EX-99.1 2 athq12024financialsuppleme.htm EX-99.1

Table of Contents |
Important Notice | 3
FINANCIAL RESULTS |
Financial Highlights | 4
Condensed Consolidated Statements of Income (GAAP view) | 5
Spread Related Earnings (Management view) | 6
Reconciliation of Earnings Measures | 7
Net Flows & Outflows Attributable to Athene by Type | 8
Condensed Consolidated Balance Sheets | 9
ASSETS |
Net Invested Assets (Management view) & Agency Ratings | 11
Net Alternative Investments (Management view) | 12
Credit Quality of Securities & Net Invested Assets | 13
LIABILITIES |
Net Reserve Liabilities & Rollforwards | 17
Deferred Annuity Liability Characteristics | 18
ADDITIONAL INFORMATION |
Notes to the Financial Supplement | 19
Non-GAAP Reconciliations | 22

Important Notice |

The information included in this financial supplement is unaudited and intended for informational purposes only.
Athene Holding Ltd. (AHL) is a subsidiary of Apollo Global Management, Inc. (AGM).The financial statements and exhibits included in this financial supplement should be read in conjunction with AHL’s reports and other filings with the US Securities and Exchange Commission, including its reports on Form 10-K, Form 10-Q and Form 8-K. This financial supplement does not constitute an offer to sell, or the solicitation of an offer to buy, any security of AHL, and nothing in this financial supplement shall in any way be relied on in connection with investment decisions. Each recipient of the information contained in this financial supplement is responsible for making its own independent assessment of the business, financial condition, prospects, status and affairs of AHL.
AHL undertakes no obligation to update or correct the information in this financial supplement. AHL makes no representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained in this financial supplement. AHL does not accept any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this financial supplement or its contents or any reliance on the information contained herein.
This financial supplement includes certain non-GAAP measures, including net investment earnings, cost of funds, other operating expenses, spread related earnings, net investment spread, net spread, adjusted senior debt-to-capital ratio, adjusted leverage ratio, net invested assets, net reserve liabilities, spread related earnings - excluding notable items, net investment spread - excluding notable items and net spread - excluding notable items. Management believes the use of these non-GAAP measures (which are defined and discussed in greater detail and reconciled elsewhere in this financial supplement), together with the relevant GAAP measures, provides information that may enhance an investor’s understanding of AHL’s results of operations and the underlying profitability drivers of AHL’s business. These measures should be considered supplementary to AHL’s results in accordance with US GAAP and should not be viewed as a substitute for the corresponding US GAAP measures.
3

Financial Highlights Unaudited (in millions, except percentages) |  |
| Quarterly Trends |  | Δ |  | Year-to-Date |  | Δ
| 1Q’23 |  | 2Q’23 |  | 3Q’23 |  | 4Q’23 |  | 1Q’24 |  | Q/Q |  | Y/Y |  | 2023 |  | 2024 |  | Y/Y
SELECTED INCOME STATEMENT DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GAAP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to AHL common stockholder | $ | 721 |  |  | $ | 396 |  |  | $ | 442 |  |  | $ | 2,925 |  |  | $ | 1,147 |  |  | (61) | % |  | 59 | % |  | $ | 721 |  |  | $ | 1,147 |  |  | 59 | %
Return on assets (ROA) | 1.15 | % |  | 0.60 | % |  | 0.66 | % |  | 4.10 | % |  | 1.48 | % |  | NM |  | 33bps |  | 1.15 | % |  | 1.48 | % |  | 33bps
NON-GAAP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Spread related earnings (SRE) | $ | 687 |  |  | $ | 799 |  |  | $ | 872 |  |  | $ | 749 |  |  | $ | 816 |  |  | 9 | % |  | 19 | % |  | $ | 687 |  |  | $ | 816 |  |  | 19 | %
Net spread | 1.36 | % |  | 1.52 | % |  | 1.68 | % |  | 1.41 | % |  | 1.47 | % |  | 6bps |  | 11bps |  | 1.36 | % |  | 1.47 | % |  | 11bps
Net investment spread | 1.83 | % |  | 1.99 | % |  | 2.13 | % |  | 1.80 | % |  | 1.83 | % |  | 3bps |  | 0bps |  | 1.83 | % |  | 1.83 | % |  | 0bps
Spread related earnings, excluding notable items 1 | $ | 662 |  |  | $ | 799 |  |  | $ | 782 |  |  | $ | 749 |  |  | $ | 816 |  |  | 9 | % |  | 23 | % |  | $ | 662 |  |  | $ | 816 |  |  | 23 | %
Net spread, excluding notable items 1 | 1.31 | % |  | 1.52 | % |  | 1.51 | % |  | 1.41 | % |  | 1.47 | % |  | 6bps |  | 16bps |  | 1.31 | % |  | 1.47 | % |  | 16bps
Net investment spread, excluding notable items 1 | 1.78 | % |  | 1.99 | % |  | 1.96 | % |  | 1.80 | % |  | 1.83 | % |  | 3bps |  | 5bps |  | 1.78 | % |  | 1.83 | % |  | 5bps
Alternative net investment income delta to long-term expectation 2 | $ | 148 |  |  | $ | 75 |  |  | $ | 96 |  |  | $ | 132 |  |  | $ | 56 |  |  | (58) | % |  | (62) | % |  | $ | 148 |  |  | $ | 56 |  |  | (62) | %
Alternative net return delta to long-term expectation | 4.88 | % |  | 2.47 | % |  | 3.25 | % |  | 4.53 | % |  | 1.90 | % |  | NM |  | NM |  | 4.88 | % |  | 1.90 | % |  | NM
Impact to net spread | 0.30 | % |  | 0.14 | % |  | 0.18 | % |  | 0.25 | % |  | 0.10 | % |  | (15)bps |  | (20)bps |  | 0.30 | % |  | 0.10 | % |  | (20)bps
SELECTED BALANCE SHEET DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GAAP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets | $ | 257,654 |  |  | $ | 269,437 |  |  | $ | 269,763 |  |  | $ | 300,579 |  |  | $ | 320,579 |  |  | 7 | % |  | 24 | % |  | $ | 257,654 |  |  | $ | 320,579 |  |  | 24 | %
Goodwill | 4,061 |  |  | 4,065 |  |  | 4,060 |  |  | 4,065 |  |  | 4,064 |  |  | — | % |  | — | % |  | 4,061 |  |  | 4,064 |  |  | — | %
Total liabilities | 244,604 |  |  | 256,203 |  |  | 255,734 |  |  | 279,344 |  |  | 297,423 |  |  | 6 | % |  | 22 | % |  | 244,604 |  |  | 297,423 |  |  | 22 | %
Debt | 3,650 |  |  | 3,642 |  |  | 3,634 |  |  | 4,209 |  |  | 5,740 |  |  | 36 | % |  | 57 | % |  | 3,650 |  |  | 5,740 |  |  | 57 | %
Total AHL stockholders' equity | 8,698 |  |  | 8,701 |  |  | 8,537 |  |  | 13,838 |  |  | 14,760 |  |  | 7 | % |  | 70 | % |  | 8,698 |  |  | 14,760 |  |  | 70 | %
Debt-to-capital ratio | 29.6 | % |  | 29.5 | % |  | 29.9 | % |  | 23.3 | % |  | 28.0 | % |  | NM |  | NM |  | 29.6 | % |  | 28.0 | % |  | NM
Leverage ratio | 55.1 | % |  | 55.1 | % |  | 55.8 | % |  | 40.8 | % |  | 43.4 | % |  | 260bps |  | NM |  | 55.1 | % |  | 43.4 | % |  | NM
NON-GAAP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross invested assets | $ | 247,673 |  |  | $ | 257,235 |  |  | $ | 261,209 |  |  | $ | 278,617 |  |  | $ | 292,837 |  |  | 5 | % |  | 18 | % |  | $ | 247,673 |  |  | $ | 292,837 |  |  | 18 | %
Invested assets – ACRA noncontrolling interests | (40,924) |  |  | (43,565) |  |  | (53,114) |  |  | (61,190) |  |  | (65,482) |  |  | 7 | % |  | 60 | % |  | (40,924) |  |  | (65,482) |  |  | 60 | %
Net invested assets | 206,749 |  |  | 213,670 |  |  | 208,095 |  |  | 217,427 |  |  | 227,355 |  |  | 5 | % |  | 10 | % |  | 206,749 |  |  | 227,355 |  |  | 10 | %
Net reserve liabilities | 184,891 |  |  | 193,431 |  |  | 185,744 |  |  | 199,289 |  |  | 208,523 |  |  | 5 | % |  | 13 | % |  | 184,891 |  |  | 208,523 |  |  | 13 | %
Notional senior debt | 3,400 |  |  | 3,400 |  |  | 3,400 |  |  | 4,000 |  |  | 5,000 |  |  | 25 | % |  | 47 | % |  | 3,400 |  |  | 5,000 |  |  | 47 | %
Adjusted AHL common stockholder’s equity | 16,505 |  |  | 17,001 |  |  | 19,089 |  |  | 20,368 |  |  | 21,540 |  |  | 6 | % |  | 31 | % |  | 16,505 |  |  | 21,540 |  |  | 31 | %
Adjusted senior debt-to-capital ratio | 14.7 | % |  | 14.4 | % |  | 13.3 | % |  | 14.5 | % |  | 16.5 | % |  | 200bps |  | 180bps |  | 14.7 | % |  | 16.5 | % |  | 180bps
Adjusted leverage ratio | 21.6 | % |  | 21.1 | % |  | 19.4 | % |  | 20.3 | % |  | 22.7 | % |  | 240bps |  | 110bps |  | 21.6 | % |  | 22.7 | % |  | 110bps
INFLOWS DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross organic inflows | $ | 11,927 |  |  | $ | 18,714 |  |  | $ | 12,942 |  |  | $ | 19,824 |  |  | $ | 20,094 |  |  | 1 | % |  | 68 | % |  | $ | 11,927 |  |  | $ | 20,094 |  |  | 68 | %
Gross inorganic inflows | — |  |  | — |  |  | — |  |  | 2,214 |  |  | — |  |  | NM |  | NM |  | — |  |  | — |  |  | NM
Total gross inflows | $ | 11,927 |  |  | $ | 18,714 |  |  | $ | 12,942 |  |  | $ | 22,038 |  |  | $ | 20,094 |  |  | (9) | % |  | 68 | % |  | $ | 11,927 |  |  | $ | 20,094 |  |  | 68 | %
Note: “NM” represents changes that are not meaningful. Please refer to the Notes to the Financial Supplement section for discussion on non-GAAP metrics and the Non-GAAP Measure Reconciliations section for reconciliations of non-GAAP metrics. 1. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. 2. Refers to the amount that as-reported alternative net investment income is below (above) management's long-term expectation of an 11% average annual return. Our long-term expectation is based on historical experience and provides investors with supplemental information for period-to-period comparability as well as a basis for developing expectations of future performance. There is no assurance that management’s expected long-term average annual return will be achieved. Actual results may differ materially.

4

Condensed Consolidated Statements of Income (GAAP view) Unaudited (in millions, except percentages) |  |
| Quarterly Trends |  | Δ |  | Year-to-Date |  | Δ
| 1Q’23 |  | 2Q’23 |  | 3Q’23 |  | 4Q’23 |  | 1Q’24 |  | Q/Q |  | Y/Y |  | 2023 |  | 2024 |  | Y/Y
REVENUES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums | $ | 96 |  |  | $ | 9,041 |  |  | $ | 26 |  |  | $ | 3,586 |  |  | $ | 101 |  |  | (97) | % |  | 5 | % |  | $ | 96 |  |  | $ | 101 |  |  | 5 | %
Product charges | 198 |  |  | 207 |  |  | 217 |  |  | 226 |  |  | 238 |  |  | 5 | % |  | 20 | % |  | 198 |  |  | 238 |  |  | 20 | %
Net investment income | 2,407 |  |  | 2,717 |  |  | 2,928 |  |  | 3,078 |  |  | 3,292 |  |  | 7 | % |  | 37 | % |  | 2,407 |  |  | 3,292 |  |  | 37 | %
Investment related gains (losses) | 1,065 |  |  | 366 |  |  | (2,624) |  |  | 2,621 |  |  | 1,677 |  |  | (36) | % |  | 57 | % |  | 1,065 |  |  | 1,677 |  |  | 57 | %
Other revenues | 13 |  |  | 7 |  |  | 564 |  |  | 7 |  |  | 2 |  |  | (71) | % |  | (85) | % |  | 13 |  |  | 2 |  |  | (85) | %
Revenues of consolidated variable interest entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income | 80 |  |  | 55 |  |  | 75 |  |  | 47 |  |  | 77 |  |  | 64 | % |  | (4) | % |  | 80 |  |  | 77 |  |  | (4) | %
Investment related gains (losses) | 201 |  |  | 293 |  |  | 250 |  |  | 447 |  |  | 334 |  |  | (25) | % |  | 66 | % |  | 201 |  |  | 334 |  |  | 66 | %
Total revenues | 4,060 |  |  | 12,686 |  |  | 1,436 |  |  | 10,012 |  |  | 5,721 |  |  | (43) | % |  | 41 | % |  | 4,060 |  |  | 5,721 |  |  | 41 | %
BENEFITS AND EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest sensitive contract benefits | 1,289 |  |  | 2,012 |  |  | 333 |  |  | 2,595 |  |  | 2,884 |  |  | 11 | % |  | 124 | % |  | 1,289 |  |  | 2,884 |  |  | 124 | %
Future policy and other policy benefits | 466 |  |  | 9,512 |  |  | 368 |  |  | 4,088 |  |  | 543 |  |  | (87) | % |  | 17 | % |  | 466 |  |  | 543 |  |  | 17 | %
Market risk benefits remeasurement (gains) losses | 346 |  |  | (71) |  |  | (441) |  |  | 570 |  |  | (154) |  |  | NM |  | NM |  | 346 |  |  | (154) |  |  | NM
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 138 |  |  | 153 |  |  | 211 |  |  | 186 |  |  | 207 |  |  | 11 | % |  | 50 | % |  | 138 |  |  | 207 |  |  | 50 | %
Policy and other operating expenses | 435 |  |  | 452 |  |  | 472 |  |  | 489 |  |  | 459 |  |  | (6) | % |  | 6 | % |  | 435 |  |  | 459 |  |  | 6 | %
Total benefits and expenses | 2,674 |  |  | 12,058 |  |  | 943 |  |  | 7,928 |  |  | 3,939 |  |  | (50) | % |  | 47 | % |  | 2,674 |  |  | 3,939 |  |  | 47 | %
Income before income taxes | 1,386 |  |  | 628 |  |  | 493 |  |  | 2,084 |  |  | 1,782 |  |  | (14) | % |  | 29 | % |  | 1,386 |  |  | 1,782 |  |  | 29 | %
Income tax expense (benefit)1 | 163 |  |  | 133 |  |  | 162 |  |  | (1,619) |  |  | 307 |  |  | NM |  | 88 | % |  | 163 |  |  | 307 |  |  | 88 | %
Net income | 1,223 |  |  | 495 |  |  | 331 |  |  | 3,703 |  |  | 1,475 |  |  | (60) | % |  | 21 | % |  | 1,223 |  |  | 1,475 |  |  | 21 | %
Less: Net income (loss) attributable to noncontrolling interests | 455 |  |  | 54 |  |  | (155) |  |  | 733 |  |  | 283 |  |  | (61) | % |  | (38) | % |  | 455 |  |  | 283 |  |  | (38) | %
Net income attributable to Athene Holding Ltd. stockholders | 768 |  |  | 441 |  |  | 486 |  |  | 2,970 |  |  | 1,192 |  |  | (60) | % |  | 55 | % |  | 768 |  |  | 1,192 |  |  | 55 | %
Less: Preferred stock dividends | 47 |  |  | 45 |  |  | 44 |  |  | 45 |  |  | 45 |  |  | — | % |  | (4) | % |  | 47 |  |  | 45 |  |  | (4) | %
Net income available to Athene Holding Ltd. common stockholder | $ | 721 |  |  | $ | 396 |  |  | $ | 442 |  |  | $ | 2,925 |  |  | $ | 1,147 |  |  | (61) | % |  | 59 | % |  | $ | 721 |  |  | $ | 1,147 |  |  | 59 | %
1. 4Q’23 includes a one-time tax benefit of $1.8 billion resulting from the establishment of deferred tax assets related to the Government of Bermuda’s enactment of the Corporate Income Tax Act of 2023.

