Athene Holding Ltd. · NYSE:ATH/PA
Athene — Investor Presentation (August 2025)
23 slides from Athene's investor presentation, August 2025
Slide 1: Athene Asset Portfolio Risk & Stress Considerations Update
Athene Asset Portfolio Risk & Stress Considerations Update August 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. (“AHL” or “Athene”). Unless the context requires otherwise, references in this presentation to “Apollo" and "AGM" refer to Apollo Global Management, Inc., to
Slide 3: Fortress Balance Sheet Allows Us To Go On Offense in Times of Stress
Fortress Balance Sheet Allows Us To Go On Offense in Times of Stress 1 This is the seventh edition of Athene’s asset stress test results, which have been made publicly available since 2018 While the industry has focused on returning its ‘hard’ capital to shareholders, Athene/Apollo have raised 2 $14
Slide 4: The Industry Has Focused on Returning Its 'Hard' Capital to Shareholders
The Industry Has Focused on Returning Its ‘Hard’ Capital to Shareholders US Life Insurers Cumulative Capital Return as % of Market Capitalization 113% 103% 95% 84% 74% 69% 62% 53% 43% 31% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Over the past decade, US life insurers have returned capital t
Slide 5: Athene/Apollo Have Raised $14B of 'Hard' Capital to Support Policyholders
Athene/Apollo Have Raised $14B of ‘Hard’ Capital to Support Athene’s Policyholders Primary Equity Capital Raised in US Life Insurance Since 2010 ($B) $14 Athene and All Other Apollo Raised $31 Public Markets Public and Private Capital vs >$200B capital returned to public shareholders2 Data as of Jun
Slide 6: Athene Does Not Rely on 'Soft' Capital from Diversification into Riskier Liabilities
Unlike Others in the Industry, Athene Does Not Rely on ‘Soft’ Capital Resulting from Diversification into Riskier Liabilities Estimated Liability Capital Diversification Benefit Under Rating Agency Framework as % of Total Statutory Capital Insurer 1 Insurer 2 Insurer 3 Insurer 4 Insurer 5 Insurer 6
Slide 7: Athene Built and Maintains a Fortress Balance Sheet
Athene Built and Maintains a Fortress Balance Sheet A+ $1.6B $69B $8.2B Financial Excess Available Total 1 2 3 4 Strength Profile Equity Capital Liquidity Deployable Capital Note: Athene metrics are net of the noncontrolling interests Athene Co-Invest Reinsurance Affiliate Holding Ltd. (together wit
Slide 8: Regulatory Capital is Among the Highest in the Industry
Regulatory Capital is Among the Highest in the Industry Regulatory Capital Backing US Reserves ($B)1 $35 Excludes $3.4B of undrawn $33 capital in ADIP $31 $22 $17 $14 $14 $9 $9 $5 $4 Note: Athene data as of March 31, 2025. Peer data as of December 31, 2024. 1. Represents the aggregate capital of Ath
Slide 9: Strong Capital and Liquidity Ratios
Strong Capital and Liquidity Ratios Athene’s Available Liquidity ($B) 430% 1 Cash & Cash Equivalents4 $7.7 2024 Consolidated RBC Ratio1 2 Credit Facilities5 4.9 419% 3 Committed Repurchase Facilities 2.0 2024 US RBC Ratio2 4 Other Liquidity6 4.8 5 Highly Liquid Assets7 49.9 450% 2024 Bermuda RBC Rat
Slide 10: Track Record of Consistent Ratings Upgrades
Track Record of Consistent Ratings Upgrades Robust MERGER COMPLETED Ratings Profile Upgraded to ‘A’ 2024 A+ 2022 S&P Upgraded to ‘A’ Upgraded to ‘A’ 2021 COMPLETED IPO 2019 Upgraded to ‘A+’ A1 Moody’s Rated ‘A-’ 2018 A+ Rated ‘A1’ 2017 Rated ‘A-’ 2016 Upgraded to ‘A+’ AM Best FOUNDING 2015 2014 Upgr
Slide 11: 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 12: Athene's Portfolio Primarily Comprised of Investment Grade Credit
