Table of Contents
Important Notice	3
FINANCIAL RESULTS
Financial Highlights	4
Condensed Consolidated Statements of Income (Loss) (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 adopted the US GAAP accounting standard related to Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) as of January 1, 2023, which required AHL to apply the new standard retrospectively back to January 1, 2022, the date of AHL’s merger with AGM. The 2022 financial metrics and disclosures in this supplement have been retrospectively adjusted in accordance with the requirements of the adoption guidance of LDTI. Approximately 20% of Athene’s total US GAAP liabilities as of January 1, 2022 were impacted by these changes. Please refer to the discussion of Key Operating and Non-GAAP Measures herein for additional information on items that are excluded from AHL’s non-GAAP measure of spread related earnings, which was retrospectively adjusted in accordance with the requirements of the adoption guidance of LDTI. Please see Notes 1, 2, 9 and 10 to the consolidated financial statements included in AHL’s Form 10-K for the year ended December 31, 2023 as well as the 2022 Financial Supplement LDTI Recast published on May 5, 2023 for more information on LDTI.

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 debt-to-capital 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
	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			Q/Q		Y/Y		2022			2023			Y/Y
SELECTED INCOME STATEMENT DATA
GAAP
Net income (loss) available to AHL common stockholder	$	361		$	721		$	396		$	442		$	3,054		NM		NM		$	(3,051)		$	4,613		NM
Return on assets (ROA)	0.60		%	1.15		%	0.60		%	0.66		%	4.28		%	NM		NM		(1.27)		%	1.72		%	NM
NON-GAAP
Spread related earnings (SRE)	$	697		$	687		$	799		$	872		$	749		(14)	%	7	%	$	2,466		$	3,107		26	%
Net spread	1.42		%	1.36		%	1.52		%	1.68		%	1.41		%	(27)bps		(1)bp		1.31		%	1.49		%	18bps
Net investment spread	1.85		%	1.83		%	1.99		%	2.13		%	1.80		%	(33)bps		(5)bps		1.71		%	1.93		%	22bps
Spread related earnings, excluding notable items	$	732		$	662		$	799		$	782		$	749		(4)	%	2	%	$	2,469		$	2,992		21	%
Net spread, excluding notable items	1.49		%	1.31		%	1.52		%	1.51		%	1.41		%	(10)bps		(8)bps		1.31		%	1.44		%	13bps
Net investment spread, excluding notable items	1.92		%	1.78		%	1.99		%	1.96		%	1.80		%	(16)bps		(12)bps		1.71		%	1.88		%	17bps
Alternative net investment income delta to long-term expectation1	$	14		$	148		$	75		$	96		$	132		38	%	NM		$	80		$	451		NM
Alternative net return delta to long-term expectation	0.45		%	4.88		%	2.47		%	3.25		%	4.53		%	128bps		NM		0.58		%	3.78		%	NM
Impact to net spread	0.03		%	0.30		%	0.14		%	0.18		%	0.25		%	7bps		22bps		0.04		%	0.21		%	17bps
SELECTED BALANCE SHEET DATA
GAAP
Total assets	$	243,931		$	257,654		$	269,437		$	269,763		$	300,708		11	%	23	%	$	243,931		$	300,708		23	%
Goodwill	4,058			4,061			4,065			4,060			4,065			—	%	—	%	4,058			4,065			—	%
Total liabilities	233,382			244,604			256,203			255,734			279,344			9	%	20	%	233,382			279,344			20	%
Debt	3,658			3,650			3,642			3,634			4,209			16	%	15	%	3,658			4,209			15	%
Total AHL stockholders' equity	7,158			8,698			8,701			8,537			13,967			64	%	95	%	7,158			13,967			95	%
Debt-to-capital ratio	33.8		%	29.6		%	29.5		%	29.9		%	23.2		%	NM		NM		33.8		%	23.2		%	NM
NON-GAAP
Gross invested assets	$	238,310		$	247,673		$	257,235		$	261,209		$	278,617		7	%	17	%	$	238,310		$	278,617		17	%
Invested assets – ACRA noncontrolling interests	(41,859)			(40,924)			(43,565)			(53,114)			(61,190)			15	%	46	%	(41,859)			(61,190)			46	%
Net invested assets	196,451			206,749			213,670			208,095			217,427			4	%	11	%	196,451			217,427			11	%
Net reserve liabilities	175,970			184,891			193,431			185,744			199,289			7	%	13	%	175,970			199,289			13	%
Notional debt	3,400			3,400			3,400			3,400			4,000			18	%	18	%	3,400			4,000			18	%
Adjusted AHL common stockholder’s equity	16,653			16,505			17,001			19,089			20,497			7	%	23	%	16,653			20,497			23	%
Adjusted debt-to-capital ratio	14.7		%	14.7		%	14.4		%	13.3		%	14.5		%	120bps		(20)bps		14.7		%	14.5		%	(20)bps
INFLOWS DATA
Gross organic inflows	$	11,290		$	11,927		$	18,714		$	12,942		$	19,824		53	%	76	%	$	47,850		$	63,407		33	%
Gross inorganic inflows	—			—			—			—			2,214			NM		NM		—			2,214			NM
Total gross inflows	$	11,290		$	11,927		$	18,714		$	12,942		$	22,038		70	%	95	%	$	47,850		$	65,621		37	%
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. Effective for the quarter ended December 31, 2023, we no longer report spread related earnings - normalized. Instead we report spread related earnings, excluding notable items. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. Notable items were removed from spread related earnings - normalized historically, and are similarly removed from spread related earnings, excluding notable items. No changes were made to line-item balances deriving spread related earnings. 1. 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 (Loss) (GAAP view) Unaudited (in millions, except percentages)
	Quarterly Trends										Δ				Year-to-Date				Δ
	4Q’22		1Q’23		2Q’23		3Q’23		4Q’23		Q/Q		Y/Y		2022		2023		Y/Y
REVENUES
Premiums	$	869	$	96	$	9,041	$	26	$	3,586	NM		NM		$	11,638	$	12,749	10	%
Product charges	193		198		207		217		226		4	%	17	%	718		848		18	%
Net investment income	2,319		2,407		2,717		2,928		3,078		5	%	33	%	7,571		11,130		47	%
Investment related gains (losses)	105		1,065		366		(2,624)		2,621		NM		NM		(12,706)		1,428		NM
Other revenues	10		13		7		564		7		(99)	%	(30)	%	(28)		591		NM
Revenues of consolidated variable interest entities
Net investment income	31		80		55		75		47		(37)	%	52	%	111		257		132	%
Investment related gains (losses)	260		201		293		250		447		79	%	72	%	319		1,191		273	%
Total revenues	3,787		4,060		12,686		1,436		10,012		NM		164	%	7,623		28,194		270	%
BENEFITS AND EXPENSES
Interest sensitive contract benefits	1,119		1,289		2,012		333		2,595		NM		132	%	538		6,229		NM
Future policy and other policy benefits	1,235		466		9,512		368		4,088		NM		231	%	12,465		14,434		16	%
Market risk benefits remeasurement (gains) losses	32		346		(71)		(441)		570		NM		NM		(1,657)		404		NM
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	126		138		153		211		186		(12)	%	48	%	444		688		55	%
Policy and other operating expenses	412		435		452		472		489		4	%	19	%	1,495		1,848		24	%
Total benefits and expenses	2,924		2,674		12,058		943		7,928		NM		171	%	13,285		23,603		78	%
Income (loss) before income taxes	863		1,386		628		493		2,084		NM		141	%	(5,662)		4,591		NM
Income tax expense (benefit)1	137		163		133		162		(1,748)		NM		NM		(646)		(1,290)		(100)	%
Net income (loss)	726		1,223		495		331		3,832		NM		NM		(5,016)		5,881		NM
Less: Net income (loss) attributable to noncontrolling interests	329		455		54		(155)		733		NM		123	%	(2,106)		1,087		NM
Net income (loss) attributable to Athene Holding Ltd. stockholders	397		768		441		486		3,099		NM		NM		(2,910)		4,794		NM
Less: Preferred stock dividends	36		47		45		44		45		2	%	25	%	141		181		28	%
Net income (loss) available to Athene Holding Ltd. common stockholder	$	361	$	721	$	396	$	442	$	3,054	NM		NM		$	(3,051)	$	4,613	NM
1. 4Q’23 and FY’23 include a one-time tax benefit of $1.9 billion resulting from the establishment of deferred tax assets related to the Government of Bermuda’s enactment of the Corporate Income Tax Act 2023.

