Athene Holding Ltd. · NYSE:ATH/PA

Athene — Debt Investor Presentation (April 2023)

30 slides from Athene's debt investor presentation, April 2023

1. Slide 1: Overview of Athene's Corporate Structure

   Overview of Athene’s Corporate Structure April 2023

2. 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”). Unless the context requires otherwise, references in this presentation to “Apollo," "AGM" and "AGM HoldCo" refer to Apollo Global Management, Inc

3. Slide 3: Post-Merger Structure of Apollo Global Management

   Post-Merger Structure of Apollo Global Management Apollo is a publicly-traded holding company with two principal subsidiaries, including Athene GLOBAL MANAGEMENT Ordinary Shares 4,000+ Publicly Listed Employees ASSET via NYSE: APO Globally RETIREMENT MANAGEMENT SERVICES ASSET MAN AGEMEN T $548 Billi

4. Slide 4: Key Takeaways for Athene's Structure, Subsidiary Capital, and Ratings

   Key Takeaways for Athene’s Structure, Subsidiary Capital, and Ratings • Post-merger, Apollo Asset Management (AAM) and Athene Holding Ltd. (AHL) maintain separate capital structures, with distinct preferred equity, debt, and credit rating profiles • Athene conducts most of its organic business throu

5. Slide 5: Athene's Key Subsidiaries are in Bermuda, Iowa, and Delaware

   Athene’s Key Subsidiaries are in Bermuda, Iowa, and Delaware Holding Company Athene Holding Ltd. (“AHL”) Bermuda Insurance Subsidiary Bermuda Athene benefits from a strategic U.S. Insurance Subsidiary capital sidecar (ACRA) that is funded approximately two-thirds by third-party investors (ADIP) Athe

6. Slide 6: 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 Firm • Dedicated quarterly fina

7. Slide 7: Why is Athene in Bermuda?

   Why is Athene in Bermuda? • Athene is a full U.S. taxpayer post-merger with Apollo • Athene’s Bermuda presence allows it to efficiently establish vehicles that provide tax-efficient means for third-party foreign capital to invest in support of insurers • Athene’s reserving standards are substantiall

8. Slide 8: Athene Provides Reinsurance Clients Option to Face U.S. or Bermuda

   Athene Provides Reinsurance Clients Option to Face U.S. or Bermuda • Athene was founded in 2009 as a Bermudian reinsurer, providing capital to support U.S. and European insurers • As client demands grew, Athene added U.S. capabilities to provide reinsurance clients the option to reinsure to Bermuda

9. Slide 9: Athene Utilizes Normal-Course Reinsurance Practices

   Athene Utilizes Normal-Course Reinsurance Practices • In modified (“ModCo”) and funds-withheld (“FWH”) coinsurance, asset and liability risks are transferred, however the reinsurance client maintains legal possession of the assets backing the liabilities o Retention of the assets provides additional

10. Slide 10: Policyholders Benefit from Combined Strength of All Entities

    Policyholders Benefit from Combined Strength of All Entities • Through reinsurance, clients benefit from Athene’s aggregate capitalization, including $18.4 billion1 of gross regulatory capital in Bermuda • Athene manages capital in line with its view of the economic risk in each entity (capital held

11. Slide 11: Putting it All Together: Athene is Very Well Capitalized

    Putting it All Together: Athene is Very Well Capitalized Summary of Total Capitalization (Q4 2022) Statutory Capital to Reserves (Q4 2022) U.S. Entities Total Adjusted Capital $4.1bn Bermuda Entities Capital & Surplus $18.4bn 11.9% Athene Holding Limited & Other1 $1.2bn Gross Regulatory Capital2 $23

12. Slide 12: Athene's Corporate Structure – Frequently Asked Questions

    Athene’s Corporate Structure – Frequently Asked Questions Question Commentary • Bermuda provides Athene an efficient means to raise third-party capital to support new and existing policyholders. Non-U.S. investors are more likely to invest capital in a Bermuda reinsurer than in a similarly situated

13. Slide 13: Athene's Corporate Structure – Frequently Asked Questions (cont.)

    Athene’s Corporate Structure – Frequently Asked Questions (cont.) 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 cr

14. Slide 14: Athene's Corporate Structure – Frequently Asked Questions (cont.)

    Athene’s Corporate Structure – Frequently Asked Questions (cont.) Question Commentary • Athene is well-capitalized. Athene is rated A1 by Moody’s, A+ by S&P, A+ by Fitch, and A by AM Best1. Athene’s intention is to achieve additional ratings upgrades from each of these agencies and the company curre

15. Slide 15: Athene's Corporate Structure – Frequently Asked Questions (cont.)

    Athene’s Corporate Structure – Frequently Asked Questions (cont.) Question Commentary • Athene has a simple corporate structure. Athene Annuity Re (“AARe”), a Bermuda entity, owns both Athene Life Re (“ALRe”) and Athene’s Delaware-domiciled insurance entity (“AADE”). In turn, AADE owns Athene’s Iowa

16. Slide 16: Athene's Corporate Structure – Frequently Asked Questions (cont.)

    Athene’s Corporate Structure – Frequently Asked Questions (cont.) 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 t

17. Slide 17: Athene's Corporate Structure – Frequently Asked Questions (cont.)

    Athene’s Corporate Structure – Frequently Asked Questions (cont.) Question Commentary • Athene makes financial statements of several of its insurance operating subsidiaries, including its main Bermudian reinsurance entity Athene Life Re, available on its website: https://ir.athene.com/FinancialDocs.

