Schedule II - Condensed Financial Information of Registrant Condensed Financial Information of Parent

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]


	Successor		Predecessor
(In millions, except per share data)	December 31, 2022		December 31, 2021
Assets
Investments
Available-for-sale securities, at fair value (amortized cost: 2022 – $11 and 2021 – $71)	$	10	$	78
Cash and cash equivalents	741		1,186
Investments in related parties
Equity securities, at fair value	274		171
Investment funds	959		743
Other assets	234		19
Notes receivable from subsidiaries	12		83
Intercompany receivable	18		16
Investments in subsidiaries	3,313		21,773
Total assets	$	5,561	$	24,069
Liabilities and Equity
Liabilities
Debt	$	3,658	$	2,964
Note payable to subsidiary	896		158

Other liabilities (related party: 2022 – $24 and 2021 – $754)	87		811
Intercompany payable	4		6
Total liabilities	4,645		3,939
Equity
Preferred stock
Series A – par value $1 per share; $863 aggregate liquidation preference; authorized, issued and outstanding: 2022 and 2021 – 0.0 shares	—		—
Series B – par value $1 per share; $345 aggregate liquidation preference; authorized, issued and outstanding: 2022 and 2021 – 0.0 shares	—		—
Series C – par value $1 per share; $600 aggregate liquidation preference; authorized, issued and outstanding: 2022 and 2021 – 0.0 shares	—		—
Series D – par value $1 per share; $575 aggregate liquidation preference; authorized, issued and outstanding: 2022 and 2021 – 0.0 shares	—		—
Series E – par value $1 per share; $500 aggregate liquidation preference; authorized, issued and outstanding: 2022 – 0.0 shares	—		—
Common stock
Class A – par value $0.001 per share; authorized: 2022 and 2021 – 425.0 shares; issued and outstanding: 2022 – 203.8 and 2021 – 192.2 shares	—		—
Additional paid-in capital	18,119		6,667
Retained earnings (accumulated deficit)	(4,892)		11,033
Accumulated other comprehensive income (loss)	(12,311)		2,430
Total Athene Holding Ltd. shareholders’ equity	916		20,130
Total liabilities and equity	$	5,561	$	24,069

See accompanying notes to condensed financial information of registrant (parent company only)


	Successor		Predecessor
(In millions)	Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
Revenue
Net investment income (related party: 2022 – $58, 2021 – $44 and 2020 – $146)	$	65	$	39	$	147
Investment related gains (losses)	31		58		(50)
Other revenues	—		7		—
Total revenues	96		104		97
Benefits and Expenses
Operating expenses (related party: 2022 – $99, 2021 – $13 and 2020 – $13)	304		261		151
Total benefits and expenses	304		261		151
Loss before income taxes and equity earnings in subsidiaries	(208)		(157)		(54)
Income tax expense (benefit)	1		(2)		(2)
Equity earnings (loss) in subsidiaries	(3,953)		4,014		1,593
Net income (loss) available to Athene Holding Ltd. shareholders	(4,162)		3,859		1,541
Less: Preferred stock dividends	141		141		95
Net income (loss) available to Athene Holding Ltd. common shareholders	$	(4,303)	$	3,718	$	1,446

Net income (loss) available to Athene Holding Ltd. shareholders	$	(4,162)	$	3,859	$	1,541
Other comprehensive income (loss) attributable to Athene Holding Ltd. shareholders	(12,311)		(1,541)		1,696
Comprehensive income (loss) attributable to Athene Holding Ltd. shareholders	$	(16,473)	$	2,318	$	3,237

See accompanying notes to condensed financial information of registrant (parent company only)


	Successor		Predecessor
(In millions)	Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
Net cash (used in) provided by operating activities	$	(248)	$	203	$	(145)
Cash flows from investing activities
Capital contributions to subsidiary	(275)		(330)		(920)

Receipts on loans to subsidiaries and parent	333		348		50
Issuances of loans to subsidiaries and parent	(328)		(244)		(237)

Sales, maturities and repayments of:
Available-for-sale securities	21		2		17


Purchases of:
Available-for-sale securities	(49)		(30)		(3)
Investment funds – related party	—		(6)		(455)
Equity securities – related party	(195)		(170)		—
Other investing activities, net	46		66		(51)
Net cash used in investing activities	(447)		(364)		(1,599)
Cash flows from financing activities
Issuance of common stock	—		11		351

Proceeds from debt	399		997		992

Proceeds from note payable with subsidiary	1,085		238		740
Repayment of note payable with subsidiary	(265)		(80)		(778)
Issuance of preferred stock, net of expenses	487		—		1,140
Preferred stock dividends	(141)		(141)		(95)
Repurchase of common stock	—		(8)		(428)
Common stock dividends paid	(1,313)		—		—
Other financing activities, net	(2)		(12)		(7)
Net cash provided by financing activities	250		1,005		1,915
Net (decrease) increase in cash and cash equivalents	(445)		844		171
Cash and cash equivalents at beginning of year	1,186		342		171
Cash and cash equivalents at end of year	$	741	$	1,186	$	342

