Athene Holding Ltd. · NYSE:ATH/PA
Athene — Investor Presentation (July 2025)
29 slides from Athene's investor presentation, July 2025
Slide 1: Overview of Athene's Corporate Structure
Overview of Athene’s Corporate Structure July 2025 Update
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. (“Athene”). This presentation is not intended to constitute a solicitation of any insurance policy or contract or application therefor. Unless the context re
Slide 3: Key Takeaways on Athene's Corporate Structure
Key Takeaways on Athene’s Corporate Structure Athene is a U.S. domiciled corporation and conducts most of its new business via its • U.S. entity RBC 419%1 1 U.S. subsidiaries • • Full U.S. taxpayer Iowa Insurance Division (IID) is group supervisor Athene has reinsurance operations in Bermuda which h
Slide 4: Apollo and Athene Maintain Separate Capital Structures and Credit Profiles
Apollo and Athene Maintain Separate Capital Structures and Credit Profiles GLOBAL MANAGEMENT Ordinary Shares 5,000+ Publicly Listed Employees ASSET via NYSE: APO Globally RETIREMENT MANAGEMENT SERVICES ASSET MAN AGEMEN T $7851 Billion A2 / A / A $31 Billion A1 / A+ / A+ / A+ Assets Under Rated by Mo
Slide 5: Athene's Key Subsidiaries are in Iowa and Bermuda
Athene’s Key Subsidiaries are in Iowa and Bermuda Holding Company Athene Holding Ltd. (“AHL”) Bermuda Insurance Subsidiary Delaware U.S. Insurance Subsidiary Athene benefits from strategic capital sidecars (ACRA 1 & 2) that are funded nearly two-thirds by third-party investors (Apollo/Athene Dedicat
Slide 6: Bermuda Entities Allow Athene to Raise Third Party Capital Efficiently
Bermuda Entities Allow Athene to Raise Third Party Capital Efficiently • Sidecar vehicles provide tax-efficient means for third-party foreign capital to invest and support growth • Athene maintains substantially the same reserve, capital and risk standards as its U.S. subsidiaries • The Bermuda Mone
Slide 7: Athene Uses Normal-Course Reinsurance to Support Growth
Athene Uses Normal-Course Reinsurance to Support Growth • In modified (“ModCo”) and funds-withheld (“FWH”) coinsurance, asset and liability risks are transferred. The reinsurance client maintains legal possession of the assets backing the liabilities. This provides additional protection against the
Slide 8: Policyholders Benefit from Combined Strength of All Entities
Policyholders Benefit from Combined Strength of All Entities • Clients benefit from Athene’s aggregate capitalization, including $22.7 billion1 of capital in Bermuda • All reinsurance treaties between affiliates are approved in accordance with relevant regulatory requirements • Regulatory and rating
Slide 9: Asset Classes and Investment Quality are Consistent Across Geographies
Asset Classes and Investment Quality are Consistent Across Geographies Invested Assets Shown in Athene U.S. Statutory Filings1 Bermuda and Other Invested Assets2 Alternatives Other Other Alternatives 1%3 Cash 5% 4%3 7% CMBS 3% Cash 4% 8% RMBS 2% CMBS Corporate and 2% Corporate and ~80% Gov't 32% RMB
Slide 10: Athene Remains Very Well Capitalized
Athene Remains Very Well Capitalized Summary of Total Capitalization ($B) Statutory Capital to Reserves U.S. Entities Total Adjusted Capital $7.7 Bermuda Entities Capital & Surplus $22.7 11% Athene Holding Limited1 $0.2 10% Gross Regulatory Capital2,3 $30.6 Less: ACRA Noncontrolling Interests ($5.8)
Slide 11: Athene Has Many Regulatory Constituencies; Iowa is Group Supervisor
Athene Has Many Regulatory Constituencies; Iowa is Group Supervisor Key Constituents Key Deliverables & Disclosures Big 4 Independent • U.S. GAAP SEC reporting (e.g. Form 10-K and 10-Q) Registered Public • 10-K includes audit by Deloitte Athene Holding Ltd. Accounting Firms • Dedicated quarterly fin
Slide 12: Regulatory Financial Summary of Key Entities
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 treatment between U.S. and Bermuda. Numbers may
Slide 13: Athene Corporate Structure FAQs
Athene Corporate Structure FAQs
Slide 14: Frequently Asked Questions
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 policyholders. While Bermuda enacted a 1
Slide 15: Frequently Asked Questions