5

Spread Related Earnings (Management view) Unaudited (in millions, except percentages)
	Quarterly Trends															Δ				Year-to-Date						Δ
	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			Q/Q		Y/Y		2022			2023			Y/Y
SPREAD RELATED EARNINGS
Fixed income and other net investment income	$	1,727		$	1,958		$	2,208		$	2,236		$	2,342		5	%	36	%	$	5,707		$	8,744		53	%
Alternative net investment income	322			185			259			230			190			(17)	%	(41)	%	1,206			864			(28)	%
Net investment earnings	2,049			2,143			2,467			2,466			2,532			3	%	24	%	6,913			9,608			39	%
Strategic capital management fees	14			14			16			19			23			21	%	64	%	53			72			36	%
Cost of funds	(1,158)			(1,235)			(1,437)			(1,384)			(1,594)			15	%	38	%	(3,755)			(5,650)			50	%
Net investment spread	905			922			1,046			1,101			961			(13)	%	6	%	3,211			4,030			26	%
Other operating expenses	(128)			(126)			(118)			(123)			(120)			(2)	%	(6)	%	(466)			(487)			5	%
Interest and other financing costs	(80)			(109)			(129)			(106)			(92)			(13)	%	15	%	(279)			(436)			56	%
Spread related earnings	$	697		$	687		$	799		$	872		$	749		(14)	%	7	%	$	2,466		$	3,107		26	%
Fixed income and other net investment income	3.76		%	4.13		%	4.46		%	4.58		%	4.66		%	8bps		90bps		3.22		%	4.45		%	123bps
Alternative net investment income	10.55		%	6.12		%	8.53		%	7.75		%	6.47		%	NM		NM		10.42		%	7.22		%	NM
Net investment earnings	4.19		%	4.25		%	4.69		%	4.76		%	4.76		%	0bps		57bps		3.66		%	4.61		%	95bps
Strategic capital management fees	0.03		%	0.03		%	0.03		%	0.04		%	0.04		%	0bps		1bp		0.03		%	0.03		%	0bps
Cost of funds	(2.37)		%	(2.45)		%	(2.73)		%	(2.67)		%	(3.00)		%	33bps		63bps		(1.98)		%	(2.71)		%	73bps
Net investment spread	1.85		%	1.83		%	1.99		%	2.13		%	1.80		%	(33)bps		(5)bps		1.71		%	1.93		%	22bps
Other operating expenses	(0.26)		%	(0.25)		%	(0.22)		%	(0.24)		%	(0.23)		%	(1)bp		(3)bps		(0.25)		%	(0.23)		%	(2)bps
Interest and other financing costs	(0.17)		%	(0.22)		%	(0.25)		%	(0.21)		%	(0.16)		%	(5)bps		(1)bp		(0.15)		%	(0.21)		%	6bps
Spread related earnings	1.42		%	1.36		%	1.52		%	1.68		%	1.41		%	(27)bps		(1)bp		1.31		%	1.49		%	18bps
Average net invested assets - fixed income and other	$	183,597		$	189,509		$	198,063		$	195,448		$	201,035		3	%	9	%	$	177,178		$	196,514		11	%
Average net invested assets - alternatives	12,207			12,091			12,146			11,864			11,726			(1)	%	(4)	%	11,564			11,965			3	%
Average net invested assets	$	195,804		$	201,600		$	210,209		$	207,312		$	212,761		3	%	9	%	$	188,742		$	208,479		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
	4Q’22		1Q’23		2Q’23		3Q’23		4Q’23		Q/Q		Y/Y		2022		2023		Y/Y
RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS
Net income (loss) available to Athene Holding Ltd. common stockholder	$	361	$	721	$	396	$	442	$	3,054	NM		NM		$	(3,051)	$	4,613	NM
Preferred stock dividends	36		47		45		44		45		2	%	25	%	141		181		28	%
Net income (loss) attributable to noncontrolling interests	329		455		54		(155)		733		NM		123	%	(2,106)		1,087		NM
Net income (loss)	726		1,223		495		331		3,832		NM		NM		(5,016)		5,881		NM
Income tax expense (benefit)	137		163		133		162		(1,748)		NM		NM		(646)		(1,290)		(100)	%
Income (loss) before income taxes	863		1,386		628		493		2,084		NM		141	%	(5,662)		4,591		NM
Realized gains (losses) on sale of AFS securities	(32)		(59)		(81)		(29)		(34)		(17)	%	(6)	%	(176)		(203)		(15)	%
Unrealized, allowances and other investment gains (losses)	(442)		92		(338)		(261)		256		NM		NM		(3,187)		(251)		92	%
Change in fair value of reinsurance assets	331		357		(153)		(384)		765		NM		131	%	(4,084)		585		NM
Offsets to investment gains (losses)	6		7		9		11		12		9	%	100	%	13		39		200	%
Investment gains (losses), net of offsets	(137)		397		(563)		(663)		999		NM		NM		(7,434)		170		NM
Change in fair values of derivatives and embedded derivatives - FIAs	(24)		143		206		(141)		59		NM		NM		(338)		267		NM
Non-operating change in funding agreements	(26)		(6)		10		12		19		58	%	NM		(106)		35		NM
Change in fair value of market risk benefits	30		(271)		133		565		(498)		NM		NM		1,894		(71)		NM
Non-operating change in liability for future policy benefits	(4)		(1)		(45)		(5)		2		NM		NM		(17)		(49)		NM
Non-operating change in insurance liabilities and related derivatives	(24)		(135)		304		431		(418)		NM		NM		1,433		182		(87)	%
Integration, restructuring and other non-operating expenses	(29)		(29)		(28)		(41)		(32)		(22)	%	10	%	(133)		(130)		(2)	%
Stock compensation expense	(16)		(16)		(13)		(13)		(46)		254	%	188	%	(56)		(88)		57	%
Preferred stock dividends	36		47		45		44		45		2	%	25	%	141		181		28	%
Noncontrolling interests - pre-tax income (loss) and VIE adjustments	336		435		84		(137)		787		NM		134	%	(2,079)		1,169		NM
Less: Total adjustments to income (loss) before income taxes	166		699		(171)		(379)		1,335		NM		NM		(8,128)		1,484		NM
Spread related earnings	$	697	$	687	$	799	$	872	$	749	(14)	%	7	%	$	2,466	$	3,107	26	%
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
	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			Q/Q		Y/Y		2022			2023			Y/Y
NET FLOWS
Retail	$	7,662		$	8,578		$	6,782		$	6,523		$	13,410		106	%	75	%	$	20,407		$	35,293		73	%
Flow reinsurance	1,856			1,793			2,782			3,174			2,798			(12)	%	51	%	6,186			10,547			70	%
Funding agreements1	1,000			1,500			148			3,245			2,300			(29)	%	130	%	10,039			7,193			(28)	%
Pension group annuities	772			56			9,002			—			1,316			NM		70	%	11,218			10,374			(8)	%
Gross organic inflows	11,290			11,927			18,714			12,942			19,824			53	%	76	%	47,850			63,407			33	%
Gross inorganic inflows2	—			—			—			—			2,214			NM		NM		—			2,214			NM
Total gross inflows	11,290			11,927			18,714			12,942			22,038			70	%	95	%	47,850			65,621			37	%
Gross outflows3	(11,064)			(6,879)			(9,135)			(10,738)			(7,116)			(34)	%	(36)	%	(27,872)			(33,868)			22	%
Net flows	$	226		$	5,048		$	9,579		$	2,204		$	14,922		NM		NM		$	19,978		$	31,753		59	%
Inflows attributable to Athene4	$	10,022		$	11,896		$	14,977		$	3,101		$	13,026		NM		30	%	$	39,244		$	43,000		10	%
Inflows attributable to ADIP4,5	1,268			31			3,737			9,841			9,012			(8)	%	NM		8,606			22,621			163	%
Total gross inflows	$	11,290		$	11,927		$	18,714		$	12,942		$	22,038		70	%	95	%	$	47,850		$	65,621		37	%
Outflows attributable to Athene	$	(9,787)		$	(5,531)		$	(7,891)		$	(9,550)		$	(5,791)		(39)	%	(41)	%	$	(23,724)		$	(28,763)		21	%
Outflows attributable to ADIP5	(1,277)			(1,348)			(1,244)			(1,188)			(1,325)			12	%	4	%	(4,148)			(5,105)			23	%
Total gross outflows3	$	(11,064)		$	(6,879)		$	(9,135)		$	(10,738)		$	(7,116)		(34)	%	(36)	%	$	(27,872)		$	(33,868)		22	%
OUTFLOWS ATTRIBUTABLE TO ATHENE BY TYPE6
Maturity-driven, contractual-based outflows7	$	(1,472)		$	(1,717)		$	(3,981)		$	(3,243)		$	(1,952)		(40)	%	33	%	$	(6,995)		$	(10,893)		56	%
Policyholder-driven outflows8	(3,453)			(3,814)			(3,910)			(3,584)			(3,839)			7	%	11	%	(11,867)			(15,147)			28	%
Income oriented withdrawals (planned)9	(1,813)			(1,766)			(1,750)			(1,617)			(1,831)			13	%	1	%	(6,271)			(6,964)			11	%
From policies out-of-surrender-charge (planned)10	(1,188)			(1,480)			(1,377)			(1,326)			(1,365)			3	%	15	%	(4,259)			(5,548)			30	%
From policies in-surrender-charge (unplanned)11	(452)			(568)			(783)			(641)			(643)			—	%	42	%	(1,337)			(2,635)			97	%
Core outflows	(4,925)			(5,531)			(7,891)			(6,827)			(5,791)			(15)	%	18	%	(18,862)			(26,040)			38	%
Strategic reinsurance transactions12	(4,862)			—			—			(2,723)			—			NM		NM		(4,862)			(2,723)			(44)	%
Outflows attributable to Athene	$	(9,787)		$	(5,531)		$	(7,891)		$	(9,550)		$	(5,791)		(39)	%	(41)	%	$	(23,724)		$	(28,763)		21	%
Annualized rate13
Maturity-driven, contractual-based outflows7	(3.0)		%	(3.4)		%	(7.6)		%	(6.3)		%	(3.7)		%	NM		70bps		(3.7)		%	(5.2)		%	150bps
Policyholder-driven outflows8	(7.1)		%	(7.6)		%	(7.4)		%	(6.9)		%	(7.2)		%	30bps		10bps		(6.3)		%	(7.3)		%	100bps
Income oriented withdrawals (planned)9	(3.7)		%	(3.5)		%	(3.3)		%	(3.1)		%	(3.4)		%	30bps		(30)bps		(3.3)		%	(3.3)		%	0bps
From policies out-of-surrender-charge (planned)10	(2.5)		%	(3.0)		%	(2.6)		%	(2.6)		%	(2.6)		%	0bps		10bps		(2.3)		%	(2.7)		%	40bps
From policies in-surrender-charge (unplanned)11	(0.9)		%	(1.1)		%	(1.5)		%	(1.2)		%	(1.2)		%	0bps		30bps		(0.7)		%	(1.3)		%	60bps
Core outflows	(10.1)		%	(11.0)		%	(15.0)		%	(13.2)		%	(10.9)		%	NM		80bps		(10.0)		%	(12.5)		%	250bps
Strategic reinsurance transactions12	(9.9)		%	—		%	—		%	(5.2)		%	—		%	NM		NM		(2.6)		%	(1.3)		%	NM
Outflows attributable to Athene	(20.0)		%	(11.0)		%	(15.0)		%	(18.4)		%	(10.9)		%	NM		NM		(12.6)		%	(13.8)		%	120bps
1 Funding agreements are comprised of funding agreements issued under our funding agreement backed notes (FABN) and secured funding agreement backed repurchase agreements (FABR) programs, 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 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 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 The format and methodology of this table was updated during 1Q’23 to provide additional information. 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 cession of certain inforce funding agreements to Catalina General Insurance Ltd. (Catalina) in 4Q’22 and 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, 2022		December 31, 2023		Δ
ASSETS
Investments
Available-for-sale securities, at fair value	$	102,404	$	134,338	31	%
Trading securities, at fair value	1,595		1,706		7	%
Equity securities	1,487		1,293		(13)	%
Mortgage loans, at fair value	27,454		44,115		61	%
Investment funds	79		109		38	%
Policy loans	347		334		(4)	%
Funds withheld at interest	32,880		24,359		(26)	%
Derivative assets	3,309		5,298		60	%
Short-term investments	2,160		341		(84)	%
Other investments	773		1,206		56	%
Total investments	172,488		213,099		24	%
Cash and cash equivalents	7,779		13,020		67	%
Restricted cash	628		1,761		180	%
Investments in related parties
Available-for-sale securities, at fair value	9,821		14,009		43	%
Trading securities, at fair value	878		838		(5)	%
Equity securities, at fair value	279		318		14	%
Mortgage loans, at fair value	1,302		1,281		(2)	%
Investment funds	1,569		1,632		4	%
Funds withheld at interest	9,808		6,474		(34)	%
Short-term investments	—		947		NM
Other investments, at fair value	303		343		13	%
Accrued investment income	1,328		1,933		46	%
Reinsurance recoverable	4,358		4,154		(5)	%
Deferred acquisition costs, deferred sales inducements and value of business acquired	4,466		5,979		34	%
Goodwill	4,058		4,065		—	%
Other assets	8,693		10,308		19	%
Assets of consolidated variable interest entities
Investments
Trading securities, at fair value	1,063		2,136		101	%
Mortgage loans, at fair value	2,055		2,173		6	%
Investment funds, at fair value	12,480		15,927		28	%
Other investments, at fair value	101		103		2	%
Cash and cash equivalents	362		98		(73)	%
Other assets	112		110		(2)	%
Total assets	$	243,931	$	300,708	23	%