5

Spread Related Earnings (Management view) Unaudited (in millions, except percentages) |  |  |  |  |  |
| Quarterly Trends |  | Δ |  | Year-to-Date |  | Δ
| 1Q’23 |  | 2Q’23 |  | 3Q’23 |  | 4Q’23 |  | 1Q’24 |  | Q/Q |  | Y/Y |  | 2023 |  | 2024 |  | Y/Y
SPREAD RELATED EARNINGS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income and other net investment income | $ | 1,958 |  |  | $ | 2,208 |  |  | $ | 2,236 |  |  | $ | 2,342 |  |  | $ | 2,455 |  |  | 5 | % |  | 25 | % |  | $ | 1,958 |  |  | $ | 2,455 |  |  | 25 | %
Alternative net investment income | 185 |  |  | 259 |  |  | 230 |  |  | 190 |  |  | 266 |  |  | 40 | % |  | 44 | % |  | 185 |  |  | 266 |  |  | 44 | %
Net investment earnings | 2,143 |  |  | 2,467 |  |  | 2,466 |  |  | 2,532 |  |  | 2,721 |  |  | 7 | % |  | 27 | % |  | 2,143 |  |  | 2,721 |  |  | 27 | %
Strategic capital management fees | 14 |  |  | 16 |  |  | 19 |  |  | 23 |  |  | 25 |  |  | 9 | % |  | 79 | % |  | 14 |  |  | 25 |  |  | 79 | %
Cost of funds | (1,235) |  |  | (1,437) |  |  | (1,384) |  |  | (1,594) |  |  | (1,723) |  |  | 8 | % |  | 40 | % |  | (1,235) |  |  | (1,723) |  |  | 40 | %
Net investment spread | 922 |  |  | 1,046 |  |  | 1,101 |  |  | 961 |  |  | 1,023 |  |  | 6 | % |  | 11 | % |  | 922 |  |  | 1,023 |  |  | 11 | %
Other operating expenses | (126) |  |  | (118) |  |  | (123) |  |  | (120) |  |  | (116) |  |  | (3) | % |  | (8) | % |  | (126) |  |  | (116) |  |  | (8) | %
Interest and other financing costs | (109) |  |  | (129) |  |  | (106) |  |  | (92) |  |  | (91) |  |  | (1) | % |  | (17) | % |  | (109) |  |  | (91) |  |  | (17) | %
Spread related earnings | $ | 687 |  |  | $ | 799 |  |  | $ | 872 |  |  | $ | 749 |  |  | $ | 816 |  |  | 9 | % |  | 19 | % |  | $ | 687 |  |  | $ | 816 |  |  | 19 | %
Fixed income and other net investment income | 4.13 | % |  | 4.46 | % |  | 4.58 | % |  | 4.66 | % |  | 4.66 | % |  | 0bps |  | 53bps |  | 4.13 | % |  | 4.66 | % |  | 53bps
Alternative net investment income | 6.12 | % |  | 8.53 | % |  | 7.75 | % |  | 6.47 | % |  | 9.10 | % |  | 263bps |  | 298bps |  | 6.12 | % |  | 9.10 | % |  | 298bps
Net investment earnings | 4.25 | % |  | 4.69 | % |  | 4.76 | % |  | 4.76 | % |  | 4.89 | % |  | 13bps |  | 64bps |  | 4.25 | % |  | 4.89 | % |  | 64bps
Strategic capital management fees | 0.03 | % |  | 0.03 | % |  | 0.04 | % |  | 0.04 | % |  | 0.04 | % |  | 0bps |  | 1bp |  | 0.03 | % |  | 0.04 | % |  | 1bp
Cost of funds | (2.45) | % |  | (2.73) | % |  | (2.67) | % |  | (3.00) | % |  | (3.10) | % |  | 10bps |  | 65bps |  | (2.45) | % |  | (3.10) | % |  | 65bps
Net investment spread | 1.83 | % |  | 1.99 | % |  | 2.13 | % |  | 1.80 | % |  | 1.83 | % |  | 3bps |  | 0bps |  | 1.83 | % |  | 1.83 | % |  | 0bps
Other operating expenses | (0.25) | % |  | (0.22) | % |  | (0.24) | % |  | (0.23) | % |  | (0.21) | % |  | (2)bps |  | (4)bps |  | (0.25) | % |  | (0.21) | % |  | (4)bps
Interest and other financing costs | (0.22) | % |  | (0.25) | % |  | (0.21) | % |  | (0.16) | % |  | (0.15) | % |  | (1)bp |  | (7)bps |  | (0.22) | % |  | (0.15) | % |  | (7)bps
Spread related earnings | 1.36 | % |  | 1.52 | % |  | 1.68 | % |  | 1.41 | % |  | 1.47 | % |  | 6bps |  | 11bps |  | 1.36 | % |  | 1.47 | % |  | 11bps
Average net invested assets - fixed income and other | $ | 189,509 |  |  | $ | 198,063 |  |  | $ | 195,448 |  |  | $ | 201,035 |  |  | $ | 210,688 |  |  | 5 | % |  | 11 | % |  | $ | 189,509 |  |  | $ | 210,688 |  |  | 11 | %
Average net invested assets - alternatives | 12,091 |  |  | 12,146 |  |  | 11,864 |  |  | 11,726 |  |  | 11,703 |  |  | — | % |  | (3) | % |  | 12,091 |  |  | 11,703 |  |  | (3) | %
Average net invested assets | $ | 201,600 |  |  | $ | 210,209 |  |  | $ | 207,312 |  |  | $ | 212,761 |  |  | $ | 222,391 |  |  | 5 | % |  | 10 | % |  | $ | 201,600 |  |  | $ | 222,391 |  |  | 10 | %
Note: Please refer to the Notes to the Financial Supplement section for discussion on spread related earnings.

6

Reconciliation of Earnings Measures Unaudited (in millions, except percentages) |  |  |  |  |  |  |  |  |  |  |  |  |
| Quarterly Trends |  | Δ |  | Year-to-Date |  | Δ
| 1Q’23 |  | 2Q’23 |  | 3Q’23 |  | 4Q’23 |  | 1Q’24 |  | Q/Q |  | Y/Y |  | 2023 |  | 2024 |  | Y/Y
RECONCILIATION OF NET INCOME AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS
Net income available to Athene Holding Ltd. common stockholder | $ | 721 |  |  | $ | 396 |  |  | $ | 442 |  |  | $ | 2,925 |  |  | $ | 1,147 |  |  | (61) | % |  | 59 | % |  | $ | 721 |  |  | $ | 1,147 |  |  | 59 | %
Preferred stock dividends | 47 |  |  | 45 |  |  | 44 |  |  | 45 |  |  | 45 |  |  | — | % |  | (4) | % |  | 47 |  |  | 45 |  |  | (4) | %
Net income (loss) attributable to noncontrolling interests | 455 |  |  | 54 |  |  | (155) |  |  | 733 |  |  | 283 |  |  | (61) | % |  | (38) | % |  | 455 |  |  | 283 |  |  | (38) | %
Net income | 1,223 |  |  | 495 |  |  | 331 |  |  | 3,703 |  |  | 1,475 |  |  | (60) | % |  | 21 | % |  | 1,223 |  |  | 1,475 |  |  | 21 | %
Income tax expense (benefit) | 163 |  |  | 133 |  |  | 162 |  |  | (1,619) |  |  | 307 |  |  | NM |  | 88 | % |  | 163 |  |  | 307 |  |  | 88 | %
Income before income taxes | 1,386 |  |  | 628 |  |  | 493 |  |  | 2,084 |  |  | 1,782 |  |  | (14) | % |  | 29 | % |  | 1,386 |  |  | 1,782 |  |  | 29 | %
Realized gains (losses) on sale of AFS securities | (59) |  |  | (81) |  |  | (29) |  |  | (34) |  |  | (23) |  |  | 32 | % |  | 61 | % |  | (59) |  |  | (23) |  |  | 61 | %
Unrealized, allowances and other investment gains (losses) | 92 |  |  | (338) |  |  | (261) |  |  | 256 |  |  | 21 |  |  | (92) | % |  | (77) | % |  | 92 |  |  | 21 |  |  | (77) | %
Change in fair value of reinsurance assets | 357 |  |  | (153) |  |  | (384) |  |  | 765 |  |  | (35) |  |  | NM |  | NM |  | 357 |  |  | (35) |  |  | NM
Offsets to investment gains (losses) | 7 |  |  | 9 |  |  | 11 |  |  | 12 |  |  | 15 |  |  | 25 | % |  | 114 | % |  | 7 |  |  | 15 |  |  | 114 | %
Investment gains (losses), net of offsets | 397 |  |  | (563) |  |  | (663) |  |  | 999 |  |  | (22) |  |  | NM |  | NM |  | 397 |  |  | (22) |  |  | NM
Change in fair values of derivatives and embedded derivatives - FIAs | 143 |  |  | 206 |  |  | (141) |  |  | 59 |  |  | 484 |  |  | NM |  | 238 | % |  | 143 |  |  | 484 |  |  | 238 | %
Non-operating change in funding agreements | (6) |  |  | 10 |  |  | 12 |  |  | 19 |  |  | 23 |  |  | 21 | % |  | NM |  | (6) |  |  | 23 |  |  | NM
Change in fair value of market risk benefits | (271) |  |  | 133 |  |  | 565 |  |  | (498) |  |  | 201 |  |  | NM |  | NM |  | (271) |  |  | 201 |  |  | NM
Non-operating change in liability for future policy benefits | (1) |  |  | (45) |  |  | (5) |  |  | 2 |  |  | (35) |  |  | NM |  | NM |  | (1) |  |  | (35) |  |  | NM
Non-operating change in insurance liabilities and related derivatives | (135) |  |  | 304 |  |  | 431 |  |  | (418) |  |  | 673 |  |  | NM |  | NM |  | (135) |  |  | 673 |  |  | NM
Integration, restructuring and other non-operating expenses | (29) |  |  | (28) |  |  | (41) |  |  | (32) |  |  | (30) |  |  | (6) | % |  | 3 | % |  | (29) |  |  | (30) |  |  | 3 | %
Stock compensation expense | (16) |  |  | (13) |  |  | (13) |  |  | (46) |  |  | (13) |  |  | (72) | % |  | (19) | % |  | (16) |  |  | (13) |  |  | (19) | %
Preferred stock dividends | 47 |  |  | 45 |  |  | 44 |  |  | 45 |  |  | 45 |  |  | — | % |  | (4) | % |  | 47 |  |  | 45 |  |  | (4) | %
Noncontrolling interests - pre-tax income (loss) and VIE adjustments | 435 |  |  | 84 |  |  | (137) |  |  | 787 |  |  | 313 |  |  | (60) | % |  | (28) | % |  | 435 |  |  | 313 |  |  | (28) | %
Less: Total adjustments to income before income taxes | 699 |  |  | (171) |  |  | (379) |  |  | 1,335 |  |  | 966 |  |  | (28) | % |  | 38 | % |  | 699 |  |  | 966 |  |  | 38 | %
Spread related earnings | $ | 687 |  |  | $ | 799 |  |  | $ | 872 |  |  | $ | 749 |  |  | $ | 816 |  |  | 9 | % |  | 19 | % |  | $ | 687 |  |  | $ | 816 |  |  | 19 | %
Note: Please refer to the Notes to the Financial Supplement section for discussion on spread related earnings.