18. Slide 18: Athene's Corporate Structure – Frequently Asked Questions (cont.)

    Athene’s Corporate Structure – Frequently Asked Questions (cont.) Question Commentary • Athene intends to pay regular common share dividends to its parent company of $750 million per year, consistent with its business plan. Athene pays a dividend to Apollo, can the • Management, together with Apollo

19. Slide 19: Athene's Corporate Structure – Frequently Asked Questions (cont.)

    Athene’s Corporate Structure – Frequently Asked Questions (cont.) Question Commentary • The Iowa Insurance Division (IID) is Athene’s group supervisor. Each insurance entity also has a local regulator. Athene’s insurance regulators Who is Athene’s include Iowa, Bermuda, Delaware, and New York. regul

20. Slide 20: Athene's Corporate Structure – Frequently Asked Questions (cont.)

    Athene’s Corporate Structure – Frequently Asked Questions (cont.) Question Commentary • There are three major factors that drive the difference between Regulatory Capital and GAAP Adjusted AHL Common Shareholder’s Equity, at year-end 2022: ($ in billions) 2022 What are the major Adjusted AHL Common

21. Slide 21: Appendix

    Appendix

22. Slide 22: Regulatory Financials of Key Entities

    Regulatory Financials of Key Entities Pro forma for risk transferred by intercompany reinsurance • On the following pages, screenshots are provided of the location of several key inputs (items 1 thru 4) within public filings: As of December 31, 2022 Select U.S. Insurance Entities Select Bermuda Insu

23. Slide 23: U.S. Statutory Filings – Where to Find Total Assets

    U.S. Statutory Filings – Where to Find Total Assets 1• Standalone U.S. Entity Assets (4Q 2022)  Total regulatory assets are reported on the key statutory financial pages AADE Q4 2022 Insurance Statutory Filings $38.4 billion of stat assets at Athene Annuity & Life Assurance Company (“AADE”) as of 1

24. Slide 24: U.S. Statutory Filings – Where to Find ModCo Reserves

    U.S. Statutory Filings – Where to Find ModCo Reserves 2• AADE Modified Coinsurance Reserves (4Q 2022) $19.2 billion ModCo general account  Reserves ceded to affiliates are disclosed annually in Schedule S Part 3 reserves ceded to Bermuda affiliates at 12/31/2022 AADE 2022 YE Insurance Statutory Fil

25. Slide 25: U.S. Statutory Filings – Where to Find ModCo Reserves

    U.S. Statutory Filings – Where to Find ModCo Reserves 2• AAIA Modified Coinsurance Reserves (4Q 2022)  Reserves ceded to affiliates are disclosed annually in Schedule S Part 3 AAIA 2022 YE Insurance Statutory Filings $103.8 billion of reserves as of 12/31/2022 ceded to Bermuda affiliates • of which

26. Slide 26: 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 (4Q 2022)  U.S. insurances companies disclose Capital and Surplus quarterly in statutory filings  Athene’s Delaware-domiciled insurance Company “AADE” includes all its U.S. insurance subsidiaries’ capit

27. Slide 27: Bermuda Statutory Filings – Capital & Surplus

    Bermuda Statutory Filings – Capital & Surplus 3• Athene Life Re Capital & Surplus (4Q 2022)  Athene Life Re’s capital & surplus is reported to the Bermuda Monetary Authority, and posted on Athene’s website Excerpt from Athene Life Re (“ALRe”) BMA Filing (4Q’22) Excerpt from Q4 2022 ALIRT Exhibit (4

28. Slide 28: 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 (4Q 2022)  U.S. insurances companies disclose Total Adjusted Capital (“TAC”) annually in statutory filings  Athene’s Delaware-domiciled insurance Company “AADE” includes all its U.S. insurance subsidiar

29. Slide 29: Risk Based Capital (RBC) Disclosure in SEC Filings

    Risk Based Capital (RBC) Disclosure in SEC Filings 4• Annual Disclosure of RBC Ratios (2022)  Athene discloses the Risk Based Capital (“RBC”) of both its U.S. and Bermuda entities annually in its 10-K1 Excerpt from ATH 2022 10-K Link: 2022 Athene 10-K. 1. Bermuda RBC ratio calculated by applying NA

30. Slide 30: 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 tha

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