9

Condensed Consolidated Balance Sheets, continued Unaudited (in millions, except percentages)
	December 31, 2022		December 31, 2023		Δ
LIABILITIES
Interest sensitive contract liabilities	$	173,616	$	204,670	18	%
Future policy benefits	42,110		53,287		27	%
Market risk benefits	2,970		3,751		26	%
Debt	3,658		4,209		15	%
Derivative liabilities	1,646		1,995		21	%
Payables for collateral on derivatives and securities to repurchase	6,707		7,536		12	%
Other liabilities	1,860		2,781		50	%
Liabilities of consolidated variable interest entities	815		1,115		37	%
Total liabilities	233,382		279,344		20	%
EQUITY
Preferred stock	—		—		NM
Common stock	—		—		NM
Additional paid-in capital	18,119		19,499		8	%
Retained earnings (accumulated deficit)	(3,640)		37		NM
Accumulated other comprehensive loss	(7,321)		(5,569)		24	%
Total Athene Holding Ltd. stockholders' equity	7,158		13,967		95	%
Noncontrolling interests	3,391		7,397		118	%
Total equity	10,549		21,364		103	%
Total liabilities and equity	$	243,931	$	300,708	23	%

10

Net Invested Assets (Management view) & Agency Ratings Unaudited (in millions, except percentages)
	December 31, 2022				December 31, 2023
	Invested Asset Value1		Percent of Total		Invested Asset Value1		Percent of Total
NET INVESTED ASSETS
Corporate	$	80,800	41.1	%	$	82,883	38.1	%
CLO	19,881		10.1	%	20,538		9.4	%
Credit	100,681		51.2	%	103,421		47.5	%
CML	23,750		12.1	%	25,977		11.9	%
RML	11,147		5.7	%	18,021		8.3	%
RMBS	7,363		3.7	%	7,795		3.6	%
CMBS	4,495		2.3	%	5,580		2.6	%
Real estate	46,755		23.8	%	57,373		26.4	%
ABS	20,680		10.5	%	22,202		10.2	%
Alternative investments	12,079		6.1	%	11,659		5.4	%
State, municipal, political subdivisions and foreign government	2,715		1.4	%	3,384		1.5	%
Equity securities	1,737		0.9	%	1,727		0.8	%
Short-term investments	1,930		1.0	%	1,048		0.5	%
US government and agencies	2,691		1.4	%	4,052		1.9	%
Other investments	41,832		21.3	%	44,072		20.3	%
Cash and equivalents	5,481		2.8	%	10,467		4.8	%
Policy loans and other	1,702		0.9	%	2,094		1.0	%
Net invested assets	$	196,451	100.0	%	$	217,427	100.0	%