Athene’s Portfolio Primarily Comprised of Investment Grade Credit Athene Industry Average Portfolio3 97% NAIC 1 & 21 95% NAIC 1 & 24 • Differentiation driven by Apollo’s 4% 2% 4% 8% proprietary asset origination Cash & Equivalents Other2 Cash & Equivalents Other5 capabilities 5% Alternatives 4% • Ta
Slide 13: Historical Credit Loss Experience Outperforms Industry
Historical Credit Loss Experience Outperforms Industry Historical Asset Impairments (annualized, bps) Athene1 Industry2 Russia/Ukraine CRE/Regional Banking COVID-19 Industry (5Y Avg): 13bps Athene (5Y Avg): 11bps 20203 2021 2022 2023 2024 1. Athene’s statutory fixed income impairments adjusted to in
Slide 14: Risk Management is Embedded in Everything We Do
Risk Management is Embedded in Everything We Do This is the seventh edition of Athene’s asset stress test results, which have been publicly available since 2018 Transparent, Disciplined Risk Appetite Stress Test-Derived Limits • Regular stress testing on both sides of balance sheet helps inform Asse
Slide 15: Investment Oversight Supported by Robust, Multi-Layered Governance
Investment Oversight Supported by Robust, Multi-Layered Governance Athene’s Chief Risk Officer reports to Athene Board Risk Committee Risk Team and sits on the Athene Executive Committee ATHENE Investment & Asset / Liability Committee Committee includes Athene CEO, CRO, CFO, COO, amongst others Six-
Slide 16: Our Asset Stress Testing Methodology is Conservative Relative to Historical Experience
Our Asset Stress Testing Methodology is Conservative Relative to Historical Experience Athene’s stress Corporates framework utilizes Utilize Moody’s historical recession era bond default rates and recovery rates. Deep recession applies two-year cumulative defaults experienced during 2008 and 2009 in
Slide 17: Athene's Stress Assumptions in Historical Context
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 Yr US Down 60% Down 83% Treasury Yield Up 150bps2 Up 4% Down 21% Down 43% Down 84%3 D
Slide 18: Various Stress Scenarios are Highly Manageable
Various Stress Scenarios are Highly Manageable Baseline Recession Deep Recession Stagflation Scenario Scenario Scenario Losses % of Loss % of Losses % of Portfolio Loss Impact Loss Impact Loss Impact Net Invested Net Invested Net Invested Allocation ($B) ($B) ($B) Assets Assets Assets 3/31/25 Corpor
Slide 19: Detailed Impact on Excess Capital from Stress
Detailed Impact on Excess Capital from Stress ($B) Baseline Recession and Stagflation Scenario Deep Recession Scenario Corporate & Gov’t ($0.9) ($1.0) Structured Assets (CLO / ABS) (1.0) (1.5) Commercial Mortgages (CML / CMBS) (0.1) (0.2) Residential Mortgages (RML / RMBS) (0.1) (0.1) Alternatives /
Slide 20: Management Actions Can Restore Capital and Provide Opportunistic Liquidity in Stress
Management Actions Can Restore Capital and Provide Opportunistic Liquidity in Stress ACTION ILLUSTRATIVE BENEFIT ($B) ACTIONABILITY Utilize Federal Home Loan Bank (‘FHLB’) Facility ~$4.81 Liquidity Draw Committed Repo ~$2.0 Issue Debt ~$3.2 Untapped Leverage Capacity Draw Committed Liquidity Facilit
Slide 21: Positioned with Ample Capital and Liquidity to be Opportunistic Amid Dislocation
Positioned with Ample Capital and Liquidity to be Opportunistic Amid Dislocation Composition of Athene Asset Purchases (2019-2024) Purchased approximately one-third of all CLOs Amid a volatile market environment, Took advantage of wider corporate credit sold by pension funds in the October 2022 LDI
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 Measure Reconciliations
Non-GAAP Measure Reconciliations (In millions) RECONCILIATION OF TOTAL INVESTMENTS, INCLUDING RELATED PARTIES, TO NET INVESTED ASSETS March 31, 2025 Total investments, including related parties $ 308,484 Derivative assets (6,153) Cash and cash equivalents (including restricted cash) 13,233 Accrued i