7

Net Flows & Outflows Attributable to Athene by Type Unaudited (in millions, except percentages) |  |  |  |  |  |
| Quarterly Trends |  | Δ |  | Year-to-Date |  | Δ
| 1Q’23 |  | 2Q’23 |  | 3Q’23 |  | 4Q’23 |  | 1Q’24 |  | Q/Q |  | Y/Y |  | 2023 |  | 2024 |  | Y/Y
NET FLOWS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail | $ | 8,578 |  |  | $ | 6,782 |  |  | $ | 6,523 |  |  | $ | 13,410 |  |  | $ | 9,663 |  |  | (28) | % |  | 13 | % |  | $ | 8,578 |  |  | $ | 9,663 |  |  | 13 | %
Flow reinsurance | 1,793 |  |  | 2,782 |  |  | 3,174 |  |  | 2,798 |  |  | 2,390 |  |  | (15) | % |  | 33 | % |  | 1,793 |  |  | 2,390 |  |  | 33 | %
Funding agreements 1 | 1,500 |  |  | 148 |  |  | 3,245 |  |  | 2,300 |  |  | 8,041 |  |  | 250 | % |  | NM |  | 1,500 |  |  | 8,041 |  |  | NM
Pension group annuities | 56 |  |  | 9,002 |  |  | — |  |  | 1,316 |  |  | — |  |  | NM |  | NM |  | 56 |  |  | — |  |  | NM
Gross organic inflows | 11,927 |  |  | 18,714 |  |  | 12,942 |  |  | 19,824 |  |  | 20,094 |  |  | 1 | % |  | 68 | % |  | 11,927 |  |  | 20,094 |  |  | 68 | %
Gross inorganic inflows 2 | — |  |  | — |  |  | — |  |  | 2,214 |  |  | — |  |  | NM |  | NM |  | — |  |  | — |  |  | NM
Total gross inflows | 11,927 |  |  | 18,714 |  |  | 12,942 |  |  | 22,038 |  |  | 20,094 |  |  | (9) | % |  | 68 | % |  | 11,927 |  |  | 20,094 |  |  | 68 | %
Gross outflows 3 | (6,879) |  |  | (9,135) |  |  | (10,738) |  |  | (7,116) |  |  | (8,035) |  |  | 13 | % |  | 17 | % |  | (6,879) |  |  | (8,035) |  |  | 17 | %
Net flows | $ | 5,048 |  |  | $ | 9,579 |  |  | $ | 2,204 |  |  | $ | 14,922 |  |  | $ | 12,059 |  |  | (19) | % |  | 139 | % |  | $ | 5,048 |  |  | $ | 12,059 |  |  | 139 | %
Inflows attributable to Athene 4 | $ | 11,896 |  |  | $ | 14,977 |  |  | $ | 3,101 |  |  | $ | 13,026 |  |  | $ | 14,591 |  |  | 12 | % |  | 23 | % |  | $ | 11,896 |  |  | $ | 14,591 |  |  | 23 | %
Inflows attributable to ADIP 4,5 | 31 |  |  | 3,737 |  |  | 9,841 |  |  | 9,012 |  |  | 4,437 |  |  | (51) | % |  | NM |  | 31 |  |  | 4,437 |  |  | NM
Inflows ceded to third-party reinsurers 6 | — |  |  | — |  |  | — |  |  | — |  |  | 1,066 |  |  | NM |  | NM |  | — |  |  | 1,066 |  |  | NM
Total gross inflows | $ | 11,927 |  |  | $ | 18,714 |  |  | $ | 12,942 |  |  | $ | 22,038 |  |  | $ | 20,094 |  |  | (9) | % |  | 68 | % |  | $ | 11,927 |  |  | $ | 20,094 |  |  | 68 | %
Outflows attributable to Athene | $ | (5,531) |  |  | $ | (7,891) |  |  | $ | (9,550) |  |  | $ | (5,791) |  |  | $ | (6,748) |  |  | 17 | % |  | 22 | % |  | $ | (5,531) |  |  | $ | (6,748) |  |  | 22 | %
Outflows attributable to ADIP 5 | (1,348) |  |  | (1,244) |  |  | (1,188) |  |  | (1,325) |  |  | (1,287) |  |  | (3) | % |  | (5) | % |  | (1,348) |  |  | (1,287) |  |  | (5) | %
Total gross outflows 3 | $ | (6,879) |  |  | $ | (9,135) |  |  | $ | (10,738) |  |  | $ | (7,116) |  |  | $ | (8,035) |  |  | 13 | % |  | 17 | % |  | $ | (6,879) |  |  | $ | (8,035) |  |  | 17 | %
OUTFLOWS ATTRIBUTABLE TO ATHENE BY TYPE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maturity-driven, contractual-based outflows 7 | $ | (1,717) |  |  | $ | (3,981) |  |  | $ | (3,243) |  |  | $ | (1,952) |  |  | $ | (2,818) |  |  | 44 | % |  | 64 | % |  | $ | (1,717) |  |  | $ | (2,818) |  |  | 64 | %
Policyholder-driven outflows 8 | (3,814) |  |  | (3,910) |  |  | (3,584) |  |  | (3,839) |  |  | (3,930) |  |  | 2 | % |  | 3 | % |  | (3,814) |  |  | (3,930) |  |  | 3 | %
Income oriented withdrawals (planned)9 | (1,766) |  |  | (1,750) |  |  | (1,617) |  |  | (1,831) |  |  | (1,691) |  |  | (8) | % |  | (4) | % |  | (1,766) |  |  | (1,691) |  |  | (4) | %
From policies out-of-surrender-charge (planned)10 | (1,480) |  |  | (1,377) |  |  | (1,326) |  |  | (1,365) |  |  | (1,512) |  |  | 11 | % |  | 2 | % |  | (1,480) |  |  | (1,512) |  |  | 2 | %
From policies in-surrender-charge (unplanned)11 | (568) |  |  | (783) |  |  | (641) |  |  | (643) |  |  | (727) |  |  | 13 | % |  | 28 | % |  | (568) |  |  | (727) |  |  | 28 | %
Core outflows | (5,531) |  |  | (7,891) |  |  | (6,827) |  |  | (5,791) |  |  | (6,748) |  |  | 17 | % |  | 22 | % |  | (5,531) |  |  | (6,748) |  |  | 22 | %
Strategic reinsurance transactions 12 | — |  |  | — |  |  | (2,723) |  |  | — |  |  | — |  |  | NM |  | NM |  | — |  |  | — |  |  | NM
Outflows attributable to Athene | $ | (5,531) |  |  | $ | (7,891) |  |  | $ | (9,550) |  |  | $ | (5,791) |  |  | $ | (6,748) |  |  | 17 | % |  | 22 | % |  | $ | (5,531) |  |  | $ | (6,748) |  |  | 22 | %
Annualized rate 13 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maturity-driven, contractual-based outflows 7 | (3.4) | % |  | (7.6) | % |  | (6.3) | % |  | (3.7) | % |  | (5.1) | % |  | 140bps |  | 170bps |  | (3.4) | % |  | (5.1) | % |  | 170bps
Policyholder-driven outflows 8 | (7.6) | % |  | (7.4) | % |  | (6.9) | % |  | (7.2) | % |  | (7.0) | % |  | (20)bps |  | (60)bps |  | (7.6) | % |  | (7.0) | % |  | (60)bps
Income oriented withdrawals (planned)9 | (3.5) | % |  | (3.3) | % |  | (3.1) | % |  | (3.4) | % |  | (3.0) | % |  | (40)bps |  | (50)bps |  | (3.5) | % |  | (3.0) | % |  | (50)bps
From policies out-of-surrender-charge (planned)10 | (3.0) | % |  | (2.6) | % |  | (2.6) | % |  | (2.6) | % |  | (2.7) | % |  | 10bps |  | (30)bps |  | (3.0) | % |  | (2.7) | % |  | (30)bps
From policies in-surrender-charge (unplanned)11 | (1.1) | % |  | (1.5) | % |  | (1.2) | % |  | (1.2) | % |  | (1.3) | % |  | 10bps |  | 20bps |  | (1.1) | % |  | (1.3) | % |  | 20bps
Core outflows | (11.0) | % |  | (15.0) | % |  | (13.2) | % |  | (10.9) | % |  | (12.1) | % |  | 120bps |  | 110bps |  | (11.0) | % |  | (12.1) | % |  | 110bps
Strategic reinsurance transactions 12 | — | % |  | — | % |  | (5.2) | % |  | — | % |  | — | % |  | NM |  | NM |  | — | % |  | — | % |  | NM
Outflows attributable to Athene | (11.0) | % |  | (15.0) | % |  | (18.4) | % |  | (10.9) | % |  | (12.1) | % |  | 120bps |  | 110bps |  | (11.0) | % |  | (12.1) | % |  | 110bps
1 Funding agreements are comprised of funding agreements issued under our funding agreement backed notes (FABN) program, secured and other funding agreements, funding agreements issued to the Federal Home Loan Bank (FHLB) and long-term repurchase agreements. 2 Gross inorganic inflows represent acquisitions and block reinsurance transactions. On November 6, 2023, we entered into an agreement with a Japanese counterparty, effective October 1, 2023, pursuant to which we agreed to reinsure a block of whole life insurance policies on a coinsurance basis. In conjunction with the transaction, we entered into an agreement with a leading mortality reinsurer to retrocede the mortality risk related to this block of business. 3 Gross outflows include full and partial policyholder withdrawals on deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities, funding agreement repurchases and maturities and block reinsurance outflows. 4 Effective July 1, 2023, Athene Life Re Ltd. (ALRe) sold 50% of Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd.’s (together with its subsidiaries, ACRA 2) economic interests to Apollo/Athene Dedicated Investment Program II (ADIP II), resulting in approximately $6.8 billion of inflows attributable to Athene for the first six months of 2023 being retroactively attributed to ADIP II. Effective December 31, 2023, ADIP II’s ownership of economic interests in ACRA 2 increased to 60%, with ALRe owning the remaining 40% of the economic interests. This resulted in approximately $3.0 billion of inflows attributable to Athene for the year ended December 31, 2023 being retroactively attributed to ADIP II. These were reflected as an inflow for ADIP and a reduction of Athene inflows in 3Q’23 and 4Q’23, respectively. 5 ADIP refers to Apollo/Athene Dedicated Investment Program (ADIP I) and ADIP II and represents the noncontrolling interests in business ceded to ACRA. 6 During the first quarter of 2024, we entered into a modco reinsurance agreement with Catalina Re Archdale Life Insurance Company Ltd., a subsidiary of Catalina Holdings (Bermuda) Ltd. (together with its subsidiaries, Catalina), to cede a quota share of our retail deferred annuity business issued on or after January 1, 2024. 7 Represents outflows from funding agreements, pension group annuities and multi-year guarantee fixed annuities (MYGA), all of which occur based on defined maturities or substantially lapse upon reaching their contractual term. Amounts may vary on a quarterly basis, based on the timing of original issuance. 8 Represents outflows from fixed indexed annuities and other applicable products, which have varying degrees of predictability due to policyholder actions. 9 Represents partial annuity withdrawals to meet retirement income needs within contractual annual limits. 10 Represents outflows from policies that no longer have an active surrender charge in force. 11 Represents outflows from policies with an active surrender charge in force. 12 Strategic reinsurance transaction outflows include the portion of the reinsurance business recaptured by Venerable Insurance and Annuity Company (VIAC) in 3Q’23. 13 The outflow rate is calculated as outflows attributable to Athene divided by average net invested assets for the respective period, on an annualized basis.

8

Condensed Consolidated Balance Sheets Unaudited (in millions, except percentages) |
| December 31, 2023 |  | March 31, 2024 |  | Δ
ASSETS |  |  |  |  |
Investments |  |  |  |  |
Available-for-sale securities, at fair value | $ | 134,338 |  |  | $ | 142,873 |  |  | 6 | %
Trading securities, at fair value | 1,706 |  |  | 1,685 |  |  | (1) | %
Equity securities | 1,293 |  |  | 1,651 |  |  | 28 | %
Mortgage loans, at fair value | 44,115 |  |  | 48,207 |  |  | 9 | %
Investment funds | 109 |  |  | 110 |  |  | 1 | %
Policy loans | 334 |  |  | 330 |  |  | (1) | %
Funds withheld at interest | 24,359 |  |  | 23,230 |  |  | (5) | %
Derivative assets | 5,298 |  |  | 7,159 |  |  | 35 | %
Short-term investments, at fair value | 341 |  |  | 340 |  |  | — | %
Other investments | 1,206 |  |  | 1,371 |  |  | 14 | %
Total investments | 213,099 |  |  | 226,956 |  |  | 7 | %
Cash and cash equivalents | 13,020 |  |  | 15,250 |  |  | 17 | %
Restricted cash | 1,761 |  |  | 1,575 |  |  | (11) | %
Investments in related parties |  |  |  |  |
Available-for-sale securities, at fair value | 14,009 |  |  | 16,378 |  |  | 17 | %
Trading securities, at fair value | 838 |  |  | 781 |  |  | (7) | %
Equity securities, at fair value | 318 |  |  | 315 |  |  | (1) | %
Mortgage loans, at fair value | 1,281 |  |  | 1,263 |  |  | (1) | %
Investment funds | 1,632 |  |  | 1,626 |  |  | — | %
Funds withheld at interest | 6,474 |  |  | 6,028 |  |  | (7) | %
Short-term investments | 947 |  |  | 556 |  |  | (41) | %
Other investments, at fair value | 343 |  |  | 336 |  |  | (2) | %
Accrued investment income | 1,933 |  |  | 2,332 |  |  | 21 | %
Reinsurance recoverable | 4,154 |  |  | 5,183 |  |  | 25 | %
Deferred acquisition costs, deferred sales inducements and value of business acquired | 5,979 |  |  | 6,408 |  |  | 7 | %
Goodwill | 4,065 |  |  | 4,064 |  |  | — | %
Other assets | 10,179 |  |  | 10,185 |  |  | — | %
Assets of consolidated variable interest entities |  |  |  |  |
Investments |  |  |  |  |
Trading securities, at fair value | 2,136 |  |  | 2,034 |  |  | (5) | %
Mortgage loans, at fair value | 2,173 |  |  | 2,147 |  |  | (1) | %
Investment funds, at fair value | 15,927 |  |  | 16,816 |  |  | 6 | %
Other investments, at fair value | 103 |  |  | 121 |  |  | 17 | %
Cash and cash equivalents | 98 |  |  | 93 |  |  | (5) | %
Other assets | 110 |  |  | 132 |  |  | 20 | %
Total assets | $ | 300,579 |  |  | $ | 320,579 |  |  | 7 | %

9

Condensed Consolidated Balance Sheets, continued Unaudited (in millions, except percentages) |
| December 31, 2023 |  | March 31, 2024 |  | Δ
LIABILITIES |  |  |  |  |
Interest sensitive contract liabilities | $ | 204,670 |  |  | $ | 220,234 |  |  | 8 | %
Future policy benefits | 53,287 |  |  | 51,672 |  |  | (3) | %
Market risk benefits | 3,751 |  |  | 3,723 |  |  | (1) | %
Debt | 4,209 |  |  | 5,740 |  |  | 36 | %
Derivative liabilities | 1,995 |  |  | 2,429 |  |  | 22 | %
Payables for collateral on derivatives and securities to repurchase | 7,536 |  |  | 8,147 |  |  | 8 | %
Other liabilities | 2,781 |  |  | 4,396 |  |  | 58 | %
Liabilities of consolidated variable interest entities | 1,115 |  |  | 1,082 |  |  | (3) | %
Total liabilities | 279,344 |  |  | 297,423 |  |  | 6 | %
EQUITY |  |  |  |  |
Preferred stock | — |  |  | — |  |  | NM
Common stock | — |  |  | — |  |  | NM
Additional paid-in capital | 19,499 |  |  | 19,520 |  |  | — | %
Retained earnings (accumulated deficit) | (92) |  |  | 868 |  |  | NM
Accumulated other comprehensive loss | (5,569) |  |  | (5,628) |  |  | (1) | %
Total Athene Holding Ltd. stockholders' equity | 13,838 |  |  | 14,760 |  |  | 7 | %
Noncontrolling interests | 7,397 |  |  | 8,396 |  |  | 14 | %
Total equity | 21,235 |  |  | 23,156 |  |  | 9 | %
Total liabilities and equity | $ | 300,579 |  |  | $ | 320,579 |  |  | 7 | %

10

Net Invested Assets (Management view) & Agency Ratings Unaudited (in millions, except percentages) |  |  |
| December 31, 2023 |  | March 31, 2024
| Invested Asset Value 1 |  | Percent of Total |  | Invested Asset Value 1 |  | Percent of Total
NET INVESTED ASSETS |  |  |  |  |  |  |
Corporate | $ | 82,883 |  |  | 38.1 | % |  | $ | 86,528 |  |  | 38.1 | %
CLO | 20,538 |  |  | 9.4 | % |  | 21,466 |  |  | 9.4 | %
Credit | 103,421 |  |  | 47.5 | % |  | 107,994 |  |  | 47.5 | %
CML | 25,977 |  |  | 11.9 | % |  | 27,008 |  |  | 11.9 | %
RML | 18,021 |  |  | 8.3 | % |  | 19,859 |  |  | 8.7 | %
RMBS | 7,795 |  |  | 3.6 | % |  | 7,741 |  |  | 3.4 | %
CMBS | 5,580 |  |  | 2.6 | % |  | 5,805 |  |  | 2.6 | %
Real estate | 57,373 |  |  | 26.4 | % |  | 60,413 |  |  | 26.6 | %
ABS | 22,202 |  |  | 10.2 | % |  | 23,897 |  |  | 10.5 | %
Alternative investments | 11,659 |  |  | 5.4 | % |  | 11,747 |  |  | 5.2 | %
State, municipal, political subdivisions and foreign government | 3,384 |  |  | 1.5 | % |  | 3,373 |  |  | 1.5 | %
Equity securities | 1,727 |  |  | 0.8 | % |  | 1,979 |  |  | 0.9 | %
Short-term investments | 1,048 |  |  | 0.5 | % |  | 859 |  |  | 0.4 | %
US government and agencies | 4,052 |  |  | 1.9 | % |  | 4,420 |  |  | 1.9 | %
Other investments | 44,072 |  |  | 20.3 | % |  | 46,275 |  |  | 20.4 | %
Cash and equivalents | 10,467 |  |  | 4.8 | % |  | 10,294 |  |  | 4.5 | %
Policy loans and other | 2,094 |  |  | 1.0 | % |  | 2,379 |  |  | 1.0 | %
Net invested assets | $ | 217,427 |  |  | 100.0 | % |  | $ | 227,355 |  |  | 100.0 | %

| AM Best |  | Standard & Poor’s |  | Fitch |  | Moody’s
FINANCIAL STRENGTH RATINGS |  |  |  |  |  |  |
Athene Annuity & Life Assurance Company | A |  | A+ |  | A+ |  | A1
Athene Annuity and Life Company | A |  | A+ |  | A+ |  | A1
Athene Annuity & Life Assurance Company of New York | A |  | A+ |  | A+ |  | A1
Athene Life Insurance Company of New York | A |  | NR |  | NR |  | NR
Athene Annuity Re Ltd. | A |  | A+ |  | A+ |  | A1
Athene Life Re Ltd. | A |  | A+ |  | A+ |  | A1
Athene Life Re International Ltd. | A |  | A+ |  | A+ |  | A1
Athene Co-Invest Reinsurance Affiliate 1A Ltd. and Athene Co-Invest Reinsurance Affiliate 1B Ltd. | A |  | A+ |  | A+ |  | A1
Athene Co-Invest Reinsurance Affiliate 2A Ltd. and Athene Co-Invest Reinsurance Affiliate 2B Ltd. | A |  | A+ |  | A+ |  | A1
Athene Co-Invest Reinsurance Affiliate International Ltd. | A |  | A+ |  | A+ |  | A1
CREDIT RATINGS |  |  |  |  |  |  |
Athene Holding Ltd. | bbb+ |  | A- |  | A- |  | NR
Senior notes | bbb+ |  | A- |  | BBB+ |  | Baa1
Subordinated notes | NR |  | BBB |  | BBB- |  | Baa2
1 Please refer to the Notes to the Financial Supplement section for discussion on net invested assets, including net alternative investments, and the Non-GAAP Measure Reconciliations section for the reconciliation of investments, including related parties, to net invested assets. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests.

