Athene Holding Ltd. · NYSE:ATH/PA
Athene — Debt Investor Presentation (May 2026)
28 slides from Athene's debt investor presentation, May 2026
Slide 1: Athene Fixed Income Investor Presentation
Athene Fixed Income Investor Presentation May 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: Strong Growth Amid High Demand for Retirement Savings Products
Strong Growth Amid High Demand for Retirement Savings Products Increasing gross invested assets (+15% YoY) $397B Gross Invested Assets Strong organic new business growth $20B $76B Organic Inflows 1Q’261 Organic Inflows LTM1 Solid earnings generation $719M $3.3B SRE 1Q’26 SRE LTM Robust capitalizatio
Slide 4: Athene Maintains a Distinct Credit Profile Within Apollo
Athene Maintains a Distinct Credit Profile Within Apollo $75B ~6,200 ASSET Market Employees RETIREMENT Capitalization1 Globally MANAGEMENT SERVICES $1T A from S&P, Fitch; $36B A+ from S&P, Fitch, A.M. Best; Assets Under A2 from Moody’s Regulatory Capital2 A1 from Moody’s3 Management Solutions across
Slide 5: Athene's Right to Win - Consistent Growth Driven by Competitive Differentiation
Athene’s 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 30-40 bps of • More than 35 bps • #1 market share in • Fortress balance sheet • High performance outpe
Slide 6: Continuing Track Record of Strong, Diversified Organic Growth
Continuing Track Record of Strong, Diversified Organic Growth Decade of Dominance 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 $20 Reinsurance Ann
Slide 7: Retail Distribution Remains a Key Competitive Advantage
Retail Distribution Remains a Key Competitive Advantage Key Highlights 1Q’26 LTM Retail Inflows by Distribution Channel • Financial institutions drove 82% of retail volume in the first quarter with 18% from Independent Marketing IMO Organizations (IMOs) 22% • Strong inflows from Athene’s Fixed Index
Slide 8: Differentiated, Multi-Faceted Funding Agreement Capabilities
Differentiated, Multi-Faceted Funding Agreement Capabilities Disciplined approach illustrated by last Funding Agreement Inflows By Type syndicated issuance in September 2025 Simple, predictable liability with known maturities and no customer behavior or refinance risk Global issuance $33B Strong ins
Slide 9: Disciplined FHLB Funding Strategy
Disciplined FHLB Funding Strategy Fully collateralized, matched funding structure that supports disciplined spread generation and FHLB mission 1 Assets Pledged to FHLB by Type Membership Highlights Agency RMBS Other MBS 1% 1% CMBS 1% 10% $1.3B ~135% Commercial Capital Stock3 Overcollateralization Ra
Slide 10: Athene Maintains a Fortress Balance Sheet
Athene Maintains a Fortress Balance Sheet A+ $36B $1.7B $72B $6.2B Financial Regulatory Excess Available Total 2 3 4 5 Strength Profile 1 Capital Equity Capital Liquidity Deployable Capital During 1Q‘26, excess equity capital deployed to support strong organic growth and Athora/PIC funding Note: Dat
Slide 11: Athene Asset Impairments Have Historically Been Lower Than Those of Industry
Athene Asset Impairments Have Historically Been Lower Than Those of Industry Historical Asset Impairments (annualized, bps) Athene1 Industry2 Industry (5Y Avg): 12 bps 20 Athene (5Y Avg): 11 bps 18 17 16 11 9 9 8 6 3 2021 2022 2023 2024 2025 1. Athene’s statutory fixed income impairments adjusted to
Slide 12: Athene's Superior Financial Metrics are Not Fully Reflected in Secondary Spreads
Athene’s Superior Financial Metrics are Not Fully Reflected in Secondary Spreads CRBG EQH PFG Gross Invested Assets ($B)1 $397 $264 $130 $115 1Q’26 LTM Operating Income ($M)2 $3,276 $2,885 $2,193 $2,331 Adjusted Leverage Ratio3 25.9% 29.4% 39.6% 22.1% Ratings4 A1/A+/A+ A2/A+/NR A1/A+/NR A1/A+/NR RBC
Slide 13: Strong Capital and Liquidity Profile
Strong Capital and Liquidity Profile Athene’s Available Liquidity (Net, $B) 441% 1 Cash & Cash Equivalents4 $9.4 2025 Consolidated RBC Ratio1 2 Credit Facilities5 4.9 436% 3 Committed Repurchase Facilities 2.0 2025 US RBC Ratio2 4 Other Liquidity6 2.4 5 Highly Liquid Assets7 53.1 454% 2025 Bermuda R