	A.M. 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
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, 2022				December 31, 2023
	Invested Asset Value1		Percent of Total		Invested Asset Value1		Percent of Total
NET ALTERNATIVE INVESTMENTS
Strategic origination platforms
Wheels	$	662	5.5	%	$	691	5.9	%
Redding Ridge	624		5.2	%	571		4.9	%
NNN Lease	579		4.8	%	459		3.9	%
MidCap Financial	604		5.0	%	528		4.5	%
Foundation Home Loans	302		2.5	%	242		2.1	%
PK AirFinance	251		2.1	%	251		2.2	%
Aqua Finance	267		2.2	%	215		1.8	%
Other	308		2.5	%	243		2.1	%
Total strategic origination platforms	3,597		29.8	%	3,200		27.4	%
Strategic retirement services platforms
Athora	1,012		8.4	%	1,106		9.5	%
Catalina	417		3.4	%	382		3.3	%
FWD	400		3.3	%	358		3.1	%
Challenger	294		2.4	%	274		2.4	%
Venerable	241		2.0	%	181		1.5	%
Other	20		0.2	%	—		—	%
Total strategic retirement services platforms	2,384		19.7	%	2,301		19.8	%
Apollo and other fund investments
Equity
Real estate	1,212		10.0	%	969		8.3	%
Traditional private equity	947		7.8	%	1,157		9.9	%
Other	189		1.6	%	189		1.6	%
Total equity	2,348		19.4	%	2,315		19.8	%
Hybrid
Real estate	1,289		10.7	%	1,123		9.6	%
Other	1,315		10.9	%	1,479		12.7	%
Total hybrid	2,604		21.6	%	2,602		22.3	%
Yield	885		7.3	%	867		7.5	%
Total Apollo and other fund investments	5,837		48.3	%	5,784		49.6	%
Other2	261		2.2	%	374		3.2	%
Net alternative investments3	$	12,079	100.0	%	$	11,659	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 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 69%, 71%, 75%, 77% and 81% as of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively. 2 Other primarily includes cash and royalties. 3 Net alternative investments do not correspond to total investment funds, including related parties and 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, 2022				December 31, 2023
CREDIT QUALITY OF AFS SECURITIES (GAAP VIEW)	Fair Value		Percent of Total		Fair Value		Percent of Total
NAIC designation
1 A-G	$	58,470	52.1	%	$	81,549	55.0	%
2 A-C	49,067		43.7	%	61,664		41.5	%
Total investment grade	107,537		95.8	%	143,213		96.5	%
3 A-C	3,302		3.0	%	3,544		2.4	%
4 A-C	925		0.8	%	1,013		0.7	%
5 A-C	190		0.2	%	129		0.1	%
6	271		0.2	%	448		0.3	%
Total below investment grade	4,688		4.2	%	5,134		3.5	%
Total AFS securities including related parties	$	112,225	100.0	%	$	148,347	100.0	%
NRSRO designation
AAA/AA/A	$	51,926	46.3	%	$	71,887	48.5	%
BBB	44,783		39.9	%	58,010		39.1	%
Non-rated1	8,985		8.0	%	11,427		7.7	%
Total investment grade	105,694		94.2	%	141,324		95.3	%
BB	3,176		2.8	%	3,421		2.3	%
B	749		0.7	%	826		0.6	%
CCC	1,055		0.9	%	1,037		0.6	%
CC and lower	584		0.5	%	739		0.5	%
Non-rated1	967		0.9	%	1,000		0.7	%
Total below investment grade	6,531		5.8	%	7,023		4.7	%
Total AFS securities including related parties	$	112,225	100.0	%	$	148,347	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. 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, 2022				December 31, 2023					December 31, 2022				December 31, 2023
	Invested Asset Value1		% of Total		Invested Asset Value1		% of Total			Invested Asset Value1		% of Total		Invested Asset Value1		% of Total
CREDIT QUALITY OF NET INVESTED ASSETS									CREDIT QUALITY OF NET INVESTED ASSETS
NAIC designation									NRSRO designation
1 A-G	$	71,471	50.8	%	$	79,503	53.9	%	AAA/AA/A	$	60,869	43.3	%	$	67,768	45.9	%
2 A-C	62,115		44.2	%	61,775		41.9	%	BBB	56,029		39.9	%	57,345		38.9	%
Non-rated	506		0.4	%	322		0.2	%	Non-rated2	14,686		10.5	%	14,397		9.8	%
Total investment grade	134,092		95.4	%	141,600		96.0	%	Total investment grade	131,584		93.7	%	139,510		94.6	%
3 A-C	4,471		3.2	%	3,833		2.6	%	BB	4,217		3.0	%	3,551		2.4	%
4 A-C	1,259		0.9	%	1,170		0.8	%	B	990		0.7	%	915		0.6	%
5 A-C	407		0.3	%	357		0.2	%	CCC	1,431		1.0	%	1,280		0.9	%
6	326		0.2	%	522		0.4	%	CC and lower	906		0.6	%	940		0.6	%
Non-rated	—		—	%	—		—	%	Non-rated2	1,427		1.0	%	1,286		0.9	%
Total below investment grade	6,463		4.6	%	5,882		4.0	%	Total below investment grade	8,971		6.3	%	7,972		5.4	%
Total NAIC designated assets3	140,555		100.0	%	147,482		100.0	%	Total NRSRO designated assets3	140,555		100.0	%	147,482		100.0	%
Assets without NAIC designation									Assets without NRSRO designation
Commercial mortgage loans									Commercial mortgage loans
CM1	3,998		16.8	%	4,384		16.9	%	CM1	3,998		16.8	%	4,384		16.9	%
CM2	14,008		59.0	%	15,645		60.2	%	CM2	14,008		59.0	%	15,645		60.2	%
CM3	5,216		22.0	%	5,304		20.4	%	CM3	5,216		22.0	%	5,304		20.4	%
CM4	447		1.9	%	623		2.4	%	CM4	447		1.9	%	623		2.4	%
CM5	81		0.3	%	—		—	%	CM5	81		0.3	%	—		—	%
CM6	—		—	%	13		0.1	%	CM6	—		—	%	13		0.1	%
CM7	—		—	%	8		—	%	CM7	—		—	%	8		—	%
Total CMLs	23,750		100.0	%	25,977		100.0	%	Total CMLs	23,750		100.0	%	25,977		100.0	%
Residential mortgage loans									Residential mortgage loans
In good standing	10,636		95.4	%	17,503		97.1	%	In good standing	10,636		95.4	%	17,503		97.1	%
90 days late	422		3.8	%	407		2.3	%	90 days late	422		3.8	%	407		2.3	%
In foreclosure	89		0.8	%	111		0.6	%	In foreclosure	89		0.8	%	111		0.6	%