11

Net Alternative Investments (Management view) Unaudited (in millions, except percentages) |  |  |
| December 31, 2023 |  | March 31, 2024
| Invested Asset Value 1 |  | Percent of Total |  | Invested Asset Value 1 |  | Percent of Total
NET ALTERNATIVE INVESTMENTS |  |  |  |  |  |  |
Strategic origination platforms |  |  |  |  |  |  |
Wheels | $ | 691 |  |  | 5.9 | % |  | $ | 683 |  |  | 5.8 | %
Redding Ridge | 571 |  |  | 4.9 | % |  | 564 |  |  | 4.8 | %
MidCap Financial | 528 |  |  | 4.5 | % |  | 495 |  |  | 4.2 | %
NNN Lease | 459 |  |  | 3.9 | % |  | 428 |  |  | 3.6 | %
Aqua Finance | 215 |  |  | 1.8 | % |  | 269 |  |  | 2.3 | %
PK AirFinance | 251 |  |  | 2.2 | % |  | 241 |  |  | 2.1 | %
Foundation Home Loans | 242 |  |  | 2.1 | % |  | 229 |  |  | 1.9 | %
Other | 243 |  |  | 2.1 | % |  | 230 |  |  | 2.0 | %
Total strategic origination platforms | 3,200 |  |  | 27.4 | % |  | 3,139 |  |  | 26.7 | %
Retirement services platforms |  |  |  |  |  |  |
Athora | 1,106 |  |  | 9.5 | % |  | 1,116 |  |  | 9.5 | %
Catalina | 382 |  |  | 3.3 | % |  | 372 |  |  | 3.2 | %
FWD | 358 |  |  | 3.1 | % |  | 358 |  |  | 3.0 | %
Challenger | 274 |  |  | 2.4 | % |  | 298 |  |  | 2.5 | %
Venerable | 181 |  |  | 1.5 | % |  | 184 |  |  | 1.6 | %
Total retirement services platforms | 2,301 |  |  | 19.8 | % |  | 2,328 |  |  | 19.8 | %
Apollo and other fund investments |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |
Traditional private equity | 1,157 |  |  | 9.9 | % |  | 1,140 |  |  | 9.7 | %
Real estate | 969 |  |  | 8.3 | % |  | 884 |  |  | 7.5 | %
Other | 189 |  |  | 1.6 | % |  | 190 |  |  | 1.6 | %
Total equity | 2,315 |  |  | 19.8 | % |  | 2,214 |  |  | 18.8 | %
Hybrid |  |  |  |  |  |  |
Real estate | 1,123 |  |  | 9.6 | % |  | 1,069 |  |  | 9.1 | %
Other | 1,479 |  |  | 12.7 | % |  | 1,465 |  |  | 12.5 | %
Total hybrid | 2,602 |  |  | 22.3 | % |  | 2,534 |  |  | 21.6 | %
Yield | 867 |  |  | 7.5 | % |  | 887 |  |  | 7.6 | %
Total Apollo and other fund investments | 5,784 |  |  | 49.6 | % |  | 5,635 |  |  | 48.0 | %
Other 2 | 374 |  |  | 3.2 | % |  | 645 |  |  | 5.5 | %
Net alternative investments 3 | $ | 11,659 |  |  | 100.0 | % |  | $ | 11,747 |  |  | 100.0 | %
1 Please refer to the Notes to the Financial Supplement section for discussion on net invested assets, including net alternative investments, and the Non-GAAP Measure Reconciliations section for the reconciliations of investments, including related parties, to net invested assets and investment funds, including related parties and consolidated VIEs, to net alternative investments. Net invested assets include our economic ownership of ACRA investments but do not include the investments associated with the noncontrolling interests. Net alternative invested asset values reflect Athene’s ownership of Apollo Aligned Alternatives, L.P. (AAA). Athene’s ownership percentage of AAA was approximately 66% and 69% as of March 31, 2024 and December 31, 2023, respectively. 2 Other primarily includes cash and royalties. 3 Net alternative investments do not correspond to total investment funds, including related parties and consolidated VIEs, on our condensed consolidated balance sheets. Net alternative investments adjusts the GAAP presentation to include certain equity securities that are included in AFS or trading securities in the GAAP view, investment funds included in our funds withheld at interest and modco reinsurance portfolios, royalties and other investments.

12

Credit Quality of Securities Unaudited (in millions, except percentages) |  |  |  |  |
| December 31, 2023 |  | March 31, 2024
CREDIT QUALITY OF AFS SECURITIES (GAAP VIEW) | Fair Value |  | Percent of Total |  | Fair Value |  | Percent of Total
National Association of Insurance Commissioners (NAIC) designation |  |  |  |  |  |  |
1 A-G | $ | 81,549 |  |  | 55.0 | % |  | $ | 86,887 |  |  | 54.5 | %
2 A-C | 61,664 |  |  | 41.5 | % |  | 67,476 |  |  | 42.4 | %
Total investment grade | 143,213 |  |  | 96.5 | % |  | 154,363 |  |  | 96.9 | %
3 A-C | 3,544 |  |  | 2.4 | % |  | 3,269 |  |  | 2.1 | %
4 A-C | 1,013 |  |  | 0.7 | % |  | 1,090 |  |  | 0.7 | %
5 A-C | 129 |  |  | 0.1 | % |  | 144 |  |  | 0.1 | %
6 | 448 |  |  | 0.3 | % |  | 385 |  |  | 0.2 | %
Total below investment grade | 5,134 |  |  | 3.5 | % |  | 4,888 |  |  | 3.1 | %
Total AFS securities including related parties | $ | 148,347 |  |  | 100.0 | % |  | $ | 159,251 |  |  | 100.0 | %
Nationally Recognized Statistical Rating Organization (NRSRO) designation |  |  |  |  |  |  |
AAA/AA/A | $ | 71,887 |  |  | 48.5 | % |  | $ | 76,596 |  |  | 48.1 | %
BBB | 58,010 |  |  | 39.1 | % |  | 62,833 |  |  | 39.4 | %
Non-rated 1 | 11,427 |  |  | 7.7 | % |  | 13,293 |  |  | 8.3 | %
Total investment grade | 141,324 |  |  | 95.3 | % |  | 152,722 |  |  | 95.8 | %
BB | 3,421 |  |  | 2.3 | % |  | 3,110 |  |  | 2.0 | %
B | 826 |  |  | 0.6 | % |  | 769 |  |  | 0.5 | %
CCC | 1,037 |  |  | 0.6 | % |  | 1,049 |  |  | 0.7 | %
CC and lower | 739 |  |  | 0.5 | % |  | 715 |  |  | 0.4 | %
Non-rated 1 | 1,000 |  |  | 0.7 | % |  | 886 |  |  | 0.6 | %
Total below investment grade | 7,023 |  |  | 4.7 | % |  | 6,529 |  |  | 4.2 | %
Total AFS securities including related parties | $ | 148,347 |  |  | 100.0 | % |  | $ | 159,251 |  |  | 100.0 | %
1 Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled loan backed and structured securities (LBaSS), the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. The NRSRO ratings methodology is focused on the likelihood of recovery of all contractual payments, including principal at par regardless of entry price, while the NAIC designation methodology considers an investment at amortized cost, and the likelihood of recovery of that book value. We view the NAIC designation methodology as the most appropriate way to view our AFS portfolio when evaluating credit risk since a portion of our holdings were purchased at a significant discount to par.

13

Credit Quality of Net Invested Assets (Management view) Unaudited (In millions, except percentages) |  |  |  |  |
| December 31, 2023 |  | March 31, 2024 |  |  | December 31, 2023 |  | March 31, 2024
| Invested Asset Value 1 |  | % of Total |  | Invested Asset Value 1 |  | % of Total |  |  | Invested Asset Value 1 |  | % of Total |  | Invested Asset Value 1 |  | % of Total
CREDIT QUALITY OF NET INVESTED ASSETS |  |  |  |  |  |  |  | CREDIT QUALITY OF NET INVESTED ASSETS |  |  |  |  |  |
NAIC designation |  |  |  |  |  |  |  |  | NRSRO designation |  |  |  |  |  |  |
1 A-G | $ | 79,503 |  |  | 53.9 | % |  | $ | 83,181 |  |  | 54.0 | % |  | AAA/AA/A | $ | 67,768 |  |  | 45.9 | % |  | $ | 71,367 |  |  | 46.3 | %
2 A-C | 61,775 |  |  | 41.9 | % |  | 64,882 |  |  | 42.1 | % |  | BBB | 57,345 |  |  | 38.9 | % |  | 59,565 |  |  | 38.7 | %
Non-rated | 322 |  |  | 0.2 | % |  | 387 |  |  | 0.2 | % |  | Non-rated 2 | 14,397 |  |  | 9.8 | % |  | 15,764 |  |  | 10.2 | %
Total investment grade | 141,600 |  |  | 96.0 | % |  | 148,450 |  |  | 96.3 | % |  | Total investment grade | 139,510 |  |  | 94.6 | % |  | 146,696 |  |  | 95.2 | %
3 A-C | 3,833 |  |  | 2.6 | % |  | 3,485 |  |  | 2.3 | % |  | BB | 3,551 |  |  | 2.4 | % |  | 3,182 |  |  | 2.1 | %
4 A-C | 1,170 |  |  | 0.8 | % |  | 1,319 |  |  | 0.9 | % |  | B | 915 |  |  | 0.6 | % |  | 856 |  |  | 0.6 | %
5 A-C | 357 |  |  | 0.2 | % |  | 391 |  |  | 0.2 | % |  | CCC | 1,280 |  |  | 0.9 | % |  | 1,288 |  |  | 0.8 | %
6 | 522 |  |  | 0.4 | % |  | 444 |  |  | 0.3 | % |  | CC and lower | 940 |  |  | 0.6 | % |  | 909 |  |  | 0.6 | %
Non-rated | — |  |  | — | % |  | — |  |  | — | % |  | Non-rated 2 | 1,286 |  |  | 0.9 | % |  | 1,158 |  |  | 0.7 | %
Total below investment grade | 5,882 |  |  | 4.0 | % |  | 5,639 |  |  | 3.7 | % |  | Total below investment grade | 7,972 |  |  | 5.4 | % |  | 7,393 |  |  | 4.8 | %
Total NAIC designated assets 3 | 147,482 |  |  | 100.0 | % |  | 154,089 |  |  | 100.0 | % |  | Total NRSRO designated assets 3 | 147,482 |  |  | 100.0 | % |  | 154,089 |  |  | 100.0 | %
Assets without NAIC designation |  |  |  |  |  |  |  |  | Assets without NRSRO designation |  |  |  |  |  |  |
Commercial mortgage loans |  |  |  |  |  |  |  |  | Commercial mortgage loans |  |  |  |  |  |  |
CM1 | 4,384 |  |  | 16.9 | % |  | 4,354 |  |  | 16.1 | % |  | CM1 | 4,384 |  |  | 16.9 | % |  | 4,354 |  |  | 16.1 | %
CM2 | 15,645 |  |  | 60.2 | % |  | 16,644 |  |  | 61.6 | % |  | CM2 | 15,645 |  |  | 60.2 | % |  | 16,644 |  |  | 61.6 | %
CM3 | 5,304 |  |  | 20.4 | % |  | 5,319 |  |  | 19.7 | % |  | CM3 | 5,304 |  |  | 20.4 | % |  | 5,319 |  |  | 19.7 | %
CM4 | 623 |  |  | 2.4 | % |  | 631 |  |  | 2.3 | % |  | CM4 | 623 |  |  | 2.4 | % |  | 631 |  |  | 2.3 | %
CM5 | — |  |  | — | % |  | — |  |  | — | % |  | CM5 | — |  |  | — | % |  | — |  |  | — | %
CM6 | 13 |  |  | 0.1 | % |  | 20 |  |  | 0.1 | % |  | CM6 | 13 |  |  | 0.1 | % |  | 20 |  |  | 0.1 | %
CM7 | 8 |  |  | — | % |  | 40 |  |  | 0.2 | % |  | CM7 | 8 |  |  | — | % |  | 40 |  |  | 0.2 | %
Total CMLs | 25,977 |  |  | 100.0 | % |  | 27,008 |  |  | 100.0 | % |  | Total CMLs | 25,977 |  |  | 100.0 | % |  | 27,008 |  |  | 100.0 | %
Residential mortgage loans |  |  |  |  |  |  |  |  | Residential mortgage loans |  |  |  |  |  |  |
In good standing | 17,503 |  |  | 97.1 | % |  | 19,335 |  |  | 97.4 | % |  | In good standing | 17,503 |  |  | 97.1 | % |  | 19,335 |  |  | 97.4 | %
90 days late | 407 |  |  | 2.3 | % |  | 400 |  |  | 2.0 | % |  | 90 days late | 407 |  |  | 2.3 | % |  | 400 |  |  | 2.0 | %
In foreclosure | 111 |  |  | 0.6 | % |  | 124 |  |  | 0.6 | % |  | In foreclosure | 111 |  |  | 0.6 | % |  | 124 |  |  | 0.6 | %
Total RMLs | 18,021 |  |  | 100.0 | % |  | 19,859 |  |  | 100.0 | % |  | Total RMLs | 18,021 |  |  | 100.0 | % |  | 19,859 |  |  | 100.0 | %
Alternative investments | 11,659 |  |  |  |  | 11,747 |  |  |  |  | Alternative investments | 11,659 |  |  |  |  | 11,747 |  |  |
Cash and equivalents | 10,467 |  |  |  |  | 10,294 |  |  |  |  | Cash and equivalents | 10,467 |  |  |  |  | 10,294 |  |  |
Equity securities | 1,727 |  |  |  |  | 1,979 |  |  |  |  | Equity securities | 1,727 |  |  |  |  | 1,979 |  |  |
Other 4 | 2,094 |  |  |  |  | 2,379 |  |  |  |  | Other 4 | 2,094 |  |  |  |  | 2,379 |  |  |
Net invested assets | $ | 217,427 |  |  |  |  | $ | 227,355 |  |  |  |  | Net invested assets | $ | 217,427 |  |  |  |  | $ | 227,355 |  |  |
1 Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2 Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. 3 NAIC and NRSRO designations include corporates, CLO, RMBS, CMBS, ABS, state, municipal, political subdivisions and foreign government securities, short-term investments and US government and agency securities. 4 Other includes policy loans, accrued interest and other net invested assets.