Slide 14: Athene Utilizes Numerous Sources of Capital to Grow
Athene Utilizes Numerous Sources of Capital to Grow Earnings Generation Earnings generation: $3.3B of LTM spread related earnings and $719M in 1Q’26 & Capital Release Capital Release from Runoff: $1.9B LTM, net of ADIP Preferred Equity: $2.3B notional outstanding Subordinated Debt: $1.8B notional ou
Slide 15: 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 16: 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 4% 95% 98% Alternatives 5% Corporate4 & Gov’t Invested in Fixed Income or AFS Fixed Maturity Securities CLO 35% Cash 8% Net Invested Assets Rated Investment Grade1 $300B 3 5% CML RESILIENT
Slide 17: Alignment with Apollo Provides Access to Alpha-Generating Assets
Alignment with Apollo Provides Access to Alpha-Generating Assets Asset Sourcing Highlights 1Q’26 LTM Gross Asset Purchases RMBS Alts • Apollo’s proprietary asset origination capabilities allow CLO CMBS 2% 2% Equity/Other 5% 2% 2% Athene to access senior-secured, private investment-grade CML credit,
Slide 18: IG Issuance Is Setting Records; Hyperscaler Issuance Is Reshaping Public IG
IG Issuance Is Setting Records; Hyperscaler Issuance Is Reshaping Public IG Note: Data as of May 2026 or latest available. 1. Source Morgan Stanley Research, Dealogic, Bloomberg. 2. Source: ICE BofA C0A0 Index. The universe includes the market value share of the C0A0 index, USD IG corporate bonds 3.
Slide 19: Through Apollo, Athene is Able to Source IG Assets with Consistent, Excess Spread
Through Apollo, Athene is Able to Source IG Assets with Consistent, Excess Spread IG Spread vs Volatility by Investment Type Spread over UST Monthly Spread Vol Since 2021 Note: Data as of April 20, 2026. Source: Bloomberg, BofA, JPM. Private IG refers to Apollo originated private IG loans. *Non-QM B
Slide 20: 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 Other1 Key Attributes 2% 7 Year Weighted Average Life 90% Of Funding Carries a 37% Non-Surrenderable2 Pension Group Annuities 9% Indexed Ann
Slide 21: Outflow Activity Remains Highly Predictable
Outflow Activity Remains Highly Predictable Historical/Projected Annualized Outflow Rates 2025 2026 Q1 Q2 Q3 Q4 Q1E Q1 Q2E Q3E Q4E FY’25 FY’26E Maturity-Driven, Contractual-Based Outflows1,6 5.5% 3.6% 7.9% 5.0% 6.7% 6.7% 5.2% 7.5% 5.4% 5.5% 6.2% Policyholder-Driven Outflows2 5.5% 5.1% 5.2% 5.7% 5.0%
Slide 22: Athene is Committed to Transparency and Ongoing Disclosure
Athene is Committed to Transparency and Ongoing Disclosure New supplemental materials address focus areas (private credit, Alts, “related party” and “affiliated” assets) Host quarterly calls dedicated to fixed income investors Publish stress test results and corporate structure updates annually New
Slide 23: 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 24: 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 25: 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 26: Non-GAAP Measure Reconciliations
Non-GAAP Measure Reconciliations (In millions, except percentages) RECONCILIATION OF LEVERAGE RATIO TO ADJUSTED LEVERAGE RATIO March 31, 2026 Total debt $ 7,840 Add: 50% of preferred stock 1,235 Less: 50% of subordinated debt 888 Less: Adjustment to arrive at notional 159 Adjusted leverage $ 8,028 T
Slide 27: 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 Twelve months ended Three months ended March 31, 2026 March 31, 2026 Net income (loss) available to Athene Holding Ltd
Slide 28: Non-GAAP Measure Reconciliations
Non-GAAP Measure Reconciliations (In millions) RECONCILIATION OF TOTAL INVESTMENTS, INCLUDING RELATED PARTIES, TO NET INVESTED ASSETS March 31, 2026 Total investments, including related parties $ 358,127 Derivative assets (8,352) Cash and cash equivalents (including restricted cash) 19,011 Accrued i
Athene Holding — Debt Investor Presentation (May 2026) on 6ix