Total RMLs	11,147		100.0	%	18,021		100.0	%	Total RMLs	11,147		100.0	%	18,021		100.0	%
Alternative investments	12,079				11,659				Alternative investments	12,079				11,659
Cash and equivalents	5,481				10,467				Cash and equivalents	5,481				10,467
Equity securities	1,737				1,727				Equity securities	1,737				1,727
Other4	1,702				2,094				Other4	1,702				2,094
Net invested assets	$	196,451			$	217,427			Net invested assets	$	196,451			$	217,427
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, 2022				December 31, 2023					December 31, 2022				December 31, 2023
	Invested Asset Value1		% of Total		Invested Asset Value1		% of Total			Invested Asset Value1		% of Total		Invested Asset Value1		% of Total
CREDIT QUALITY OF ABS – NAIC DESIGNATION									CREDIT QUALITY OF ABS – NRSRO DESIGNATION
1 A-G	$	12,261	59.3	%	$	13,700	61.7	%	AAA/AA/A	$	11,780	57.0	%	$	12,117	54.6	%
2 A-C	7,301		35.3	%	7,227		32.6	%	BBB	7,248		35.0	%	8,407		37.9	%
Non-rated	—		—	%	—		—	%	Non-rated2	535		2.6	%	403		1.8	%
Total investment grade	19,562		94.6	%	20,927		94.3	%	Total investment grade	19,563		94.6	%	20,927		94.3	%
3 A-C	710		3.4	%	809		3.6	%	BB	709		3.4	%	822		3.6	%
4 A-C	229		1.1	%	261		1.2	%	B	229		1.1	%	248		1.1	%
5 A-C	157		0.8	%	125		0.5	%	CCC	33		0.2	%	12		0.1	%
6	22		0.1	%	80		0.4	%	CC and lower	22		0.1	%	35		0.2	%
Non-rated	—		—	%	—		—	%	Non-rated2	124		0.6	%	158		0.7	%
Total below investment grade	1,118		5.4	%	1,275		5.7	%	Total below investment grade	1,117		5.4	%	1,275		5.7	%
ABS net invested assets	$	20,680	100.0	%	$	22,202	100.0	%	ABS net invested assets	$	20,680	100.0	%	$	22,202	100.0	%
CREDIT QUALITY OF CLOs – NAIC DESIGNATION									CREDIT QUALITY OF CLOs – NRSRO DESIGNATION
1 A-G	$	12,455	62.7	%	$	13,232	64.4	%	AAA/AA/A	$	12,455	62.7	%	$	13,232	64.4	%
2 A-C	7,278		36.6	%	7,161		34.9	%	BBB	7,278		36.6	%	7,161		34.9	%
Non-rated	—		—	%	—		—	%	Non-rated2	—		—	%	—		—	%
Total investment grade	19,733		99.3	%	20,393		99.3	%	Total investment grade	19,733		99.3	%	20,393		99.3	%
3 A-C	128		0.6	%	126		0.6	%	BB	128		0.6	%	126		0.6	%
4 A-C	20		0.1	%	19		0.1	%	B	20		0.1	%	19		0.1	%
5 A-C	—		—	%	—		—	%	CCC	—		—	%	—		—	%
6	—		—	%	—		—	%	CC and lower	—		—	%	—		—	%
Non-rated	—		—	%	—		—	%	Non-rated2	—		—	%	—		—	%
Total below investment grade	148		0.7	%	145		0.7	%	Total below investment grade	148		0.7	%	145		0.7	%
CLO net invested assets	$	19,881	100.0	%	$	20,538	100.0	%	CLO net invested assets	$	19,881	100.0	%	$	20,538	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, 2022				December 31, 2023					December 31, 2022				December 31, 2023
	Invested Asset Value1		% of Total		Invested Asset Value1		% of Total			Invested Asset Value1		% of Total		Invested Asset Value1		% of Total
CREDIT QUALITY OF RMBS – NAIC DESIGNATION									CREDIT QUALITY OF RMBS – NRSRO DESIGNATION
1 A-G	$	6,125	83.2	%	$	6,714	86.1	%	AAA/AA/A	$	2,026	27.5	%	$	2,344	30.1	%
2 A-C	347		4.7	%	262		3.4	%	BBB	735		10.0	%	475		6.1	%
Non-rated	—		—	%	—		—	%	Non-rated2	1,647		22.4	%	2,324		29.8	%
Total investment grade	6,472		87.9	%	6,976		89.5	%	Total investment grade	4,408		59.9	%	5,143		66.0	%
3 A-C	455		6.2	%	335		4.3	%	BB	140		1.9	%	99		1.3	%
4 A-C	309		4.2	%	323		4.2	%	B	141		1.9	%	128		1.6	%
5 A-C	102		1.4	%	89		1.1	%	CCC	1,333		18.1	%	1,144		14.7	%
6	25		0.3	%	72		0.9	%	CC and lower	834		11.3	%	835		10.7	%
Non-rated	—		—	%	—		—	%	Non-rated2	507		6.9	%	446		5.7	%
Total below investment grade	891		12.1	%	819		10.5	%	Total below investment grade	2,955		40.1	%	2,652		34.0	%
RMBS net invested assets	$	7,363	100.0	%	$	7,795	100.0	%	RMBS net invested assets	$	7,363	100.0	%	$	7,795	100.0	%
CREDIT QUALITY OF CMBS – NAIC DESIGNATION									CREDIT QUALITY OF CMBS – NRSRO DESIGNATION
1 A-G	$	3,191	71.0	%	$	4,000	71.7	%	AAA/AA/A	$	2,262	50.3	%	$	3,447	61.8	%
2 A-C	811		18.0	%	993		17.8	%	BBB	675		15.0	%	962		17.2	%
Non-rated	—		—	%	—		—	%	Non-rated2	610		13.6	%	291		5.2	%
Total investment grade	4,002		89.0	%	4,993		89.5	%	Total investment grade	3,547		78.9	%	4,700		84.2	%
3 A-C	295		6.6	%	293		5.3	%	BB	700		15.6	%	550		9.9	%
4 A-C	80		1.8	%	151		2.7	%	B	167		3.7	%	216		3.8	%
5 A-C	78		1.7	%	75		1.3	%	CCC	64		1.4	%	89		1.6	%
6	40		0.9	%	68		1.2	%	CC and lower	17		0.4	%	25		0.5	%
Non-rated	—		—	%	—		—	%	Non-rated2	—		—	%	—		—	%
Total below investment grade	493		11.0	%	587		10.5	%	Total below investment grade	948		21.1	%	880		15.8	%
CMBS net invested assets	$	4,495	100.0	%	$	5,580	100.0	%	CMBS net invested assets	$	4,495	100.0	%	$	5,580	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, 2022				December 31, 2023
	Dollars		Percent of Total		Dollars		Percent of Total
NET RESERVE LIABILITIES
Indexed annuities	$	85,163	48.4	%	$	84,444	42.4	%
Fixed rate annuities	39,553		22.5	%	53,282		26.7	%
Total deferred annuities	124,716		70.9	%	137,726		69.1	%
Pension group annuities	20,614		11.7	%	26,313		13.2	%
Payout annuities	7,589		4.3	%	4,897		2.4	%
Funding agreements1	21,538		12.2	%	26,637		13.4	%
Life and other	1,513		0.9	%	3,716		1.9	%
Total net reserve liabilities	$	175,970	100.0	%	$	199,289	100.0	%