14

Credit Quality of Net Invested Assets - ABS and CLOs (Management view) Unaudited (In millions, except percentages) |
| December 31, 2023 |  | March 31, 2024 |  |  | December 31, 2023 |  | March 31, 2024
| Invested Asset Value 1 |  | % of Total |  | Invested Asset Value 1 |  | % of Total |  |  | Invested Asset Value 1 |  | % of Total |  | Invested Asset Value 1 |  | % of Total
CREDIT QUALITY OF ABS – NAIC DESIGNATION |  |  |  |  |  | CREDIT QUALITY OF ABS – NRSRO DESIGNATION |  |  |  |
1 A-G | $ | 13,700 |  |  | 61.7 | % |  | $ | 15,575 |  |  | 65.2 | % |  | AAA/AA/A | $ | 12,117 |  |  | 54.6 | % |  | $ | 13,467 |  |  | 56.4 | %
2 A-C | 7,227 |  |  | 32.6 | % |  | 7,125 |  |  | 29.8 | % |  | BBB | 8,407 |  |  | 37.9 | % |  | 7,206 |  |  | 30.1 | %
Non-rated | — |  |  | — | % |  | — |  |  | — | % |  | Non-rated 2 | 403 |  |  | 1.8 | % |  | 2,027 |  |  | 8.5 | %
Total investment grade | 20,927 |  |  | 94.3 | % |  | 22,700 |  |  | 95.0 | % |  | Total investment grade | 20,927 |  |  | 94.3 | % |  | 22,700 |  |  | 95.0 | %
3 A-C | 809 |  |  | 3.6 | % |  | 758 |  |  | 3.2 | % |  | BB | 822 |  |  | 3.6 | % |  | 770 |  |  | 3.2 | %
4 A-C | 261 |  |  | 1.2 | % |  | 232 |  |  | 1.0 | % |  | B | 248 |  |  | 1.1 | % |  | 220 |  |  | 0.9 | %
5 A-C | 125 |  |  | 0.5 | % |  | 127 |  |  | 0.4 | % |  | CCC | 12 |  |  | 0.1 | % |  | 12 |  |  | 0.1 | %
6 | 80 |  |  | 0.4 | % |  | 80 |  |  | 0.4 | % |  | CC and lower | 35 |  |  | 0.2 | % |  | 36 |  |  | 0.2 | %
Non-rated | — |  |  | — | % |  | — |  |  | — | % |  | Non-rated 2 | 158 |  |  | 0.7 | % |  | 159 |  |  | 0.6 | %
Total below investment grade | 1,275 |  |  | 5.7 | % |  | 1,197 |  |  | 5.0 | % |  | Total below investment grade | 1,275 |  |  | 5.7 | % |  | 1,197 |  |  | 5.0 | %
ABS net invested assets | $ | 22,202 |  |  | 100.0 | % |  | $ | 23,897 |  |  | 100.0 | % |  | ABS net invested assets | $ | 22,202 |  |  | 100.0 | % |  | $ | 23,897 |  |  | 100.0 | %
CREDIT QUALITY OF CLOs – NAIC DESIGNATION |  |  |  |  |  | CREDIT QUALITY OF CLOs – NRSRO DESIGNATION |  |  |  |
1 A-G | $ | 13,232 |  |  | 64.4 | % |  | $ | 13,924 |  |  | 64.9 | % |  | AAA/AA/A | $ | 13,232 |  |  | 64.4 | % |  | $ | 13,918 |  |  | 64.9 | %
2 A-C | 7,161 |  |  | 34.9 | % |  | 7,414 |  |  | 34.5 | % |  | BBB | 7,161 |  |  | 34.9 | % |  | 7,414 |  |  | 34.5 | %
Non-rated | — |  |  | — | % |  | — |  |  | — | % |  | Non-rated 2 | — |  |  | — | % |  | 6 |  |  | — | %
Total investment grade | 20,393 |  |  | 99.3 | % |  | 21,338 |  |  | 99.4 | % |  | Total investment grade | 20,393 |  |  | 99.3 | % |  | 21,338 |  |  | 99.4 | %
3 A-C | 126 |  |  | 0.6 | % |  | 109 |  |  | 0.5 | % |  | BB | 126 |  |  | 0.6 | % |  | 109 |  |  | 0.5 | %
4 A-C | 19 |  |  | 0.1 | % |  | 19 |  |  | 0.1 | % |  | B | 19 |  |  | 0.1 | % |  | 19 |  |  | 0.1 | %
5 A-C | — |  |  | — | % |  | — |  |  | — | % |  | CCC | — |  |  | — | % |  | — |  |  | — | %
6 | — |  |  | — | % |  | — |  |  | — | % |  | CC and lower | — |  |  | — | % |  | — |  |  | — | %
Non-rated | — |  |  | — | % |  | — |  |  | — | % |  | Non-rated 2 | — |  |  | — | % |  | — |  |  | — | %
Total below investment grade | 145 |  |  | 0.7 | % |  | 128 |  |  | 0.6 | % |  | Total below investment grade | 145 |  |  | 0.7 | % |  | 128 |  |  | 0.6 | %
CLO net invested assets | $ | 20,538 |  |  | 100.0 | % |  | $ | 21,466 |  |  | 100.0 | % |  | CLO net invested assets | $ | 20,538 |  |  | 100.0 | % |  | $ | 21,466 |  |  | 100.0 | %
1 Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2 Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology.

15

Credit Quality of Net Invested Assets - RMBS and CMBS (Management view) Unaudited (In millions, except percentages) |
| December 31, 2023 |  | March 31, 2024 |  |  | December 31, 2023 |  | March 31, 2024
| Invested Asset Value 1 |  | % of Total |  | Invested Asset Value 1 |  | % of Total |  |  | Invested Asset Value 1 |  | % of Total |  | Invested Asset Value 1 |  | % of Total
CREDIT QUALITY OF RMBS – NAIC DESIGNATION |  |  |  |  |  | CREDIT QUALITY OF RMBS – NRSRO DESIGNATION |  |  |  |
1 A-G | $ | 6,714 |  |  | 86.1 | % |  | $ | 6,682 |  |  | 86.3 | % |  | AAA/AA/A | $ | 2,344 |  |  | 30.1 | % |  | $ | 2,443 |  |  | 31.6 | %
2 A-C | 262 |  |  | 3.4 | % |  | 270 |  |  | 3.5 | % |  | BBB | 475 |  |  | 6.1 | % |  | 407 |  |  | 5.2 | %
Non-rated | — |  |  | — | % |  | — |  |  | — | % |  | Non-rated 2 | 2,324 |  |  | 29.8 | % |  | 2,350 |  |  | 30.4 | %
Total investment grade | 6,976 |  |  | 89.5 | % |  | 6,952 |  |  | 89.8 | % |  | Total investment grade | 5,143 |  |  | 66.0 | % |  | 5,200 |  |  | 67.2 | %
3 A-C | 335 |  |  | 4.3 | % |  | 325 |  |  | 4.2 | % |  | BB | 99 |  |  | 1.3 | % |  | 61 |  |  | 0.8 | %
4 A-C | 323 |  |  | 4.2 | % |  | 306 |  |  | 4.0 | % |  | B | 128 |  |  | 1.6 | % |  | 150 |  |  | 1.9 | %
5 A-C | 89 |  |  | 1.1 | % |  | 87 |  |  | 1.1 | % |  | CCC | 1,144 |  |  | 14.7 | % |  | 1,113 |  |  | 14.4 | %
6 | 72 |  |  | 0.9 | % |  | 71 |  |  | 0.9 | % |  | CC and lower | 835 |  |  | 10.7 | % |  | 800 |  |  | 10.3 | %
Non-rated | — |  |  | — | % |  | — |  |  | — | % |  | Non-rated 2 | 446 |  |  | 5.7 | % |  | 417 |  |  | 5.4 | %
Total below investment grade | 819 |  |  | 10.5 | % |  | 789 |  |  | 10.2 | % |  | Total below investment grade | 2,652 |  |  | 34.0 | % |  | 2,541 |  |  | 32.8 | %
RMBS net invested assets | $ | 7,795 |  |  | 100.0 | % |  | $ | 7,741 |  |  | 100.0 | % |  | RMBS net invested assets | $ | 7,795 |  |  | 100.0 | % |  | $ | 7,741 |  |  | 100.0 | %
CREDIT QUALITY OF CMBS – NAIC DESIGNATION |  |  |  |  |  | CREDIT QUALITY OF CMBS – NRSRO DESIGNATION |  |  |  |
1 A-G | $ | 4,000 |  |  | 71.7 | % |  | $ | 4,195 |  |  | 72.3 | % |  | AAA/AA/A | $ | 3,447 |  |  | 61.8 | % |  | $ | 3,647 |  |  | 62.8 | %
2 A-C | 993 |  |  | 17.8 | % |  | 749 |  |  | 12.9 | % |  | BBB | 962 |  |  | 17.2 | % |  | 978 |  |  | 16.8 | %
Non-rated | — |  |  | — | % |  | — |  |  | — | % |  | Non-rated 2 | 291 |  |  | 5.2 | % |  | 298 |  |  | 5.2 | %
Total investment grade | 4,993 |  |  | 89.5 | % |  | 4,944 |  |  | 85.2 | % |  | Total investment grade | 4,700 |  |  | 84.2 | % |  | 4,923 |  |  | 84.8 | %
3 A-C | 293 |  |  | 5.3 | % |  | 299 |  |  | 5.2 | % |  | BB | 550 |  |  | 9.9 | % |  | 540 |  |  | 9.3 | %
4 A-C | 151 |  |  | 2.7 | % |  | 418 |  |  | 7.2 | % |  | B | 216 |  |  | 3.8 | % |  | 203 |  |  | 3.5 | %
5 A-C | 75 |  |  | 1.3 | % |  | 76 |  |  | 1.2 | % |  | CCC | 89 |  |  | 1.6 | % |  | 113 |  |  | 2.0 | %
6 | 68 |  |  | 1.2 | % |  | 68 |  |  | 1.2 | % |  | CC and lower | 25 |  |  | 0.5 | % |  | 26 |  |  | 0.4 | %
Non-rated | — |  |  | — | % |  | — |  |  | — | % |  | Non-rated 2 | — |  |  | — | % |  | — |  |  | — | %
Total below investment grade | 587 |  |  | 10.5 | % |  | 861 |  |  | 14.8 | % |  | Total below investment grade | 880 |  |  | 15.8 | % |  | 882 |  |  | 15.2 | %
CMBS net invested assets | $ | 5,580 |  |  | 100.0 | % |  | $ | 5,805 |  |  | 100.0 | % |  | CMBS net invested assets | $ | 5,580 |  |  | 100.0 | % |  | $ | 5,805 |  |  | 100.0 | %
1 Please refer to the Notes to the Financial Supplement section for discussion on net invested assets and the Non-GAAP Measure Reconciliations section for the reconciliation of total investments, including related parties, to net invested assets. 2 Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security’s respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology.

16

Net Reserve Liabilities & Rollforwards Unaudited (in millions, except percentages) |  |
| December 31, 2023 |  | March 31, 2024
| Dollars |  | Percent of Total |  | Dollars |  | Percent of Total
NET RESERVE LIABILITIES |  |  |  |  |  |  |
Indexed annuities | $ | 84,444 |  |  | 42.4 | % |  | $ | 85,056 |  |  | 40.8 | %
Fixed rate annuities | 53,282 |  |  | 26.7 | % |  | 56,581 |  |  | 27.1 | %
Total deferred annuities | 137,726 |  |  | 69.1 | % |  | 141,637 |  |  | 67.9 | %
Pension group annuities | 26,313 |  |  | 13.2 | % |  | 25,502 |  |  | 12.2 | %
Payout annuities | 4,897 |  |  | 2.4 | % |  | 4,781 |  |  | 2.3 | %
Funding agreements 1 | 26,637 |  |  | 13.4 | % |  | 32,921 |  |  | 15.8 | %
Life and other | 3,716 |  |  | 1.9 | % |  | 3,682 |  |  | 1.8 | %
Total net reserve liabilities | $ | 199,289 |  |  | 100.0 | % |  | $ | 208,523 |  |  | 100.0 | %

| Quarterly Trends |  | Δ |  | Year-to-Date |  | Δ
| 1Q’23 |  | 2Q’23 |  | 3Q’23 |  | 4Q’23 |  | 1Q’24 |  | Q/Q |  | Y/Y |  | 2023 |  | 2024 |  | Y/Y
NET RESERVE LIABILITY ROLLFORWARD
Net reserve liabilities – beginning | $ | 175,970 |  |  | $ | 184,891 |  |  | $ | 193,431 |  |  | $ | 185,744 |  |  | $ | 199,289 |  |  | 7 | % |  | 13 | % |  | $ | 175,970 |  |  | $ | 199,289 |  |  | 13 | %
Gross inflows 2 | 12,111 |  |  | 18,989 |  |  | 13,257 |  |  | 20,167 |  |  | 20,408 |  |  | 1 | % |  | 69 | % |  | 12,111 |  |  | 20,408 |  |  | 69 | %
Acquisition and block reinsurance 3 | — |  |  | — |  |  | — |  |  | 2,214 |  |  | — |  |  | NM |  | NM |  | — |  |  | — |  |  | NM
Inflows attributable to ACRA noncontrolling interests | (60) |  |  | (3,751) |  |  | (3,192) |  |  | (6,025) |  |  | (4,519) |  |  | (25) | % |  | NM |  | (60) |  |  | (4,519) |  |  | NM
Inflows ceded to third-party reinsurers 4 | — |  |  | — |  |  | — |  |  | — |  |  | (1,083) |  |  | NM |  | NM |  | — |  |  | (1,083) |  |  | NM
Net inflows | 12,051 |  |  | 15,238 |  |  | 10,065 |  |  | 16,356 |  |  | 14,806 |  |  | (9) | % |  | 23 | % |  | 12,051 |  |  | 14,806 |  |  | 23 | %
Net withdrawals | (5,531) |  |  | (7,891) |  |  | (6,827) |  |  | (5,791) |  |  | (6,748) |  |  | 17 | % |  | 22 | % |  | (5,531) |  |  | (6,748) |  |  | 22 | %
Strategic reinsurance outflows 5 | — |  |  | — |  |  | (2,723) |  |  | — |  |  | — |  |  | NM |  | NM |  | — |  |  | — |  |  | NM
ACRA ownership changes 6 | — |  |  | — |  |  | (7,023) |  |  | (3,239) |  |  | — |  |  | NM |  | NM |  | — |  |  | — |  |  | NM
Other reserve changes | 2,401 |  |  | 1,193 |  |  | (1,179) |  |  | 6,219 |  |  | 1,176 |  |  | (81) | % |  | (51) | % |  | 2,401 |  |  | 1,176 |  |  | (51) | %
Net reserve liabilities – ending | $ | 184,891 |  |  | $ | 193,431 |  |  | $ | 185,744 |  |  | $ | 199,289 |  |  | $ | 208,523 |  |  | 5 | % |  | 13 | % |  | $ | 184,891 |  |  | $ | 208,523 |  |  | 13 | %
ACRA NONCONTROLLING INTERESTS RESERVE LIABILITY ROLLFORWARD
Reserve liabilities – beginning | $ | 35,981 |  |  | $ | 35,281 |  |  | $ | 37,775 |  |  | $ | 46,576 |  |  | $ | 56,651 |  |  | 22 | % |  | 57 | % |  | $ | 35,981 |  |  | $ | 56,651 |  |  | 57 | %
Inflows | 60 |  |  | 3,751 |  |  | 3,192 |  |  | 6,025 |  |  | 4,519 |  |  | (25) | % |  | NM |  | 60 |  |  | 4,519 |  |  | NM
Withdrawals | (1,348) |  |  | (1,244) |  |  | (1,188) |  |  | (1,325) |  |  | (1,287) |  |  | (3) | % |  | (5) | % |  | (1,348) |  |  | (1,287) |  |  | (5) | %
ACRA ownership changes 6 | — |  |  | — |  |  | 7,023 |  |  | 3,239 |  |  | — |  |  | NM |  | NM |  | — |  |  | — |  |  | NM
Other reserve changes | 588 |  |  | (13) |  |  | (226) |  |  | 2,136 |  |  | 259 |  |  | (88) | % |  | (56) | % |  | 588 |  |  | 259 |  |  | (56) | %
Reserve liabilities – ending | $ | 35,281 |  |  | $ | 37,775 |  |  | $ | 46,576 |  |  | $ | 56,651 |  |  | $ | 60,142 |  |  | 6 | % |  | 70 | % |  | $ | 35,281 |  |  | $ | 60,142 |  |  | 70 | %
Note: Please refer to the Notes to the Financial Supplement section for discussion on net reserve liabilities and the Non-GAAP Measure Reconciliations section for the reconciliation of total liabilities to net reserve liabilities. Net reserve liabilities include our economic ownership of ACRA reserve liabilities but do not include the reserve liabilities associated with the noncontrolling interests. 1 Funding agreements are comprised of funding agreements issued under our FABN program, secured and other funding agreements, funding agreements issued to the FHLB and long-term repurchase agreements. 2 Gross inflows equal inflows from our retail, flow reinsurance and institutional channels as well as inflows for life and products other than deferred annuities or our institutional products, renewal inflows on older blocks of business, annuitizations and foreign currency translation adjustments on large transactions between the transaction date and the translation period. Gross inflows include all inflows sourced by Athene, including all of the inflows reinsured to ACRA. 3 Acquisition and block reinsurance transactions include the reserve liabilities acquired in our inorganic channel at inception. On November 6, 2023, we entered into an agreement with a Japanese counterparty, effective October 1, 2023, pursuant to which we agreed to reinsure a block of whole life insurance policies on a coinsurance basis. In conjunction with the transaction, we entered into an agreement with a leading mortality reinsurer to retrocede the mortality risk related to this block of business. 4 During the first quarter of 2024, we entered into a modco reinsurance agreement with Catalina to cede a quota share of our retail deferred annuity business issued on or after January 1, 2024. 5 Strategic reinsurance outflows include the portion of the reinsurance business recaptured by VIAC in 3Q’23. 6 Effective July 1, 2023, ALRe sold 50% of ACRA 2’s economic interests to ADIP II, resulting in approximately $6.8 billion of inflows attributable to Athene for the first six months of 2023 being retroactively attributed to ADIP II. The ADIP II reserve liabilities at inception on July 1, 2023 were $7.0 billion. Effective December 31, 2023, ADIP II’s ownership of economic interests in ACRA 2 increased to 60%, with ALRe owning the remaining 40% of the economic interests.