Supplementary information
Cash paid for interest	$	111	$	98	$	61
Non-cash transactions
Investment interests received in exchange for extinguishment of loan from subsidiary	—		1,206		—
Issuance of loan to subsidiary in exchange for Class A common shares and capital distribution	—		—		1,206
Distributions to parent	2,145		—		—
Investments transferred for extinguishment of loan to subsidiary	82		—		—

See accompanying notes to condensed financial information of registrant (parent company only)

1. Basis of Presentation

The accompanying condensed financial statements of Athene Holding Ltd. (AHL) should be read in conjunction with the consolidated financial statements and notes of AHL and its subsidiaries (consolidated financial statements).

For purposes of these condensed financial statements, AHL’s wholly owned and majority owned subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated. The investments in subsidiaries are recorded on the condensed balance sheets. The income from subsidiaries is reported on a net basis as equity earnings of subsidiaries on the condensed statements of income.

2. Intercompany Transactions

Unsecured Revolving Notes Receivable—AHL has unsecured revolving notes receivable and an unsecured note receivable from subsidiaries Athene USA Corporation (AUSA), Athene Life Re Ltd. (ALRe) and Athene Life Re International Ltd. (ALReI).

The unsecured revolving note receivable from AUSA has a borrowing capacity of $500 million and had an outstanding balance of $12 million and $83 million as of December 31, 2022 and 2021, respectively. Interest accrues at a fixed rate of 2.61% per year, and the balance is due on September 30, 2025, or earlier at AHL’s request.

The unsecured revolving note receivable from ALRe has a borrowing capacity of $4 billion and had no outstanding balance as of December 31, 2022 and 2021. Interest accrues at a fixed rate of 2.29% and has a maturity date of December 15, 2028, or earlier at AHL’s request.

The unsecured revolving note receivable from ALReI has a borrowing capacity of $100 million and had no outstanding balance as of December 31, 2022 and 2021. Interest accrues at the US mid-term applicable federal rate per year and has a maturity date of December 5, 2024, or earlier at AHL’s request.

Unsecured Revolving Note Payable—In addition to the unsecured revolving notes receivable described above, AHL has unsecured revolving notes payable with ALRe and AUSA.

The unsecured revolving note payable to ALRe permits AHL to borrow up to $4 billion with a fixed interest rate of 2.29% and a maturity date of December 15, 2028. As of December 31, 2022 and 2021, the revolving note payable had an outstanding balance of $896 million and $158 million, respectively.

The unsecured revolving note payable to AUSA was established in 2022 and has a borrowing capacity of $500 million with a fixed interest rate of 2.61% and a maturity date of September 30, 2025. The revolving note payable had no outstanding balance as of December 31, 2022.

3. Debt and Guarantees

AHL has guaranteed certain of the obligations of AUSA, ALRe, and Athene Annuity Re Ltd. in connection with a revolving credit agreement with Citibank, N.A as administrative agent, which matures on December 3, 2024, subject to up to to two one-year extensions (Credit Facility). Additionally, AHL has issued senior notes and has unsecured revolving notes with Apollo Global Management, Inc. (AGM). See Note 10 – Debt to the consolidated financial statements for further discussion on the Credit Facility and senior notes. See Note 14 – Related Parties to the consolidated financial statements for further discussion on the unsecured revolving notes with AGM. AHL has entered into capital maintenance agreements with each of its material US insurance subsidiaries, pursuant to which AHL agrees to provide capital to the subsidiary to the extent that the capital of the subsidiary falls below a specified threshold as set with the applicable subsidiary’s domestic regulator. In addition, AHL entered into a capital maintenance agreement with its indirect subsidiary Athene London Assignment Corporation (Athene London) pursuant to which AHL agreed to contribute cash, cash equivalents, marketable securities, or other liquid assets so as to maintain capital in Athene London to ensure that it has the necessary funds to timely satisfy any obligations it has under any assumed settlement agreement. AHL does not anticipate making any capital infusions in Athene London pursuant to the capital maintenance agreement.

4. Dividends, Return of Capital and Capital Contributions

During the years ended December 31, 2022, 2021 and 2020, AHL received $0 million, $1,048 million and $0 million, respectively, of dividends from subsidiaries. During the years ended December 31, 2022, 2021 and 2020, AHL contributed $275 million, $330 million and $920 million, respectively, to subsidiaries. See Note 13 – Statutory Requirements to the consolidated financial statements for additional information on subsidiary dividend restrictions.

5. Income Taxes

AHL is a tax resident of the United Kingdom (UK). See Note 12 – Income Taxes to the consolidated financial statements for additional information on UK income taxes.