	Quarterly Trends										Δ				Year-to-Date				Δ
	4Q’22		1Q’23		2Q’23		3Q’23		4Q’23		Q/Q		Y/Y		2022		2023		Y/Y
NET RESERVE LIABILITY ROLLFORWARD
Net reserve liabilities – beginning	$	173,539	$	175,970	$	184,891	$	193,431	$	185,744	(4)	%	7	%	$	168,323	$	175,970	5	%
Gross inflows2	11,511		12,111		18,989		13,257		20,167		52	%	75	%	48,703		64,524		32	%
Acquisition and block reinsurance3	—		—		—		—		2,214		NM		NM		—		2,214		NM
Inflows attributable to ACRA noncontrolling interests	(1,305)		(60)		(3,751)		(3,192)		(6,025)		89	%	NM		(8,753)		(13,028)		49	%
Net inflows	10,206		12,051		15,238		10,065		16,356		63	%	60	%	39,950		53,710		34	%
Net withdrawals	(4,925)		(5,531)		(7,891)		(6,827)		(5,791)		(15)	%	18	%	(18,862)		(26,040)		38	%
Strategic reinsurance outflows4	(4,862)		—		—		(2,723)		—		NM		NM		(4,862)		(2,723)		(44)	%
ACRA ownership changes5	—		—		—		(7,023)		(3,239)		54	%	NM		—		(10,262)		NM
Other reserve changes	2,012		2,401		1,193		(1,179)		6,219		NM		209	%	(8,579)		8,634		NM
Net reserve liabilities – ending	$	175,970	$	184,891	$	193,431	$	185,744	$	199,289	7	%	13	%	$	175,970	$	199,289	13	%
ACRA NONCONTROLLING INTERESTS RESERVE LIABILITY ROLLFORWARD
Reserve liabilities – beginning	$	35,463	$	35,981	$	35,281	$	37,775	$	46,576	23	%	31	%	$	33,537	$	35,981	7	%
Inflows	1,305		60		3,751		3,192		6,025		89	%	NM		8,753		13,028		49	%
Withdrawals	(1,277)		(1,348)		(1,244)		(1,188)		(1,325)		12	%	4	%	(4,148)		(5,105)		23	%
ACRA ownership changes5	—		—		—		7,023		3,239		(54)	%	NM		—		10,262		NM
Other reserve changes	490		588		(13)		(226)		2,136		NM		NM		(2,161)		2,485		NM
Reserve liabilities – ending	$	35,981	$	35,281	$	37,775	$	46,576	$	56,651	22	%	57	%	$	35,981	$	56,651	57	%
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 and FABR programs, 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 Strategic reinsurance outflows include the cession of certain inforce funding agreements to Catalina in 4Q’22 and the portion of the reinsurance business recaptured by VIAC in 3Q’23. 5 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 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	$	27,076	20.7	%	$	27,076		20.7	%
0.0% < 2.0%	4,791		3.7	%	2,743			2.1	%
2.0% < 4.0%	7,425		5.7	%	6,690			5.1	%
4.0% < 6.0%	13,018		9.9	%	13,464			10.3	%
6.0% or greater	78,587		60.0	%	80,924			61.8	%
	$	130,897	100.0	%	$	130,897		100.0	%
			Surrender charge (gross)		MVA benefit			Surrender charge (net)
Aggregate surrender charge protection			5.8	%	1.3		%	7.1	%

	Deferred annuities		Percent of total		Average surrender charge (gross)
YEARS OF SURRENDER CHARGE REMAINING ON DEFERRED ANNUITIES NET ACCOUNT VALUE
No Surrender Charge	$	27,076	20.7	%	—	%
Less than 2	19,423		14.8	%	5.7	%
2 to less than 4	26,128		20.0	%	6.5	%
4 to less than 6	29,206		22.3	%	7.1	%
6 to less than 8	12,669		9.7	%	8.9	%
8 to less than 10	13,467		10.3	%	8.7	%
10 or greater	2,928		2.2	%	14.2	%
	$	130,897	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 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. The change in fair value of our investment in Apollo was included in prior years. 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, including our Apollo investment in prior years, 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, primarily the noncontrolling interest portion of our business ceded to ACRA.

•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 interest), (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. The gain or loss on our investment in Apollo was removed in prior years. 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 DEBT-TO-CAPITAL RATIO

Adjusted 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 debt-to-capital ratio is calculated as total 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 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 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 are significant to gaining an understanding of our capitalization, debt utilization and debt capacity.

NET INVESTED ASSETS

In managing our business, we analyze net invested assets, which does not correspond to total investments, including investments in related parties, as disclosed in our 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 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.

20

Notes to the Financial Supplement, continued

NET RESERVE LIABILITIES

In managing our business, we also analyze net reserve liabilities, which does not correspond to total liabilities as disclosed in our 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 reinsuring large blocks of life insurance business following acquisitions as well as strategic reinsurance transactions. 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 consolidated statements of income (loss).