17

Deferred Annuity Liability Characteristics Unaudited (in millions, except percentages) |  |
| Surrender charge (gross) |  | Percent of total |  | Surrender charge (net of MVA) |  | Percent of total
SURRENDER CHARGE PERCENTAGES ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge | $ | 26,188 |  |  | 19.5 | % |  | $ | 26,188 |  |  | 19.5 | %
0.0% < 2.0% | 5,249 |  |  | 3.9 | % |  | 4,027 |  |  | 3.0 | %
2.0% < 4.0% | 7,364 |  |  | 5.5 | % |  | 5,224 |  |  | 3.9 | %
4.0% < 6.0% | 12,975 |  |  | 9.7 | % |  | 10,011 |  |  | 7.5 | %
6.0% or greater | 82,232 |  |  | 61.4 | % |  | 88,558 |  |  | 66.1 | %
| $ | 134,008 |  |  | 100.0 | % |  | $ | 134,008 |  |  | 100.0 | %
|  |  | Surrender charge (gross) |  | MVA benefit |  | Surrender charge (net)
Aggregate surrender charge protection |  |  | 5.9 | % |  | 1.6 | % |  | 7.5 | %

| Deferred annuities |  | Percent of total |  | Average surrender charge (gross)
YEARS OF SURRENDER CHARGE REMAINING ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge | $ | 26,188 |  |  | 19.5 | % |  | — | %
Less than 2 | 19,498 |  |  | 14.5 | % |  | 5.7 | %
2 to less than 4 | 29,072 |  |  | 21.7 | % |  | 6.6 | %
4 to less than 6 | 29,610 |  |  | 22.1 | % |  | 7.0 | %
6 to less than 8 | 13,035 |  |  | 9.8 | % |  | 8.9 | %
8 to less than 10 | 13,833 |  |  | 10.3 | % |  | 8.6 | %
10 or greater | 2,772 |  |  | 2.1 | % |  | 14.2 | %
| $ | 134,008 |  |  | 100.0 | % |  |

18

Notes to the Financial Supplement |

KEY OPERATING AND NON-GAAP MEASURES
In addition to our results presented in accordance with US GAAP, we present certain financial information that includes non-GAAP measures. Management believes the use of these non-GAAP measures, together with the relevant US GAAP measures, provides information that may enhance an investor’s understanding of our results of operations and the underlying profitability drivers of our business. The majority of these non-GAAP measures are intended to remove from the results of operations the impact of market volatility (other than with respect to alternative investments), which consists of investment gains (losses), net of offsets, and non-operating change in insurance liabilities and related derivatives, both defined below, as well as integration, restructuring, stock compensation and certain other expenses which are not part of our underlying profitability drivers, as such items fluctuate from period to period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results in accordance with US GAAP and should not be viewed as a substitute for the corresponding US GAAP measures.
SPREAD RELATED EARNINGS AND NET SPREAD
Spread related earnings is a pre-tax non-GAAP measure used to evaluate our financial performance including the impact of any reinsurance transactions and excluding market volatility and expenses related to integration, restructuring, stock compensation and other expenses. Our spread related earnings equals net income (loss) available to AHL common stockholder adjusted to eliminate the impact of the following:
•Investment Gains (Losses), Net of Offsets—Consists of the realized gains and losses on the sale of AFS securities, the change in fair value of reinsurance assets, unrealized gains and losses, changes in the provision for credit losses and other investment gains and losses. Unrealized, allowances and other investment gains and losses are comprised of the fair value adjustments of trading securities (other than certain equity tranche securities) and mortgage loans, investments held under the fair value option, derivative gains and losses not hedging FIA index credits, foreign exchange impacts and the change in provision for credit losses recognized in operations net of the change in AmerUs Closed Block fair value reserve related to the corresponding change in fair value of investments. Investment gains and losses are net of offsets related to the market value adjustments (MVA) associated with surrenders or terminations of contracts.
•Non-operating Change in Insurance Liabilities and Related Derivatives
•Change in Fair Values of Derivatives and Embedded Derivatives – FIAs—Consists of impacts related to the fair value accounting for derivatives hedging the FIA index credits and the related embedded derivative liability fluctuations from period to period. The index reserve is measured at fair value for the current period and all periods beyond the current policyholder index term. However, the FIA hedging derivatives are purchased to hedge only the current index period. Upon policyholder renewal at the end of the period, new FIA hedging derivatives are purchased to align with the new term. The difference in duration between the FIA hedging derivatives and the index credit reserves creates a timing difference in earnings. This timing difference of the FIA hedging derivatives and index credit reserves is included as a non-operating adjustment. We primarily hedge with options that align with the index terms of our FIA products (typically 1–2 years). On an economic basis, we believe this is suitable because policyholder accounts are credited with index performance at the end of each index term. However, because the term of an embedded derivative in an FIA contract is longer-dated, there is a duration mismatch which may lead to mismatches for accounting purposes.
•Non-operating Change in Funding Agreements—Consists of timing differences caused by changes to interest rates on variable funding agreements and funding agreement backed notes and the associated reserve accretion patterns of those contracts. Further included are adjustments for gains associated with our repurchases of funding agreement backed notes.
•Change in Fair Value of Market Risk Benefits—Consists primarily of volatility in capital market inputs used in the measurement at fair value of our market risk benefits, including certain impacts from changes in interest rates, equity returns and implied equity volatilities.
•Non-operating Change in Liability for Future Policy Benefits—Consists of the non-economic loss incurred at issuance for certain pension group annuities and other payout annuities with life contingencies when valuation interest rates prescribed by US GAAP are lower than the net investment earned rates, adjusted for profit, assumed in pricing. For such contracts with non-economic US GAAP losses, the SRE reserve accretes interest using an imputed discount rate that produces zero gain or loss at issuance.
•Integration, Restructuring, and Other Non-operating Expenses—Consists of restructuring and integration expenses related to acquisitions and block reinsurance costs as well as certain other expenses, which are not predictable or related to our underlying profitability drivers.
•Stock Compensation Expense—Consists of stock compensation expenses associated with our share incentive plans, including long-term incentive expenses, which are not related to our underlying profitability drivers and fluctuate from time to time due to the structure of our plans.
•Income Tax (Expense) Benefit—Consists of the income tax effect of all income statement adjustments and is computed by applying the appropriate jurisdiction’s tax rate to all adjustments subject to income tax.
We consider these adjustments to be meaningful adjustments to net income (loss) available to AHL common stockholder for the reasons discussed in greater detail above. Accordingly, we believe using a measure which excludes the impact of these items is useful in analyzing our business performance and the trends in our results of operations. Together with net income (loss) available to AHL common stockholder, we believe spread related earnings provides a meaningful financial metric that helps investors understand our underlying results and profitability. Spread related earnings should not be used as a substitute for net income (loss) available to AHL common stockholder.
Net spread is a non-GAAP measure used to evaluate our financial performance and profitability. Net spread is computed using our spread related earnings divided by average net invested assets for the relevant period. To enhance the ability to analyze this measure across periods, interim periods are annualized. While we believe this metric is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for ROA presented under US GAAP.
SRE, EXCLUDING NOTABLE ITEMS AND NET SPREAD, EXCLUDING NOTABLE ITEMS
Spread related earnings, excluding notable items and net spread, excluding notable items represent SRE and net spread with an adjustment to exclude notable items. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. We use these measures to assess the long-term performance of the business against projected earnings, by excluding items that are expected to be infrequent or not indicative of the ongoing operations of the business. We view these non-GAAP measures as additional measures that provide insight to management and investors on the historical, period-to-period comparability of our key non-GAAP operating measures.
19

Notes to the Financial Supplement, continued |

NET INVESTMENT SPREAD
Net investment spread is a key measure of profitability used in analyzing the trends of our core business operations. Net investment spread measures our investment performance plus our strategic capital management fees, less our total cost of funds. Net investment earned rate is a key measure of our investment performance while cost of funds is a key measure of the cost of our policyholder benefits and liabilities. Strategic capital management fees consist of management fees received by us for business managed for others.
•Net investment earned rate is a non-GAAP measure we use to evaluate the performance of our net invested assets. Net investment earned rate is computed as the income from our net invested assets divided by the average net invested assets, for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. The adjustments to net investment income to arrive at our net investment earnings add (a) alternative investment gains and losses, (b) gains and losses related to certain equity securities, (c) net VIE impacts (revenues, expenses and noncontrolling interests), (d) forward points gains and losses on foreign exchange derivative hedges, (e) amortization of premium/discount on held-for-trading securities and (f) the change in fair value of reinsurance assets, and remove the proportionate share of the ACRA net investment income associated with the noncontrolling interests. We include the income and assets supporting our change in fair value of reinsurance assets by evaluating the underlying investments of the funds withheld at interest receivables and we include the net investment income from those underlying investments which does not correspond to the US GAAP presentation of change in fair value of reinsurance assets. We exclude the income and assets on business related to ceded reinsurance transactions. We believe the adjustments for reinsurance provide a net investment earned rate on the assets for which we have economic exposure. We believe a measure like net investment earned rate is useful in analyzing the trends of our core business operations, profitability and pricing discipline. While we believe net investment earned rate is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for net investment income presented under US GAAP.
•Cost of funds includes liability costs related to cost of crediting on both deferred annuities and institutional products as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the noncontrolling interests. Cost of crediting on deferred annuities is the interest credited to the policyholders on our fixed strategies as well as the option costs on the indexed annuity strategies. With respect to FIAs, the cost of providing index credits includes the expenses incurred to fund the annual index credits, and where applicable, minimum guaranteed interest credited. Cost of crediting on institutional products is comprised of (1) pension group annuity costs, including interest credited, benefit payments and other reserve changes, net of premiums received when issued, and (2) funding agreement costs, including the interest payments and other reserve changes. Additionally, cost of crediting includes forward points gains and losses on foreign exchange derivative hedges. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, premiums and certain product charges and other revenues. We include the costs related to business added through assumed reinsurance transactions and exclude the costs on business related to ceded reinsurance transactions. Cost of funds is computed as the total liability costs divided by the average net invested assets for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. We believe a measure like cost of funds is useful in analyzing the trends of our core business operations, profitability and pricing discipline. While we believe cost of funds is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total benefits and expenses presented under US GAAP.
NET INVESTMENT SPREAD, EXCLUDING NOTABLE ITEMS
Net investment spread, excluding notable items represents net investment spread with an adjustment to exclude notable items. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. We use this measure to assess the long-term performance of the business against projected earnings, by excluding items that are expected to be infrequent or not indicative of the ongoing operations of the business. We view this non-GAAP measure as an additional measure that provides insight to management and investors on the historical, period-to-period comparability of our key non-GAAP operating measures.
OTHER OPERATING EXPENSES
Other operating expenses excludes integration, restructuring and other non-operating expenses, stock compensation and long-term incentive plan expenses, interest expense, policy acquisition expenses, net of deferrals, and the proportionate share of the ACRA operating expenses associated with the noncontrolling interests. We believe a measure like other operating expenses is useful in analyzing the trends of our core business operations and profitability. While we believe other operating expenses is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for policy and other operating expenses presented under US GAAP.
ADJUSTED SENIOR DEBT-TO-CAPITAL RATIO
Adjusted senior debt-to-capital 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 tax. Adjusted senior debt-to-capital ratio is calculated as senior debt at notional value divided by adjusted capitalization. Adjusted capitalization includes our adjusted AHL common stockholder’s equity, preferred stock and the notional value of our total debt. Adjusted AHL common stockholder’s equity is calculated as the ending AHL stockholders’ equity excluding AOCI, the cumulative changes in fair value of funds withheld and modco reinsurance assets and mortgage loan assets as well as preferred stock. These adjustments fluctuate period to period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities, reinsurance assets and mortgage loans. Except with respect to reinvestment activity relating to acquired blocks of businesses, we typically buy and hold investments to maturity throughout the duration of market fluctuations, therefore, the period-over-period impacts in unrealized gains and losses are not necessarily indicative of current operating fundamentals or future performance. Adjusted senior debt-to-capital ratio should not be used as a substitute for the debt-to-capital ratio. However, we believe the adjustments to stockholders’ equity and debt are significant to gaining an understanding of our capitalization, debt utilization and debt capacity.
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 tax. Adjusted leverage ratio is calculated as total debt at notional value adjusted to exclude 50% of the notional value of subordinated debt as an equity credit plus 50% of preferred stock divided by adjusted capitalization. Adjusted capitalization includes our adjusted AHL common stockholder’s equity, preferred stock and the notional value of our total debt. Adjusted AHL common stockholder’s equity is calculated as the ending AHL stockholders’ equity excluding AOCI, the cumulative changes in fair value of funds withheld and modco reinsurance assets and mortgage loan assets as well as preferred stock. These adjustments fluctuate period to period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities, reinsurance assets and mortgage loans. Except with respect to reinvestment activity relating to acquired blocks of businesses, we typically buy and hold investments to maturity throughout the duration of market fluctuations, therefore, the period-over-period impacts in unrealized gains and losses are not necessarily indicative of current operating fundamentals or future performance. Adjusted leverage ratio should not be used as a substitute for the leverage ratio. However, we believe the adjustments to stockholders’ equity and debt are significant to gaining an understanding of our capitalization, debt and preferred stock utilization and overall leverage capacity, because they provide insight into how rating agencies measure our capitalization, which is a consideration in how we manage our leverage capacity.
20