Frequently Asked Questions Question Commentary • Athene is well-capitalized and is highly rated (Insurance Financial Strength Ratings of A1 by Moody’s and A+ by S&P, Fitch, and AM Best)1. • Athene’s Bermuda entities are managed to substantially the same reserving principles as Athene’s U.S. entities
Slide 16: Frequently Asked Questions
Frequently Asked Questions Question Commentary • Intercompany reinsurance is a common practice in the insurance industry. Intercompany reinsurance allows insurance companies to pool risk into and diversify risks within particular entities. It strengthens the creditworthiness of the entire group by m
Slide 17: Frequently Asked Questions
Frequently Asked Questions Question Commentary • Athene makes financial statements of several of its insurance operating subsidiaries, including its Bermudian reinsurance entity Athene Annuity Re and Athene Life Re Ltd. ("Athene Life Re"), available here in addition to the latest key financial discl
Slide 18: Frequently Asked Questions
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 third-parties in the industry. Such rein
Slide 19: Frequently Asked Questions
Frequently Asked Questions Question Commentary 9. Are there cross- guarantees between • No, there are no such cross-guarantees between the Apollo credit group, comprised of Apollo Global Management (Holding Company) and Apollo the Apollo and Athene Asset Management, and Athene Holding Ltd. debt and
Slide 20: Appendix
Appendix
Slide 21: U.S. Statutory Filings – Where to Find Total Assets
U.S. Statutory Filings – Where to Find Total Assets 1• Standalone U.S. Entity Assets (YE ‘24) Total regulatory assets are reported on the key statutory financial pages AAIA 2024 Insurance Statutory Filings $277.8 billion of stat assets at Athene Annuity and Life Company (“AAIA”) as of 12/31/2024 L
Slide 22: U.S. Statutory Filings – Where to Find Total Reserves
U.S. Statutory Filings – Where to Find Total Reserves 2• Standalone U.S. Entity Reserves (YE ‘24) Total regulatory reserves are reported on the key statutory financial pages AAIA 2024 Regulatory Reserves $133.0 billion of stat reserves at Athene Annuity and Life Company (“AAIA”) as of 12/31/2024 $
Slide 23: U.S. Statutory Filings – Where to Find ModCo Reserves
U.S. Statutory Filings – Where to Find ModCo Reserves 2• AAIA Modified Coinsurance Reserves (YE ‘24) Reserves ceded to affiliates are disclosed annually in Schedule S Part 3 AAIA 2024 YE Insurance Statutory Filings $138.2 billion of ModCo reserves as of 12/31/2024 ceded to Bermuda affiliates • $90
Slide 24: U.S. Statutory Filings – Where to Find Funds Withheld
U.S. Statutory Filings – Where to Find Funds Withheld 2• AAIA Funds Withheld (YE ‘24) Disclosed annually in Schedule S Part 3 AAIA 2024 YE Insurance Statutory Filings $54.2 billion of FWH reserves as of 12/31/2024 ceded to Bermuda affiliates • $4.1 billion is reinsured to AARe • $50.1 billion is r
Slide 25: U.S. Statutory Filings – Where to Find Capital and Surplus
U.S. Statutory Filings – Where to Find Capital and Surplus 3• Standalone U.S. Entity Disclosure (YE ‘24) U.S. insurances companies disclose Capital and Surplus quarterly in statutory filings Athene’s Iowa-domiciled insurance Company “AAIA” includes all its U.S. insurance subsidiaries’ capital an
Slide 26: Bermuda Statutory Filings – Capital & Surplus
Bermuda Statutory Filings – Capital & Surplus 3• Athene Life Re Capital & Surplus (4Q ‘24) 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 (“ALRe”) BMA Filing (4Q ‘24) Excerpt from 4Q ‘24 ALIRT Exhibit
Slide 27: U.S. Statutory Filings – Where to Find Risk Based Capital (RBC)
U.S. Statutory Filings – Where to Find Risk Based Capital (RBC) 3• Standalone U.S. Entity Disclosure (YE ‘24) U.S. insurances companies disclose Total Adjusted Capital (“TAC”) annually in statutory filings Athene’s Iowa-domiciled insurance Company “AAIA” includes all its U.S. insurance subsidiar
Slide 28: Risk Based Capital Ratio Disclosure Included in SEC Filings
Risk Based Capital Ratio Disclosure Included in SEC Filings 4• Annual Disclosure of RBC Ratios (2024) Athene discloses the Risk Based Capital (“RBC”) of both its U.S. and Bermuda entities annually in its 10-K Excerpt from ATH 2024 10-K Link: 2024 Athene 10-K. 28
Slide 29: 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