps 11bps Athene AA-/A+ Rated Athene AA-/A+ Rated Athene3,4 Industry Company Average Company Aver
Slide 12: Athene’s Superior Financial Metrics are Not Fully Reflected in Secondary Spreads
Athene’s Superior Financial Metrics are Not Fully Reflected in Secondary Spreads CRBG EQH PFG Invested Assets ($B)1 $292 $243 $132 $115 2025 Operating Income ($M)2 $3,361 $2,966 $2,139 $2,258 Adjusted Leverage Ratio1 24.4% 27.7% 41.2% 22.0% Ratings1 A1/A+/A+ A2/A+/NR A1/A+/NR A1/A+/NR RBC Ratio (Con
Slide 13: Strong Capital and Liquidity Profile
Strong Capital and Liquidity Profile Athene’s Available Liquidity ($B) 441% 1 Cash & Cash Equivalents4 $6.9 2025 Consolidated RBC Ratio1 2 Credit Facilities5 4.9 436% 3 Committed Repurchase Facilities 2.0 2025 US RBC Ratio2 4 Other Liquidity6 7.4 5 Highly Liquid Assets7 53.3 454% 2025 Bermuda RBC Ra
Slide 14: Athene Utilizes Numerous Sources of Capital to Grow
Athene Utilizes Numerous Sources of Capital to Grow 1 2 3 Earnings Generation Capital Markets Issuance Strategic Sidecar Capital & Capital Release • Earnings generation • Preferred Equity • Apollo/Athene Dedicated Investment – $3.4B of spread related earnings, excluding – $2.3B notional outstanding
Slide 15: Strategic Sidecar Supports Athene’s Growth with On-Demand Equity Capital
Strategic Sidecar Supports Athene’s Growth with On-Demand Equity Capital Largest Sidecar in Retirement Strong ADIP Returns Rewarded Services Industry1 with Significant Upsize $6B $3.3B #1 ADIP I (2019) ADIP II (2024) Cumulative ADIP Capital Efficient Solution Capital Deployed2 $9.0B Supports Athene’
Slide 16: Consistent Investment Management Philosophy
Consistent Investment Management Philosophy Target higher and sustainable risk-adjusted Focus on downside Differentiation driven by Dynamic asset allocation returns by capturing protection given long- proprietary asset to take advantage of origination premia to dated liability profile and originatio
Slide 17: High Quality Asset Portfolio Generates Safe Yield
High Quality Asset Portfolio Generates Safe Yield Other 2 RMBS Key Attributes CMBS 3% 2% 3% Cash & Equivalents 95% 97% 4% Alternatives 5% Invested in Fixed Income or AFS Fixed Maturity Securities CLO Net Invested Assets Corporate & Gov’t Cash Rated Investment Grade1 $292 9% 35% 5% BILLION3 RESILIENT
Slide 18: Alignment with Apollo Provides Access to Alpha-Generating Assets
Alignment with Apollo Provides Access to Alpha-Generating Assets Asset Sourcing Highlights 2025 Gross Asset Purchases CMBS RMBS Equity/Other • Apollo’s proprietary asset origination capabilities allow CLO 3% 2% 2% Alts Athene to access senior-secured, private investment-grade 7% 1% credit, with oppo
Slide 19: Persistent and Predictable Liability Portfolio Provides Long-Dated Funding
Persistent and Predictable Liability Portfolio Provides Long-Dated Funding Retirement savings products with structural features that increase funding stability Part of PGA surrender Other1 Key Attributes charge protected 2% 7 Year Weighted Average Life 89% Of Funding Carries a 36% Non-Surrenderable2
Slide 20: Outflow Activity Remains Highly Predictable
Outflow Activity Remains Highly Predictable Historical/Projected Annualized Outflow Rates 2025 2026 Q1 Q2 Q3 Q4E Q4 Q1E Q2E Q3E Q4E FY’25E FY’25 FY’26E Maturity-Driven, Contractual-Based Outflows1,6 5.5% 3.6% 7.9% 5.6% 5.0% 6.7% 5.2% 7.5% 5.4% 6.0% 5.5% 6.2% Policyholder-Driven Outflows2 5.5% 5.1% 5
Slide 21: In Summary, Athene’s Business Performance was Strong in 2025
In Summary, Athene’s Business Performance was Strong in 2025 Record new business growth including record Funding Agreement and Flow Reinsurance volumes Underwriting new business growth at attractive rates of return in line with targets Generated record annual Spread Related Earnings Maintained fortr
Slide 22: Non-GAAP Measures & Definitions
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 includes non-GAAP measures. Management believes the use of th
Slide 23: Non-GAAP Measures & Definitions
Non-GAAP Measures & Definitions 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
Slide 24: Non-GAAP Measures & Definitions
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, including, without limitation, capital that su
Slide 25: Non-GAAP Measure Reconciliations
Non-GAAP Measure Reconciliations (In millions, except percentages) RECONCILIATION OF LEVERAGE RATIO TO ADJUSTED LEVERAGE RATIO December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Total debt $ 2,964 $ 3,658 $ 4,209 $ 6,309 $ 7,848 Add: 50% of preferred stock 1,15
Slide 26: Non-GAAP Measure Reconciliations
Non-GAAP Measure Reconciliations (In millions, except percentages) RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS, Years ended December 31, EXCLUDING NOTABLE ITEMS 2021 2022 2023 2024 2025 Net income (loss) available to Athene Holdi
Slide 27: Non-GAAP Measure Reconciliations
Non-GAAP Measure Reconciliations (In millions) RECONCILIATION OF TOTAL INVESTMENTS, INCLUDING RELATED PARTIES, TO NET INVESTED ASSETS December 31, 2025 Total investments, including related parties $ 356,457 Derivative assets (9,190) Cash and cash equivalents (including restricted cash) 16,326 Accrue
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