Notes to the Financial Supplement, continued |

NET INVESTED ASSETS
I n managing our business, we analyze net invested assets, which does not correspond to total investments, including investments in related parties, as disclosed in our condensed consolidated financial statements and notes thereto. Net invested assets represent the investments that directly back our net reserve liabilities as well as surplus assets. Net invested assets is used in the computation of net investment earned rate, which allows us to analyze the profitability of our investment portfolio. Net invested assets include (a) total investments on the condensed consolidated balance sheets, with AFS securities, trading securities and mortgage loans at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE assets, liabilities and noncontrolling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an adjustment for the allowance for credit losses. Net invested assets exclude the derivative collateral offsetting the related cash positions. We include the underlying investments supporting our assumed funds withheld and modco agreements and exclude the underlying investments related to ceded reinsurance transactions in our net invested assets calculation in order to match the assets with the income received. We believe the adjustments for reinsurance provide a view of the assets for which we have economic exposure. Net invested assets include our proportionate share of ACRA investments, based on our economic ownership, but do not include the proportionate share of investments associated with the noncontrolling interests. Our net invested assets are averaged over the number of quarters in the relevant period to compute our net investment earned rate for such period. While we believe net invested assets is a meaningful financial metric and enhances our understanding of the underlying drivers of our investment portfolio, it should not be used as a substitute for total investments, including related parties, presented under US GAAP.
NET RESERVE LIABILITIES
In managing our business, we also analyze net reserve liabilities, which does not correspond to total liabilities as disclosed in our condensed consolidated financial statements and notes thereto. Net reserve liabilities represent our policyholder liability obligations net of reinsurance and are used to analyze the costs of our liabilities. Net reserve liabilities include (a) interest sensitive contract liabilities, (b) future policy benefits, (c) net market risk benefits, (d) long-term repurchase obligations, (e) dividends payable to policyholders and (f) other policy claims and benefits, offset by reinsurance recoverable, excluding policy loans ceded. Net reserve liabilities include our proportionate share of ACRA reserve liabilities, based on our economic ownership, but do not include the proportionate share of reserve liabilities associated with the noncontrolling interests. Net reserve liabilities are net of the ceded liabilities to third-party reinsurers as the costs of the liabilities are passed to such reinsurers and, therefore, we have no net economic exposure to such liabilities, assuming our reinsurance counterparties perform under our agreements. The majority of our ceded reinsurance is a result of strategic reinsurance transactions as well as reinsuring large blocks of life insurance business following acquisitions. For such transactions, US GAAP requires the ceded liabilities and related reinsurance recoverables to continue to be recorded in our consolidated financial statements despite the transfer of economic risk to the counterparty in connection with the reinsurance transaction. We include the underlying liabilities assumed through modco reinsurance agreements in our net reserve liabilities calculation in order to match the liabilities with the expenses incurred. While we believe net reserve liabilities is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total liabilities presented under US GAAP.
SALES
Sales statistics do not correspond to revenues under US GAAP but are used as relevant measures to understand our business performance as it relates to inflows generated during a specific period of time. Our sales statistics include inflows for fixed rate annuities and FIAs and align with the LIMRA definition of all money paid into an individual annuity, including money paid into new contracts with initial purchase occurring in the specified period and existing contracts with initial purchase occurring prior to the specified period (excluding internal transfers). We believe sales is a meaningful metric that enhances our understanding of our business performance and is not the same as premiums presented in our condensed consolidated statements of income (loss).
21

Non-GAAP Reconciliations Unaudited (in millions, except percentages) |  |  |
| Quarterly Trends
| 1Q’23 |  | 2Q’23 |  | 3Q’23 |  | 4Q’23 |  | 1Q’24
RECONCILIATION OF TOTAL AHL STOCKHOLDERS’ EQUITY TO TOTAL ADJUSTED AHL COMMON STOCKHOLDER’S EQUITY
Total AHL stockholders’ equity | $ | 8,698 |  |  | $ | 8,701 |  |  | $ | 8,537 |  |  | $ | 13,838 |  |  | $ | 14,760 |
Less: Preferred stock | 3,154 |  |  | 3,154 |  |  | 3,154 |  |  | 3,154 |  |  | 3,154 |
Total AHL common stockholder’s equity | 5,544 |  |  | 5,547 |  |  | 5,383 |  |  | 10,684 |  |  | 11,606 |
Less: Accumulated other comprehensive loss | (6,148) |  |  | (6,376) |  |  | (8,079) |  |  | (5,569) |  |  | (5,628) |
Less: Accumulated change in fair value of reinsurance assets | (2,791) |  |  | (2,843) |  |  | (2,807) |  |  | (1,882) |  |  | (1,880) |
Less: Accumulated change in fair value of mortgage loan assets | (2,022) |  |  | (2,235) |  |  | (2,820) |  |  | (2,233) |  |  | (2,426) |
Total adjusted AHL common stockholder’s equity | $ | 16,505 |  |  | $ | 17,001 |  |  | $ | 19,089 |  |  | $ | 20,368 |  |  | $ | 21,540 |
RECONCILIATION OF DEBT-TO-CAPITAL RATIO TO ADJUSTED SENIOR DEBT-TO-CAPITAL RATIO |  |  |  |  |  |  |  |  |
Total debt | $ | 3,650 |  |  | $ | 3,642 |  |  | $ | 3,634 |  |  | $ | 4,209 |  |  | $ | 5,740 |
Less: Subordinated debt | — |  |  | — |  |  | — |  |  | — |  |  | 575 |
Less: Adjustment to arrive at notional debt | 250 |  |  | 242 |  |  | 234 |  |  | 209 |  |  | 165 |
Notional senior debt | $ | 3,400 |  |  | $ | 3,400 |  |  | $ | 3,400 |  |  | $ | 4,000 |  |  | $ | 5,000 |
Total debt | $ | 3,650 |  |  | $ | 3,642 |  |  | $ | 3,634 |  |  | $ | 4,209 |  |  | $ | 5,740 |
Total AHL stockholders’ equity | 8,698 |  |  | 8,701 |  |  | 8,537 |  |  | 13,838 |  |  | 14,760 |
Total capitalization | 12,348 |  |  | 12,343 |  |  | 12,171 |  |  | 18,047 |  |  | 20,500 |
Less: Accumulated other comprehensive loss | (6,148) |  |  | (6,376) |  |  | (8,079) |  |  | (5,569) |  |  | (5,628) |
Less: Accumulated change in fair value of reinsurance assets | (2,791) |  |  | (2,843) |  |  | (2,807) |  |  | (1,882) |  |  | (1,880) |
Less: Accumulated change in fair value of mortgage loan assets | (2,022) |  |  | (2,235) |  |  | (2,820) |  |  | (2,233) |  |  | (2,426) |
Less: Adjustment to arrive at notional debt | 250 |  |  | 242 |  |  | 234 |  |  | 209 |  |  | 165 |
Total adjusted capitalization | $ | 23,059 |  |  | $ | 23,555 |  |  | $ | 25,643 |  |  | $ | 27,522 |  |  | $ | 30,269 |
Debt-to-capital ratio | 29.6 | % |  | 29.5 | % |  | 29.9 | % |  | 23.3 | % |  | 28.0 | %
Accumulated other comprehensive loss | (7.8) | % |  | (7.9) | % |  | (9.4) | % |  | (4.7) | % |  | (5.2) | %
Accumulated change in fair value of reinsurance assets | (3.5) | % |  | (3.5) | % |  | (3.2) | % |  | (1.6) | % |  | (1.7) | %
Accumulated change in fair value of mortgage loan assets | (2.6) | % |  | (2.8) | % |  | (3.3) | % |  | (1.9) | % |  | (2.2) | %
Adjustment to exclude subordinated debt | — | % |  | — | % |  | — | % |  | — | % |  | (1.9) | %
Adjustment to arrive at notional debt | (1.0) | % |  | (0.9) | % |  | (0.7) | % |  | (0.6) | % |  | (0.5) | %
Adjusted senior debt-to-capital ratio | 14.7 | % |  | 14.4 | % |  | 13.3 | % |  | 14.5 | % |  | 16.5 | %

22

Non-GAAP Reconciliations Unaudited (in millions, except percentages) |  |  |
| Quarterly Trends
| 1Q’23 |  | 2Q’23 |  | 3Q’23 |  | 4Q’23 |  | 1Q’24
RECONCILIATION OF LEVERAGE RATIO TO ADJUSTED LEVERAGE RATIO |  |  |  |  |  |  |  |  |
Total debt | $ | 3,650 |  |  | $ | 3,642 |  |  | $ | 3,634 |  |  | $ | 4,209 |  |  | $ | 5,740 |
Add: 50% of preferred stock | 1,577 |  |  | 1,577 |  |  | 1,577 |  |  | 1,577 |  |  | 1,577 |
Less: 50% of subordinated debt | — |  |  | — |  |  | — |  |  | — |  |  | 288 |
Less: Adjustment to arrive at notional debt | 250 |  |  | 242 |  |  | 234 |  |  | 209 |  |  | 165 |
Adjusted leverage | $ | 4,977 |  |  | $ | 4,977 |  |  | $ | 4,977 |  |  | $ | 5,577 |  |  | $ | 6,864 |
Total debt | $ | 3,650 |  |  | $ | 3,642 |  |  | $ | 3,634 |  |  | $ | 4,209 |  |  | $ | 5,740 |
Total AHL stockholders’ equity | 8,698 |  |  | 8,701 |  |  | 8,537 |  |  | 13,838 |  |  | 14,760 |
Total capitalization | 12,348 |  |  | 12,343 |  |  | 12,171 |  |  | 18,047 |  |  | 20,500 |
Less: Accumulated other comprehensive loss | (6,148) |  |  | (6,376) |  |  | (8,079) |  |  | (5,569) |  |  | (5,628) |
Less: Accumulated change in fair value of reinsurance assets | (2,791) |  |  | (2,843) |  |  | (2,807) |  |  | (1,882) |  |  | (1,880) |
Less: Accumulated change in fair value of mortgage loan assets | (2,022) |  |  | (2,235) |  |  | (2,820) |  |  | (2,233) |  |  | (2,426) |
Less: Adjustment to arrive at notional debt | 250 |  |  | 242 |  |  | 234 |  |  | 209 |  |  | 165 |
Total adjusted capitalization | $ | 23,059 |  |  | $ | 23,555 |  |  | $ | 25,643 |  |  | $ | 27,522 |  |  | $ | 30,269 |
Leverage ratio | 55.1 | % |  | 55.1 | % |  | 55.8 | % |  | 40.8 | % |  | 43.4 | %
Accumulated other comprehensive loss | (14.5) | % |  | (14.8) | % |  | (17.4) | % |  | (8.2) | % |  | (8.0) | %
Accumulated change in fair value of reinsurance assets | (6.6) | % |  | (6.6) | % |  | (6.1) | % |  | (2.8) | % |  | (2.7) | %
Accumulated change in fair value of mortgage loan assets | (4.8) | % |  | (5.2) | % |  | (6.1) | % |  | (3.3) | % |  | (3.5) | %
Adjustment to exclude 50% of preferred stock | (6.8) | % |  | (6.6) | % |  | (6.1) | % |  | (5.6) | % |  | (5.2) | %
Adjustment to exclude 50% of subordinated debt | — | % |  | — | % |  | — | % |  | — | % |  | (0.9) | %
Adjustment to arrive at notional debt | (0.8) | % |  | (0.8) | % |  | (0.7) | % |  | (0.6) | % |  | (0.4) | %
Adjusted leverage ratio | 21.6 | % |  | 21.1 | % |  | 19.4 | % |  | 20.3 | % |  | 22.7 | %

23

Non-GAAP Reconciliations Unaudited (in millions, except percentages) |  |  |  |  |  |  |  |  |
| Quarterly Trends |  | Year-to-Date
| 1Q’23 |  | 2Q’23 |  | 3Q’23 |  | 4Q’23 |  | 1Q’24 |  | 2023 |  | 2024
RECONCILIATION OF NET INCOME AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS, EXCLUDING NOTABLE ITEMS
Net income available to Athene Holding Ltd. common stockholder | $ | 721 |  |  | $ | 396 |  |  | $ | 442 |  |  | $ | 2,925 |  |  | $ | 1,147 |  |  | $ | 721 |  |  | $ | 1,147 |
Preferred stock dividends | 47 |  |  | 45 |  |  | 44 |  |  | 45 |  |  | 45 |  |  | 47 |  |  | 45 |
Net income (loss) attributable to noncontrolling interests | 455 |  |  | 54 |  |  | (155) |  |  | 733 |  |  | 283 |  |  | 455 |  |  | 283 |
Net income | 1,223 |  |  | 495 |  |  | 331 |  |  | 3,703 |  |  | 1,475 |  |  | 1,223 |  |  | 1,475 |
Income tax expense (benefit) | 163 |  |  | 133 |  |  | 162 |  |  | (1,619) |  |  | 307 |  |  | 163 |  |  | 307 |
Income before income taxes | 1,386 |  |  | 628 |  |  | 493 |  |  | 2,084 |  |  | 1,782 |  |  | 1,386 |  |  | 1,782 |
Less: Total adjustments to income before income taxes | 699 |  |  | (171) |  |  | (379) |  |  | 1,335 |  |  | 966 |  |  | 699 |  |  | 966 |
Spread related earnings | 687 |  |  | 799 |  |  | 872 |  |  | 749 |  |  | 816 |  |  | 687 |  |  | 816 |
Notable items | (25) |  |  | — |  |  | (90) |  |  | — |  |  | — |  |  | (25) |  |  | — |
Spread related earnings, excluding notable items | $ | 662 |  |  | $ | 799 |  |  | $ | 782 |  |  | $ | 749 |  |  | $ | 816 |  |  | $ | 662 |  |  | $ | 816 |
RECONCILIATION OF NET INVESTMENT INCOME TO NET INVESTMENT EARNINGS |  |  |  |  |  |  |  |  |  |  |  |  |
US GAAP net investment income | $ | 2,407 |  |  | $ | 2,717 |  |  | $ | 2,928 |  |  | $ | 3,078 |  |  | $ | 3,292 |  |  | $ | 2,407 |  |  | $ | 3,292 |
Change in fair value of reinsurance assets | 70 |  |  | 37 |  |  | (42) |  |  | 21 |  |  | (10) |  |  | 70 |  |  | (10) |
VIE earnings and noncontrolling interests | 200 |  |  | 279 |  |  | 264 |  |  | 335 |  |  | 311 |  |  | 200 |  |  | 311 |
Alternative gains (losses) | (9) |  |  | 2 |  |  | 1 |  |  | 1 |  |  | 5 |  |  | (9) |  |  | 5 |
Reinsurance impacts | (64) |  |  | (69) |  |  | (66) |  |  | (65) |  |  | (64) |  |  | (64) |  |  | (64) |
ACRA noncontrolling interests | (448) |  |  | (504) |  |  | (676) |  |  | (749) |  |  | (868) |  |  | (448) |  |  | (868) |
Held-for-trading amortization and other | (13) |  |  | 5 |  |  | 57 |  |  | (89) |  |  | 55 |  |  | (13) |  |  | 55 |
Total adjustments to arrive at net investment earnings | (264) |  |  | (250) |  |  | (462) |  |  | (546) |  |  | (571) |  |  | (264) |  |  | (571) |
Total net investment earnings | $ | 2,143 |  |  | $ | 2,467 |  |  | $ | 2,466 |  |  | $ | 2,532 |  |  | $ | 2,721 |  |  | $ | 2,143 |  |  | $ | 2,721 |
RECONCILIATION OF NET INVESTMENT INCOME RATE TO NET INVESTMENT EARNED RATE |  |  |  |  |  |  |  |  |  |  |  |  |
US GAAP net investment income | 4.78 | % |  | 5.17 | % |  | 5.65 | % |  | 5.79 | % |  | 5.92 | % |  | 4.78 | % |  | 5.92 | %
Change in fair value of reinsurance assets | 0.14 | % |  | 0.07 | % |  | (0.08) | % |  | 0.04 | % |  | (0.02) | % |  | 0.14 | % |  | (0.02) | %
VIE earnings and noncontrolling interests | 0.40 | % |  | 0.53 | % |  | 0.51 | % |  | 0.63 | % |  | 0.56 | % |  | 0.40 | % |  | 0.56 | %
Alternative gains (losses) | (0.02) | % |  | — | % |  | — | % |  | — | % |  | 0.01 | % |  | (0.02) | % |  | 0.01 | %
Reinsurance impacts | (0.13) | % |  | (0.13) | % |  | (0.13) | % |  | (0.12) | % |  | (0.12) | % |  | (0.13) | % |  | (0.12) | %
ACRA noncontrolling interests | (0.89) | % |  | (0.96) | % |  | (1.30) | % |  | (1.41) | % |  | (1.56) | % |  | (0.89) | % |  | (1.56) | %
Held-for-trading amortization and other | (0.03) | % |  | 0.01 | % |  | 0.11 | % |  | (0.17) | % |  | 0.10 | % |  | (0.03) | % |  | 0.10 | %
Total adjustments to arrive at net investment earned rate | (0.53) | % |  | (0.48) | % |  | (0.89) | % |  | (1.03) | % |  | (1.03) | % |  | (0.53) | % |  | (1.03) | %
Net investment earned rate | 4.25 | % |  | 4.69 | % |  | 4.76 | % |  | 4.76 | % |  | 4.89 | % |  | 4.25 | % |  | 4.89 | %
Average net invested assets | $ | 201,600 |  |  | $ | 210,209 |  |  | $ | 207,312 |  |  | $ | 212,761 |  |  | $ | 222,391 |  |  | $ | 201,600 |  |  | $ | 222,391 |