21

Non-GAAP Reconciliations Unaudited (in millions, except percentages)
	Quarterly Trends
	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23
RECONCILIATION OF TOTAL AHL STOCKHOLDERS’ EQUITY TO TOTAL ADJUSTED AHL COMMON STOCKHOLDER’S EQUITY
Total AHL stockholders' equity	$	7,158		$	8,698		$	8,701		$	8,537		$	13,967
Less: Preferred stock	3,154			3,154			3,154			3,154			3,154
Total AHL common stockholder's equity	4,004			5,544			5,547			5,383			10,813
Less: Accumulated other comprehensive loss	(7,321)			(6,148)			(6,376)			(8,079)			(5,569)
Less: Accumulated change in fair value of reinsurance assets	(3,127)			(2,791)			(2,843)			(2,807)			(1,882)
Less: Accumulated change in fair value of mortgage loan assets	(2,201)			(2,022)			(2,235)			(2,820)			(2,233)
Total adjusted AHL common stockholder's equity	$	16,653		$	16,505		$	17,001		$	19,089		$	20,497
RECONCILIATION OF DEBT-TO-CAPITAL RATIO TO ADJUSTED DEBT-TO-CAPITAL RATIO
Total debt	$	3,658		$	3,650		$	3,642		$	3,634		$	4,209
Less: Adjustment to arrive at notional debt	258			250			242			234			209
Notional debt	$	3,400		$	3,400		$	3,400		$	3,400		$	4,000
Total debt	$	3,658		$	3,650		$	3,642		$	3,634		$	4,209
Total AHL stockholders' equity	7,158			8,698			8,701			8,537			13,967
Total capitalization	10,816			12,348			12,343			12,171			18,176
Less: Accumulated other comprehensive loss	(7,321)			(6,148)			(6,376)			(8,079)			(5,569)
Less: Accumulated change in fair value of reinsurance assets	(3,127)			(2,791)			(2,843)			(2,807)			(1,882)
Less: Accumulated change in fair value of mortgage loan assets	(2,201)			(2,022)			(2,235)			(2,820)			(2,233)
Less: Adjustment to arrive at notional debt	258			250			242			234			209
Total adjusted capitalization	$	23,207		$	23,059		$	23,555		$	25,643		$	27,651
Debt-to-capital ratio	33.8		%	29.6		%	29.5		%	29.9		%	23.2		%
Accumulated other comprehensive loss	(10.5)		%	(7.8)		%	(7.9)		%	(9.4)		%	(4.7)		%
Accumulated change in fair value of reinsurance assets	(4.5)		%	(3.5)		%	(3.5)		%	(3.2)		%	(1.6)		%
Accumulated change in fair value of mortgage loan assets	(3.2)		%	(2.6)		%	(2.8)		%	(3.3)		%	(1.9)		%
Adjustment to arrive at notional debt	(0.9)		%	(1.0)		%	(0.9)		%	(0.7)		%	(0.5)		%
Adjusted debt-to-capital ratio	14.7		%	14.7		%	14.4		%	13.3		%	14.5		%

22

Non-GAAP Reconciliations Unaudited (in millions, except percentages)
	Quarterly Trends															Year-to-Date
	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			2022			2023
RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO ATHENE HOLDING LTD. COMMON STOCKHOLDER TO SPREAD RELATED EARNINGS, EXCLUDING NOTABLE ITEMS
Net income (loss) available to Athene Holding Ltd. common stockholder	$	361		$	721		$	396		$	442		$	3,054		$	(3,051)		$	4,613
Preferred stock dividends	36			47			45			44			45			141			181
Net income (loss) attributable to noncontrolling interests	329			455			54			(155)			733			(2,106)			1,087
Net income (loss)	726			1,223			495			331			3,832			(5,016)			5,881
Income tax expense (benefit)	137			163			133			162			(1,748)			(646)			(1,290)
Income (loss) before income taxes	863			1,386			628			493			2,084			(5,662)			4,591
Less: Total adjustments to income (loss) before income taxes	166			699			(171)			(379)			1,335			(8,128)			1,484
Spread related earnings	697			687			799			872			749			2,466			3,107
Notable items	35			(25)			—			(90)			—			3			(115)
Spread related earnings, excluding notable items	$	732		$	662		$	799		$	782		$	749		$	2,469		$	2,992
RECONCILIATION OF NET INVESTMENT INCOME TO NET INVESTMENT EARNINGS
US GAAP net investment income	$	2,319		$	2,407		$	2,717		$	2,928		$	3,078		$	7,571		$	11,130
Change in fair value of reinsurance assets	52			70			37			(42)			21			333			86
VIE earnings and noncontrolling interest	197			200			279			264			335			586			1,078
Alternative gains (losses)	41			(9)			2			1			1			41			(5)
Reinsurance impacts	(41)			(64)			(69)			(66)			(65)			(41)			(264)
Apollo investment (gain) loss	—			—			—			—			—			(33)			—
ACRA noncontrolling interests	(446)			(448)			(504)			(676)			(749)			(1,505)			(2,377)
Held-for-trading amortization and other	(73)			(13)			5			57			(89)			(39)			(40)
Total adjustments to arrive at net investment earnings	(270)			(264)			(250)			(462)			(546)			(658)			(1,522)
Total net investment earnings	$	2,049		$	2,143		$	2,467		$	2,466		$	2,532		$	6,913		$	9,608
RECONCILIATION OF NET INVESTMENT INCOME RATE TO NET INVESTMENT EARNED RATE
US GAAP net investment income	4.74		%	4.78		%	5.17		%	5.65		%	5.79		%	4.01		%	5.34		%
Change in fair value of reinsurance assets	0.11		%	0.14		%	0.07		%	(0.08)		%	0.04		%	0.18		%	0.04		%
VIE earnings and noncontrolling interest	0.40		%	0.40		%	0.53		%	0.51		%	0.63		%	0.31		%	0.52		%
Alternative gains (losses)	0.08		%	(0.02)		%	—		%	—		%	—		%	0.02		%	—		%
Reinsurance impacts	(0.08)		%	(0.13)		%	(0.13)		%	(0.13)		%	(0.12)		%	(0.02)		%	(0.13)		%
Apollo investment (gain) loss	—		%	—		%	—		%	—		%	—		%	(0.02)		%	—		%
ACRA noncontrolling interests	(0.91)		%	(0.89)		%	(0.96)		%	(1.30)		%	(1.41)		%	(0.80)		%	(1.14)		%
Held-for-trading amortization and other	(0.15)		%	(0.03)		%	0.01		%	0.11		%	(0.17)		%	(0.02)		%	(0.02)		%
Total adjustments to arrive at net investment earned rate	(0.55)		%	(0.53)		%	(0.48)		%	(0.89)		%	(1.03)		%	(0.35)		%	(0.73)		%
Net investment earned rate	4.19		%	4.25		%	4.69		%	4.76		%	4.76		%	3.66		%	4.61		%
Average net invested assets	$	195,804		$	201,600		$	210,209		$	207,312		$	212,761		$	188,742		$	208,479