24

Non-GAAP Reconciliations Unaudited (in millions, except percentages) |  |  |  |  |  |  |  |  |
| Quarterly Trends |  | Year-to-Date
| 1Q’23 |  | 2Q’23 |  | 3Q’23 |  | 4Q’23 |  | 1Q’24 |  | 2023 |  | 2024
RECONCILIATION OF BENEFITS AND EXPENSES TO COST OF FUNDS |  |  |  |  |  |  |  |  |  |  |  |  |
US GAAP benefits and expenses | $ | 2,674 |  |  | $ | 12,058 |  |  | $ | 943 |  |  | $ | 7,928 |  |  | $ | 3,939 |  |  | $ | 2,674 |  |  | $ | 3,939 |
Premiums | (96) |  |  | (9,041) |  |  | (26) |  |  | (3,586) |  |  | (101) |  |  | (96) |  |  | (101) |
Product charges | (198) |  |  | (207) |  |  | (217) |  |  | (226) |  |  | (238) |  |  | (198) |  |  | (238) |
Other revenues | (13) |  |  | (7) |  |  | (123) |  |  | (7) |  |  | (2) |  |  | (13) |  |  | (2) |
FIA option costs | 365 |  |  | 385 |  |  | 374 |  |  | 388 |  |  | 392 |  |  | 365 |  |  | 392 |
Reinsurance impacts | (37) |  |  | (38) |  |  | (41) |  |  | (39) |  |  | (42) |  |  | (37) |  |  | (42) |
Non-operating change in insurance liabilities and embedded derivatives | (873) |  |  | (1,113) |  |  | 969 |  |  | (1,913) |  |  | (1,339) |  |  | (873) |  |  | (1,339) |
Policy and other operating expenses, excluding policy acquisition expenses | (310) |  |  | (323) |  |  | (335) |  |  | (373) |  |  | (341) |  |  | (310) |  |  | (341) |
AmerUs Closed Block fair value liability | (42) |  |  | 17 |  |  | 52 |  |  | (85) |  |  | 15 |  |  | (42) |  |  | 15 |
ACRA noncontrolling interests | (287) |  |  | (379) |  |  | (311) |  |  | (610) |  |  | (692) |  |  | (287) |  |  | (692) |
Other | 52 |  |  | 85 |  |  | 99 |  |  | 117 |  |  | 132 |  |  | 52 |  |  | 132 |
Total adjustments to arrive at cost of funds | (1,439) |  |  | (10,621) |  |  | 441 |  |  | (6,334) |  |  | (2,216) |  |  | (1,439) |  |  | (2,216) |
Total cost of funds | $ | 1,235 |  |  | $ | 1,437 |  |  | $ | 1,384 |  |  | $ | 1,594 |  |  | $ | 1,723 |  |  | $ | 1,235 |  |  | $ | 1,723 |
RECONCILIATION OF TOTAL BENEFITS AND EXPENSES RATE TO COST OF FUNDS RATE |  |  |  |  |  |  |  |  |  |  |  |  |
US GAAP benefits and expenses | 5.31 | % |  | 22.94 | % |  | 1.83 | % |  | 14.90 | % |  | 7.08 | % |  | 5.31 | % |  | 7.08 | %
Premiums | (0.19) | % |  | (17.20) | % |  | (0.05) | % |  | (6.74) | % |  | (0.18) | % |  | (0.19) | % |  | (0.18) | %
Product charges | (0.39) | % |  | (0.39) | % |  | (0.42) | % |  | (0.42) | % |  | (0.43) | % |  | (0.39) | % |  | (0.43) | %
Other revenues | (0.03) | % |  | (0.01) | % |  | (0.24) | % |  | (0.01) | % |  | — | % |  | (0.03) | % |  | — | %
FIA option costs | 0.72 | % |  | 0.73 | % |  | 0.72 | % |  | 0.73 | % |  | 0.70 | % |  | 0.72 | % |  | 0.70 | %
Reinsurance impacts | (0.07) | % |  | (0.07) | % |  | (0.08) | % |  | (0.07) | % |  | (0.08) | % |  | (0.07) | % |  | (0.08) | %
Non-operating change in insurance liabilities and embedded derivatives | (1.73) | % |  | (2.12) | % |  | 1.87 | % |  | (3.60) | % |  | (2.41) | % |  | (1.73) | % |  | (2.41) | %
Policy and other operating expenses, excluding policy acquisition expenses | (0.62) | % |  | (0.61) | % |  | (0.65) | % |  | (0.70) | % |  | (0.61) | % |  | (0.62) | % |  | (0.61) | %
AmerUs Closed Block fair value liability | (0.08) | % |  | 0.03 | % |  | 0.10 | % |  | (0.16) | % |  | 0.03 | % |  | (0.08) | % |  | 0.03 | %
ACRA noncontrolling interests | (0.57) | % |  | (0.72) | % |  | (0.60) | % |  | (1.15) | % |  | (1.24) | % |  | (0.57) | % |  | (1.24) | %
Other | 0.10 | % |  | 0.15 | % |  | 0.19 | % |  | 0.22 | % |  | 0.24 | % |  | 0.10 | % |  | 0.24 | %
Total adjustments to arrive at cost of funds | (2.86) | % |  | (20.21) | % |  | 0.84 | % |  | (11.90) | % |  | (3.98) | % |  | (2.86) | % |  | (3.98) | %
Total cost of funds | 2.45 | % |  | 2.73 | % |  | 2.67 | % |  | 3.00 | % |  | 3.10 | % |  | 2.45 | % |  | 3.10 | %
Average net invested assets | $ | 201,600 |  |  | $ | 210,209 |  |  | $ | 207,312 |  |  | $ | 212,761 |  |  | $ | 222,391 |  |  | $ | 201,600 |  |  | $ | 222,391 |

25

Non-GAAP Reconciliations Unaudited (in millions) |  |  |  |  |  |  |  |  |
| Quarterly Trends |  | Year-to-Date
| 1Q’23 |  | 2Q’23 |  | 3Q’23 |  | 4Q’23 |  | 1Q’24 |  | 2023 |  | 2024
RECONCILIATION OF POLICY AND OTHER OPERATING EXPENSES TO OTHER OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |
US GAAP policy and other operating expenses | $ | 435 |  |  | $ | 452 |  |  | $ | 472 |  |  | $ | 489 |  |  | $ | 459 |  |  | $ | 435 |  |  | $ | 459 |
Interest expense | (115) |  |  | (132) |  |  | (113) |  |  | (99) |  |  | (102) |  |  | (115) |  |  | (102) |
Policy acquisition expenses, net of deferrals | (125) |  |  | (129) |  |  | (137) |  |  | (116) |  |  | (118) |  |  | (125) |  |  | (118) |
Integration, restructuring and other non-operating expenses | (29) |  |  | (28) |  |  | (41) |  |  | (32) |  |  | (30) |  |  | (29) |  |  | (30) |
Stock compensation expenses | (16) |  |  | (13) |  |  | (13) |  |  | (46) |  |  | (13) |  |  | (16) |  |  | (13) |
ACRA noncontrolling interests | (17) |  |  | (31) |  |  | (30) |  |  | (65) |  |  | (70) |  |  | (17) |  |  | (70) |
Other | (7) |  |  | (1) |  |  | (15) |  |  | (11) |  |  | (10) |  |  | (7) |  |  | (10) |
Total adjustments to arrive at other operating expenses | (309) |  |  | (334) |  |  | (349) |  |  | (369) |  |  | (343) |  |  | (309) |  |  | (343) |
Other operating expenses | $ | 126 |  |  | $ | 118 |  |  | $ | 123 |  |  | $ | 120 |  |  | $ | 116 |  |  | $ | 126 |  |  | $ | 116 |
|  |  |  |  |  |  | December 31, 2023 |  | March 31, 2024
RECONCILIATION OF INVESTMENT FUNDS, INCLUDING RELATED PARTIES AND VIES, TO NET ALTERNATIVE INVESTMENTS |  |  |
Investment funds, including related parties and consolidated VIEs | $ | 17,668 |  |  | $ | 18,552 |
Equity securities | 430 |  |  | 436 |
Certain equity securities included in AFS or trading securities | 201 |  |  | 205 |
Investment funds within funds withheld at interest | 827 |  |  | 852 |
Royalties | 14 |  |  | 10 |
Net assets of the VIE, excluding investment funds | (4,508) |  |  | (5,178) |
Unrealized (gains) losses | 26 |  |  | 53 |
ACRA noncontrolling interests | (2,829) |  |  | (3,011) |
Other assets | (170) |  |  | (172) |
Total adjustments to arrive at net alternative investments | (6,009) |  |  | (6,805) |
Net alternative investments | $ | 11,659 |  |  | $ | 11,747 |

26

Non-GAAP Reconciliations Unaudited (in millions) |  |  |  |  |  |  |
| Quarterly Trends
| 1Q’23 |  | 2Q’23 |  | 3Q’23 |  | 4Q’23 |  | 1Q’24
RECONCILIATION OF TOTAL INVESTMENTS, INCLUDING RELATED PARTIES, TO NET INVESTED ASSETS
Total investments, including related parties | $ | 203,230 |  |  | $ | 215,322 |  |  | $ | 214,953 |  |  | $ | 238,941 |  |  | $ | 254,239 |
Derivative assets | (3,956) |  |  | (5,114) |  |  | (4,571) |  |  | (5,298) |  |  | (7,159) |
Cash and cash equivalents (including restricted cash) | 14,992 |  |  | 12,804 |  |  | 11,214 |  |  | 14,781 |  |  | 16,825 |
Accrued investment income | 1,458 |  |  | 1,646 |  |  | 1,792 |  |  | 1,933 |  |  | 2,332 |
Net receivable (payable) for collateral on derivatives | (1,909) |  |  | (2,940) |  |  | (2,485) |  |  | (2,835) |  |  | (4,293) |
Reinsurance impacts | 942 |  |  | 1,046 |  |  | 882 |  |  | (572) |  |  | (1,358) |
VIE assets, liabilities and noncontrolling interests | 12,799 |  |  | 13,693 |  |  | 14,340 |  |  | 14,818 |  |  | 14,979 |
Unrealized (gains) losses | 19,782 |  |  | 20,676 |  |  | 25,078 |  |  | 16,445 |  |  | 17,809 |
Ceded policy loans | (175) |  |  | (174) |  |  | (174) |  |  | (174) |  |  | (171) |
Net investment receivables (payables) | 39 |  |  | (217) |  |  | (375) |  |  | 11 |  |  | (950) |
Allowance for credit losses | 521 |  |  | 536 |  |  | 592 |  |  | 608 |  |  | 615 |
Other investments | (50) |  |  | (43) |  |  | (37) |  |  | (41) |  |  | (31) |
Total adjustments to arrive at gross invested assets | 44,443 |  |  | 41,913 |  |  | 46,256 |  |  | 39,676 |  |  | 38,598 |
Gross invested assets | 247,673 |  |  | 257,235 |  |  | 261,209 |  |  | 278,617 |  |  | 292,837 |
ACRA noncontrolling interests | (40,924) |  |  | (43,565) |  |  | (53,114) |  |  | (61,190) |  |  | (65,482) |
Net invested assets | $ | 206,749 |  |  | $ | 213,670 |  |  | $ | 208,095 |  |  | $ | 217,427 |  |  | $ | 227,355 |
RECONCILIATION OF TOTAL LIABILITIES TO NET RESERVE LIABILITIES |  |  |  |  |  |  |  |  |
Total liabilities | $ | 244,604 |  |  | $ | 256,203 |  |  | $ | 255,734 |  |  | $ | 279,344 |  |  | $ | 297,423 |
Debt | (3,650) |  |  | (3,642) |  |  | (3,634) |  |  | (4,209) |  |  | (5,740) |
Derivative liabilities | (1,518) |  |  | (1,753) |  |  | (1,892) |  |  | (1,995) |  |  | (2,429) |
Payables for collateral on derivatives and securities to repurchase | (7,331) |  |  | (6,979) |  |  | (4,786) |  |  | (4,370) |  |  | (5,481) |
Other liabilities | (1,381) |  |  | (1,712) |  |  | (2,324) |  |  | (2,590) |  |  | (4,195) |
Liabilities of consolidated VIEs | (847) |  |  | (1,189) |  |  | (1,255) |  |  | (1,115) |  |  | (1,082) |
Reinsurance impacts | (9,090) |  |  | (9,115) |  |  | (8,918) |  |  | (8,574) |  |  | (9,277) |
Policy loans ceded | (175) |  |  | (174) |  |  | (174) |  |  | (174) |  |  | (171) |
Market risk benefit asset | (440) |  |  | (433) |  |  | (431) |  |  | (377) |  |  | (383) |
ACRA noncontrolling interests | (35,281) |  |  | (37,775) |  |  | (46,576) |  |  | (56,651) |  |  | (60,142) |
Total adjustments to arrive at net reserve liabilities | (59,713) |  |  | (62,772) |  |  | (69,990) |  |  | (80,055) |  |  | (88,900) |
Net reserve liabilities | $ | 184,891 |  |  | $ | 193,431 |  |  | $ | 185,744 |  |  | $ | 199,289 |  |  | $ | 208,523 |

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