23

Non-GAAP Reconciliations Unaudited (in millions, except percentages)
	Quarterly Trends															Year-to-Date
	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			2022			2023
RECONCILIATION OF BENEFITS AND EXPENSES TO COST OF FUNDS
US GAAP benefits and expenses	$	2,924		$	2,674		$	12,058		$	943		$	7,928		$	13,285		$	23,603
Premiums	(869)			(96)			(9,041)			(26)			(3,586)			(11,638)			(12,749)
Product charges	(193)			(198)			(207)			(217)			(226)			(718)			(848)
Other revenues	(10)			(13)			(7)			(123)			(7)			28			(150)
FIA option costs	342			365			385			374			388			1,264			1,512
Reinsurance impacts	(19)			(37)			(38)			(41)			(39)			17			(155)
Non-operating change in insurance liabilities and embedded derivatives	(481)			(873)			(1,113)			969			(1,913)			2,825			(2,930)
Policy and other operating expenses, excluding policy acquisition expenses	(309)			(310)			(323)			(335)			(373)			(1,110)			(1,341)
AmerUs Closed Block fair value liability	(27)			(42)			17			52			(85)			291			(58)
ACRA noncontrolling interests	(258)			(287)			(379)			(311)			(610)			(549)			(1,587)
Other	58			52			85			99			117			60			353
Total adjustments to arrive at cost of funds	(1,766)			(1,439)			(10,621)			441			(6,334)			(9,530)			(17,953)
Total cost of funds	$	1,158		$	1,235		$	1,437		$	1,384		$	1,594		$	3,755		$	5,650
RECONCILIATION OF TOTAL BENEFITS AND EXPENSES RATE TO COST OF FUNDS RATE
US GAAP benefits and expenses	5.97		%	5.31		%	22.94		%	1.83		%	14.90		%	7.04		%	11.32		%
Premiums	(1.78)		%	(0.19)		%	(17.20)		%	(0.05)		%	(6.74)		%	(6.17)		%	(6.12)		%
Product charges	(0.39)		%	(0.39)		%	(0.39)		%	(0.42)		%	(0.42)		%	(0.38)		%	(0.41)		%
Other revenues	(0.02)		%	(0.03)		%	(0.01)		%	(0.24)		%	(0.01)		%	0.01		%	(0.07)		%
FIA option costs	0.70		%	0.72		%	0.73		%	0.72		%	0.73		%	0.67		%	0.73		%
Reinsurance impacts	(0.04)		%	(0.07)		%	(0.07)		%	(0.08)		%	(0.07)		%	0.01		%	(0.07)		%
Non-operating change in insurance liabilities and embedded derivatives	(0.98)		%	(1.73)		%	(2.12)		%	1.87		%	(3.60)		%	1.50		%	(1.41)		%
Policy and other operating expenses, excluding policy acquisition expenses	(0.63)		%	(0.62)		%	(0.61)		%	(0.65)		%	(0.70)		%	(0.59)		%	(0.64)		%
AmerUs Closed Block fair value liability	(0.05)		%	(0.08)		%	0.03		%	0.10		%	(0.16)		%	0.15		%	(0.03)		%
ACRA noncontrolling interests	(0.53)		%	(0.57)		%	(0.72)		%	(0.60)		%	(1.15)		%	(0.29)		%	(0.76)		%
Other	0.12		%	0.10		%	0.15		%	0.19		%	0.22		%	0.03		%	0.17		%
Total adjustments to arrive at cost of funds	(3.60)		%	(2.86)		%	(20.21)		%	0.84		%	(11.90)		%	(5.06)		%	(8.61)		%
Total cost of funds	2.37		%	2.45		%	2.73		%	2.67		%	3.00		%	1.98		%	2.71		%
Average net invested assets	$	195,804		$	201,600		$	210,209		$	207,312		$	212,761		$	188,742		$	208,479

24

Non-GAAP Reconciliations Unaudited (in millions)
	Quarterly Trends										Year-to-Date
	4Q’22		1Q’23		2Q’23		3Q’23		4Q’23		2022		2023
RECONCILIATION OF POLICY AND OTHER OPERATING EXPENSES TO OTHER OPERATING EXPENSES
US GAAP policy and other operating expenses	$	412	$	435	$	452	$	472	$	489	$	1,495	$	1,848
Interest expense	(85)		(115)		(132)		(113)		(99)		(227)		(459)
Policy acquisition expenses, net of deferrals	(103)		(125)		(129)		(137)		(116)		(385)		(507)
Integration, restructuring and other non-operating expenses	(29)		(29)		(28)		(41)		(32)		(133)		(130)
Stock compensation expenses	(16)		(16)		(13)		(13)		(46)		(56)		(88)
ACRA noncontrolling interests	(48)		(17)		(31)		(30)		(65)		(231)		(143)
Other	(3)		(7)		(1)		(15)		(11)		3		(34)
Total adjustments to arrive at other operating expenses	(284)		(309)		(334)		(349)		(369)		(1,029)		(1,361)
Other operating expenses	$	128	$	126	$	118	$	123	$	120	$	466	$	487
							December 31, 2022				December 31, 2023
RECONCILIATION OF INVESTMENT FUNDS, INCLUDING RELATED PARTIES AND VIES, TO NET ALTERNATIVE INVESTMENTS
Investment funds, including related parties and VIEs							$	14,128			$	17,668
Equity securities							509				430
Certain equity securities included in AFS or trading securities							225				201
Investment funds within funds withheld at interest							1,126				827
Royalties							15				14
Net assets of the VIE, excluding investment funds							(2,041)				(4,508)
Unrealized (gains) losses							44				26
ACRA noncontrolling interests							(1,836)				(2,829)
Other assets							(91)				(170)
Total adjustments to arrive at net alternative investments							(2,049)				(6,009)
Net alternative investments							$	12,079			$	11,659

25

Non-GAAP Reconciliations Unaudited (in millions)
	Quarterly Trends
	4Q’22		1Q’23		2Q’23		3Q’23		4Q’23
RECONCILIATION OF TOTAL INVESTMENTS, INCLUDING RELATED PARTIES, TO NET INVESTED ASSETS
Total investments, including related parties	$	196,448	$	203,230	$	215,322	$	214,953	$	238,941
Derivative assets	(3,309)		(3,956)		(5,114)		(4,571)		(5,298)
Cash and cash equivalents (including restricted cash)	8,407		14,992		12,804		11,214		14,781
Accrued investment income	1,328		1,458		1,646		1,792		1,933
Net receivable (payable) for collateral on derivatives	(1,486)		(1,909)		(2,940)		(2,485)		(2,835)
Reinsurance impacts	1,423		942		1,046		882		(572)
VIE assets, liabilities and noncontrolling interests	12,747		12,799		13,693		14,340		14,818
Unrealized (gains) losses	22,284		19,782		20,676		25,078		16,445
Ceded policy loans	(179)		(175)		(174)		(174)		(174)
Net investment receivables (payables)	186		39		(217)		(375)		11
Allowance for credit losses	471		521		536		592		608
Other investments	(10)		(50)		(43)		(37)		(41)
Total adjustments to arrive at gross invested assets	41,862		44,443		41,913		46,256		39,676
Gross invested assets	238,310		247,673		257,235		261,209		278,617
ACRA noncontrolling interests	(41,859)		(40,924)		(43,565)		(53,114)		(61,190)
Net invested assets	$	196,451	$	206,749	$	213,670	$	208,095	$	217,427
RECONCILIATION OF TOTAL LIABILITIES TO NET RESERVE LIABILITIES
Total liabilities	$	233,382	$	244,604	$	256,203	$	255,734	$	279,344
Debt	(3,658)		(3,650)		(3,642)		(3,634)		(4,209)
Derivative liabilities	(1,646)		(1,518)		(1,753)		(1,892)		(1,995)
Payables for collateral on derivatives and securities to repurchase	(3,841)		(7,331)		(6,979)		(4,786)		(4,370)
Other liabilities	(1,635)		(1,381)		(1,712)		(2,324)		(2,590)
Liabilities of consolidated VIEs	(815)		(847)		(1,189)		(1,255)		(1,115)
Reinsurance impacts	(9,176)		(9,090)		(9,115)		(8,918)		(8,574)
Policy loans ceded	(179)		(175)		(174)		(174)		(174)
Market risk benefit asset	(481)		(440)		(433)		(431)		(377)
ACRA noncontrolling interests	(35,981)		(35,281)		(37,775)		(46,576)		(56,651)
Total adjustments to arrive at net reserve liabilities	(57,412)		(59,713)		(62,772)		(69,990)		(80,055)
Net reserve liabilities	$	175,970	$	184,891	$	193,431	$	185,744	$	199,289

26